Financials Guangxi Liugong Machinery 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
10.68 ^CNY	+3.69%		-3.52%	+58.46%

Apr. 26	Guangxi Liugong Machinery Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	Guangxi Liugong Machinery Co., Ltd. Proposes Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,243	10,863	11,374	11,496	13,151	20,839	-	-
Enterprise Value (EV) ¹	14,991	13,949	13,856	13,220	14,522	28,413	28,258	28,182
P/E ratio	10.1 x	8.18 x	15.1 x	19 x	16.5 x	16.3 x	11.8 x	9.28 x
Yield	2.16%	3.8%	2.08%	1.7%	2.97%	2.17%	2.81%	4.72%
Capitalization / Revenue	0.53 x	0.47 x	0.4 x	0.43 x	0.48 x	0.69 x	0.6 x	0.5 x
EV / Revenue	0.78 x	0.61 x	0.48 x	0.5 x	0.53 x	0.93 x	0.81 x	0.68 x
EV / EBITDA	9.22 x	7.16 x	7.98 x	9.68 x	7.89 x	11 x	8.61 x	7.16 x
EV / FCF	10,716,351 x	-	-	54,185,262 x	-	-	-	-
FCF Yield	0%	-	-	0%	-	-	-	-
Price to Book	0.99 x	0.95 x	0.74 x	0.73 x	0.8 x	1.19 x	1.1 x	1 x
Nbr of stocks (in thousands)	1,475,921	1,475,921	1,475,241	1,955,020	1,951,206	1,951,215	-	-
Reference price ²	6.940	7.360	7.710	5.880	6.740	10.68	10.68	10.68
Announcement Date	4/30/20	3/29/21	3/30/22	3/15/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,177	23,003	28,701	26,480	27,519	30,417	34,967	41,409
EBITDA ¹	1,626	1,948	1,737	1,365	1,841	2,578	3,281	3,935
EBIT ¹	1,310	1,570	1,233	768.1	1,177	1,549	2,229	2,802
Operating Margin	6.83%	6.82%	4.29%	2.9%	4.28%	5.09%	6.37%	6.77%
Earnings before Tax (EBT) ¹	1,308	1,602	1,256	790.2	1,209	1,706	2,348	3,045
Net income ¹	1,017	1,331	995.3	599.3	867.8	1,283	1,773	2,248
Net margin	5.3%	5.79%	3.47%	2.26%	3.15%	4.22%	5.07%	5.43%
EPS ²	0.6900	0.9000	0.5100	0.3100	0.4092	0.6541	0.9083	1.151
Free Cash Flow	1,399	-	-	244	-	-	-	-
FCF margin	7.29%	-	-	0.92%	-	-	-	-
FCF Conversion (EBITDA)	86.05%	-	-	17.87%	-	-	-	-
FCF Conversion (Net income)	137.52%	-	-	40.71%	-	-	-	-
Dividend per Share ²	0.1500	0.2800	0.1600	0.1000	0.2000	0.2313	0.2996	0.5045
Announcement Date	4/30/20	3/29/21	3/30/22	3/15/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,748	3,086	2,482	1,725	1,371	7,574	7,419	7,343
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.921 x	1.584 x	1.429 x	1.264 x	0.7447 x	2.938 x	2.261 x	1.866 x
Free Cash Flow	1,399	-	-	244	-	-	-	-
ROE (net income / shareholders' equity)	10.2%	12.1%	6.58%	3.85%	5.4%	7.52%	9.51%	11.3%
ROA (Net income/ Total Assets)	3.63%	4.17%	2.44%	1.45%	1.95%	2.2%	3.25%	-
Assets ¹	28,039	31,934	40,725	41,356	44,419	59,359	54,580	-
Book Value Per Share ²	7.010	7.760	10.40	8.050	8.470	9.010	9.680	10.60
Cash Flow per Share ²	1.260	1.360	0.4300	0.4900	0.8300	0.6600	0.6500	0.8200
Capex ¹	459	301	872	612	388	947	1,103	1,413
Capex / Sales	2.39%	1.31%	3.04%	2.31%	1.41%	3.12%	3.19%	3.49%
Announcement Date	4/30/20	3/29/21	3/30/22	3/15/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.68 CNY

Average target price

10.36 CNY

Spread / Average Target

-2.95%

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