E-Star Commercial Management Company Limited (6668.HK)

Industry: Real Estate - Services Sector: Real Estate Currency Used: CN Live Price: $1.38

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019
Stock Price	1.13	1.19	1.81	3.93	3.51	3.54
Market Capitalization	1,140.39M	1,205.08M	1,843.31M	3,917.35M	3,049.42M	3,539.80M
(-) Cash & Equivalents	521.71M	500.24M	556.43M	816.94M	-29.13M	66.95M
(+) Total Debt	668.27M	696.53M	682.59M	69.93M	36.71M	34.31M
Enterprise Value	1,286.95M	1,401.37M	1,969.47M	3,170.34M	3,115.26M	3,507.16M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Revenue	1,275M	1,165M	645M	635M	562M	572M	442M	387M	329M	278M
Cost of Revenue	660M	503M	347M	301M	249M	242M	193M	187M	159M	139M
Gross Profit	616M	662M	298M	334M	313M	330M	249M	201M	170M	139M
Gross Profit Margin	48.3%	56.8%	46.2%	52.5%	55.7%	57.7%	56.3%	51.8%	51.7%	49.9%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	183M	211M	102M	96M	95M	88M	78M	42M	28M	25M
Operating Expenses	190M	220M	103M	87M	116M	90M	66M	86M	65M	75M
Operating Income (EBIT)	426M	442M	195M	247M	197M	241M	183M	115M	104M	64M
Operating Income Margin	33.4%	38.0%	30.2%	38.9%	35.1%	42.0%	41.3%	29.7%	31.8%	23.0%
Interest Income	37M	29M	0M	38M	36M	27M	1M	1M	0M	1M
Interest Expense	40M	0M	36M	38M	23M	4M	4M	3M	3M	3M
Net Interest Income	-4M	29M	-36M	0M	13M	23M	-3M	-2M	-3M	-3M
Unusual Items	-2M	-3M	34M	-8M	-2M	-11M	-5M	16M	12M	6M
EBT Excluding Unusual Items	422M	472M	159M	247M	210M	264M	180M	113M	102M	61M
Pre-Tax Income	421M	469M	193M	239M	208M	252M	175M	129M	114M	67M
Pre-Tax Margin	33.0%	40.2%	29.9%	37.6%	37.1%	44.1%	39.6%	33.3%	34.6%	24.2%
Income Tax Expense	116M	127M	44M	77M	59M	68M	48M	33M	29M	17M
Net Income	316M	353M	154M	171M	154M	185M	127M	85M	66M	41M
Net Income Margin	24.7%	30.3%	24.0%	26.9%	27.5%	32.3%	28.7%	21.9%	20.2%	14.7%
Depreciation & Amortization	95M	53M	47M	47M	27M	7M	7M	4M	5M	4M
EBITDA	521M	496M	241M	294M	224M	248M	190M	119M	109M	68M
EBITDA Margin	40.8%	42.5%	37.5%	46.2%	39.9%	43.3%	43.0%	30.7%	33.2%	24.5%
NOPAT	308M	323M	150M	168M	141M	175M	133M	85M	78M	48M
NOPAT Margin	24.2%	27.7%	23.3%	26.4%	25.1%	30.6%	30.1%	22.0%	23.8%	17.2%
Owner's Earnings	409M	387M	200M	216M	178M	175M	132M	88M	66M	26M
Owner's Earnings Margin	32.1%	33.3%	31.1%	34.1%	31.6%	30.6%	30.0%	22.7%	19.9%	9.4%
EPS (Basic)	0.31	0.35	0.15	0.17	0.15	0.18	0.13	0.08	0.07	0.04
EPS (Diluted)	0.31	0.35	0.15	0.17	0.15	0.18	0.13	0.08	0.07	0.04
Shares (Basic)	1,013M	1,019M	1,013M	1,016M	1,018M	1,001M	1,000M	1,000M	1,000M	1,000M
Shares (Diluted)	1,013M	1,019M	1,013M	1,016M	1,018M	1,002M	1,000M	1,000M	1,000M	1,000M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Cash & Cash Equivalents	497.61M	710.60M	710.60M	546.91M	482.84M	446.35M	141.66M	133.91M	86.86M	81.75M
Short-Term Investments	872.01M	657.11M	657.11M	884.66M	780.37M	816.20M	187.91M	66.00M	275.00M	160.00M
Cash & Short-Term Investments	1,369.62M	1,367.71M	1,367.71M	1,431.57M	1,263.20M	1,262.55M	329.57M	199.90M	361.86M	241.75M
Net Receivables	26.77M	24.70M	24.70M	18.52M	33.26M	29.68M	30.89M	13.22M	16.90M	18.10M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	-1.99M	0.00M	-66.00M	-275.00M	-160.00M
Other Current Assets	28.91M	24.95M	24.95M	16.75M	25.11M	17.96M	8.41M	78.09M	28.85M	25.31M
Total Current Assets	1,425.30M	1,417.36M	1,417.36M	1,466.84M	1,321.58M	1,308.20M	368.87M	225.22M	132.61M	125.16M
Property, Plant & Equipment	784.31M	781.60M	781.60M	792.96M	7.12M	21.02M	7.93M	1.61M	7.30M	20.25M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	-809.18M	0.00M	0.00M	-274.46M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	21.60M	9.28M	6.34M	5.25M	4.05M	3.89M
Other Non-Current Assets	84.79M	79.38M	79.38M	62.55M	790.18M	890.91M	57.94M	62.97M	328.43M	55.92M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	869.10M	860.97M	860.97M	855.51M	818.91M	112.03M	72.21M	69.82M	65.32M	80.05M
Total Assets	2,294.39M	2,278.33M	2,278.33M	2,322.36M	2,140.48M	1,420.23M	441.08M	295.05M	197.93M	205.21M
Accounts Payable	31.39M	45.88M	40.29M	27.18M	20.85M	24.49M	20.18M	20.78M	26.05M	18.01M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	31.28M	36.76M	46.65M	28.46M	20.47M	14.74M	9.03M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	66.34M	14.74M	31.62M
Other Current Liabilities	283.50M	234.84M	234.84M	34.49M	31.76M	18.26M	14.68M	-47.09M	5.32M	2.31M
Total Current Liabilities	314.89M	280.72M	275.13M	92.94M	89.38M	89.41M	63.32M	60.50M	60.84M	60.97M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	676.23M	669.42M	669.42M	695.41M	690.53M	68.73M	73.41M	68.62M	58.28M	60.25M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	6.12M	0.00M	0.70M	0.47M	0.50M	0.52M
Other Non-Current Liabilities	17.38M	15.94M	15.94M	25.93M	6.12M	0.00M	0.70M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	693.61M	685.36M	685.36M	721.33M	702.78M	68.73M	74.80M	69.09M	58.78M	60.77M
Total Liabilities	1,008.50M	966.08M	960.49M	814.27M	792.15M	158.14M	138.13M	129.59M	119.63M	121.75M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	1.08M	1.08M	0.00M	0.00M	0.00M	0.00M
Common Stock	8.49M	8.49M	8.49M	8.51M	8.53M	8.53M	0.00M	0.00M	30.00M	30.00M
Retained Earnings	912.50M	0.00M	715.73M	574.16M	430.56M	292.06M	160.84M	34.00M	130.28M	64.03M
Accumulated OCI	1.77M	1,238.39M	1,238.39M	-0.05M	-1.08M	-1.08M	-1.09M	-1.09M	-5.70M	-3.73M
Minority Interest	7.96M	8.81M	8.81M	14.91M	26.31M	17.50M	3.50M	2.76M	30.30M	18.75M
Total Shareholders’ Equity	922.77M	1,246.88M	1,962.61M	582.62M	439.09M	300.60M	159.75M	32.91M	154.58M	90.30M
Total Equity	930.73M	1,255.68M	1,971.41M	597.53M	465.39M	318.10M	163.26M	35.67M	184.88M	109.05M
Total Liabilities & Equity	1,939.23M	2,221.76M	2,931.90M	1,411.80M	1,257.55M	476.23M	301.38M	165.26M	304.50M	230.80M
Tangible Assets	2,294.39M	2,278.33M	2,278.33M	2,322.36M	2,140.48M	1,420.23M	441.08M	295.05M	197.93M	205.21M
Tangible Equity	930.73M	1,255.68M	1,971.41M	597.53M	465.39M	318.10M	163.26M	35.67M	184.88M	109.05M
Tangible Book Value	930.73M	1,255.68M	1,971.41M	597.53M	465.39M	318.10M	163.26M	35.67M	184.88M	109.05M
Total Investments	872.01M	657.11M	657.11M	884.66M	780.37M	7.02M	187.91M	66.00M	0.54M	160.00M
Net Debt	-497.61M	-710.60M	-710.60M	-546.91M	-482.84M	-446.35M	-141.66M	-133.91M	-86.86M	-81.75M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Working Capital	1,067.0M	1,057.8M	1,057.8M	1,101.3M	1,030.1M	1,090.0M	160.5M	33.4M	210.0M	119.6M
Total Capital	1,933.9M	1,916.3M	1,916.3M	1,952.2M	1,844.9M	1,189.9M	233.2M	101.5M	246.6M	182.3M
Capital Employed	1,936.1M	1,918.8M	1,918.8M	1,956.8M	1,849.0M	1,202.0M	232.7M	103.3M	275.3M	199.6M
Invested Capital	1,436.3M	1,205.7M	1,205.7M	1,405.3M	1,362.1M	743.5M	91.5M	-32.4M	159.7M	100.6M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Net Income	315.50M	353.10M	192.58M	238.83M	208.35M	252.40M	175.14M	95.60M	77.80M	47.94M
Depreciation & Amortization	71.45M	53.22M	46.69M	46.54M	27.36M	7.33M	7.39M	4.02M	4.66M	4.29M
Deferred Income Tax	0.00M	-22.95M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-7.95M
Stock-Based Compensation	1.20M	0.61M	0.82M	1.01M	0.00M	0.00M	0.00M	0.00M	0.00M	13.02M
Change in Working Capital	-20.91M	-28.29M	-12.16M	78.57M	-27.86M	-1.36M	-24.15M	3.94M	24.36M	8.37M
Accounts Receivable	-15.75M	-27.11M	-18.70M	28.58M	-30.88M	-18.58M	-13.80M	2.01M	-10.11M	-9.59M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-5.16M	-1.18M	6.54M	49.99M	3.02M	17.22M	-10.34M	1.94M	6.87M	-6.94M
Other Non-Cash Items	16.25M	59.33M	-59.71M	-65.60M	-45.91M	-58.61M	-24.72M	6.84M	-3.26M	2.29M
Net Cash from Operating Activities	383.49M	437.96M	168.22M	299.34M	161.93M	199.76M	133.67M	110.41M	103.56M	67.96M
Capital Expenditures (PPE)	-1.41M	-18.88M	-0.54M	-1.30M	-4.09M	-17.21M	-1.86M	-0.56M	-5.35M	-19.19M
Acquisitions (Net)	0.00M	0.00M	0.00M	-3.05M	2.11M	-9.00M	0.00M	-0.87M	-0.98M	0.00M
Purchases of Investments	0.00M	0.00M	-238.00M	-456.25M	-377.00M	-796.41M	-762.78M	-783.00M	-995.00M	-620.00M
Sales / Maturities of Investments	0.00M	0.00M	446.09M	367.00M	419.59M	185.00M	641.79M	993.00M	880.00M	460.00M
Other Investing Activities	-53.27M	-216.28M	-17.21M	-58.99M	-44.84M	-29.50M	5.68M	14.13M	28.12M	8.32M
Net Cash from Investing Activities	-54.68M	-235.16M	190.34M	-152.60M	-4.22M	-667.12M	-117.17M	222.70M	-93.21M	-170.86M
Net Debt Issuance	0.00M	0.00M	-28.06M	-14.77M	-9.53M	-4.68M	-2.65M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	0.00M	0.00M	-28.06M	-14.77M	-9.53M	-4.68M	-2.65M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.26M	0.00M	-0.58M	-4.91M	-2.75M	867.67M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	-1.52M	869.71M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-4.01M	-9.88M	-0.58M	-4.91M	-1.23M	-2.03M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-229.39M	-168.83M	-164.59M	-64.80M	-118.25M	-50.57M	0.00M	-281.59M	0.00M	0.00M
Common Dividends Paid	-229.39M	-168.83M	-164.59M	-64.80M	-118.25M	-50.57M	0.00M	-281.59M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-55.12M	3.41M	-1.64M	-1.24M	12.36M	-40.37M	-6.09M	-4.47M	-5.24M	-2.55M
Net Cash from Financing Activities	-284.77M	-165.42M	-194.87M	-85.72M	-118.17M	772.05M	-8.74M	-286.06M	-5.24M	-2.55M
Effect of FX on Cash	0.00M	-1,115.91M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	379.49M	-539.26M	163.69M	61.03M	39.54M	304.69M	7.75M	47.05M	5.11M	-105.46M
Cash at Beginning of Period	0.00M	1,046.21M	546.91M	485.89M	446.35M	141.66M	133.91M	86.86M	81.75M	187.21M
Cash at End of Period	379.49M	506.94M	710.60M	546.91M	485.89M	446.35M	141.66M	133.91M	86.86M	81.75M
Operating Cash Flow	383.49M	437.96M	168.22M	299.34M	161.93M	199.76M	133.67M	110.41M	103.56M	67.96M
Capital Expenditure	-1.41M	-18.88M	-0.54M	-1.30M	-4.09M	-17.21M	-1.86M	-0.56M	-5.35M	-19.19M
Free Cash Flow	382.08M	419.08M	167.68M	298.04M	157.84M	182.55M	131.81M	109.85M	98.21M	48.77M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
EBITDA	528.11M	504.00M	242.62M	284.11M	245.83M	249.87M	177.92M	162.86M	146.38M	117.59M
(-) Tax Adjustment	145.44M	136.13M	55.69M	91.03M	70.16M	67.79M	48.30M	42.11M	36.89M	29.53M
(-) Change In Working Capital	-20.91M	-28.29M	-12.16M	78.57M	-27.86M	-1.36M	-24.15M	3.94M	24.36M	8.37M
(-) Capital Expenditure	-1.41M	-18.88M	-0.54M	-1.30M	-4.09M	-17.21M	-1.86M	-0.56M	-5.35M	-19.19M
Unlevered Free Cash Flow	402.18M	345.96M	198.56M	113.20M	199.44M	166.23M	151.90M	116.24M	79.78M	60.50M
(-) Net Interest Income After Taxes	-2.58M	21.39M	-28.07M	-0.12M	9.30M	16.94M	-1.93M	-1.48M	-2.12M	-1.94M
Net Debt Issuance	0.00M	0.00M	-28.06M	-14.77M	-9.53M	-4.68M	-2.65M	0.00M	0.00M	0.00M
Levered Free Cash Flow	404.75M	324.57M	198.56M	98.56M	180.60M	144.61M	151.18M	117.72M	81.90M	62.45M