Financials HKR International Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:24 2024-06-06 am EDT			5-day change	1st Jan Change
1.33 ^HKD	+1.53%		+1.53%	-10.14%

Jan. 15	HKR-Hysan JV Secures HK$2.5 Billion Credit Facility	MT
2023	HKR-Hysan JV Obtains HK$2.5 Billion Loan Facility	MT

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,832	4,441	4,798	4,263	3,773	1,975	-	-
Enterprise Value (EV) ¹	6,832	9,221	4,798	13,453	9,140	10,118	10,264	10,658
P/E ratio	3.1 x	2.73 x	5.35 x	3.88 x	8.27 x	10.9 x	26.2 x	14.6 x
Yield	-	4.01%	2.79%	2.79%	0.39%	0.76%	0.76%	0.76%
Capitalization / Revenue	-	0.95 x	1.22 x	1.02 x	2.23 x	0.52 x	0.71 x	0.71 x
EV / Revenue	-	1.96 x	1.22 x	3.23 x	5.4 x	2.66 x	3.7 x	3.82 x
EV / EBITDA	-	3.99 x	2.88 x	11.2 x	12.2 x	10.9 x	19.9 x	21.1 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	1,485,302	1,485,302	1,485,302	1,485,302	1,485,302	1,485,302	-	-
Reference price ²	4.600	2.990	3.230	2.870	2.540	1.310	1.310	1.310
Announcement Date	6/19/19	6/17/20	6/23/21	6/29/22	6/21/23	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	4,696	3,942	4,168	1,694	3,806	2,771	2,789
EBITDA ¹	-	2,312	1,668	1,204	748.1	928	515	505
EBIT ¹	-	2,143	-	1,009	560.5	745	323	304
Operating Margin	-	45.63%	-	24.2%	33.09%	19.57%	11.66%	10.9%
Earnings before Tax (EBT) ¹	-	2,522	1,641	1,677	554.9	552	228	285
Net income ¹	2,207	1,625	897.3	1,097	455.6	172	81	128
Net margin	-	34.59%	22.76%	26.33%	26.9%	4.52%	2.92%	4.59%
EPS ²	1.485	1.094	0.6040	0.7390	0.3070	0.1200	0.0500	0.0900
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	0.1200	0.0900	0.0800	0.0100	0.0100	0.0100	0.0100
Announcement Date	6/19/19	6/17/20	6/23/21	6/29/22	6/21/23	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	4,780	-	9,190	5,367	8,143	8,289	8,683
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	2.067 x	-	7.631 x	7.174 x	8.775 x	16.1 x	17.19 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	7.36%	3.92%	4.51%	1.84%	0.7%	0.3%	0.5%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	689	573	-	-	67	100	120
Capex / Sales	-	14.68%	14.52%	-	-	1.76%	3.61%	4.3%
Announcement Date	6/19/19	6/17/20	6/23/21	6/29/22	6/21/23	-	-	-

¹HKD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.31 HKD

Average target price

1.88 HKD

Spread / Average Target

+43.51%

	1st Jan change	Capi.
HKR INTERNATIONAL LIMITED	-10.14%	249M
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CHINA RESOURCES LAND LIMITED	+3.21%	27.02B
SUN HUNG KAI PROPERTIES LIMITED	-11.19%	26.09B
DLF LIMITED	+14.15%	23.63B
MITSUBISHI ESTATE CO., LTD.	+36.00%	21.4B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+9.59%	21.16B
EMAAR PROPERTIES	-6.57%	18.05B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+3.94%	16.91B
MACROTECH DEVELOPERS LIMITED	+35.73%	15.47B