Financials Xinfengming Group Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-27 pm EDT			5-day change	1st Jan Change
14.4 ^CNY	-3.23%		-2.77%	+1.41%

May. 28	Tongkun, Xinfengming to Slash Investment in Indonesian Petrochemical Project	MT
Apr. 25	Xinfengming Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,285	19,406	22,714	16,641	21,391	21,684	-	-
Enterprise Value (EV) ¹	22,879	28,067	32,745	30,348	34,824	34,655	35,784	36,877
P/E ratio	11.3 x	32.3 x	9.52 x	-77.7 x	19.7 x	12.1 x	9.2 x	7.87 x
Yield	1.05%	0.94%	1.52%	-	1.8%	2.29%	2.49%	2.84%
Capitalization / Revenue	0.51 x	0.52 x	0.51 x	0.33 x	0.35 x	0.33 x	0.3 x	0.27 x
EV / Revenue	0.67 x	0.76 x	0.73 x	0.6 x	0.57 x	0.53 x	0.49 x	0.47 x
EV / EBITDA	8.41 x	12.2 x	6.64 x	15.1 x	8.14 x	5.78 x	5.22 x	4.77 x
EV / FCF	-	-	-	-13.9 x	91 x	10.4 x	7.54 x	7.16 x
FCF Yield	-	-	-	-7.2%	1.1%	9.58%	13.3%	14%
Price to Book	1.54 x	1.67 x	1.41 x	1.08 x	-	1.21 x	1.08 x	0.99 x
Nbr of stocks (in thousands)	1,399,558	1,396,103	1,529,567	1,529,470	1,506,382	1,505,832	-	-
Reference price ²	12.35	13.90	14.85	10.88	14.20	14.40	14.40	14.40
Announcement Date	3/26/20	4/19/21	4/14/22	3/29/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	34,148	36,984	44,770	50,787	61,469	65,903	72,415	79,260
EBITDA ¹	2,720	2,301	4,930	2,012	4,277	6,000	6,851	7,734
EBIT ¹	1,587	573.6	2,651	-529.2	1,116	2,148	2,812	3,479
Operating Margin	4.65%	1.55%	5.92%	-1.04%	1.82%	3.26%	3.88%	4.39%
Earnings before Tax (EBT) ¹	1,593	641.7	2,673	-465.5	1,174	2,160	2,840	3,437
Net income ¹	1,355	603	2,254	-205.1	1,086	1,828	2,397	2,812
Net margin	3.97%	1.63%	5.03%	-0.4%	1.77%	2.77%	3.31%	3.55%
EPS ²	1.090	0.4300	1.560	-0.1400	0.7200	1.193	1.565	1.831
Free Cash Flow ¹	-	-	-	-2,185	382.6	3,321	4,749	5,147
FCF margin	-	-	-	-4.3%	0.62%	5.04%	6.56%	6.49%
FCF Conversion (EBITDA)	-	-	-	-	8.94%	55.35%	69.31%	66.55%
FCF Conversion (Net income)	-	-	-	-	35.22%	181.71%	198.12%	183.05%
Dividend per Share ²	0.1300	0.1300	0.2250	-	0.2550	0.3300	0.3590	0.4087
Announcement Date	3/26/20	4/19/21	4/14/22	3/29/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,594	8,661	10,031	13,708	13,433	12,971	14,100	15,193
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.057 x	3.763 x	2.035 x	6.814 x	3.141 x	2.162 x	2.058 x	1.964 x
Free Cash Flow ¹	-	-	-	-2,185	383	3,321	4,749	5,147
ROE (net income / shareholders' equity)	13.6%	5.09%	16.1%	-1.28%	6.68%	9.57%	11.1%	11%
ROA (Net income/ Total Assets)	-	-	6.84%	-0.52%	2.5%	3.93%	4.45%	4.55%
Assets ¹	-	-	32,956	39,406	43,446	46,476	53,817	61,751
Book Value Per Share ²	8.040	8.330	10.60	10.10	-	11.90	13.30	14.50
Cash Flow per Share ²	1.380	2.280	2.050	2.080	2.390	4.070	4.200	5.540
Capex ¹	5,209	5,971	6,271	5,370	3,277	4,657	4,898	4,545
Capex / Sales	15.25%	16.15%	14.01%	10.57%	5.33%	7.07%	6.76%	5.73%
Announcement Date	3/26/20	4/19/21	4/14/22	3/29/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.4 CNY

Average target price

15.96 CNY

Spread / Average Target

+10.80%

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