MULTIFIELD INTERNATIONAL HOLDINGS LIMITED

Financials Multifield International Holdings Limited

Equities

898

BMG6330R1271

Real Estate Development & Operations

Market Closed - Hong Kong S.E. Other stock markets 01:38:22 10/05/2024 pm IST			5-day change	1st Jan Change
0.76 ^HKD	+7.04%		+4.11%	-6.17%

26/03	Multifield International's 2023 Profit Declines	MT
26/03	Multifield International Holdings Limited Proposes Dividend for the Year Ended December 31, 2023, Payable on 25 June 2024	CI

Valuation

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Capitalization ¹	1,881	1,630	1,484	1,233	886.2	877.9
Enterprise Value (EV) ¹	3,544	3,170	2,819	2,482	1,339	1,310
P/E ratio	2.89 x	2.23 x	2.79 x	33 x	2.1 x	3.32 x
Yield	3%	3.46%	3.8%	3.39%	4.25%	3.81%
Capitalization / Revenue	3.12 x	29.2 x	4.74 x	15.8 x	3.3 x	3.21 x
EV / Revenue	5.87 x	56.8 x	9.01 x	31.8 x	4.99 x	4.79 x
EV / EBITDA	6.94 x	-87.2 x	12.6 x	-195 x	7.47 x	6.7 x
EV / FCF	-17.9 x	14.3 x	8.66 x	16.2 x	1.39 x	13.7 x
FCF Yield	-5.58%	7%	11.5%	6.18%	72.2%	7.32%
Price to Book	0.29 x	0.23 x	0.2 x	0.16 x	0.11 x	0.11 x
Nbr of stocks (in thousands)	8,36,074	8,36,074	8,36,074	8,36,074	8,36,074	8,36,074
Reference price ²	2.250	1.950	1.775	1.475	1.060	1.050
Announcement Date	19/04/18	17/04/19	20/04/20	21/04/21	27/04/22	26/04/23

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net sales ¹	603.6	55.78	312.9	78.01	268.3	273.7
EBITDA ¹	510.3	-36.36	224.5	-12.71	179.1	195.4
EBIT ¹	502.7	-43	219.3	-17.07	175.7	192.5
Operating Margin	83.29%	-77.1%	70.09%	-21.88%	65.49%	70.33%
Earnings before Tax (EBT) ¹	836.8	978.2	573.5	28.33	611.2	464.1
Net income ¹	651.5	732.6	531	37.36	421.3	264.1
Net margin	107.94%	1,313.29%	169.68%	47.88%	157.05%	96.5%
EPS ²	0.7792	0.8762	0.6351	0.0447	0.5039	0.3159
Free Cash Flow ¹	-197.9	221.9	325.3	153.4	966.3	95.81
FCF margin	-32.79%	397.73%	103.96%	196.67%	360.21%	35.01%
FCF Conversion (EBITDA)	-	-	144.89%	-	539.62%	49.03%
FCF Conversion (Net income)	-	30.29%	61.27%	410.72%	229.37%	36.28%
Dividend per Share ²	0.0675	0.0675	0.0675	0.0500	0.0450	0.0400
Announcement Date	19/04/18	17/04/19	20/04/20	21/04/21	27/04/22	26/04/23

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net Debt ¹	1,663	1,539	1,335	1,249	452	432
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.258 x	-42.34 x	5.945 x	-98.29 x	2.526 x	2.21 x
Free Cash Flow ¹	-198	222	325	153	966	95.8
ROE (net income / shareholders' equity)	10.9%	10.3%	6.83%	0.08%	5.08%	3.8%
ROA (Net income/ Total Assets)	2.83%	-0.23%	1.11%	-0.08%	0.84%	0.91%
Assets ¹	22,984	-3,25,002	47,842	-44,207	50,017	29,069
Book Value Per Share ²	7.750	8.370	8.860	9.070	9.660	9.480
Cash Flow per Share ²	0.4600	0.5100	0.6400	0.5600	0.5500	0.6800
Capex	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-
Announcement Date	19/04/18	17/04/19	20/04/20	21/04/21	27/04/22	26/04/23

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
MULTIFIELD INTERNATIONAL HOLDINGS LIMITED	-6.17%	75.96M
MITSUI FUDOSAN CO., LTD.	+36.86%	27.86B
CHINA RESOURCES LAND LIMITED	+14.64%	27.33B
DLF LIMITED	+13.69%	24.82B
SUN HUNG KAI PROPERTIES LIMITED	-8.82%	24.62B
MITSUBISHI ESTATE CO., LTD.	+50.95%	23.43B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+11.92%	20.61B
EMAAR PROPERTIES	+1.39%	19.49B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+31.19%	16.41B
CK ASSET HOLDINGS LIMITED	-11.61%	15.23B

Other Real Estate Development & Operations

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Financials Multifield International Holdings Limited

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