Stock 2314 LEE & MAN PAPER MANUFACTURING LIMITED
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Financials Lee & Man Paper Manufacturing Limited

Equities

2314

KYG5427W1309

Paper Packaging

Market Closed - Hong Kong S.E.
Other stock markets
 01:38:22 29/04/2024 pm IST 		5-day change 1st Jan Change
2.45 HKD +5.15% Intraday chart for Lee & Man Paper Manufacturing Limited +6.06% +6.99%
08/03 Lee & Man Paper's 2023 Profit Falls on Lower Revenue, Misses Estimates; Shares Rise 7% MT
08/03 Lee & Man Paper Manufacturing Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 05 June 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 25,764 27,601 23,478 14,825 9,867 10,524 - -
Enterprise Value (EV) 1 35,234 37,817 35,697 29,354 27,643 28,657 28,065 28,841
P/E ratio 7.98 x 7.84 x 7.54 x 12.5 x 9.39 x 7.3 x 6.22 x 5.7 x
Yield 4.41% 4.72% 4.8% 2.85% 3.76% 4.85% 5.66% 6.16%
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 1.01 x 1.02 x
EV / EBITDA 7.55 x 7.23 x 7.63 x 9.74 x 8.94 x 7.81 x 6.89 x 7.35 x
EV / FCF 24.5 x 62.8 x -69.6 x -29.1 x -10 x 20.7 x 16 x -
FCF Yield 4.09% 1.59% -1.44% -3.43% -9.95% 4.83% 6.23% -
Price to Book 1.09 x 0.97 x 0.7 x 0.52 x 0.34 x 0.37 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 42,95,321 - -
Reference price 2 5.900 6.350 5.420 3.440 2.290 2.450 2.450 2.450
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 26,173 27,856 28,261
EBITDA 1 4,666 5,232 4,680 3,014 3,094 3,668 4,074 3,922
EBIT 1 3,318 4,501 3,130 1,586 1,710 2,201 2,419 2,667
Operating Margin 12.22% 17.4% 9.63% 5.44% 6.86% 8.41% 8.68% 9.44%
Earnings before Tax (EBT) 1 4,020 4,321 3,794 1,459 1,412 1,861 2,175 2,419
Net income 1 3,236 3,524 3,123 1,185 1,051 1,419 1,630 1,671
Net margin 11.92% 13.62% 9.61% 4.06% 4.21% 5.42% 5.85% 5.91%
EPS 2 0.7395 0.8099 0.7187 0.2746 0.2439 0.3358 0.3941 0.4298
Free Cash Flow 1 1,440 602.5 -512.8 -1,008 -2,751 1,385 1,749 -
FCF margin 5.31% 2.33% -1.58% -3.46% -11.03% 5.29% 6.28% -
FCF Conversion (EBITDA) 30.87% 11.52% - - - 37.76% 42.93% -
FCF Conversion (Net income) 44.52% 17.1% - - - 97.57% 107.31% -
Dividend per Share 2 0.2600 0.3000 0.2600 0.0980 0.0860 0.1188 0.1386 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 11,836 12,677 12,021 12,863
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 1,043 1,194 1,031 1,170
Operating Margin 12.06% 12.25% 18.77% 14.32% 5.52% 4.03% 4.29% 1.11% 12.37% 8.81% 9.42% 8.58% 9.09%
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 0.0900 0.1200 0.0900 0.1200
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 18,133 17,542 18,318
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.03 x 1.953 x 2.611 x 4.821 x 5.746 x 4.943 x 4.305 x 4.67 x
Free Cash Flow 1 1,440 603 -513 -1,008 -2,751 1,385 1,749 -
ROE (net income / shareholders' equity) 13.8% 13.5% 9.74% 3.82% 3.66% 5.27% 6.19% 6.67%
ROA (Net income/ Total Assets) 7.5% 7.8% 6.29% 2.31% 2.01% 2.42% 3.08% 2.84%
Assets 1 43,137 45,149 49,627 51,389 52,212 58,607 52,915 58,928
Book Value Per Share 2 5.430 6.530 7.710 6.640 6.670 6.660 7.000 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 2,794 2,794 2,917
Capex / Sales 12.95% 12.83% 10.16% 13.7% 11.64% 10.68% 10.03% 10.32%
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
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
8
Last Close Price
2.45 HKD
Average target price
2.816 HKD
Spread / Average Target
+14.95%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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