Financials China World Trade Center Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
23.29 ^CNY	-1.06%		+1.35%	+20.18%

Apr. 27	China World Trade Center Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 15	China World Trade Center Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,627	12,541	14,505	15,945	19,521	23,460	-	-
Enterprise Value (EV) ¹	17,627	12,541	14,505	15,945	17,015	20,031	19,019	18,105
P/E ratio	18 x	15.2 x	14.1 x	14.3 x	15.5 x	18.3 x	17.8 x	18 x
Yield	2.17%	3.21%	4.17%	4.42%	-	3.67%	4.01%	3.86%
Capitalization / Revenue	4.99 x	4.05 x	4.04 x	4.63 x	4.94 x	5.78 x	5.55 x	5.43 x
EV / Revenue	4.99 x	4.05 x	4.04 x	4.63 x	4.3 x	4.93 x	4.5 x	4.19 x
EV / EBITDA	12.1 x	-	-	-	9.49 x	9.68 x	9.45 x	9.09 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.33 x	1.57 x	1.68 x	1.74 x	2.01 x	2.34 x	2.23 x	2.11 x
Nbr of stocks (in thousands)	1,007,283	1,007,283	1,007,283	1,007,283	1,007,283	1,007,283	-	-
Reference price ²	17.50	12.45	14.40	15.83	19.38	23.29	23.29	23.29
Announcement Date	3/26/20	3/24/21	3/23/22	3/23/23	3/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,530	3,098	3,586	3,442	3,954	4,060	4,225	4,324
EBITDA ¹	1,462	-	-	-	1,793	2,070	2,013	1,993
EBIT ¹	1,283	1,094	1,365	1,382	1,673	1,713	1,771	1,780
Operating Margin	36.35%	35.32%	38.07%	40.15%	42.3%	42.19%	41.92%	41.17%
Earnings before Tax (EBT) ¹	1,301	1,105	1,367	1,494	1,680	1,707	1,764	1,744
Net income ¹	972.4	825.4	1,024	1,116	1,259	1,279	1,322	1,306
Net margin	27.55%	26.65%	28.55%	32.42%	31.85%	31.49%	31.28%	30.19%
EPS ²	0.9700	0.8200	1.020	1.110	1.250	1.270	1.310	1.295
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.3800	0.4000	0.6000	0.7000	-	0.8550	0.9350	0.9000
Announcement Date	3/26/20	3/24/21	3/23/22	3/23/23	3/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	-	2,506	3,428	4,441	5,355
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	13.5%	10.6%	12.4%	12.7%	13.5%	12.9%	12.8%	12.1%
ROA (Net income/ Total Assets)	8.5%	6.91%	8.25%	8.73%	-	9.85%	9.65%	7.1%
Assets ¹	11,447	11,947	12,408	12,777	-	12,981	13,696	18,387
Book Value Per Share ²	7.520	7.960	8.570	9.080	9.630	9.940	10.40	11.00
Cash Flow per Share ²	1.530	1.400	1.760	1.810	1.900	1.680	1.850	1.800
Capex ¹	407	275	-	70.2	65.7	58	57.5	61
Capex / Sales	11.54%	8.86%	-	2.04%	1.66%	1.43%	1.36%	1.41%
Announcement Date	3/26/20	3/24/21	3/23/22	3/23/23	3/16/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

23.29 CNY

Average target price

24.88 CNY

Spread / Average Target

+6.84%

	1st Jan change	Capi.
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