Financials First Capital Securities Co., Ltd.

Equities

002797

CNE1000027G0

Diversified Investment Services

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
5.92 ^CNY	+5.53%		+12.33%	+1.89%

Apr. 27	First Capital Securities Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Guangzhou Hengyun Enterprises Holding Ltd announced that it has received CNY 1.3509 billion in funding from a group of investors	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	29,000	41,814	30,762	23,660	24,416	24,878	-
Enterprise Value (EV) ¹	29,000	41,814	30,762	23,660	24,416	24,878	24,878
P/E ratio	56.7 x	47.4 x	40.7 x	56.3 x	72.6 x	39.8 x	37.2 x
Yield	-	0.4%	0.55%	0.71%	0.55%	0.84%	1.01%
Capitalization / Revenue	11.2 x	13.4 x	9.45 x	9.06 x	9.81 x	7.45 x	6.99 x
EV / Revenue	11.2 x	13.4 x	9.45 x	9.06 x	9.81 x	7.45 x	6.99 x
EV / EBITDA	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	-	3 x	2.13 x	1.62 x	1.65 x	1.6 x	1.54 x
Nbr of stocks (in thousands)	3,502,400	4,202,400	4,202,400	4,202,400	4,202,400	4,202,400	-
Reference price ²	8.280	9.950	7.320	5.630	5.810	5.920	5.920
Announcement Date	2/27/20	3/29/21	3/28/22	4/28/23	4/27/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,583	3,120	3,255	2,611	2,489	3,338	3,557
EBITDA	-	-	-	-	-	-	-
EBIT ¹	-	997.3	978	-	367.3	976	1,022
Operating Margin	-	31.97%	30.05%	-	14.76%	29.24%	28.73%
Earnings before Tax (EBT) ¹	-	1,046	972.7	-	364.1	684	747
Net income ¹	-	812.7	745.3	-	330.7	672.5	720
Net margin	-	26.05%	22.9%	-	13.29%	20.15%	20.24%
EPS ²	0.1460	0.2100	0.1800	0.1000	0.0800	0.1487	0.1590
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	0.0400	0.0400	0.0400	0.0320	0.0500	0.0600
Announcement Date	2/27/20	3/29/21	3/28/22	4/28/23	4/27/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2023 S1
Net sales ¹	1,420	1,445
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	-	-
Net margin	-	-
EPS	-	-
Dividend per Share	-	-
Announcement Date	8/24/20	8/24/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	7.31%	5.26%	-	2.25%	4.33%	4.48%
ROA (Net income/ Total Assets)	-	-	-	-	-	1.56%	1.54%
Assets ¹	-	-	-	-	-	43,109	46,753
Book Value Per Share ²	-	3.310	3.430	3.480	3.530	3.710	3.830
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	2/27/20	3/29/21	3/28/22	4/28/23	4/27/24	-	-

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

Ratings for First Capital Securities Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

5.92 CNY

Average target price

4.955 CNY

Spread / Average Target

-16.30%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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Diversified Investment Services