Stock 1268 CHINA MEIDONG AUTO HOLDINGS LIMITED
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Financials China MeiDong Auto Holdings Limited

Equities

1268

KYG211921021

Auto Vehicles, Parts & Service Retailers

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
2.7 HKD +5.88% Intraday chart for China MeiDong Auto Holdings Limited +6.30% -43.16%
Mar. 27 China Meidong Auto Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 21 August 2024 CI
Mar. 27 China MeiDong Auto Holdings Limited 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 10,578 32,995 40,874 18,062 5,812 3,365 - -
Enterprise Value (EV) 1 11,377 32,666 39,542 18,333 5,812 2,721 2,167 1,687
P/E ratio 19.3 x 43.2 x 35.5 x 34.8 x 41.5 x 8.76 x 5.96 x 5.32 x
Yield 2.86% 1.46% 2.53% 1.4% - 5.01% 7.63% 8.71%
Capitalization / Revenue 0.65 x 1.63 x 1.73 x 0.63 x 0.2 x 0.12 x 0.12 x 0.12 x
EV / Revenue 0.7 x 1.62 x 1.68 x 0.64 x 0.2 x 0.1 x 0.08 x 0.06 x
EV / EBITDA 11.2 x 23.8 x 20.2 x 11.4 x 4.72 x 2.04 x 1.26 x 0.92 x
EV / FCF 21.3 x 37.4 x 27.3 x 21.1 x - 3.36 x 1.83 x -
FCF Yield 4.69% 2.67% 3.66% 4.75% - 29.8% 54.5% -
Price to Book 6.18 x 9.92 x 10.3 x 4.22 x - 0.6 x 0.58 x 0.53 x
Nbr of stocks (in thousands) 1,158,169 1,244,521 1,247,867 1,276,572 1,346,247 1,346,247 - -
Reference price 2 9.133 26.51 32.76 14.15 4.317 2.499 2.499 2.499
Announcement Date 3/27/20 3/25/21 3/30/22 3/30/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 16,210 20,207 23,577 28,655 28,555 27,342 27,426 27,759
EBITDA 1 1,019 1,375 1,956 1,604 1,232 1,334 1,716 1,834
EBIT 1 836.8 1,146 1,668 1,114 655.2 930.9 1,177 1,601
Operating Margin 5.16% 5.67% 7.08% 3.89% 2.29% 3.4% 4.29% 5.77%
Earnings before Tax (EBT) 1 757.4 1,052 1,613 863.5 384.5 601.1 869.3 1,016
Net income 1 550.8 750.6 1,166 521 140.2 376.4 556.6 622.7
Net margin 3.4% 3.71% 4.94% 1.82% 0.49% 1.38% 2.03% 2.24%
EPS 2 0.4727 0.6136 0.9238 0.4061 0.1041 0.2852 0.4196 0.4700
Free Cash Flow 1 533.5 872.7 1,449 870.4 - 810.5 1,181 -
FCF margin 3.29% 4.32% 6.15% 3.04% - 2.96% 4.31% -
FCF Conversion (EBITDA) 52.36% 63.46% 74.1% 54.28% - 60.75% 68.81% -
FCF Conversion (Net income) 96.85% 116.27% 124.31% 167.06% - 215.32% 212.19% -
Dividend per Share 2 0.2610 0.3861 0.8284 0.1978 - 0.1252 0.1908 0.2177
Announcement Date 3/27/20 3/25/21 3/30/22 3/30/23 3/27/24 - - -
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 9,367 8,448 11,760 11,808 11,769 12,658 15,996 14,089 14,466 12,863 13,935
EBITDA - - - - - - - - - - -
EBIT 1 478.6 452.6 - 724.4 943.9 668.1 445.5 341.9 313.3 457.9 550.4
Operating Margin 5.11% 5.36% - 6.13% 8.02% 5.28% 2.79% 2.43% 2.17% 3.56% 3.95%
Earnings before Tax (EBT) - 410.7 - 729.2 883.5 - 306 - - - -
Net income 315.1 300.8 449.8 536.5 629.1 343.2 177.8 38.99 101.2 - -
Net margin 3.36% 3.56% 3.82% 4.54% 5.35% 2.71% 1.11% 0.28% 0.7% - -
EPS 2 - 0.2542 - 0.4253 0.4985 0.2675 0.1386 0.0290 - 0.2300 0.2900
Dividend per Share - - - - - - - - - - -
Announcement Date 3/27/20 8/19/20 3/25/21 8/30/21 3/30/22 8/30/22 3/30/23 8/30/23 3/27/24 - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 799 - - 271 - - - -
Net Cash position 1 - 329 1,333 - - 643 1,198 1,678
Leverage (Debt/EBITDA) 0.7838 x - - 0.1691 x - - - -
Free Cash Flow 1 533 873 1,449 870 - 811 1,181 -
ROE (net income / shareholders' equity) 35.6% 30.4% 32.5% 12.7% - 5.76% 10.7% 11.9%
ROA (Net income/ Total Assets) 10.9% 11% 21.8% 4.33% - 3.55% 5.21% 9.17%
Assets 1 5,050 6,848 5,336 12,021 - 10,609 10,692 6,791
Book Value Per Share 2 1.480 2.670 3.170 3.350 - 4.140 4.300 4.730
Cash Flow per Share 2 - - - 0.9000 - 0.5900 0.9100 1.260
Capex 1 397 318 363 283 - 445 466 650
Capex / Sales 2.45% 1.58% 1.54% 0.99% - 1.63% 1.7% 2.34%
Announcement Date 3/27/20 3/25/21 3/30/22 3/30/23 3/27/24 - - -
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 MeiDong Auto Holdings Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
2.499 CNY
Average target price
3.808 CNY
Spread / Average Target
+52.37%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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