| Income Statement Evolution | |
|
|
| Annual Income Statement Data |
|
|
Actuals in M CNY |
Estimates in M CNY |
|
Fiscal Period December |
2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| Sales | 30 278 | 37 569 | 30 072 | 31 427 | 32 130 | 32 291 | | Operating income (EBITDA) | 6 112 | 5 575 | 4 901 | 5 057 | 5 746 | 4 863 | | Operating profit (EBIT) | - | 3 993 | 2 996 | 3 424 | 3 721 | 4 359 | | Pre-Tax Profit (EBT) | - | 4 176 | 3 180 | 2 580 | 2 904 | 2 685 | | Net income | - | 3 049 | 2 251 | 1 901 | 2 132 | 1 987 | | EPS ( CNY) | 1,04 | 1,32 | 0,97 | 0,83 | 0,93 | 0,88 | | Dividend per Share ( CNY) | - | 0,25 | 0,25 | 0,22 | 0,21 | 0,24 | | Yield | - | 2,10% | 2,10% | 1,82% | 1,80% | 2,05% | | Announcement Date | 04/11/2011 04:31am | 04/23/2012 10:30pm | 04/08/2013 09:34am | - | - | - |
|
|
|
|
Actuals in M CNY |
Estimates in M CNY |
|
Fiscal Period December |
2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| Debt | - | 5 930 | 7 596 | 4 755 | 3 624 | - | | Finance | - | - | - | - | - | 1 805 | | Operating income (EBITDA) | 6 112 | 5 575 | 4 901 | 5 057 | 5 746 | 4 863 | Leverage (Debt/EBITDA) | - | 1,06x | 1,55x | 0,94x | 0,63x | - | | Capital Expenditure | - | 3 149 | 3 295 | 4 750 | 4 850 | 4 500 | | Book Value Per Share (BVPS) | - | 6,17 CNY | 6,47 CNY | 7,27 CNY | 7,96 CNY | 8,30 CNY | | Cash Flow per Share | - | 1,32 CNY | 1,06 CNY | 1,90 CNY | 1,66 CNY | 1,74 CNY | | Announcement Date | 04/11/2011 04:31am | 04/23/2012 10:30pm | 04/08/2013 09:34am | - | - | - |
|
Assessed data source : © 2013 Thomson Reuters |
|
|
|
|
|
|
Valuation |
2013e |
2014e |
|
PER (Price / EPS)
|
14,3x |
12,7x |
|
Capitalization / Revenue
|
0,87x |
0,86x |
|
EV / Revenue
|
1,03x |
0,97x |
|
EV / EBITDA
|
6,37x |
5,41x |
|
Yield (DPS / Price)
|
1,82% |
1,80% |
| Profitability |
2013e |
2014e |
|
Operating Margin (EBIT / Sales)
|
10,9% |
11,6% |
|
operating laverage (Delta EBIT / Delta Sales)
|
3,18x |
3,87x |
|
Net Margin (Net Profit / Revenue)
|
6,05% |
6,64% |
|
ROA (Net Profit / Asset)
|
5,30% |
5,40% |
|
ROE (Net Profit / Equities)
|
11,8% |
12,3% |
|
Rate of Dividend
|
26,0% |
22,9% |
|
|
|