Financials Panda Dairy Corporation

Equities

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 16/05/2024 am IST			5-day change	1st Jan Change
20.16 ^CNY	+1.82%		-1.61%	-16.56%

25/04	Panda Dairy Corporation Proposes Final Cash Dividend for the Year 2023	CI
24/04	Panda Dairy Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	3,062	2,996	2,500	-	-
Enterprise Value (EV) ¹	3,062	2,996	2,500	2,500	2,500
P/E ratio	56.9 x	27.5 x	20.8 x	18.2 x	17.1 x
Yield	-	-	-	-	-
Capitalization / Revenue	-	3.16 x	2.43 x	1.96 x	2.01 x
EV / Revenue	-	3.16 x	2.43 x	1.96 x	2.01 x
EV / EBITDA	-	20.5 x	15.9 x	12.3 x	12.8 x
EV / FCF	-	-	-	-	-
FCF Yield	-	-	-	-	-
Price to Book	-	3.17 x	2.5 x	2.19 x	2.17 x
Nbr of stocks (in thousands)	1,25,230	1,24,000	1,24,000	-	-
Reference price ²	24.45	24.16	20.16	20.16	20.16
Announcement Date	19/04/23	24/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	946.9	1,027	1,276	1,245
EBITDA ¹	-	146.2	157	203	196
EBIT ¹	-	123.3	141	157.5	169
Operating Margin	-	13.02%	13.73%	12.35%	13.57%
Earnings before Tax (EBT) ¹	-	123.1	140	157	168
Net income ¹	53.41	109	120	136.5	147
Net margin	-	11.51%	11.68%	10.7%	11.81%
EPS ²	0.4300	0.8800	0.9700	1.105	1.180
Free Cash Flow	-	-	-	-	-
FCF margin	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	19/04/23	24/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-
Net Cash position	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow	-	-	-	-	-
ROE (net income / shareholders' equity)	-	12.1%	12%	12%	12.7%
ROA (Net income/ Total Assets)	-	-	9.6%	8.65%	10.2%
Assets ¹	-	-	1,250	1,578	1,441
Book Value Per Share ²	-	7.610	8.080	9.220	9.310
Cash Flow per Share ²	-	1.490	1.030	1.380	-
Capex ¹	-	34.3	175	175	60
Capex / Sales	-	3.62%	17.04%	13.72%	4.82%
Announcement Date	19/04/23	24/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.16 CNY

Average target price

26.45 CNY

Spread / Average Target

+31.20%

	1st Jan change	Capi.
PANDA DAIRY CORPORATION	-16.56%	34Cr
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+3.81%	2.44TCr
CHINA MENGNIU DAIRY COMPANY LIMITED	-19.90%	847.43Cr
WANT WANT CHINA HOLDINGS LIMITED	-0.85%	718.32Cr
NESTLÉ (MALAYSIA)	+10.12%	642.9Cr
EMMI AG	+2.74%	555.01Cr
VIETNAM DAIRY PRODUCTS	-0.59%	550.2Cr
CHINA FEIHE LIMITED	+6.79%	524.71Cr
GLANBIA PLC	+22.40%	517.12Cr
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+21.73%	464.79Cr