Financials Kunlun Tech 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
39.82 ^CNY	+2.97%		+7.22%	+6.47%

Apr. 26	Kunlun Tech Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 24	Kunlun Tech's 2023 Profit Jumps 9%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,922	22,945	27,171	17,036	45,441	48,382	-	-
Enterprise Value (EV) ¹	18,852	22,205	27,171	16,715	44,943	44,136	39,301	48,382
P/E ratio	14.8 x	4.65 x	17.7 x	14.9 x	36.7 x	57.7 x	38.1 x	46.8 x
Yield	0.16%	0.87%	0.29%	-	0.13%	0.29%	0.34%	0.7%
Capitalization / Revenue	5.13 x	8.38 x	5.6 x	3.6 x	9.24 x	8.7 x	7.85 x	6.9 x
EV / Revenue	5.11 x	8.11 x	5.6 x	3.53 x	9.14 x	7.94 x	6.38 x	6.9 x
EV / EBITDA	12.4 x	4.39 x	16.2 x	11.3 x	22.2 x	30 x	22.4 x	-
EV / FCF	16.2 x	-	-	-	92.1 x	67.1 x	43.8 x	65.7 x
FCF Yield	6.19%	-	-	-	1.09%	1.49%	2.28%	1.52%
Price to Book	4.1 x	2.42 x	2.67 x	1.35 x	2.99 x	3.07 x	3.03 x	2.83 x
Nbr of stocks (in thousands)	1,129,689	1,150,142	1,173,688	1,182,250	1,215,007	1,215,007	-	-
Reference price ²	16.75	19.95	23.15	14.41	37.40	39.82	39.82	39.82
Announcement Date	2/27/20	2/26/21	2/28/22	2/28/23	4/23/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,688	2,739	4,850	4,736	4,915	5,561	6,163	7,011
EBITDA ¹	1,518	5,058	1,675	1,480	2,025	1,472	1,753	-
EBIT ¹	1,478	5,032	1,562	1,401	1,928	1,224	1,672	1,499
Operating Margin	40.09%	183.71%	32.2%	29.58%	39.22%	22.01%	27.13%	21.38%
Earnings before Tax (EBT) ¹	1,483	5,026	1,561	1,388	1,879	1,194	1,693	1,469
Net income ¹	1,295	4,993	1,547	1,153	1,258	840	1,263	1,034
Net margin	35.12%	182.28%	31.89%	24.33%	25.6%	15.1%	20.5%	14.75%
EPS ²	1.130	4.290	1.310	0.9700	1.020	0.6900	1.045	0.8500
Free Cash Flow ¹	1,166	-	-	-	487.8	658	897	736
FCF margin	31.62%	-	-	-	9.92%	11.83%	14.55%	10.5%
FCF Conversion (EBITDA)	76.8%	-	-	-	24.09%	44.71%	51.17%	-
FCF Conversion (Net income)	90.03%	-	-	-	38.76%	78.33%	71.01%	71.18%
Dividend per Share ²	0.0260	0.1740	0.0660	-	0.0500	0.1159	0.1366	0.2800
Announcement Date	2/27/20	2/26/21	2/28/22	2/28/23	4/23/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	70.8	740	-	321	499	4,246	9,081	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,166	-	-	-	488	658	897	736
ROE (net income / shareholders' equity)	25.8%	68.9%	16.1%	10%	9.05%	5.3%	8.22%	6%
ROA (Net income/ Total Assets)	-	42.5%	9.91%	6.5%	-	6%	6.9%	-
Assets ¹	-	11,748	15,616	17,730	-	14,000	18,308	-
Book Value Per Share ²	4.090	8.250	8.670	10.70	12.50	13.00	13.10	14.10
Cash Flow per Share ²	1.020	0.6200	0.9800	0.7000	0.7300	0.9500	2.040	-
Capex ¹	3.81	8.27	54.5	77.6	397	131	143	201
Capex / Sales	0.1%	0.3%	1.12%	1.64%	8.07%	2.36%	2.33%	2.87%
Announcement Date	2/27/20	2/26/21	2/28/22	2/28/23	4/23/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

39.82 CNY

Average target price

42.8 CNY

Spread / Average Target

+7.48%

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