Financials Midland Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 01:38:07 09/05/2024 pm IST			5-day change	1st Jan Change
0.88 ^HKD	0.00%		-1.12%	+79.59%

26/03	Midland Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
29/02	Hong Kong agents say property deals jump after big policy moves	RE

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	1,077	811.4	531.4	674.1	566.5	631	631	-
Enterprise Value (EV) ¹	394.9	151	-178.8	674.1	566.5	351.4	631	631
P/E ratio	18.9 x	-11.8 x	4.03 x	6.74 x	-1.06 x	-8.38 x	3.52 x	3.26 x
Yield	2.13%	-	-	-	-	-	-	-
Capitalization / Revenue	0.21 x	0.17 x	0.11 x	0.11 x	0.18 x	0.09 x	0.13 x	0.13 x
EV / Revenue	0.21 x	0.17 x	0.11 x	0.11 x	0.18 x	0.09 x	0.13 x	0.13 x
EV / EBITDA	10.2 x	70.2 x	2.41 x	3.31 x	-1.09 x	12.4 x	2.73 x	2.54 x
EV / FCF	-1,33,39,794 x	13,08,301 x	8,76,364 x	-	-	-	-	-
FCF Yield	-0%	0%	0%	-	-	-	-	-
Price to Book	0.74 x	0.61 x	0.49 x	0.57 x	0.83 x	0.96 x	0.75 x	0.61 x
Nbr of stocks (in thousands)	7,18,046	7,18,046	7,18,046	7,17,086	7,17,086	7,17,086	7,17,086	-
Reference price ²	1.500	1.130	0.7400	0.9400	0.7900	0.8800	0.8800	0.8800
Announcement Date	28/03/19	27/03/20	30/03/21	30/03/22	28/03/23	26/03/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	5,010	4,884	4,982	6,001	3,115	4,083	4,697	4,962
EBITDA ¹	105.9	11.56	220	203.6	-519.1	28.29	231.2	248.2
EBIT ¹	50.56	-44.25	169.7	151	-572.6	-17.9	231	248
Operating Margin	1.01%	-0.91%	3.41%	2.52%	-18.38%	-0.44%	4.92%	5%
Earnings before Tax (EBT) ¹	78.54	-63.43	150	144	-588.8	-29.21	243	262
Net income ¹	58.13	-68.92	131.9	100.2	-534	-41.92	182.2	196.2
Net margin	1.16%	-1.41%	2.65%	1.67%	-17.14%	-1.03%	3.88%	3.95%
EPS ²	0.0795	-0.0960	0.1836	0.1395	-0.7446	-0.0585	0.2500	0.2700
Free Cash Flow	-80.74	620.2	606.3	-	-	-	-	-
FCF margin	-1.61%	12.7%	12.17%	-	-	-	-	-
FCF Conversion (EBITDA)	-	5,366.33%	275.54%	-	-	-	-	-
FCF Conversion (Net income)	-	-	459.84%	-	-	-	-	-
Dividend per Share	0.0320	-	-	-	-	-	-	-
Announcement Date	28/03/19	27/03/20	30/03/21	30/03/22	28/03/23	26/03/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	682	660	710	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-80.7	620	606	-	-	-	-	-
ROE (net income / shareholders' equity)	3.99%	-4.96%	10.9%	8.81%	-57.1%	-4%	24.4%	20.9%
ROA (Net income/ Total Assets)	1.29%	-1.41%	2.59%	1.76%	-10.5%	-0.7%	6.7%	6.9%
Assets ¹	4,502	4,880	5,098	5,691	5,089	3,871	2,719	2,843
Book Value Per Share ²	2.030	1.840	1.520	1.650	0.9500	0.9200	1.170	1.440
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	53.8	64.4	60	65.3	-	57.3	59	61
Capex / Sales	1.07%	1.32%	1.21%	1.09%	-	1.36%	1.26%	1.23%
Announcement Date	28/03/19	27/03/20	30/03/21	30/03/22	28/03/23	26/03/24	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.88 HKD

Average target price

1.36 HKD

Spread / Average Target

+54.55%

	1st Jan change	Capi.
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