CHINA STARCH HOLDINGS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.182 HKD | +2.82% |
|
+17.42% | +33.82% |
| 20/03 | China Starch's Attributable Profit Declines in 2023 | MT |
| 20/03 | China Starch Holdings Limited Proposes Final Ordinary Dividend for the Year Ended 31 December 2023, Payable on 17 July 2024 | CI |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 889.8 | 766.2 | 787 | 1,035 | 1,191 | 737.8 |
| Enterprise Value (EV) 1 | -228.2 | 474.1 | 573.3 | 146.1 | 474.1 | 397.3 |
| P/E ratio | 3.85 x | 7.91 x | 4.14 x | 3 x | 3.38 x | 6.86 x |
| Yield | 7.1% | 4.34% | 5.77% | 3.25% | 3.07% | 5.07% |
| Capitalization / Revenue | 0.18 x | 0.11 x | 0.09 x | 0.09 x | 0.1 x | 0.06 x |
| EV / Revenue | -0.04 x | 0.07 x | 0.06 x | 0.01 x | 0.04 x | 0.03 x |
| EV / EBITDA | -0.55 x | 1.71 x | 1.13 x | 0.2 x | 0.55 x | 0.95 x |
| EV / FCF | 3.81 x | -0.61 x | -3.46 x | 0.28 x | -3.66 x | -1.7 x |
| FCF Yield | 26.3% | -163% | -28.9% | 360% | -27.3% | -58.9% |
| Price to Book | 0.32 x | 0.27 x | 0.26 x | 0.32 x | 0.33 x | 0.2 x |
| Nbr of stocks (in thousands) | 59,95,892 | 59,95,892 | 59,94,132 | 59,94,132 | 59,94,132 | 59,68,567 |
| Reference price 2 | 0.1484 | 0.1278 | 0.1313 | 0.1727 | 0.1987 | 0.1236 |
| Announcement Date | 11/04/19 | 08/04/20 | 14/04/21 | 13/04/22 | 13/04/23 | 15/04/24 |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 5,073 | 6,750 | 8,892 | 11,639 | 11,949 | 11,798 |
| EBITDA 1 | 417.9 | 276.8 | 506.5 | 726.3 | 869.3 | 418 |
| EBIT 1 | 266.3 | 105.3 | 265.2 | 478 | 595.4 | 151.1 |
| Operating Margin | 5.25% | 1.56% | 2.98% | 4.11% | 4.98% | 1.28% |
| Earnings before Tax (EBT) 1 | 314.9 | 123.3 | 271.2 | 511.5 | 621.1 | 176.8 |
| Net income 1 | 230.9 | 96.85 | 190.1 | 345.6 | 352 | 108 |
| Net margin | 4.55% | 1.43% | 2.14% | 2.97% | 2.95% | 0.92% |
| EPS 2 | 0.0385 | 0.0162 | 0.0317 | 0.0577 | 0.0587 | 0.0180 |
| Free Cash Flow 1 | -59.92 | -774.5 | -165.7 | 525.8 | -129.4 | -234.1 |
| FCF margin | -1.18% | -11.47% | -1.86% | 4.52% | -1.08% | -1.98% |
| FCF Conversion (EBITDA) | - | - | - | 72.39% | - | - |
| FCF Conversion (Net income) | - | - | - | 152.13% | - | - |
| Dividend per Share 2 | 0.0105 | 0.005542 | 0.007578 | 0.005621 | 0.006103 | 0.006263 |
| Announcement Date | 11/04/19 | 08/04/20 | 14/04/21 | 13/04/22 | 13/04/23 | 15/04/24 |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - |
| Net Cash position 1 | 1,118 | 292 | 214 | 889 | 717 | 340 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - |
| Free Cash Flow 1 | -59.9 | -775 | -166 | 526 | -129 | -234 |
| ROE (net income / shareholders' equity) | 8.39% | 3.33% | 6.79% | 12.2% | 13.5% | 4.06% |
| ROA (Net income/ Total Assets) | 4.29% | 1.52% | 3.69% | 6.43% | 7.58% | 1.81% |
| Assets 1 | 5,377 | 6,355 | 5,157 | 5,371 | 4,647 | 5,980 |
| Book Value Per Share 2 | 0.4600 | 0.4700 | 0.5000 | 0.5500 | 0.6000 | 0.6100 |
| Cash Flow per Share 2 | 0.1300 | 0.0300 | 0.0600 | 0.1700 | 0.1700 | 0.1500 |
| Capex 1 | 500 | 519 | 264 | 395 | 211 | 422 |
| Capex / Sales | 9.86% | 7.69% | 2.97% | 3.39% | 1.77% | 3.57% |
| Announcement Date | 11/04/19 | 08/04/20 | 14/04/21 | 13/04/22 | 13/04/23 | 15/04/24 |
1CNY in Million2CNY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +33.82% | 135M | |
| -0.90% | 6.45B | |
| +4.07% | 5.35B | |
| +3.85% | 2.58B | |
| +42.13% | 2.21B | |
| -0.70% | 1.65B | |
| +17.48% | 1.07B | |
| +13.22% | 887M | |
| +20.18% | 810M | |
| -10.32% | 755M |
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