Stock 954 CHANGMAO BIOCHEMICAL ENGINEERING COMPANY LIMITED
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Financials Changmao Biochemical Engineering Company Limited

Equities

954

CNE100000106

Commodity Chemicals

Market Closed - Hong Kong S.E.
Other stock markets
 01:38:12 17/06/2024 pm IST 		5-day change 1st Jan Change
0.425 HKD 0.00% Intraday chart for Changmao Biochemical Engineering Company Limited -6.59% -27.97%
26/03 Changmao Biochemical Engineering Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI
29/02 Changmao Biochemical Engineering to Swing to Loss in 2023 MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 358.1 402.4 263 293.5 327.5 284.1
Enterprise Value (EV) 1 312.4 303.6 129.5 324.1 555.3 682.1
P/E ratio 7.09 x 6.9 x 15.6 x 5.03 x 4.02 x -3.3 x
Yield 7.4% 7.24% 4.03% - 12.5% -
Capitalization / Revenue 0.56 x 0.81 x 0.59 x 0.54 x 0.45 x 0.45 x
EV / Revenue 0.49 x 0.61 x 0.29 x 0.59 x 0.76 x 1.07 x
EV / EBITDA 3.52 x 3.1 x 2.48 x -28.3 x 4.75 x 11.1 x
EV / FCF 18.8 x 4.91 x 5.14 x -1.77 x -2.62 x -8.05 x
FCF Yield 5.31% 20.4% 19.5% -56.3% -38.1% -12.4%
Price to Book 0.57 x 0.61 x 0.41 x 0.42 x 0.42 x 0.44 x
Nbr of stocks (in thousands) 5,29,700 5,29,700 5,29,700 5,29,700 5,29,700 5,29,700
Reference price 2 0.6761 0.7596 0.4966 0.5541 0.6182 0.5363
Announcement Date 21/03/19 09/04/20 19/04/21 21/04/22 13/04/23 19/04/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 639.1 494.6 444.1 548 730 637.1
EBITDA 1 88.69 97.94 52.16 -11.47 116.9 61.29
EBIT 1 55.02 63.58 20.69 -38.35 87.48 21.61
Operating Margin 8.61% 12.85% 4.66% -7% 11.98% 3.39%
Earnings before Tax (EBT) 1 54.6 62.55 17.15 84.41 87.64 -58.58
Net income 1 50.52 58.3 16.83 58.32 81.42 -86.06
Net margin 7.91% 11.79% 3.79% 10.64% 11.15% -13.51%
EPS 2 0.0954 0.1101 0.0318 0.1101 0.1537 -0.1625
Free Cash Flow 1 16.58 61.86 25.2 -182.6 -211.8 -84.72
FCF margin 2.59% 12.51% 5.67% -33.33% -29.01% -13.3%
FCF Conversion (EBITDA) 18.69% 63.16% 48.31% - - -
FCF Conversion (Net income) 32.81% 106.11% 149.75% - - -
Dividend per Share 2 0.0500 0.0550 0.0200 - 0.0770 -
Announcement Date 21/03/19 09/04/20 19/04/21 21/04/22 13/04/23 19/04/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - 30.6 228 398
Net Cash position 1 45.8 98.8 134 - - -
Leverage (Debt/EBITDA) - - - -2.671 x 1.95 x 6.495 x
Free Cash Flow 1 16.6 61.9 25.2 -183 -212 -84.7
ROE (net income / shareholders' equity) 8.24% 8.96% 2.55% 8.64% 11% -12.1%
ROA (Net income/ Total Assets) 4.7% 5.41% 1.63% -2.66% 5.05% 1.1%
Assets 1 1,076 1,078 1,031 -2,194 1,611 -7,802
Book Value Per Share 2 1.190 1.250 1.230 1.320 1.470 1.230
Cash Flow per Share 2 0.1600 0.2300 0.2500 0.1100 0.1100 0.1700
Capex 1 32.9 41.3 79.1 177 224 139
Capex / Sales 5.15% 8.34% 17.81% 32.23% 30.62% 21.84%
Announcement Date 21/03/19 09/04/20 19/04/21 21/04/22 13/04/23 19/04/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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