Stock 603899 SHANGHAI M&G STATIONERY INC.
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Financials Shanghai M&G Stationery Inc.

Equities

603899

CNE100001V60

Business Support Supplies

End-of-day quote Shanghai S.E.
Other stock markets
 03:30:00 30/04/2024 am IST 		5-day change 1st Jan Change
35.37 CNY +0.51% Intraday chart for Shanghai M&G Stationery Inc. +1.23% -5.81%
26/04 Shanghai M&G Stationery Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
03/04 Jefferies Adjusts Shanghai M&G Stationery's Price Target to 48 Yuan From 50 Yuan, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 44,841 82,133 59,849 50,963 34,794 32,774 - -
Enterprise Value (EV) 1 43,088 79,751 57,197 47,980 29,997 26,469 25,280 23,926
P/E ratio 42.3 x 65.3 x 39.3 x 39.6 x 22.7 x 18 x 15.2 x 13.2 x
Yield 0.82% 0.56% 0.93% 0.91% 2.13% 2.39% 2.71% 3.26%
Capitalization / Revenue 4.02 x 6.25 x 3.4 x 2.55 x 1.49 x 1.19 x 1.02 x 0.88 x
EV / Revenue 3.87 x 6.07 x 3.25 x 2.4 x 1.28 x 0.96 x 0.78 x 0.64 x
EV / EBITDA 31.4 x 47.9 x 27.7 x 24.9 x 13.4 x 10.3 x 8.43 x 6.95 x
EV / FCF 60.7 x 84.1 x 48 x 40.3 x 12.4 x 10.4 x 11.8 x 9.87 x
FCF Yield 1.65% 1.19% 2.08% 2.48% 8.04% 9.6% 8.49% 10.1%
Price to Book 10.7 x 15.8 x 9.63 x 7.44 x 4.44 x 3.58 x 3.06 x 2.64 x
Nbr of stocks (in thousands) 9,20,000 9,27,428 9,27,746 9,26,933 9,26,597 9,26,597 - -
Reference price 2 48.74 88.56 64.51 54.98 37.55 35.37 35.37 35.37
Announcement Date 13/04/20 29/03/21 08/03/22 30/03/23 29/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,141 13,138 17,607 19,996 23,351 27,586 32,217 37,352
EBITDA 1 1,372 1,665 2,068 1,924 2,235 2,562 3,000 3,442
EBIT 1 1,283 1,409 1,781 1,608 1,931 2,266 2,710 3,134
Operating Margin 11.52% 10.72% 10.12% 8.04% 8.27% 8.21% 8.41% 8.39%
Earnings before Tax (EBT) 1 1,294 1,517 1,861 1,665 1,979 2,307 2,726 3,167
Net income 1 1,060 1,255 1,518 1,282 1,527 1,818 2,128 2,487
Net margin 9.52% 9.56% 8.62% 6.41% 6.54% 6.59% 6.6% 6.66%
EPS 2 1.152 1.356 1.640 1.387 1.658 1.961 2.323 2.690
Free Cash Flow 1 709.7 947.8 1,190 1,190 2,412 2,540 2,146 2,425
FCF margin 6.37% 7.21% 6.76% 5.95% 10.33% 9.21% 6.66% 6.49%
FCF Conversion (EBITDA) 51.74% 56.91% 57.57% 61.87% 107.96% 99.16% 71.54% 70.44%
FCF Conversion (Net income) 66.94% 75.49% 78.43% 92.8% 158% 139.73% 100.86% 97.48%
Dividend per Share 2 0.4000 0.5000 0.6000 0.5000 0.8000 0.8462 0.9593 1.154
Announcement Date 13/04/20 29/03/21 08/03/22 30/03/23 29/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 5,456 4,229 4,205 5,296 6,267 4,882 5,079 5,899 7,492 5,485 5,772 6,924 8,882
EBITDA - - - - - - - - - - - - -
EBIT 1 465.2 355.6 308.2 516.4 428.2 410.7 353.7 605.6 560.6 504.5 395.4 673.4 628.2
Operating Margin 8.53% 8.41% 7.33% 9.75% 6.83% 8.41% 6.96% 10.27% 7.48% 9.2% 6.85% 9.73% 7.07%
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income 400.7 - - - - - - - - - - - -
Net margin 7.34% - - - - - - - - - - - -
EPS 2 0.4400 0.2982 0.2700 0.4400 0.3800 0.3607 0.2900 0.5300 0.4800 0.4112 0.3600 0.6200 0.5500
Dividend per Share - - - - - - - - - - - - -
Announcement Date 08/03/22 28/04/22 25/08/22 28/10/22 30/03/23 27/04/23 25/08/23 27/10/23 29/03/24 26/04/24 - - -
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 1,752 2,382 2,652 2,983 4,797 6,304 7,494 8,848
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 710 948 1,190 1,190 2,412 2,541 2,146 2,425
ROE (net income / shareholders' equity) 28.2% 26.9% 27% 19.6% 21% 20.1% 20.4% 20.4%
ROA (Net income/ Total Assets) 16% 14.5% 14.4% 10.5% - 10.6% 11.2% 11.4%
Assets 1 6,621 8,637 10,567 12,223 - 17,159 18,990 21,825
Book Value Per Share 2 4.570 5.600 6.700 7.390 8.450 9.890 11.60 13.40
Cash Flow per Share 2 1.180 1.370 1.680 1.460 2.820 2.370 2.890 3.170
Capex 1 372 324 371 162 204 303 308 363
Capex / Sales 3.34% 2.47% 2.11% 0.81% 0.87% 1.1% 0.96% 0.97%
Announcement Date 13/04/20 29/03/21 08/03/22 30/03/23 29/03/24 - - -
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 Shanghai M&G Stationery Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
35.37 CNY
Average target price
48.94 CNY
Spread / Average Target
+38.36%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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