Financials Bros Eastern.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
5.64 ^CNY	+0.89%		-1.57%	+15.81%

15/04	Bros Eastern.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Bros Eastern.,Ltd Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,985	5,906	8,682	8,446	7,253	8,357	-	-
Enterprise Value (EV) ¹	5,985	5,906	8,682	8,446	7,253	8,357	8,357	8,357
P/E ratio	20 x	16 x	6.33 x	5.43 x	14.3 x	14.1 x	8.34 x	9.51 x
Yield	-	-	8.49%	8.77%	6.16%	5.14%	6.44%	7.98%
Capitalization / Revenue	0.96 x	0.96 x	1.12 x	1.21 x	1.05 x	1.09 x	1.02 x	0.94 x
EV / Revenue	0.96 x	0.96 x	1.12 x	1.21 x	1.05 x	1.09 x	1.02 x	0.94 x
EV / EBITDA	-	6.27 x	4.32 x	3.65 x	6.28 x	6.34 x	4.15 x	4.87 x
EV / FCF	-	-	9.75 x	-53.5 x	12.3 x	97.2 x	17.9 x	11.7 x
FCF Yield	-	-	10.3%	-1.87%	8.16%	1.03%	5.59%	8.52%
Price to Book	0.75 x	0.76 x	0.98 x	0.85 x	0.75 x	0.85 x	0.8 x	0.8 x
Nbr of stocks (in thousands)	15,00,000	14,76,482	14,74,000	14,81,761	14,89,393	14,81,761	-	-
Reference price ²	3.990	4.000	5.890	5.700	4.870	5.640	5.640	5.640
Announcement Date	21/04/20	12/04/21	01/03/22	09/04/23	15/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,222	6,135	7,774	6,989	6,914	7,643	8,160	8,909
EBITDA ¹	-	942.6	2,012	2,314	1,155	1,318	2,012	1,715
EBIT ¹	-	409	1,472	1,740	587.8	677	1,129	1,013
Operating Margin	-	6.67%	18.94%	24.9%	8.5%	8.86%	13.84%	11.37%
Earnings before Tax (EBT) ¹	322.3	408.5	1,470	1,758	584.1	681.3	1,135	1,017
Net income ¹	297.8	366.1	1,371	1,563	504	598.9	1,013	888.4
Net margin	4.79%	5.97%	17.63%	22.36%	7.29%	7.84%	12.41%	9.97%
EPS ²	0.2000	0.2500	0.9300	1.050	0.3400	0.4000	0.6760	0.5933
Free Cash Flow ¹	-	-	890.7	-157.8	591.8	86	467	712
FCF margin	-	-	11.46%	-2.26%	8.56%	1.13%	5.72%	7.99%
FCF Conversion (EBITDA)	-	-	44.28%	-	51.22%	6.53%	23.21%	41.52%
FCF Conversion (Net income)	-	-	64.98%	-	117.4%	14.36%	46.1%	80.14%
Dividend per Share ²	-	-	0.5000	0.5000	0.3000	0.2900	0.3633	0.4500
Announcement Date	21/04/20	12/04/21	01/03/22	09/04/23	15/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	891	-158	592	86	467	712
ROE (net income / shareholders' equity)	3.8%	4.6%	16.2%	16.7%	5.08%	6%	9.53%	8.35%
ROA (Net income/ Total Assets)	2.14%	-	-	10.3%	-	3.98%	5.24%	5.47%
Assets ¹	13,910	-	-	15,240	-	15,066	19,333	16,257
Book Value Per Share ²	5.320	5.260	6.000	6.720	6.530	6.640	7.050	7.080
Cash Flow per Share ²	-	0.8100	0.9700	0.1600	0.5400	-	1.960	0.9700
Capex ¹	1,175	-	562	404	217	349	461	349
Capex / Sales	18.89%	-	7.23%	5.78%	3.14%	4.57%	5.65%	3.92%
Announcement Date	21/04/20	12/04/21	01/03/22	09/04/23	15/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.64 CNY

Average target price

6.417 CNY

Spread / Average Target

+13.77%

	1st Jan change	Capi.
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