KERRY PROPERTIES LIMITED |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 15.76 HKD | -0.13% |
|
+3.28% | +10.36% |
| 03/05 | Shangri-La Units to Provide Consultancy Services to China Hotel Project | MT |
| 20/03 | Kerry Properties’ Profit Up 18% in 2023 | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 36,048 | 28,606 | 29,526 | 24,672 | 20,725 | 22,902 | - | - |
| Enterprise Value (EV) 1 | 66,719 | 59,822 | 49,570 | 65,841 | 62,316 | 70,527 | 65,686 | 56,577 |
| P/E ratio | 5.22 x | 5.29 x | 2.86 x | 8.95 x | 6.4 x | 6.61 x | 5.86 x | 4.95 x |
| Yield | 5.45% | 6.87% | 6.65% | 7.94% | 9.45% | 8.48% | 8.49% | 8.57% |
| Capitalization / Revenue | 2 x | 1.97 x | 1.93 x | 1.69 x | 1.58 x | 1.46 x | 1.37 x | 1.33 x |
| EV / Revenue | 3.7 x | 4.12 x | 3.23 x | 4.51 x | 4.76 x | 4.48 x | 3.94 x | 3.29 x |
| EV / EBITDA | 7.8 x | 7.43 x | 4.83 x | 9.88 x | 11.3 x | 12.2 x | 11 x | 9.53 x |
| EV / FCF | -10.9 x | -111 x | 10.8 x | - | - | -7.04 x | 5.87 x | 5.42 x |
| FCF Yield | -9.17% | -0.9% | 9.25% | - | - | -14.2% | 17% | 18.4% |
| Price to Book | 0.35 x | 0.26 x | 0.25 x | 0.23 x | 0.19 x | 0.21 x | 0.21 x | 0.2 x |
| Nbr of stocks (in thousands) | 14,56,501 | 14,56,501 | 14,54,472 | 14,51,306 | 14,51,306 | 14,51,306 | - | - |
| Reference price 2 | 24.75 | 19.64 | 20.30 | 17.00 | 14.28 | 15.78 | 15.78 | 15.78 |
| Announcement Date | 17/03/20 | 18/03/21 | 17/03/22 | 29/03/23 | 20/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 18,025 | 14,526 | 15,327 | 14,590 | 13,090 | 15,734 | 16,657 | 17,173 |
| EBITDA 1 | 8,556 | 8,052 | 10,253 | 6,663 | 5,512 | 5,777 | 5,977 | 5,937 |
| EBIT 1 | 8,079 | 7,574 | 9,732 | 6,180 | 5,068 | 5,203 | 5,471 | 5,596 |
| Operating Margin | 44.82% | 52.14% | 63.5% | 42.36% | 38.72% | 33.07% | 32.85% | 32.59% |
| Earnings before Tax (EBT) 1 | 10,036 | 9,169 | 14,226 | 5,168 | 6,859 | 6,042 | 6,331 | 6,801 |
| Net income 1 | 6,897 | 5,403 | 10,358 | 2,755 | 3,243 | 3,383 | 3,735 | 4,555 |
| Net margin | 38.27% | 37.2% | 67.58% | 18.88% | 24.78% | 21.5% | 22.42% | 26.52% |
| EPS 2 | 4.740 | 3.710 | 7.110 | 1.900 | 2.230 | 2.387 | 2.693 | 3.187 |
| Free Cash Flow 1 | -6,120 | -538.7 | 4,585 | - | - | -10,020 | 11,186 | 10,430 |
| FCF margin | -33.95% | -3.71% | 29.92% | - | - | -63.68% | 67.16% | 60.73% |
| FCF Conversion (EBITDA) | - | - | 44.72% | - | - | - | 187.14% | 175.68% |
| FCF Conversion (Net income) | - | - | 44.27% | - | - | - | 299.49% | 229% |
| Dividend per Share 2 | 1.350 | 1.350 | 1.350 | 1.350 | 1.350 | 1.339 | 1.340 | 1.353 |
| Announcement Date | 17/03/20 | 18/03/21 | 17/03/22 | 29/03/23 | 20/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,801 | 3,918 | 10,609 | 6,374 | 8,953 | 4,641 | 9,949 | 5,472 | 7,617 | 4,407 | 10,619 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | - | 4,432 | 6,510 | 2,725 | 3,336 | - | 2,838 | 2,306 | 2,337 |
| Operating Margin | - | - | - | 69.54% | 72.72% | 58.72% | 33.53% | - | 37.26% | 52.33% | 22.01% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | 2.270 | 0.7400 | 2.970 | 2.590 | 4.520 | 1.890 | 0.0100 | 1.200 | 1.030 | 1.270 | 0.9800 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 17/03/20 | 20/08/20 | 18/03/21 | 19/08/21 | 17/03/22 | 18/08/22 | 29/03/23 | 11/09/23 | 20/03/24 | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 30,670 | 31,216 | 20,044 | 41,169 | 41,591 | 47,625 | 42,784 | 33,675 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.585 x | 3.877 x | 1.955 x | 6.179 x | 7.545 x | 8.244 x | 7.158 x | 5.672 x |
| Free Cash Flow 1 | -6,120 | -539 | 4,585 | - | - | -10,020 | 11,186 | 10,430 |
| ROE (net income / shareholders' equity) | 6.92% | 5.11% | 7.97% | 4.01% | 3% | 3.27% | 3.63% | 4.16% |
| ROA (Net income/ Total Assets) | 3.96% | 2.89% | 5.23% | 2.25% | 2.03% | 1.84% | 1.83% | 2.1% |
| Assets 1 | 1,74,033 | 1,86,826 | 1,97,912 | 1,22,380 | 1,59,646 | 1,83,542 | 2,04,098 | 2,17,404 |
| Book Value Per Share 2 | 69.80 | 75.40 | 80.30 | 75.00 | 73.90 | 74.90 | 76.20 | 77.90 |
| Cash Flow per Share 2 | 2.620 | 4.090 | 3.760 | - | - | 1.440 | 7.220 | 9.770 |
| Capex 1 | 9,939 | 6,493 | 103 | 25,068 | - | 10,282 | 7,112 | 7,155 |
| Capex / Sales | 55.14% | 44.7% | 0.67% | 171.81% | - | 65.35% | 42.69% | 41.66% |
| Announcement Date | 17/03/20 | 18/03/21 | 17/03/22 | 29/03/23 | 20/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
15.78
HKD
Average target price
15.88
HKD
Spread / Average Target
+0.62%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +10.36% | 2.97B | |
| +39.29% | 29.66B | |
| -11.07% | 27.69B | |
| +8.57% | 27.57B | |
| +21.30% | 26.07B | |
| +50.77% | 24.02B | |
| +7.99% | 21.83B | |
| +0.38% | 18.77B | |
| +28.95% | 16.76B | |
| -12.88% | 15.28B |
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- Financials Kerry Properties Limited