Financials Hengyi Petrochemical 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
7.04 ^CNY	+2.47%		+1.29%	+4.76%

Apr. 19	Hengyi Petrochemical Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Apr. 02	Tranche Update on Hengyi Petrochemical Co., Ltd.'s Equity Buyback Plan announced on December 16, 2023.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	39,557	47,125	38,541	25,065	22,946	23,846	-	-
Enterprise Value (EV) ¹	73,670	88,147	81,140	72,284	75,069	84,462	82,588	23,846
P/E ratio	12.3 x	12 x	11.7 x	-23.4 x	51.7 x	29.3 x	11.4 x	15.6 x
Yield	2.87%	2.34%	1.88%	-	1.49%	2.41%	3.66%	4.19%
Capitalization / Revenue	0.5 x	0.55 x	0.3 x	0.16 x	0.17 x	0.15 x	0.14 x	0.15 x
EV / Revenue	0.93 x	1.02 x	0.63 x	0.48 x	0.55 x	0.51 x	0.49 x	0.15 x
EV / EBITDA	15.2 x	12.7 x	11.2 x	33.7 x	19.7 x	11.4 x	8.3 x	2.76 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.7 x	2 x	1.53 x	1.06 x	1.02 x	1.01 x	0.9 x	0.96 x
Nbr of stocks (in thousands)	3,694,243	3,681,645	3,629,113	3,565,411	3,414,617	3,387,209	-	-
Reference price ²	10.71	12.80	10.62	7.030	6.720	7.040	7.040	7.040
Announcement Date	3/29/20	4/19/21	4/25/22	4/19/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	79,621	86,430	128,980	152,050	136,148	164,162	169,451	154,487
EBITDA ¹	4,854	6,942	7,242	2,144	3,805	7,440	9,945	8,636
EBIT ¹	4,789	4,526	4,291	-1,104	429.9	1,346	1,715	1,889
Operating Margin	6.01%	5.24%	3.33%	-0.73%	0.32%	0.82%	1.01%	1.22%
Earnings before Tax (EBT) ¹	4,771	4,520	4,303	-1,109	399.8	1,326	3,756	1,859
Net income ¹	3,201	3,072	3,408	-1,080	435.5	871.3	2,258	1,643
Net margin	4.02%	3.55%	2.64%	-0.71%	0.32%	0.53%	1.33%	1.06%
EPS ²	0.8692	1.070	0.9100	-0.3000	0.1300	0.2400	0.6150	0.4500
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.3077	0.3000	0.2000	-	0.1000	0.1700	0.2575	0.2950
Announcement Date	3/29/20	4/19/21	4/25/22	4/19/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	34,113	41,022	42,599	47,219	52,122	60,616	58,742	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.027 x	5.91 x	5.882 x	22.03 x	13.7 x	8.147 x	5.907 x	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	14.7%	12.6%	13.6%	-4.31%	1.74%	3.4%	7.43%	6.1%
ROA (Net income/ Total Assets)	4.35%	3.45%	3.44%	-0.99%	-	0.77%	1.07%	1.4%
Assets ¹	73,527	89,018	99,117	108,738	-	113,652	211,663	117,357
Book Value Per Share ²	6.290	6.390	6.930	6.620	6.560	6.980	7.820	7.360
Cash Flow per Share ²	-0.0300	1.360	2.120	0.7400	1.240	1.280	1.680	1.860
Capex ¹	11,307	8,170	5,984	2,941	4,912	3,205	3,151	4,227
Capex / Sales	14.2%	9.45%	4.64%	1.93%	3.61%	1.95%	1.86%	2.74%
Announcement Date	3/29/20	4/19/21	4/25/22	4/19/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.04 CNY

Average target price

8.213 CNY

Spread / Average Target

+16.67%

	1st Jan change	Capi.
HENGYI PETROCHEMICAL CO., LTD.	+4.76%	3.29B
AIR LIQUIDE	+5.14%	103B
SAUDI BASIC INDUSTRIES CORPORATION	-5.63%	63.04B
PT CHANDRA ASRI PACIFIC TBK	+39.52%	39.06B
WANHUA CHEMICAL GROUP CO., LTD.	+12.91%	37.58B
LYONDELLBASELL INDUSTRIES N.V.	+7.41%	33.24B
WESTLAKE CORPORATION	+6.85%	19.22B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.86%	16.83B
RONGSHENG PETROCHEMICAL CO., LTD.	+7.73%	15.03B
HENGLI PETROCHEMICAL CO.,LTD.	+16.93%	14.96B