Company Valuation: CK Asset Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,79,082 1,72,703 1,39,108 1,11,643 1,37,611 1,59,240 - -
Change - -3.56% -19.45% -19.74% 23.26% 15.72% - -
Enterprise Value (EV) 1 2,12,185 1,60,042 1,51,496 1,28,243 1,47,228 1,47,580 1,43,889 1,50,300
Change - -24.57% -5.34% -15.35% 14.8% 0.24% -2.5% 4.46%
P/E 8.52x 8.04x 8.07x 8.2x 12.7x 8.78x 12.3x 10.1x
PBR 0.47x 0.45x 0.35x 0.28x 0.34x 0.39x 0.38x 0.37x
PEG - 2.21x -0.4x -0.4x -0.6x 0.1x -0.4x 0.5x
Capitalization / Revenue 2.88x 3.07x 2.94x 2.45x 2.38x 2.4x 2.41x 2.22x
EV / Revenue 3.42x 2.84x 3.21x 2.82x 2.54x 2.23x 2.18x 2.1x
EV / EBITDA 7.21x 8.01x 9.96x 9.44x 11.5x 7.13x 8.45x 8.14x
EV / EBIT 8.19x 8.92x 11.4x 11x 13.8x 8.52x 9.35x 8.77x
EV / FCF 10.9x - -37.5x 20.3x 9.66x 18.3x 18.6x 14.2x
FCF Yield 9.21% - -2.67% 4.94% 10.3% 5.46% 5.38% 7.07%
Dividend per Share 2 2.2 2.28 2.05 1.74 1.78 1.832 1.874 2.082
Rate of return 4.48% 4.75% 5.23% 5.45% 4.53% 4.03% 4.12% 4.58%
EPS 2 5.77 5.98 4.86 3.89 3.1 5.183 3.714 4.506
Distribution rate 38.1% 38.1% 42.2% 44.7% 57.4% 35.3% 50.5% 46.2%
Net sales 1 62,094 56,341 47,243 45,529 57,935 66,283 65,988 71,717
EBITDA 1 29,431 19,980 15,203 13,591 12,857 20,701 17,021 18,470
EBIT 1 25,915 17,935 13,276 11,665 10,658 17,319 15,386 17,140
Net income 1 20,824 21,683 17,340 13,657 10,847 16,983 12,911 15,113
Net Debt 1 33,103 -12,661 12,388 16,600 9,617 -11,659 -15,351 -8,940
Reference price 2 49.15 48.05 39.20 31.90 39.32 45.50 45.50 45.50
Nbr of stocks (in thousands) 36,43,584 35,94,241 35,48,684 34,99,778 34,99,778 34,99,778 - -
Announcement Date 17/03/22 16/03/23 21/03/24 20/03/25 19/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.77x2.22x7.12x4.03% 2.03TCr
15.32x4.85x13.03x3.31% 4.36TCr
20.93x4.27x17.53x1.2% 3.11TCr
8.13x1.43x7.17x4.38% 2.93TCr
5.92x0.69x1.42x8.43% 2.85TCr
13.98x3.07x14.73x2.51% 2.52TCr
15.13x6.83x18.32x1.41% 2.15TCr
9.75x1.62x13.77x3.88% 1.8TCr
Average 12.24x 3.12x 11.64x 3.64% 2.72TCr
Weighted average by Cap. 12.68x 3.24x 11.59x 3.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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