Stock 89 TAI SANG LAND DEVELOPMENT LIMITED
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Financials Tai Sang Land Development Limited

Equities

89

HK0089000548

Real Estate Development & Operations

Delayed Hong Kong S.E.
Other stock markets
 11:25:01 2024-05-05 pm EDT 		5-day change 1st Jan Change
2.09 HKD 0.00% Intraday chart for Tai Sang Land Development Limited +1.46% -25.36%
Mar. 22 Tai Sang Land Development Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 18 June 2024 CI
Mar. 22 Tai Sang Land Development 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 1,427 1,309 1,113 1,151 1,151 805.5
Enterprise Value (EV) 1 3,214 3,326 3,406 3,550 3,592 3,278
P/E ratio 2.9 x 3 x -7.14 x 1.82 x 3.2 x -4.34 x
Yield 4.44% 4.84% 5.68% 5.5% 5% 4.29%
Capitalization / Revenue 4.05 x 3.53 x 3.17 x 2.83 x 2.62 x 1.65 x
EV / Revenue 9.12 x 8.98 x 9.69 x 8.72 x 8.17 x 6.73 x
EV / EBITDA 21 x 19.5 x 22.1 x 24.9 x 21.8 x 20.3 x
EV / FCF 61.5 x 24.7 x 27.7 x 77 x 55 x 73.3 x
FCF Yield 1.63% 4.04% 3.61% 1.3% 1.82% 1.36%
Price to Book 0.19 x 0.16 x 0.14 x 0.13 x 0.13 x 0.09 x
Nbr of stocks (in thousands) 287,670 287,670 287,670 287,670 287,670 287,670
Reference price 2 4.960 4.550 3.870 4.000 4.000 2.800
Announcement Date 4/16/19 4/17/20 4/19/21 4/26/22 4/20/23 4/18/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 352.4 370.3 351.7 407 439.9 487.1
EBITDA 1 153 170.4 154.5 142.7 164.5 161.3
EBIT 1 135 153.6 132.2 101.7 115.4 118.9
Operating Margin 38.31% 41.47% 37.6% 24.99% 26.24% 24.41%
Earnings before Tax (EBT) 1 566.3 497.2 -147.2 683.4 332.3 -210.6
Net income 1 492.8 436.3 -155.9 633.6 360.1 -185.7
Net margin 139.86% 117.81% -44.35% 155.67% 81.87% -38.12%
EPS 2 1.713 1.517 -0.5421 2.203 1.252 -0.6454
Free Cash Flow 1 52.28 134.5 123.1 46.12 65.32 44.7
FCF margin 14.84% 36.32% 35.01% 11.33% 14.85% 9.18%
FCF Conversion (EBITDA) 34.16% 78.92% 79.71% 32.32% 39.72% 27.71%
FCF Conversion (Net income) 10.61% 30.83% - 7.28% 18.14% -
Dividend per Share 2 0.2200 0.2200 0.2200 0.2200 0.2000 0.1200
Announcement Date 4/16/19 4/17/20 4/19/21 4/26/22 4/20/23 4/18/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,787 2,018 2,293 2,399 2,441 2,472
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 11.68 x 11.84 x 14.84 x 16.82 x 14.84 x 15.33 x
Free Cash Flow 1 52.3 135 123 46.1 65.3 44.7
ROE (net income / shareholders' equity) 6.73% 5.57% -1.87% 7.73% 4.3% -1.82%
ROA (Net income/ Total Assets) 0.87% 0.92% 0.75% 0.55% 0.6% 0.62%
Assets 1 56,436 47,589 -20,710 114,310 59,830 -30,017
Book Value Per Share 2 26.40 27.70 27.50 29.80 30.70 30.00
Cash Flow per Share 2 0.2200 0.3900 0.4900 0.3900 0.4700 0.3800
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 4/16/19 4/17/20 4/19/21 4/26/22 4/20/23 4/18/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
TAI SANG LAND DEVELOPMENT LIMITED Stock Tai Sang Land Development Limited
-25.36% 76.97M
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EMAAR PROPERTIES Stock Emaar Properties
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CK ASSET HOLDINGS LIMITED Stock CK Asset Holdings Limited
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