Financials Tasly Pharmaceutical Group Co., Ltd

Equities

600535

CNE000001C81

Pharmaceuticals

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 29/04/2024 am IST			5-day change	1st Jan Change
15.41 ^CNY	+0.33%		+0.78%	-9.46%

25/04	Tasly Pharmaceutical Group Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
16/04	Tasly Pharmaceutical Group Returns to Profit in 2023 as Operating Income Stays Flat	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,252	22,302	23,778	15,988	25,427	22,933	-	-
Enterprise Value (EV) ¹	29,451	23,121	23,086	14,968	23,635	20,074	19,155	18,230
P/E ratio	23.4 x	19.7 x	10.1 x	-63.3 x	23.6 x	19.6 x	16.2 x	15.4 x
Yield	2.14%	2.23%	2.08%	3.07%	1.94%	2.2%	2.3%	2.48%
Capitalization / Revenue	1.22 x	1.64 x	2.99 x	1.86 x	2.93 x	2.53 x	2.3 x	2.27 x
EV / Revenue	1.55 x	1.7 x	2.9 x	1.74 x	2.72 x	2.21 x	1.92 x	1.8 x
EV / EBITDA	16.7 x	11.2 x	7.32 x	50.8 x	14.2 x	9 x	8 x	7.69 x
EV / FCF	-	1,66,49,673 x	-	-	-	-	-	-
FCF Yield	-	0%	-	-	-	-	-	-
Price to Book	2.1 x	1.87 x	1.83 x	1.3 x	2.06 x	1.74 x	1.61 x	1.5 x
Nbr of stocks (in thousands)	15,07,920	15,07,920	15,00,163	14,85,873	14,93,950	14,88,200	-	-
Reference price ²	15.42	14.79	15.85	10.76	17.02	15.41	15.41	15.41
Announcement Date	25/04/20	23/04/21	30/03/22	27/03/23	15/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,998	13,576	7,952	8,593	8,674	9,073	9,962	10,113
EBITDA ¹	1,762	2,062	3,153	294.6	1,663	2,230	2,395	2,370
EBIT ¹	1,338	1,472	2,733	-153	1,228	1,408	1,605	1,663
Operating Margin	7.04%	10.85%	34.37%	-1.78%	14.16%	15.52%	16.11%	16.44%
Earnings before Tax (EBT) ¹	1,331	1,457	2,724	-160.5	1,221	1,409	1,715	1,808
Net income ¹	1,001	1,126	2,359	-256.5	1,071	1,174	1,438	1,492
Net margin	5.27%	8.29%	29.66%	-2.99%	12.35%	12.94%	14.44%	14.76%
EPS ²	0.6600	0.7500	1.570	-0.1700	0.7200	0.7850	0.9520	0.9977
Free Cash Flow	-	1,389	-	-	-	-	-	-
FCF margin	-	10.23%	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	67.33%	-	-	-	-	-	-
FCF Conversion (Net income)	-	123.34%	-	-	-	-	-	-
Dividend per Share ²	0.3300	0.3300	0.3300	0.3300	0.3300	0.3389	0.3545	0.3822
Announcement Date	25/04/20	23/04/21	30/03/22	27/03/23	15/04/24	-	-	-

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	2025 Q1	2025 Q2
Net sales ¹	-	-	-	-	-	-	-	-	2,103	2,049	2,541	2,471	2,896	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	0.5800	-0.3719	0.1000	0.0500	0.0500	0.1774	0.2900	0.2200	0.0300	0.1976	-	-	-	0.2800	0.2700
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	30/03/22	25/04/22	19/08/22	25/10/22	27/03/23	24/04/23	25/08/23	27/10/23	15/04/24	25/04/24	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,199	818	-	-	-	-	-	-
Net Cash position ¹	-	-	692	1,020	1,792	2,859	3,778	4,703
Leverage (Debt/EBITDA)	3.518 x	0.3968 x	-	-	-	-	-	-
Free Cash Flow	-	1,389	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.28%	9.76%	18.4%	-2.04%	8.75%	8.84%	10.2%	9.97%
ROA (Net income/ Total Assets)	4.07%	5.56%	14.3%	-	-	6.6%	7.46%	7.55%
Assets ¹	24,593	20,253	16,518	-	-	17,788	19,286	19,768
Book Value Per Share ²	7.360	7.910	8.660	8.270	8.250	8.870	9.570	10.30
Cash Flow per Share ²	1.110	1.180	1.870	1.520	1.720	1.130	1.090	1.440
Capex ¹	729	403	503	402	668	494	383	365
Capex / Sales	3.84%	2.96%	6.32%	4.68%	7.7%	5.44%	3.85%	3.61%
Announcement Date	25/04/20	23/04/21	30/03/22	27/03/23	15/04/24	-	-	-

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 Tasly Pharmaceutical Group Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.41 CNY

Average target price

13.96 CNY

Spread / Average Target

-9.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Alternative Medicine

	1st Jan change	Capi.
TASLY PHARMACEUTICAL GROUP CO., LTD	-9.46%	3.15B
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TIANJIN PHARMACEUTICAL DA REN TANG GROUP CORPORATION LIMITED	+0.51%	3.1B
SHANDONG BUCHANG PHARMACEUTICALS CO., LTD.	-3.53%	2.42B
HENAN LINGRUI PHARMACEUTICAL CO., LTD.	+41.15%	1.97B
GUANGYUYUAN CHINESE HERBAL MEDICINE CO., LTD.	-5.15%	1.68B
TIBET CHEEZHENG TIBETAN MEDICINE CO., LTD.	+0.09%	1.65B
TIANJIN CHASE SUN PHARMACEUTICAL CO.,LTD	-10.38%	1.53B
ZHEJIANG JOLLY PHARMACEUTICAL CO.,LTD	+36.02%	1.38B

Alternative Medicine