Financials Lets Holdings Group Co., Ltd.

Equities

002398

CNE100000NZ5

Commodity Chemicals

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
3.98 ^CNY	0.00%		+2.58%	-16.56%

Apr. 28	Lets Holdings Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 15	Lets Holdings Group Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,183	5,523	5,260	4,120	3,404	2,840	-	-
Enterprise Value (EV) ¹	4,183	5,523	5,260	4,120	3,404	2,840	2,840	2,840
P/E ratio	10.2 x	14.4 x	19.2 x	19.2 x	21.7 x	15.9 x	13.6 x	10.6 x
Yield	1.32%	1.03%	1.1%	1.39%	1.68%	2.01%	2.26%	-
Capitalization / Revenue	1.23 x	1.43 x	1.07 x	1.04 x	1.11 x	0.9 x	0.81 x	0.67 x
EV / Revenue	1.23 x	1.43 x	1.07 x	1.04 x	1.11 x	0.9 x	0.81 x	0.67 x
EV / EBITDA	7.79 x	11.2 x	14.4 x	10 x	12.8 x	9.17 x	8.31 x	7.12 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.48 x	1.72 x	1.54 x	1.16 x	0.94 x	0.74 x	0.71 x	0.67 x
Nbr of stocks (in thousands)	692,509	709,932	720,490	716,598	713,622	713,629	-	-
Reference price ²	6.040	7.780	7.300	5.750	4.770	3.980	3.980	3.980
Announcement Date	2/27/20	3/29/21	3/7/22	3/27/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,394	3,871	4,918	3,947	3,058	3,169	3,510	4,231
EBITDA ¹	536.7	492.4	364.7	411.6	265.2	309.7	341.9	399.2
EBIT ¹	480.4	426.2	298.7	232.6	170.2	193.9	227.6	288.9
Operating Margin	14.16%	11.01%	6.07%	5.89%	5.57%	6.12%	6.49%	6.83%
Earnings before Tax (EBT) ¹	479.7	432.5	301.4	228.7	170.4	193.8	227.2	288.8
Net income ¹	403.3	372.5	271.9	210.8	158.9	178.3	208.8	264.4
Net margin	11.88%	9.62%	5.53%	5.34%	5.2%	5.62%	5.95%	6.25%
EPS ²	0.5900	0.5400	0.3800	0.3000	0.2200	0.2500	0.2933	0.3750
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0800	0.0800	0.0800	0.0800	0.0800	0.0800	0.0900	-
Announcement Date	2/27/20	3/29/21	3/7/22	3/27/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 S1	2023 Q3
Net sales ¹	-	1,035	1,815	952.7
EBITDA	-	-	-	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income ¹	48.01	76.82	124.8	42.44
Net margin	-	7.42%	6.88%	4.45%
EPS	0.0700	-	-	-
Dividend per Share	-	-	-	-
Announcement Date	4/27/23	8/28/23	8/28/23	10/27/23

¹CNY in Million

Estimates

Balance Sheet Analysis

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)	15.2%	12.4%	8.19%	5.95%	4.29%	4.66%	5.24%	6.23%
ROA (Net income/ Total Assets)	9.93%	-	4.55%	3.27%	-	2.6%	2.9%	-
Assets ¹	4,060	-	5,980	6,456	-	6,856	7,202	-
Book Value Per Share ²	4.090	4.530	4.740	4.950	5.070	5.350	5.570	5.910
Cash Flow per Share ²	0.4500	0.4500	0.4500	0.5900	0.6100	0.5800	0.5500	0.5100
Capex ¹	97.6	141	104	206	202	209	115	156
Capex / Sales	2.88%	3.65%	2.12%	5.22%	6.59%	6.6%	3.27%	3.69%
Announcement Date	2/27/20	3/29/21	3/7/22	3/27/23	4/15/24	-	-	-

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 Lets Holdings Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.98 CNY

Average target price

4.777 CNY

Spread / Average Target

+20.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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