Financials Rainbow Digital Commercial Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
4.96 ^CNY	-4.43%		+0.81%	-10.31%

Apr. 26	Rainbow Digital Commercial Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 09	Rainbow Digital Commercial Co., Ltd. Approves Cash Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,663	9,170	7,449	8,042	6,464	5,797	-	-
Enterprise Value (EV) ¹	8,286	4,896	4,480	4,836	2,873	298.5	-150.5	5,797
P/E ratio	14.7 x	36.2 x	32.2 x	67 x	28.5 x	22.5 x	17.3 x	18.7 x
Yield	3.98%	2.75%	2.55%	0.73%	2.89%	3.23%	3.13%	3.23%
Capitalization / Revenue	0.65 x	0.78 x	0.61 x	0.66 x	0.53 x	0.46 x	0.43 x	0.44 x
EV / Revenue	0.43 x	0.41 x	0.37 x	0.4 x	0.24 x	0.02 x	-0.01 x	0.44 x
EV / EBITDA	5.29 x	5.47 x	5.43 x	6.49 x	3.13 x	0.36 x	-0.16 x	-
EV / FCF	10.9 x	24.8 x	2.25 x	2.57 x	1.26 x	0.37 x	-0.21 x	-
FCF Yield	9.18%	4.03%	44.5%	38.9%	79.1%	273%	-481%	-
Price to Book	1.82 x	1.37 x	1.78 x	1.99 x	1.54 x	1.38 x	1.35 x	1.28 x
Nbr of stocks (in thousands)	1,200,300	1,200,300	1,186,211	1,168,848	1,168,848	1,168,848	-	-
Reference price ²	10.55	7.640	6.280	6.880	5.530	4.960	4.960	4.960
Announcement Date	2/28/20	3/11/21	3/10/22	3/17/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,393	11,800	12,268	12,125	12,086	12,595	13,503	13,266
EBITDA ¹	1,568	895	824.5	744.9	919.1	822	946	-
EBIT ¹	1,090	335.1	357.8	233.4	394.1	311	453.5	377
Operating Margin	5.62%	2.84%	2.92%	1.92%	3.26%	2.47%	3.36%	2.84%
Earnings before Tax (EBT) ¹	1,105	371.3	332.2	201.8	304.8	351	449.3	417
Net income ¹	859.3	253.4	232.1	120.1	226.7	260.5	336.8	309.5
Net margin	4.43%	2.15%	1.89%	0.99%	1.88%	2.07%	2.49%	2.33%
EPS ²	0.7159	0.2111	0.1948	0.1027	0.1939	0.2200	0.2875	0.2650
Free Cash Flow ¹	760.4	197.2	1,992	1,881	2,272	815	723.5	-
FCF margin	3.92%	1.67%	16.23%	15.51%	18.8%	6.47%	5.36%	-
FCF Conversion (EBITDA)	48.51%	22.03%	241.56%	252.46%	247.16%	99.15%	76.48%	-
FCF Conversion (Net income)	88.49%	77.81%	858.03%	1,565.95%	1,002.15%	312.86%	214.85%	-
Dividend per Share ²	0.4200	0.2100	0.1600	0.0500	0.1600	0.1600	0.1553	0.1600
Announcement Date	2/28/20	3/11/21	3/10/22	3/17/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	4,377	4,274	2,969	3,206	3,591	5,499	5,948	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	760	197	1,992	1,881	2,272	815	724	-
ROE (net income / shareholders' equity)	12.9%	3.74%	4.3%	2.97%	5.51%	6%	7.93%	6.75%
ROA (Net income/ Total Assets)	5.23%	1.47%	0.93%	-	0.77%	0.9%	1.2%	1.2%
Assets ¹	16,443	17,216	24,958	-	29,454	28,944	28,062	25,792
Book Value Per Share ²	5.790	5.580	3.520	3.460	3.600	3.590	3.680	3.860
Cash Flow per Share ²	1.220	0.8600	2.290	2.060	2.350	1.730	2.640	1.510
Capex ¹	699	834	742	523	475	260	592	465
Capex / Sales	3.6%	7.07%	6.05%	4.31%	3.93%	2.06%	4.38%	3.51%
Announcement Date	2/28/20	3/11/21	3/10/22	3/17/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.96 CNY

Average target price

6.65 CNY

Spread / Average Target

+34.07%

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