Financials Tsit Wing International Holdings Limited

Equities

2119

BMG9113W1073

Food Processing

Market Closed - Hong Kong S.E. 04:08:20 2024-05-14 EDT 5-day change 1st Jan Change
0.6 HKD 0.00% Intraday chart for Tsit Wing International Holdings Limited +5.26% +3.45%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 853.5 832.7 749.3 727.9 648.7 418
Enterprise Value (EV) 1 681.1 571.3 497.9 484.9 485.5 189.4
P/E ratio 10.5 x 11 x 10.1 x 9.07 x 13.7 x 8.58 x
Yield 5.16% 5.37% 5.37% 6.62% 4.39% 7%
Capitalization / Revenue 0.8 x 1.06 x 1.17 x 0.95 x 0.93 x 0.57 x
EV / Revenue 0.64 x 0.73 x 0.78 x 0.63 x 0.7 x 0.26 x
EV / EBITDA 5.37 x 4.22 x 4.9 x 3.85 x 6.58 x 2.31 x
EV / FCF 11.5 x 3.1 x 11.5 x 11 x -11.5 x 2.11 x
FCF Yield 8.73% 32.3% 8.71% 9.07% -8.73% 47.5%
Price to Book 1.59 x 1.51 x 1.36 x 1.24 x 1.13 x 0.71 x
Nbr of stocks (in thousands) 762,071 763,937 720,444 720,732 720,732 720,732
Reference price 2 1.120 1.090 1.040 1.010 0.9000 0.5800
Announcement Date 3/26/19 3/31/20 3/25/21 3/24/22 3/23/23 4/18/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,071 785 638.5 766.8 695.9 728.9
EBITDA 1 126.8 135.3 101.7 125.9 73.82 81.88
EBIT 1 102.2 111.5 77.81 100.2 46.95 55.39
Operating Margin 9.54% 14.2% 12.19% 13.07% 6.75% 7.6%
Earnings before Tax (EBT) 1 97.68 111.3 91.78 100.6 57.24 59
Net income 1 75.78 75.48 76.8 80.24 47.42 48.71
Net margin 7.07% 9.62% 12.03% 10.46% 6.81% 6.68%
EPS 2 0.1068 0.0987 0.1031 0.1113 0.0658 0.0676
Free Cash Flow 1 59.42 184.4 43.35 43.97 -42.39 89.87
FCF margin 5.55% 23.5% 6.79% 5.73% -6.09% 12.33%
FCF Conversion (EBITDA) 46.87% 136.3% 42.62% 34.91% - 109.76%
FCF Conversion (Net income) 78.41% 244.37% 56.45% 54.8% - 184.49%
Dividend per Share 2 0.0578 0.0585 0.0558 0.0669 0.0395 0.0406
Announcement Date 3/26/19 3/31/20 3/25/21 3/24/22 3/23/23 4/18/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 172 261 251 243 163 229
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 59.4 184 43.3 44 -42.4 89.9
ROE (net income / shareholders' equity) 19.7% 16.3% 13.9% 14.1% 8.15% 8.36%
ROA (Net income/ Total Assets) 8.85% 8.71% 6.83% 8.66% 3.93% 4.72%
Assets 1 856.3 866.6 1,124 926.8 1,207 1,031
Book Value Per Share 2 0.7000 0.7200 0.7700 0.8200 0.8000 0.8200
Cash Flow per Share 2 0.4300 0.4100 0.3800 0.3800 0.2600 0.3500
Capex 1 22.8 37.5 28 31.2 76.3 37.8
Capex / Sales 2.13% 4.77% 4.38% 4.07% 10.97% 5.18%
Announcement Date 3/26/19 3/31/20 3/25/21 3/24/22 3/23/23 4/18/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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