Financials Zhou Hei Ya International Holdings Company Limited

Equities

1458

KYG989761062

Food Processing

Market Closed - Hong Kong S.E. 09:09:00 03/05/2024 BST 5-day change 1st Jan Change
1.97 HKD +0.51% Intraday chart for Zhou Hei Ya International Holdings Company Limited +6.49% -11.66%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,516 16,074 11,104 11,458 4,700 4,118 - -
Enterprise Value (EV) 1 11,326 15,940 10,285 10,712 4,700 3,781 3,681 3,594
P/E ratio 27.6 x 99.1 x 31.9 x 496 x 40.5 x 20.2 x 14.9 x 13.9 x
Yield 2.01% 1.01% 2.09% - - 3.62% 6.51% 7.02%
Capitalization / Revenue 3.61 x 7.37 x 3.87 x 4.89 x 1.71 x 1.34 x 1.18 x 1.09 x
EV / Revenue 3.55 x 7.31 x 3.58 x 4.57 x 1.71 x 1.23 x 1.06 x 0.95 x
EV / EBITDA 11.1 x 25.5 x 11.6 x 24.1 x 8.06 x 7.03 x 5.86 x 5.5 x
EV / FCF 27.1 x -40.2 x 29.7 x 34.9 x - 19.6 x 24.7 x 21.7 x
FCF Yield 3.69% -2.49% 3.37% 2.87% - 5.1% 4.05% 4.62%
Price to Book 2.72 x 3.92 x 2.63 x 2.81 x - 1.06 x 1.01 x 1.04 x
Nbr of stocks (in thousands) 2,317,729 2,317,729 2,317,729 2,308,427 2,318,670 2,256,294 - -
Reference price 2 4.969 6.935 4.791 4.963 2.027 1.825 1.825 1.825
Announcement Date 31/03/20 24/03/21 30/03/22 31/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,186 2,182 2,870 2,343 2,744 3,064 3,475 3,793
EBITDA 1 1,017 625 886.1 444.1 582.8 537.4 628.5 653.8
EBIT 1 577.3 213 483.5 48.56 236.7 282.3 412.8 438.4
Operating Margin 18.12% 9.76% 16.85% 2.07% 8.63% 9.21% 11.88% 11.56%
Earnings before Tax (EBT) 1 545.2 200.1 451 54.73 214.1 309.2 416.4 465.6
Net income 1 407.4 151.2 342.4 25.28 115.6 216.1 291.8 323.1
Net margin 12.79% 6.93% 11.93% 1.08% 4.21% 7.05% 8.4% 8.52%
EPS 2 0.1800 0.0700 0.1500 0.0100 0.0500 0.0902 0.1221 0.1312
Free Cash Flow 1 417.8 -396.5 346.6 307.2 - 193 149 166
FCF margin 13.11% -18.18% 12.08% 13.11% - 6.3% 4.29% 4.38%
FCF Conversion (EBITDA) 41.1% - 39.12% 69.18% - 35.91% 23.71% 25.39%
FCF Conversion (Net income) 102.54% - 101.23% 1,215.11% - 89.31% 51.06% 51.38%
Dividend per Share 2 0.1000 0.0700 0.1000 - - 0.0662 0.1188 0.1281
Announcement Date 31/03/20 24/03/21 30/03/22 31/03/23 27/03/24 - - -
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
Net sales 1 1,560 903.5 1,278 1,453 1,417 1,181 1,162 1,415 1,329 1,575 1,604
EBITDA - - - - - - - - - - -
EBIT 1 - - - 236.8 154 31.44 17.12 108.6 74.85 108.3 235
Operating Margin - - - 16.29% 10.87% 2.66% 1.47% 7.68% 5.63% 6.88% 14.65%
Earnings before Tax (EBT) 250.6 - - - 132.4 - - - - - -
Net income 183.4 - 193.4 - 112.9 18.38 - 101.7 - - -
Net margin 11.76% - 15.13% - 7.97% 1.56% - 7.19% - - -
EPS - - - - 0.0500 - - - - - -
Dividend per Share - - - - - - - - - - -
Announcement Date 31/03/20 24/08/20 24/03/21 24/08/21 30/03/22 23/08/22 31/03/23 16/08/23 27/03/24 - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 190 133 819 746 - 337 437 524
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 418 -397 347 307 - 193 149 166
ROE (net income / shareholders' equity) 9.74% 4.02% 8.24% 0.61% - 5.25% 6.83% 7.34%
ROA (Net income/ Total Assets) 8.04% 2.7% 5.05% 0.41% - 4.15% 5.04% 6.01%
Assets 1 5,068 5,593 6,776 6,185 - 5,209 5,791 5,373
Book Value Per Share 2 1.830 1.770 1.820 1.770 - 1.720 1.820 1.760
Cash Flow per Share 2 0.3300 0.2300 0.2200 0.2000 - 0.2100 0.2400 0.2200
Capex 1 419 184 193 160 - 186 190 123
Capex / Sales 13.14% 8.41% 6.73% 6.85% - 6.08% 5.48% 3.23%
Announcement Date 31/03/20 24/03/21 30/03/22 31/03/23 27/03/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
1.825 CNY
Average target price
2.09 CNY
Spread / Average Target
+14.52%
Consensus

Quarterly revenue - Rate of surprise

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