Stock 1044 HENGAN INTERNATIONAL GROUP COMPANY LIMITED
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Financials Hengan International Group Company Limited

Equities

1044

KYG4402L1510

Personal Products

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
26.2 HKD +2.34% Intraday chart for Hengan International Group Company Limited +6.94% -9.81%
Apr. 12 Hengan International Issues Clarification on Coupon Rate of 2.5 BIllion Yuan Super Short-term Commercial Paper MT
Mar. 22 Jefferies Adjusts Hengan International Group’s Price Target to HK$28.56 From HK$28.41, Keeps at Hold MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 59,007 54,817 38,018 42,543 30,684 28,184 - -
Enterprise Value (EV) 1 59,007 55,169 37,998 40,905 30,684 24,050 22,799 21,598
P/E ratio 15.1 x 12 x 11.7 x 22.1 x 10.9 x 9.06 x 8.6 x 8.28 x
Yield - 5.41% 5.2% 3.82% - 5.8% 5.97% 5.79%
Capitalization / Revenue 2.62 x 2.45 x 1.83 x 1.88 x 1.29 x 1.15 x 1.1 x 1.07 x
EV / Revenue 2.62 x 2.47 x 1.83 x 1.81 x 1.29 x 0.98 x 0.89 x 0.82 x
EV / EBITDA 9.09 x 7.64 x 7.03 x 10.9 x 6.3 x 4.86 x 4.49 x 4.06 x
EV / FCF 23.4 x 12.9 x 10.1 x 15.9 x - 9.98 x 7.72 x 6.68 x
FCF Yield 4.27% 7.76% 9.94% 6.27% - 10% 13% 15%
Price to Book - 2.83 x 2.02 x 2.18 x - 1.3 x 1.21 x 1.12 x
Nbr of stocks (in thousands) 1,189,677 1,186,337 1,162,121 1,162,121 1,162,121 1,162,121 - -
Reference price 2 49.60 46.21 32.71 36.61 26.40 24.25 24.25 24.25
Announcement Date 3/26/20 3/19/21 3/22/22 3/22/23 3/21/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 22,493 22,374 20,790 22,616 23,768 24,535 25,639 26,383
EBITDA 1 6,491 7,224 5,408 3,750 4,872 4,954 5,072 5,324
EBIT 1 5,680 6,392 4,544 2,869 3,978 4,201 4,332 4,541
Operating Margin 25.25% 28.57% 21.85% 12.69% 16.74% 17.12% 16.9% 17.21%
Earnings before Tax (EBT) 1 5,047 5,961 4,330 2,833 3,605 4,051 4,285 4,419
Net income 1 3,908 4,595 3,274 1,925 2,801 3,113 3,285 3,422
Net margin 17.37% 20.54% 15.75% 8.51% 11.78% 12.69% 12.81% 12.97%
EPS 2 3.285 3.864 2.786 1.657 2.415 2.677 2.819 2.928
Free Cash Flow 1 2,518 4,281 3,776 2,565 - 2,410 2,955 3,233
FCF margin 11.19% 19.13% 18.16% 11.34% - 9.82% 11.53% 12.25%
FCF Conversion (EBITDA) 38.79% 59.26% 69.82% 68.41% - 48.65% 58.26% 60.73%
FCF Conversion (Net income) 64.43% 93.17% 115.34% 133.24% - 77.42% 89.95% 94.49%
Dividend per Share 2 - 2.500 1.700 1.400 - 1.406 1.448 1.404
Announcement Date 3/26/20 3/19/21 3/22/22 3/22/23 3/21/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 11,716 10,928 11,446 9,974 10,816 11,200 11,416 12,205 11,563 12,411 12,188
EBITDA - - - - - - - - - - -
EBIT 1 3,022 3,185 3,207 2,541 2,003 1,886 983.4 1,702 2,276 2,337 2,130
Operating Margin 25.79% 29.15% 28.02% 25.47% 18.52% 16.84% 8.61% 13.94% 19.69% 18.83% 17.48%
Earnings before Tax (EBT) 2,714 - 3,055 2,416 1,914 1,796 1,037 1,541 2,064 - -
Net income 2,030 2,260 2,335 - 1,413 1,276 649.1 1,226 1,575 - -
Net margin 17.33% 20.68% 20.4% - 13.07% 11.39% 5.69% 10.04% 13.62% - -
EPS - - - - - - - - - - -
Dividend per Share - - - - - - - - - - -
Announcement Date 3/26/20 8/19/20 3/19/21 8/18/21 3/22/22 8/19/22 3/22/23 8/24/23 3/21/24 - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 353 - - - - - -
Net Cash position 1 - - 19.9 1,638 - 4,134 5,386 6,587
Leverage (Debt/EBITDA) - 0.0488 x - - - - - -
Free Cash Flow 1 2,518 4,281 3,776 2,565 - 2,410 2,955 3,233
ROE (net income / shareholders' equity) 22.6% 24.6% 17% 9.99% - 14.5% 14.4% 13.7%
ROA (Net income/ Total Assets) 8.79% 10.5% 7.55% 4.55% - 7.79% 7.51% 7.75%
Assets 1 44,445 43,840 43,367 42,315 - 39,963 43,768 44,145
Book Value Per Share 2 - 16.30 16.20 16.80 - 18.70 20.00 21.60
Cash Flow per Share 2 2.870 4.240 3.880 3.240 - 2.870 3.340 3.430
Capex 1 898 761 781 1,245 - 1,133 1,132 1,226
Capex / Sales 3.99% 3.4% 3.76% 5.5% - 4.62% 4.41% 4.65%
Announcement Date 3/26/20 3/19/21 3/22/22 3/22/23 3/21/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hengan International Group Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
24.25 CNY
Average target price
29.28 CNY
Spread / Average Target
+20.74%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Sanitary Products
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