Financials MLS Co., Ltd.

Equities

002745

CNE100001X19

Semiconductors

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
8.39 ^CNY	-0.24%		+4.48%	-3.12%

Apr. 25	MLS Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 17	MLS 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	17,382	21,654	22,455	12,037	12,853	12,452	-	-
Enterprise Value (EV) ¹	20,425	24,464	21,985	12,037	12,853	12,452	12,452	12,452
P/E ratio	35.8 x	66.3 x	19.4 x	62.4 x	29.9 x	15.8 x	12.3 x	14.2 x
Yield	1.1%	0.86%	0.91%	-	-	-	-	-
Capitalization / Revenue	0.92 x	1.25 x	1.21 x	-	0.73 x	0.66 x	0.61 x	0.57 x
EV / Revenue	0.92 x	1.25 x	1.21 x	-	0.73 x	0.66 x	0.61 x	0.57 x
EV / EBITDA	8.68 x	10.9 x	7.86 x	-	6.68 x	7.15 x	6.2 x	5.47 x
EV / FCF	-	-	7,182,745 x	-	-	-	-	-
FCF Yield	-	-	0%	-	-	-	-	-
Price to Book	1.68 x	1.74 x	1.7 x	-	0.94 x	0.9 x	0.92 x	0.92 x
Nbr of stocks (in thousands)	1,277,169	1,484,166	1,484,166	1,484,166	1,484,166	1,484,166	-	-
Reference price ²	13.61	14.59	15.13	8.110	8.660	8.390	8.390	8.390
Announcement Date	4/30/20	1/28/21	3/9/22	4/17/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,973	17,381	18,615	-	17,536	18,791	20,413	21,995
EBITDA ¹	2,004	1,989	2,856	-	1,923	1,742	2,010	2,277
EBIT ¹	822.2	765.1	1,573	-	926.7	957	1,154	1,414
Operating Margin	4.33%	4.4%	8.45%	-	5.28%	5.09%	5.65%	6.43%
Earnings before Tax (EBT) ¹	835.6	767.1	1,549	-	654.6	860	1,032	1,250
Net income ¹	491.7	301.7	1,159	193.9	429.9	780.6	1,011	872
Net margin	2.59%	1.74%	6.23%	-	2.45%	4.15%	4.95%	3.96%
EPS ²	0.3800	0.2200	0.7800	0.1300	0.2900	0.5300	0.6800	0.5900
Free Cash Flow	-	-	3,126	-	-	-	-	-
FCF margin	-	-	16.79%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	109.46%	-	-	-	-	-
FCF Conversion (Net income)	-	-	269.74%	-	-	-	-	-
Dividend per Share	0.1500	0.1260	0.1380	-	-	-	-	-
Announcement Date	4/30/20	1/28/21	3/9/22	4/17/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1
Net sales	-	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	-	-
Net margin	-	-
EPS ¹	0.1500	0.1200
Dividend per Share	-	-
Announcement Date	3/9/22	4/27/22

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	3,043	2,810	-	-	-	-	-	-
Net Cash position	-	-	470	-	-	-	-	-
Leverage (Debt/EBITDA)	1.519 x	1.413 x	-	-	-	-	-	-
Free Cash Flow	-	-	3,126	-	-	-	-	-
ROE (net income / shareholders' equity)	5.08%	2.48%	9.02%	-	3.16%	5.45%	6.79%	6.5%
ROA (Net income/ Total Assets)	-	-	-	-	-	2.5%	2.8%	3.3%
Assets ¹	-	-	-	-	-	31,225	36,090	26,424
Book Value Per Share ²	8.090	8.400	8.920	-	9.200	9.280	9.110	9.100
Cash Flow per Share	0.6100	0.9900	2.700	-	-	-	-	-
Capex ¹	-	-	529	-	-	800	800	600
Capex / Sales	-	-	2.84%	-	-	4.26%	3.92%	2.73%
Announcement Date	4/30/20	1/28/21	3/9/22	4/17/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for MLS Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.39 CNY

Average target price

9.2 CNY

Spread / Average Target

+9.65%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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