Financials Chaoju Eye Care Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 09:08:49 06/05/2024 BST			5-day change	1st Jan Change
4 ^HKD	+1.01%		+5.82%	-9.50%

04-30	Chaoju Eye Care Unit Buys Structured Deposits Worth 150 Million Yuan	MT
04-16	Chaoju Eye Care Arms Ink Five Tenancy Deals in Inner Mongolia	MT

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,684	2,644	2,710	2,485	-	-
Enterprise Value (EV) ¹	3,684	2,644	2,710	2,485	2,485	2,485
P/E ratio	20 x	13.8 x	12.2 x	9.3 x	7.57 x	6.53 x
Yield	1.63%	4.07%	-	4.34%	4.88%	-
Capitalization / Revenue	3.69 x	2.67 x	1.98 x	1.53 x	1.31 x	1.1 x
EV / Revenue	3.69 x	2.67 x	1.98 x	1.53 x	1.31 x	1.1 x
EV / EBITDA	13.7 x	7.54 x	7.14 x	5.42 x	4.32 x	3.94 x
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	1.54 x	1.16 x	-	1.02 x	0.94 x	0.78 x
Nbr of stocks (in thousands)	707,625	707,625	674,685	673,836	-	-
Reference price ²	5.207	3.736	4.017	3.688	3.688	3.688
Announcement Date	28/03/22	28/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	997.8	990	1,370	1,628	1,891	2,265
EBITDA ¹	-	268.7	350.4	379.7	458.6	575.3	631.1
EBIT ¹	-	221.1	251	311.5	370	463.2	521
Operating Margin	-	22.16%	25.36%	22.74%	22.73%	24.5%	23%
Earnings before Tax (EBT) ¹	157.6	210.6	239.1	299.2	363.2	448	516.9
Net income ¹	124.1	161.7	187.8	228.9	276.5	343.3	396.8
Net margin	-	16.21%	18.96%	16.72%	16.99%	18.16%	17.52%
EPS ²	-	0.2600	0.2700	0.3300	0.3967	0.4875	0.5650
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	0.0849	0.1522	-	0.1600	0.1800	-
Announcement Date	24/06/21	28/03/22	28/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	11.4%	7.39%	9.88%	11%	13.1%	12.1%
ROA (Net income/ Total Assets)	-	9%	6.19%	8.11%	9.03%	11.3%	10.2%
Assets ¹	-	1,798	3,035	2,823	3,064	3,038	3,890
Book Value Per Share ²	-	3.370	3.220	-	3.610	3.920	4.740
Cash Flow per Share ²	-	-	0.3900	-	0.4900	0.6100	-
Capex ¹	-	60.2	125	-	222	259	167
Capex / Sales	-	6.03%	12.64%	-	13.63%	13.72%	7.37%
Announcement Date	24/06/21	28/03/22	28/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.688 CNY

Average target price

5.922 CNY

Spread / Average Target

+60.57%

	1st Jan change	Capi.
CHAOJU EYE CARE HOLDINGS LIMITED	-9.50%	342M
AIER EYE HOSPITAL GROUP CO., LTD.	-15.68%	16.57B
BANGKOK DUSIT MEDICAL SERVICES	+4.50%	12.51B
IHH HEALTHCARE	+4.48%	11.69B
APOLLO HOSPITALS ENTERPRISE LIMITED	+6.18%	10.36B
ENCOMPASS HEALTH CORPORATION	+26.66%	8.38B
RAMSAY HEALTH CARE LIMITED	-2.87%	7.75B
MOUWASAT MEDICAL SERVICES COMPANY	+20.39%	7.12B
THE ENSIGN GROUP, INC.	+3.42%	6.6B
GLOBAL HEALTH LIMITED	+46.01%	4.54B