Financials Shenzhen Investment Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:10 2024-05-21 am EDT			5-day change	1st Jan Change
1.12 ^HKD	-3.45%		+6.67%	-2.61%

May. 16	New World joins up with Shum Yip on innovation and tech property projects	RE
Apr. 29	Shenzhen Investment Limited Reports Unaudited Contracted Sales for the First Quarter of 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,560	23,674	14,952	11,924	10,234	10,323	-	-
Enterprise Value (EV) ¹	45,910	49,978	50,184	40,478	10,234	37,827	38,924	40,392
P/E ratio	6.56 x	6.33 x	-5.49 x	5.72 x	-39.1 x	6.49 x	5.09 x	4.86 x
Yield	5.77%	6.77%	8.93%	11.2%	-	7.5%	12.2%	8.23%
Capitalization / Revenue	1.85 x	1.26 x	0.47 x	0.38 x	0.65 x	0.55 x	0.32 x	0.43 x
EV / Revenue	3.08 x	2.66 x	1.57 x	1.28 x	0.65 x	2 x	1.2 x	1.68 x
EV / EBITDA	8.45 x	6.13 x	4.99 x	4.82 x	2.59 x	3.33 x	3.03 x	-
EV / FCF	13,268,194 x	-	-6,535,529 x	-	-	-	-	-
FCF Yield	0%	-	-0%	-	-	-	-	-
Price to Book	0.62 x	0.47 x	0.3 x	0.27 x	-	0.24 x	0.23 x	0.23 x
Nbr of stocks (in thousands)	8,833,437	8,899,893	8,899,893	8,898,793	8,898,793	8,898,793	-	-
Reference price ²	3.120	2.660	1.680	1.340	1.150	1.160	1.160	1.160
Announcement Date	3/30/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,919	18,803	32,050	31,540	15,832	18,934	32,507	24,110
EBITDA ¹	5,435	8,147	10,054	8,399	3,955	11,374	12,839	-
EBIT ¹	5,200	7,871	10,474	8,386	3,500	4,419	8,712	5,525
Operating Margin	34.85%	41.86%	32.68%	26.59%	22.11%	23.34%	26.8%	22.92%
Earnings before Tax (EBT) ¹	6,685	8,134	3,648	-	1,776	3,522	-	-
Net income ¹	4,063	3,723	-2,722	-	-261.4	1,255	-	-
Net margin	27.23%	19.8%	-8.49%	-	-1.65%	6.63%	-	-
EPS ²	0.4753	0.4203	-0.3058	0.2343	-0.0294	0.1788	0.2278	0.2387
Free Cash Flow	3,460	-	-7,679	-	-	-	-	-
FCF margin	23.19%	-	-23.96%	-	-	-	-	-
FCF Conversion (EBITDA)	63.66%	-	-	-	-	-	-	-
FCF Conversion (Net income)	85.17%	-	-	-	-	-	-	-
Dividend per Share ²	0.1800	0.1800	0.1500	0.1500	-	0.0870	0.1418	0.0955
Announcement Date	3/30/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	18,350	26,304	35,232	28,554	-	27,505	28,602	30,070
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.376 x	3.229 x	3.504 x	3.4 x	-	2.418 x	2.228 x	-
Free Cash Flow	3,460	-	-7,679	-	-	-	-	-
ROE (net income / shareholders' equity)	9.43%	7.83%	8.95%	4.45%	-	3.71%	7.04%	4.7%
ROA (Net income/ Total Assets)	3.34%	2.68%	2.84%	-	-	-	-	-
Assets ¹	121,648	138,774	-95,959	-	-	-	-	-
Book Value Per Share ²	5.030	5.710	5.530	5.020	-	4.860	5.000	5.140
Cash Flow per Share ²	0.4700	-0.4500	-0.8200	-1.490	-	0.2800	0.1400	0.1000
Capex ¹	1,163	300	353	1,021	-	597	337	339
Capex / Sales	7.8%	1.59%	1.1%	3.24%	-	3.16%	1.04%	1.41%
Announcement Date	3/30/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.16 HKD

Average target price

1.44 HKD

Spread / Average Target

+24.14%

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