Financials Xianhe Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
20.38 ^CNY	+1.65%		+3.45%	+26.27%

Apr. 29	Xianhe Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 27	Xianhe Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,649	28,811	21,511	11,394	14,388	-	-
Enterprise Value (EV) ¹	17,649	28,811	21,511	11,394	14,388	14,388	14,388
P/E ratio	22.3 x	28.3 x	31.1 x	17.2 x	13.9 x	10.7 x	8.69 x
Yield	-	0.86%	1.02%	2.17%	2.22%	2.8%	2.5%
Capitalization / Revenue	-	4.79 x	2.78 x	1.33 x	1.33 x	1.08 x	0.9 x
EV / Revenue	-	4.79 x	2.78 x	1.33 x	1.33 x	1.08 x	0.9 x
EV / EBITDA	-	19.4 x	17.5 x	9.83 x	7.31 x	6.06 x	5.45 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	-	4.69 x	3.26 x	1.62 x	1.78 x	1.58 x	1.4 x
Nbr of stocks (in thousands)	705,972	705,972	705,975	705,976	705,976	-	-
Reference price ²	25.00	40.81	30.47	16.14	20.38	20.38	20.38
Announcement Date	3/4/21	4/27/22	3/29/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	6,017	7,738	8,553	10,836	13,382	16,065
EBITDA ¹	-	1,487	1,231	1,160	1,968	2,375	2,642
EBIT ¹	-	1,157	801.1	733.4	1,153	1,503	1,835
Operating Margin	-	19.22%	10.35%	8.57%	10.64%	11.23%	11.42%
Earnings before Tax (EBT) ¹	-	1,148	793.9	732.4	1,151	1,500	1,833
Net income ¹	714.7	1,017	710.3	663.8	1,036	1,349	1,655
Net margin	-	16.9%	9.18%	7.76%	9.56%	10.08%	10.3%
EPS ²	1.120	1.440	0.9800	0.9400	1.466	1.911	2.344
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	0.3500	0.3100	0.3500	0.4533	0.5700	0.5100
Announcement Date	3/4/21	4/27/22	3/29/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	17.7%	10.7%	9.35%	12.9%	15%	16.1%
ROA (Net income/ Total Assets)	-	10.7%	5.84%	-	4.93%	5.6%	6.25%
Assets ¹	-	9,506	12,156	-	20,999	24,092	26,472
Book Value Per Share ²	-	8.710	9.360	9.990	11.40	12.90	14.60
Cash Flow per Share ²	-	0.6300	0.1000	0.0900	1.600	1.890	2.640
Capex ¹	-	660	906	4,315	1,945	1,088	1,164
Capex / Sales	-	10.97%	11.71%	50.45%	17.95%	8.13%	7.25%
Announcement Date	3/4/21	4/27/22	3/29/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.38 CNY

Average target price

25.5 CNY

Spread / Average Target

+25.12%

	1st Jan change	Capi.
XIANHE CO.,LTD.	+26.27%	1.96B
UPM-KYMMENE OYJ	+3.05%	20.35B
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SVENSKA CELLULOSA AKTIEBOLAGET SCA	+11.58%	10.99B
HOLMEN AB	+8.29%	6.75B
EMPRESAS CMPC S.A.	+13.53%	5.44B
OJI HOLDINGS CORPORATION	+18.25%	3.96B
THE NAVIGATOR COMPANY	+15.95%	3.16B
CENTURY TEXTILES AND INDUSTRIES LIMITED	+78.16%	2.92B
SAPPI LIMITED	+27.04%	1.81B