KONG SUN HOLDINGS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.023 HKD | -4.17% |
|
+27.78% | -28.12% |
| 09/05 | Kong Sun’s Electricity Output Down in January-April | MT |
| 11/04 | Kong Sun Reports Lower Power Generation in Q1 | MT |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 1,800 | 976.3 | 1,134 | 743.8 | 740.1 | 435.2 |
| Enterprise Value (EV) 1 | 13,346 | 10,921 | 7,685 | 3,858 | 2,618 | 2,029 |
| P/E ratio | 120 x | -1.4 x | -1.81 x | -0.79 x | -2.51 x | -1.3 x |
| Yield | - | - | - | - | - | - |
| Capitalization / Revenue | 0.96 x | 0.47 x | 0.77 x | 0.75 x | 1.33 x | 0.92 x |
| EV / Revenue | 7.1 x | 5.25 x | 5.2 x | 3.89 x | 4.71 x | 4.27 x |
| EV / EBITDA | 11 x | 8.76 x | 7.64 x | 6.4 x | 11.8 x | 24.3 x |
| EV / FCF | -2.94 x | -8.87 x | 16.6 x | 2.15 x | 2.93 x | -4.94 x |
| FCF Yield | -34% | -11.3% | 6.01% | 46.6% | 34.1% | -20.2% |
| Price to Book | 0.28 x | 0.18 x | 0.25 x | 0.2 x | 0.22 x | 0.15 x |
| Nbr of stocks (in thousands) | 1,49,64,443 | 1,49,64,443 | 1,49,64,443 | 1,49,64,443 | 1,49,64,443 | 1,49,64,443 |
| Reference price 2 | 0.1203 | 0.0652 | 0.0757 | 0.0497 | 0.0495 | 0.0291 |
| Announcement Date | 18/04/19 | 27/04/20 | 20/04/21 | 26/04/22 | 26/04/23 | 29/04/24 |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 1,881 | 2,080 | 1,478 | 992.8 | 555.7 | 474.8 |
| EBITDA 1 | 1,210 | 1,246 | 1,006 | 602.7 | 222.5 | 83.35 |
| EBIT 1 | 708.4 | 730.9 | 610.6 | 328.1 | 85.89 | -18.62 |
| Operating Margin | 37.66% | 35.14% | 41.31% | 33.05% | 15.46% | -3.92% |
| Earnings before Tax (EBT) 1 | 24.82 | -685.4 | -600.4 | -919.5 | -276.1 | -314 |
| Net income 1 | 15.42 | -698.6 | -626.8 | -937 | -294.9 | -335.8 |
| Net margin | 0.82% | -33.59% | -42.4% | -94.38% | -53.06% | -70.73% |
| EPS 2 | 0.001000 | -0.0467 | -0.0419 | -0.0626 | -0.0197 | -0.0224 |
| Free Cash Flow 1 | -4,536 | -1,231 | 462 | 1,797 | 892.3 | -410.9 |
| FCF margin | -241.15% | -59.21% | 31.25% | 181.04% | 160.57% | -86.55% |
| FCF Conversion (EBITDA) | - | - | 45.92% | 298.23% | 401.1% | - |
| FCF Conversion (Net income) | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - |
| Announcement Date | 18/04/19 | 27/04/20 | 20/04/21 | 26/04/22 | 26/04/23 | 29/04/24 |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 11,546 | 9,944 | 6,551 | 3,115 | 1,878 | 1,594 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 9.545 x | 7.978 x | 6.511 x | 5.168 x | 8.442 x | 19.13 x |
| Free Cash Flow 1 | -4,536 | -1,231 | 462 | 1,797 | 892 | -411 |
| ROE (net income / shareholders' equity) | 0.25% | -11.6% | -12.3% | -22.1% | -8.07% | -10.3% |
| ROA (Net income/ Total Assets) | 2.19% | 2.34% | 2.31% | 1.82% | 0.75% | -0.2% |
| Assets 1 | 703.8 | -29,894 | -27,082 | -51,491 | -39,108 | 1,69,169 |
| Book Value Per Share 2 | 0.4400 | 0.3600 | 0.3100 | 0.2500 | 0.2200 | 0.1900 |
| Cash Flow per Share 2 | 0.0200 | 0.0100 | 0.0100 | 0.0500 | 0.0200 | 0.0200 |
| Capex 1 | 2,404 | 234 | 28 | 15.7 | 7.14 | 2.19 |
| Capex / Sales | 127.81% | 11.27% | 1.9% | 1.58% | 1.28% | 0.46% |
| Announcement Date | 18/04/19 | 27/04/20 | 20/04/21 | 26/04/22 | 26/04/23 | 29/04/24 |
1CNY in Million2CNY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| -28.12% | 4.6Cr | |
| +483.96% | 303.76Cr | |
| -4.66% | 287.73Cr | |
| -3.27% | 161.03Cr | |
| -13.64% | 99Cr | |
| -6.79% | 86Cr | |
| -33.53% | 73Cr | |
| -20.21% | 64Cr | |
| +49.58% | 51Cr | |
| -12.04% | 55Cr |
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