Financials Shanghai Bolex Food Technology Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-17 pm EDT			5-day change	1st Jan Change
12.93 ^CNY	+1.73%		-0.46%	-23.54%

Apr. 25	Shanghai Bolex Food Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Shanghai Bolex Food Technology Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	11,332	6,764	5,084	-	-
Enterprise Value (EV) ¹	11,332	6,764	5,084	5,084	5,084
P/E ratio	49.7 x	22.5 x	17.9 x	14.5 x	13 x
Yield	-	2.22%	-	1.06%	-
Capitalization / Revenue	5.56 x	2.86 x	1.85 x	1.58 x	1.39 x
EV / Revenue	5.56 x	2.86 x	1.85 x	1.58 x	1.39 x
EV / EBITDA	-	14.9 x	11.4 x	9.91 x	8.71 x
EV / FCF	-	-	-	-	-
FCF Yield	-	-	-	-	-
Price to Book	10 x	5 x	3.29 x	2.75 x	2.41 x
Nbr of stocks (in thousands)	400,010	400,010	400,010	-	-
Reference price ²	28.33	16.91	12.71	12.71	12.71
Announcement Date	4/10/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	2,037	2,369	2,744	3,219	3,656
EBITDA ¹	-	-	453.4	445.4	512.9	583.8
EBIT ¹	-	294.5	411.1	379.7	465.8	514.8
Operating Margin	-	14.46%	17.35%	13.84%	14.47%	14.08%
Earnings before Tax (EBT) ¹	-	295.3	409.5	378.2	466.6	515.3
Net income ¹	185.4	215.4	301	285.3	350.5	390.7
Net margin	-	10.57%	12.71%	10.4%	10.89%	10.69%
EPS ²	0.5200	0.5700	0.7500	0.7120	0.8771	0.9760
Free Cash Flow	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	-	-	0.3750	-	0.1350	-
Announcement Date	6/27/22	4/10/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	24.4%	24.6%	18.6%	18.8%	18.7%
ROA (Net income/ Total Assets)	-	9.57%	17.5%	12.3%	13%	14%
Assets ¹	-	2,250	1,716	2,320	2,696	2,791
Book Value Per Share ²	-	2.820	3.380	3.860	4.620	5.270
Cash Flow per Share ²	-	0.6300	0.4200	0.8400	0.7800	1.000
Capex ¹	-	70.3	76.3	236	189	151
Capex / Sales	-	3.45%	3.22%	8.59%	5.86%	4.13%
Announcement Date	6/27/22	4/10/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.71 CNY

Average target price

26.2 CNY

Spread / Average Target

+106.14%

	1st Jan change	Capi.
SHANGHAI BOLEX FOOD TECHNOLOGY CO., LTD.	-24.84%	701M
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	-5.24%	27.52B
INTERNATIONAL FLAVORS & FRAGRANCES INC.	+17.08%	24.21B
KIKKOMAN CORPORATION	+5.98%	10.92B
LANCASTER COLONY CORPORATION	+13.31%	5.19B
MEIHUA HOLDINGS GROUP CO.,LTD	+9.01%	4.09B
ANGEL YEAST CO., LTD	-16.91%	3.46B
TATE & LYLE PLC	+2.20%	3.38B
KEWPIE CORPORATION	+27.35%	2.78B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	-6.76%	2.77B