Financials Tong Ren Tang Technologies Co. Ltd.

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
5.31 ^HKD	+7.71%		+12.74%	-18.93%

Mar. 22	Tong Ren Tang Technologies Co. Ltd. Announces Final Ordinary Dividend for the Financial Year End 31 December 2023. Payable on August 9, 2024	CI
Mar. 22	Tong Ren Tang Technologies 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	8,768	5,228	8,745	6,391	7,625	6,295	-	-
Enterprise Value (EV) ¹	6,281	3,283	6,489	3,816	4,961	5,796	3,973	4,397
P/E ratio	20.7 x	11 x	17.1 x	10.8 x	12.9 x	9.93 x	9.27 x	-
Yield	2.34%	3.92%	2.34%	3.21%	3.02%	3.46%	4.07%	-
Capitalization / Revenue	1.96 x	1.13 x	1.62 x	1.07 x	1.13 x	0.84 x	0.76 x	0.72 x
EV / Revenue	1.4 x	0.71 x	1.2 x	0.64 x	0.73 x	0.77 x	0.48 x	0.5 x
EV / EBITDA	6.22 x	2.9 x	5.19 x	2.76 x	3.56 x	4.01 x	2.58 x	3.07 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.59 x	0.91 x	1.46 x	0.99 x	1.11 x	0.84 x	0.77 x	0.72 x
Nbr of stocks (in thousands)	1,280,784	1,280,784	1,280,784	1,280,784	1,280,784	1,280,784	-	-
Reference price ²	6.846	4.082	6.828	4.990	5.953	4.915	4.915	4.915
Announcement Date	3/30/20	3/28/21	3/18/22	3/22/23	3/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,476	4,607	5,400	5,992	6,773	7,497	8,248	8,744
EBITDA ¹	1,011	1,132	1,251	1,380	1,393	1,445	1,542	1,432
EBIT ¹	918.1	943.5	1,080	1,213	1,116	1,272	1,346	1,268
Operating Margin	20.51%	20.48%	19.99%	20.25%	16.48%	16.97%	16.32%	14.5%
Earnings before Tax (EBT) ¹	923.5	939.6	1,045	1,212	1,162	1,290	1,376	1,314
Net income ¹	417.6	467.6	507.2	582.9	590.2	631.4	673.9	659.9
Net margin	9.33%	10.15%	9.39%	9.73%	8.71%	8.42%	8.17%	7.55%
EPS ²	0.3300	0.3700	0.4000	0.4600	0.4600	0.4950	0.5300	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1600	0.1600	0.1600	0.1600	0.1800	0.1700	0.2000	-
Announcement Date	3/30/20	3/28/21	3/18/22	3/22/23	3/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,486	1,946	2,256	2,575	2,664	499	2,322	1,898
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.7%	8.31%	8.66%	9.35%	8.83%	8.77%	8.62%	7.79%
ROA (Net income/ Total Assets)	4.13%	4.37%	4.5%	4.84%	-	4.6%	4.7%	-
Assets ¹	10,120	10,705	11,267	12,039	-	13,726	14,337	-
Book Value Per Share ²	4.320	4.480	4.670	5.060	5.380	5.870	6.390	6.870
Cash Flow per Share ²	0.8200	0.3400	0.8100	0.5700	-	1.690	0.8700	-
Capex ¹	276	546	169	172	-	422	463	-
Capex / Sales	6.16%	11.85%	3.12%	2.88%	-	5.63%	5.61%	-
Announcement Date	3/30/20	3/28/21	3/18/22	3/22/23	3/22/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.915 CNY

Average target price

6.058 CNY

Spread / Average Target

+23.24%

	1st Jan change	Capi.
TONG REN TANG TECHNOLOGIES CO. LTD.	-18.93%	869M
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