Company Valuation: Tsim Sha Tsui Properties Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 47,217 46,258 44,730 44,863 38,181 41,936
Change - -2.03% -3.3% 0.3% -14.89% 9.83%
Enterprise Value (EV) 1 33,197 26,955 36,216 37,266 37,433 30,932
Change - -18.8% 34.36% 2.9% 0.45% -17.37%
P/E 51.8x 8.62x 13.9x 13.5x 15x 17.7x
PBR 0.6x 0.54x 0.51x 0.49x 0.4x 0.43x
PEG - 0x -0.3x 13.69x -0.6x -1.8x
Capitalization / Revenue 7.58x 1.87x 2.79x 3.39x 3.87x 4.79x
EV / Revenue 5.33x 1.09x 2.26x 2.82x 3.79x 3.53x
EV / EBITDA 11.8x 2.11x 4.67x 6.54x 10.7x 9.45x
EV / EBIT 12.3x 2.13x 4.74x 6.69x 11x 9.73x
EV / FCF 3.75x 9.88x -4.49x 19.1x -3.9x 3.28x
FCF Yield 26.7% 10.1% -22.3% 5.25% -25.6% 30.5%
Dividend per Share 2 0.55 0.55 0.57 0.58 0.58 0.58
Rate of return 2.2% 2.3% 2.56% 2.66% 3.22% 3.02%
EPS 2 0.482 2.774 1.603 1.619 1.201 1.083
Distribution rate 114% 19.8% 35.6% 35.8% 48.3% 53.6%
Net sales 1 6,230 24,769 16,035 13,230 9,867 8,759
EBITDA 1 2,821 12,793 7,751 5,694 3,489 3,273
EBIT 1 2,709 12,683 7,648 5,569 3,395 3,179
Net income 1 901.8 5,305 3,159 3,287 2,508 2,331
Net Debt 1 -14,020 -19,302 -8,514 -7,597 -748 -11,004
Reference price 2 24.95 23.90 22.30 21.80 18.00 19.18
Nbr of stocks (in thousands) 1,892,481 1,935,467 2,005,851 2,057,938 2,121,188 2,186,420
Announcement Date 21/09/20 23/09/21 22/09/22 28/09/23 26/09/24 25/09/25
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 5.55B
15.72x4.95x13.32x3.23% 44.72B
8.68x1.5x7.67x4.06% 30.54B
20.21x4.18x17.06x1.23% 29.77B
5.64x0.62x1.27x8.93% 26.95B
14.76x3.15x15.12x2.38% 26.23B
9.15x2.36x7.27x3.81% 21.58B
14.97x6.82x18.24x1.42% 21.05B
7.83x0.87x3.16x2.85% 20.04B
10.26x1.65x14.29x3.68% 18.7B
Average 11.91x 2.90x 10.82x 3.51% 24.51B
Weighted average by Cap. 12.40x 3.06x 11.02x 3.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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