Financials Tongdao Liepin Group

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
3.02 ^HKD	+9.03%		+20.80%	-47.66%

Apr. 17	Tongdao Liepin Invests 80 Million Yuan in Xiamen International Bank’s Structured Deposit Product	MT
Apr. 05	Tongdao Liepin Group Announces Board Changes	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	13,000	7,119	8,198	8,083	4,255	1,438	1,438	-
Enterprise Value (EV) ¹	9,764	4,695	7,681	7,627	4,255	2,717	656.1	300.5
P/E ratio	1,592 x	59.2 x	152 x	59.2 x	92.1 x	3,278 x	14.4 x	7.81 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	10.6 x	4.7 x	4.38 x	3.05 x	1.61 x	1.19 x	0.61 x	0.5 x
EV / Revenue	7.97 x	3.1 x	4.11 x	2.88 x	1.61 x	1.19 x	0.28 x	0.11 x
EV / EBITDA	174 x	18.9 x	24.8 x	16.7 x	-	17.8 x	2.36 x	0.82 x
EV / FCF	52,944,428 x	20,179,975 x	17,179,128 x	-	35,968,083 x	-	4,000,714 x	-1,092,729 x
FCF Yield	0%	0%	0%	-	0%	-	0%	-0%
Price to Book	4.09 x	2.37 x	2.81 x	2.67 x	1.33 x	0.46 x	0.47 x	0.44 x
Nbr of stocks (in thousands)	510,519	520,669	521,458	523,791	524,779	514,484	514,484	-
Reference price ²	25.46	13.67	15.72	15.43	8.108	2.796	2.796	2.796
Announcement Date	3/28/19	3/19/20	3/19/21	3/18/22	3/31/23	3/22/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,225	1,513	1,870	2,651	2,638	2,282	2,351	2,849
EBITDA ¹	56.06	248.2	310.3	457.5	-	152.6	278.4	366.3
EBIT ¹	41.54	185.6	248.6	372.8	230.3	138.8	188.2	314.4
Operating Margin	3.39%	12.26%	13.3%	14.06%	8.73%	6.08%	8.01%	11.03%
Earnings before Tax (EBT) ¹	10.19	141.3	-	214.6	107.7	29.5	167.2	330.1
Net income ¹	7.737	120.4	53.63	134.4	44.37	0.75	114	219.7
Net margin	0.63%	7.95%	2.87%	5.07%	1.68%	0.03%	4.85%	7.71%
EPS ²	0.0160	0.2310	0.1033	0.2607	0.0880	0.001600	0.1942	0.3579
Free Cash Flow	184.4	232.7	447.1	-	118.3	-	164	-275
FCF margin	15.05%	15.37%	23.92%	-	4.48%	-	6.98%	-9.65%
FCF Conversion (EBITDA)	328.96%	93.75%	144.1%	-	-	-	58.92%	-
FCF Conversion (Net income)	2,383.69%	193.33%	833.79%	-	266.62%	-	143.8%	-
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	3/28/19	3/19/20	3/19/21	3/18/22	3/31/23	3/22/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	3,236	2,424	517	456	-	408	782	1,138
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	184	233	447	-	118	-	164	-275
ROE (net income / shareholders' equity)	6.42%	6.01%	5.35%	4.59%	6.25%	3.69%	4.76%	7.86%
ROA (Net income/ Total Assets)	4.52%	4.46%	3.62%	2.88%	3.86%	2.26%	3.18%	5.09%
Assets ¹	171.2	2,699	1,481	4,668	1,149	3,378	3,592	4,316
Book Value Per Share ²	6.220	5.770	5.590	5.780	6.100	6.130	5.910	6.400
Cash Flow per Share ²	0.4200	0.4800	-	-	0.2800	0.9000	0.6400	1.370
Capex ¹	19.4	16.5	19.1	35.6	24.8	31.7	19.3	21.6
Capex / Sales	1.58%	1.09%	1.02%	1.34%	0.94%	1.4%	0.82%	0.76%
Announcement Date	3/28/19	3/19/20	3/19/21	3/18/22	3/31/23	3/22/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.796 CNY

Average target price

6.283 CNY

Spread / Average Target

+124.74%

	1st Jan change	Capi.
TONGDAO LIEPIN GROUP	-47.66%	198M
KANZHUN LIMITED	+20.95%	8.89B
SEEK LIMITED	-10.10%	5.57B
VISIONAL, INC.	-18.49%	1.82B
ZIPRECRUITER, INC.	-25.47%	1.03B
DIP CORPORATION	-15.51%	939M
MEDLEY, INC.	-16.02%	759M
EN-JAPAN INC.	-2.50%	689M
104 CORPORATION	+7.31%	231M
MATCHING SERVICE JAPAN CO., LTD.	+6.00%	191M