Financials China Railway Signal & Communication Corporation Limited

Equities

3969

CNE1000021L3

Electrical Components & Equipment

Market Closed - Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
3.15 HKD -0.32% Intraday chart for China Railway Signal & Communication Corporation Limited -1.56% +21.15%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 67,294 54,804 47,512 45,664 42,462 53,674 - -
Enterprise Value (EV) 1 45,548 34,767 27,733 28,238 25,320 53,674 53,674 53,674
P/E ratio 10.2 x 6.44 x 7.74 x 6.82 x 7.38 x 8.19 x 7.28 x 7.14 x
Yield 5.14% 9.14% 7.32% - 7.19% 6.38% 7.15% 7.22%
Capitalization / Revenue 1.62 x 1.37 x 1.24 x 1.14 x 1.15 x 1.4 x 1.28 x 1.24 x
EV / Revenue 1.62 x 1.37 x 1.24 x 1.14 x 1.15 x 1.4 x 1.28 x 1.24 x
EV / EBITDA 9.97 x 9.84 x 9.77 x 8.62 x 7.99 x 9.74 x 8.97 x 8.21 x
EV / FCF 26.4 x 37.6 x 25 x 32.4 x 30.8 x 19.9 x 10.2 x 14.9 x
FCF Yield 3.79% 2.66% 4% 3.08% 3.24% 5.02% 9.78% 6.7%
Price to Book 1 x 0.54 x 0.56 x - 0.53 x 0.63 x 0.6 x 0.58 x
Nbr of stocks (in thousands) 10,589,819 10,589,819 10,589,819 10,589,819 10,589,819 10,589,819 - -
Reference price 2 3.887 2.188 2.322 2.252 2.363 2.916 2.916 2.916
Announcement Date 2/28/20 2/25/21 2/27/22 2/27/23 2/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 41,646 40,124 38,358 40,203 37,002 38,441 41,862 43,440
EBITDA 1 6,752 5,571 4,862 5,296 5,316 5,510 5,985 6,541
EBIT 1 4,979 5,015 4,244 4,704 4,661 4,782 5,436 5,724
Operating Margin 11.96% 12.5% 11.07% 11.7% 12.6% 12.44% 12.99% 13.18%
Earnings before Tax (EBT) 1 5,027 5,036 4,274 4,743 4,690 5,017 5,669 5,901
Net income 1 3,816 3,819 3,275 3,634 3,477 3,906 4,308 4,677
Net margin 9.16% 9.52% 8.54% 9.04% 9.4% 10.16% 10.29% 10.77%
EPS 2 0.3800 0.3400 0.3000 0.3300 0.3200 0.3560 0.4006 0.4085
Free Cash Flow 1 2,551 1,456 1,899 1,408 1,377 2,697 5,251 3,596
FCF margin 6.13% 3.63% 4.95% 3.5% 3.72% 7.02% 12.54% 8.28%
FCF Conversion (EBITDA) 37.79% 26.13% 39.06% 26.59% 25.91% 48.95% 87.74% 54.98%
FCF Conversion (Net income) 66.86% 38.12% 58% 38.76% 39.61% 69.04% 121.89% 76.89%
Dividend per Share 2 0.2000 0.2000 0.1700 - 0.1700 0.1861 0.2085 0.2105
Announcement Date 2/28/20 2/25/21 2/27/22 2/27/23 2/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 S2
Net sales 1 21,135 14,621 25,504 17,865 13,024 20,494 6,941 11,442 18,383 8,561 13,258 38,381 7,491 9,142 16,633 7,994 20,421
EBITDA - - - - - - - - - - - - - - - - -
EBIT 1 - - - 2,347 1,063 - 882.4 1,777 2,660 841 1,204 2,044 935.9 1,546 - 1,050 -
Operating Margin - - - 13.14% 8.17% - 12.71% 15.53% 14.47% 9.82% 9.08% 5.33% 12.49% 16.91% - 13.13% -
Earnings before Tax (EBT) - - - - - - - - - - - - - - - - -
Net income - 1,775 - - - - - - - - - - - - - - -
Net margin - 12.14% - - - - - - - - - - - - - - -
EPS - 0.1600 - - - 0.1400 - - 0.1800 - - 0.1200 - - 0.1700 - -
Dividend per Share - - - - - - - - - - - - - - - - -
Announcement Date 2/28/20 8/28/20 2/25/21 8/25/21 2/27/22 2/27/22 4/28/22 8/30/22 8/30/22 10/28/22 2/27/23 2/27/23 4/28/23 8/24/23 8/24/23 10/27/23 2/25/24
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position 21,746 20,037 19,779 17,426 17,142 - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 2,551 1,456 1,899 1,408 1,377 2,697 5,251 3,596
ROE (net income / shareholders' equity) 12.8% 9.09% 7.57% 8.17% 7.54% 8.04% 8.53% 8.31%
ROA (Net income/ Total Assets) 4.31% 3.77% 3.06% 3.22% 2.95% 3.25% 3.67% 4.05%
Assets 1 88,595 101,409 107,120 112,856 117,899 120,190 117,486 115,483
Book Value Per Share 2 3.880 4.020 4.110 - 4.420 4.620 4.830 5.010
Cash Flow per Share 2 0.3500 0.2800 0.2500 - 0.1900 0.4700 0.4900 0.5100
Capex 1 820 1,552 870 674 679 626 664 666
Capex / Sales 1.97% 3.87% 2.27% 1.68% 1.84% 1.63% 1.59% 1.53%
Announcement Date 2/28/20 2/25/21 2/27/22 2/27/23 2/25/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
2.916 CNY
Average target price
3.59 CNY
Spread / Average Target
+23.12%
Consensus
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