Company Valuation: Asiasec Properties Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,402 732 421.8 233.2 197.3 223.3
Change - -47.79% -42.37% -44.71% -15.43% 13.21%
Enterprise Value (EV) 1 1,154 569.3 239 628.8 590.9 680.9
Change - -50.66% -58.02% 163.1% -6.03% 15.22%
P/E -24.8x -0.47x -9.65x 0.88x -2.64x -1.04x
PBR 0.32x 0.46x 0.27x 0.13x 0.11x 0.15x
PEG - -0x 0.1x -0x 0x -0x
Capitalization / Revenue -78.9x 19.6x 10.7x 4.83x 4.03x 4.44x
EV / Revenue -64.9x 15.2x 6.09x 13x 12.1x 13.5x
EV / EBITDA -21.3x 1,522x 77.9x 47.3x 36.1x 201x
EV / EBIT -21.2x 2,818x 83.2x 47.8x 36.3x 205x
EV / FCF -13.3x 6.93x 34.6x 33.9x 8.86x -31.3x
FCF Yield -7.5% 14.4% 2.89% 2.95% 11.3% -3.2%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.0457 -1.26 -0.0352 0.2136 -0.0603 -0.1726
Distribution rate - - - - - -
Net sales 1 -17.78 37.4 39.24 48.32 48.93 50.34
EBITDA 1 -54.26 0.374 3.07 13.29 16.35 3.379
EBIT 1 -54.36 0.202 2.872 13.15 16.27 3.315
Net income 1 -56.65 -1,563 -43.7 265 -74.75 -214.2
Net Debt 1 -248 -162.7 -182.8 395.6 393.7 457.5
Reference price 2 1.1300 0.5900 0.3400 0.1880 0.1590 0.1800
Nbr of stocks (in thousands) 1,240,669 1,240,669 1,240,669 1,240,669 1,240,669 1,240,669
Announcement Date 4/14/21 4/20/22 4/19/23 4/24/24 4/17/25 4/22/26
1HKD in Million2HKD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 24.85M
15.32x4.85x13.03x3.31% 43.62B
20.93x4.27x17.53x1.2% 31.13B
8.13x1.43x7.17x4.38% 29.27B
5.92x0.69x1.42x8.43% 28.54B
13.98x3.07x14.73x2.51% 25.18B
15.13x6.83x18.32x1.41% 21.51B
8.77x2.22x7.12x4.03% 20.29B
Average 12.60x 3.34x 11.33x 3.61% 24.95B
Weighted average by Cap. 12.94x 3.39x 11.40x 3.64%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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