Company Valuation: CMST Development Co.,Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Capitalization 1 10,141 13,541 10,774 11,030 13,876 12,196
Change - 33.53% -20.43% 2.37% 25.8% -12.11%
Enterprise Value (EV) 1 11,511 14,307 10,610 10,464 12,411 9,879
Change - 24.29% -25.84% -1.38% 18.61% -20.4%
P/E ratio 17.6x 15.4x 16.8x 14.2x 34.5x 22.4x
PBR 0.85x 1.06x 0.83x 0.82x 1.02x 0.88x
PEG - 0.3x -0.6x 0.6x -0.7x 0.6x
Capitalization / Revenue 0.21x 0.18x 0.14x 0.16x 0.22x 0.18x
EV / Revenue 0.24x 0.19x 0.14x 0.16x 0.2x 0.15x
EV / EBITDA 19.3x 25.6x 15.9x 11.7x 18.4x 17.4x
EV / EBIT 33.1x 47x 29x 16.4x 29x 30.7x
EV / FCF -10.7x 80x 526x -1,330x 27.5x 67.1x
FCF Yield -9.31% 1.25% 0.19% -0.08% 3.63% 1.49%
Dividend per Share 2 0.079 0.161 0.1 0.128 0.07 0.113
Rate of return 1.71% 2.58% 2.01% 2.51% 1.1% 2.01%
EPS 2 0.2612 0.406 0.2951 0.3599 0.185 0.251
Distribution rate 30.2% 39.7% 33.9% 35.6% 37.8% 45%
Net sales 1 48,830 75,238 76,776 67,266 63,144 67,685
EBITDA 1 595.9 559.4 666.8 891.8 673.5 566.6
EBIT 1 347.9 304.4 366.3 639.5 427.5 322.2
Net income 1 566.8 881 640.5 786.6 403 545.5
Net Debt 1 1,370 765.3 -164.2 -565.9 -1,465 -2,317
Reference price 2 4.610 6.240 4.970 5.100 6.380 5.620
Nbr of stocks (in thousands) 2,199,801 2,170,080 2,167,836 2,162,735 2,174,953 2,170,080
Announcement Date 4/9/21 3/30/22 4/14/23 4/18/24 4/18/25 3/31/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.57B
34.08x1.48x12.41x0.48% 55.63B
20.93x0.98x10.34x3.7% 25.81B
9.39x0.43x4.54x2.9% 10.63B
20.25x0.66x6.29x2.1% 7.34B
16.21x0.96x3.67x6.32% 5.01B
10.21x1.89x15.21x2.5% 3.11B
16.71x1.63x9.58x4.12% 3.13B
Average 18.26x 1.15x 8.86x 3.16% 14.03B
Weighted average by Cap. 25.76x 1.20x 10.37x 2%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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