HIAP HOE LIMITED

Financials Hiap Hoe Limited

Equities

5JK

SG1U37933462

Real Estate Development & Operations

Market Closed - Singapore S.E. Other stock markets 01:31:07 13/05/2024 pm IST			5-day change	1st Jan Change
0.685 ^SGD	+0.74%		+0.74%	+7.03%

30/04	Hiap Hoe Limited Approves Final Dividend	CI
15/04	Hiap Hoe Returns to Attributable Profit in 2023	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	409.4	376.4	301.2	305.9	352.9	301.2
Enterprise Value (EV) ¹	784.1	1,021	938.9	970	968.2	879.7
P/E ratio	-41.2 x	17 x	-8.2 x	14.4 x	-16 x	54.2 x
Yield	1.72%	1.88%	0.78%	0.77%	1%	0.94%
Capitalization / Revenue	2.18 x	2.85 x	3.79 x	3.26 x	2.96 x	2.69 x
EV / Revenue	4.18 x	7.72 x	11.8 x	10.4 x	8.11 x	7.86 x
EV / EBITDA	14.7 x	30.4 x	135 x	72.3 x	31.5 x	48.3 x
EV / FCF	9.76 x	94.8 x	84.5 x	-22.9 x	17.3 x	-14.1 x
FCF Yield	10.2%	1.05%	1.18%	-4.37%	5.78%	-7.09%
Price to Book	0.54 x	0.49 x	0.41 x	0.41 x	0.49 x	0.42 x
Nbr of stocks (in thousands)	4,70,558	4,70,558	4,70,558	4,70,558	4,70,558	4,70,558
Reference price ²	0.8700	0.8000	0.6400	0.6500	0.7500	0.6400
Announcement Date	07/04/19	15/04/20	06/04/21	06/04/22	01/03/23	14/04/24

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	187.5	132.2	79.55	93.69	119.4	111.9
EBITDA ¹	53.43	33.63	6.941	13.42	30.73	18.2
EBIT ¹	25.68	5.805	-22.39	-17.14	-0.2041	-11.69
Operating Margin	13.7%	4.39%	-28.15%	-18.3%	-0.17%	-10.44%
Earnings before Tax (EBT) ¹	-3.641	24.03	-36.84	26.54	-23.61	6.08
Net income ¹	-9.925	22.1	-36.71	21.2	-22	5.559
Net margin	-5.29%	16.71%	-46.15%	22.62%	-18.43%	4.97%
EPS ²	-0.0211	0.0470	-0.0780	0.0450	-0.0468	0.0118
Free Cash Flow ¹	80.29	10.77	11.12	-42.37	55.96	-62.35
FCF margin	42.83%	8.14%	13.97%	-45.23%	46.87%	-55.73%
FCF Conversion (EBITDA)	150.29%	32.02%	160.16%	-	182.06%	-
FCF Conversion (Net income)	-	48.72%	-	-	-	-
Dividend per Share ²	0.0150	0.0150	0.005000	0.005000	0.007500	0.006000
Announcement Date	07/04/19	15/04/20	06/04/21	06/04/22	01/03/23	14/04/24

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2022 S1
Net sales	42.95	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	-21.12	-2.244
Net margin	-49.19%	-
EPS ²	-	-0.004800
Dividend per Share	-	-
Announcement Date	13/08/20	12/08/22

¹SGD in Million²SGD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	375	644	638	664	615	579
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.013 x	19.16 x	91.89 x	49.5 x	20.02 x	31.79 x
Free Cash Flow ¹	80.3	10.8	11.1	-42.4	56	-62.4
ROE (net income / shareholders' equity)	-1.29%	2.89%	-4.86%	2.83%	-3%	0.76%
ROA (Net income/ Total Assets)	1.05%	0.23%	-0.87%	-0.67%	-0.01%	-0.46%
Assets ¹	-947.6	9,714	4,232	-3,187	2,78,491	-1,202
Book Value Per Share ²	1.610	1.640	1.570	1.600	1.530	1.530
Cash Flow per Share ²	0.0600	0.0200	0.0200	0.0200	0.0400	0.0300
Capex ¹	12.2	2.68	1.5	1.33	2.34	21.2
Capex / Sales	6.52%	2.03%	1.89%	1.42%	1.96%	18.92%
Announcement Date	07/04/19	15/04/20	06/04/21	06/04/22	01/03/23	14/04/24

¹SGD in Million²SGD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
HIAP HOE LIMITED	+7.03%	24Cr
CHINA RESOURCES LAND LIMITED	+10.00%	2.87TCr
MITSUI FUDOSAN CO., LTD.	+27.88%	2.68TCr
SUN HUNG KAI PROPERTIES LIMITED	-7.82%	2.58TCr
DLF LIMITED	+15.51%	2.49TCr
MITSUBISHI ESTATE CO., LTD.	+45.81%	2.28TCr
CHINA OVERSEAS LAND & INVESTMENT LTD.	+9.88%	2.14TCr
EMAAR PROPERTIES	+0.63%	1.96TCr
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+27.40%	1.64TCr
CK ASSET HOLDINGS LIMITED	-10.20%	1.59TCr

Other Real Estate Development & Operations

Stock Market
Equities
5JK Stock
Financials Hiap Hoe Limited

-40% Limited Time Offer: Our subscriptions help you unlock hidden opportunities.

SIGN UP NOW