Financials Guangdong Tapai Group Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-06 pm EDT			5-day change	1st Jan Change
7.08 ^CNY	+0.57%		+2.31%	0.00%

Apr. 22	Guangdong Tapai Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 28	Guangdong Tapai Group 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	15,023	15,074	12,125	8,137	7,996	7,984	-	-
Enterprise Value (EV) ¹	13,736	13,049	12,125	8,137	7,996	7,984	7,984	7,984
P/E ratio	8.64 x	8.45 x	6.76 x	30.9 x	11.1 x	10.3 x	9.23 x	8.74 x
Yield	4.37%	3.38%	5.86%	1.69%	7.06%	3.25%	3.39%	-
Capitalization / Revenue	2.18 x	2.14 x	1.57 x	1.35 x	1.44 x	1.44 x	1.32 x	1.41 x
EV / Revenue	2.18 x	2.14 x	1.57 x	1.35 x	1.44 x	1.44 x	1.32 x	1.41 x
EV / EBITDA	5.46 x	5.26 x	4.08 x	8.79 x	5.34 x	5.32 x	4.92 x	4.6 x
EV / FCF	21 x	9.24 x	8.69 x	80.5 x	10.1 x	10.6 x	8.2 x	-
FCF Yield	4.77%	10.8%	11.5%	1.24%	9.91%	9.42%	12.2%	-
Price to Book	1.52 x	1.45 x	1.08 x	0.75 x	0.71 x	0.68 x	0.65 x	0.63 x
Nbr of stocks (in thousands)	1,192,275	1,183,226	1,145,993	1,145,993	1,129,375	1,127,674	-	-
Reference price ²	12.60	12.74	10.58	7.100	7.080	7.080	7.080	7.080
Announcement Date	2/27/20	2/26/21	2/24/22	2/17/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,891	7,047	7,713	6,035	5,535	5,535	6,069	5,680
EBITDA ¹	2,751	2,864	2,969	925.9	1,499	1,500	1,622	1,734
EBIT ¹	2,341	2,402	2,458	399.4	969.1	1,107	1,259	1,290
Operating Margin	33.97%	34.09%	31.87%	6.62%	17.51%	19.99%	20.74%	22.7%
Earnings before Tax (EBT) ¹	2,308	2,371	2,421	381.4	976.2	1,091	1,243	1,284
Net income ¹	1,734	1,782	1,836	266.2	741.5	818.2	914.6	965.8
Net margin	25.16%	25.29%	23.81%	4.41%	13.4%	14.78%	15.07%	17%
EPS ²	1.458	1.507	1.565	0.2300	0.6400	0.6850	0.7667	0.8100
Free Cash Flow ¹	715.9	1,632	1,395	101.1	792.5	752	974	-
FCF margin	10.39%	23.16%	18.09%	1.67%	14.32%	13.59%	16.05%	-
FCF Conversion (EBITDA)	26.03%	56.98%	47%	10.91%	52.88%	50.13%	60.07%	-
FCF Conversion (Net income)	41.28%	91.57%	75.98%	37.96%	106.88%	91.91%	106.49%	-
Dividend per Share ²	0.5500	0.4300	0.6200	0.1200	0.5000	0.2300	0.2400	-
Announcement Date	2/27/20	2/26/21	2/24/22	2/17/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	1,287	2,025	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	716	1,632	1,395	101	793	752	974	-
ROE (net income / shareholders' equity)	18.4%	17.6%	16.7%	2.32%	6.39%	6.64%	6.93%	7.16%
ROA (Net income/ Total Assets)	15.3%	14.6%	13.9%	-	-	5.75%	5.9%	6.04%
Assets ¹	11,351	12,182	13,219	-	-	14,229	15,502	15,990
Book Value Per Share ²	8.270	8.760	9.830	9.470	10.00	10.30	10.90	11.30
Cash Flow per Share ²	1.740	2.030	1.870	0.4500	1.000	1.390	1.040	1.270
Capex ¹	1,362	787	802	432	399	800	621	800
Capex / Sales	19.76%	11.17%	10.4%	7.16%	7.21%	14.45%	10.22%	14.08%
Announcement Date	2/27/20	2/26/21	2/24/22	2/17/23	2/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.08 CNY

Average target price

8.32 CNY

Spread / Average Target

+17.51%

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