Financials Tianneng Power International Limited

Equities

Delayed Hong Kong S.E. Other stock markets 10:28:46 2024-04-29 pm EDT			5-day change	1st Jan Change
6.04 ^HKD	+0.33%		-0.33%	-8.04%

Mar. 29	Tianneng Power International 2023 Profit Inches Up as Revenue Grows 12.5%	MT
Mar. 28	Tianneng Power International Limited Proposes Ordinary Final Dividend for the Year Ended 31 December 2023 Payable on 08 July 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	5,971	17,724	7,570	8,195	6,745	6,271	-
Enterprise Value (EV) ¹	3,729	17,724	7,570	8,195	6,745	6,271	6,271
P/E ratio	3.61 x	7.32 x	5.95 x	4.64 x	3.77 x	2.9 x	2.45 x
Yield	6.61%	2.14%	5.95%	-	6.51%	6.82%	8.08%
Capitalization / Revenue	0.15 x	0.33 x	0.09 x	0.11 x	0.08 x	0.07 x	0.06 x
EV / Revenue	0.15 x	0.33 x	0.09 x	0.11 x	0.08 x	0.07 x	0.06 x
EV / EBITDA	2.44 x	5.92 x	4.54 x	2.8 x	3.18 x	1.43 x	1.26 x
EV / FCF	10,291,241 x	18,589,364 x	-	-	-	-	-
FCF Yield	0%	0%	-	-	-	-	-
Price to Book	0.9 x	2.03 x	0.58 x	0.57 x	0.43 x	0.36 x	0.32 x
Nbr of stocks (in thousands)	1,126,727	1,126,125	1,126,125	1,126,125	1,126,125	1,126,124	-
Reference price ²	5.299	15.74	6.722	7.277	5.990	5.568	5.568
Announcement Date	3/27/20	3/26/21	3/30/22	3/24/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	40,614	53,525	85,616	74,599	83,891	92,489	99,751
EBITDA ¹	2,443	2,996	1,669	2,922	2,123	4,386	4,971
EBIT ¹	1,958	2,467	-	2,153	1,256	3,449	3,974
Operating Margin	4.82%	4.61%	-	2.89%	1.5%	3.73%	3.98%
Earnings before Tax (EBT) ¹	2,126	2,950	1,837	2,739	2,563	2,939	3,475
Net income ¹	1,682	2,477	1,300	1,796	1,822	2,159	2,552
Net margin	4.14%	4.63%	1.52%	2.41%	2.17%	2.33%	2.56%
EPS ²	1.470	2.150	1.130	1.570	1.590	1.920	2.270
Free Cash Flow	580.2	953.4	-	-	-	-	-
FCF margin	1.43%	1.78%	-	-	-	-	-
FCF Conversion (EBITDA)	23.75%	31.82%	-	-	-	-	-
FCF Conversion (Net income)	34.5%	38.49%	-	-	-	-	-
Dividend per Share ²	0.3504	0.3367	0.4000	-	0.3899	0.3800	0.4500
Announcement Date	3/27/20	3/26/21	3/30/22	3/24/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	2,242	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	580	953	-	-	-	-	-
ROE (net income / shareholders' equity)	28.5%	32.2%	12.5%	12.8%	12.3%	12.9%	13.7%
ROA (Net income/ Total Assets)	9.35%	11.7%	4.65%	5.23%	4.29%	4.5%	5%
Assets ¹	17,993	21,170	27,970	34,360	42,517	47,978	51,040
Book Value Per Share ²	5.920	7.760	11.50	12.80	14.10	15.60	17.50
Cash Flow per Share ²	1.510	1.820	-	-	-	1.980	3.000
Capex ¹	1,158	1,148	2,035	2,928	3,619	1,700	1,400
Capex / Sales	2.85%	2.15%	2.38%	3.93%	4.31%	1.84%	1.4%
Announcement Date	3/27/20	3/26/21	3/30/22	3/24/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.568 CNY

Average target price

7.853 CNY

Spread / Average Target

+41.03%

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