Financials Xinjiang Tianrun Dairy Co., Ltd.

Equities

600419

CNE000001881

Food Processing

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
9.65 ^CNY	+0.10%		+1.79%	-17.73%

Apr. 15	Xinjiang Tianrun Dairy Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Xinjiang Tianrun Dairy Begins Production of Shandong Dairy Processing Plant	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,554	4,945	3,700	3,044	-	-
Enterprise Value (EV) ¹	3,554	4,945	3,700	3,044	3,044	3,044
P/E ratio	23.7 x	25.2 x	26 x	14.5 x	12.7 x	11 x
Yield	-	1.19%	1.16%	1.99%	2.42%	2.8%
Capitalization / Revenue	-	2.05 x	1.36 x	1 x	0.9 x	0.82 x
EV / Revenue	-	2.05 x	1.36 x	1 x	0.9 x	0.82 x
EV / EBITDA	-	13.6 x	8.67 x	6.16 x	5.55 x	5.09 x
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	-	2.17 x	1.57 x	1.21 x	1.13 x	1.05 x
Nbr of stocks (in thousands)	268,599	315,390	315,390	315,390	-	-
Reference price ²	13.23	15.68	11.73	9.650	9.650	9.650
Announcement Date	4/27/22	3/30/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	2,410	2,714	3,035	3,375	3,725
EBITDA ¹	-	363.9	426.8	494	548	598
EBIT ¹	-	232.3	245.1	256.8	294.7	338.3
Operating Margin	-	9.64%	9.03%	8.46%	8.73%	9.08%
Earnings before Tax (EBT) ¹	-	215.4	173	247.5	284.7	328
Net income ¹	149.7	196.6	142	213.1	244.3	282
Net margin	-	8.16%	5.23%	7.02%	7.24%	7.57%
EPS ²	0.5572	0.6214	0.4503	0.6675	0.7600	0.8800
Free Cash Flow	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	-	0.1870	0.1360	0.1925	0.2333	0.2700
Announcement Date	4/27/22	3/30/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q3
Net sales ¹	-	757.9	693.7
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	-	-
Net income	54.98	-	-
Net margin	-	-	-
EPS	0.1717	-	-
Dividend per Share	-	-	-
Announcement Date	4/20/23	8/24/23	10/24/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	8.57%	6.07%	8.37%	8.91%	9.51%
ROA (Net income/ Total Assets)	-	-	-	3.64%	4.1%	4.59%
Assets ¹	-	-	-	5,860	5,953	6,139
Book Value Per Share ²	-	7.210	7.470	7.970	8.520	9.170
Cash Flow per Share ²	-	0.9400	1.080	1.450	1.800	1.720
Capex ¹	-	643	789	347	332	315
Capex / Sales	-	26.68%	29.08%	11.43%	9.83%	8.47%
Announcement Date	4/27/22	3/30/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Xinjiang Tianrun Dairy Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.65 CNY

Average target price

12.66 CNY

Spread / Average Target

+31.19%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
XINJIANG TIANRUN DAIRY CO., LTD.	-17.73%	420M
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+4.71%	24.52B
CHINA MENGNIU DAIRY COMPANY LIMITED	-23.24%	8.1B
WANT WANT CHINA HOLDINGS LIMITED	-4.24%	6.82B
NESTLÉ (MALAYSIA)	+8.16%	6.26B
VIETNAM DAIRY PRODUCTS	-3.85%	5.36B
EMMI AG	-3.18%	5.16B
CHINA FEIHE LIMITED	+1.41%	5.02B
GLANBIA PLC	+19.79%	4.98B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+22.01%	4.53B

Dairy Products