YONGMAO HOLDINGS LIMITED

Financials Yongmao Holdings Limited

Equities

BKX

SG1CB9000001

Heavy Machinery & Vehicles

Market Closed - Singapore S.E. Other stock markets 06:30:07 02/04/2024 am IST			5-day change	1st Jan Change
0.695 ^SGD	+4.51%		-.--%	+2.21%

03/05	Yongmao Provides Further Case Update on Hong Kong Tower Crane Incident	MT
2023	Yongmao Books Nearly 5% Increase in Fiscal H1 Profit Despite Lower Revenue	MT

Valuation

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Capitalization ¹	183.4	158.7	260.5	279	256.3	301
Enterprise Value (EV) ¹	356.3	246.3	389.7	439.9	379.2	394.3
P/E ratio	8.91 x	2.58 x	4.36 x	5.09 x	4.64 x	5.87 x
Yield	2.32%	8.31%	1.7%	1.55%	1.62%	1.52%
Capitalization / Revenue	0.29 x	0.18 x	0.27 x	0.27 x	0.23 x	0.33 x
EV / Revenue	0.57 x	0.28 x	0.4 x	0.43 x	0.34 x	0.43 x
EV / EBITDA	3.57 x	1.81 x	2.82 x	3.2 x	2.46 x	2.96 x
EV / FCF	-25.9 x	2.34 x	-650 x	362 x	1.88 x	4.12 x
FCF Yield	-3.86%	42.8%	-0.15%	0.28%	53.3%	24.3%
Price to Book	0.3 x	0.22 x	0.34 x	0.35 x	0.31 x	0.33 x
Nbr of stocks (in thousands)	88,750	88,750	88,750	88,750	88,750	88,750
Reference price ²	2.067	1.788	2.935	3.144	2.888	3.392
Announcement Date	05/07/18	11/07/19	02/09/20	12/07/21	08/07/22	12/07/23

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net sales ¹	626.5	885.4	962.4	1,028	1,111	915.7
EBITDA ¹	99.75	135.9	138	137.3	154.1	133
EBIT ¹	45.62	82.29	83.28	82.98	83.97	57.33
Operating Margin	7.28%	9.29%	8.65%	8.07%	7.56%	6.26%
Earnings before Tax (EBT) ¹	27.88	76.04	68.28	77.71	77.3	68.02
Net income ¹	20.61	61.45	59.71	54.86	55.3	51.31
Net margin	3.29%	6.94%	6.2%	5.34%	4.98%	5.6%
EPS ²	0.2320	0.6920	0.6728	0.6180	0.6230	0.5780
Free Cash Flow ¹	-13.74	105.4	-0.6	1.216	202.2	95.74
FCF margin	-2.19%	11.9%	-0.06%	0.12%	18.2%	10.46%
FCF Conversion (EBITDA)	-	77.58%	-	0.89%	131.24%	71.97%
FCF Conversion (Net income)	-	171.51%	-	2.22%	365.71%	186.62%
Dividend per Share ²	0.0479	0.1486	0.0498	0.0487	0.0468	0.0517
Announcement Date	05/07/18	11/07/19	02/09/20	12/07/21	08/07/22	12/07/23

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net Debt ¹	173	87.6	129	161	123	93.3
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.733 x	0.6449 x	0.9364 x	1.172 x	0.7975 x	0.7013 x
Free Cash Flow ¹	-13.7	105	-0.6	1.22	202	95.7
ROE (net income / shareholders' equity)	3.16%	7.99%	6.08%	7.31%	7.39%	6.29%
ROA (Net income/ Total Assets)	1.96%	3.31%	3.19%	3.02%	2.87%	1.84%
Assets ¹	1,052	1,858	1,872	1,819	1,928	2,786
Book Value Per Share ²	6.990	8.180	8.760	9.040	9.310	10.30
Cash Flow per Share ²	1.490	2.180	1.890	1.290	2.240	2.810
Capex ¹	5.91	17.2	27.1	13.2	18.7	10.5
Capex / Sales	0.94%	1.95%	2.81%	1.28%	1.68%	1.15%
Announcement Date	05/07/18	11/07/19	02/09/20	12/07/21	08/07/22	12/07/23

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 Construction Machinery

	1st Jan change	Capi.
YONGMAO HOLDINGS LIMITED	+2.21%	45.57M
CATERPILLAR INC.	+20.18%	172B
SANY HEAVY INDUSTRY CO.,LTD	+26.29%	20.43B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+37.67%	10.18B
DOOSAN BOBCAT INC.	+8.13%	3.93B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	+2.02%	3.01B
GUANGXI LIUGONG MACHINERY CO., LTD.	+60.83%	2.95B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+68.80%	1.99B
TAKEUCHI MFG. CO., LTD.	+55.89%	1.97B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+81.38%	1.9B

Construction Machinery

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Financials Yongmao Holdings Limited

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