Financials Shanghai Foreign Service Holding Group Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
4.73 ^CNY	-1.05%		-0.63%	-1.46%

Apr. 25	Shanghai Foreign Service Holding Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Shanghai Foreign Service Holding Group Co., Ltd. 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	4,782	9,291	16,205	13,631	10,962	10,802	-	-
Enterprise Value (EV) ¹	4,782	9,291	16,205	13,631	10,962	10,802	10,802	10,802
P/E ratio	51.3 x	159 x	23 x	24.7 x	18.6 x	16.9 x	14.4 x	13.9 x
Yield	-	-	-	2.01%	2.71%	2.96%	4.65%	-
Capitalization / Revenue	1.25 x	3.44 x	-	0.93 x	0.57 x	0.47 x	0.4 x	0.35 x
EV / Revenue	1.25 x	3.44 x	-	0.93 x	0.57 x	0.47 x	0.4 x	0.35 x
EV / EBITDA	-	16 x	-	15.3 x	10.9 x	11.9 x	10.3 x	10.1 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	2.87 x	-	3.49 x	2.58 x	2.34 x	2.13 x	1.95 x
Nbr of stocks (in thousands)	1,053,362	1,053,362	2,263,279	2,283,297	2,283,712	2,283,712	-	-
Reference price ²	4.540	8.820	7.160	5.970	4.800	4.730	4.730	4.730
Announcement Date	4/20/20	3/24/21	4/22/22	4/21/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,836	2,701	-	14,664	19,156	22,946	27,344	30,644
EBITDA ¹	-	579.3	-	891.8	1,005	907.7	1,050	1,071
EBIT ¹	-	100.9	-	815.5	890.1	965.1	1,122	1,184
Operating Margin	-	3.73%	-	5.56%	4.65%	4.21%	4.1%	3.86%
Earnings before Tax (EBT) ¹	-	96.07	-	813.3	912.3	972.2	1,127	1,194
Net income ¹	-	58.39	531.6	546.3	586	647.4	751	777.8
Net margin	-	2.16%	-	3.73%	3.06%	2.82%	2.75%	2.54%
EPS ²	0.0885	0.0554	0.3109	0.2413	0.2586	0.2800	0.3275	0.3400
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.1200	0.1300	0.1400	0.2200	-
Announcement Date	4/20/20	3/24/21	4/22/22	4/21/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	1.81%	-	14.2%	14.4%	14.2%	15%	14%
ROA (Net income/ Total Assets)	-	-	-	3.85%	-	3.79%	3.82%	4.3%
Assets ¹	-	-	-	14,174	-	17,096	19,678	18,087
Book Value Per Share ²	-	3.070	-	1.710	1.860	2.030	2.220	2.430
Cash Flow per Share ²	-	0.4200	-	0.3700	0.2400	0.5500	1.660	0.2000
Capex ¹	-	-	-	67.1	1,768	83.3	88.3	60
Capex / Sales	-	-	-	0.46%	9.23%	0.36%	0.32%	0.2%
Announcement Date	4/20/20	3/24/21	4/22/22	4/21/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.73 CNY

Average target price

6.25 CNY

Spread / Average Target

+32.14%

	1st Jan change	Capi.
SHANGHAI FOREIGN SERVICE HOLDING GROUP CO., LTD.	-1.46%	1.49B
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MANPOWERGROUP INC.	-3.49%	3.66B
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KFORCE INC.	-4.68%	1.2B
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