Financials COFCO Joycome Foods Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
1.76 ^HKD	+1.15%		+6.02%	-6.38%

Apr. 18	COFCO Joycome Foods Limited Announces Change of Joint Company Secretary	CI
Apr. 15	COFCO Joycome Foods Limited Announces Changes to Its Board and Committee	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	4,968	7,706	8,834	9,443	7,685	7,465	7,465	-
Enterprise Value (EV) ¹	7,898	14,915	17,236	15,089	14,202	7,829	11,066	11,410
P/E ratio	-7.91 x	4.9 x	2.21 x	-20.5 x	21.5 x	-55.8 x	22.3 x	5.88 x
Yield	-	2.22%	12.2%	6.07%	-	2.21%	2.27%	4.54%
Capitalization / Revenue	0.69 x	0.7 x	0.47 x	0.71 x	0.6 x	0.68 x	0.58 x	0.46 x
EV / Revenue	1.1 x	1.35 x	0.91 x	1.14 x	1.1 x	0.68 x	0.86 x	0.71 x
EV / EBITDA	43 x	17.4 x	5.12 x	4.39 x	25.2 x	7.74 x	8.58 x	6.1 x
EV / FCF	-6.25 x	180 x	14.1 x	9.31 x	-14.4 x	-8 x	-6.88 x	-13.1 x
FCF Yield	-16%	0.56%	7.09%	10.7%	-6.94%	-12.5%	-14.5%	-7.61%
Price to Book	1.06 x	1.27 x	0.94 x	1.12 x	0.95 x	0.83 x	0.81 x	0.74 x
Nbr of stocks (in thousands)	3,901,998	3,901,998	3,901,998	3,901,998	3,901,998	4,581,998	4,581,998	-
Reference price ²	1.273	1.975	2.264	2.420	1.969	1.629	1.629	1.629
Announcement Date	3/26/19	3/24/20	3/18/21	3/18/22	3/28/23	3/19/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	7,168	11,079	18,922	13,228	12,901	11,568	12,836	16,114
EBITDA ¹	183.9	855.2	3,364	3,435	563.7	1,590	1,290	1,871
EBIT ¹	-82.07	545	2,980	2,960	-22.76	-45.22	732	1,113
Operating Margin	-1.14%	4.92%	15.75%	22.37%	-0.18%	-0.39%	5.7%	6.91%
Earnings before Tax (EBT) ¹	-636.2	1,531	3,938	-1.356	477.1	-177.5	415	915.2
Net income ¹	-627.7	1,574	3,995	-459.7	356.7	-135.7	365.2	802.4
Net margin	-8.76%	14.21%	21.11%	-3.48%	2.76%	-1.17%	2.85%	4.98%
EPS ²	-0.1609	0.4033	1.024	-0.1178	0.0914	-0.0306	0.0730	0.2772
Free Cash Flow ¹	-1,264	83	1,223	1,621	-985.3	-1,537	-1,609	-868
FCF margin	-17.63%	0.75%	6.46%	12.25%	-7.64%	-10.77%	-12.54%	-5.39%
FCF Conversion (EBITDA)	-	9.71%	36.35%	47.19%	-	-	-	-
FCF Conversion (Net income)	-	5.27%	30.61%	-	-	-	-	-
Dividend per Share ²	-	0.0438	0.2760	0.1470	-	0.0360	0.0370	0.0740
Announcement Date	3/26/19	3/24/20	3/18/21	3/18/22	3/28/23	3/19/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	2,930	7,209	8,402	5,646	6,518	4,838	3,601	3,945
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	15.94 x	8.429 x	2.497 x	1.644 x	11.56 x	3.043 x	2.791 x	2.108 x
Free Cash Flow ¹	-1,264	83	1,223	1,621	-985	-1,537	-1,609	-868
ROE (net income / shareholders' equity)	-13.1%	27.8%	51.1%	-5.3%	4.2%	6.16%	5.73%	8.3%
ROA (Net income/ Total Assets)	-6.7%	11.5%	21.9%	-2.5%	2%	2.73%	2.8%	4.9%
Assets ¹	9,368	13,685	18,243	18,388	17,834	22,244	13,043	16,376
Book Value Per Share ²	1.200	1.550	2.410	2.170	2.080	1.970	2.010	2.200
Cash Flow per Share ²	0.0100	0.2700	0.7600	0.7900	-1.570	0.3800	0.3100	0.3800
Capex ¹	1,306	966	1,713	1,461	979	1,672	1,681	1,548
Capex / Sales	18.21%	8.72%	9.05%	11.04%	7.59%	11.71%	13.1%	9.6%
Announcement Date	3/26/19	3/24/20	3/18/21	3/18/22	3/28/23	3/19/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.629 CNY

Average target price

2.062 CNY

Spread / Average Target

+26.57%

	1st Jan change	Capi.
COFCO JOYCOME FOODS LIMITED	-6.38%	1.03B
NESTLÉ S.A.	-4.93%	266B
MONDELEZ INTERNATIONAL, INC.	-2.51%	94.98B
KRAFT HEINZ	+3.19%	46.39B
GENERAL MILLS, INC.	+8.74%	39.99B
DANONE	-0.65%	39.95B
THE HERSHEY COMPANY	-0.15%	38.02B
ARCHER-DANIELS-MIDLAND COMPANY	-16.78%	30.16B
NESTLÉ INDIA LIMITED	-6.61%	28.72B
ASSOCIATED BRITISH FOODS PLC	+11.32%	24.54B