Financials CSPC Pharmaceutical Group Limited OTC Markets

Equities

CSPCY

US12591J2078

Pharmaceuticals

Delayed OTC Markets Other stock markets 14:33:59 01/07/2024 BST			5-day change	1st Jan Change
3.16 ^USD	+1.61%		-1.19%	-14.36%

06-28	CSPC Pharmaceutical Group Limited Announces Enlonstobart Injection Obtains Conditional Marketing Approval	CI
06-28	CSPC Pharma's Breast Cancer Drug Gets Approval in China	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	115,871	94,800	100,932	97,707	86,022	73,448	-	-
Enterprise Value (EV) ¹	108,950	86,246	89,633	86,241	72,284	57,228	52,555	47,361
P/E ratio	28.5 x	15.4 x	14.7 x	14.1 x	13.5 x	10.4 x	9.66 x	8.88 x
Yield	1.08%	1.61%	2.13%	2.56%	3.86%	3.41%	3.54%	3.9%
Capitalization / Revenue	4.8 x	3.19 x	2.94 x	2.77 x	2.52 x	1.94 x	1.79 x	1.67 x
EV / Revenue	4.51 x	2.9 x	2.61 x	2.44 x	2.12 x	1.51 x	1.28 x	1.07 x
EV / EBITDA	18.8 x	10.5 x	9.5 x	9.43 x	8.39 x	5.71 x	4.77 x	3.93 x
EV / FCF	52.1 x	13.5 x	23.7 x	14.1 x	26.2 x	10.1 x	7.87 x	6.68 x
FCF Yield	1.92%	7.43%	4.22%	7.11%	3.82%	9.91%	12.7%	15%
Price to Book	5.74 x	3.55 x	3.17 x	2.86 x	2.39 x	1.82 x	1.59 x	1.4 x
Nbr of stocks (in thousands)	11,973,770	11,954,570	11,916,370	11,915,520	11,848,756	11,808,282	-	-
Reference price ²	9.677	7.930	8.470	8.200	7.260	6.220	6.220	6.220
Announcement Date	30/03/20	15/03/21	22/03/22	22/03/23	20/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,145	29,762	34,309	35,292	34,175	37,867	40,974	44,071
EBITDA ¹	5,789	8,192	9,431	9,148	8,615	10,026	11,013	12,048
EBIT ¹	5,025	7,227	8,366	7,952	7,400	8,807	9,450	10,006
Operating Margin	20.81%	24.28%	24.38%	22.53%	21.65%	23.26%	23.06%	22.7%
Earnings before Tax (EBT) ¹	5,053	7,626	8,430	8,650	8,030	8,947	9,598	10,405
Net income ¹	4,057	6,157	6,901	6,949	6,382	7,150	7,679	8,323
Net margin	16.8%	20.69%	20.11%	19.69%	18.68%	18.88%	18.74%	18.89%
EPS ²	0.3394	0.5150	0.5773	0.5831	0.5376	0.6006	0.6442	0.7002
Free Cash Flow ¹	2,090	6,404	3,787	6,129	2,761	5,671	6,674	7,088
FCF margin	8.66%	21.52%	11.04%	17.37%	8.08%	14.98%	16.29%	16.08%
FCF Conversion (EBITDA)	36.11%	78.17%	40.15%	67%	32.05%	56.56%	60.6%	58.83%
FCF Conversion (Net income)	51.52%	104.01%	54.87%	88.2%	43.26%	79.31%	86.91%	85.16%
Dividend per Share ²	0.1042	0.1275	0.1800	0.2100	0.2800	0.2121	0.2199	0.2424
Announcement Date	30/03/20	15/03/21	22/03/22	22/03/23	20/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,895	-	8,883	8,634	8,489	17,479	8,938	8,626	8,522	8,242	9,690	9,203	9,630	9,338	10,429	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,380	-	1,871	1,830	1,928	3,697	2,000	2,051	1,865	1,517	2,258	2,083	2,131	2,041	2,444	-
Operating Margin	26.76%	-	21.07%	21.19%	22.72%	21.15%	22.38%	23.78%	21.88%	18.41%	23.3%	22.63%	22.12%	21.85%	23.44%	-
Earnings before Tax (EBT) ¹	-	-	-	-	2,265	4,379	1,977	2,139	2,111	1,934	1,921	2,182	2,214	2,115	-	-
Net income ¹	1,563	1,657	1,793	1,644	1,852	3,543	1,586	1,653	1,672	1,498	1,740	1,782	1,791	1,680	-	-
Net margin	17.58%	-	20.19%	19.04%	21.82%	20.27%	17.74%	19.16%	19.62%	18.18%	17.96%	19.37%	18.59%	18%	-	-
EPS ²	0.1309	0.1391	0.1504	0.1380	0.1554	0.2990	0.1331	0.1393	0.1410	0.1265	0.1468	0.1530	0.1495	0.1385	0.1620	0.1840
Dividend per Share ²	0.1000	-	0.1000	-	0.1100	-	-	0.1400	-	0.1400	-	-	-	0.1760	-	-
Announcement Date	22/03/22	25/05/22	24/08/22	23/11/22	22/03/23	22/03/23	25/05/23	23/08/23	30/11/23	20/03/24	27/05/24	-	-	-	-	-

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	6,922	8,554	11,298	11,467	13,738	16,220	20,892	26,087
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,090	6,404	3,787	6,129	2,761	5,671	6,674	7,088
ROE (net income / shareholders' equity)	22.2%	25.3%	23.2%	21.7%	18.5%	18.5%	17.9%	17.2%
ROA (Net income/ Total Assets)	15%	18.3%	17.3%	16%	13.3%	13.5%	13.5%	13.2%
Assets ¹	27,066	33,643	39,898	43,540	47,840	52,993	56,721	63,143
Book Value Per Share ²	1.690	2.230	2.670	2.870	3.040	3.420	3.910	4.450
Cash Flow per Share ²	0.3500	0.6700	0.4800	0.7300	0.3800	0.8200	0.7700	0.8900
Capex ¹	2,049	1,613	1,914	2,517	1,754	2,168	2,202	2,338
Capex / Sales	8.48%	5.42%	5.58%	7.13%	5.13%	5.72%	5.37%	5.3%
Announcement Date	30/03/20	15/03/21	22/03/22	22/03/23	20/03/24	-	-	-

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CSPC Pharmaceutical Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.22 HKD

Average target price

9.584 HKD

Spread / Average Target

+54.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

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JOHNSON & JOHNSON	-5.42%	352B
MERCK & CO., INC.	+17.94%	314B
ABBVIE INC.	+11.17%	303B
ASTRAZENECA PLC	+16.74%	242B
ROCHE HOLDING AG	+2.54%	224B
NOVARTIS AG	+14.14%	218B
AMGEN INC.	+9.77%	168B

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