Financials Far East Horizon Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:22 2024-05-10 am EDT			5-day change	1st Jan Change
6.23 ^HKD	+2.64%		+4.88%	+1.47%

Apr. 30	Far East Horizon Limited Proposes Final Dividend for the Year Ended 31 December 2023	CI
Apr. 17	Far East Horizon to Issue $500 Million of Notes	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,712	4,099	3,829	3,371	3,393	3,440	-	-
Enterprise Value (EV) ¹	26,142	33,074	37,562	37,643	3,393	35,916	38,512	42,077
P/E ratio	5.83 x	5.84 x	4.52 x	4.03 x	4.25 x	3.92 x	3.72 x	3.42 x
Yield	4.54%	4.49%	6.05%	7.99%	-	8.35%	9.12%	9.38%
Capitalization / Revenue	0.98 x	0.93 x	0.73 x	0.63 x	0.64 x	0.62 x	0.58 x	0.56 x
EV / Revenue	6.9 x	7.48 x	7.11 x	7.07 x	0.64 x	6.47 x	6.51 x	6.8 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.87 x	0.79 x	0.59 x	0.51 x	-	0.45 x	0.41 x	0.39 x
Nbr of stocks (in thousands)	3,960,819	3,977,655	4,313,988	4,315,510	4,315,136	4,315,136	-	-
Reference price ²	0.9371	1.031	0.8877	0.7811	0.7863	0.7973	0.7973	0.7973
Announcement Date	3/24/20	3/30/21	3/16/22	3/15/23	3/13/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,788	4,420	5,280	5,327	5,287	5,552	5,912	6,192
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,399	1,712	2,063	1,811	1,478	1,626	1,752	1,967
Operating Margin	36.93%	38.73%	39.07%	34%	27.96%	29.29%	29.64%	31.76%
Earnings before Tax (EBT) ¹	1,008	1,143	1,572	1,502	1,452	1,487	1,579	1,693
Net income ¹	611.8	696.4	865.1	892.8	862.5	878.4	927.6	1,010
Net margin	16.15%	15.76%	16.38%	16.76%	16.31%	15.82%	15.69%	16.31%
EPS ²	0.1608	0.1766	0.1962	0.1936	0.1852	0.2033	0.2143	0.2333
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0426	0.0463	0.0537	0.0624	-	0.0666	0.0727	0.0748
Announcement Date	3/24/20	3/30/21	3/16/22	3/15/23	3/13/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	22,430	28,975	33,733	34,272	-	32,476	35,072	38,636
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	15%	14.2%	14.6%	14.1%	-	12.1%	11.7%	11.6%
ROA (Net income/ Total Assets)	1.83%	1.8%	1.96%	1.93%	-	1.76%	1.74%	1.82%
Assets ¹	33,429	38,691	44,140	46,257	-	50,048	53,425	55,442
Book Value Per Share ²	1.080	1.310	1.520	1.530	-	1.770	1.930	2.070
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/24/20	3/30/21	3/16/22	3/15/23	3/13/24	-	-	-

¹USD in Million²USD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.7973 USD

Average target price

1.042 USD

Spread / Average Target

+30.67%

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