Financials Shougang Fushan Resources Group Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
2.92 ^HKD	-1.02%		-6.41%	+1.39%

Mar. 29	Shougang Fushan Resources Posts 30% Profit Drop for 2023	MT
Mar. 27	Shougang Fushan Resources Group Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 26 July 2024	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	8,430	8,907	9,194	13,337	12,579	14,386	14,386	-
Enterprise Value (EV) ¹	3,603	3,621	4,788	6,550	6,291	14,189	4,378	3,384
P/E ratio	7.66 x	7.81 x	8.83 x	5.25 x	4.63 x	7.65 x	8.33 x	8.31 x
Yield	10.6%	10.2%	9.07%	15.2%	17.3%	10.1%	8.79%	8.49%
Capitalization / Revenue	2.29 x	2.3 x	2.3 x	1.88 x	1.53 x	2.41 x	2.57 x	2.53 x
EV / Revenue	0.98 x	0.94 x	1.2 x	0.93 x	0.77 x	2.41 x	0.78 x	0.59 x
EV / EBITDA	1.78 x	1.63 x	2.19 x	1.38 x	1.16 x	3.62 x	1.36 x	1.06 x
EV / FCF	4.94 x	2.79 x	13.1 x	3.43 x	1.82 x	1.31 x	2.27 x	1.63 x
FCF Yield	20.2%	35.8%	7.61%	29.1%	55%	76.3%	44%	61.5%
Price to Book	0.55 x	0.57 x	0.58 x	0.77 x	0.75 x	0.86 x	0.86 x	0.84 x
Nbr of stocks (in thousands)	5,301,838	5,301,838	5,051,838	5,051,838	5,051,838	4,926,838	4,926,838	-
Reference price ²	1.590	1.680	1.820	2.640	2.490	2.920	2.920	2.920
Announcement Date	3/21/19	3/26/20	3/25/21	3/24/22	3/23/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	3,686	3,869	3,997	7,076	8,215	5,891	5,599	5,695
EBITDA ¹	2,028	2,221	2,186	4,736	5,415	3,924	3,217	3,201
EBIT ¹	1,516	1,510	1,525	4,064	4,520	3,048	2,644	2,548
Operating Margin	41.12%	39.01%	38.17%	57.43%	55.03%	51.74%	47.22%	44.73%
Earnings before Tax (EBT) ¹	1,640	1,633	1,613	4,132	4,626	3,219	2,960	2,954
Net income ¹	1,100	1,140	1,080	2,538	2,715	1,889	1,749	1,744
Net margin	29.85%	29.47%	27.02%	35.88%	33.05%	32.07%	31.24%	30.62%
EPS ²	0.2076	0.2151	0.2062	0.5025	0.5375	0.3766	0.3505	0.3515
Free Cash Flow ¹	729.4	1,298	364.4	1,909	3,462	3,222	1,928	2,082
FCF margin	19.79%	33.55%	9.12%	26.98%	42.14%	48.91%	34.43%	36.56%
FCF Conversion (EBITDA)	35.97%	58.45%	16.67%	40.31%	63.93%	83.82%	59.93%	65.05%
FCF Conversion (Net income)	66.28%	113.83%	33.74%	75.2%	127.5%	152.09%	110.22%	119.41%
Dividend per Share ²	0.1680	0.1720	0.1650	0.4000	0.4300	0.2960	0.2567	0.2480
Announcement Date	3/21/19	3/26/20	3/25/21	3/24/22	3/23/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	4,827	5,286	4,406	6,787	6,288	10,164	10,008	11,003
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	729	1,298	364	1,909	3,462	3,222	1,928	2,082
ROE (net income / shareholders' equity)	7.03%	7.34%	6.85%	15.3%	15.9%	12.2%	10.2%	9.74%
ROA (Net income/ Total Assets)	5.13%	5.34%	5.03%	11%	11.3%	9.43%	8.23%	7.92%
Assets ¹	21,473	21,360	21,453	23,107	24,122	22,474	21,245	22,015
Book Value Per Share ²	2.900	2.960	3.130	3.420	3.320	3.420	3.400	3.500
Cash Flow per Share ²	0.3100	0.3600	0.1600	0.7600	-	0.6100	0.6200	0.6700
Capex ¹	913	624	467	495	386	408	385	277
Capex / Sales	24.78%	16.13%	11.69%	7%	4.69%	6.19%	6.88%	4.87%
Announcement Date	3/21/19	3/26/20	3/25/21	3/24/22	3/23/23	3/27/24	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.92 HKD

Average target price

3.292 HKD

Spread / Average Target

+12.76%

	1st Jan change	Capi.
SHOUGANG FUSHAN RESOURCES GROUP LIMITED	+1.39%	1.84B
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SHANXI MEIJIN ENERGY CO.,LTD.	-6.91%	3.7B
PT ADARO MINERALS INDONESIA TBK	-2.94%	3.33B
SHAANXI HEIMAO COKING CO., LTD.	-24.33%	956M
SUNCOKE ENERGY, INC.	-1.58%	889M
RAMACO RESOURCES, INC.	-6.98%	809M
BAOTAILONG NEW MATERIALS CO., LTD.	-35.71%	595M
BOWEN COKING COAL LIMITED	-50.00%	92.74M