CITIC RESOURCES HOLDINGS LIMITED

Financials CITIC Resources Holdings Limited

Equities

1205

BMG2155Y1075

Oil & Gas Exploration and Production

Delayed Hong Kong S.E. Other stock markets 03:56:23 2024-05-14 am EDT			5-day change	1st Jan Change
0.51 ^HKD	-1.92%		-1.96%	+42.86%

Mar. 26	CITIC Resources Holdings Limited Announces Risk Management Committee Changes	CI
Mar. 26	CITIC Resources Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	4,872	3,772	2,318	3,772	3,261	2,750
Enterprise Value (EV) ¹	9,288	7,382	4,972	5,573	3,775	3,097
P/E ratio	5.38 x	6.28 x	-6.37 x	3.42 x	2.44 x	4.99 x
Yield	5.65%	-	-	9.38%	14.5%	7.14%
Capitalization / Revenue	1.1 x	1.1 x	0.81 x	0.87 x	0.56 x	0.72 x
EV / Revenue	2.1 x	2.15 x	1.74 x	1.28 x	0.64 x	0.81 x
EV / EBITDA	11.6 x	23.8 x	34.9 x	4.47 x	1.97 x	2.77 x
EV / FCF	8.99 x	9.53 x	25.5 x	12.7 x	3.81 x	6.37 x
FCF Yield	11.1%	10.5%	3.93%	7.9%	26.2%	15.7%
Price to Book	0.79 x	0.6 x	0.4 x	0.54 x	0.42 x	0.35 x
Nbr of stocks (in thousands)	7,857,727	7,857,727	7,857,727	7,857,727	7,857,727	7,857,727
Reference price ²	0.6200	0.4800	0.2950	0.4800	0.4150	0.3500
Announcement Date	4/12/19	4/1/20	4/9/21	4/21/22	4/27/23	4/25/24

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	4,427	3,426	2,850	4,349	5,866	3,826
EBITDA ¹	802.4	309.6	142.5	1,247	1,917	1,120
EBIT ¹	289.4	-52.88	-197.2	809.1	1,458	772.9
Operating Margin	6.54%	-1.54%	-6.92%	18.6%	24.86%	20.2%
Earnings before Tax (EBT) ¹	950.8	631.3	-261.8	1,336	1,875	696.8
Net income ¹	905.3	600.3	-363.8	1,103	1,336	551.8
Net margin	20.45%	17.52%	-12.77%	25.37%	22.77%	14.42%
EPS ²	0.1152	0.0764	-0.0463	0.1404	0.1700	0.0702
Free Cash Flow ¹	1,033	774.3	195.2	440.4	990.6	486.5
FCF margin	23.34%	22.61%	6.85%	10.13%	16.89%	12.72%
FCF Conversion (EBITDA)	128.78%	250.12%	137.01%	35.31%	51.67%	43.44%
FCF Conversion (Net income)	114.15%	128.99%	-	39.91%	74.17%	88.17%
Dividend per Share ²	0.0350	-	-	0.0450	0.0600	0.0250
Announcement Date	4/12/19	4/1/20	4/9/21	4/21/22	4/27/23	4/25/24

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	4,416	3,610	2,654	1,801	514	347
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.503 x	11.66 x	18.62 x	1.444 x	0.2682 x	0.3098 x
Free Cash Flow ¹	1,033	774	195	440	991	487
ROE (net income / shareholders' equity)	15.8%	10.3%	-6.03%	17.6%	19.1%	7.93%
ROA (Net income/ Total Assets)	1.3%	-0.25%	-0.99%	4.05%	7.25%	4.01%
Assets ¹	69,603	-239,351	36,823	27,252	18,422	13,744
Book Value Per Share ²	0.7800	0.8000	0.7400	0.8800	0.9900	0.9900
Cash Flow per Share ²	0.2400	0.2000	0.2900	0.1700	0.1200	0.1000
Capex ¹	110	237	379	438	512	405
Capex / Sales	2.47%	6.9%	13.28%	10.07%	8.73%	10.59%
Announcement Date	4/12/19	4/1/20	4/9/21	4/21/22	4/27/23	4/25/24

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Oil Exploration & Production - Onshore

	1st Jan change	Capi.
CITIC RESOURCES HOLDINGS LIMITED	+42.86%	523M
CIVITAS RESOURCES, INC.	+11.30%	7.54B
SNGN ROMGAZ SA	+4.59%	4.38B
TOPAZ ENERGY CORP.	+15.69%	2.37B
ATHABASCA OIL CORPORATION	+15.59%	1.98B
PAREX RESOURCES INC.	-3.49%	1.8B
PETRORECONCAVO S.A.	-1.47%	1.22B
MATEN PETROLEUM	-.--%	1.11B
BERRY CORPORATION	+4.84%	567M
SURGE ENERGY INC.	+7.56%	512M

Oil Exploration & Production - Onshore

Stock Market
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Financials CITIC Resources Holdings Limited

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