Financials TCL Electronics Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 01:38:20 26/04/2024 pm IST			5-day change	1st Jan Change
5.05 ^HKD	+0.40%		-1.56%	+98.04%

29/03	TCL Electronics' Profit Surges 66% in 2023 as Revenue Rises 11%	MT
28/03	TCL Electronics Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 31 July 2024	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	7,006	8,649	14,249	10,044	7,824	12,684	12,684	-
Enterprise Value (EV) ¹	1,379	2,331	8,574	4,533	7,824	6,394	12,684	12,684
P/E ratio	7.22 x	3.73 x	7.33 x	8.53 x	17.5 x	8.5 x	12 x	10.3 x
Yield	6.39%	5.78%	3.65%	4.12%	4.06%	1.58%	5.15%	5.94%
Capitalization / Revenue	0.15 x	0.18 x	0.28 x	0.13 x	0.11 x	0.08 x	0.14 x	0.13 x
EV / Revenue	0.15 x	0.18 x	0.28 x	0.13 x	0.11 x	0.08 x	0.14 x	0.13 x
EV / EBITDA	4.99 x	2.95 x	4.94 x	3.55 x	2.93 x	2.04 x	5.72 x	5.15 x
EV / FCF	36,04,776 x	49,04,373 x	80,46,333 x	-	-	-	-	-
FCF Yield	0%	0%	0%	-	-	-	-	-
Price to Book	0.72 x	0.75 x	0.88 x	0.56 x	0.48 x	0.75 x	0.73 x	0.72 x
Nbr of stocks (in thousands)	23,35,494	23,63,225	24,52,482	24,79,959	24,99,780	25,11,588	25,11,588	-
Reference price ²	3.000	3.660	5.810	4.050	3.130	5.050	5.050	5.050
Announcement Date	18/03/19	29/03/20	25/03/21	11/03/22	10/03/23	28/03/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	45,582	46,991	50,953	74,847	71,351	78,986	88,290	99,174
EBITDA ¹	1,404	2,931	2,887	2,832	2,673	3,138	2,218	2,464
EBIT ¹	1,188	2,624	2,384	1,703	1,414	1,943	1,604	1,882
Operating Margin	2.61%	5.58%	4.68%	2.28%	1.98%	2.46%	1.82%	1.9%
Earnings before Tax (EBT) ¹	1,162	2,524	2,079	1,448	835.5	1,148	1,427	1,734
Net income ¹	944.2	2,279	1,847	1,184	447	743.6	1,054	1,230
Net margin	2.07%	4.85%	3.63%	1.58%	0.63%	0.94%	1.19%	1.24%
EPS ²	0.4158	0.9824	0.7925	0.4750	0.1787	0.3001	0.4200	0.4900
Free Cash Flow	1,944	1,764	1,771	-	-	-	-	-
FCF margin	4.26%	3.75%	3.48%	-	-	-	-	-
FCF Conversion (EBITDA)	138.47%	60.17%	61.33%	-	-	-	-	-
FCF Conversion (Net income)	205.85%	77.37%	95.87%	-	-	-	-	-
Dividend per Share ²	0.1918	0.2116	0.2120	0.1670	0.1270	0.0800	0.2600	0.3000
Announcement Date	18/03/19	29/03/20	25/03/21	11/03/22	10/03/23	28/03/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	5,627	6,319	5,675	5,511	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	1,944	1,764	1,771	-	-	-	-	-
ROE (net income / shareholders' equity)	10.8%	21.2%	13.3%	6.74%	2.6%	4%	6.15%	7.05%
ROA (Net income/ Total Assets)	4.05%	7.4%	4.31%	2.12%	0.78%	1.2%	1.65%	1.75%
Assets ¹	23,340	30,813	42,859	55,935	57,320	55,750	63,848	70,257
Book Value Per Share ²	4.190	4.900	6.590	7.240	6.580	6.750	6.900	7.010
Cash Flow per Share ²	0.9100	0.9600	1.020	-	0.5500	0.2700	0.6500	0.7000
Capex ¹	129	454	639	689	959	800	625	600
Capex / Sales	0.28%	0.97%	1.25%	0.92%	1.34%	1.02%	0.71%	0.6%
Announcement Date	18/03/19	29/03/20	25/03/21	11/03/22	10/03/23	28/03/24	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.05 HKD

Average target price

4.45 HKD

Spread / Average Target

-11.88%

	1st Jan change	Capi.
TCL ELECTRONICS HOLDINGS LIMITED	+98.04%	1.62B
HISENSE VISUAL TECHNOLOGY CO., LTD.	+31.39%	4.86B
SHENZHEN KTC TECHNOLOGY CO., LTD.	-0.50%	2.64B
SKYWORTH GROUP LIMITED	+6.71%	949M
AMTRAN TECHNOLOGY CO.,LTD	+16.92%	345M
VTRON GROUP CO.,LTD.	-35.49%	259M