Stock 1181 TANG PALACE (CHINA) HOLDINGS LIMITED
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Financials Tang Palace (China) Holdings Limited

Equities

1181

KYG867001128

Restaurants & Bars

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
0.375 HKD +1.35% Intraday chart for Tang Palace (China) Holdings Limited 0.00% -24.24%
Mar. 27 Tang Palace Holdings Limited Proposes Final Dividend for the Year Ended December 31, 2023, Payable on 26 July 2024 CI
Mar. 27 Tang Palace Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 1,324 1,079 1,132 824.1 613.7 506
Enterprise Value (EV) 1 960.9 693.9 1,106 721 466.9 440.2
P/E ratio 10.1 x 9.35 x 12.4 x 188 x 15.1 x -3.33 x
Yield 7.69% 8% - 3.3% 3.57% 4.72%
Capitalization / Revenue 0.98 x 0.72 x 0.76 x 0.75 x 0.45 x 0.54 x
EV / Revenue 0.71 x 0.47 x 0.74 x 0.65 x 0.34 x 0.47 x
EV / EBITDA 2.91 x 2.27 x 3.67 x 7 x 3.54 x -6.48 x
EV / FCF 6.59 x 3.94 x 4.4 x 5.72 x 3.12 x 23.3 x
FCF Yield 15.2% 25.4% 22.7% 17.5% 32% 4.29%
Price to Book 2.5 x 2.17 x 2.67 x 1.98 x 1.48 x 2.06 x
Nbr of stocks (in thousands) 1,063,373 1,068,618 1,073,863 1,076,028 1,076,028 1,081,028
Reference price 2 1.245 1.010 1.055 0.7659 0.5704 0.4681
Announcement Date 4/20/18 4/25/19 4/23/20 4/22/21 4/25/22 4/26/23
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 1,356 1,492 1,495 1,105 1,361 942
EBITDA 1 330.7 305.5 301.4 103 131.9 -67.96
EBIT 1 278.1 253.8 253 53.76 85.81 -113.2
Operating Margin 20.51% 17.01% 16.93% 4.86% 6.3% -12.02%
Earnings before Tax (EBT) 1 194.5 168 138.1 18.53 67.58 -151.3
Net income 1 131.3 115.2 91.28 4.379 40.57 -150.9
Net margin 9.68% 7.72% 6.11% 0.4% 2.98% -16.02%
EPS 2 0.1235 0.1080 0.0852 0.004070 0.0377 -0.1404
Free Cash Flow 1 145.8 176 251.5 126.1 149.6 18.89
FCF margin 10.75% 11.79% 16.82% 11.41% 10.99% 2.01%
FCF Conversion (EBITDA) 44.1% 57.62% 83.45% 122.34% 113.46% -
FCF Conversion (Net income) 111.05% 152.81% 275.54% 2,879.03% 368.86% -
Dividend per Share 2 0.0958 0.0808 - 0.0253 0.0204 0.0221
Announcement Date 4/20/18 4/25/19 4/23/20 4/22/21 4/25/22 4/26/23
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - - - - - -
Net Cash position 1 363 385 26 103 147 65.9
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 146 176 252 126 150 18.9
ROE (net income / shareholders' equity) 26.3% 22.6% 19.9% 0.74% 9.58% -46%
ROA (Net income/ Total Assets) 20.9% 17.8% 15.5% 3.04% 5.11% -7.92%
Assets 1 628.3 647.1 587.5 143.8 793.7 1,906
Book Value Per Share 2 0.5000 0.4600 0.3900 0.3900 0.3900 0.2300
Cash Flow per Share 2 0.4000 0.3700 0.3600 0.3700 0.3700 0.2400
Capex 1 60.4 57 59.3 31.9 40.9 22.7
Capex / Sales 4.45% 3.82% 3.97% 2.89% 3.01% 2.41%
Announcement Date 4/20/18 4/25/19 4/23/20 4/22/21 4/25/22 4/26/23
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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Other Restaurants & Bars
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