Financials Chongqing Baiya Sanitary Products Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
21.27 ^CNY	+3.00%		+16.36%	+40.30%

Apr. 15	Chongqing Baiya Sanitary Products Co., Ltd. Approves Final Cash Dividend for 2023	CI
Mar. 25	Chongqing Baiya Sanitary Products Co., Ltd. Proposes Final Cash Dividend (Tax Included) for 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,759	7,670	5,943	6,510	9,133	-	-
Enterprise Value (EV) ¹	10,759	7,670	5,943	6,510	9,133	9,133	9,133
P/E ratio	54.7 x	33.8 x	31.4 x	27.1 x	30 x	23.4 x	18.9 x
Yield	1.19%	1.67%	2.17%	3.63%	1.65%	1.79%	-
Capitalization / Revenue	8.6 x	5.24 x	3.69 x	3.04 x	3.33 x	2.77 x	2.2 x
EV / Revenue	8.6 x	5.24 x	3.69 x	3.04 x	3.33 x	2.77 x	2.2 x
EV / EBITDA	43.1 x	25.7 x	22.3 x	19.3 x	22.3 x	18 x	14.3 x
EV / FCF	-	-	28,942,696 x	-	-	-	-
FCF Yield	-	-	0%	-	-	-	-
Price to Book	9.57 x	6.32 x	4.64 x	4.71 x	6.15 x	5.22 x	4.98 x
Nbr of stocks (in thousands)	427,778	427,778	430,330	429,401	429,401	-	-
Reference price ²	25.15	17.93	13.81	15.16	21.27	21.27	21.27
Announcement Date	1/30/21	3/25/22	1/17/23	1/20/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,251	1,463	1,612	2,144	2,743	3,292	4,146
EBITDA ¹	249.5	298	266.7	336.5	410.5	508.3	637.2
EBIT ¹	212.4	255.2	216.5	280.8	355.7	452.9	567
Operating Margin	16.98%	17.45%	13.43%	13.1%	12.97%	13.76%	13.68%
Earnings before Tax (EBT) ¹	212.2	255.1	212.3	279.6	351.9	450.8	564.5
Net income ¹	182.5	227.9	187.3	238.3	303.6	390.1	484.4
Net margin	14.59%	15.58%	11.62%	11.11%	11.07%	11.85%	11.68%
EPS ²	0.4600	0.5300	0.4400	0.5600	0.7100	0.9100	1.128
Free Cash Flow	-	-	205.3	-	-	-	-
FCF margin	-	-	12.74%	-	-	-	-
FCF Conversion (EBITDA)	-	-	76.98%	-	-	-	-
FCF Conversion (Net income)	-	-	109.63%	-	-	-	-
Dividend per Share ²	0.3000	0.3000	0.3000	0.5500	0.3500	0.3800	-
Announcement Date	1/30/21	3/25/22	1/17/23	1/20/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	205	-	-	-	-
ROE (net income / shareholders' equity)	21.4%	19.6%	15.3%	17.8%	20.5%	22.8%	26.6%
ROA (Net income/ Total Assets)	14.8%	15.1%	11.4%	13.2%	14.2%	15.7%	18.2%
Assets ¹	1,230	1,509	1,642	1,808	2,133	2,485	2,661
Book Value Per Share ²	2.630	2.840	2.970	3.220	3.460	4.080	4.270
Cash Flow per Share ²	0.5900	0.4600	0.5400	0.7700	0.7300	1.050	1.090
Capex ¹	96.7	121	28.2	83.6	100	59.8	61.5
Capex / Sales	7.73%	8.28%	1.75%	3.9%	3.66%	1.81%	1.48%
Announcement Date	1/30/21	3/25/22	1/17/23	1/20/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.27 CNY

Average target price

22.25 CNY

Spread / Average Target

+4.61%

	1st Jan change	Capi.
CHONGQING BAIYA SANITARY PRODUCTS CO., LTD.	+40.30%	1.26B
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UNICHARM CORPORATION	-9.06%	17.38B
VINDA INTERNATIONAL HOLDINGS LIMITED	+3.08%	3.6B
GILLETTE INDIA LIMITED	-2.83%	2.44B
C&S PAPER CO.,LTD	-13.60%	1.56B
HANGZHOU HAOYUE PERSONAL CARE CO., LTD	+13.83%	928M
ONTEX GROUP NV	+24.39%	820M
YUEN FOONG YU CONSUMER PRODUCTS CO., LTD.	+25.47%	436M
LAFANG CHINA CO.,LTD	-22.09%	370M