Financials Unisplendour Corporation Limited

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
20.22 ^CNY	+4.01%		+2.80%	+4.50%

2023	Unisplendour Corporation Limited Reports Earnings Results for the Nine Months Ended September 30, 2023	CI
2023	Unisplendour's Profit Rises 6.5% in H1	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	45,615	64,556	58,489	65,353	55,800	57,831	57,831	-
Enterprise Value (EV) ¹	45,615	64,556	52,683	61,207	50,187	49,558	45,552	43,141
P/E ratio	27 x	35 x	30.9 x	30.4 x	25.9 x	24.6 x	20.1 x	16.6 x
Yield	-	-	0.49%	0.44%	-	0.77%	0.8%	0.92%
Capitalization / Revenue	-	1.19 x	0.98 x	0.97 x	0.75 x	0.72 x	0.64 x	0.56 x
EV / Revenue	-	1.19 x	0.88 x	0.9 x	0.68 x	0.62 x	0.5 x	0.42 x
EV / EBITDA	-	15.5 x	11.9 x	13.2 x	9.15 x	9.82 x	7.71 x	6.28 x
EV / FCF	-	-	15.2 x	-22.6 x	14.2 x	5.86 x	11.9 x	8.7 x
FCF Yield	-	-	6.59%	-4.42%	7.05%	17.1%	8.41%	11.5%
Price to Book	-	2.29 x	1.97 x	2.18 x	1.75 x	1.71 x	1.6 x	1.48 x
Nbr of stocks (in thousands)	2,860,080	2,860,080	2,860,080	2,860,080	2,860,080	2,860,080	2,860,080	-
Reference price ²	15.95	22.57	20.45	22.85	19.51	20.22	20.22	20.22
Announcement Date	2/14/19	4/25/20	4/23/21	3/25/22	3/30/23	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	-	54,099	59,705	67,638	74,058	80,515	90,857	102,880
EBITDA ¹	-	4,165	4,413	4,644	5,488	5,044	5,907	6,870
EBIT ¹	-	3,521	3,703	4,088	4,160	4,470	5,488	6,562
Operating Margin	-	6.51%	6.2%	6.04%	5.62%	5.55%	6.04%	6.38%
Earnings before Tax (EBT) ¹	-	3,611	3,795	4,176	4,220	4,592	5,646	6,747
Net income ¹	-	1,843	1,895	2,148	2,158	2,345	2,877	3,491
Net margin	-	3.41%	3.17%	3.18%	2.91%	2.91%	3.17%	3.39%
EPS ²	0.5913	0.6443	0.6620	0.7510	0.7540	0.8208	1.005	1.220
Free Cash Flow ¹	-	-	3,473	-2,705	3,537	8,450	3,830	4,959
FCF margin	-	-	5.82%	-4%	4.78%	10.49%	4.22%	4.82%
FCF Conversion (EBITDA)	-	-	78.69%	-	64.45%	167.52%	64.84%	72.19%
FCF Conversion (Net income)	-	-	183.29%	-	163.89%	360.36%	133.13%	142.06%
Dividend per Share ²	-	-	0.1000	0.1000	-	0.1567	0.1612	0.1870
Announcement Date	2/14/19	4/25/20	4/23/21	3/25/22	3/30/23	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	-	5,805	4,146	5,613	8,273	12,279	14,690
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	3,473	-2,705	3,537	8,450	3,830	4,959
ROE (net income / shareholders' equity)	6.74%	6.54%	7.36%	6.98%	7.26%	8.24%	9.18%
ROA (Net income/ Total Assets)	-	3.34%	3.45%	3.07%	3.07%	3.49%	3.83%
Assets ¹	-	56,776	62,299	70,256	76,504	82,553	91,142
Book Value Per Share ²	9.850	10.40	10.50	11.10	11.80	12.60	13.70
Cash Flow per Share ²	0.5900	1.770	-0.7600	1.410	1.460	1.810	1.890
Capex ¹	1,887	1,595	525	482	826	813	732
Capex / Sales	3.49%	2.67%	0.78%	0.65%	1.03%	0.9%	0.71%
Announcement Date	4/25/20	4/23/21	3/25/22	3/30/23	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.22 CNY

Average target price

31.02 CNY

Spread / Average Target

+53.42%

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