Financials GRG Banking Equipment 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
11.61 ^CNY	-3.01%		-2.52%	-5.30%

Apr. 25	GRG Banking Equipment Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	Grg Banking Equipment Co., Ltd. Proposes Cash Profit Distribution Proposal for 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,150	25,728	29,552	24,685	30,446	28,832	-	-
Enterprise Value (EV) ¹	23,150	25,728	23,328	17,645	19,299	28,832	28,832	28,832
P/E ratio	30 x	36.8 x	36.1 x	30.1 x	31.4 x	25.2 x	22.3 x	19.7 x
Yield	-	1.4%	1.26%	2.01%	1.63%	-	-	-
Capitalization / Revenue	3.56 x	4.01 x	4.36 x	3.28 x	3.37 x	2.75 x	2.41 x	2.15 x
EV / Revenue	3.56 x	4.01 x	4.36 x	3.28 x	3.37 x	2.75 x	2.41 x	2.15 x
EV / EBITDA	-	22.4 x	23.1 x	17.6 x	18.6 x	21.9 x	19.2 x	16.9 x
EV / FCF	-	-	22,155,882 x	17,199,004 x	24,374,552 x	-	-	-
FCF Yield	-	-	0%	0%	0%	-	-	-
Price to Book	2.56 x	2.58 x	2.7 x	2.12 x	2.54 x	2.28 x	2.17 x	2.04 x
Nbr of stocks (in thousands)	2,408,994	2,408,994	2,483,383	2,483,383	2,483,383	2,483,383	-	-
Reference price ²	9.610	10.68	11.90	9.940	12.26	11.61	11.61	11.61
Announcement Date	2/27/20	2/26/21	2/25/22	2/27/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,498	6,411	6,782	7,526	9,043	10,469	11,948	13,410
EBITDA ¹	-	1,147	1,278	1,402	1,641	1,319	1,503	1,711
EBIT ¹	1,041	963.4	1,093	1,209	1,456	1,646	1,907	2,148
Operating Margin	16.02%	15.03%	16.11%	16.06%	16.1%	15.72%	15.96%	16.02%
Earnings before Tax (EBT) ¹	1,039	962.5	1,102	1,219	1,439	1,643	1,897	2,141
Net income ¹	762.9	700.4	824.3	827.3	976.9	1,138	1,297	1,474
Net margin	11.74%	10.93%	12.15%	10.99%	10.8%	10.87%	10.86%	10.99%
EPS ²	0.3200	0.2900	0.3300	0.3300	0.3900	0.4600	0.5200	0.5900
Free Cash Flow	-	-	1,334	1,435	1,249	-	-	-
FCF margin	-	-	19.67%	19.07%	13.81%	-	-	-
FCF Conversion (EBITDA)	-	-	104.4%	102.4%	76.14%	-	-	-
FCF Conversion (Net income)	-	-	161.82%	173.48%	127.86%	-	-	-
Dividend per Share	-	0.1500	0.1500	0.2000	0.2000	-	-	-
Announcement Date	2/27/20	2/26/21	2/25/22	2/27/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	6,225	7,040	11,148	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	1,334	1,435	1,249	-	-	-
ROE (net income / shareholders' equity)	8.56%	7.54%	7.76%	7.26%	8.33%	9%	9.7%	10.5%
ROA (Net income/ Total Assets)	5.49%	-	4.92%	4.45%	-	3.9%	4%	4%
Assets ¹	13,904	-	16,745	18,609	-	29,179	32,425	36,850
Book Value Per Share ²	3.760	4.130	4.410	4.680	4.830	5.090	5.360	5.680
Cash Flow per Share	0.3900	0.5100	-	0.7000	0.6100	-	-	-
Capex ¹	-	682	257	303	253	519	557	600
Capex / Sales	-	10.63%	3.79%	4.02%	2.8%	4.96%	4.66%	4.47%
Announcement Date	2/27/20	2/26/21	2/25/22	2/27/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

11.61 CNY

Average target price

16 CNY

Spread / Average Target

+37.81%

	1st Jan change	Capi.
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ASUSTEK COMPUTER INC.	-14.40%	9.54B