Financials China Resources Building Materials Technology Holdings Limited

Equities

1313

KYG2113L1068

Construction Materials

Market Closed - Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
1.24 HKD +6.90% Intraday chart for China Resources Building Materials Technology Holdings Limited +18.10% -27.06%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 49,230 69,271 60,472 41,130 28,909 8,659 8,659 -
Enterprise Value (EV) 1 49,441 64,349 54,110 44,476 43,161 11,871 25,927 27,855
P/E ratio 5.98 x 8.04 x 6.75 x 5.3 x 14.9 x 17 x 9.19 x 6.03 x
Yield 7.77% 6% 7.1% 8.83% 3.12% 4.71% 5.97% 8.72%
Capitalization / Revenue 1.27 x 1.78 x 1.51 x 0.94 x 0.9 x 0.43 x 0.32 x 0.31 x
EV / Revenue 1.27 x 1.65 x 1.35 x 1.01 x 1.34 x 0.43 x 0.95 x 0.99 x
EV / EBITDA 3.62 x 4.57 x 4.23 x 3.6 x 8.26 x 2.68 x 5.49 x 5.15 x
EV / FCF 4.82 x 6.9 x 6.32 x 26.7 x -18.7 x -10.5 x -14.7 x -50 x
FCF Yield 20.8% 14.5% 15.8% 3.74% -5.35% -9.53% -6.81% -2%
Price to Book 1.31 x 1.65 x 1.22 x 0.75 x 0.59 x 0.17 x 0.17 x 0.17 x
Nbr of stocks (in thousands) 6,982,938 6,982,938 6,982,938 6,982,938 6,982,938 6,982,938 6,982,938 -
Reference price 2 7.050 9.920 8.660 5.890 4.140 1.240 1.240 1.240
Announcement Date 3/8/19 3/27/20 3/12/21 3/18/22 3/17/23 3/15/24 - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 38,791 38,956 40,087 43,963 32,219 27,774 27,210 28,271
EBITDA 1 13,644 14,072 12,782 12,357 5,227 4,437 4,720 5,408
EBIT 1 11,569 11,946 10,647 9,824 2,688 1,635 1,598 2,381
Operating Margin 29.82% 30.66% 26.56% 22.35% 8.34% 5.89% 5.87% 8.42%
Earnings before Tax (EBT) 1 11,335 12,008 11,893 10,291 2,282 993.4 1,383 1,784
Net income 1 7,975 8,618 8,960 7,767 1,936 699.9 934.1 1,350
Net margin 20.56% 22.12% 22.35% 17.67% 6.01% 2.52% 3.43% 4.78%
EPS 2 1.179 1.234 1.283 1.112 0.2770 0.1000 0.1349 0.2057
Free Cash Flow 1 10,262 9,330 8,565 1,663 -2,310 -2,483 -1,766 -557.6
FCF margin 26.45% 23.95% 21.37% 3.78% -7.17% -9.55% -6.49% -1.97%
FCF Conversion (EBITDA) 75.21% 66.3% 67.01% 13.46% - - - -
FCF Conversion (Net income) 128.67% 108.27% 95.59% 21.41% - - - -
Dividend per Share 2 0.5480 0.5950 0.6150 0.5200 0.1290 0.0584 0.0741 0.1081
Announcement Date 3/8/19 3/27/20 3/12/21 3/18/22 3/17/23 3/15/24 - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2019 S2 2020 S1 2020 S2 2021 Q2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 S2 2023 Q2 2023 S1 2023 Q3 2023 S2 2024 Q1 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 17,410 21,546 16,884 23,203 - 20,180 - 13,147 23,783 6,977 - 16,117 16,102 6,879 12,173 5,720 13,383 4,160 13,145 14,221 14,524 15,578
EBITDA 6,528 - 6,833 - - - - - - - - - - - - - - - - - - -
EBIT - 6,569 - - - 4,610 - 3,067 5,214 1,007 - 2,307 380.9 - - - 925.1 - 871.7 576.5 1,183 841.9
Operating Margin - 30.49% - - - 22.84% - 23.33% 21.92% 14.44% - 14.32% 2.37% - - - 6.91% - 6.63% 4.05% 8.14% 5.4%
Earnings before Tax (EBT) 5,305 - 5,855 - - - - 3,185 - - - - - - - - - - - - - -
Net income 1 3,766 - 4,191 - 2,344 3,634 1,680 2,454 - 729.5 1,075 1,805 - 658 620.9 89.26 - -26 - - - -
Net margin 21.63% - 24.82% - - 18.01% - 18.66% - 10.46% - 11.2% - 9.57% 5.1% 1.56% - -0.62% - - - -
EPS - - - - - - - - - - - - - - 0.0890 - 0.0300 - 0.0540 0.0110 0.0760 0.0330
Dividend per Share - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 8/9/19 3/27/20 8/21/20 3/12/21 8/13/21 8/13/21 10/22/21 3/18/22 3/18/22 4/29/22 8/12/22 8/12/22 3/17/23 8/18/23 8/18/23 10/27/23 - - - - - -
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 211 - - 3,346 14,252 17,413 17,268 19,196
Net Cash position 1 - 4,922 6,362 - - - - -
Leverage (Debt/EBITDA) 0.0155 x - - 0.2708 x 2.726 x 3.73 x 3.658 x 3.55 x
Free Cash Flow 1 10,262 9,330 8,565 1,663 -2,310 -2,483 -1,766 -558
ROE (net income / shareholders' equity) 23.5% 21.6% 19.6% 14.9% 3.72% 1.92% 2.48% 3.24%
ROA (Net income/ Total Assets) 13.6% 14.2% 13.8% 10.5% 2.42% 1.24% 1.26% 1.74%
Assets 1 58,516 60,839 64,852 73,841 79,880 67,590 74,388 77,590
Book Value Per Share 2 5.400 6.010 7.110 7.860 7.050 7.090 7.090 7.210
Cash Flow per Share 2 1.670 1.620 1.470 0.8600 0.4500 0.4300 0.6100 0.6300
Capex 1 1,069 1,955 1,703 4,203 5,480 6,050 5,301 4,165
Capex / Sales 2.76% 5.02% 4.25% 9.56% 17.01% 23.27% 19.48% 14.73%
Announcement Date 3/8/19 3/27/20 3/12/21 3/18/22 3/17/23 3/15/24 - -
1HKD in Million2HKD
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
OUTPERFORM
Number of Analysts
15
Last Close Price
1.24 HKD
Average target price
1.986 HKD
Spread / Average Target
+60.16%
Consensus
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