Financials T&S Communications 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
42.63 ^CNY	+4.49%		+8.25%	+9.17%

Mar. 29	T&S Communications Co.,Ltd. Proposes Cash Dividend for 2023	CI
Mar. 28	T&S Communications Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,263	3,924	4,005	3,227	8,799	9,483	-	-
Enterprise Value (EV) ¹	6,263	3,924	4,005	3,227	8,799	9,483	9,483	9,483
P/E ratio	37.3 x	51.7 x	56.1 x	18.3 x	56.6 x	37.2 x	29.1 x	20.7 x
Yield	1.65%	-	1.67%	3.46%	1.28%	2.28%	2.54%	4.11%
Capitalization / Revenue	8.31 x	6.84 x	6.2 x	3.46 x	9.94 x	6.5 x	5.16 x	3.93 x
EV / Revenue	8.31 x	6.84 x	6.2 x	3.46 x	9.94 x	6.5 x	5.16 x	3.93 x
EV / EBITDA	28.4 x	34.6 x	36.1 x	13.5 x	44.6 x	29.9 x	23.2 x	17.1 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	4.81 x	3.08 x	-	2.54 x	6.58 x	6.18 x	5.33 x	4.57 x
Nbr of stocks (in thousands)	229,997	229,997	223,137	223,137	225,327	222,457	-	-
Reference price ²	27.23	17.06	17.95	14.46	39.05	42.63	42.63	42.63
Announcement Date	2/28/20	3/30/21	4/8/22	3/13/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	753.4	573.6	646.3	933.5	884.8	1,458	1,837	2,414
EBITDA ¹	220.9	113.5	110.8	238.3	197.4	317.7	407.9	553.7
EBIT ¹	193	84.72	78.42	202.6	161.2	277.3	359.5	499.4
Operating Margin	25.61%	14.77%	12.13%	21.7%	18.22%	19.01%	19.57%	20.69%
Earnings before Tax (EBT) ¹	192.9	83.49	77.79	201.6	164.1	278.4	362.9	499.5
Net income ¹	168	75.62	71.76	180	155.1	259.9	334.5	466.7
Net margin	22.29%	13.18%	11.1%	19.29%	17.53%	17.82%	18.21%	19.33%
EPS ²	0.7302	0.3300	0.3200	0.7900	0.6900	1.145	1.467	2.055
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.4500	-	0.3000	0.5000	0.5000	0.9700	1.081	1.750
Announcement Date	2/28/20	3/30/21	4/8/22	3/13/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	13.5%	5.87%	6%	14.4%	11.6%	16.4%	19.3%	22.2%
ROA (Net income/ Total Assets)	-	-	-	11.8%	9.6%	15.2%	19.1%	20.4%
Assets ¹	-	-	-	1,523	1,616	1,712	1,748	2,288
Book Value Per Share ²	5.660	5.540	-	5.700	5.930	6.900	8.000	9.320
Cash Flow per Share ²	1.030	0.0200	-	0.4600	0.5000	0.8100	1.150	1.790
Capex ¹	44.3	30.6	-	24.5	10.1	91.7	93.3	86.2
Capex / Sales	5.88%	5.33%	-	2.63%	1.15%	6.29%	5.08%	3.57%
Announcement Date	2/28/20	3/30/21	4/8/22	3/13/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

42.63 CNY

Average target price

44.82 CNY

Spread / Average Target

+5.13%

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