Financials China Electronics Huada Technology Company Limited

Equities

85

BMG2122L1054

Semiconductors

Market Closed - Hong Kong S.E. 01:38:42 28/06/2024 pm IST 5-day change 1st Jan Change
1.26 HKD +0.80% Intraday chart for China Electronics Huada Technology Company Limited -5.97% -6.67%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,279 1,198 1,462 1,380 2,781 2,740
Enterprise Value (EV) 1 3,065 2,624 1,045 1,106 1,527 1,457
P/E ratio 11.3 x 7.72 x -1.44 x 11 x 5.23 x 3.99 x
Yield 3.17% 3.9% - 2.79% 5.84% 7.78%
Capitalization / Revenue 0.76 x 0.71 x 1.1 x 0.82 x 1.12 x 0.91 x
EV / Revenue 1.82 x 1.55 x 0.79 x 0.66 x 0.62 x 0.48 x
EV / EBITDA 23.2 x 17.5 x 12.3 x 8.21 x 2.4 x 1.97 x
EV / FCF -26.3 x 25.3 x 7.87 x 28.9 x 2.57 x 2.78 x
FCF Yield -3.8% 3.95% 12.7% 3.46% 38.8% 36%
Price to Book 0.67 x 0.59 x 1.34 x 1.11 x 1.71 x 1.29 x
Nbr of stocks (in thousands) 20,29,872 20,29,872 20,29,872 20,29,872 20,29,872 20,29,872
Reference price 2 0.6300 0.5900 0.7200 0.6800 1.370 1.350
Announcement Date 29/04/19 15/05/20 29/04/21 28/04/22 28/04/23 29/04/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,687 1,695 1,325 1,682 2,483 3,019
EBITDA 1 132.1 150.1 84.62 134.7 636.7 741.5
EBIT 1 94.12 113.5 68.87 118.2 615.5 721.7
Operating Margin 5.58% 6.69% 5.2% 7.03% 24.79% 23.91%
Earnings before Tax (EBT) 1 144.3 154.8 -1,002 112.6 607.8 736.7
Net income 1 113.3 155.2 -1,013 125.4 531.4 686.4
Net margin 6.72% 9.15% -76.5% 7.46% 21.4% 22.74%
EPS 2 0.0558 0.0764 -0.4992 0.0618 0.2618 0.3382
Free Cash Flow 1 -116.6 103.7 132.7 38.27 593.3 524.3
FCF margin -6.91% 6.12% 10.02% 2.28% 23.89% 17.37%
FCF Conversion (EBITDA) - 69.1% 156.87% 28.4% 93.18% 70.72%
FCF Conversion (Net income) - 66.84% - 30.51% 111.64% 76.39%
Dividend per Share 2 0.0200 0.0230 - 0.0190 0.0800 0.1050
Announcement Date 29/04/19 15/05/20 29/04/21 28/04/22 28/04/23 29/04/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,786 1,426 - - - -
Net Cash position 1 - - 417 274 1,254 1,283
Leverage (Debt/EBITDA) 13.52 x 9.504 x - - - -
Free Cash Flow 1 -117 104 133 38.3 593 524
ROE (net income / shareholders' equity) 5.85% 7.88% -63.8% 10.7% 36.4% 36.2%
ROA (Net income/ Total Assets) 1.17% 1.44% 1.15% 2.73% 11.2% 10.8%
Assets 1 9,675 10,802 -87,896 4,588 4,765 6,379
Book Value Per Share 2 0.9500 1.000 0.5400 0.6100 0.8000 1.040
Cash Flow per Share 2 0.1800 0.1700 0.2300 0.2600 0.5800 0.5500
Capex 1 10.3 18.4 26.1 75 35.7 86.2
Capex / Sales 0.61% 1.09% 1.97% 4.46% 1.44% 2.85%
Announcement Date 29/04/19 15/05/20 29/04/21 28/04/22 28/04/23 29/04/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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