CHI HO DEVELOPMENT HOLDINGS LIMITED

Financials Chi Ho Development Holdings Limited

Equities

8423

KYG446491048

Homebuilding

Market Closed - Hong Kong S.E. Other stock markets 01:38:22 10/05/2024 pm IST			5-day change	1st Jan Change
0.06 ^HKD	-1.64%		-1.64%	-14.29%

2023	Chi Ho Development Holdings Limited Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023	CI
2023	Chi Ho Development Holdings Limited Reports Earnings Results for the First Quarter Ended June 30, 2023	CI

Valuation

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,152	1,120	240	204	148.8	38.4
Enterprise Value (EV) ¹	1,161	1,136	251.9	211.5	191.2	87.73
P/E ratio	49.8 x	61.7 x	12.3 x	9.51 x	18.5 x	2.86 x
Yield	-	-	2.5%	0.98%	-	5.21%
Capitalization / Revenue	2.59 x	4.04 x	0.59 x	0.72 x	0.58 x	0.11 x
EV / Revenue	2.61 x	4.09 x	0.62 x	0.75 x	0.74 x	0.26 x
EV / EBITDA	36.5 x	40.8 x	8.99 x	7.71 x	14.3 x	4.46 x
EV / FCF	-49.2 x	168 x	129 x	437 x	-6.51 x	12.6 x
FCF Yield	-2.03%	0.6%	0.78%	0.23%	-15.4%	7.95%
Price to Book	13.2 x	12.1 x	2.22 x	1.6 x	1.1 x	0.26 x
Nbr of stocks (in thousands)	8,00,000	8,00,000	8,00,000	8,00,000	8,00,000	8,00,000
Reference price ²	1.440	1.400	0.3000	0.2550	0.1860	0.0480
Announcement Date	26/06/18	25/06/19	23/06/20	18/06/21	24/06/22	30/06/23

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net sales ¹	445.5	277.6	404	281.7	257.2	337.7
EBITDA ¹	31.85	27.81	28.01	27.45	13.33	19.67
EBIT ¹	30.81	26.8	27.24	26.69	12.54	18.22
Operating Margin	6.92%	9.65%	6.74%	9.48%	4.88%	5.39%
Earnings before Tax (EBT) ¹	27.84	22.05	23.6	25.02	9.635	15.55
Net income ¹	23.14	18.16	19.51	21.44	8.022	13.43
Net margin	5.19%	6.54%	4.83%	7.61%	3.12%	3.98%
EPS ²	0.0289	0.0227	0.0244	0.0268	0.0100	0.0168
Free Cash Flow ¹	-23.6	6.771	1.958	0.4838	-29.35	6.976
FCF margin	-5.3%	2.44%	0.48%	0.17%	-11.41%	2.07%
FCF Conversion (EBITDA)	-	24.35%	6.99%	1.76%	-	35.46%
FCF Conversion (Net income)	-	37.29%	10.04%	2.26%	-	51.93%
Dividend per Share	-	-	0.007500	0.002500	-	0.002500
Announcement Date	26/06/18	25/06/19	23/06/20	18/06/21	24/06/22	30/06/23

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net Debt ¹	9.36	15.9	11.9	7.53	42.4	49.3
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2939 x	0.5725 x	0.4236 x	0.2745 x	3.178 x	2.508 x
Free Cash Flow ¹	-23.6	6.77	1.96	0.48	-29.3	6.98
ROE (net income / shareholders' equity)	30.5%	20.2%	19.5%	18.2%	6.09%	9.49%
ROA (Net income/ Total Assets)	9.76%	8.27%	7.64%	6.62%	2.81%	3.55%
Assets ¹	237.1	219.5	255.5	324.1	285.3	378
Book Value Per Share ²	0.1100	0.1200	0.1400	0.1600	0.1700	0.1800
Cash Flow per Share ²	0.0400	0.0400	0.0500	0.0400	0.0600	0.0500
Capex ¹	0.12	0.13	0.19	0.04	6.77	0.14
Capex / Sales	0.03%	0.05%	0.05%	0.02%	2.63%	0.04%
Announcement Date	26/06/18	25/06/19	23/06/20	18/06/21	24/06/22	30/06/23

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Residential Builders - Multifamily Homes

	1st Jan change	Capi.
CHI HO DEVELOPMENT HOLDINGS LIMITED	-14.29%	6.14M
HASEKO CORPORATION	+5.08%	3.37B
Y.H. DIMRI CONSTRUCTION & DEVELOPMENT LTD	+17.96%	1.54B
CURY CONSTRUTORA E INCORPORADORA S.A.	+7.39%	1.09B
AURA INVESTMENTS LTD.	+38.65%	1.07B
AFRICA ISRAEL RESIDENCES LTD	+30.13%	845M
GLENVEAGH PROPERTIES PLC	+6.56%	812M
KVUTZAT ACRO LTD	+5.30%	682M
ATAL S.A.	+12.32%	681M
KAUFMAN & BROAD SA	+1.00%	675M

Residential Builders - Multifamily Homes

Stock Market
Equities
8423 Stock
Financials Chi Ho Development Holdings Limited

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