Financials Lee & Man Paper Manufacturing Limited OTC Markets

Equities

LMPM.F

KYG5427W1309

Paper Packaging

Market Closed - OTC Markets Other stock markets 11:24:42 10/01/2024 pm IST			5-day change	1st Jan Change
0.2512 ^USD	-6.96%		-.--%	-6.96%

06/06	Lee & Man Paper Manufacturing Limited commences an Equity Buyback Plan for 429,532,100 shares, representing 10% of its issued share capital, under the authorization approved on May 9, 2024.	CI
29/05	Lee & Man Paper Fully Redeems Perpetual Securities	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,764	27,601	23,478	14,825	9,867	10,351	-	-
Enterprise Value (EV) ¹	35,234	37,817	35,697	29,354	27,643	28,468	28,676	28,774
P/E ratio	7.98 x	7.84 x	7.54 x	12.5 x	9.39 x	7.24 x	6.18 x	5.63 x
Yield	4.41%	4.72%	4.8%	2.85%	3.76%	4.82%	5.68%	6.26%
Capitalization / Revenue	0.95 x	1.07 x	0.72 x	0.51 x	0.4 x	0.4 x	0.38 x	0.37 x
EV / Revenue	1.3 x	1.46 x	1.1 x	1.01 x	1.11 x	1.09 x	1.05 x	1.02 x
EV / EBITDA	7.55 x	7.23 x	7.63 x	9.74 x	8.94 x	7.7 x	7.08 x	7.37 x
EV / FCF	24.5 x	62.8 x	-69.6 x	-29.1 x	-10 x	-28.9 x	-5,713 x	146 x
FCF Yield	4.09%	1.59%	-1.44%	-3.43%	-9.95%	-3.46%	-0.02%	0.69%
Price to Book	1.09 x	0.97 x	0.7 x	0.52 x	0.34 x	0.36 x	0.35 x	0.34 x
Nbr of stocks (in thousands)	43,66,808	43,46,642	43,31,659	43,09,565	43,08,808	42,95,000	-	-
Reference price ²	5.900	6.350	5.420	3.440	2.290	2.410	2.410	2.410
Announcement Date	05/03/20	02/03/21	07/03/22	01/03/23	08/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,144	25,868	32,511	29,170	24,937	26,100	27,345	28,122
EBITDA ¹	4,666	5,232	4,680	3,014	3,094	3,699	4,049	3,906
EBIT ¹	3,318	4,501	3,130	1,586	1,710	2,197	2,392	2,650
Operating Margin	12.22%	17.4%	9.63%	5.44%	6.86%	8.42%	8.75%	9.42%
Earnings before Tax (EBT) ¹	4,020	4,321	3,794	1,459	1,412	1,844	2,154	2,406
Net income ¹	3,236	3,524	3,123	1,185	1,051	1,397	1,594	1,657
Net margin	11.92%	13.62%	9.61%	4.06%	4.21%	5.35%	5.83%	5.89%
EPS ²	0.7395	0.8099	0.7187	0.2746	0.2439	0.3328	0.3902	0.4281
Free Cash Flow ¹	1,440	602.5	-512.8	-1,008	-2,751	-984.8	-5.019	197.7
FCF margin	5.31%	2.33%	-1.58%	-3.46%	-11.03%	-3.77%	-0.02%	0.7%
FCF Conversion (EBITDA)	30.87%	11.52%	-	-	-	-	-	5.06%
FCF Conversion (Net income)	44.52%	17.1%	-	-	-	-	-	11.93%
Dividend per Share ²	0.2600	0.3000	0.2600	0.0980	0.0860	0.1161	0.1368	0.1509
Announcement Date	05/03/20	02/03/21	07/03/22	01/03/23	08/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	14,197	11,071	14,797	15,180	17,331	15,276	13,894	12,207	12,730	11,061	12,497	11,366	12,705
EBITDA	2,389	1,993	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,712	1,356	2,778	2,174	956.1	615.8	595.6	135.6	1,575	1,071	1,109	1,029	1,111
Operating Margin	12.06%	12.25%	18.77%	14.32%	5.52%	4.03%	4.29%	1.11%	12.37%	9.69%	8.88%	9.05%	8.74%
Earnings before Tax (EBT)	2,049	1,642	2,680	-	-	-	509	-	974.2	-	-	-	-
Net income	1,556	1,336	2,188	-	-	-	387.8	307.9	743	-	-	-	-
Net margin	10.96%	12.07%	14.78%	-	-	-	2.79%	2.52%	5.84%	-	-	-	-
EPS ²	0.3560	0.3068	0.5031	0.4454	0.2730	0.1846	0.0900	0.0715	0.1724	0.1000	0.1100	0.0900	0.1100
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	05/03/20	04/08/20	02/03/21	04/08/21	07/03/22	08/08/22	01/03/23	01/08/23	08/03/24	-	-	-	-

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,469	10,216	12,219	14,529	17,776	18,117	18,325	18,423
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.03 x	1.953 x	2.611 x	4.821 x	5.746 x	4.897 x	4.526 x	4.716 x
Free Cash Flow ¹	1,440	603	-513	-1,008	-2,751	-985	-5.02	198
ROE (net income / shareholders' equity)	13.8%	13.5%	9.74%	3.82%	3.66%	5.38%	6.29%	6.67%
ROA (Net income/ Total Assets)	7.5%	7.8%	6.29%	2.31%	2.01%	2.42%	2.77%	2.84%
Assets ¹	43,137	45,149	49,627	51,389	52,212	57,675	57,471	58,417
Book Value Per Share ²	5.430	6.530	7.710	6.640	6.670	6.660	6.930	7.180
Cash Flow per Share ²	1.130	0.9000	0.6400	0.8600	0.0400	0.4900	0.5200	0.5600
Capex ¹	3,516	3,320	3,305	3,996	2,902	2,917	2,917	2,917
Capex / Sales	12.95%	12.83%	10.16%	13.7%	11.64%	11.18%	10.67%	10.37%
Announcement Date	05/03/20	02/03/21	07/03/22	01/03/23	08/03/24	-	-	-

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lee & Man Paper Manufacturing Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.41 HKD

Average target price

3.076 HKD

Spread / Average Target

+27.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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SONOCO PRODUCTS COMPANY	-7.02%	523.71Cr

Other Paper Packaging