Stock 2348 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED
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Financials Dawnrays Pharmaceutical (Holdings) Limited

Equities

2348

KYG2687M1006

Pharmaceuticals

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
1.17 HKD 0.00% Intraday chart for Dawnrays Pharmaceutical (Holdings) Limited +1.74% +11.43%
Mar. 25 Dawnrays' 2023 Profit Falls 9% on Lower Revenue MT
Mar. 22 Dawnrays Pharmaceutical Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 2,048 1,985 1,773 2,039 1,761 1,432
Enterprise Value (EV) 1 841.1 1,057 814 1,232 687.1 378.6
P/E ratio 6.74 x 7.88 x 6.79 x 5.73 x 4.93 x 4.4 x
Yield 5.1% 4.06% 4.65% 4.79% 6.63% 7.61%
Capitalization / Revenue 2.16 x 2.09 x 1.73 x 1.75 x 1.38 x 1.24 x
EV / Revenue 0.89 x 1.11 x 0.79 x 1.06 x 0.54 x 0.33 x
EV / EBITDA 2.12 x 3.16 x 2.18 x 2.86 x 1.43 x 1.07 x
EV / FCF 5.04 x 5.74 x 6.78 x -737 x 1.88 x -1.74 x
FCF Yield 19.9% 17.4% 14.8% -0.14% 53.1% -57.4%
Price to Book 1.07 x 0.98 x 0.82 x 0.86 x 0.67 x 0.5 x
Nbr of stocks (in thousands) 1,586,382 1,552,988 1,504,869 1,498,337 1,498,789 1,500,247
Reference price 2 1.291 1.278 1.178 1.361 1.175 0.9544
Announcement Date 4/15/19 4/22/20 4/19/21 4/21/22 4/25/23 4/19/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 948.9 950 1,024 1,165 1,278 1,151
EBITDA 1 396 334.4 373.1 430.5 480.1 354.4
EBIT 1 345.1 283.2 320.5 380.8 419.1 276
Operating Margin 36.36% 29.81% 31.29% 32.68% 32.8% 23.98%
Earnings before Tax (EBT) 1 377.8 314.1 331.3 439.3 438.4 414.1
Net income 1 304 255.4 268.1 358.2 358.1 326
Net margin 32.03% 26.89% 26.18% 30.74% 28.02% 28.32%
EPS 2 0.1916 0.1621 0.1735 0.2375 0.2383 0.2170
Free Cash Flow 1 167 184 120.1 -1.673 365.2 -217.2
FCF margin 17.6% 19.37% 11.72% -0.14% 28.58% -18.87%
FCF Conversion (EBITDA) 42.17% 55.03% 32.19% - 76.07% -
FCF Conversion (Net income) 54.94% 72.04% 44.79% - 101.99% -
Dividend per Share 2 0.0659 0.0518 0.0547 0.0652 0.0778 0.0726
Announcement Date 4/15/19 4/22/20 4/19/21 4/21/22 4/25/23 4/19/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,207 928 959 807 1,073 1,053
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 167 184 120 -1.67 365 -217
ROE (net income / shareholders' equity) 16.3% 12.9% 12.6% 15.5% 14.1% 11.7%
ROA (Net income/ Total Assets) 9.49% 6.87% 7.04% 7.62% 7.47% 4.73%
Assets 1 3,205 3,718 3,808 4,698 4,793 6,894
Book Value Per Share 2 1.210 1.300 1.440 1.590 1.760 1.900
Cash Flow per Share 2 0.4100 0.3000 0.4900 0.3900 0.5400 0.6000
Capex 1 16.9 33.8 139 313 204 200
Capex / Sales 1.78% 3.56% 13.58% 26.87% 15.99% 17.34%
Announcement Date 4/15/19 4/22/20 4/19/21 4/21/22 4/25/23 4/19/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Pharmaceuticals

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