Financials Texhong International Group Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 09:08:16 02/05/2024 BST			5-day change	1st Jan Change
4.5 ^HKD	+5.88%		+11.11%	+2.74%

03-25	Texhong International Swings to Loss in 2023	MT
03-25	Texhong International Group Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,171	5,121	7,704	5,067	3,655	3,611	-	-
Enterprise Value (EV) ¹	7,171	9,240	12,558	5,067	3,655	3,611	3,611	3,611
P/E ratio	8.08 x	9.99 x	2.86 x	32.5 x	-9.71 x	6.15 x	3.59 x	3.93 x
Yield	4.13%	2.99%	10.4%	-	-	4.83%	8.62%	-
Capitalization / Revenue	0.33 x	0.26 x	0.29 x	0.21 x	0.16 x	0.15 x	0.14 x	0.13 x
EV / Revenue	0.33 x	0.26 x	0.29 x	0.21 x	0.16 x	0.15 x	0.14 x	0.13 x
EV / EBITDA	2.8 x	2.43 x	1.68 x	2.97 x	2.37 x	1.77 x	1.54 x	1.39 x
EV / FCF	8.52 x	1.85 x	75.9 x	-	-	1.61 x	3.26 x	2.17 x
FCF Yield	11.7%	53.9%	1.32%	-	-	62.2%	30.7%	46%
Price to Book	0.96 x	0.65 x	0.77 x	-	-	0.38 x	0.32 x	0.34 x
Nbr of stocks (in thousands)	915,000	915,000	918,000	918,000	918,000	918,000	-	-
Reference price ²	7.837	5.597	8.393	5.520	3.981	3.933	3.933	3.933
Announcement Date	16/03/20	12/03/21	16/03/22	28/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,003	19,577	26,521	23,805	22,725	24,095	25,608	27,491
EBITDA ¹	2,557	2,104	4,577	1,705	1,543	2,039	2,338	2,602
EBIT ¹	1,634	1,100	3,539	676.2	389.8	1,152	1,383	1,572
Operating Margin	7.43%	5.62%	13.35%	2.84%	1.72%	4.78%	5.4%	5.72%
Earnings before Tax (EBT) ¹	1,115	680.9	3,340	171.2	-130.2	763	1,265	1,178
Net income ¹	883.7	517.1	2,685	156.8	-375.7	590	1,003	920
Net margin	4.02%	2.64%	10.12%	0.66%	-1.65%	2.45%	3.92%	3.35%
EPS ²	0.9700	0.5600	2.930	0.1700	-0.4100	0.6400	1.095	1.000
Free Cash Flow ¹	841.6	2,761	101.5	-	-	2,246	1,108	1,662
FCF margin	3.83%	14.1%	0.38%	-	-	9.32%	4.33%	6.05%
FCF Conversion (EBITDA)	32.91%	131.25%	2.22%	-	-	110.15%	47.39%	63.87%
FCF Conversion (Net income)	95.24%	533.97%	3.78%	-	-	380.68%	110.47%	180.65%
Dividend per Share ²	0.3240	0.1676	0.8700	-	-	0.1900	0.3390	-
Announcement Date	16/03/20	12/03/21	16/03/22	28/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	4,119	4,854	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.958 x	1.06 x	-	-	-	-	-
Free Cash Flow ¹	842	2,761	101	-	-	2,246	1,108	1,662
ROE (net income / shareholders' equity)	12.4%	6.74%	30%	-	-	6.1%	7.5%	8.6%
ROA (Net income/ Total Assets)	4.42%	2.5%	12%	-	-	3.6%	4.3%	-
Assets ¹	19,973	20,666	22,300	-	-	16,389	23,326	-
Book Value Per Share ²	8.170	8.590	10.90	-	-	10.40	12.40	11.70
Cash Flow per Share ²	2.640	3.610	2.660	-	-	3.310	3.510	-
Capex ¹	1,786	540	2,347	-	-	900	1,350	1,200
Capex / Sales	8.12%	2.76%	8.85%	-	-	3.74%	5.27%	4.37%
Announcement Date	16/03/20	12/03/21	16/03/22	28/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.933 CNY

Average target price

4.48 CNY

Spread / Average Target

+13.90%

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