Stock 488 LAI SUN DEVELOPMENT COMPANY LIMITED
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Financials Lai Sun Development Company Limited

Equities

488

HK0000356821

Real Estate Development & Operations

Market Closed - Hong Kong S.E.
Other stock markets
 09:08:20 26/04/2024 BST 		5-day change 1st Jan Change
0.53 HKD +15.22% Intraday chart for Lai Sun Development Company Limited +7.07% -37.65%
04-09 Lai Sun Development’s Unit to Sell 10% Stake in Investment Holding Company MT
04-08 AIA Group Limited entered into the Sale and Purchase Agreement to acquire remaining 10% stake in Bayshore Development Group Limited from Lai Sun Development Company Limited for HKD 14.2 billion. CI

Valuation

Fiscal Period: July 2018 2019 2020 2021 2022 2023
Capitalization 1 8,134 6,720 5,061 3,789 4,176 1,991
Enterprise Value (EV) 1 16,178 20,997 23,373 22,537 27,318 24,442
P/E ratio 1.88 x 1.39 x -1.72 x -2.04 x -2.02 x -0.56 x
Yield 0.8% 0.97% - - - -
Capitalization / Revenue 4.8 x 1.03 x 0.97 x 0.63 x 0.82 x 0.41 x
EV / Revenue 9.56 x 3.23 x 4.48 x 3.76 x 5.36 x 4.99 x
EV / EBITDA 38.3 x 31.7 x -197 x -43.5 x -51.3 x -22.5 x
EV / FCF -8.15 x -5.79 x -5.27 x 204 x -7.69 x 11.8 x
FCF Yield -12.3% -17.3% -19% 0.49% -13% 8.45%
Price to Book 0.26 x 0.19 x 0.14 x 0.11 x 0.13 x 0.07 x
Nbr of stocks (in thousands) 606,077 606,464 611,174 612,089 968,886 1,453,329
Reference price 2 13.42 11.08 8.280 6.190 4.310 1.370
Announcement Date 21/11/18 20/11/19 18/11/20 17/11/21 16/11/22 16/11/23
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July 2018 2019 2020 2021 2022 2023
Net sales 1 1,693 6,494 5,214 5,987 5,094 4,902
EBITDA 1 422.7 662.5 -118.5 -517.9 -532.9 -1,087
EBIT 1 338.5 265.3 -612 -1,009 -1,013 -1,495
Operating Margin 19.99% 4.09% -11.74% -16.86% -19.88% -30.51%
Earnings before Tax (EBT) 1 4,421 4,892 -4,103 -2,401 -2,061 -3,494
Net income 1 4,335 4,843 -2,935 -2,088 -1,967 -2,966
Net margin 256.06% 74.58% -56.29% -34.88% -38.61% -60.51%
EPS 2 7.128 7.958 -4.825 -3.034 -2.133 -2.448
Free Cash Flow 1 -1,984 -3,626 -4,436 110.7 -3,553 2,066
FCF margin -117.21% -55.83% -85.09% 1.85% -69.76% 42.15%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share 2 0.1080 0.1080 - - - -
Announcement Date 21/11/18 20/11/19 18/11/20 17/11/21 16/11/22 16/11/23
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: July 2018 2019 2020 2021 2022 2023
Net Debt 1 8,045 14,277 18,313 18,748 23,142 22,451
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 19.03 x 21.55 x -154.5 x -36.2 x -43.42 x -20.66 x
Free Cash Flow 1 -1,984 -3,626 -4,436 111 -3,553 2,066
ROE (net income / shareholders' equity) 14.9% 11.8% -8.74% -6.15% -5.53% -8.82%
ROA (Net income/ Total Assets) 0.5% 0.26% -0.49% -0.79% -0.77% -1.21%
Assets 1 872,450 1,830,289 597,600 265,121 254,750 245,750
Book Value Per Share 2 51.40 59.10 57.20 55.80 33.80 20.50
Cash Flow per Share 2 6.530 6.140 6.810 13.50 5.220 2.530
Capex 1 1,233 1,649 636 450 269 190
Capex / Sales 72.82% 25.39% 12.19% 7.52% 5.28% 3.88%
Announcement Date 21/11/18 20/11/19 18/11/20 17/11/21 16/11/22 16/11/23
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
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CK ASSET HOLDINGS LIMITED Stock CK Asset Holdings Limited
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Other Real Estate Development & Operations
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