SINO HARBOUR HOLDINGS GROUP LIMITED

Financials Sino Harbour Holdings Group Limited

Equities

1663

BMG8188W1091

Real Estate Development & Operations

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-05-14 EDT			5-day change	1st Jan Change
0.12 ^HKD	+0.84%		0.00%	-14.29%

02-21	Sino Harbour Holdings Group Limited Appoints Sir Kwok Siu Man Kr as Company Secretary	CI
02-19	Sino Harbour Chair Buys Over 1.5 Million Shares	MT

Valuation

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Capitalization ¹	799.6	505.7	245.3	307.4	261.4	226.3
Enterprise Value (EV) ¹	1,721	1,388	401.5	615.3	451.9	272
P/E ratio	164 x	24.4 x	4.31 x	5.34 x	1.01 x	12.2 x
Yield	2.46%	-	9.18%	6.76%	7.63%	-
Capitalization / Revenue	5.96 x	1.32 x	0.59 x	0.72 x	0.15 x	0.91 x
EV / Revenue	12.8 x	3.61 x	0.96 x	1.44 x	0.26 x	1.1 x
EV / EBITDA	72.7 x	28.9 x	3.1 x	5.71 x	1.12 x	14.3 x
EV / FCF	-5.59 x	-11.1 x	0.39 x	3.81 x	1.96 x	1.08 x
FCF Yield	-17.9%	-9.03%	259%	26.2%	51%	92.8%
Price to Book	0.59 x	0.37 x	0.18 x	0.22 x	0.15 x	0.13 x
Nbr of stocks (in thousands)	2,464,000	2,464,000	2,464,000	2,464,000	2,464,000	2,464,000
Reference price ²	0.3245	0.2052	0.0996	0.1247	0.1061	0.0919
Announcement Date	6/26/18	7/16/19	7/21/20	7/20/21	7/28/22	7/28/23

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net sales ¹	134.1	384.3	416.5	426.9	1,739	247.5
EBITDA ¹	23.68	48.1	129.6	107.8	403.4	19.06
EBIT ¹	20.22	44.78	123.3	100.4	390.3	7.669
Operating Margin	15.08%	11.65%	29.61%	23.52%	22.44%	3.1%
Earnings before Tax (EBT) ¹	41.3	67.93	140.7	117.4	607.1	33.3
Net income ¹	4.883	20.73	56.96	57.54	259.1	18.59
Net margin	3.64%	5.39%	13.68%	13.48%	14.9%	7.51%
EPS ²	0.001981	0.008413	0.0231	0.0234	0.1052	0.007545
Free Cash Flow ¹	-307.7	-125.4	1,038	161.4	230.6	252.4
FCF margin	-229.5%	-32.63%	249.27%	37.8%	13.26%	101.99%
FCF Conversion (EBITDA)	-	-	801.28%	149.64%	57.16%	1,324.45%
FCF Conversion (Net income)	-	-	1,822.56%	280.41%	88.99%	1,357.43%
Dividend per Share ²	0.007993	-	0.009136	0.008428	0.008095	-
Announcement Date	6/26/18	7/16/19	7/21/20	7/20/21	7/28/22	7/28/23

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net Debt ¹	921	883	156	308	191	45.7
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	38.89 x	18.35 x	1.205 x	2.856 x	0.4723 x	2.396 x
Free Cash Flow ¹	-308	-125	1,038	161	231	252
ROE (net income / shareholders' equity)	0.07%	2.04%	3.47%	3.11%	17.2%	0.55%
ROA (Net income/ Total Assets)	0.38%	0.76%	1.9%	1.33%	4.98%	0.1%
Assets ¹	1,291	2,719	3,001	4,340	5,199	18,318
Book Value Per Share ²	0.5500	0.5500	0.5600	0.5700	0.6900	0.6800
Cash Flow per Share ²	0.0900	0.1100	0.1500	0.1200	0.1200	0.1800
Capex ¹	14.8	6.85	2.07	19.4	29.7	7.88
Capex / Sales	11.02%	1.78%	0.5%	4.55%	1.71%	3.18%
Announcement Date	6/26/18	7/16/19	7/21/20	7/20/21	7/28/22	7/28/23

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
SINO HARBOUR HOLDINGS GROUP LIMITED	-14.29%	37.53M
CHINA RESOURCES LAND LIMITED	+10.00%	28.66B
MITSUI FUDOSAN CO., LTD.	+27.88%	26.77B
SUN HUNG KAI PROPERTIES LIMITED	-7.82%	25.83B
DLF LIMITED	+15.49%	24.86B
MITSUBISHI ESTATE CO., LTD.	+45.81%	22.8B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+9.88%	21.41B
EMAAR PROPERTIES	+1.14%	19.61B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+27.40%	16.36B
CK ASSET HOLDINGS LIMITED	-10.20%	15.93B

Other Real Estate Development & Operations

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Financials Sino Harbour Holdings Group Limited

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