SINO HORIZON HOLDINGS LIMITED

Financials Sino Horizon Holdings Limited

Equities

2923

KYG8190L1095

Real Estate Development & Operations

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
27.15 ^TWD	+2.26%		-1.63%	-5.73%

15/03	Sino Horizon Holdings Limited Announces the Resignation of Chun-Chun Tseng as Head of Internal Audit	CI
14/03	Sino Horizon Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	33,240	47,075	51,252	49,511	37,503	50,121
Enterprise Value (EV) ¹	67,689	82,540	91,527	81,270	66,651	88,662
P/E ratio	20.4 x	5.76 x	44 x	42.5 x	63.4 x	90 x
Yield	3.77%	8.24%	4.07%	4.22%	2.78%	0.69%
Capitalization / Revenue	4.8 x	8.21 x	3.82 x	10.3 x	4.07 x	4.27 x
EV / Revenue	9.77 x	14.4 x	6.82 x	16.9 x	7.23 x	7.56 x
EV / EBITDA	18.3 x	38.5 x	19 x	39.2 x	13.5 x	14.9 x
EV / FCF	-5.07 x	5.14 x	-28.3 x	-21.1 x	11.2 x	23.1 x
FCF Yield	-19.7%	19.5%	-3.53%	-4.75%	8.91%	4.34%
Price to Book	0.66 x	0.86 x	0.95 x	0.94 x	0.75 x	1.03 x
Nbr of stocks (in thousands)	17,40,297	17,40,297	17,40,297	17,40,297	17,40,297	17,40,297
Reference price ²	19.10	27.05	29.45	28.45	21.55	28.80
Announcement Date	21/03/19	27/03/20	15/03/21	17/03/22	14/03/23	14/03/24

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	6,929	5,737	13,420	4,803	9,222	11,733
EBITDA ¹	3,695	2,145	4,826	2,075	4,925	5,969
EBIT ¹	3,609	2,080	4,759	2,012	4,870	5,909
Operating Margin	52.09%	36.25%	35.46%	41.89%	52.81%	50.37%
Earnings before Tax (EBT) ¹	3,177	-358.1	2,696	1,965	2,737	4,482
Net income ¹	1,631	8,209	1,177	1,171	592.8	565.4
Net margin	23.54%	143.09%	8.77%	24.38%	6.43%	4.82%
EPS ²	0.9374	4.698	0.6700	0.6700	0.3400	0.3200
Free Cash Flow ¹	-13,344	16,063	-3,229	-3,860	5,938	3,844
FCF margin	-192.59%	279.98%	-24.06%	-80.36%	64.4%	32.76%
FCF Conversion (EBITDA)	-	748.92%	-	-	120.58%	64.4%
FCF Conversion (Net income)	-	195.68%	-	-	1,001.75%	679.94%
Dividend per Share ²	0.7200	2.230	1.200	1.200	0.6000	0.2000
Announcement Date	21/03/19	27/03/20	15/03/21	17/03/22	14/03/23	14/03/24

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	34,449	35,465	40,275	31,758	29,148	38,542
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.323 x	16.54 x	8.346 x	15.31 x	5.918 x	6.457 x
Free Cash Flow ¹	-13,344	16,063	-3,229	-3,860	5,938	3,844
ROE (net income / shareholders' equity)	3.13%	0.79%	2.16%	2.19%	1.15%	1.13%
ROA (Net income/ Total Assets)	1.92%	1.07%	2.48%	1.11%	2.73%	3.17%
Assets ¹	85,025	7,66,059	47,512	1,05,966	21,736	17,851
Book Value Per Share ²	28.70	31.40	31.10	30.20	28.90	28.10
Cash Flow per Share ²	1.710	4.700	3.890	4.000	6.210	5.000
Capex ¹	42.8	27.8	12.6	25.8	64.8	183
Capex / Sales	0.62%	0.49%	0.09%	0.54%	0.7%	1.56%
Announcement Date	21/03/19	27/03/20	15/03/21	17/03/22	14/03/23	14/03/24

¹TWD in Million²TWD

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.
SINO HORIZON HOLDINGS LIMITED	-5.73%	1.42B
CHINA RESOURCES LAND LIMITED	+12.14%	29.29B
MITSUI FUDOSAN CO., LTD.	+29.48%	28.36B
SUN HUNG KAI PROPERTIES LIMITED	-7.64%	25.5B
DLF LIMITED	+15.47%	24.47B
MITSUBISHI ESTATE CO., LTD.	+44.75%	23.83B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+11.05%	21.57B
EMAAR PROPERTIES	+2.90%	19.32B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.56%	16.73B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	-3.64%	15.96B

Other Real Estate Development & Operations

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Financials Sino Horizon Holdings Limited

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