Financials China Hongqiao Group Limited

Equities

1378

KYG211501005

Aluminum

Delayed Hong Kong S.E. 09:08:06 30/04/2024 BST 5-day change 1st Jan Change
10.9 HKD +1.87% Intraday chart for China Hongqiao Group Limited +11.68% +70.58%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 36,000 53,055 61,167 61,677 55,033 95,584 - -
Enterprise Value (EV) 1 72,829 82,517 70,443 82,568 93,787 109,690 101,925 92,760
P/E ratio 6.02 x 4.89 x 3.92 x 6.96 x 4.86 x 6.9 x 6.37 x 5.56 x
Yield 7.41% 9.1% 12.7% 6.85% 9.98% 7.68% 8.12% 8.98%
Capitalization / Revenue 0.43 x 0.62 x 0.53 x 0.47 x 0.41 x 0.69 x 0.67 x 0.66 x
EV / Revenue 0.87 x 0.96 x 0.62 x 0.63 x 0.7 x 0.79 x 0.72 x 0.64 x
EV / EBITDA 3.72 x 3.47 x 2.29 x 3.74 x - 3.9 x 3.43 x 2.99 x
EV / FCF - 6.6 x 3.11 x - - 7.9 x 6.29 x 4.32 x
FCF Yield - 15.2% 32.2% - - 12.7% 15.9% 23.1%
Price to Book 0.57 x 0.75 x 0.75 x 0.73 x 0.6 x 0.93 x 0.86 x 0.77 x
Nbr of stocks (in thousands) 8,570,852 8,878,352 9,121,352 9,475,538 9,475,538 9,475,538 - -
Reference price 2 4.200 5.976 6.706 6.509 5.808 10.09 10.09 10.09
Announcement Date 20/03/20 05/03/21 18/03/22 24/03/23 22/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 84,179 86,145 114,491 131,699 133,624 139,236 141,747 145,292
EBITDA 1 19,592 23,769 30,743 22,080 - 28,118 29,679 30,998
EBIT 1 12,370 14,903 24,219 15,308 10,182 21,416 22,507 24,733
Operating Margin 14.69% 17.3% 21.15% 11.62% 7.62% 15.38% 15.88% 17.02%
Earnings before Tax (EBT) 1 8,771 12,704 22,554 12,607 15,890 18,437 20,510 22,783
Net income 1 6,095 10,496 16,073 8,702 11,461 13,141 14,425 16,186
Net margin 7.24% 12.18% 14.04% 6.61% 8.58% 9.44% 10.18% 11.14%
EPS 2 0.6979 1.221 1.712 0.9358 1.195 1.462 1.583 1.815
Free Cash Flow 1 - 12,511 22,650 - - 13,891 16,210 21,468
FCF margin - 14.52% 19.78% - - 9.98% 11.44% 14.78%
FCF Conversion (EBITDA) - 52.64% 73.68% - - 49.4% 54.62% 69.26%
FCF Conversion (Net income) - 119.2% 140.92% - - 105.71% 112.37% 132.63%
Dividend per Share 2 0.3110 0.5438 0.8538 0.4462 0.5799 0.7745 0.8192 0.9063
Announcement Date 20/03/20 05/03/21 18/03/22 24/03/23 22/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 42,749 39,939 46,206 52,481 62,010 68,739 62,961 65,734 67,890 67,318 68,156 68,734 70,907
EBITDA - - - - - - - - - - - - -
EBIT 1 - - - 14,326 11,295 13,002 2,305 4,350 7,402 8,644 6,711 8,565 7,849
Operating Margin - - - 27.3% 18.22% 18.92% 3.66% 6.62% 10.9% 12.84% 9.85% 12.46% 11.07%
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income - - - - - 7.846 - - - - - - -
Net margin - - - - - 0.01% - - - - - - -
EPS - - - - - 0.8500 - - - - - - -
Dividend per Share - - - - 0.3659 - - - - - - - -
Announcement Date 20/03/20 21/08/20 05/03/21 20/08/21 18/03/22 26/08/22 24/03/23 18/08/23 22/03/24 - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 36,830 29,462 9,276 20,891 38,754 14,106 6,341 -
Net Cash position 1 - - - - - - - 2,824
Leverage (Debt/EBITDA) 1.88 x 1.24 x 0.3017 x 0.9462 x - 0.5017 x 0.2137 x -
Free Cash Flow 1 - 12,511 22,650 - - 13,891 16,210 21,468
ROE (net income / shareholders' equity) 9.9% 15.6% 21.1% 10.5% 13% 14.4% 13.8% 13.9%
ROA (Net income/ Total Assets) 3.42% 5.81% 8.69% 4.65% 5.94% 6.05% 6.51% 6.19%
Assets 1 178,166 180,569 184,985 187,081 193,031 217,322 221,431 261,588
Book Value Per Share 2 7.370 8.020 8.910 8.920 9.740 10.80 11.70 13.00
Cash Flow per Share 2 2.370 2.040 3.450 0.8200 - 2.840 2.570 3.060
Capex 1 3,228 5,268 5,999 8,848 - 8,568 8,414 8,508
Capex / Sales 3.84% 6.11% 5.24% 6.72% - 6.15% 5.94% 5.86%
Announcement Date 20/03/20 05/03/21 18/03/22 24/03/23 22/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
10.09 CNY
Average target price
10.29 CNY
Spread / Average Target
+2.02%
Consensus

Quarterly revenue - Rate of surprise

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