Stock 244 THE SINCERE COMPANY, LIMITED
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Financials The Sincere Company, Limited

Equities

244

HK0244001258

Department Stores

Delayed Hong Kong S.E.
Other stock markets
 04:08:09 2024-07-16 EDT 		5-day change 1st Jan Change
0.218 HKD +2.83% Intraday chart for The Sincere Company, Limited +0.93% -9.17%
05-06 Sincere to Sell Hong Kong Warehouse, Car Parking Spaces MT
03-25 The Sincere Company, Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 98.77 219.1 379.3 521.5 367.9 315.4
Enterprise Value (EV) 1 83.63 340.4 725.1 865.8 711.9 600.9
P/E ratio -0.67 x -1.04 x -2.12 x -6.78 x -6.23 x -6.25 x
Yield - - - - - -
Capitalization / Revenue 0.28 x 0.7 x 1.44 x 3.1 x 2.51 x 2.16 x
EV / Revenue 0.23 x 1.09 x 2.75 x 5.15 x 4.86 x 4.11 x
EV / EBITDA -0.82 x -2.89 x -6.1 x -13.2 x -14 x -18.9 x
EV / FCF -3.72 x -4.23 x 53.6 x 14.3 x 27.4 x 6.31 x
FCF Yield -26.9% -23.6% 1.87% 7.01% 3.65% 15.9%
Price to Book 0.59 x 4.8 x 2.66 x 3.44 x 2.85 x 3.89 x
Nbr of stocks (in thousands) 658,450 1,053,519 1,053,519 1,053,519 1,313,963 1,313,963
Reference price 2 0.1500 0.2080 0.3600 0.4950 0.2800 0.2400
Announcement Date 6/21/18 6/16/20 6/16/20 4/28/22 4/27/23 4/25/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 355.9 311.9 263.3 168.1 146.5 146.1
EBITDA 1 -102.2 -117.8 -118.9 -65.7 -50.72 -31.78
EBIT 1 -109.9 -123 -119.9 -66.48 -51.95 -33.37
Operating Margin -30.88% -39.43% -45.54% -39.55% -35.46% -22.83%
Earnings before Tax (EBT) 1 -92.86 -134.7 -149.2 -92.49 -62.23 -51.6
Net income 1 -90.5 -132.1 -147.4 -91.06 -59.04 -50.48
Net margin -25.43% -42.35% -55.97% -54.18% -40.29% -34.54%
EPS 2 -0.2248 -0.2006 -0.1700 -0.0730 -0.0449 -0.0384
Free Cash Flow 1 -22.47 -80.39 13.53 60.7 26 95.29
FCF margin -6.31% -25.78% 5.14% 36.11% 17.74% 65.2%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share - - - - - -
Announcement Date 6/21/18 6/16/20 6/16/20 4/28/22 4/27/23 4/25/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - 121 346 344 344 286
Net Cash position 1 15.1 - - - - -
Leverage (Debt/EBITDA) - -1.029 x -2.907 x -5.24 x -6.782 x -8.988 x
Free Cash Flow 1 -22.5 -80.4 13.5 60.7 26 95.3
ROE (net income / shareholders' equity) -45% -101% -126% -143% -30.2% -34.5%
ROA (Net income/ Total Assets) -14.2% -17.9% -14.6% -10.9% -4.65% -3.27%
Assets 1 639.3 737.8 1,008 835.9 1,269 1,543
Book Value Per Share 2 0.2600 0.0400 0.1400 0.1400 0.1000 0.0600
Cash Flow per Share 2 0.0500 0.0500 0.0100 0.0400 0.0700 0.0700
Capex 1 1.54 6.41 1.56 0.1 1.44 0.85
Capex / Sales 0.43% 2.06% 0.59% 0.06% 0.98% 0.58%
Announcement Date 6/21/18 6/16/20 6/16/20 4/28/22 4/27/23 4/25/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Retail - Department Stores

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Retail - Department Stores
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