Financials First Service Holding Limited

Equities

2107

KYG3483A1004

Real Estate Services

Delayed Hong Kong S.E. 09:22:45 21/05/2024 am IST 5-day change 1st Jan Change
0.37 HKD -1.33% Intraday chart for First Service Holding Limited +4.23% +68.95%

Valuation

Fiscal Period: December 2020 2021 2022 2023
Capitalization 1 892.2 1,059 494.6 199.1
Enterprise Value (EV) 1 52.22 451.5 -43.92 -406.2
P/E ratio 7.51 x 29.8 x 11.8 x 3.38 x
Yield 3.75% 5.21% 5.37% 19.2%
Capitalization / Revenue 1.16 x 0.95 x 0.44 x 0.16 x
EV / Revenue 0.07 x 0.4 x -0.04 x -0.34 x
EV / EBITDA 0.41 x 18.3 x -1 x -5.3 x
EV / FCF 0.3 x -15.1 x 1.87 x -4.31 x
FCF Yield 333% -6.6% 53.5% -23.2%
Price to Book 1.36 x 1.66 x 0.79 x 0.3 x
Nbr of stocks (in thousands) 10,00,000 10,00,000 10,00,000 10,00,000
Reference price 2 0.8922 1.059 0.4946 0.1991
Announcement Date 20/04/21 28/04/22 27/04/23 25/04/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 495.5 624.7 771.8 1,120 1,122 1,211
EBITDA 1 56.93 76.37 127.5 24.73 43.82 76.64
EBIT 1 55.15 73.56 124.9 17.49 35.91 68.04
Operating Margin 11.13% 11.78% 16.18% 1.56% 3.2% 5.62%
Earnings before Tax (EBT) 1 72.19 106.9 123.9 39.29 62.9 88.6
Net income 1 50.87 77.29 94.83 35.47 41.34 57.13
Net margin 10.27% 12.37% 12.29% 3.17% 3.68% 4.72%
EPS - - 0.1188 0.0356 0.0418 0.0588
Free Cash Flow 1 26.41 11.38 174.1 -29.81 -23.52 94.18
FCF margin 5.33% 1.82% 22.56% -2.66% -2.1% 7.78%
FCF Conversion (EBITDA) 46.39% 14.9% 136.5% - - 122.88%
FCF Conversion (Net income) 51.92% 14.73% 183.57% - - 164.86%
Dividend per Share - - 0.0334 0.0552 0.0265 0.0381
Announcement Date 12/10/20 12/10/20 20/04/21 28/04/22 27/04/23 25/04/24
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 367 347 840 608 539 605
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 26.4 11.4 174 -29.8 -23.5 94.2
ROE (net income / shareholders' equity) 17.8% 27% 21.4% 4.99% 7.5% 10.1%
ROA (Net income/ Total Assets) 5.67% 6.58% 8.08% 0.85% 1.65% 2.99%
Assets 1 897.5 1,175 1,174 4,173 2,512 1,909
Book Value Per Share - - 0.6500 0.6400 0.6300 0.6600
Cash Flow per Share - - 0.7300 0.5000 0.4000 0.5100
Capex 1 2.66 6.19 2.97 6.23 7.39 6.39
Capex / Sales 0.54% 0.99% 0.38% 0.56% 0.66% 0.53%
Announcement Date 12/10/20 12/10/20 20/04/21 28/04/22 27/04/23 25/04/24
1CNY in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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