Stock 601186 CHINA RAILWAY CONSTRUCTION CORPORATION LIMITED
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Financials China Railway Construction Corporation Limited

Equities

601186

CNE1000009T1

Construction & Engineering

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
8.63 CNY +0.82% Intraday chart for China Railway Construction Corporation Limited -1.03% +13.40%
Apr. 26 China Railway Special Cargo Logistics' 2023 Profit Jumps 50% MT
Apr. 26 China Railway Special Cargo Logistics' Profit Jumps 92% in Q1 2024 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 132,475 98,289 98,352 97,497 96,266 109,133 - -
Enterprise Value (EV) 1 166,663 125,874 200,871 197,480 262,269 219,922 221,192 181,894
P/E ratio 7.62 x 5.27 x 4.88 x 4.39 x 4.4 x 4.22 x 3.69 x 3.71 x
Yield 2.07% 2.91% 3.15% 3.62% 4.6% 4.44% 4.44% 4.93%
Capitalization / Revenue 0.16 x 0.11 x 0.1 x 0.09 x 0.08 x 0.09 x 0.08 x 0.08 x
EV / Revenue 0.2 x 0.14 x 0.2 x 0.18 x 0.23 x 0.18 x 0.17 x 0.14 x
EV / EBITDA 3.18 x 2.3 x 3.92 x 3.54 x 4.54 x 3.06 x 2.87 x 2.39 x
EV / FCF 18.5 x 11.9 x -5.25 x 6.97 x - -11.5 x -40.2 x -33 x
FCF Yield 5.4% 8.43% -19% 14.4% - -8.68% -2.49% -3.03%
Price to Book 0.81 x 0.58 x 0.39 x 0.46 x 0.33 x 0.36 x 0.32 x 0.31 x
Nbr of stocks (in thousands) 13,579,542 13,579,542 13,579,542 13,579,542 13,579,542 13,579,542 - -
Reference price 2 10.14 7.900 7.800 7.730 7.610 8.630 8.630 8.630
Announcement Date 3/30/20 3/30/21 3/30/22 3/30/23 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 1 830,452 910,325 1,020,010 1,096,313 1,137,993 1,197,000 1,308,165 1,320,663
EBITDA 1 52,490 54,650 51,230 55,779 57,798 71,901 76,960 76,174
EBIT 1 29,263 33,106 34,814 37,402 38,594 41,736 48,883 47,513
Operating Margin 3.52% 3.64% 3.41% 3.41% 3.39% 3.49% 3.74% 3.6%
Earnings before Tax (EBT) 1 28,027 31,491 35,151 37,824 38,828 41,839 47,006 47,300
Net income 1 20,197 22,393 24,691 26,642 26,097 27,798 31,509 31,523
Net margin 2.43% 2.46% 2.42% 2.43% 2.29% 2.32% 2.41% 2.39%
EPS 2 1.330 1.500 1.600 1.760 1.730 2.045 2.341 2.326
Free Cash Flow 1 8,999 10,615 -38,230 28,344 - -19,086 -5,502 -5,510
FCF margin 1.08% 1.17% -3.75% 2.59% - -1.59% -0.42% -0.42%
FCF Conversion (EBITDA) 17.14% 19.42% - 50.82% - - - -
FCF Conversion (Net income) 44.55% 47.4% - 106.39% - - - -
Dividend per Share 2 0.2100 0.2300 0.2460 0.2800 0.3500 0.3836 0.3834 0.4255
Announcement Date 3/30/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 Q3
Net sales 1 477,517 370,789 539,535 488,515 246,960 284,535 531,495 264,478 276,019 540,497 257,925 297,891 555,816 273,539 267,521 265,403
EBITDA - - - - - - - - - - - - - - - -
EBIT 1 - - 17,709 16,942 8,198 10,614 18,141 7,617 11,691 19,308 9,578 10,595 18,094 8,443 11,125 7,928
Operating Margin - - 3.28% 3.47% 3.32% 3.73% 3.41% 2.88% 4.24% 3.57% 3.71% 3.56% 3.26% 3.09% 4.16% 2.99%
Earnings before Tax (EBT) - - 18,058 - - - - - - - - - - - - -
Net income - - 13,077 - - - - - - - - - - - - -
Net margin - - 2.42% - - - - - - - - - - - - -
EPS 2 - - - - 0.3600 0.4500 - 0.3640 0.5260 - 0.3400 0.5300 - 0.3890 0.5210 0.3800
Dividend per Share - - - - - - - - - - - - - - - -
Announcement Date 3/30/20 8/28/20 3/30/21 8/30/21 10/29/21 3/30/22 3/30/22 4/29/22 8/30/22 8/30/22 10/28/22 3/30/23 3/30/23 4/28/23 8/30/23 10/30/23
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 34,187 27,585 102,519 99,983 166,003 110,789 112,059 72,762
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.6513 x 0.5048 x 2.001 x 1.792 x 2.872 x 1.541 x 1.456 x 0.9552 x
Free Cash Flow 1 8,999 10,615 -38,230 28,344 - -19,086 -5,502 -5,510
ROE (net income / shareholders' equity) 12% 11.5% 11.1% 11.1% 9.8% 8.49% 8.61% 8.4%
ROA (Net income/ Total Assets) 2.02% 1.93% 1.9% 1.85% 1.64% 1.88% 1.92% 1.88%
Assets 1 999,375 1,162,065 1,297,864 1,438,480 1,593,465 1,479,765 1,641,935 1,674,538
Book Value Per Share 2 12.50 13.70 19.80 17.00 22.80 24.30 26.80 27.50
Cash Flow per Share 2 2.950 2.950 -0.5400 4.130 1.500 4.660 3.770 3.450
Capex 1 31,007 29,494 30,926 27,791 31,065 31,924 31,809 32,449
Capex / Sales 3.73% 3.24% 3.03% 2.53% 2.73% 2.67% 2.43% 2.46%
Announcement Date 3/30/20 3/30/21 3/30/22 3/30/23 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 Railway Construction Corporation Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
8.63 CNY
Average target price
12.04 CNY
Spread / Average Target
+39.57%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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