Financials Huaxin Cement Co., Ltd. Hong Kong S.E.

Equities

6655

CNE1000057N3

Construction Materials

Market Closed - Hong Kong S.E. Other stock markets 01:38:09 16/05/2024 pm IST			5-day change	1st Jan Change
8.62 ^HKD	+7.48%		+20.56%	+27.70%

26/04	Huaxin Cement Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
29/03	Huaxin Cement Posts 2% Growth in 2023 Profit as Revenue Rises 11%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,620	38,022	34,434	25,501	21,148	26,283	-	-
Enterprise Value (EV) ¹	45,717	37,328	35,864	35,191	35,251	42,493	41,616	39,250
P/E ratio	8.72 x	7.64 x	7.48 x	11.6 x	9.42 x	10.6 x	8.79 x	8.59 x
Yield	4.58%	5.24%	5.18%	3.44%	4.26%	3.61%	4.43%	4.36%
Capitalization / Revenue	1.48 x	1.3 x	1.06 x	0.84 x	0.63 x	0.73 x	0.65 x	0.65 x
EV / Revenue	1.45 x	1.27 x	1.1 x	1.15 x	1.04 x	1.18 x	1.04 x	0.96 x
EV / EBITDA	4.34 x	3.92 x	3.73 x	5.36 x	4.47 x	4.83 x	4.31 x	3.95 x
EV / FCF	8.08 x	7.67 x	25.5 x	-11.3 x	21.9 x	34.5 x	18.7 x	10.3 x
FCF Yield	12.4%	13%	3.93%	-8.85%	4.56%	2.89%	5.34%	9.68%
Price to Book	2.6 x	1.83 x	1.37 x	1.13 x	0.89 x	1.03 x	0.96 x	0.91 x
Nbr of stocks (in thousands)	20,96,600	20,73,911	20,73,911	20,73,911	20,73,911	20,73,911	-	-
Reference price ²	26.43	20.63	19.30	14.82	12.43	15.25	15.25	15.25
Announcement Date	29/04/20	24/02/21	29/03/22	28/03/23	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	31,439	29,357	32,464	30,470	33,757	36,052	40,140	40,739
EBITDA ¹	10,527	9,523	9,624	6,568	7,886	8,798	9,665	9,934
EBIT ¹	8,744	7,699	7,444	4,023	4,352	4,661	5,484	5,718
Operating Margin	27.81%	26.23%	22.93%	13.2%	12.89%	12.93%	13.66%	14.04%
Earnings before Tax (EBT) ¹	8,716	7,664	7,373	3,988	4,326	4,571	5,404	5,602
Net income ¹	6,342	5,632	5,364	2,699	2,762	2,997	3,605	3,689
Net margin	20.17%	19.18%	16.52%	8.86%	8.18%	8.31%	8.98%	9.05%
EPS ²	3.030	2.700	2.580	1.280	1.320	1.442	1.734	1.774
Free Cash Flow ¹	5,658	4,868	1,409	-3,114	1,606	1,230	2,222	3,801
FCF margin	18%	16.58%	4.34%	-10.22%	4.76%	3.41%	5.54%	9.33%
FCF Conversion (EBITDA)	53.75%	51.12%	14.64%	-	20.37%	13.98%	22.99%	38.26%
FCF Conversion (Net income)	89.21%	86.44%	26.26%	-	58.15%	41.04%	61.64%	103.04%
Dividend per Share ²	1.210	1.080	1.000	0.5100	0.5300	0.5511	0.6762	0.6655
Announcement Date	29/04/20	24/02/21	29/03/22	28/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales	10,010	6,531	-	-	-	-	9,301	15,832	8,333	9,592	7,084	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	2,478	899.7	-	-	-	-	-	-	-	1,442	-	-	-	-
Operating Margin	24.76%	13.78%	-	-	-	-	-	-	-	15.03%	-	-	-	-
Earnings before Tax (EBT)	2,433	-	-	-	-	-	-	-	-	1,447	-	-	-	-
Net income	1,800	671.8	915.1	-	474.2	248	944.6	1,193	681.8	887.8	177.5	-	-	-
Net margin	17.98%	10.29%	-	-	-	-	10.16%	7.53%	8.18%	9.26%	2.51%	-	-	-
EPS ¹	0.8600	0.3200	0.4500	0.3000	0.2100	0.1200	0.4600	-	0.3300	0.4200	0.0800	0.3300	0.4200	0.4400
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	29/03/22	27/04/22	24/08/22	26/10/22	28/03/23	27/04/23	01/08/23	01/08/23	27/10/23	28/03/24	26/04/24	-	-	-

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	1,430	9,690	14,103	16,210	15,334	12,967
Net Cash position ¹	903	694	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.1486 x	1.475 x	1.788 x	1.843 x	1.586 x	1.305 x
Free Cash Flow ¹	5,658	4,868	1,409	-3,114	1,606	1,230	2,222	3,801
ROE (net income / shareholders' equity)	33.6%	23.9%	21.3%	10%	9.82%	9.75%	10.7%	10.5%
ROA (Net income/ Total Assets)	18.2%	14%	11.1%	4.62%	4.15%	4.88%	5.04%	5.31%
Assets ¹	34,903	40,289	48,239	58,396	66,522	61,416	71,544	69,506
Book Value Per Share ²	10.20	11.30	14.10	13.10	13.90	14.80	15.90	16.80
Cash Flow per Share ²	4.620	4.010	3.650	2.180	3.000	4.520	4.080	4.360
Capex ¹	4,021	3,537	6,186	7,682	4,629	7,026	6,490	5,918
Capex / Sales	12.79%	12.05%	19.06%	25.21%	13.71%	19.49%	16.17%	14.53%
Announcement Date	29/04/20	24/02/21	29/03/22	28/03/23	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

Ratings for Huaxin Cement Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.25 CNY

Average target price

17.54 CNY

Spread / Average Target

+15.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
HOLCIM LTD	+18.81%	4.94TCr
ANHUI CONCH CEMENT COMPANY LIMITED	+16.96%	1.66TCr
JAMES HARDIE INDUSTRIES PLC	-0.14%	1.58TCr
SHREE CEMENT LIMITED	-10.36%	1.12TCr
EAGLE MATERIALS INC.	+28.82%	943.76Cr
BUZZI S.P.A.	+42.63%	792.61Cr
TAIWAN CEMENT CORP.	-3.59%	780.37Cr
TIANSHAN MATERIAL CO., LTD.	-3.44%	760.55Cr
DANGOTE CEMENT PLC	+105.28%	724Cr

Cement & Concrete Manufacturing