Company Valuation: Hap Seng Consolidated

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 21,411 19,170 15,934 11,328 8,714 7,071
Change - -10.47% -16.88% -28.91% -23.08% -18.86%
Enterprise Value (EV) 1 24,981 22,540 20,282 14,824 12,368 11,038
Change - -9.77% -10.02% -26.91% -16.57% -10.75%
P/E 28.5x 21.3x 16.8x 14.2x 13.4x 14.1x
PBR 2.86x 2.55x 2.08x 1.44x 1.09x 0.89x
PEG - 1.1x 3.01x -0.9x -0.7x -0.6x
Capitalization / Revenue 3.66x 3.19x 2.24x 1.86x 1.55x 1.38x
EV / Revenue 4.27x 3.75x 2.85x 2.44x 2.2x 2.16x
EV / EBITDA 18x 13.1x 17.1x 17.5x 8.63x 9.1x
EV / EBIT 20.1x 14.2x 19.4x 21.6x 9.73x 10.6x
EV / FCF 35x 14.4x 30.4x 19.2x 24.3x 21.4x
FCF Yield 2.86% 6.93% 3.29% 5.21% 4.12% 4.67%
Dividend per Share 2 0.25 0.35 0.3 0.25 0.2 0.2
Rate of return 2.91% 4.55% 4.69% 5.49% 5.71% 7.04%
EPS 2 0.3013 0.3617 0.3818 0.3215 0.2613 0.201
Distribution rate 83% 96.8% 78.6% 77.8% 76.5% 99.5%
Net sales 1 5,850 6,013 7,110 6,086 5,631 5,107
EBITDA 1 1,390 1,724 1,186 846.5 1,432 1,213
EBIT 1 1,240 1,591 1,044 685.1 1,271 1,037
Net income 1 750.2 900.4 950.7 800.3 650.5 500.3
Net Debt 1 3,570 3,370 4,348 3,496 3,654 3,968
Reference price 2 8.600 7.700 6.400 4.550 3.500 2.840
Nbr of stocks (in thousands) 2,489,670 2,489,670 2,489,670 2,489,670 2,489,670 2,489,670
Announcement Date 27/04/21 28/04/22 27/04/23 30/04/24 30/04/25 28/04/26
1MYR in Million2MYR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.72B
20.47x - - -.--% 1,078B
25.66x2.09x12.85x1.1% 153B
24.21x3.98x13.66x1.78% 92.23B
31x2.36x17.78x0.75% 84.07B
24.6x5.27x17.97x2.3% 80.22B
21.37x1.71x12.16x1.17% 71.48B
31.76x3.95x18.22x2.6% 69.85B
46.68x2.86x14.75x2.68% 26.94B
Average 28.22x 3.17x 15.34x 1.55% 184.21B
Weighted average by Cap. 22.83x 3.09x 15.06x 0.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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