Financials Oppein Home Group Inc.

Equities

603833

CNE100002RB3

Construction Supplies & Fixtures

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
61.53 ^CNY	+2.53%		+7.78%	-11.61%

Apr. 25	Chinese Shares Keep Gains Amid Positive Outlook on Equities; Oppein Home Jumps 7%	MT
Apr. 25	Oppein Home Group's 2023 Profit Jumps 13%; Shares Rise 6%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,160	80,210	89,850	74,030	42,403	37,287	-	-
Enterprise Value (EV) ¹	49,348	77,905	85,690	72,194	39,972	34,133	30,023	31,748
P/E ratio	27.4 x	38.8 x	33.5 x	27.7 x	14.1 x	11.6 x	10.1 x	9.93 x
Yield	0.93%	0.89%	1.19%	1.45%	3.96%	4.34%	4.13%	4.71%
Capitalization / Revenue	3.63 x	5.44 x	4.4 x	3.29 x	1.86 x	1.54 x	1.34 x	1.32 x
EV / Revenue	3.65 x	5.29 x	4.19 x	3.21 x	1.75 x	1.41 x	1.08 x	1.12 x
EV / EBITDA	19.4 x	26.2 x	22.8 x	19 x	9.25 x	8.04 x	6.14 x	6.52 x
EV / FCF	151 x	38.8 x	30.4 x	442 x	14.4 x	11.6 x	9.02 x	-
FCF Yield	0.66%	2.58%	3.28%	0.23%	6.95%	8.63%	11.1%	-
Price to Book	5.14 x	6.85 x	6.24 x	4.6 x	2.4 x	1.85 x	1.64 x	1.56 x
Nbr of stocks (in thousands)	588,238	596,359	609,152	609,152	609,152	606,000	-	-
Reference price ²	83.57	134.5	147.5	121.5	69.61	61.53	61.53	61.53
Announcement Date	4/28/20	4/22/21	4/22/22	4/24/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,533	14,740	20,442	22,480	22,782	24,270	27,811	28,229
EBITDA ¹	2,544	2,976	3,755	3,808	4,322	4,247	4,887	4,866
EBIT ¹	2,105	2,407	3,060	3,056	3,513	3,552	4,056	4,277
Operating Margin	15.55%	16.33%	14.97%	13.59%	15.42%	14.63%	14.58%	15.15%
Earnings before Tax (EBT) ¹	2,119	2,413	3,075	3,068	3,537	3,764	4,305	4,400
Net income ¹	1,839	2,063	2,666	2,688	3,036	3,241	3,735	3,798
Net margin	13.59%	13.99%	13.04%	11.96%	13.32%	13.35%	13.43%	13.45%
EPS ²	3.050	3.470	4.400	4.380	4.920	5.311	6.096	6.197
Free Cash Flow ¹	326.1	2,007	2,815	163.5	2,779	2,944	3,330	-
FCF margin	2.41%	13.61%	13.77%	0.73%	12.2%	12.13%	11.97%	-
FCF Conversion (EBITDA)	12.82%	67.44%	74.95%	4.29%	64.31%	69.33%	68.14%	-
FCF Conversion (Net income)	17.73%	97.29%	105.59%	6.08%	91.56%	90.85%	89.16%	-
Dividend per Share ²	0.7786	1.200	1.750	1.768	2.760	2.668	2.540	2.898
Announcement Date	4/28/20	4/22/21	4/22/22	4/24/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	4,966	9,774	6,202	6,040	4,144	5,549	6,575	6,211	12,786	3,570	6,273	6,721	6,218	3,860	5,790	7,237	7,237	-
EBITDA ¹	-	-	1,352	656.1	-	-	-	-	-	-	-	-	-	742.8	1,009	1,209	1,209	-
EBIT ¹	568.8	1,839	1,233	634.7	244.9	884.9	1,125	750.9	1,876	172.7	990.3	1,274	836	532.8	799.1	998.9	998.9	-
Operating Margin	11.46%	18.81%	19.89%	10.51%	5.91%	15.95%	17.11%	12.09%	14.67%	4.84%	15.79%	18.96%	13.45%	13.8%	13.8%	13.8%	13.8%	-
Earnings before Tax (EBT) ¹	568.1	1,845	1,235	635.5	299.7	885.8	1,130	751.7	1,882	177.1	1,142	1,378	839.9	599.3	898.9	1,124	1,124	-
Net income ¹	489.1	1,574	1,101	552.1	253.1	765.1	972.2	698	1,670	152.4	980.1	1,177	733.5	514.4	771.6	964.5	964.5	-
Net margin	9.85%	16.1%	17.75%	9.14%	6.11%	13.79%	14.79%	11.24%	13.06%	4.27%	15.62%	17.52%	11.8%	13.33%	13.33%	13.33%	13.33%	-
EPS ²	-	-	1.810	0.9200	0.4200	1.250	1.510	1.200	-	0.2300	1.600	1.900	1.190	0.8444	1.267	1.583	1.583	-
Dividend per Share ²	-	-	-	-	-	-	-	1.768	-	-	-	-	-	-	-	-	2.903	-
Announcement Date	8/27/20	4/22/21	10/27/21	4/22/22	4/28/22	8/10/22	10/27/22	4/24/23	4/24/23	4/27/23	8/29/23	10/27/23	4/24/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	189	-	-	-	-	-	-	-
Net Cash position ¹	-	2,305	4,160	1,837	2,431	3,154	7,264	5,540
Leverage (Debt/EBITDA)	0.0741 x	-	-	-	-	-	-	-
Free Cash Flow ¹	326	2,007	2,815	163	2,779	2,944	3,330	-
ROE (net income / shareholders' equity)	21.7%	19.3%	20.1%	17.4%	17.6%	16.7%	16.7%	15.8%
ROA (Net income/ Total Assets)	14.2%	12.3%	12.6%	10.3%	-	9.87%	10.7%	11.1%
Assets ¹	12,968	16,828	21,118	26,002	-	32,822	35,023	34,217
Book Value Per Share ²	16.30	19.60	23.70	26.40	29.00	33.20	37.50	39.50
Cash Flow per Share ²	3.670	6.470	6.640	3.960	8.010	6.060	7.550	7.650
Capex ¹	1,830	1,883	1,231	2,246	2,099	1,294	1,327	1,565
Capex / Sales	13.52%	12.77%	6.02%	9.99%	9.21%	5.33%	4.77%	5.54%
Announcement Date	4/28/20	4/22/21	4/22/22	4/24/23	4/24/24	-	-	-

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 Oppein Home Group Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

61.53 CNY

Average target price

90.73 CNY

Spread / Average Target

+47.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Supplies & Fixtures

	1st Jan change	Capi.
OPPEIN HOME GROUP INC.	-11.61%	5.15B
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FORTUNE BRANDS INNOVATIONS, INC.	-2.57%	9.32B
AGC INC.	+10.03%	7.75B
SIMPSON MANUFACTURING CO., INC.	-12.31%	7.37B
BEIJING NEW BUILDING MATERIALS PUBLIC LIMITED COMPANY	+28.77%	7.01B

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