Stock 3868 XINYI ENERGY HOLDINGS LIMITED
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Financials Xinyi Energy Holdings Limited

Equities

3868

VGG9833A1049

Independent Power Producers

Market Closed - Hong Kong S.E.
Other stock markets
 04:09:05 2024-06-07 am EDT 		5-day change 1st Jan Change
1.16 HKD +7.41% Intraday chart for Xinyi Energy Holdings Limited +4.50% -18.88%
May. 31 Xinyi Energy Holdings Limited Announces Appointment of Members of the Acquisition Committee CI
May. 31 Xinyi Energy Holdings Limited Approves Final Dividend for the Year Ended 31 December 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 13,775 37,399 30,360 19,271 11,807 8,917 - -
Enterprise Value (EV) 1 14,097 38,469 34,135 23,130 17,432 15,503 16,621 15,897
P/E ratio 13.6 x 39.1 x 24.6 x 19.4 x 11.4 x 7.41 x 6.52 x 5.86 x
Yield 6.62% 2.76% 4.07% 5.83% 4.2% 6.49% 7.54% 8.58%
Capitalization / Revenue 8.65 x 21.7 x 13.2 x 8.32 x 4.69 x 3.09 x 2.7 x 2.48 x
EV / Revenue 8.85 x 22.3 x 14.9 x 9.99 x 6.92 x 5.38 x 5.02 x 4.43 x
EV / EBITDA 9.38 x 23.5 x 15.6 x 10.8 x 7.49 x 5.97 x 5.59 x 4.84 x
EV / FCF 14.8 x 63.8 x 85.5 x 17.1 x -9.29 x -9.04 x -13.2 x 6.23 x
FCF Yield 6.77% 1.57% 1.17% 5.85% -10.8% -11.1% -7.55% 16%
Price to Book 1.19 x 3.12 x 2.42 x 1.61 x 0.89 x 0.65 x 0.62 x 0.58 x
Nbr of stocks (in thousands) 6,752,478 7,109,998 7,109,998 7,440,400 8,256,589 8,256,589 - -
Reference price 2 2.040 5.260 4.270 2.590 1.430 1.080 1.080 1.080
Announcement Date 3/16/20 3/1/21 2/28/22 2/27/23 2/28/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,593 1,722 2,297 2,315 2,517 2,883 3,309 3,589
EBITDA 1 1,502 1,640 2,185 2,140 2,327 2,598 2,974 3,288
EBIT 1 1,171 1,213 1,626 1,571 1,653 1,881 2,177 2,330
Operating Margin 73.49% 70.45% 70.79% 67.87% 65.67% 65.25% 65.81% 64.93%
Earnings before Tax (EBT) 1 1,022 1,089 1,456 1,272 1,298 1,517 1,776 1,950
Net income 1 891 922 1,232 971.5 993 1,169 1,365 1,504
Net margin 55.93% 53.54% 53.66% 41.96% 39.45% 40.54% 41.27% 41.92%
EPS 2 0.1503 0.1344 0.1733 0.1333 0.1256 0.1458 0.1657 0.1843
Free Cash Flow 1 954 603.4 399.2 1,353 -1,877 -1,714 -1,256 2,551
FCF margin 59.88% 35.04% 17.38% 58.43% -74.57% -59.45% -37.95% 71.08%
FCF Conversion (EBITDA) 63.5% 36.8% 18.27% 63.21% - - - 77.6%
FCF Conversion (Net income) 107.07% 65.44% 32.4% 139.27% - - - 169.57%
Dividend per Share 2 0.1350 0.1450 0.1740 0.1510 0.0600 0.0701 0.0814 0.0927
Announcement Date 3/16/20 3/1/21 2/28/22 2/27/23 2/28/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1
Net sales 1 - 1,113 1,184 1,258 1,058 1,289
EBITDA - - - - - -
EBIT 1 - 804.2 821 888.1 682.6 886
Operating Margin - 72.28% 69.34% 70.61% 64.55% 68.76%
Earnings before Tax (EBT) - - - - - -
Net income 1 437.6 - 611.5 - - 566.9
Net margin - - 51.65% - - 43.99%
EPS 2 - - - - - 0.0749
Dividend per Share - - - - - -
Announcement Date 8/3/20 9/30/22 2/28/22 8/1/22 2/27/23 7/31/23
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 322 1,070 3,775 3,859 5,625 6,585 7,704 6,980
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.2142 x 0.6528 x 1.728 x 1.803 x 2.417 x 2.535 x 2.59 x 2.123 x
Free Cash Flow 1 954 603 399 1,353 -1,877 -1,714 -1,256 2,551
ROE (net income / shareholders' equity) 10.8% 8.31% 10% 7.99% 7.93% 8.52% 9.58% 10%
ROA (Net income/ Total Assets) 7.54% 5.73% 6.41% 4.72% 4.84% 5.41% 5.65% 5.82%
Assets 1 11,811 16,099 19,218 20,571 20,537 21,588 24,177 25,849
Book Value Per Share 2 1.720 1.690 1.770 1.610 1.610 1.670 1.750 1.870
Cash Flow per Share 2 0.1900 0.1600 0.1700 0.4000 0.1000 0.1900 0.2300 0.2000
Capex 1 167 468 826 1,547 2,630 2,318 2,321 2,256
Capex / Sales 10.45% 27.15% 35.96% 66.8% 104.48% 80.39% 70.14% 62.86%
Announcement Date 3/16/20 3/1/21 2/28/22 2/27/23 2/28/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Xinyi Energy Holdings Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
1.08 HKD
Average target price
1.351 HKD
Spread / Average Target
+25.06%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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