Financials Oppein Home Group Inc.

Equities

603833

CNE100002RB3

Construction Supplies & Fixtures

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
62.41 ^CNY	-2.42%		+1.43%	-10.34%

04-30	Nomura Adjusts Oppein Home Group’s Price Target to 72 Yuan From 124 Yuan, Keeps at Buy	MT
04-29	Oppein Home Group Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,160	80,210	89,850	74,030	42,403	37,806	-	-
Enterprise Value (EV) ¹	49,348	77,905	85,690	72,194	39,972	33,742	31,753	31,120
P/E ratio	27.4 x	38.8 x	33.5 x	27.7 x	14.1 x	12 x	10.6 x	10.1 x
Yield	0.93%	0.89%	1.19%	1.45%	3.96%	4.58%	4.38%	5.15%
Capitalization / Revenue	3.63 x	5.44 x	4.4 x	3.29 x	1.86 x	1.55 x	1.4 x	1.35 x
EV / Revenue	3.65 x	5.29 x	4.19 x	3.21 x	1.75 x	1.39 x	1.18 x	1.11 x
EV / EBITDA	19.4 x	26.2 x	22.8 x	19 x	9.25 x	7.99 x	6.72 x	6.59 x
EV / FCF	151 x	38.8 x	30.4 x	442 x	14.4 x	10 x	10.1 x	8.61 x
FCF Yield	0.66%	2.58%	3.28%	0.23%	6.95%	9.99%	9.87%	11.6%
Price to Book	5.14 x	6.85 x	6.24 x	4.6 x	2.4 x	1.91 x	1.68 x	1.56 x
Nbr of stocks (in thousands)	588,238	596,359	609,152	609,152	609,152	605,761	-	-
Reference price ²	83.57	134.5	147.5	121.5	69.61	62.41	62.41	62.41
Announcement Date	28/04/20	22/04/21	22/04/22	24/04/23	24/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,533	14,740	20,442	22,480	22,782	24,339	26,997	28,087
EBITDA ¹	2,544	2,976	3,755	3,808	4,322	4,221	4,728	4,721
EBIT ¹	2,105	2,407	3,060	3,056	3,513	3,526	4,024	4,347
Operating Margin	15.55%	16.33%	14.97%	13.59%	15.42%	14.49%	14.91%	15.48%
Earnings before Tax (EBT) ¹	2,119	2,413	3,075	3,068	3,537	3,733	4,171	4,372
Net income ¹	1,839	2,063	2,666	2,688	3,036	3,191	3,599	3,759
Net margin	13.59%	13.99%	13.04%	11.96%	13.32%	13.11%	13.33%	13.38%
EPS ²	3.050	3.470	4.400	4.380	4.920	5.222	5.879	6.150
Free Cash Flow ¹	326.1	2,007	2,815	163.5	2,779	3,372	3,135	3,613
FCF margin	2.41%	13.61%	13.77%	0.73%	12.2%	13.86%	11.61%	12.87%
FCF Conversion (EBITDA)	12.82%	67.44%	74.95%	4.29%	64.31%	79.91%	66.31%	76.54%
FCF Conversion (Net income)	17.73%	97.29%	105.59%	6.08%	91.56%	105.69%	87.1%	96.13%
Dividend per Share ²	0.7786	1.200	1.750	1.768	2.760	2.857	2.735	3.212
Announcement Date	28/04/20	22/04/21	22/04/22	24/04/23	24/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	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	4,966	9,774	6,040	4,144	5,549	6,575	6,211	12,786	3,570	6,273	6,721	6,218	3,621	6,176	7,296	6,978	-	-
EBITDA ¹	-	-	656.1	-	-	-	-	-	-	-	-	-	-	966.3	1,155	1,155	-	-
EBIT	568.8	1,839	634.7	244.9	884.9	1,125	750.9	1,876	172.7	990.3	1,274	836	260.9	-	-	-	-	-
Operating Margin	11.46%	18.81%	10.51%	5.91%	15.95%	17.11%	12.09%	14.67%	4.84%	15.79%	18.96%	13.45%	7.21%	-	-	-	-	-
Earnings before Tax (EBT) ¹	568.1	1,845	635.5	299.7	885.8	1,130	751.7	1,882	177.1	1,142	1,378	839.9	260.5	856	1,070	1,070	-	-
Net income ¹	489.1	1,574	552.1	253.1	765.1	972.2	698	1,670	152.4	980.1	1,177	733.5	217.9	734.8	918.5	918.5	-	-
Net margin	9.85%	16.1%	9.14%	6.11%	13.79%	14.79%	11.24%	13.06%	4.27%	15.62%	17.52%	11.8%	6.02%	11.9%	12.59%	13.16%	-	-
EPS ²	-	-	0.9200	0.4200	1.250	1.510	1.200	-	0.2300	1.600	1.900	1.190	0.3600	1.353	1.709	1.394	-	-
Dividend per Share ²	-	-	-	-	-	-	1.768	-	-	-	-	-	-	-	-	2.764	-	-
Announcement Date	27/08/20	22/04/21	22/04/22	28/04/22	10/08/22	27/10/22	24/04/23	24/04/23	27/04/23	29/08/23	27/10/23	24/04/24	29/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	189	-	-	-	-	-	-	-
Net Cash position ¹	-	2,305	4,160	1,837	2,431	4,064	6,053	6,686
Leverage (Debt/EBITDA)	0.0741 x	-	-	-	-	-	-	-
Free Cash Flow ¹	326	2,007	2,815	163	2,779	3,372	3,135	3,613
ROE (net income / shareholders' equity)	21.7%	19.3%	20.1%	17.4%	17.6%	16.7%	16.3%	15.7%
ROA (Net income/ Total Assets)	14.2%	12.3%	12.6%	10.3%	-	9.99%	10.5%	10.6%
Assets ¹	12,968	16,828	21,118	26,002	-	31,925	34,280	35,358
Book Value Per Share ²	16.30	19.60	23.70	26.40	29.00	32.70	37.20	40.00
Cash Flow per Share ²	3.670	6.470	6.640	3.960	8.010	6.680	7.400	8.300
Capex ¹	1,830	1,883	1,231	2,246	2,099	925	1,261	1,262
Capex / Sales	13.52%	12.77%	6.02%	9.99%	9.21%	3.8%	4.67%	4.49%
Announcement Date	28/04/20	22/04/21	22/04/22	24/04/23	24/04/24	-	-	-

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

Ratings for Oppein Home Group Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

62.41 CNY

Average target price

82.09 CNY

Spread / Average Target

+31.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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