SHANGHAI JIN JIANG INTERNATIONAL HOTELS CO., LTD.

Financials Shanghai Jin Jiang International Hotels Co., Ltd.

Equities

600754

CNE000000MK0

Hotels, Motels & Cruise Lines

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
29.3 ^CNY	-2.01%		+1.35%	-2.01%

Apr. 29	Shanghai Jin Jiang International Hotels Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 13	HuaAn Future Asset Management Co., Ltd. agreed to acquire Fashion Tour Hotel Management Co., Ltd. from Shanghai Jin Jiang International Hotels Co., Ltd. for CNY 1.7 billion.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,078	43,320	55,505	55,491	28,723	28,558	-	-
Enterprise Value (EV) ¹	34,508	52,978	64,461	63,440	34,223	34,366	32,863	28,558
P/E ratio	25.2 x	448 x	607 x	550 x	31.9 x	20.4 x	16.5 x	15.9 x
Yield	2.09%	0.11%	0.09%	0.1%	1.67%	2.26%	2.71%	2.87%
Capitalization / Revenue	1.66 x	4.38 x	4.9 x	5.04 x	1.96 x	1.84 x	1.69 x	1.6 x
EV / Revenue	2.29 x	5.35 x	5.68 x	5.76 x	2.34 x	2.22 x	1.94 x	1.6 x
EV / EBITDA	11 x	33.5 x	37.9 x	42.7 x	12.2 x	8.28 x	7.84 x	5.9 x
EV / FCF	21.5 x	-	42.1 x	36.1 x	7.71 x	11.1 x	9.41 x	6.05 x
FCF Yield	4.65%	-	2.38%	2.77%	13%	9.02%	10.6%	16.5%
Price to Book	2.07 x	3.88 x	3.77 x	3.77 x	1.92 x	1.76 x	1.61 x	1.56 x
Nbr of stocks (in thousands)	957,936	957,936	1,070,044	1,070,044	1,070,044	1,070,044	-	-
Reference price ²	28.71	51.53	58.60	58.35	29.90	29.30	29.30	29.30
Announcement Date	3/27/20	3/30/21	3/28/22	3/28/23	4/1/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,099	9,898	11,339	11,008	14,649	15,492	16,916	17,819
EBITDA ¹	3,151	1,581	1,701	1,486	2,804	4,148	4,193	4,841
EBIT ¹	1,763	277.7	577.4	461.7	1,801	2,351	2,928	3,182
Operating Margin	11.68%	2.81%	5.09%	4.19%	12.29%	15.18%	17.31%	17.86%
Earnings before Tax (EBT) ¹	1,759	303.6	604.8	494.8	1,793	2,349	2,944	3,142
Net income ¹	1,092	110.2	100.6	113.5	1,002	1,502	1,864	1,971
Net margin	7.24%	1.11%	0.89%	1.03%	6.84%	9.69%	11.02%	11.06%
EPS ²	1.140	0.1151	0.0966	0.1061	0.9362	1.436	1.777	1.842
Free Cash Flow ¹	1,605	-	1,531	1,756	4,438	3,098	3,492	4,723
FCF margin	10.63%	-	13.5%	15.95%	30.3%	20%	20.64%	26.51%
FCF Conversion (EBITDA)	50.93%	-	90.02%	118.21%	158.3%	74.69%	83.28%	97.57%
FCF Conversion (Net income)	146.87%	-	1,521.87%	1,547.41%	443.04%	206.31%	187.37%	239.57%
Dividend per Share ²	0.6000	0.0580	0.0530	0.0600	0.5000	0.6617	0.7949	0.8399
Announcement Date	3/27/20	3/30/21	3/28/22	3/28/23	4/1/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,990	2,322	2,721	3,052	2,913	2,922	3,884	4,156	3,687	3,206	4,057	4,440	3,962	3,591	4,306
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	169.9	-141.2	132.1	261.5	209.4	244	642.8	703.8	210.1	332	728.5	937.7	540	-	-
Operating Margin	5.68%	-6.08%	4.86%	8.57%	7.19%	8.35%	16.55%	16.93%	5.7%	10.35%	17.96%	21.12%	13.63%	-	-
Earnings before Tax (EBT)	172	-128.6	118.7	-	-	-	-	-	-	-	-	-	-	-	-
Net income	3.852	-120	2.05	159.9	-	-	-	-	-	-	-	-	-	-	-
Net margin	0.13%	-5.17%	0.08%	5.24%	-	-	-	-	-	-	-	-	-	-	-
EPS ²	0.0100	-0.1122	0.002000	0.1500	0.0700	0.1217	0.3700	0.4200	0.0300	0.1775	0.2790	0.6957	0.2378	-	-
Dividend per Share	0.0530	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/28/22	4/29/22	8/30/22	10/28/22	3/28/23	4/28/23	8/29/23	10/30/23	4/1/24	4/30/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,430	9,658	8,955	7,949	5,501	5,808	4,305	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.993 x	6.108 x	5.264 x	5.351 x	1.962 x	1.4 x	1.027 x	-
Free Cash Flow ¹	1,605	-	1,531	1,756	4,438	3,099	3,492	4,723
ROE (net income / shareholders' equity)	8.35%	0.85%	0.69%	0.68%	5.84%	8.53%	9.74%	10.1%
ROA (Net income/ Total Assets)	2.77%	0.28%	0.23%	0.24%	-	3.36%	3.74%	4.07%
Assets ¹	39,497	38,807	43,446	48,008	-	44,691	49,863	48,431
Book Value Per Share ²	13.80	13.30	15.50	15.50	15.60	16.60	18.20	18.80
Cash Flow per Share ²	2.750	0.1600	1.990	2.090	4.820	2.650	3.420	3.530
Capex ¹	1,033	688	538	482	724	716	891	950
Capex / Sales	6.84%	6.95%	4.74%	4.37%	4.94%	4.62%	5.27%	5.33%
Announcement Date	3/27/20	3/30/21	3/28/22	3/28/23	4/1/24	-	-	-

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

Ratings for Shanghai Jin Jiang International Hotels Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

29.3 CNY

Average target price

35.19 CNY

Spread / Average Target

+20.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hotels & Motels

	1st Jan change	Capi.
SHANGHAI JIN JIANG INTERNATIONAL HOTELS CO., LTD.	-2.01%	3.95B
H WORLD GROUP LIMITED	+19.29%	12.52B
WHITBREAD PLC	-16.71%	6.92B
CHOICE HOTELS INTERNATIONAL, INC.	+2.12%	5.75B
WYNDHAM HOTELS & RESORTS, INC.	-9.76%	5.85B
SHANGRI-LA ASIA LIMITED	+7.65%	2.65B
ATOUR LIFESTYLE HOLDINGS LIMITED	+5.41%	2.52B
BTG HOTELS (GROUP) CO., LTD.	-4.67%	2.3B
CHALET HOTELS LIMITED	+19.41%	2.27B
MANDARIN ORIENTAL INTERNATIONAL LIMITED	+7.69%	2.12B

Hotels & Motels