Financials Shougang Fushan Resources Group Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 01:38:07 09/05/2024 pm IST			5-day change	1st Jan Change
3.23 ^HKD	+3.53%		+8.03%	+12.15%

29/03	Shougang Fushan Resources Posts 30% Profit Drop for 2023	MT
27/03	Shougang Fushan Resources Group Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 26 July 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,907	9,194	13,337	12,579	14,189	15,914	-	-
Enterprise Value (EV) ¹	3,621	4,788	6,550	6,291	14,189	5,905	4,911	4,202
P/E ratio	7.81 x	8.83 x	5.25 x	4.63 x	7.65 x	9.22 x	9.19 x	10.7 x
Yield	10.2%	9.07%	15.2%	17.3%	-	7.95%	7.68%	5.29%
Capitalization / Revenue	2.3 x	2.3 x	1.88 x	1.53 x	2.41 x	2.84 x	2.79 x	3.06 x
EV / Revenue	0.94 x	1.2 x	0.93 x	0.77 x	2.41 x	1.05 x	0.86 x	0.81 x
EV / EBITDA	1.63 x	2.19 x	1.38 x	1.16 x	3.62 x	1.84 x	1.53 x	1.63 x
EV / FCF	2.79 x	13.1 x	3.43 x	1.82 x	-	3.06 x	2.36 x	2.65 x
FCF Yield	35.8%	7.61%	29.1%	55%	-	32.6%	42.4%	37.7%
Price to Book	0.57 x	0.58 x	0.77 x	0.75 x	-	0.95 x	0.92 x	0.91 x
Nbr of stocks (in thousands)	53,01,838	50,51,838	50,51,838	50,51,838	49,26,838	49,26,838	-	-
Reference price ²	1.680	1.820	2.640	2.490	2.880	3.230	3.230	3.230
Announcement Date	26/03/20	25/03/21	24/03/22	23/03/23	27/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,869	3,997	7,076	8,215	5,891	5,599	5,695	5,194
EBITDA ¹	2,221	2,186	4,736	5,415	3,924	3,217	3,201	2,570
EBIT ¹	1,510	1,525	4,064	4,520	3,048	2,644	2,548	1,734
Operating Margin	39.01%	38.17%	57.43%	55.03%	51.74%	47.22%	44.73%	33.38%
Earnings before Tax (EBT) ¹	1,633	1,613	4,132	4,626	3,219	2,960	2,954	2,540
Net income ¹	1,140	1,080	2,538	2,715	1,889	1,749	1,744	1,505
Net margin	29.47%	27.02%	35.88%	33.05%	32.07%	31.24%	30.62%	28.99%
EPS ²	0.2151	0.2062	0.5025	0.5375	0.3766	0.3505	0.3515	0.3020
Free Cash Flow ¹	1,298	364.4	1,909	3,462	-	1,928	2,082	1,586
FCF margin	33.55%	9.12%	26.98%	42.14%	-	34.43%	36.56%	30.54%
FCF Conversion (EBITDA)	58.45%	16.67%	40.31%	63.93%	-	59.93%	65.05%	61.7%
FCF Conversion (Net income)	113.83%	33.74%	75.2%	127.5%	-	110.22%	119.41%	105.35%
Dividend per Share ²	0.1720	0.1650	0.4000	0.4300	-	0.2567	0.2480	0.1710
Announcement Date	26/03/20	25/03/21	24/03/22	23/03/23	27/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	5,286	4,406	6,787	6,288	-	10,008	11,003	11,712
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,298	364	1,909	3,462	-	1,928	2,082	1,586
ROE (net income / shareholders' equity)	7.34%	6.85%	15.3%	15.9%	-	10.2%	9.74%	7.89%
ROA (Net income/ Total Assets)	5.34%	5.03%	11%	11.3%	-	8.23%	7.92%	7.44%
Assets ¹	21,360	21,453	23,107	24,122	-	21,245	22,015	20,235
Book Value Per Share ²	2.960	3.130	3.420	3.320	-	3.400	3.500	3.550
Cash Flow per Share ²	0.3600	0.1600	0.7600	-	-	0.6200	0.6700	-
Capex ¹	624	467	495	386	-	385	277	258
Capex / Sales	16.13%	11.69%	7%	4.69%	-	6.88%	4.87%	4.97%
Announcement Date	26/03/20	25/03/21	24/03/22	23/03/23	27/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.23 HKD

Average target price

3.292 HKD

Spread / Average Target

+1.93%

	1st Jan change	Capi.
SHOUGANG FUSHAN RESOURCES GROUP LIMITED	+12.15%	1.97B
SHANXI MEIJIN ENERGY CO.,LTD.	-5.71%	3.68B
WARRIOR MET COAL, INC.	+8.45%	3.39B
PT ADARO MINERALS INDONESIA TBK	-3.31%	3.34B
CORONADO GLOBAL RESOURCES INC.	-37.50%	1.28B
SHAANXI HEIMAO COKING CO., LTD.	-18.97%	1.01B
SUNCOKE ENERGY, INC.	-2.75%	867M
RAMACO RESOURCES, INC.	-23.05%	817M
BAOTAILONG NEW MATERIALS CO., LTD.	-29.14%	649M
BOWEN COKING COAL LIMITED	-46.00%	99.08M