Financials Yonghui Superstores Co., Ltd.

Equities

601933

CNE100000XX9

Food Retail & Distribution

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2.28 ^CNY	+2.24%		+5.07%	-19.15%

Mar. 21	Yonghui Superstores' Shareholder to Divest Up to 1% Stake	MT
Mar. 04	Zhongbai to Sell Stake in Yonghui Superstores Joint Venture	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	75,320	70,904	67,593	36,754	33,124	20,349	20,349	-
Enterprise Value (EV) ¹	74,277	74,589	69,478	41,629	36,118	26,602	15,726	12,057
P/E ratio	52.5 x	47.1 x	37.8 x	-9.42 x	-12.2 x	-18.8 x	56.1 x	29.8 x
Yield	1.4%	1.72%	0.28%	0.49%	-	-	0.55%	1.62%
Capitalization / Revenue	1.07 x	0.84 x	0.73 x	0.4 x	0.37 x	0.32 x	0.24 x	0.23 x
EV / Revenue	1.05 x	0.88 x	0.75 x	0.46 x	0.4 x	0.34 x	0.18 x	0.13 x
EV / EBITDA	28.9 x	23.7 x	17.4 x	-14.3 x	-24 x	220 x	5.35 x	3.69 x
EV / FCF	-58.8 x	-27.8 x	17.1 x	10.9 x	7.73 x	6.8 x	4.63 x	3 x
FCF Yield	-1.7%	-3.6%	5.84%	9.18%	12.9%	14.7%	21.6%	33.4%
Price to Book	3.89 x	3.59 x	3.53 x	3.45 x	4.44 x	4.31 x	2.82 x	2.59 x
Nbr of stocks (in thousands)	9,570,462	9,403,681	9,414,075	9,075,037	9,075,037	8,925,037	8,925,037	-
Reference price ²	7.870	7.540	7.180	4.050	3.650	2.280	2.280	2.280
Announcement Date	4/25/19	4/28/20	4/29/21	4/29/22	4/28/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	70,517	84,877	93,199	91,062	90,091	78,642	85,924	89,644
EBITDA ¹	2,574	3,146	4,001	-2,916	-1,502	121.1	2,941	3,264
EBIT ¹	1,264	1,640	2,285	-4,828	-3,298	-1,476	537.8	462.3
Operating Margin	1.79%	1.93%	2.45%	-5.3%	-3.66%	-1.88%	0.63%	0.52%
Earnings before Tax (EBT) ¹	1,449	1,777	2,174	-4,722	-3,218	-1,361	245.6	729
Net income ¹	1,480	1,564	1,794	-3,944	-2,763	-1,329	369.5	735.5
Net margin	2.1%	1.84%	1.93%	-4.33%	-3.07%	-1.69%	0.43%	0.82%
EPS ²	0.1500	0.1600	0.1900	-0.4300	-0.3000	-0.1500	0.0406	0.0765
Free Cash Flow ¹	-1,263	-2,683	4,059	3,823	4,670	3,913	3,393	4,023
FCF margin	-1.79%	-3.16%	4.36%	4.2%	5.18%	4.98%	3.95%	4.49%
FCF Conversion (EBITDA)	-	-	101.45%	-	-	3,231.37%	115.38%	123.25%
FCF Conversion (Net income)	-	-	226.21%	-	-	-	918.21%	546.97%
Dividend per Share ²	0.1100	0.1300	0.0200	0.0200	-	-	0.0125	0.0369
Announcement Date	4/25/19	4/28/20	4/29/21	4/29/22	4/28/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2019 S2	2021 Q2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	41,176	43,701	20,493	46,827	23,008	21,227	27,243	21,488	-	22,175	19,184	41,359	23,802	18,225	20,061	16,554	-	-	-	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	487.4	-	-	-	-
EBIT	1,483	-	-1,349	-	-1,382	-1,931	581.8	-783.2	-	-938.9	-2,157	-3,096	853.4	-465.5	-430.2	-1,434	-	-	-	-
Operating Margin	3.6%	-	-6.58%	-	-6%	-9.1%	2.14%	-3.64%	-	-4.23%	-11.25%	-7.49%	3.59%	-2.55%	-2.14%	-8.66%	-	-	-	-
Earnings before Tax (EBT) ¹	1,588	-	-	-	-	-	-	-	-	-927.4	-2,232	-3,159	905.4	-403.5	-378	-1,485	-	-	-	-
Net income ¹	1,369	-	-1,106	-1,083	-1,095	-1,766	502.2	-613.9	-111.8	-774.8	-1,877	-2,651	704.2	-330.5	-321.5	-1,381	-	-	-	-
Net margin	3.33%	-	-5.4%	-2.31%	-4.76%	-8.32%	1.84%	-2.86%	-	-3.49%	-9.78%	-6.41%	2.96%	-1.81%	-1.6%	-8.34%	-	-	-	-
EPS ²	-	-	-0.1200	-	-0.1200	-0.1900	0.0600	-0.0700	-	-0.0900	-0.2000	-	0.0800	-0.0400	-0.0300	-0.1600	0.0500	-0.0200	-0.0300	-0.0800
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.0452
Announcement Date	7/22/19	4/28/20	8/27/21	8/27/21	10/29/21	4/29/22	4/29/22	8/26/22	8/26/22	10/28/22	4/28/23	4/28/23	4/28/23	8/30/23	10/27/23	4/26/24	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	3,685	1,885	4,875	2,994	1,433	-	-
Net Cash position ¹	1,043	-	-	-	-	782	4,623	8,292
Leverage (Debt/EBITDA)	-	1.171 x	0.471 x	-1.672 x	-1.994 x	11.84 x	-	-
Free Cash Flow ¹	-1,263	-2,683	4,059	3,823	4,670	3,913	3,393	4,023
ROE (net income / shareholders' equity)	7.89%	7.96%	8.8%	-30.2%	-30.2%	-20.1%	5.64%	11.1%
ROA (Net income/ Total Assets)	4.08%	3.4%	3.31%	-6.19%	-4.14%	-1.13%	0.3%	1.13%
Assets ¹	36,248	45,992	54,263	63,735	66,728	90,636	123,175	64,898
Book Value Per Share ²	2.020	2.100	2.030	1.170	0.8200	0.6500	0.8100	0.8800
Cash Flow per Share ²	0.1800	0.0400	0.6500	0.6400	0.6500	0.5000	0.4600	0.4600
Capex ¹	3,024	3,099	2,080	2,004	1,194	656	1,428	1,414
Capex / Sales	4.29%	3.65%	2.23%	2.2%	1.33%	0.83%	1.66%	1.58%
Announcement Date	4/25/19	4/28/20	4/29/21	4/29/22	4/28/23	4/26/24	-	-

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 Yonghui Superstores Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2.28 CNY

Average target price

3.107 CNY

Spread / Average Target

+36.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
YONGHUI SUPERSTORES CO., LTD.	-19.15%	2.81B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-7.21%	38.45B
AVENUE SUPERMARTS LIMITED	+11.52%	35.53B
SEVEN & I HOLDINGS CO., LTD.	+9.36%	33.86B
SM INVESTMENTS CORPORATION	+9.52%	20.2B
COLES GROUP LIMITED	+1.92%	14.29B
JERÓNIMO MARTINS, SGPS, S.A.	-17.40%	12.77B
ICA GRUPPEN	-.--%	11.82B
CASEY'S GENERAL STORES, INC.	+16.48%	11.85B
CARREFOUR	-3.89%	11.75B

Supermarkets & Convenience Stores