Financials Tai Hing Group Holdings Limited

Equities

6811

KYG866191060

Restaurants & Bars

Market Closed - Hong Kong S.E. Other stock markets 01:38:08 27/06/2024 pm IST			5-day change	1st Jan Change
0.8 ^HKD	0.00%		-2.44%	-5.88%

17/05	Tai Hing Group Holdings Limited Approves to Declare A Special Dividend for the Year Ended 31 December 2023	CI
17/05	Tai Hing Group Holdings Limited Approves to Declares Final Dividend for the Year Ended 31 December 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,640	1,473	1,365	1,217	854.6	804.3	-	-
Enterprise Value (EV) ¹	1,236	989.4	1,365	1,217	854.6	804.3	804.3	804.3
P/E ratio	21.3 x	12.4 x	13.7 x	-28.1 x	9.11 x	7.27 x	6.3 x	5.63 x
Yield	3.07%	5.25%	5.48%	4.13%	8.12%	10.4%	11.9%	13.4%
Capitalization / Revenue	0.5 x	0.53 x	0.43 x	0.45 x	0.27 x	0.23 x	0.22 x	0.21 x
EV / Revenue	0.5 x	0.53 x	0.43 x	0.45 x	0.27 x	0.23 x	0.22 x	0.21 x
EV / EBITDA	4.75 x	4.56 x	4.25 x	9.33 x	3.09 x	1.14 x	1.09 x	1.04 x
EV / FCF	3.61 x	12.7 x	-	-	1.56 x	1.35 x	1.74 x	1.3 x
FCF Yield	27.7%	7.89%	-	-	64.3%	73.9%	57.4%	77.1%
Price to Book	1.7 x	1.37 x	1.25 x	1.28 x	0.87 x	0.8 x	0.8 x	-
Nbr of stocks (in thousands)	10,00,000	10,01,873	10,03,596	10,05,399	10,05,399	10,05,399	-	-
Reference price ²	1.640	1.470	1.360	1.210	0.8500	0.8000	0.8000	0.8000
Announcement Date	26/03/20	25/03/21	28/03/22	28/03/23	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	3,252	2,798	3,173	2,675	3,212	3,434	3,653	3,865
EBITDA ¹	345.3	323.3	320.8	130.4	276.7	708	741	775
EBIT ¹	189.5	168	163.2	-14.02	146	164	183	202
Operating Margin	5.83%	6%	5.14%	-0.52%	4.54%	4.78%	5.01%	5.23%
Earnings before Tax (EBT) ¹	116.8	121.3	128.3	-43.46	116	137	158	177
Net income ¹	76.86	119	99.72	-43.15	93.84	111	128	143
Net margin	2.36%	4.25%	3.14%	-1.61%	2.92%	3.23%	3.5%	3.7%
EPS ²	0.0769	0.1184	0.0992	-0.0430	0.0933	0.1100	0.1270	0.1420
Free Cash Flow ¹	453.8	116.3	-	-	549.5	594	462	620
FCF margin	13.95%	4.16%	-	-	17.11%	17.3%	12.65%	16.04%
FCF Conversion (EBITDA)	131.41%	35.96%	-	-	198.63%	83.9%	62.35%	80%
FCF Conversion (Net income)	590.33%	97.73%	-	-	585.65%	535.14%	360.94%	433.57%
Dividend per Share ²	0.0504	0.0772	0.0745	0.0500	0.0690	0.0830	0.0950	0.1070
Announcement Date	26/03/20	25/03/21	28/03/22	28/03/23	20/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1	2022 S2
Net sales ¹	-	1,458
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT) ¹	-	16.99
Net income	-52.48	-
Net margin	-	-
EPS	-0.0523	-
Dividend per Share	-	-
Announcement Date	26/08/22	28/03/23

¹HKD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	404	483	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	454	116	-	-	550	594	462	620
ROE (net income / shareholders' equity)	11.5%	11.6%	9.19%	-4.22%	9.69%	11.1%	12.4%	13.4%
ROA (Net income/ Total Assets)	3.2%	3.59%	3.35%	-	3.68%	4.2%	4.8%	5.3%
Assets ¹	2,402	3,310	2,977	-	2,547	2,643	2,667	2,698
Book Value Per Share ²	0.9700	1.080	1.090	0.9500	0.9800	1.000	1.000	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	230	153	-	-	135	160	176	193
Capex / Sales	7.08%	5.46%	-	-	4.22%	4.66%	4.82%	4.99%
Announcement Date	26/03/20	25/03/21	28/03/22	28/03/23	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

Ratings for Tai Hing Group Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.8 HKD

Average target price

1.32 HKD

Spread / Average Target

+65.00%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Commercial Food Services

	1st Jan change	Capi.
TAI HING GROUP HOLDINGS LIMITED	-5.88%	10Cr
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SSP GROUP PLC	-35.18%	150.74Cr
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BJ'S RESTAURANTS, INC.	-5.28%	80Cr
TONGQINGLOU CATERING CO., LTD.	-27.63%	79Cr

Commercial Food Services