Financials Montage Technology Co., Ltd.

Equities

688008

CNE100003MN7

Semiconductors

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
50.91 ^CNY	-0.82%		+8.95%	-13.36%

25/04	Montage Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03/04	Tranche Update on Montage Technology Co., Ltd.'s Equity Buyback Plan announced on February 5, 2024.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	80,906	93,639	94,883	70,993	66,912	57,513	-	-
Enterprise Value (EV) ¹	73,548	88,164	89,792	65,134	66,912	50,208	49,169	47,834
P/E ratio	81.4 x	85.4 x	115 x	54.4 x	147 x	42.6 x	26.7 x	21.2 x
Yield	0.42%	0.36%	0.36%	0.48%	-	0.56%	0.91%	0.96%
Capitalization / Revenue	46.6 x	51.3 x	37 x	19.3 x	29.3 x	13.9 x	9.16 x	7.32 x
EV / Revenue	42.3 x	48.3 x	35 x	17.7 x	29.3 x	12.2 x	7.83 x	6.09 x
EV / EBITDA	72.9 x	94 x	144 x	36.2 x	119 x	37.2 x	22.3 x	16.2 x
EV / FCF	-	157 x	170 x	141 x	-	53.4 x	26.9 x	23.9 x
FCF Yield	-	0.64%	0.59%	0.71%	-	1.87%	3.71%	4.19%
Price to Book	11 x	11.6 x	11.3 x	7.16 x	6.57 x	5.13 x	4.5 x	3.88 x
Nbr of stocks (in thousands)	11,29,814	11,29,814	11,31,307	11,34,068	11,38,740	11,29,701	-	-
Reference price ²	71.61	82.88	83.87	62.60	58.76	50.91	50.91	50.91
Announcement Date	27/02/20	25/02/21	09/02/22	21/02/23	26/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,738	1,824	2,562	3,672	2,286	4,124	6,276	7,859
EBITDA ¹	1,009	937.9	624.9	1,798	560.6	1,349	2,203	2,950
EBIT ¹	979.2	746.6	576.9	1,414	472	1,359	2,248	2,874
Operating Margin	56.35%	40.94%	22.52%	38.51%	20.65%	32.96%	35.82%	36.57%
Earnings before Tax (EBT) ¹	978.7	1,205	915	1,414	472.2	1,471	2,367	2,932
Net income ¹	932.9	1,104	829.1	1,299	450.9	1,356	2,171	2,731
Net margin	53.68%	60.52%	32.36%	35.38%	19.73%	32.87%	34.59%	34.75%
EPS ²	0.8800	0.9700	0.7300	1.150	0.4000	1.194	1.905	2.396
Free Cash Flow ¹	-	560.8	526.9	462	-	940	1,825	2,004
FCF margin	-	30.75%	20.57%	12.58%	-	22.79%	29.07%	25.51%
FCF Conversion (EBITDA)	-	59.79%	84.32%	25.69%	-	69.66%	82.82%	67.95%
FCF Conversion (Net income)	-	50.81%	63.55%	35.55%	-	69.34%	84.05%	73.4%
Dividend per Share ²	0.3000	0.3000	0.3000	0.3000	-	0.2838	0.4610	0.4869
Announcement Date	27/02/20	25/02/21	09/02/22	21/02/23	26/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	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	858.6	1,090	734.1	969.3	900.4	1,027	953.5	791.4	419.5	508.1	597.6	760.6	737.3	1,066	1,295	1,437	-	-
EBITDA ¹	-	-	-	597.7	260.6	262.3	305.1	969.6	-	-	-	-	-	320.4	-	-	-	-
EBIT ¹	-	-	-	253.6	356	255.5	252.1	415.1	24.03	72.05	226.2	214.3	240.6	323.8	429.9	451.9	-	-
Operating Margin	-	-	-	26.17%	39.53%	24.88%	26.44%	52.45%	5.73%	14.18%	37.86%	28.18%	32.63%	30.38%	33.2%	31.44%	-	-
Earnings before Tax (EBT) ¹	-	-	579.1	365	356	426.5	307	324.5	24.03	71.61	161.1	215.5	240.5	501	602	562	-	-
Net income ¹	-	601.5	502.2	316.7	306.1	374.9	318	300.4	19.72	62.14	174.9	217.2	223.4	348.9	465.5	516.5	-	-
Net margin	-	55.21%	68.41%	32.67%	33.99%	36.5%	33.35%	37.96%	4.7%	12.23%	29.27%	28.55%	30.3%	32.72%	35.95%	35.94%	-	-
EPS ²	-	-	0.4400	0.2800	0.2700	0.3300	0.2800	0.2700	0.0200	0.0500	0.1300	0.1900	0.2000	0.2400	0.3250	0.3400	0.3600	0.3800
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/02/20	14/08/20	25/02/21	09/02/22	28/04/22	09/08/22	30/10/22	21/02/23	28/04/23	23/08/23	30/10/23	26/02/24	25/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	7,358	5,475	5,091	5,859	-	7,305	8,344	9,679
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	561	527	462	-	940	1,825	2,005
ROE (net income / shareholders' equity)	17.7%	14.3%	9.93%	14.2%	4.44%	11.9%	16.3%	18.9%
ROA (Net income/ Total Assets)	15.6%	13.6%	9.54%	13.2%	-	12.1%	15.9%	17.9%
Assets ¹	5,981	8,100	8,689	9,826	-	11,200	13,632	15,249
Book Value Per Share ²	6.490	7.140	7.420	8.740	8.950	9.920	11.30	13.10
Cash Flow per Share ²	0.7700	0.8800	0.6000	0.6100	-	1.090	1.740	2.440
Capex ¹	21.6	439	153	227	-	450	434	367
Capex / Sales	1.24%	24.09%	5.99%	6.18%	-	10.91%	6.92%	4.68%
Announcement Date	27/02/20	25/02/21	09/02/22	21/02/23	26/02/24	-	-	-

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 Montage Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

50.91 CNY

Average target price

71.04 CNY

Spread / Average Target

+39.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Memory Chips (RAM)

	1st Jan change	Capi.
MONTAGE TECHNOLOGY CO., LTD.	-13.36%	7.95B
RAMBUS INC.	-20.51%	5.89B
SHENZHEN LONGSYS ELECTRONICS CO., LTD.	+4.58%	5.49B
PHISON ELECTRONICS CORP.	+35.19%	4.28B
TRANSCEND INFORMATION, INC.	+16.25%	1.25B
ESPRESSIF SYSTEMS (SHANGHAI) CO., LTD.	+3.57%	1.15B
PUYA SEMICONDUCTOR (SHANGHAI) CO., LTD.	+10.91%	1.13B
SMART GLOBAL HOLDINGS, INC.	-2.22%	968M
SINO WEALTH ELECTRONIC LTD.	-13.55%	926M
MOTORCOMM ELECTRONIC TECHNOLOGY CO., LTD.	-30.17%	763M

Memory Chips (RAM)