Financials Cofco Sugar Holding CO.,LTD.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
10.06 ^CNY	+0.70%		-4.37%	+22.09%

Apr. 25	Cofco Sugar Holding CO.,LTD. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Apr. 25	Cofco Sugar Holding CO.,LTD. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Capitalization ¹	18,095	20,704	20,105	17,624	21,517	-	-
Enterprise Value (EV) ¹	18,095	20,704	20,105	17,624	21,517	21,517	21,517
P/E ratio	30.9 x	39.1 x	38.7 x	8.5 x	9.77 x	11.8 x	8.67 x
Yield	-	0.83%	1.17%	7.65%	1.89%	1.09%	-
Capitalization / Revenue	0.98 x	0.98 x	0.8 x	0.53 x	0.65 x	0.63 x	0.6 x
EV / Revenue	0.98 x	0.98 x	0.8 x	0.53 x	0.65 x	0.63 x	0.6 x
EV / EBITDA	15.1 x	17.9 x	17.2 x	5.92 x	6.21 x	6.38 x	5.64 x
EV / FCF	-	-	-63.5 x	73 x	37.6 x	26.9 x	-
FCF Yield	-	-	-1.58%	1.37%	2.66%	3.72%	-
Price to Book	2.24 x	2.3 x	2.01 x	1.52 x	1.75 x	1.59 x	1.5 x
Nbr of stocks (in thousands)	2,138,848	2,138,848	2,138,848	2,138,848	2,138,848	-	-
Reference price ²	8.460	9.680	9.400	8.240	10.06	10.06	10.06
Announcement Date	4/28/20	4/19/21	4/18/22	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net sales ¹	18,425	21,129	25,160	33,114	33,180	34,420	35,707
EBITDA ¹	1,199	1,159	1,172	2,979	3,464	3,372	3,814
EBIT ¹	805.8	752.3	778.7	2,595	3,049	2,103	3,373
Operating Margin	4.37%	3.56%	3.09%	7.84%	9.19%	6.11%	9.45%
Earnings before Tax (EBT) ¹	789.3	739.8	759.9	2,568	3,044	2,312	3,360
Net income ¹	579.6	529.1	519.5	2,073	2,198	1,829	2,479
Net margin	3.15%	2.5%	2.06%	6.26%	6.62%	5.31%	6.94%
EPS ²	0.2738	0.2474	0.2429	0.9694	1.030	0.8550	1.160
Free Cash Flow ¹	-	-	-316.9	241.5	573	800	-
FCF margin	-	-	-1.26%	0.73%	1.73%	2.32%	-
FCF Conversion (EBITDA)	-	-	-	8.11%	16.54%	23.72%	-
FCF Conversion (Net income)	-	-	-	11.65%	26.07%	43.75%	-
Dividend per Share ²	-	0.0800	0.1100	0.6300	0.1900	0.1100	-
Announcement Date	4/28/20	4/19/21	4/18/22	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-317	241	573	800	-
ROE (net income / shareholders' equity)	7.5%	6.36%	5.4%	19.4%	17.7%	13%	17.3%
ROA (Net income/ Total Assets)	3.66%	3.15%	-	-	9.3%	9.5%	9.5%
Assets ¹	15,840	16,825	-	-	23,634	19,248	26,095
Book Value Per Share ²	3.770	4.220	4.680	5.420	5.760	6.320	6.720
Cash Flow per Share ²	0.5000	0.4700	0.0300	0.4100	0.3500	1.280	-
Capex ¹	343	299	376	646	719	893	781
Capex / Sales	1.86%	1.41%	1.49%	1.95%	2.17%	2.59%	2.19%
Announcement Date	4/28/20	4/19/21	4/18/22	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.06 CNY

Average target price

14 CNY

Spread / Average Target

+39.17%

	1st Jan change	Capi.
COFCO SUGAR HOLDING CO.,LTD.	+22.09%	2.97B
NESTLÉ S.A.	-5.45%	264B
MONDELEZ INTERNATIONAL, INC.	-2.41%	96.77B
KRAFT HEINZ	-1.89%	46.94B
DANONE	-0.03%	40.26B
GENERAL MILLS, INC.	+7.45%	39.78B
THE HERSHEY COMPANY	+3.89%	39.6B
ARCHER-DANIELS-MIDLAND COMPANY	-19.18%	29.43B
NESTLÉ INDIA LIMITED	-5.77%	28.95B
ASSOCIATED BRITISH FOODS PLC	+11.36%	24.86B