Financials Haining China Leather Market 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
3.56 ^CNY	+3.19%		+4.09%	-13.17%

Apr. 26	Haining China Leather Market Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 03	Haining China Leather Market Co.,Ltd. Proposes Final Cash Dividend for 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,558	5,214	6,247	6,015	5,259	4,566	-	-
Enterprise Value (EV) ¹	5,558	5,214	6,247	6,015	5,259	4,566	4,566	4,566
P/E ratio	19.8 x	27.3 x	18.8 x	22.3 x	29.3 x	22.3 x	20.9 x	18.7 x
Yield	0.44%	0.46%	0.61%	0.96%	1.05%	0.84%	-	-
Capitalization / Revenue	3.93 x	3.66 x	4.35 x	4.59 x	4.31 x	3.3 x	3.09 x	2.91 x
EV / Revenue	3.93 x	3.66 x	4.35 x	4.59 x	4.31 x	3.3 x	3.09 x	2.91 x
EV / EBITDA	7.57 x	8.52 x	7.96 x	7.69 x	8.52 x	14 x	13.2 x	12.2 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.74 x	0.68 x	0.78 x	0.73 x	0.63 x	0.54 x	0.53 x	0.52 x
Nbr of stocks (in thousands)	1,274,873	1,274,873	1,274,873	1,282,617	1,282,617	1,282,617	-	-
Reference price ²	4.360	4.090	4.900	4.690	4.100	3.560	3.560	3.560
Announcement Date	2/28/20	4/16/21	4/15/22	4/19/23	4/2/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,413	1,425	1,435	1,311	1,220	1,385	1,476	1,569
EBITDA ¹	734	612.1	784.9	781.8	617.1	325	347	375
EBIT ¹	397.9	267.9	442.2	436.8	279.6	312	342	376
Operating Margin	28.17%	18.8%	30.82%	33.33%	22.91%	22.53%	23.17%	23.96%
Earnings before Tax (EBT) ¹	383.3	281.2	454.2	410.4	277.6	314	344	378
Net income ¹	279.3	194.6	327.9	270.1	177.5	200	219	238
Net margin	19.77%	13.65%	22.85%	20.61%	14.55%	14.44%	14.84%	15.17%
EPS ²	0.2200	0.1500	0.2600	0.2100	0.1400	0.1600	0.1700	0.1900
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0190	0.0190	0.0300	0.0450	0.0430	0.0300	-	-
Announcement Date	2/28/20	4/16/21	4/15/22	4/19/23	4/2/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	3.67%	2.55%	4.17%	3.32%	2.14%	2.4%	2.5%	2.7%
ROA (Net income/ Total Assets)	2.58%	1.8%	2.86%	1.96%	-	1.5%	1.6%	1.8%
Assets ¹	10,831	10,840	11,481	13,797	-	13,333	13,688	13,222
Book Value Per Share ²	5.880	6.010	6.250	6.430	6.530	6.640	6.760	6.900
Cash Flow per Share ²	0.7300	0.4300	0.5100	0.0100	0.0300	0.4100	-	-
Capex ¹	483	294	322	214	116	131	30	30
Capex / Sales	34.19%	20.62%	22.42%	16.36%	9.5%	9.46%	2.03%	1.91%
Announcement Date	2/28/20	4/16/21	4/15/22	4/19/23	4/2/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.56 CNY

Average target price

4.2 CNY

Spread / Average Target

+17.98%

	1st Jan change	Capi.
HAINING CHINA LEATHER MARKET CO.,LTD	-13.17%	630M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B