Financials Dashang Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 28/06/2024 am IST			5-day change	1st Jan Change
16.81 ^CNY	+0.72%		+0.90%	+9.48%

29/04	Dashang Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
12/04	Dashang Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	8,045	5,962	5,552	5,151	4,807	5,247	-
Enterprise Value (EV) ¹	8,045	5,962	5,552	5,151	4,807	5,247	5,247
P/E ratio	9.01 x	11.9 x	8 x	9.38 x	9.54 x	9.58 x	8.76 x
Yield	2.81%	2.96%	10.3%	2.76%	5.92%	3.14%	3.41%
Capitalization / Revenue	0.37 x	0.73 x	0.7 x	0.71 x	0.66 x	0.7 x	0.68 x
EV / Revenue	0.37 x	0.73 x	0.7 x	0.71 x	0.66 x	0.7 x	0.68 x
EV / EBITDA	4.48 x	4.21 x	3.69 x	4.01 x	3.81 x	3.3 x	3.17 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	0.89 x	0.64 x	0.65 x	0.66 x	0.59 x	0.63 x	0.6 x
Nbr of stocks (in thousands)	3,23,091	3,23,091	3,13,053	3,13,053	3,13,053	3,12,140	-
Reference price ²	24.90	18.45	17.74	16.45	15.35	16.81	16.81
Announcement Date	20/04/20	15/04/21	08/04/22	31/03/23	12/04/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	21,888	8,117	7,932	7,277	7,331	7,515	7,754
EBITDA ¹	1,798	1,415	1,506	1,284	1,262	1,591	1,656
EBIT ¹	1,485	1,004	1,123	875.7	878	976	1,057
Operating Margin	6.79%	12.37%	14.16%	12.03%	11.98%	12.99%	13.63%
Earnings before Tax (EBT) ¹	1,459	832.3	1,109	876.3	847.4	938	1,019
Net income ¹	893.4	499.4	702.2	549.2	505.1	566	619
Net margin	4.08%	6.15%	8.85%	7.55%	6.89%	7.53%	7.98%
EPS ²	2.764	1.545	2.218	1.755	1.609	1.755	1.918
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	0.7000	0.5454	1.818	0.4546	0.9091	0.5273	0.5727
Announcement Date	20/04/20	15/04/21	08/04/22	31/03/23	12/04/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	10.5%	5.47%	8.04%	6.49%	6.16%	6.6%	7%
ROA (Net income/ Total Assets)	4.88%	2.76%	3.82%	2.79%	2.79%	3%	3%
Assets ¹	18,310	18,114	18,395	19,667	18,094	18,867	20,633
Book Value Per Share ²	27.80	28.70	27.30	24.80	26.00	26.90	28.20
Cash Flow per Share ²	3.090	-0.3000	2.250	2.220	5.100	8.750	3.820
Capex ¹	136	66.8	120	47.4	35.8	31	31
Capex / Sales	0.62%	0.82%	1.52%	0.65%	0.49%	0.41%	0.4%
Announcement Date	20/04/20	15/04/21	08/04/22	31/03/23	12/04/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.81 CNY

Average target price

21.82 CNY

Spread / Average Target

+29.79%

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