Financials Xinyu Iron & Steel Co., Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
3.68 ^CNY	+1.38%		-6.60%	+5.44%

Apr. 26	Xinyu Iron & Steel Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 22	Xinyu Iron & Steel 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	16,358	14,357	16,516	12,793	10,917	11,576	-	-
Enterprise Value (EV) ¹	16,358	14,357	16,516	12,793	10,917	11,576	11,576	11,576
P/E ratio	4.79 x	5.4 x	3.8 x	12.4 x	21.8 x	11.5 x	7.77 x	7.51 x
Yield	-	6.54%	9.47%	2.44%	4.3%	2.99%	3.53%	-
Capitalization / Revenue	0.28 x	0.2 x	0.16 x	0.13 x	0.15 x	0.18 x	0.15 x	0.2 x
EV / Revenue	0.28 x	0.2 x	0.16 x	0.13 x	0.15 x	0.18 x	0.15 x	0.2 x
EV / EBITDA	3.28 x	-	-	-	-	4.1 x	3.45 x	3.58 x
EV / FCF	-	-	4,602,324 x	-	-	-	-	-
FCF Yield	-	-	0%	-	-	-	-	-
Price to Book	0.75 x	0.62 x	0.63 x	0.5 x	0.41 x	0.43 x	0.41 x	0.4 x
Nbr of stocks (in thousands)	3,188,723	3,127,952	3,127,952	3,127,952	3,127,952	3,145,652	-	-
Reference price ²	5.130	4.590	5.280	4.090	3.490	3.680	3.680	3.680
Announcement Date	4/20/20	4/19/21	4/25/22	4/17/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	57,904	72,412	104,913	99,001	71,143	65,634	75,824	56,819
EBITDA ¹	4,990	-	-	-	-	2,824	3,355	3,237
EBIT ¹	4,032	3,437	5,235	-	560	1,333	1,674	1,803
Operating Margin	6.96%	4.75%	4.99%	-	0.79%	2.03%	2.21%	3.17%
Earnings before Tax (EBT) ¹	3,976	3,290	5,222	-	559.1	1,268	1,658	1,754
Net income ¹	3,414	2,700	4,345	1,046	497.7	1,008	1,362	1,535
Net margin	5.9%	3.73%	4.14%	1.06%	0.7%	1.54%	1.8%	2.7%
EPS ²	1.070	0.8500	1.390	0.3300	0.1600	0.3200	0.4733	0.4900
Free Cash Flow	-	-	3,589	-	-	-	-	-
FCF margin	-	-	3.42%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	82.6%	-	-	-	-	-
Dividend per Share ²	-	0.3000	0.5000	0.1000	0.1500	0.1100	0.1300	-
Announcement Date	4/20/20	4/19/21	4/25/22	4/17/23	4/22/24	-	-	-

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	-	-	3,589	-	-	-	-	-
ROE (net income / shareholders' equity)	16.6%	11.9%	17.4%	3.93%	1.92%	3.69%	4.84%	5.3%
ROA (Net income/ Total Assets)	-	5.55%	-	1.86%	-	2.1%	2.7%	3%
Assets ¹	-	48,696	-	56,124	-	48,023	50,433	51,167
Book Value Per Share ²	6.810	7.370	8.440	8.250	8.450	8.640	8.900	9.150
Cash Flow per Share ²	1.990	1.120	-	0.0200	-0.0400	0.7100	0.9900	-
Capex ¹	-	964	1,223	1,161	2,158	178	850	421
Capex / Sales	-	1.33%	1.17%	1.17%	3.03%	0.27%	1.12%	0.74%
Announcement Date	4/20/20	4/19/21	4/25/22	4/17/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.68 CNY

Average target price

5.2 CNY

Spread / Average Target

+41.30%

	1st Jan change	Capi.
XINYU IRON & STEEL CO., LTD	+5.44%	1.6B
JSW STEEL LIMITED	+3.59%	26.57B
BAOSHAN IRON & STEEL CO., LTD.	+17.88%	20.93B
JINDAL STEEL & POWER LIMITED	+37.27%	12.33B
CHINA STEEL CORPORATION	-12.22%	11.15B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+6.48%	10.41B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	0.00%	9.15B
BHARAT FORGE LIMITED	+27.90%	8.83B
JINDAL STAINLESS LIMITED	+38.94%	7.84B
TERNIUM S.A.	-7.65%	7.7B