Financials Hla Group Corp., Ltd.

Equities

600398

CNE0000016H3

Apparel & Accessories

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
8.83 ^CNY	-3.71%		-6.06%	+19.00%

Apr. 29	Hla Group Corp., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 29	Hla Group Corp., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	33,946	28,258	27,689	22,894	32,051	42,408	-
Enterprise Value (EV) ¹	26,557	20,590	18,153	13,820	23,462	30,917	30,406
P/E ratio	10.8 x	15.7 x	11.7 x	11 x	11.6 x	11.4 x	10.2 x
Yield	3.65%	3.99%	7.96%	8.11%	7.55%	7.27%	7.84%
Capitalization / Revenue	1.55 x	1.57 x	1.37 x	1.23 x	1.49 x	1.76 x	1.59 x
EV / Revenue	1.21 x	1.15 x	0.9 x	0.74 x	1.09 x	1.29 x	1.14 x
EV / EBITDA	5.58 x	7.03 x	3.94 x	3.32 x	4.61 x	5.9 x	5.33 x
EV / FCF	9.34 x	7.88 x	4.71 x	5.03 x	5.1 x	9.74 x	8.01 x
FCF Yield	10.7%	12.7%	21.2%	19.9%	19.6%	10.3%	12.5%
Price to Book	2.5 x	2.11 x	1.92 x	1.63 x	2.09 x	2.29 x	2.18 x
Nbr of stocks (in thousands)	4,420,011	4,401,609	4,319,602	4,319,607	4,319,607	4,802,770	-
Reference price ²	7.680	6.420	6.410	5.300	7.420	8.830	8.830
Announcement Date	4/29/20	4/27/21	4/27/22	4/27/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	21,970	17,959	20,188	18,562	21,528	24,043	26,628
EBITDA ¹	4,761	2,930	4,608	4,167	5,087	5,244	5,708
EBIT ¹	4,179	2,282	3,250	2,806	3,611	4,542	5,097
Operating Margin	19.02%	12.71%	16.1%	15.12%	16.77%	18.89%	19.14%
Earnings before Tax (EBT) ¹	4,224	2,299	3,257	2,897	3,624	4,514	5,059
Net income ¹	3,211	1,785	2,491	2,155	2,952	3,372	3,777
Net margin	14.61%	9.94%	12.34%	11.61%	13.71%	14.03%	14.18%
EPS ²	0.7100	0.4100	0.5500	0.4800	0.6400	0.7764	0.8685
Free Cash Flow ¹	2,842	2,614	3,853	2,747	4,602	3,173	3,796
FCF margin	12.94%	14.56%	19.08%	14.8%	21.38%	13.2%	14.26%
FCF Conversion (EBITDA)	59.7%	89.22%	83.6%	65.92%	90.46%	60.51%	66.51%
FCF Conversion (Net income)	88.52%	146.48%	154.65%	127.43%	155.88%	94.09%	100.52%
Dividend per Share ²	0.2800	0.2560	0.5100	0.4300	0.5600	0.6415	0.6923
Announcement Date	4/29/20	4/27/21	4/27/22	4/27/23	4/29/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2020 S1	2022 Q1	2022 S1	2022 Q3	2023 S1
Net sales ¹	10,721	8,102	-	-	4,159	11,199
EBITDA	-	-	-	-	-	-
EBIT	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income ¹	2,125	-	723.1	1,276	473.6	1,679
Net margin	19.82%	-	-	-	11.39%	14.99%
EPS	-	-	-	0.2800	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	8/28/19	8/19/20	4/27/22	8/25/22	10/28/22	8/30/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	7,388	7,668	9,536	9,074	8,589	11,492	12,002
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	2,842	2,614	3,853	2,747	4,602	3,173	3,797
ROE (net income / shareholders' equity)	24.4%	13.2%	17.5%	13.9%	19.5%	20.6%	21.9%
ROA (Net income/ Total Assets)	11%	6.31%	9.53%	6.46%	-	9.64%	9.73%
Assets ¹	29,253	28,290	26,139	33,372	-	34,967	38,811
Book Value Per Share ²	3.080	3.050	3.340	3.260	3.560	3.850	4.050
Cash Flow per Share ²	0.7800	0.6600	1.010	0.7300	1.190	0.8600	1.060
Capex ¹	620	216	511	391	629	396	479
Capex / Sales	2.82%	1.2%	2.53%	2.11%	2.92%	1.65%	1.8%
Announcement Date	4/29/20	4/27/21	4/27/22	4/27/23	4/29/24	-	-

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 Hla Group Corp., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.83 CNY

Average target price

9.234 CNY

Spread / Average Target

+4.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Men's Clothing