Financials China State Construction International Holdings Limited

Equities

3311

KYG216771363

Construction & Engineering

Market Closed - Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
8.81 HKD +0.23% Intraday chart for China State Construction International Holdings Limited +1.61% -2.44%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 31,406 35,748 22,317 48,815 44,180 44,381 44,381 -
Enterprise Value (EV) 1 54,212 63,348 58,647 97,432 44,180 97,179 90,130 92,056
P/E ratio 6.98 x 6.6 x 3.71 x 7.18 x 5.55 x 4.96 x 4.28 x 3.79 x
Yield 4.34% 4.52% 8.14% 4.18% 5.47% 6.2% 7.1% 8.02%
Capitalization / Revenue 0.56 x 0.58 x 0.36 x 0.63 x 0.43 x 0.4 x 0.35 x 0.31 x
EV / Revenue 0.97 x 1.03 x 0.94 x 1.26 x 0.43 x 0.85 x 0.71 x 0.64 x
EV / EBITDA 7.41 x 7.31 x 6.3 x 9.61 x 3.6 x 6.67 x 5.46 x 4.99 x
EV / FCF -19.9 x -19.8 x -11.5 x -78.7 x -293 x 25 x 20.4 x 18.5 x
FCF Yield -5.04% -5.06% -8.66% -1.27% -0.34% 3.99% 4.89% 5.42%
Price to Book 0.82 x 0.72 x 0.39 x 0.87 x 0.76 x 0.61 x 0.62 x 0.56 x
Nbr of stocks (in thousands) 5,049,157 5,049,157 5,049,157 5,037,617 5,037,617 5,037,617 5,037,617 -
Reference price 2 6.220 7.080 4.420 9.690 8.770 8.810 8.810 8.810
Announcement Date 3/22/19 3/25/20 3/24/21 3/25/22 3/21/23 3/21/24 - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 55,626 61,670 62,458 77,310 101,975 113,734 127,826 144,386
EBITDA 1 7,314 8,672 9,311 10,136 12,271 14,570 16,515 18,462
EBIT 1 6,940 8,191 8,913 9,704 11,584 13,716 15,540 17,374
Operating Margin 12.48% 13.28% 14.27% 12.55% 11.36% 12.06% 12.16% 12.03%
Earnings before Tax (EBT) 1 6,206 7,284 8,244 9,385 10,779 12,104 13,763 15,583
Net income 1 4,500 5,413 6,015 6,801 7,957 9,164 10,367 11,689
Net margin 8.09% 8.78% 9.63% 8.8% 7.8% 8.06% 8.11% 8.1%
EPS 2 0.8913 1.072 1.191 1.349 1.580 1.820 2.058 2.322
Free Cash Flow 1 -2,730 -3,207 -5,080 -1,238 -150.7 3,909 4,411 4,985
FCF margin -4.91% -5.2% -8.13% -1.6% -0.15% 3.39% 3.45% 3.45%
FCF Conversion (EBITDA) - - - - - 26.9% 26.71% 27%
FCF Conversion (Net income) - - - - - 43.13% 42.54% 42.65%
Dividend per Share 2 0.2700 0.3200 0.3600 0.4050 0.4800 0.5600 0.6256 0.7068
Announcement Date 3/22/19 3/25/20 3/24/21 3/25/22 3/21/23 3/21/24 - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2
Net sales 1 27,542 34,127 28,002 34,456 36,371 40,939 53,811 48,165 55,111 58,623
EBITDA - - - - - - - - - -
EBIT 1 3,897 - - - 5,406 4,554 6,109 5,475 7,368 6,348
Operating Margin 14.15% - - - 14.86% 11.12% 11.35% 11.37% 13.37% 10.83%
Earnings before Tax (EBT) - - - - - - - 5,213 - -
Net income - - - - - - - 3,743 - -
Net margin - - - - - - - 7.77% - -
EPS 2 - - - - 0.6942 0.6552 0.8365 0.7435 0.9625 0.8575
Dividend per Share - - - - - - - - - -
Announcement Date 8/23/19 3/25/20 8/21/20 3/24/21 8/17/21 3/25/22 8/19/22 3/21/23 9/11/23 3/21/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 22,806 27,600 36,330 48,618 - 51,689 45,749 47,675
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.118 x 3.183 x 3.902 x 4.797 x - 3.548 x 2.77 x 2.582 x
Free Cash Flow 1 -2,730 -3,207 -5,080 -1,238 -151 3,909 4,411 4,985
ROE (net income / shareholders' equity) 11.2% 11.7% 11.3% 12% 12.3% 13.3% 15.2% 15.6%
ROA (Net income/ Total Assets) 3.53% 3.64% 3.45% 3.58% 3.55% 3.83% 3.98% 4.31%
Assets 1 127,321 148,772 174,116 190,050 224,068 239,064 260,766 271,066
Book Value Per Share 2 7.620 9.890 11.30 11.20 11.50 14.70 14.20 15.60
Cash Flow per Share 2 -0.3800 -0.5400 -0.9000 -0.1100 0.4200 0.1600 0.2900 0.7900
Capex 1 806 503 548 686 363 659 596 611
Capex / Sales 1.45% 0.82% 0.88% 0.89% 0.36% 0.57% 0.47% 0.42%
Announcement Date 3/22/19 3/25/20 3/24/21 3/25/22 3/21/23 3/21/24 - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
8.81 HKD
Average target price
12.56 HKD
Spread / Average Target
+42.57%
Consensus
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