Financials Southern Publishing and Media Co.,Ltd.

Equities

601900

CNE1000025H2

Consumer Publishing

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
14.52 ^CNY	-3.90%		-1.49%	+11.78%

Apr. 24	Southern Publishing and Media Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 24	Southern Publishing and Media Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,296	7,418	7,669	7,329	11,457	12,806	-	-
Enterprise Value (EV) ¹	8,296	7,418	7,669	7,329	11,457	12,806	12,806	12,806
P/E ratio	11.3 x	9.74 x	9.51 x	7.84 x	8.9 x	14 x	12.7 x	10.1 x
Yield	2.7%	3.74%	3.86%	5.66%	4.16%	3.79%	3.99%	-
Capitalization / Revenue	1.27 x	1.08 x	1.01 x	0.81 x	1.22 x	1.25 x	1.14 x	0.98 x
EV / Revenue	1.27 x	1.08 x	1.01 x	0.81 x	1.22 x	1.25 x	1.14 x	0.98 x
EV / EBITDA	9.54 x	7.97 x	7.61 x	5.67 x	7.41 x	8.78 x	8.32 x	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.37 x	1.13 x	1.08 x	1.03 x	1.46 x	1.52 x	1.41 x	1.19 x
Nbr of stocks (in thousands)	895,877	895,877	895,877	881,970	881,970	881,970	-	-
Reference price ²	9.260	8.280	8.560	8.310	12.99	14.52	14.52	14.52
Announcement Date	4/29/20	4/27/21	4/27/22	4/27/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,525	6,897	7,598	9,055	9,365	10,264	11,206	13,032
EBITDA ¹	869.3	931	1,008	1,293	1,546	1,458	1,540	-
EBIT ¹	732.5	781.3	845.7	1,121	1,346	1,429	1,590	1,941
Operating Margin	11.23%	11.33%	11.13%	12.38%	14.38%	13.92%	14.19%	14.89%
Earnings before Tax (EBT) ¹	746.7	776.5	837.8	1,114	1,352	1,428	1,588	1,935
Net income ¹	733.1	760.4	808.3	943.4	1,284	928.5	1,026	1,293
Net margin	11.23%	11.03%	10.64%	10.42%	13.71%	9.05%	9.16%	9.92%
EPS ²	0.8200	0.8500	0.9000	1.060	1.460	1.040	1.145	1.440
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2500	0.3100	0.3300	0.4700	0.5400	0.5500	0.5800	-
Announcement Date	4/29/20	4/27/21	4/27/22	4/27/23	4/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 Q2	2023 Q3	2024 Q1
Net sales ¹	1,861	1,503	3,364	2,907	2,203	1,855	2,389	2,088
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	130.1	145.1	275.3	269	223.2	187.9	269.5	152.3
Net margin	6.99%	9.65%	8.18%	9.25%	10.13%	10.13%	11.28%	7.29%
EPS	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	4/27/22	8/30/22	8/30/22	10/26/22	4/27/23	8/29/23	10/26/23	4/24/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	12.8%	12.1%	11.8%	12.7%	16.9%	10.4%	10.6%	10.6%
ROA (Net income/ Total Assets)	7.31%	6.85%	6.56%	6.52%	-	5%	5.2%	-
Assets ¹	10,032	11,101	12,316	14,477	-	18,570	19,731	-
Book Value Per Share ²	6.750	7.340	7.940	8.080	8.870	9.550	10.30	12.20
Cash Flow per Share ²	0.9600	0.8700	1.400	2.710	1.770	1.530	1.750	1.930
Capex ¹	362	334	456	271	576	144	171	127
Capex / Sales	5.55%	4.84%	6%	2.99%	6.15%	1.4%	1.52%	0.97%
Announcement Date	4/29/20	4/27/21	4/27/22	4/27/23	4/24/24	-	-	-

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 Southern Publishing and Media Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.52 CNY

Average target price

15.6 CNY

Spread / Average Target

+7.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Consumer Publishing

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