Financials China Resources Building Materials Technology Holdings Limited

Equities

1313

KYG2113L1068

Construction Materials

Market Closed - Hong Kong S.E. 04:08:20 2024-05-14 am EDT 5-day change 1st Jan Change
1.44 HKD -2.70% Intraday chart for China Resources Building Materials Technology Holdings Limited +5.11% -15.29%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 69,271 60,472 41,130 28,909 11,871 10,055 - -
Enterprise Value (EV) 1 64,349 54,110 44,476 43,161 11,871 24,529 28,541 28,322
P/E ratio 8.04 x 6.75 x 5.3 x 14.9 x 17 x 11.2 x 8.48 x 6.97 x
Yield 6% 7.1% 8.83% 3.12% - 5.65% 6.77% 8.12%
Capitalization / Revenue 1.78 x 1.51 x 0.94 x 0.9 x 0.43 x 0.37 x 0.36 x 0.35 x
EV / Revenue 1.65 x 1.35 x 1.01 x 1.34 x 0.43 x 0.91 x 1.01 x 0.98 x
EV / EBITDA 4.57 x 4.23 x 3.6 x 8.26 x 2.68 x 5.2 x 5.68 x 5.4 x
EV / FCF 6.9 x 6.32 x 26.7 x -18.7 x - -14.5 x -55.2 x 245 x
FCF Yield 14.5% 15.8% 3.74% -5.35% - -6.89% -1.81% 0.41%
Price to Book 1.65 x 1.22 x 0.75 x 0.59 x - 0.2 x 0.2 x 0.19 x
Nbr of stocks (in thousands) 6,982,938 6,982,938 6,982,938 6,982,938 6,982,938 6,982,938 - -
Reference price 2 9.920 8.660 5.890 4.140 1.700 1.440 1.440 1.440
Announcement Date 3/27/20 3/12/21 3/18/22 3/17/23 3/15/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 38,956 40,087 43,963 32,219 27,774 27,027 28,304 28,977
EBITDA 1 14,072 12,782 12,357 5,227 4,437 4,717 5,028 5,240
EBIT 1 11,946 10,647 9,824 2,688 1,635 1,726 2,124 2,346
Operating Margin 30.66% 26.56% 22.35% 8.34% 5.89% 6.39% 7.5% 8.1%
Earnings before Tax (EBT) 1 12,008 11,893 10,291 2,282 993.4 1,141 1,517 1,747
Net income 1 8,618 8,960 7,767 1,936 699.9 871.1 1,121 1,447
Net margin 22.12% 22.35% 17.67% 6.01% 2.52% 3.22% 3.96% 4.99%
EPS 2 1.234 1.283 1.112 0.2770 0.1000 0.1281 0.1698 0.2067
Free Cash Flow 1 9,330 8,565 1,663 -2,310 - -1,691 -517.4 115.6
FCF margin 23.95% 21.37% 3.78% -7.17% - -6.25% -1.83% 0.4%
FCF Conversion (EBITDA) 66.3% 67.01% 13.46% - - - - 2.21%
FCF Conversion (Net income) 108.27% 95.59% 21.41% - - - - 7.99%
Dividend per Share 2 0.5950 0.6150 0.5200 0.1290 - 0.0814 0.0975 0.1170
Announcement Date 3/27/20 3/12/21 3/18/22 3/17/23 3/15/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 S2 2023 Q2 2023 S1 2023 Q3 2024 Q1 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 21,546 16,884 23,203 20,180 - 13,147 23,783 6,977 - 16,117 16,102 6,879 12,173 5,720 5,173 13,145 14,221 14,524 15,578
EBITDA - 6,833 - - - - - - - - - - - - - - - - -
EBIT 6,569 - - 4,610 - 3,067 5,214 1,007 - 2,307 380.9 - - - - 871.7 576.5 1,183 841.9
Operating Margin 30.49% - - 22.84% - 23.33% 21.92% 14.44% - 14.32% 2.37% - - - - 6.63% 4.05% 8.14% 5.4%
Earnings before Tax (EBT) - 5,855 - - - 3,185 - - - - - - - - - - - - -
Net income 1 - 4,191 - 3,634 1,680 2,454 - 729.5 1,075 1,805 - 658 620.9 89.26 -31.19 - - - -
Net margin - 24.82% - 18.01% - 18.66% - 10.46% - 11.2% - 9.57% 5.1% 1.56% -0.6% - - - -
EPS - - - - - - - - - - - - 0.0890 - - 0.0540 0.0110 0.0760 0.0330
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 3/27/20 8/21/20 3/12/21 8/13/21 10/22/21 3/18/22 3/18/22 4/29/22 8/12/22 8/12/22 3/17/23 8/18/23 8/18/23 10/27/23 4/26/24 - - - -
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 3,346 14,252 - 14,474 18,485 18,266
Net Cash position 1 4,922 6,362 - - - - - -
Leverage (Debt/EBITDA) - - 0.2708 x 2.726 x - 3.069 x 3.677 x 3.486 x
Free Cash Flow 1 9,330 8,565 1,663 -2,310 - -1,691 -517 116
ROE (net income / shareholders' equity) 21.6% 19.6% 14.9% 3.72% - 2.1% 2.59% 3.16%
ROA (Net income/ Total Assets) 14.2% 13.8% 10.5% 2.42% - 1.22% 1.49% 1.69%
Assets 1 60,839 64,852 73,841 79,880 - 71,401 75,070 85,709
Book Value Per Share 2 6.010 7.110 7.860 7.050 - 7.130 7.250 7.410
Cash Flow per Share 2 1.620 1.470 0.8600 0.4500 - 0.5800 0.6100 0.6400
Capex 1 1,955 1,703 4,203 5,480 - 4,398 4,010 3,816
Capex / Sales 5.02% 4.25% 9.56% 17.01% - 16.27% 14.17% 13.17%
Announcement Date 3/27/20 3/12/21 3/18/22 3/17/23 3/15/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
1.44 HKD
Average target price
1.795 HKD
Spread / Average Target
+24.68%
Consensus
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