Financials Lao Feng Xiang Co., Ltd.

Equities

600612

CNE000000537

Apparel & Accessories

End-of-day quote Shanghai S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
76.89 CNY -1.28% Intraday chart for Lao Feng Xiang Co., Ltd. -7.97% +11.43%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 18,866 19,790 18,272 19,001 17,728 30,336 30,336 -
Enterprise Value (EV) 1 19,824 23,571 20,801 21,144 20,556 26,922 28,478 27,635
P/E ratio 19.5 x 17.7 x 15 x 12.8 x 13.2 x 16.3 x 15.8 x 14.1 x
Yield 2.44% 2.42% 2.76% 3.16% 3.41% 2.2% 2.62% 2.73%
Capitalization / Revenue 0.43 x 0.4 x 0.35 x 0.32 x 0.28 x 0.38 x 0.38 x 0.33 x
EV / Revenue 0.45 x 0.47 x 0.4 x 0.36 x 0.33 x 0.38 x 0.35 x 0.3 x
EV / EBITDA 9.04 x 9.28 x 7.26 x 6.41 x 6.65 x 7.07 x 5.88 x 5.27 x
EV / FCF -46.9 x -18.4 x 8.09 x 10.2 x 23.1 x 6.13 x - -
FCF Yield -2.13% -5.43% 12.4% 9.79% 4.33% 16.3% - -
Price to Book 3.8 x 3.55 x 2.98 x 2.61 x 2.21 x 3.12 x 3.08 x 2.71 x
Nbr of stocks (in thousands) 523,118 523,118 523,118 523,118 523,118 523,118 523,118 -
Reference price 2 45.00 47.61 45.33 45.85 42.80 76.89 76.89 76.89
Announcement Date 3/7/19 3/16/20 3/3/21 3/2/22 3/2/23 3/4/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 43,784 49,629 51,722 58,691 63,010 71,436 80,359 91,067
EBITDA 1 2,194 2,539 2,865 3,300 3,092 4,321 4,842 5,248
EBIT 1 2,109 2,462 2,797 3,232 3,017 3,968 4,521 5,078
Operating Margin 4.82% 4.96% 5.41% 5.51% 4.79% 5.55% 5.63% 5.58%
Earnings before Tax (EBT) 1 2,150 2,493 2,794 3,242 3,028 3,979 4,494 5,060
Net income 1 1,205 1,408 1,586 1,876 1,700 2,214 2,539 2,858
Net margin 2.75% 2.84% 3.07% 3.2% 2.7% 3.1% 3.16% 3.14%
EPS 2 2.303 2.692 3.032 3.587 3.250 4.233 4.853 5.462
Free Cash Flow 1 -422.3 -1,281 2,573 2,070 890.6 4,985 - -
FCF margin -0.96% -2.58% 4.97% 3.53% 1.41% 6.74% - -
FCF Conversion (EBITDA) - - 89.78% 62.74% 28.8% 115.36% - -
FCF Conversion (Net income) - - 162.21% 110.34% 52.38% 213.84% - -
Dividend per Share 2 1.100 1.150 1.250 1.450 1.460 1.690 2.017 2.097
Announcement Date 3/7/19 3/16/20 3/3/21 3/2/22 3/2/23 3/4/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2022 Q1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 28,105 - - - - - 40,344 - 12,500 26,000 18,700 26,800 13,800
EBITDA - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income 739.1 - - - - - 1,273 - - - - - -
Net margin 2.63% - - - - - 3.16% - - - - - -
EPS 2 - 0.7772 0.8901 0.6600 1.369 1.060 - 1.330 0.6700 1.480 1.150 1.420 0.5100
Dividend per Share - - - - - - - - - - - - -
Announcement Date 8/27/19 4/28/22 10/27/22 3/2/23 4/27/23 8/27/23 8/27/23 10/26/23 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 958 3,782 2,529 2,144 2,828 199 - -
Net Cash position 1 - - - - - - 1,858 2,701
Leverage (Debt/EBITDA) 0.4366 x 1.49 x 0.8825 x 0.6496 x 0.9146 x 0.046 x - -
Free Cash Flow 1 -422 -1,281 2,573 2,070 891 4,985 - -
ROE (net income / shareholders' equity) 20.3% 21.2% 21% 21.7% 17.4% 20.5% 20.2% 20.3%
ROA (Net income/ Total Assets) 8.36% 8.62% 8.63% 8.97% 7.04% 8.43% 8.13% 8.39%
Assets 1 14,402 16,336 18,372 20,919 24,140 27,652 31,213 34,044
Book Value Per Share 2 11.80 13.40 15.20 17.60 19.40 22.10 25.00 28.40
Cash Flow per Share 2 -0.7100 -2.400 4.490 3.800 1.840 6.760 -8.440 5.740
Capex 1 51.7 26.7 36.5 55.2 73.5 60.3 66.9 48.1
Capex / Sales 0.12% 0.05% 0.07% 0.09% 0.12% 0.08% 0.08% 0.05%
Announcement Date 3/7/19 3/16/20 3/3/21 3/2/22 3/2/23 3/4/24 - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
76.89 CNY
Average target price
74.75 CNY
Spread / Average Target
-2.78%
Consensus
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