Financials China Cinda Asset Management Co., Ltd.

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
0.7 ^HKD	+4.48%		+7.69%	-10.26%

Mar. 31	Global Bio-chem Technology Returns to Profit in 2023 on Debt Restructuring, Asset Disposal	MT
Mar. 26	China Cinda Asset Management Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 16 August 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,369	47,218	44,158	36,403	27,057	24,729	-	-
Enterprise Value (EV) ¹	917,399	975,555	981,367	636,069	27,057	557,043	544,870	532,816
P/E ratio	5.1 x	3.87 x	3.99 x	6.81 x	6.44 x	4.61 x	4.4 x	2.89 x
Yield	6.49%	8.41%	8.19%	5.2%	-	7.05%	7.59%	10.4%
Capitalization / Revenue	0.63 x	0.47 x	0.45 x	0.45 x	0.36 x	0.31 x	0.3 x	0.28 x
EV / Revenue	9.54 x	9.74 x	10 x	7.85 x	0.36 x	7.03 x	6.65 x	5.94 x
EV / EBITDA	47.7 x	16.9 x	17.1 x	13.9 x	0.56 x	11.2 x	10.6 x	9.9 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.42 x	0.31 x	0.28 x	0.23 x	-	0.15 x	0.15 x	0.14 x
Nbr of stocks (in thousands)	38,164,535	38,164,535	38,164,535	38,164,535	38,164,535	38,164,535	-	-
Reference price ²	1.582	1.237	1.157	0.9538	0.7089	0.6480	0.6480	0.6480
Announcement Date	3/31/20	3/26/21	3/29/22	3/28/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	96,147	100,134	97,731	80,988	76,168	79,194	81,996	89,662
EBITDA ¹	19,241	57,750	57,536	45,703	47,892	49,570	51,196	53,844
EBIT ¹	17,589	16,074	13,582	15,280	45,852	47,530	49,155	51,804
Operating Margin	18.29%	16.05%	13.9%	18.87%	60.2%	60.02%	59.95%	57.78%
Earnings before Tax (EBT) ¹	13,053	16,309	19,379	10,458	8,186	8,019	7,913	-
Net income ¹	19,272	13,248	12,062	6,313	5,821	6,070	6,482	8,565
Net margin	20.04%	13.23%	12.34%	7.8%	7.64%	7.67%	7.9%	9.55%
EPS ²	0.3100	0.3200	0.2900	0.1400	0.1100	0.1406	0.1473	0.2244
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1026	0.1041	0.0948	0.0496	-	0.0457	0.0492	0.0673
Announcement Date	3/31/20	3/26/21	3/29/22	3/28/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	857,030	928,337	937,210	599,667	-	532,314	520,140	508,087
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	44.54 x	16.07 x	16.29 x	13.12 x	-	10.74 x	10.16 x	9.436 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	12%	8.26%	7.15%	3.38%	-	2.61%	2.76%	3.51%
ROA (Net income/ Total Assets)	1.28%	0.97%	0.84%	0.45%	-	0.36%	0.38%	0.42%
Assets ¹	1,504,481	1,365,763	1,435,917	1,402,978	-	1,697,998	1,705,666	2,063,878
Book Value Per Share ²	3.760	3.950	4.140	4.070	-	4.270	4.360	4.520
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/31/20	3/26/21	3/29/22	3/28/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

0.648 CNY

Average target price

0.748 CNY

Spread / Average Target

+15.44%

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