Financials Xinjiang Tianrun Dairy Co., Ltd.

Equities

600419

CNE000001881

Food Processing

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 27/06/2024 am IST			5-day change	1st Jan Change
8.05 ^CNY	-1.47%		-7.68%	-31.37%

12/06	Tianrun Dairy Gets Regulatory Nod for Convertible Bond Issue Plan	MT
29/04	Xinjiang Tianrun Dairy Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,554	4,945	3,700	2,539	-	-
Enterprise Value (EV) ¹	3,554	4,945	3,700	2,539	2,539	2,539
P/E ratio	23.7 x	25.2 x	26 x	14.4 x	11.6 x	9.15 x
Yield	-	1.19%	1.16%	2.48%	2.9%	3.35%
Capitalization / Revenue	-	2.05 x	1.36 x	0.85 x	0.76 x	0.68 x
EV / Revenue	-	2.05 x	1.36 x	0.85 x	0.76 x	0.68 x
EV / EBITDA	-	13.6 x	8.67 x	4.79 x	4.12 x	4.25 x
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	-	2.17 x	1.57 x	1.02 x	0.96 x	0.88 x
Nbr of stocks (in thousands)	2,68,599	3,15,390	3,15,390	3,15,390	-	-
Reference price ²	13.23	15.68	11.73	8.050	8.050	8.050
Announcement Date	27/04/22	30/03/23	15/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	2,410	2,714	2,997	3,326	3,725
EBITDA ¹	-	363.9	426.8	529.7	616	598
EBIT ¹	-	232.3	245.1	230.5	276.5	338.3
Operating Margin	-	9.64%	9.03%	7.69%	8.31%	9.08%
Earnings before Tax (EBT) ¹	-	215.4	173	208.8	261.5	328
Net income ¹	149.7	196.6	142	178.1	222.4	281.9
Net margin	-	8.16%	5.23%	5.94%	6.69%	7.57%
EPS ²	0.5572	0.6214	0.4503	0.5575	0.6925	0.8800
Free Cash Flow	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	-	0.1870	0.1360	0.2000	0.2333	0.2700
Announcement Date	27/04/22	30/03/23	15/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q3
Net sales ¹	-	757.9	693.7
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	-	-
Net income	54.98	-	-
Net margin	-	-	-
EPS	0.1717	-	-
Dividend per Share	-	-	-
Announcement Date	20/04/23	24/08/23	24/10/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	8.57%	6.07%	7.02%	8.26%	9.53%
ROA (Net income/ Total Assets)	-	-	2.95%	3.13%	3.73%	4.59%
Assets ¹	-	-	4,818	5,695	5,968	6,138
Book Value Per Share ²	-	7.210	7.470	7.890	8.410	9.170
Cash Flow per Share ²	-	0.9400	1.080	1.570	1.920	1.720
Capex ¹	-	643	789	347	443	315
Capex / Sales	-	26.68%	29.08%	11.58%	13.32%	8.47%
Announcement Date	27/04/22	30/03/23	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 Xinjiang Tianrun Dairy Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.05 CNY

Average target price

11.06 CNY

Spread / Average Target

+37.39%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
XINJIANG TIANRUN DAIRY CO., LTD.	-31.37%	35Cr
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	-3.66%	2.27TCr
WANT WANT CHINA HOLDINGS LIMITED	+1.69%	741.19Cr
CHINA MENGNIU DAIRY COMPANY LIMITED	-31.81%	737.79Cr
NESTLÉ (MALAYSIA)	+3.32%	604.54Cr
VIETNAM DAIRY PRODUCTS	-3.40%	535Cr
EMMI AG	-1.98%	532.4Cr
GLANBIA PLC	+22.74%	506.13Cr
CHINA FEIHE LIMITED	-15.22%	430.79Cr
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	-0.28%	372.01Cr

Dairy Products