Financials Dongfang Electric Corporation Limited

Equities

1072

CNE100000304

Heavy Electrical Equipment

Market Closed - Hong Kong S.E. 01:38:16 02/05/2024 pm IST 5-day change 1st Jan Change
10.58 HKD -0.94% Intraday chart for Dongfang Electric Corporation Limited -1.86% +48.18%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 26,701 29,324 63,174 62,307 42,882 50,160 - -
Enterprise Value (EV) 1 -2,984 3,795 46,161 48,948 27,563 31,389 27,419 50,160
P/E ratio 10.2 x 7.95 x 14.6 x 12.7 x 5.69 x 7.37 x 5.73 x -
Yield 4.88% 3.77% 2.15% 2.86% 7.32% 5.41% 5.66% -
Capitalization / Revenue 0.81 x 0.81 x 1.35 x 1.15 x 0.72 x 0.7 x 0.61 x 0.59 x
EV / Revenue -0.09 x 0.1 x 0.99 x 0.9 x 0.46 x 0.44 x 0.34 x 0.59 x
EV / EBITDA -1.12 x 1.25 x 13.5 x 12 x 5.82 x 5.83 x 4 x 6.94 x
EV / FCF -1.9 x -1.16 x - 6.37 x -6 x -6.04 x 24.3 x 13.4 x
FCF Yield -52.7% -86.5% - 15.7% -16.7% -16.5% 4.11% 7.44%
Price to Book 0.44 x 0.48 x 1.03 x 1.05 x 0.54 x 0.77 x 0.68 x -
Nbr of stocks (in thousands) 30,90,803 31,19,764 31,19,151 31,18,808 31,18,534 31,17,499 - -
Reference price 2 4.200 4.772 10.69 11.73 6.490 9.798 9.798 9.798
Announcement Date 27/03/20 07/03/21 30/03/22 31/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 32,840 36,239 46,756 54,179 59,567 72,153 81,611 85,674
EBITDA 1 2,666 3,044 3,420 4,084 4,739 5,384 6,862 7,231
EBIT 1 1,622 2,160 2,658 3,321 3,977 4,965 5,913 5,706
Operating Margin 4.94% 5.96% 5.69% 6.13% 6.68% 6.88% 7.25% 6.66%
Earnings before Tax (EBT) 1 1,579 2,067 2,667 3,325 4,006 4,655 6,024 6,147
Net income 1 1,278 1,862 2,289 2,855 3,550 4,138 5,277 5,431
Net margin 3.89% 5.14% 4.9% 5.27% 5.96% 5.74% 6.47% 6.34%
EPS 2 0.4100 0.6000 0.7300 0.9200 1.140 1.330 1.709 -
Free Cash Flow 1 1,572 -3,283 - 7,689 -4,597 -5,194 1,127 3,734
FCF margin 4.79% -9.06% - 14.19% -7.72% -7.2% 1.38% 4.36%
FCF Conversion (EBITDA) 58.98% - - 188.29% - - 16.42% 51.64%
FCF Conversion (Net income) 123.07% - - 269.35% - - 21.36% 68.75%
Dividend per Share 2 0.2050 0.1800 0.2300 0.3350 0.4750 0.5300 0.5549 -
Announcement Date 27/03/20 07/03/21 30/03/22 31/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 - 15,646 15,053 17,174 16,781 17,979 19,125 19,750
EBITDA - - - - - - - -
EBIT - - - - - - - -
Operating Margin - - - - - - - -
Earnings before Tax (EBT) - - - - - - - -
Net income 909.7 - - - - - - -
Net margin - - - - - - - -
EPS - - - - - - - -
Dividend per Share - - - - - - - -
Announcement Date 30/10/23 28/03/24 29/04/24 - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 29,685 25,529 17,013 13,359 15,320 18,771 22,741 -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,572 -3,283 - 7,689 -4,597 -5,194 1,127 3,734
ROE (net income / shareholders' equity) 4.4% 6.19% 7.2% 8.43% 9.82% 10.7% 11.6% 10.9%
ROA (Net income/ Total Assets) 1.41% 1.99% 2.28% 2.18% 3% 3.3% 3.5% 3.5%
Assets 1 90,487 93,709 1,00,449 1,30,869 1,18,228 1,25,394 1,50,771 1,55,178
Book Value Per Share 2 9.530 9.910 10.40 11.20 11.90 12.80 14.50 -
Cash Flow per Share 2 0.0700 -0.8800 -1.420 2.700 - 2.870 1.710 -
Capex 1 632 535 535 721 1,101 1,170 1,185 790
Capex / Sales 1.92% 1.47% 1.15% 1.33% 1.85% 1.62% 1.45% 0.92%
Announcement Date 27/03/20 07/03/21 30/03/22 31/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
9.798 CNY
Average target price
11.03 CNY
Spread / Average Target
+12.56%
Consensus

Quarterly revenue - Rate of surprise

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