Financials KH Neochem Co., Ltd.

Equities

4189

JP3277040006

Commodity Chemicals

Delayed Japan Exchange Other stock markets 03:30:00 29/05/2024 BST			5-day change	1st Jan Change
2,264 ^JPY	+1.48%		+3.47%	-0.22%

2023	KH Neochem Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending December 31, 2023	CI
2023	KH Neochem Co., Ltd. Revises Earnings Guidance for the Fiscal Year Ending December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	86,472	101,378	117,976	99,812	84,052	82,644	-	-
Enterprise Value (EV) ¹	92,095	113,775	121,199	111,410	90,753	82,644	82,644	82,644
P/E ratio	12.5 x	25 x	8.62 x	12.4 x	12.3 x	10 x	8.35 x	7.8 x
Yield	2.57%	2.2%	2.36%	3.16%	3.97%	4.03%	4.33%	4.63%
Capitalization / Revenue	0.92 x	1.31 x	1.01 x	0.87 x	0.73 x	0.69 x	0.65 x	0.63 x
EV / Revenue	0.92 x	1.31 x	1.01 x	0.87 x	0.73 x	0.69 x	0.65 x	0.63 x
EV / EBITDA	6.78 x	10.8 x	4.9 x	6.01 x	5.76 x	4.63 x	4.06 x	3.89 x
EV / FCF	11.6 x	-23.8 x	9.07 x	-20.2 x	-	15.5 x	10 x	8.49 x
FCF Yield	8.62%	-4.19%	11%	-4.96%	-	6.47%	9.96%	11.8%
Price to Book	2.1 x	2.34 x	2.15 x	1.68 x	1.32 x	1.2 x	1.1 x	1.01 x
Nbr of stocks (in thousands)	37,017	37,121	37,099	37,063	37,043	37,043	-	-
Reference price ²	2,336	2,731	3,180	2,693	2,269	2,231	2,231	2,231
Announcement Date	13/02/20	10/02/21	07/02/22	07/02/23	06/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	94,209	77,332	117,110	114,880	115,217	119,033	127,300	131,933
EBITDA ¹	12,755	9,379	24,054	16,615	14,600	17,867	20,367	21,267
EBIT ¹	9,559	5,642	19,685	12,456	9,946	11,700	14,133	15,133
Operating Margin	10.15%	7.3%	16.81%	10.84%	8.63%	9.83%	11.1%	11.47%
Earnings before Tax (EBT) ¹	9,896	5,627	19,788	11,634	9,725	11,800	14,233	15,233
Net income ¹	6,917	4,046	13,691	8,073	6,826	8,233	9,900	10,600
Net margin	7.34%	5.23%	11.69%	7.03%	5.92%	6.92%	7.78%	8.03%
EPS ²	187.1	109.1	369.0	217.7	184.2	222.3	267.3	286.2
Free Cash Flow ¹	7,450	-4,251	13,007	-4,951	-	5,344	8,235	9,736
FCF margin	7.91%	-5.5%	11.11%	-4.31%	-	4.49%	6.47%	7.38%
FCF Conversion (EBITDA)	58.41%	-	54.07%	-	-	29.91%	40.43%	45.78%
FCF Conversion (Net income)	107.71%	-	95%	-	-	64.91%	83.18%	91.85%
Dividend per Share ²	60.00	60.00	75.00	85.00	90.00	90.00	96.67	103.3
Announcement Date	13/02/20	10/02/21	07/02/22	07/02/23	06/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	46,009	37,245	40,087	52,360	33,332	64,750	29,858	22,878	52,736	30,142	32,002	62,144	28,725	29,089	57,814	27,664	29,739	57,403	26,973	27,464	54,000	31,050	33,600	61,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,744	2,389	3,253	7,800	5,687	11,885	4,657	1,758	6,415	2,665	3,376	6,041	2,013	2,479	4,492	2,361	3,093	5,454	2,492	2,054	4,500	3,200	3,900	6,500
Operating Margin	10.31%	6.41%	8.11%	14.9%	17.06%	18.36%	15.6%	7.68%	12.16%	8.84%	10.55%	9.72%	7.01%	8.52%	7.77%	8.53%	10.4%	9.5%	9.24%	7.48%	8.33%	10.31%	11.61%	10.57%
Earnings before Tax (EBT) ¹	-	2,421	-	8,046	-	-	5,058	1,539	6,597	1,799	-	-	2,148	2,353	4,501	2,282	2,942	-	2,489	2,100	-	3,300	4,400	-
Net income ¹	-	1,693	-	5,642	3,614	-	3,376	1,034	4,410	1,201	2,462	-	1,486	1,593	3,079	1,587	2,160	-	1,764	1,500	-	2,300	3,100	-
Net margin	-	4.55%	-	10.78%	10.84%	-	11.31%	4.52%	8.36%	3.98%	7.69%	-	5.17%	5.48%	5.33%	5.74%	7.26%	-	6.54%	5.46%	-	7.41%	9.23%	-
EPS	-	45.72	-	152.0	-	-	91.00	-	118.9	32.42	-	-	40.09	-	83.09	42.83	-	-	47.63	-	-	-	-	-
Dividend per Share	-	30.00	-	30.00	-	-	-	-	42.50	-	-	-	-	-	45.00	-	-	-	-	-	-	-	-	-
Announcement Date	13/02/20	07/08/20	10/02/21	05/08/21	07/02/22	07/02/22	10/05/22	04/08/22	04/08/22	07/11/22	07/02/23	07/02/23	09/05/23	04/08/23	04/08/23	02/11/23	06/02/24	06/02/24	08/05/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	5,623	12,397	3,223	11,598	6,701	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.4408 x	1.322 x	0.134 x	0.698 x	0.459 x	-	-	-
Free Cash Flow ¹	7,450	-4,251	13,007	-4,951	-	5,344	8,235	9,736
ROE (net income / shareholders' equity)	18%	9.6%	27.9%	14.1%	11.1%	12.4%	13.8%	13.5%
ROA (Net income/ Total Assets)	10.1%	5.69%	18.2%	10%	7.61%	8.1%	8.9%	9%
Assets ¹	68,774	71,101	75,189	80,456	89,754	101,646	111,236	117,778
Book Value Per Share ²	1,110	1,169	1,480	1,601	1,721	1,853	2,027	2,215
Cash Flow per Share ²	274.0	210.0	487.0	330.0	306.0	389.0	451.0	486.0
Capex ¹	6,995	10,885	4,044	9,470	4,928	7,867	5,667	5,667
Capex / Sales	7.42%	14.08%	3.45%	8.24%	4.28%	6.61%	4.45%	4.3%
Announcement Date	13/02/20	10/02/21	07/02/22	07/02/23	06/02/24	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for KH Neochem Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,231 JPY

Average target price

2,933 JPY

Spread / Average Target

+31.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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