Financials Jiangsu Changbao Steeltube Co.,Ltd

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
5.95 ^CNY	0.00%		-10.39%	+9.17%

Apr. 25	Jiangsu Changbao Steeltube Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 29	Jiangsu Changbao Steeltube Co.,Ltd Proposes Final Cash Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,683	4,170	3,898	5,011	4,871	5,318	-	-
Enterprise Value (EV) ¹	5,683	4,170	3,898	5,011	4,871	5,318	5,318	5,318
P/E ratio	9.4 x	33.8 x	28.9 x	10.8 x	6.19 x	7.53 x	6.57 x	6.23 x
Yield	2.2%	-	-	-	5.14%	4.71%	5.21%	5.38%
Capitalization / Revenue	1.08 x	1.06 x	0.92 x	-	0.73 x	0.78 x	0.72 x	0.69 x
EV / Revenue	1.08 x	1.06 x	0.92 x	-	0.73 x	0.78 x	0.72 x	0.69 x
EV / EBITDA	5.7 x	10.7 x	30.3 x	-	4.5 x	5.15 x	4.75 x	4.86 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.27 x	0.95 x	0.93 x	-	0.94 x	0.95 x	0.85 x	0.78 x
Nbr of stocks (in thousands)	959,993	949,989	900,234	889,998	893,824	893,776	-	-
Reference price ²	5.920	4.390	4.330	5.630	5.450	5.950	5.950	5.950
Announcement Date	4/29/20	3/8/21	3/17/22	3/21/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,285	3,942	4,226	-	6,661	6,856	7,390	7,672
EBITDA ¹	997.6	389.8	128.7	-	1,083	1,032	1,119	1,094
EBIT ¹	798.5	185	-42.82	-	851.7	775	937.6	985.5
Operating Margin	15.11%	4.69%	-1.01%	-	12.79%	11.3%	12.69%	12.84%
Earnings before Tax (EBT) ¹	789.5	173	143.4	-	908.3	823	954.1	1,002
Net income ¹	601.2	123.6	135.8	471	783	710	816.2	856.7
Net margin	11.37%	3.14%	3.21%	-	11.76%	10.36%	11.05%	11.17%
EPS ²	0.6300	0.1300	0.1500	0.5200	0.8800	0.7900	0.9050	0.9550
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1300	-	-	-	0.2800	0.2800	0.3100	0.3200
Announcement Date	4/29/20	3/8/21	3/17/22	3/21/23	3/28/24	-	-	-

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)	14.2%	2.76%	3.23%	-	16.1%	12.5%	13%	12.5%
ROA (Net income/ Total Assets)	9.06%	-	-	-	-	8.53%	8.87%	8.58%
Assets ¹	6,633	-	-	-	-	8,324	9,202	9,984
Book Value Per Share ²	4.650	4.600	4.670	-	5.800	6.290	6.970	7.620
Cash Flow per Share ²	0.7000	0.7000	-	-	0.5400	0.9400	1.120	0.9200
Capex ¹	378	386	177	-	188	333	237	192
Capex / Sales	7.15%	9.8%	4.19%	-	2.82%	4.86%	3.21%	2.5%
Announcement Date	4/29/20	3/8/21	3/17/22	3/21/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.95 CNY

Average target price

7.46 CNY

Spread / Average Target

+25.38%

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