Financials Time Watch Investments Limited

Equities

2033

KYG8879M1050

Apparel & Accessories

Market Closed - Hong Kong S.E. 09:09:00 03/05/2024 BST 5-day change 1st Jan Change
0.34 HKD -1.45% Intraday chart for Time Watch Investments Limited -1.45% -26.88%

Valuation

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Capitalization 1 2,309 2,101 1,706 1,890 1,019 689.5
Enterprise Value (EV) 1 1,382 1,564 1,017 882.7 68.42 -455.3
P/E ratio 7.92 x 6.88 x 18.7 x 7.3 x 31.1 x 18.6 x
Yield 5.18% 6.24% - - 1.41% 2.39%
Capitalization / Revenue 0.78 x 0.79 x 0.99 x 0.99 x 0.72 x 0.7 x
EV / Revenue 0.47 x 0.59 x 0.59 x 0.46 x 0.05 x -0.46 x
EV / EBITDA 2.95 x 4.19 x 4.54 x 2.73 x 1.01 x -9.26 x
EV / FCF 5.9 x 7.06 x 4.68 x 7.28 x 0.67 x -7.85 x
FCF Yield 17% 14.2% 21.4% 13.7% 150% -12.7%
Price to Book 1.1 x 0.94 x 0.79 x 0.73 x 0.39 x 0.29 x
Nbr of stocks (in thousands) 2,079,946 2,079,946 2,079,946 2,076,376 2,058,068 2,058,068
Reference price 2 1.110 1.010 0.8200 0.9100 0.4950 0.3350
Announcement Date 18/10/18 17/10/19 21/10/20 21/10/21 26/10/22 26/10/23
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Junio 2018 2019 2020 2021 2022 2023
Net sales 1 2,962 2,670 1,726 1,918 1,408 981.8
EBITDA 1 468.3 373.2 224.1 323.3 67.65 49.14
EBIT 1 385.5 302.8 154.9 257.1 -3.745 -2.427
Operating Margin 13.01% 11.34% 8.97% 13.41% -0.27% -0.25%
Earnings before Tax (EBT) 1 391 367.7 196.1 372 23.71 45.52
Net income 1 291.4 305.4 91.4 259.1 33.02 37.07
Net margin 9.84% 11.44% 5.29% 13.51% 2.35% 3.78%
EPS 2 0.1401 0.1468 0.0439 0.1246 0.0159 0.0180
Free Cash Flow 1 234.4 221.6 217.3 121.2 102.4 58
FCF margin 7.91% 8.3% 12.58% 6.32% 7.27% 5.91%
FCF Conversion (EBITDA) 50.05% 59.39% 96.95% 37.49% 151.38% 118.02%
FCF Conversion (Net income) 80.42% 72.58% 237.71% 46.77% 310.15% 156.46%
Dividend per Share 2 0.0575 0.0630 - - 0.007000 0.008000
Announcement Date 18/10/18 17/10/19 21/10/20 21/10/21 26/10/22 26/10/23
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: Juni 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 927 537 689 1,007 950 1,145
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 234 222 217 121 102 58
ROE (net income / shareholders' equity) 14.1% 13.9% 6.55% 11.1% 1.21% 1.52%
ROA (Net income/ Total Assets) 9.51% 7.03% 3.72% 5.77% -0.08% -0.05%
Assets 1 3,064 4,344 2,460 4,493 -42,442 -68,018
Book Value Per Share 2 1.010 1.070 1.040 1.250 1.250 1.160
Cash Flow per Share 2 0.3700 0.2000 0.3300 0.1200 0.4100 0.3800
Capex 1 115 139 109 143 90 73.8
Capex / Sales 3.89% 5.19% 6.32% 7.44% 6.39% 7.52%
Announcement Date 18/10/18 17/10/19 21/10/20 21/10/21 26/10/22 26/10/23
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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