Company Valuation: Tsim Sha Tsui Properties Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 47,217 46,258 44,730 44,863 38,181 41,936
Change - -2.03% -3.3% 0.3% -14.89% 9.83%
Enterprise Value (EV) 1 33,197 26,955 36,216 37,266 37,433 30,932
Change - -18.8% 34.36% 2.9% 0.45% -17.37%
P/E 51.8x 8.62x 13.9x 13.5x 15x 17.7x
PBR 0.6x 0.54x 0.51x 0.49x 0.4x 0.43x
PEG - 0x -0.3x 13.69x -0.6x -1.8x
Capitalization / Revenue 7.58x 1.87x 2.79x 3.39x 3.87x 4.79x
EV / Revenue 5.33x 1.09x 2.26x 2.82x 3.79x 3.53x
EV / EBITDA 11.8x 2.11x 4.67x 6.54x 10.7x 9.45x
EV / EBIT 12.3x 2.13x 4.74x 6.69x 11x 9.73x
EV / FCF 3.75x 9.88x -4.49x 19.1x -3.9x 3.28x
FCF Yield 26.7% 10.1% -22.3% 5.25% -25.6% 30.5%
Dividend per Share 2 0.55 0.55 0.57 0.58 0.58 0.58
Rate of return 2.2% 2.3% 2.56% 2.66% 3.22% 3.02%
EPS 2 0.482 2.774 1.603 1.619 1.201 1.083
Distribution rate 114% 19.8% 35.6% 35.8% 48.3% 53.6%
Net sales 1 6,230 24,769 16,035 13,230 9,867 8,759
EBITDA 1 2,821 12,793 7,751 5,694 3,489 3,273
EBIT 1 2,709 12,683 7,648 5,569 3,395 3,179
Net income 1 901.8 5,305 3,159 3,287 2,508 2,331
Net Debt 1 -14,020 -19,302 -8,514 -7,597 -748 -11,004
Reference price 2 24.95 23.90 22.30 21.80 18.00 19.18
Nbr of stocks (in thousands) 1,892,481 1,935,467 2,005,851 2,057,938 2,121,188 2,186,420
Announcement Date 9/21/20 9/23/21 9/22/22 9/28/23 9/26/24 9/25/25
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 5.55B
14.33x4.63x12.44x3.54% 40.79B
18x3.97x15.96x1.36% 28.36B
7.97x1.43x7.89x4.44% 26.64B
5.77x0.77x1.62x8.62% 27.91B
13.83x3.09x14.76x2.53% 26.05B
10.56x2.14x9.09x3.98% 21.24B
7.98x0.88x3.22x2.8% 20.41B
13.17x6.42x16.88x1.65% 19.28B
37x13.59x33.76x3.2% 17.93B
Average 14.29x 4.10x 12.85x 3.57% 23.41B
Weighted average by Cap. 13.70x 3.81x 12.20x 3.67%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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