XIAMEN KING LONG MOTOR GROUP CO., LTD.

Financials Xiamen King Long Motor Group Co., Ltd.

Equities

600686

CNE000000479

Auto & Truck Manufacturers

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 06/05/2024 am IST			5-day change	1st Jan Change
8.48 ^CNY	+9.99%		+4.05%	+12.02%

26/04	Xiamen King Long Motor Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
08/03	King Long Motor's Bus Sales Climb 23.6% in February	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	4,156	4,259	6,167	4,503	4,266	5,428
Enterprise Value (EV) ¹	1,866	1,040	3,462	630.4	1,971	2,772
P/E ratio	32.6 x	29.3 x	193 x	-7.06 x	-10.3 x	84.1 x
Yield	0.39%	0.36%	0.06%	-	-	-
Capitalization / Revenue	0.23 x	0.24 x	0.44 x	0.29 x	0.23 x	0.28 x
EV / Revenue	0.1 x	0.06 x	0.25 x	0.04 x	0.11 x	0.14 x
EV / EBITDA	5.43 x	3.6 x	9.75 x	-1.13 x	-5.73 x	5.65 x
EV / FCF	-3.39 x	4.18 x	-18.1 x	0.46 x	-7.88 x	1.44 x
FCF Yield	-29.5%	23.9%	-5.53%	216%	-12.7%	69.6%
Price to Book	1.1 x	0.96 x	1.21 x	1.27 x	1.39 x	1.22 x
Nbr of stocks (in thousands)	6,06,739	6,06,739	7,17,047	7,17,047	7,17,047	7,17,047
Reference price ²	6.850	7.020	8.600	6.280	5.950	7.570
Announcement Date	04/04/19	28/04/20	29/04/21	28/04/22	28/04/23	26/04/24

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	18,291	17,891	13,958	15,418	18,240	19,400
EBITDA ¹	343.7	288.8	355.2	-556.8	-343.9	490.9
EBIT ¹	107.9	46.93	114.1	-800	-642.7	122.5
Operating Margin	0.59%	0.26%	0.82%	-5.19%	-3.52%	0.63%
Earnings before Tax (EBT) ¹	236.4	251.2	100.3	-787.1	-490	175.2
Net income ¹	158.9	181.4	31.9	-595.2	-386.9	75.1
Net margin	0.87%	1.01%	0.23%	-3.86%	-2.12%	0.39%
EPS ²	0.2100	0.2400	0.0445	-0.8900	-0.5800	0.0900
Free Cash Flow ¹	-550.1	248.8	-191.4	1,359	-250.1	1,929
FCF margin	-3.01%	1.39%	-1.37%	8.81%	-1.37%	9.94%
FCF Conversion (EBITDA)	-	86.15%	-	-	-	392.94%
FCF Conversion (Net income)	-	137.16%	-	-	-	2,568.82%
Dividend per Share ²	0.0270	0.0250	0.005000	-	-	-
Announcement Date	04/04/19	28/04/20	29/04/21	28/04/22	28/04/23	26/04/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	2,290	3,219	2,704	3,873	2,295	2,656
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-550	249	-191	1,359	-250	1,929
ROE (net income / shareholders' equity)	4.01%	4.42%	1.02%	-13.6%	-9.57%	3.36%
ROA (Net income/ Total Assets)	0.26%	0.11%	0.29%	-2.01%	-1.49%	0.28%
Assets ¹	59,972	1,60,225	11,119	29,644	25,929	26,545
Book Value Per Share ²	6.240	7.310	7.120	4.960	4.290	6.220
Cash Flow per Share ²	10.50	9.560	6.540	9.190	7.830	12.50
Capex ¹	792	730	802	233	359	223
Capex / Sales	4.33%	4.08%	5.74%	1.51%	1.97%	1.15%
Announcement Date	04/04/19	28/04/20	29/04/21	28/04/22	28/04/23	26/04/24

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

	1st Jan change	Capi.
XIAMEN KING LONG MOTOR GROUP CO., LTD.	+12.02%	764M
BYD COMPANY LIMITED	+5.41%	86.34B
PORSCHE AG	+5.51%	82.16B
FERRARI N.V.	+26.37%	77.47B
MARUTI SUZUKI INDIA LTD	+20.74%	47.1B
KIA CORPORATION	+13.90%	33.31B
SAIC MOTOR CORPORATION LIMITED	+9.39%	23.55B
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	-12.24%	17.65B
FORD OTOMOTIV SANAYI	+55.10%	12.29B
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-9.09%	10.28B

Automobiles & Multi Utility Vehicles

Stock Market
Equities
600686 Stock
Financials Xiamen King Long Motor Group Co., Ltd.

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