Financials China Lesso Group Holdings Limited

Equities

2128

KYG2157Q1029

Construction Supplies & Fixtures

Market Closed - Hong Kong S.E. Other stock markets 04:08:11 2024-05-08 am EDT			5-day change	1st Jan Change
3.52 ^HKD	-5.12%		+6.67%	-13.73%

May. 01	China Lesso Group Holdings' 2023 Profit Falls Despite Marginal Rise in Revenue	MT
Mar. 28	China Lesso Group Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 18 July 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,698	31,699	28,312	22,331	11,505	10,620	-	-
Enterprise Value (EV) ¹	33,622	40,463	37,825	35,005	11,505	23,500	22,456	21,206
P/E ratio	9.11 x	8.38 x	9.22 x	8.78 x	4.82 x	4.14 x	3.34 x	3.39 x
Yield	4.1%	4.14%	3.39%	3.65%	-	6.23%	7.17%	8.35%
Capitalization / Revenue	1.05 x	1.13 x	0.88 x	0.73 x	0.37 x	0.33 x	0.3 x	0.27 x
EV / Revenue	1.28 x	1.44 x	1.18 x	1.14 x	0.37 x	0.72 x	0.63 x	0.54 x
EV / EBITDA	6.05 x	6.53 x	6.61 x	6.05 x	2.05 x	3.95 x	3.48 x	3.11 x
EV / FCF	9.82 x	53.7 x	19.8 x	27.7 x	-	-32.7 x	31.1 x	16.3 x
FCF Yield	10.2%	1.86%	5.05%	3.61%	-	-3.06%	3.21%	6.14%
Price to Book	1.67 x	1.6 x	1.36 x	1.02 x	-	0.42 x	0.39 x	0.36 x
Nbr of stocks (in thousands)	3,102,418	3,102,418	3,102,418	3,102,418	3,102,418	3,102,418	-	-
Reference price ²	8.928	10.22	9.126	7.198	3.708	3.423	3.423	3.423
Announcement Date	3/27/20	3/29/21	3/28/22	3/20/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	26,345	28,073	32,058	30,767	30,868	32,620	35,571	39,047
EBITDA ¹	5,556	6,195	5,720	5,786	5,613	5,956	6,456	6,824
EBIT ¹	4,559	5,189	4,006	3,596	3,589	3,931	4,263	4,719
Operating Margin	17.31%	18.48%	12.5%	11.69%	11.63%	12.05%	11.98%	12.09%
Earnings before Tax (EBT) ¹	3,982	4,754	3,807	3,190	2,664	2,919	3,210	3,487
Net income ¹	3,025	3,751	3,044	2,517	2,368	2,593	2,908	3,268
Net margin	11.48%	13.36%	9.5%	8.18%	7.67%	7.95%	8.18%	8.37%
EPS ²	0.9800	1.220	0.9900	0.8200	0.7700	0.8270	1.025	1.011
Free Cash Flow ¹	3,424	753.2	1,912	1,262	-	-718	721	1,302
FCF margin	13%	2.68%	5.96%	4.1%	-	-2.2%	2.03%	3.34%
FCF Conversion (EBITDA)	61.62%	12.16%	33.43%	21.81%	-	-	11.17%	19.09%
FCF Conversion (Net income)	113.19%	20.08%	62.81%	50.14%	-	-	24.79%	39.86%
Dividend per Share ²	0.3662	0.4226	0.3093	0.2631	-	0.2134	0.2453	0.2859
Announcement Date	3/27/20	3/29/21	3/28/22	3/20/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 S1
Net sales	15,207	11,492	-	-	-	14,890
EBITDA	3,274	-	-	-	-	-
EBIT	2,707	1,966	-	-	-	-
Operating Margin	17.8%	17.1%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income	1,761	-	-	-	-	-
Net margin	11.58%	-	-	-	-	-
EPS ¹	-	-	0.2000	0.2000	0.2100	0.4200
Dividend per Share	-	-	-	-	-	-
Announcement Date	3/27/20	8/25/20	4/25/22	3/28/22	9/20/22	8/29/22

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,925	8,764	9,513	12,674	-	12,880	11,836	10,586
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.066 x	1.415 x	1.663 x	2.19 x	-	2.162 x	1.833 x	1.551 x
Free Cash Flow ¹	3,424	753	1,912	1,262	-	-718	721	1,303
ROE (net income / shareholders' equity)	19.3%	20.6%	15%	11.8%	-	10.1%	9.96%	9.42%
ROA (Net income/ Total Assets)	8.02%	8.59%	6.03%	4.44%	-	4.91%	5.12%	5.41%
Assets ¹	37,711	43,656	50,505	56,718	-	52,805	56,836	60,405
Book Value Per Share ²	5.340	6.400	6.700	7.020	-	8.190	8.880	9.560
Cash Flow per Share ²	1.720	0.9200	1.680	1.480	-	1.450	1.750	1.500
Capex ¹	1,889	2,090	3,261	3,311	-	3,529	3,139	3,038
Capex / Sales	7.17%	7.44%	10.17%	10.76%	-	10.82%	8.83%	7.78%
Announcement Date	3/27/20	3/29/21	3/28/22	3/20/23	3/28/24	-	-	-

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 China Lesso Group Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.423 CNY

Average target price

4.53 CNY

Spread / Average Target

+32.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Plumbing Fixtures & Fittings

	1st Jan change	Capi.
CHINA LESSO GROUP HOLDINGS LIMITED	-13.73%	1.47B
GEBERIT AG	+1.97%	19.8B
ADVANCED DRAINAGE SYSTEMS, INC.	+19.47%	13.05B
ASTRAL LIMITED	+9.53%	6.66B
ZHEJIANG WEIXING NEW BUILDING MATERIALS CO., LTD.	+21.49%	3.89B
ALIAXIS SA	+25.00%	2.95B
RELIANCE WORLDWIDE CORPORATION LIMITED	+13.32%	2.62B
FINOLEX INDUSTRIES LIMITED	+32.27%	2.1B
CANGZHOU MINGZHU PLASTIC CO.,LTD.	-9.98%	861M
PRINCE PIPES AND FITTINGS LIMITED	-15.70%	826M

Plumbing Fixtures & Fittings