Financials Shenzhen Investment Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
0.98 ^HKD	+4.26%		+7.69%	-14.78%

Apr. 25	Shenzhen Investment's Toll Revenue Flat in March	MT
Apr. 24	Shenzhen Investment’s Profit Up 89% in 2023	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	21,789	27,560	23,674	14,952	11,924	8,721	8,721	-
Enterprise Value (EV) ¹	43,183	45,910	49,978	50,184	40,478	10,234	36,226	37,322
P/E ratio	6.19 x	6.56 x	6.33 x	-5.49 x	5.72 x	-39.1 x	5.48 x	4.3 x
Yield	6.95%	5.77%	6.77%	8.93%	11.2%	14.8%	8.88%	14.5%
Capitalization / Revenue	1.31 x	1.85 x	1.26 x	0.47 x	0.38 x	0.65 x	0.46 x	0.27 x
EV / Revenue	2.59 x	3.08 x	2.66 x	1.57 x	1.28 x	0.65 x	1.91 x	1.15 x
EV / EBITDA	7.78 x	8.45 x	6.13 x	4.99 x	4.82 x	2.59 x	3.18 x	2.91 x
EV / FCF	-	13,268,194 x	-	-6,535,529 x	-	-	-	-
FCF Yield	-	0%	-	-0%	-	-	-	-
Price to Book	0.51 x	0.62 x	0.47 x	0.3 x	0.27 x	0.18 x	0.2 x	0.2 x
Nbr of stocks (in thousands)	8,412,874	8,833,437	8,899,893	8,899,893	8,898,793	8,898,793	8,898,793	-
Reference price ²	2.590	3.120	2.660	1.680	1.340	0.9800	0.9800	0.9800
Announcement Date	3/28/19	3/30/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	16,643	14,919	18,803	32,050	31,540	15,832	18,934	32,507
EBITDA ¹	5,548	5,435	8,147	10,054	8,399	3,955	11,374	12,839
EBIT ¹	5,352	5,200	7,871	10,474	8,386	3,500	4,419	8,712
Operating Margin	32.16%	34.85%	41.86%	32.68%	26.59%	22.11%	23.34%	26.8%
Earnings before Tax (EBT) ¹	6,803	6,685	8,134	3,648	-	1,776	3,522	-
Net income ¹	3,415	4,063	3,723	-2,722	-	-261.4	1,255	-
Net margin	20.52%	27.23%	19.8%	-8.49%	-	-1.65%	6.63%	-
EPS ²	0.4187	0.4753	0.4203	-0.3058	0.2343	-0.0294	0.1788	0.2278
Free Cash Flow	-	3,460	-	-7,679	-	-	-	-
FCF margin	-	23.19%	-	-23.96%	-	-	-	-
FCF Conversion (EBITDA)	-	63.66%	-	-	-	-	-	-
FCF Conversion (Net income)	-	85.17%	-	-	-	-	-	-
Dividend per Share ²	0.1800	0.1800	0.1800	0.1500	0.1500	0.1455	0.0870	0.1418
Announcement Date	3/28/19	3/30/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	21,394	18,350	26,304	35,232	28,554	32,252	27,505	28,602
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.856 x	3.376 x	3.229 x	3.504 x	3.4 x	3.182 x	2.418 x	2.228 x
Free Cash Flow	-	3,460	-	-7,679	-	-	-	-
ROE (net income / shareholders' equity)	8.21%	9.43%	7.83%	8.95%	4.45%	7.25%	3.71%	7.04%
ROA (Net income/ Total Assets)	2.9%	3.34%	2.68%	2.84%	-	-	-	-
Assets ¹	117,624	121,648	138,774	-95,959	-	-	-	-
Book Value Per Share ²	5.120	5.030	5.710	5.530	5.020	5.310	4.860	5.000
Cash Flow per Share ²	-0.1400	0.4700	-0.4500	-0.8200	-1.490	-0.1900	0.2800	0.1400
Capex ¹	315	1,163	300	353	1,021	533	597	337
Capex / Sales	1.89%	7.8%	1.59%	1.1%	3.24%	1.56%	3.16%	1.04%
Announcement Date	3/28/19	3/30/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.98 HKD

Average target price

1.44 HKD

Spread / Average Target

+46.94%

	1st Jan change	Capi.
SHENZHEN INVESTMENT LIMITED	-14.78%	1.11B
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B