Stock 2233 WEST CHINA CEMENT LIMITED
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Financials West China Cement Limited

Equities

2233

JE00B3MW7P88

Construction Materials

Delayed Hong Kong S.E.
Other stock markets
 09:29:08 26/06/2024 am IST 		5-day change 1st Jan Change
1.04 HKD 0.00% Intraday chart for West China Cement Limited -0.95% +52.94%
24/05 West China Cement Limited Approves Final Dividend for the Year Ended 31 December 2023, Payable on 31 July 2024 CI
16/04 West China Cement Limited Announces Directorate Changes CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,217 5,264 6,160 4,419 3,362 5,275 - -
Enterprise Value (EV) 1 8,274 8,225 11,069 11,906 11,918 13,612 11,173 8,777
P/E ratio 3.46 x 3.37 x 3.89 x 3.63 x 8.03 x 3.76 x 2.53 x 1.86 x
Yield 8.65% 8.89% 7.68% 8.25% 3.72% 8.27% 12.8% 17.6%
Capitalization / Revenue 0.86 x 0.74 x 0.77 x 0.52 x 0.37 x 0.46 x 0.37 x 0.31 x
EV / Revenue 1.14 x 1.15 x 1.38 x 1.4 x 1.32 x 1.19 x 0.79 x 0.52 x
EV / EBITDA 2.68 x 2.74 x 3.46 x 3.78 x 4.04 x 3.24 x 2.12 x 1.4 x
EV / FCF 8.41 x - - -13.1 x -71.8 x 127 x 2.9 x 2.22 x
FCF Yield 11.9% - - -7.62% -1.39% 0.79% 34.5% 45.1%
Price to Book 0.68 x 0.51 x 0.54 x 0.37 x 0.27 x 0.39 x 0.35 x 0.31 x
Nbr of stocks (in thousands) 54,35,133 54,38,883 54,38,883 54,38,883 54,38,883 54,54,333 - -
Reference price 2 1.144 0.9679 1.133 0.8125 0.6181 0.9671 0.9671 0.9671
Announcement Date 31/03/20 29/03/21 27/03/22 27/03/23 18/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,247 7,131 8,003 8,489 9,021 11,434 14,142 16,789
EBITDA 1 3,083 2,997 3,195 3,147 2,949 4,199 5,258 6,250
EBIT 1 2,217 1,878 2,110 2,077 1,944 2,561 3,690 4,853
Operating Margin 30.59% 26.34% 26.37% 24.47% 21.55% 22.4% 26.09% 28.9%
Earnings before Tax (EBT) 1 2,244 1,847 2,084 1,513 954.3 2,265 3,332 4,479
Net income 1 1,801 1,560 1,585 1,215 421.3 1,402 2,083 2,828
Net margin 24.85% 21.88% 19.81% 14.31% 4.67% 12.26% 14.73% 16.84%
EPS 2 0.3310 0.2870 0.2910 0.2240 0.0770 0.2575 0.3825 0.5200
Free Cash Flow 1 984.2 - - -907.6 -165.9 107 3,849 3,961
FCF margin 13.58% - - -10.69% -1.84% 0.94% 27.22% 23.59%
FCF Conversion (EBITDA) 31.92% - - - - 2.55% 73.2% 63.37%
FCF Conversion (Net income) 54.64% - - - - 7.63% 184.77% 140.06%
Dividend per Share 2 0.0990 0.0860 0.0870 0.0670 0.0230 0.0800 0.1233 0.1700
Announcement Date 31/03/20 29/03/21 27/03/22 27/03/23 18/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 3,937 3,009 4,122 4,233 3,770 4,152 4,337 4,398 4,623 5,436 5,819 6,946 7,583
EBITDA - 1,360 - - - - - - - - - - -
EBIT 1 - - - 1,162 947.6 1,110 967.1 822 1,122 1,017 1,099 1,425 1,592
Operating Margin - - - 27.46% 25.13% 26.73% 22.3% 18.69% 24.27% 18.71% 18.88% 20.51% 21%
Earnings before Tax (EBT) - 885.6 - - - - - - - - - - -
Net income - 752.3 - - - - - - - - - - -
Net margin - 25% - - - - - - - - - - -
EPS - - - - - 0.1210 - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 31/03/20 24/08/20 29/03/21 30/08/21 27/03/22 29/08/22 27/03/23 21/08/23 18/03/24 - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,057 2,961 4,909 7,487 8,556 8,337 5,898 3,502
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.6672 x 0.988 x 1.536 x 2.379 x 2.902 x 1.985 x 1.122 x 0.5604 x
Free Cash Flow 1 984 - - -908 -166 107 3,849 3,961
ROE (net income / shareholders' equity) 21.7% 16.1% 14.6% 10.4% 5.17% 11.3% 14.7% 16.7%
ROA (Net income/ Total Assets) 13.4% 9.32% 6.96% 4.27% 1.99% 9% 12% 17%
Assets 1 13,486 16,743 22,777 28,444 21,160 15,578 17,359 16,635
Book Value Per Share 2 1.670 1.900 2.080 2.210 2.260 2.470 2.750 3.140
Cash Flow per Share - 0.4900 0.3600 0.3900 - - - -
Capex 1 1,615 2,675 3,562 2,905 2,866 3,117 3,117 2,617
Capex / Sales 22.28% 37.51% 44.52% 34.22% 31.77% 27.26% 22.04% 15.59%
Announcement Date 31/03/20 29/03/21 27/03/22 27/03/23 18/03/24 - - -
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 West China Cement Limited

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
0.9671 CNY
Average target price
1.311 CNY
Spread / Average Target
+35.56%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

1st Jan change Capi.
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Cement & Concrete Manufacturing
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