Stock 2886 BINHAI INVESTMENT COMPANY LIMITED
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Financials Binhai Investment Company Limited

Equities

2886

BMG1118Y1214

Natural Gas Utilities

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
1.23 HKD +3.36% Intraday chart for Binhai Investment Company Limited +5.13% -14.58%
Apr. 25 Binhai Renews Purchase Deal with Beijing Gas MT
Mar. 26 Binhai Arm Obtains 727 Million Yuan Loan From CDB MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,468 1,715 1,609 2,136 2,123 1,948
Enterprise Value (EV) 1 3,197 3,601 3,400 4,576 5,205 4,928
P/E ratio 14.1 x 21.2 x 4.1 x 5.36 x 6.54 x 7.62 x
Yield 3.6% 2.4% 6.64% 5.7% 6.37% 5.28%
Capitalization / Revenue 0.44 x 0.48 x 0.44 x 0.44 x 0.35 x 0.3 x
EV / Revenue 0.97 x 1.01 x 0.93 x 0.94 x 0.85 x 0.77 x
EV / EBITDA 6.38 x 8.75 x 6.75 x 6.28 x 7.46 x 6.86 x
EV / FCF -108 x -218 x -20.7 x -9.83 x -8.82 x 196 x
FCF Yield -0.92% -0.46% -4.82% -10.2% -11.3% 0.51%
Price to Book 1.57 x 1.82 x 1.01 x 1.1 x 1.07 x 0.96 x
Nbr of stocks (in thousands) 1,174,349 1,174,349 1,352,025 1,352,025 1,352,025 1,352,993
Reference price 2 1.250 1.460 1.190 1.580 1.570 1.440
Announcement Date 3/28/19 4/9/20 4/1/21 3/31/22 4/12/23 4/12/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 3,308 3,558 3,654 4,843 6,103 6,407
EBITDA 1 501.4 411.7 503.6 728.2 697.5 718
EBIT 1 396.7 280.2 346.2 553.8 514.8 516.3
Operating Margin 11.99% 7.88% 9.47% 11.44% 8.44% 8.06%
Earnings before Tax (EBT) 1 181.8 182.7 439.2 495.3 388.4 354.7
Net income 1 104 81.11 354.9 399.7 325.8 256.6
Net margin 3.15% 2.28% 9.71% 8.25% 5.34% 4.01%
EPS 2 0.0886 0.0690 0.2900 0.2950 0.2400 0.1890
Free Cash Flow 1 -29.56 -16.53 -164 -465.5 -590 25.1
FCF margin -0.89% -0.46% -4.49% -9.61% -9.67% 0.39%
FCF Conversion (EBITDA) - - - - - 3.5%
FCF Conversion (Net income) - - - - - 9.78%
Dividend per Share 2 0.0450 0.0350 0.0790 0.0900 0.1000 0.0760
Announcement Date 3/28/19 4/9/20 4/1/21 3/31/22 4/12/23 4/12/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,729 1,886 1,791 2,440 3,082 2,979
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.449 x 4.582 x 3.556 x 3.351 x 4.419 x 4.149 x
Free Cash Flow 1 -29.6 -16.5 -164 -465 -590 25.1
ROE (net income / shareholders' equity) 7.56% 8.78% 21.5% 19% 14.4% 11.4%
ROA (Net income/ Total Assets) 3.57% 2.89% 3.28% 4.53% 3.84% 3.76%
Assets 1 2,915 2,807 10,825 8,819 8,481 6,824
Book Value Per Share 2 0.8000 0.8000 1.180 1.440 1.460 1.510
Cash Flow per Share 2 0.8400 0.6000 0.3000 0.5500 0.6300 0.6000
Capex 1 653 610 869 691 636 568
Capex / Sales 19.75% 17.15% 23.79% 14.27% 10.42% 8.86%
Announcement Date 3/28/19 4/9/20 4/1/21 3/31/22 4/12/23 4/12/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Natural Gas Distribution

1st Jan change Capi.
BINHAI INVESTMENT COMPANY LIMITED Stock Binhai Investment Company Limited
-14.58% 213M
THE HONG KONG AND CHINA GAS CO LTD Stock The Hong Kong and China Gas Co Ltd
0.00% 14.25B
ENN ENERGY HOLDINGS LIMITED Stock ENN Energy Holdings Limited
+16.26% 9.6B
KUNLUN ENERGY COMPANY LIMITED Stock Kunlun Energy Company Limited
+7.95% 8.41B
ENN NATURAL GAS CO.,LTD. Stock ENN Natural Gas Co.,Ltd.
+5.35% 7.53B
CHINA RESOURCES GAS GROUP LIMITED Stock China Resources Gas Group Limited
-3.52% 7.3B
GRUPO ENERGÍA BOGOTÁ S.A. E.S.P. Stock Grupo Energía Bogotá S.A. E.S.P.
+28.95% 5.72B
NEW FORTRESS ENERGY INC. Stock New Fortress Energy Inc.
-28.15% 5.56B
SOUTHWEST GAS HOLDINGS, INC. Stock Southwest Gas Holdings, Inc.
+18.39% 5.37B
UGI CORPORATION Stock UGI Corporation
+3.17% 5.32B
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