Financials XIANGPIAOPIAO Food 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
17.46 ^CNY	-0.74%		-0.74%	+1.87%

Apr. 18	Xiangpiaopiao Food to Subscribe to 2 Billion Yuan Worth of Wealth Management Products	MT
Apr. 17	XIANGPIAOPIAO Food Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,240	8,431	6,491	6,178	7,040	7,172	-	-
Enterprise Value (EV) ¹	10,240	8,431	6,491	6,178	7,040	7,172	7,172	7,172
P/E ratio	30.1 x	24 x	30.9 x	28.9 x	25.2 x	20.9 x	16.8 x	14.3 x
Yield	-	-	-	-	2.04%	2.46%	3.04%	3.55%
Capitalization / Revenue	2.57 x	2.24 x	-	1.98 x	1.94 x	1.69 x	1.46 x	1.29 x
EV / Revenue	2.57 x	2.24 x	-	1.98 x	1.94 x	1.69 x	1.46 x	1.29 x
EV / EBITDA	18.6 x	14 x	-	13.3 x	13.5 x	14.2 x	11.8 x	10.4 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	4.24 x	3.11 x	-	1.98 x	2.1 x	2.02 x	1.84 x	1.65 x
Nbr of stocks (in thousands)	400,010	398,831	395,774	410,746	410,746	410,746	-	-
Reference price ²	25.60	21.14	16.40	15.04	17.14	17.46	17.46	17.46
Announcement Date	4/24/20	4/29/21	4/29/22	2/5/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,978	3,761	-	3,128	3,625	4,256	4,909	5,553
EBITDA ¹	550.8	602.6	-	466	523	506.4	608.4	691.1
EBIT ¹	440.1	465.9	-	284.8	343.3	430.3	532.9	600.1
Operating Margin	11.06%	12.39%	-	9.11%	9.47%	10.11%	10.86%	10.81%
Earnings before Tax (EBT) ¹	441.6	455.4	-	282.6	341.3	424.2	530.2	620.4
Net income ¹	347.4	358.4	222.5	213.9	280.3	343.2	426.3	502.1
Net margin	8.73%	9.53%	-	6.84%	7.73%	8.06%	8.69%	9.04%
EPS ²	0.8500	0.8800	0.5300	0.5200	0.6800	0.8360	1.037	1.224
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	0.3500	0.4300	0.5300	0.6200
Announcement Date	4/24/20	4/29/21	4/29/22	2/5/23	4/17/24	-	-	-

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)	14.7%	13.3%	-	7.01%	8.67%	9.65%	10.9%	11.6%
ROA (Net income/ Total Assets)	-	8.28%	-	-	-	6.61%	7.6%	8.34%
Assets ¹	-	4,327	-	-	-	5,189	5,612	6,023
Book Value Per Share ²	6.040	6.790	-	7.600	8.150	8.650	9.510	10.60
Cash Flow per Share ²	1.760	0.8000	-	1.910	0.9300	1.410	1.480	2.170
Capex ¹	531	392	-	-	65.1	245	228	206
Capex / Sales	13.36%	10.42%	-	-	1.8%	5.77%	4.64%	3.71%
Announcement Date	4/24/20	4/29/21	4/29/22	2/5/23	4/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.46 CNY

Average target price

20.6 CNY

Spread / Average Target

+17.98%

	1st Jan change	Capi.
XIANGPIAOPIAO FOOD CO.,LTD	+1.87%	991M
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WESTROCK COFFEE COMPANY	+3.04%	930M
KUBER RESOURCES CORPORATION	-.--%	729M
TENFU (CAYMAN) HOLDINGS COMPANY LIMITED	-8.00%	640M
TAIWAN TEA CORPORATION	+6.21%	565M
KEY COFFEE INC.	-2.83%	284M
BRC INC.	+1.93%	255M
VINACAFÉ BIEN HOA	+18.92%	236M