Financials Shanghai Ganglian E-Commerce Holdings Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
20.28 ^CNY	-3.24%		-1.31%	-28.82%

Apr. 26	Shanghai Ganglian E-Commerce Holdings Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 10	Shanghai Ganglian E-Commerce Holdings Co., Ltd. Proposes Final Cash Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,379	12,525	7,761	7,407	9,169	6,527	-	-
Enterprise Value (EV) ¹	12,379	12,525	7,761	7,407	9,169	6,527	6,527	6,527
P/E ratio	68.6 x	57.8 x	43.8 x	36.5 x	38.5 x	22.7 x	18.6 x	15.5 x
Yield	0.15%	-	-	-	0.28%	0.47%	0.59%	-
Capitalization / Revenue	0.1 x	0.21 x	0.12 x	0.1 x	0.11 x	0.07 x	0.06 x	0.05 x
EV / Revenue	0.1 x	0.21 x	0.12 x	0.1 x	0.11 x	0.07 x	0.06 x	0.05 x
EV / EBITDA	34.6 x	25.1 x	14.8 x	15.5 x	17 x	9.88 x	7.93 x	7.01 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	10.8 x	9.22 x	4.99 x	4.24 x	4.61 x	2.88 x	2.61 x	2.25 x
Nbr of stocks (in thousands)	320,765	320,765	320,765	320,765	321,822	321,822	-	-
Reference price ²	38.59	39.05	24.20	23.09	28.49	20.28	20.28	20.28
Announcement Date	2/27/20	3/31/21	4/14/22	4/13/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	122,572	58,521	65,775	76,567	86,314	97,130	111,212	121,037
EBITDA ¹	357.3	498.5	524.2	478	539.9	660.6	822.6	931.1
EBIT ¹	338.5	480.7	454.7	435.1	519.3	634.3	763.9	918.5
Operating Margin	0.28%	0.82%	0.69%	0.57%	0.6%	0.65%	0.69%	0.76%
Earnings before Tax (EBT) ¹	337.8	477.3	452.8	434.9	520	634.2	763.9	918.6
Net income ¹	180.6	216.7	178	203.1	240.3	286.9	350	421.7
Net margin	0.15%	0.37%	0.27%	0.27%	0.28%	0.3%	0.31%	0.35%
EPS ²	0.5630	0.6755	0.5520	0.6333	0.7400	0.8933	1.088	1.310
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0595	-	-	-	0.0800	0.0950	0.1200	-
Announcement Date	2/27/20	3/31/21	4/14/22	4/13/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	17.2%	17.3%	12.3%	12.3%	12.8%	11.9%	13.9%	13.9%
ROA (Net income/ Total Assets)	1.76%	-	-	-	-	1.5%	1.56%	1.9%
Assets ¹	10,237	-	-	-	-	19,126	22,439	22,197
Book Value Per Share ²	3.560	4.240	4.850	5.450	6.170	7.050	7.760	9.030
Cash Flow per Share ²	-1.990	-3.720	2.260	3.600	0.3500	0.6700	1.630	2.010
Capex ¹	11.4	-	64.2	32.7	28.4	38.3	22.1	33.5
Capex / Sales	0.01%	-	0.1%	0.04%	0.03%	0.04%	0.02%	0.03%
Announcement Date	2/27/20	3/31/21	4/14/22	4/13/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.28 CNY

Average target price

29.86 CNY

Spread / Average Target

+47.26%

	1st Jan change	Capi.
SHANGHAI GANGLIAN E-COMMERCE HOLDINGS CO., LTD.	-28.82%	935M
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PDD HOLDINGS INC.	-4.89%	191B
MEITUAN INC.	+38.58%	91.5B
MERCADOLIBRE, INC.	+9.24%	85.61B
COPART, INC.	+12.57%	53.77B
EBAY INC.	+13.92%	25.36B
RAKUTEN GROUP, INC.	+24.90%	11.07B
VIPSHOP HOLDINGS LIMITED	-10.36%	8.49B
GLOBAL-E ONLINE LTD.	-24.63%	5.44B