Financials Pony Testing Co., Ltd.

Equities

300887

CNE1000047Y1

Business Support Services

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
10.19 ^CNY	-1.45%		-17.02%	-13.72%

Apr. 22	Pony Testing Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Pony Testing Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,920	9,276	9,360	6,449	5,565	-	-
Enterprise Value (EV) ¹	5,920	9,010	8,741	6,034	5,512	5,316	5,518
P/E ratio	30.1 x	42.2 x	39.2 x	59.8 x	18.9 x	11.6 x	11.6 x
Yield	-	0.59%	2.15%	0.51%	1.5%	3.12%	2.28%
Capitalization / Revenue	4.15 x	4.62 x	2.49 x	2.61 x	1.97 x	1.5 x	1.49 x
EV / Revenue	4.15 x	4.49 x	2.32 x	2.45 x	1.95 x	1.43 x	1.47 x
EV / EBITDA	19 x	23.6 x	14.1 x	18.1 x	9.54 x	6.48 x	6.28 x
EV / FCF	-	-20,441,247 x	-	-	-	-	-
FCF Yield	-	-0%	-	-	-	-	-
Price to Book	3.25 x	4.59 x	2.64 x	1.87 x	1.54 x	1.37 x	1.34 x
Nbr of stocks (in thousands)	467,856	468,610	545,326	546,082	546,082	-	-
Reference price ²	12.65	19.80	17.16	11.81	10.19	10.19	10.19
Announcement Date	3/18/21	2/22/22	4/19/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,426	2,007	3,762	2,468	2,821	3,714	3,746
EBITDA ¹	312	382	619.5	333.3	577.9	820.3	878.1
EBIT ¹	186.3	240	348.3	123.4	327.4	501.7	522.5
Operating Margin	13.06%	11.96%	9.26%	5%	11.61%	13.51%	13.95%
Earnings before Tax (EBT) ¹	186.3	240.9	347.9	123.4	337.2	532.8	550.7
Net income ¹	163.7	220.3	320.8	107.8	295.7	473.1	481
Net margin	11.48%	10.98%	8.53%	4.37%	10.48%	12.74%	12.84%
EPS ²	0.4207	0.4693	0.4375	0.1974	0.5400	0.8775	0.8800
Free Cash Flow	-	-440.8	-	-	-	-	-
FCF margin	-	-21.96%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	0.1170	0.3684	0.0600	0.1525	0.3184	0.2328
Announcement Date	3/18/21	2/22/22	4/19/23	4/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Net sales ¹	665	533.5	1,150	998	1,080	525.5	661.7	571.1	709.4	334.4	794	708.1
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	137	12.68	83.62	109.1	142.9	14.45	100.4	11.96	-	-	-	-
Operating Margin	20.61%	2.38%	7.27%	10.93%	13.23%	2.75%	15.18%	2.1%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/22/22	4/26/22	7/31/22	10/20/22	4/19/23	4/19/23	8/6/23	10/23/23	4/22/24	4/22/24	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	-	267	618	415	52.7	248	46.6
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-441	-	-	-	-	-
ROE (net income / shareholders' equity)	16.9%	11.5%	10.5%	3.07%	7.87%	11%	11.1%
ROA (Net income/ Total Assets)	-	-	8.72%	-	6.98%	9.22%	10.3%
Assets ¹	-	-	3,680	-	4,238	5,133	4,658
Book Value Per Share ²	3.890	4.310	6.490	6.330	6.600	7.440	7.620
Cash Flow per Share ²	0.3700	-	1.140	0.6000	1.040	1.180	1.410
Capex ¹	292	488	492	556	518	587	364
Capex / Sales	20.49%	24.32%	13.07%	22.53%	18.35%	15.8%	9.72%
Announcement Date	3/18/21	2/22/22	4/19/23	4/22/24	-	-	-

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 Pony Testing Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.19 CNY

Average target price

12.39 CNY

Spread / Average Target

+21.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Testing Laboratories

	1st Jan change	Capi.
PONY TESTING CO., LTD.	-13.72%	768M
UL SOLUTIONS INC.	0.00%	6.8B
CENTRE TESTING INTERNATIONAL GROUP CO. LTD.	-12.39%	2.88B
CHINA AUTOMOTIVE ENGINEERING RESEARCH INSTITUTE CO., LTD.	-11.15%	2.72B
HEFEI CHIPMORE TECHNOLOGY CO.,LTD.	-31.21%	1.74B
GRG METROLOGY & TEST GROUP CO., LTD.	+5.00%	1.25B
CHINA NATIONAL ELECTRIC APPARATUS RESEARCH INSTITUTE CO., LTD.	-7.31%	1.06B
CHINA TESTING & CERTIFICATION INTERNATIONAL GROUP CO.,LTD.	-6.67%	870M
CORE LABORATORIES INC.	-4.08%	794M
SPORTON INTERNATIONAL INC.	+0.62%	757M

Testing Laboratories