Financials Tianshan Material Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
6.44 ^CNY	-8.00%		-4.02%	-3.59%

29/04	Tianshan Material Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
27/03	Xinjiang Tianshan Cement's 2023 Profit Drops 57% as Revenue Slips 19%; Shares Up 6%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,427	15,836	1,27,820	73,812	57,872	55,792	-	-
Enterprise Value (EV) ¹	12,427	15,836	1,27,820	1,55,016	1,49,098	55,792	55,792	55,792
P/E ratio	7.6 x	10.4 x	9.78 x	16.2 x	29.5 x	30.7 x	17.3 x	21.1 x
Yield	4.3%	3.18%	2.16%	3.17%	1.71%	-	-	-
Capitalization / Revenue	1.28 x	1.82 x	0.75 x	0.56 x	0.54 x	0.56 x	0.51 x	0.54 x
EV / Revenue	1.28 x	1.82 x	0.75 x	0.56 x	0.54 x	0.56 x	0.51 x	0.54 x
EV / EBITDA	3.78 x	5.37 x	4.23 x	4.29 x	4.36 x	3.69 x	3.01 x	3.32 x
EV / FCF	-	-	15.6 x	96.1 x	7.54 x	-35.8 x	79 x	10.5 x
FCF Yield	-	-	6.42%	1.04%	13.3%	-2.79%	1.27%	9.53%
Price to Book	1.29 x	1.49 x	1.68 x	0.9 x	0.69 x	0.62 x	0.62 x	0.59 x
Nbr of stocks (in thousands)	10,48,723	10,48,723	83,48,806	86,63,423	86,63,423	86,63,423	-	-
Reference price ²	11.85	15.10	15.31	8.520	6.680	6.440	6.440	6.440
Announcement Date	20/03/20	11/03/21	21/03/22	21/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,688	8,692	1,69,979	1,32,581	1,07,380	1,00,026	1,10,399	1,03,750
EBITDA ¹	3,288	2,948	30,246	17,220	13,287	15,119	18,543	16,828
EBIT ¹	2,397	2,162	20,411	6,604	2,576	3,636	5,646	5,092
Operating Margin	24.74%	24.87%	12.01%	4.98%	2.4%	3.63%	5.11%	4.91%
Earnings before Tax (EBT) ¹	2,327	2,133	20,777	6,412	3,088	2,878	5,579	4,424
Net income ¹	1,636	1,516	12,530	4,542	1,965	1,821	3,205	2,645
Net margin	16.88%	17.44%	7.37%	3.43%	1.83%	1.82%	2.9%	2.55%
EPS ²	1.560	1.446	1.565	0.5259	0.2268	0.2100	0.3717	0.3050
Free Cash Flow ¹	-	-	8,208	768.2	7,672	-1,559	706	5,319
FCF margin	-	-	4.83%	0.58%	7.14%	-1.56%	0.64%	5.13%
FCF Conversion (EBITDA)	-	-	27.14%	4.46%	57.74%	-	3.81%	31.61%
FCF Conversion (Net income)	-	-	65.51%	16.91%	390.42%	-	22.03%	201.09%
Dividend per Share	0.5100	0.4800	0.3300	0.2700	0.1140	-	-	-
Announcement Date	20/03/20	11/03/21	21/03/22	21/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	81,204	91,227	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	4.716 x	6.866 x	-	-	-
Free Cash Flow ¹	-	-	8,208	768	7,672	-1,559	706	5,319
ROE (net income / shareholders' equity)	18.2%	15%	16.4%	5.65%	2.41%	1.9%	3.52%	2.77%
ROA (Net income/ Total Assets)	10.1%	10%	-	1.58%	-	0.9%	1%	1.1%
Assets ¹	16,156	15,131	-	2,87,011	-	2,02,296	3,20,454	2,40,459
Book Value Per Share ²	9.200	10.10	9.100	9.440	9.710	10.40	10.40	11.00
Cash Flow per Share ²	2.550	2.450	3.550	1.760	1.960	1.060	2.200	1.250
Capex ¹	8.48	126	18,955	14,484	9,279	10,309	10,337	6,469
Capex / Sales	0.09%	1.45%	11.15%	10.92%	8.64%	10.31%	9.36%	6.23%
Announcement Date	20/03/20	11/03/21	21/03/22	21/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.44 CNY

Average target price

7.105 CNY

Spread / Average Target

+10.33%

	1st Jan change	Capi.
TIANSHAN MATERIAL CO., LTD.	-3.59%	7.71B
HOLCIM LTD	+17.57%	47.17B
ANHUI CONCH CEMENT COMPANY LIMITED	+3.10%	15.66B
JAMES HARDIE INDUSTRIES PLC	-5.52%	15.09B
SHREE CEMENT LIMITED	-13.35%	10.57B
EAGLE MATERIALS INC.	+26.67%	8.7B
DANGOTE CEMENT PLC	+105.28%	7.86B
TAIWAN CEMENT CORP.	-8.03%	7.41B
BUZZI S.P.A.	+23.97%	6.7B
ACC LTD	+14.39%	5.7B