Financials Hua Hong Semiconductor Limited BOERSE MUENCHEN

Equities

1HH

HK0000218211

Semiconductors

Market Closed - BOERSE MUENCHEN Other stock markets 01:14:14 15/06/2024 am IST			5-day change	1st Jan Change
2.82 ^EUR	0.00%		+4.44%	+28.18%

27/05	China Unveils $48 Billion Fund to Bolster Chip Industry	DJ
15/05	Behind the numbers: $142 billion in Chinese chip incentives

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,932	7,366	7,177	4,560	5,625	5,974	-	-
Enterprise Value (EV) ¹	2,500	7,009	7,152	4,460	2,171	3,059	3,533	3,917
P/E ratio	18.2 x	74.7 x	34.3 x	10.2 x	12.9 x	41.1 x	23.1 x	18 x
Yield	-	-	-	-	0.87%	0.25%	0.25%	0.52%
Capitalization / Revenue	3.14 x	7.66 x	4.4 x	1.84 x	2.5 x	2.88 x	2.39 x	1.89 x
EV / Revenue	2.68 x	7.29 x	4.39 x	1.8 x	0.97 x	1.47 x	1.41 x	1.24 x
EV / EBITDA	10.7 x	40.8 x	13.9 x	4.37 x	3.36 x	5.7 x	3.97 x	3.24 x
EV / FCF	-3.29 x	-8.57 x	-17.8 x	-18.2 x	-12.2 x	-2.75 x	-4.66 x	-6.63 x
FCF Yield	-30.4%	-11.7%	-5.63%	-5.5%	-8.23%	-36.4%	-21.4%	-15.1%
Price to Book	1.3 x	2.9 x	2.54 x	1.51 x	0.45 x	0.78 x	0.76 x	0.73 x
Nbr of stocks (in thousands)	12,88,820	12,97,815	13,01,192	13,06,837	17,16,589	17,16,910	-	-
Reference price ²	2.275	5.675	5.516	3.489	2.418	2.976	2.976	2.976
Announcement Date	13/02/20	09/02/21	28/01/22	14/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	932.6	961.3	1,631	2,475	2,246	2,076	2,497	3,153
EBITDA ¹	232.5	171.8	514.5	1,021	646.4	536.8	890.8	1,210
EBIT ¹	103.8	-34.52	178.8	564.5	163	37.86	174.7	321.7
Operating Margin	11.13%	-3.59%	10.96%	22.8%	7.26%	1.82%	6.99%	10.2%
Earnings before Tax (EBT) ¹	181.6	46.08	232.7	496.1	162.9	31.79	165.6	304.9
Net income ¹	162.2	99.44	212.1	449.9	267.9	124.7	235.1	346.8
Net margin	17.4%	10.34%	13%	18.17%	11.93%	6.01%	9.41%	11%
EPS ²	0.1250	0.0760	0.1610	0.3420	0.1880	0.0724	0.1287	0.1652
Free Cash Flow ¹	-759.3	-818.1	-402.7	-245.3	-178.6	-1,112	-757.5	-591.2
FCF margin	-81.43%	-85.11%	-24.69%	-9.91%	-7.95%	-53.58%	-30.33%	-18.75%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	0.0211	0.007320	0.007520	0.0154
Announcement Date	13/02/20	09/02/21	28/01/22	14/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	528.3	594.6	620.8	629.9	630.1	630.8	631.4	568.5	455.4	460	486.1	527.4	559.1	560.8	553.1
EBITDA ¹	174.3	204.5	253.6	276.9	289	246.3	222	133.9	52.29	84.2	131.6	169.6	188.5	155.3	169.6
EBIT ¹	76.42	87.26	138.2	160.4	181.1	125.9	98.39	6.558	-76.84	-48.89	-21.66	8.13	25.93	3.371	-6.718
Operating Margin	14.47%	14.67%	22.26%	25.47%	28.75%	19.96%	15.58%	1.15%	-16.88%	-10.63%	-4.46%	1.54%	4.64%	0.6%	-1.21%
Earnings before Tax (EBT) ¹	103.9	95.24	81.52	102.6	216.7	132	43.68	-12.86	10.76	-45.12	-27.52	-2.132	47.38	-10.86	7.384
Net income ¹	84.13	102.9	83.93	103.9	159.1	152.2	78.52	13.89	35.39	31.82	13.45	30.42	48.57	19.14	25.49
Net margin	15.92%	17.31%	13.52%	16.49%	25.26%	24.13%	12.44%	2.44%	7.77%	6.92%	2.77%	5.77%	8.69%	3.41%	4.61%
EPS ²	0.0640	0.0780	0.0640	0.0790	0.1210	0.1150	0.0600	0.009000	0.0210	0.0190	0.005320	0.0174	0.0234	0.0124	0.0132
Dividend per Share ²	-	-	-	-	-	-	-	-	0.0211	-	0.003890	-	-	-	0.002660
Announcement Date	28/01/22	12/05/22	11/08/22	10/11/22	14/02/23	11/05/23	10/08/23	09/11/23	06/02/24	09/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	432	357	24.7	100	3,454	2,915	2,441	2,057
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-759	-818	-403	-245	-179	-1,112	-757	-591
ROE (net income / shareholders' equity)	7.4%	4.2%	7.9%	15.2%	6.49%	2%	3.68%	5.17%
ROA (Net income/ Total Assets)	4.85%	2.43%	3.51%	6.79%	3.12%	0.9%	1.3%	2.17%
Assets ¹	3,345	4,091	6,039	6,629	8,586	13,861	18,129	15,945
Book Value Per Share ²	1.750	1.960	2.170	2.310	5.390	3.840	3.930	4.080
Cash Flow per Share ²	0.1300	0.2100	0.4100	0.5700	0.4300	0.3000	0.5000	0.5000
Capex ¹	922	1,087	939	996	885	1,620	1,508	1,528
Capex / Sales	98.9%	113.11%	57.58%	40.24%	39.4%	78.04%	60.37%	48.48%
Announcement Date	13/02/20	09/02/21	28/01/22	14/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hua Hong Semiconductor Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.976 USD

Average target price

2.539 USD

Spread / Average Target

-14.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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