Financials Shenzhen Investment Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:27 2024-07-12 am EDT			5-day change	1st Jan Change
0.97 ^HKD	+2.11%		+2.11%	-15.65%

Jul. 03	Shenzhen Investment Limited Accepts Facility Letter Relating to Revolving Loan Facility of HKD 1,000,000,000	CI
May. 27	Shenzhen Investment Logs Mixed Toll Revenue in April	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,560	23,674	14,952	11,924	10,234	8,632	-	-
Enterprise Value (EV) ¹	45,910	49,978	50,184	40,478	38,219	36,137	37,234	38,702
P/E ratio	6.56 x	6.33 x	-5.49 x	5.72 x	-39.1 x	5.42 x	4.26 x	4.06 x
Yield	5.77%	6.77%	8.93%	11.2%	7.83%	12.7%	14.6%	14.9%
Capitalization / Revenue	1.85 x	1.26 x	0.47 x	0.38 x	0.65 x	0.46 x	0.27 x	0.25 x
EV / Revenue	3.08 x	2.66 x	1.57 x	1.28 x	2.41 x	1.91 x	1.16 x	1.14 x
EV / EBITDA	8.45 x	6.13 x	4.99 x	4.82 x	9.66 x	3.03 x	2.83 x	2.87 x
EV / FCF	13,268,194 x	-	-6,535,529 x	-	-	-	-	-
FCF Yield	0%	-	-0%	-	-	-	-	-
Price to Book	0.62 x	0.47 x	0.3 x	0.27 x	0.24 x	0.2 x	0.19 x	0.19 x
Nbr of stocks (in thousands)	8,833,437	8,899,893	8,899,893	8,898,793	8,898,793	8,898,793	-	-
Reference price ²	3.120	2.660	1.680	1.340	1.150	0.9700	0.9700	0.9700
Announcement Date	3/30/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,919	18,803	32,050	31,540	15,832	18,934	32,065	34,057
EBITDA ¹	5,435	8,147	10,054	8,399	3,955	11,917	13,157	13,476
EBIT ¹	5,200	7,871	10,474	8,386	3,500	4,419	5,028	5,525
Operating Margin	34.85%	41.86%	32.68%	26.59%	22.11%	23.34%	15.68%	16.22%
Earnings before Tax (EBT) ¹	6,685	8,134	3,648	-	1,776	3,522	-	-
Net income ¹	4,063	3,723	-2,722	-	-261.4	1,255	-	-
Net margin	27.23%	19.8%	-8.49%	-	-1.65%	6.63%	-	-
EPS ²	0.4753	0.4203	-0.3058	0.2343	-0.0294	0.1788	0.2278	0.2387
Free Cash Flow	3,460	-	-7,679	-	-	-	-	-
FCF margin	23.19%	-	-23.96%	-	-	-	-	-
FCF Conversion (EBITDA)	63.66%	-	-	-	-	-	-	-
FCF Conversion (Net income)	85.17%	-	-	-	-	-	-	-
Dividend per Share ²	0.1800	0.1800	0.1500	0.1500	0.0900	0.1237	0.1418	0.1448
Announcement Date	3/30/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	18,350	26,304	35,232	28,554	27,985	27,505	28,602	30,070
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.376 x	3.229 x	3.504 x	3.4 x	7.075 x	2.308 x	2.174 x	2.231 x
Free Cash Flow	3,460	-	-7,679	-	-	-	-	-
ROE (net income / shareholders' equity)	9.43%	7.83%	8.95%	4.45%	4.37%	5.57%	7.51%	7.23%
ROA (Net income/ Total Assets)	3.34%	2.68%	2.84%	-	-	-	-	-
Assets ¹	121,648	138,774	-95,959	-	-	-	-	-
Book Value Per Share ²	5.030	5.710	5.530	5.020	4.760	4.860	5.000	5.140
Cash Flow per Share ²	0.4700	-0.4500	-0.8200	-1.490	0.4900	0.2800	0.1400	0.1000
Capex ¹	1,163	300	353	1,021	443	597	337	339
Capex / Sales	7.8%	1.59%	1.1%	3.24%	2.8%	3.16%	1.05%	0.99%
Announcement Date	3/30/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.97 HKD

Average target price

1.32 HKD

Spread / Average Target

+36.08%

	1st Jan change	Capi.
SHENZHEN INVESTMENT LIMITED	-15.65%	1.11B
MITSUI FUDOSAN CO., LTD.	+33.34%	27.28B
CHINA RESOURCES LAND LIMITED	-0.71%	25.39B
SUN HUNG KAI PROPERTIES LIMITED	-14.27%	25.39B
DLF LIMITED	+13.12%	24.35B
MITSUBISHI ESTATE CO., LTD.	+36.57%	21.2B
EMAAR PROPERTIES	+2.27%	19.49B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.02%	19.49B
MACROTECH DEVELOPERS LIMITED	+36.37%	16.63B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+21.27%	15.27B