CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED Financials China Communications Services Corporation Limited
Equities
552
CNE1000002G3
Construction & Engineering
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3.8 HKD | +3.26% |
|
+5.26% | +17.28% |
| Mar. 28 | Jefferies Adjusts China Communications Services’ Price Target to HK$6.30 From HK$5.31, Keeps at Buy | MT |
| Mar. 27 | China Communications Services' 2023 Profit Rises | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 35,157 | 19,936 | 21,445 | 17,433 | 20,396 | 24,363 | - | - |
| Enterprise Value (EV) 1 | 17,481 | 801.4 | 1,087 | -3,771 | 20,396 | -1,148 | -14.92 | -1,998 |
| P/E ratio | 11.5 x | 6.47 x | 6.79 x | 5.19 x | 5.69 x | 6.35 x | 6.01 x | 5.6 x |
| Yield | 3.12% | 5.57% | 5.59% | 7.7% | - | 6.87% | 7.43% | 8.5% |
| Capitalization / Revenue | 0.3 x | 0.16 x | 0.16 x | 0.12 x | 0.14 x | 0.16 x | 0.15 x | 0.14 x |
| EV / Revenue | 0.15 x | 0.01 x | 0.01 x | -0.03 x | 0.14 x | -0.01 x | -0 x | -0.01 x |
| EV / EBITDA | 3.95 x | 0.18 x | 0.23 x | -0.9 x | 4.6 x | -0.23 x | -0 x | -0.38 x |
| EV / FCF | 4.12 x | 0.3 x | 0.32 x | -1.12 x | - | -0.42 x | -0 x | -0.51 x |
| FCF Yield | 24.3% | 328% | 316% | -89.3% | - | -238% | -31,941% | -198% |
| Price to Book | 1.02 x | 0.54 x | 0.56 x | 0.43 x | - | 0.54 x | 0.52 x | 0.49 x |
| Nbr of stocks (in thousands) | 6,926,018 | 6,926,018 | 6,926,018 | 6,926,018 | 6,926,018 | 6,926,018 | - | - |
| Reference price 2 | 5.076 | 2.878 | 3.096 | 2.517 | 2.945 | 3.518 | 3.518 | 3.518 |
| Announcement Date | 3/31/20 | 3/29/21 | 3/30/22 | 3/29/23 | 3/27/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 117,413 | 122,649 | 133,991 | 140,746 | 148,615 | 156,225 | 165,392 | 173,781 |
| EBITDA 1 | 4,420 | 4,442 | 4,722 | 4,204 | 4,431 | 4,899 | 5,242 | 5,218 |
| EBIT 1 | 3,169 | 3,092 | 3,193 | 3,243 | 3,414 | 3,722 | 3,914 | 3,759 |
| Operating Margin | 2.7% | 2.52% | 2.38% | 2.3% | 2.3% | 2.38% | 2.37% | 2.16% |
| Earnings before Tax (EBT) 1 | 3,494 | 3,488 | 3,578 | 3,835 | 4,109 | 4,408 | 4,684 | 5,055 |
| Net income 1 | 3,049 | 3,081 | 3,157 | 3,358 | 3,584 | 3,827 | 4,061 | 4,353 |
| Net margin | 2.6% | 2.51% | 2.36% | 2.39% | 2.41% | 2.45% | 2.46% | 2.51% |
| EPS 2 | 0.4400 | 0.4450 | 0.4560 | 0.4850 | 0.5180 | 0.5536 | 0.5851 | 0.6284 |
| Free Cash Flow 1 | 4,243 | 2,630 | 3,432 | 3,367 | - | 2,732 | 4,764 | 3,948 |
| FCF margin | 3.61% | 2.14% | 2.56% | 2.39% | - | 1.75% | 2.88% | 2.27% |
| FCF Conversion (EBITDA) | 95.99% | 59.21% | 72.69% | 80.1% | - | 55.76% | 90.87% | 75.66% |
| FCF Conversion (Net income) | 139.15% | 85.35% | 108.69% | 100.26% | - | 71.39% | 117.32% | 90.69% |
| Dividend per Share 2 | 0.1585 | 0.1602 | 0.1732 | 0.1939 | - | 0.2416 | 0.2613 | 0.2991 |
| Announcement Date | 3/31/20 | 3/29/21 | 3/30/22 | 3/29/23 | 3/27/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2023 S1 | 2023 S2 |
|---|---|---|---|---|---|---|
| Net sales 1 | 61,364 | 53,834 | 68,815 | 64,099 | 73,170 | 75,445 |
| EBITDA | - | - | - | - | - | - |
| EBIT | - | - | 1,428 | 1,949 | 2,284 | - |
| Operating Margin | - | - | 2.07% | 3.04% | 3.12% | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - |
| Net income 1 | - | 1,588 | 1,493 | 1,811 | 2,034 | 1,550 |
| Net margin | - | 2.95% | 2.17% | 2.83% | 2.78% | 2.05% |
| EPS | - | - | 0.2160 | 0.2620 | 0.2940 | - |
| Dividend per Share | - | - | - | - | - | - |
| Announcement Date | 3/31/20 | 8/26/20 | 3/29/21 | 8/30/21 | 9/11/23 | 3/27/24 |
1CNY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 17,676 | 19,135 | 20,358 | 21,204 | - | 25,511 | 24,378 | 26,361 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 4,243 | 2,630 | 3,432 | 3,367 | - | 2,732 | 4,764 | 3,948 |
| ROE (net income / shareholders' equity) | 9.12% | 8.65% | 8.41% | 8.53% | - | 8.72% | 8.8% | 8.97% |
| ROA (Net income/ Total Assets) | 3.62% | 3.39% | 3.25% | 3.19% | - | 2.9% | 3% | 3.1% |
| Assets 1 | 84,233 | 90,899 | 97,272 | 105,146 | - | 131,966 | 135,356 | 140,431 |
| Book Value Per Share 2 | 4.990 | 5.300 | 5.500 | 5.830 | - | 6.470 | 6.800 | 7.130 |
| Cash Flow per Share 2 | 0.6900 | 0.7900 | 0.6500 | 0.7100 | - | 0.7800 | 0.8100 | - |
| Capex 1 | 946 | 3,962 | 1,074 | 1,226 | - | 1,369 | 1,415 | 1,624 |
| Capex / Sales | 0.81% | 3.23% | 0.8% | 0.87% | - | 0.88% | 0.86% | 0.93% |
| Announcement Date | 3/31/20 | 3/29/21 | 3/30/22 | 3/29/23 | 3/27/24 | - | - | - |
1CNY in Million2CNY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
3.518
CNY
Average target price
4.252
CNY
Spread / Average Target
+20.89%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +17.28% | 3.36B | |
| +13.41% | 20.91B | |
| +1.22% | 20.22B | |
| +24.04% | 4.15B | |
| +20.58% | 2.85B | |
| -8.54% | 1.42B | |
| -14.07% | 1.35B | |
| +5.96% | 1.23B | |
| +1.75% | 1.11B | |
| -23.52% | 982M |
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- Financials China Communications Services Corporation Limited
