Financials Tian Lun Gas Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
4.88 ^HKD	0.00%		+2.09%	+13.49%

Mar. 29	Tian Lun Gas Posts Higher Profit, Revenue in 2023	MT
Mar. 28	Tian Lun Gas Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 21 June 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,226	6,310	6,757	3,341	3,787	4,378	-	-
Enterprise Value (EV) ¹	10,079	6,310	12,048	9,204	9,625	10,955	10,846	4,378
P/E ratio	7.88 x	6.05 x	6.86 x	7.65 x	7.98 x	7.86 x	7.06 x	6.1 x
Yield	3.76%	4.25%	4.08%	5.33%	2.77%	4.21%	4.87%	-
Capitalization / Revenue	0.95 x	0.98 x	0.88 x	0.44 x	0.49 x	0.56 x	0.52 x	0.51 x
EV / Revenue	1.54 x	0.98 x	1.57 x	1.22 x	1.25 x	1.39 x	1.3 x	0.51 x
EV / EBITDA	6.03 x	3.21 x	6.28 x	8.04 x	6.98 x	6.95 x	6.39 x	2.44 x
EV / FCF	26,430,652 x	12,094,698 x	-12,886,045 x	52,526,337 x	-	-	-	-
FCF Yield	0%	0%	-0%	0%	-	-	-	-
Price to Book	1.59 x	1.34 x	1.28 x	0.61 x	0.65 x	0.7 x	0.65 x	0.61 x
Nbr of stocks (in thousands)	999,615	1,003,615	984,943	969,948	969,067	969,068	-	-
Reference price ²	6.229	6.287	6.861	3.444	3.908	4.517	4.517	4.517
Announcement Date	3/31/20	3/31/21	3/31/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,549	6,440	7,650	7,543	7,725	7,871	8,350	8,552
EBITDA ¹	1,671	1,967	1,918	1,144	1,379	1,576	1,698	1,797
EBIT ¹	1,435	1,703	1,601	936.8	1,038	1,124	1,243	-
Operating Margin	21.92%	26.45%	20.93%	12.42%	13.43%	14.28%	14.89%	-
Earnings before Tax (EBT) ¹	1,127	1,418	1,363	670.1	716	844.4	944.9	1,078
Net income ¹	789.2	1,044	1,001	444.6	479.6	563.9	630.1	722.2
Net margin	12.05%	16.2%	13.08%	5.89%	6.21%	7.16%	7.55%	8.44%
EPS ²	0.7900	1.040	1.000	0.4500	0.4900	0.5750	0.6400	0.7400
Free Cash Flow	381.3	521.7	-935	175.2	-	-	-	-
FCF margin	5.82%	8.1%	-12.22%	2.32%	-	-	-	-
FCF Conversion (EBITDA)	22.82%	26.52%	-	15.31%	-	-	-	-
FCF Conversion (Net income)	48.32%	50%	-	39.41%	-	-	-	-
Dividend per Share ²	0.2342	0.2670	0.2800	0.1835	0.1082	0.1900	0.2200	-
Announcement Date	3/31/20	3/31/21	3/31/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,852	-	5,291	5,863	5,837	6,577	6,468	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.305 x	-	2.758 x	5.123 x	4.232 x	4.173 x	3.809 x	-
Free Cash Flow	381	522	-935	175	-	-	-	-
ROE (net income / shareholders' equity)	22.1%	24.3%	20.2%	8.29%	8.48%	9.33%	9.58%	10.4%
ROA (Net income/ Total Assets)	6.75%	8.4%	7.14%	2.86%	3.03%	3.55%	3.88%	4.39%
Assets ¹	11,686	12,429	14,011	15,532	15,825	15,908	16,261	16,451
Book Value Per Share ²	3.930	4.680	5.370	5.600	5.980	6.420	6.990	7.360
Cash Flow per Share	0.9800	1.390	0.4100	0.7000	-	-	-	-
Capex ¹	590	868	1,341	514	-	386	375	450
Capex / Sales	9.01%	13.48%	17.53%	6.81%	-	4.9%	4.49%	5.26%
Announcement Date	3/31/20	3/31/21	3/31/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.517 CNY

Average target price

4.768 CNY

Spread / Average Target

+5.54%

	1st Jan change	Capi.
TIAN LUN GAS HOLDINGS LIMITED	+13.49%	604M
THE HONG KONG AND CHINA GAS CO LTD	0.00%	14.25B
ENN ENERGY HOLDINGS LIMITED	+16.26%	9.6B
KUNLUN ENERGY COMPANY LIMITED	+7.95%	8.41B
ENN NATURAL GAS CO.,LTD.	+5.35%	7.53B
CHINA RESOURCES GAS GROUP LIMITED	-3.52%	7.3B
GRUPO ENERGÍA BOGOTÁ S.A. E.S.P.	+28.95%	5.72B
NEW FORTRESS ENERGY INC.	-28.15%	5.56B
SOUTHWEST GAS HOLDINGS, INC.	+18.39%	5.37B
UGI CORPORATION	+3.17%	5.32B