Financials Zhejiang Semir Garment Co., Ltd.

Equities

002563

CNE100001104

Apparel & Accessories

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
6.37 ^CNY	-4.50%		-2.30%	+10.40%

Apr. 29	Zhejiang Semir Garment Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 26	Zhejiang Semir Garment Co., Ltd. Approves Cash Dividend for the Year 2023, Payable on 10 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	26,635	27,030	20,825	14,117	15,545	17,161	-	-
Enterprise Value (EV) ¹	24,354	21,992	16,083	7,945	7,619	8,400	7,890	7,802
P/E ratio	17 x	33.4 x	14.1 x	21.8 x	13.7 x	13 x	11.3 x	10.1 x
Yield	4.56%	2.5%	9.7%	3.82%	5.2%	5.63%	8.5%	13.5%
Capitalization / Revenue	1.38 x	1.78 x	1.35 x	1.06 x	1.14 x	1.13 x	1.03 x	0.96 x
EV / Revenue	1.26 x	1.45 x	1.04 x	0.6 x	0.56 x	0.55 x	0.48 x	0.44 x
EV / EBITDA	9.64 x	15.1 x	7.32 x	6.77 x	4.35 x	3.94 x	3.34 x	2.93 x
EV / FCF	18.2 x	5.08 x	8.52 x	7.46 x	4.53 x	4.38 x	4.57 x	4.74 x
FCF Yield	5.48%	19.7%	11.7%	13.4%	22.1%	22.8%	21.9%	21.1%
Price to Book	2.26 x	2.36 x	1.79 x	1.3 x	1.35 x	1.44 x	1.4 x	1.39 x
Nbr of stocks (in thousands)	2,698,536	2,697,593	2,694,090	2,694,090	2,694,090	2,694,090	-	-
Reference price ²	9.870	10.02	7.730	5.240	5.770	6.370	6.370	6.370
Announcement Date	2/28/20	2/26/21	3/9/22	4/3/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,337	15,205	15,420	13,331	13,661	15,155	16,584	17,921
EBITDA ¹	2,525	1,454	2,199	1,174	1,751	2,131	2,363	2,667
EBIT ¹	2,152	1,105	1,929	871.3	1,505	1,802	2,048	2,296
Operating Margin	11.13%	7.27%	12.51%	6.54%	11.02%	11.89%	12.35%	12.81%
Earnings before Tax (EBT) ¹	2,129	1,088	1,922	863.6	1,488	1,763	2,002	2,241
Net income ¹	1,549	805.7	1,486	637	1,122	1,324	1,516	1,700
Net margin	8.01%	5.3%	9.64%	4.78%	8.21%	8.73%	9.14%	9.49%
EPS ²	0.5800	0.3000	0.5500	0.2400	0.4200	0.4914	0.5615	0.6320
Free Cash Flow ¹	1,334	4,328	1,887	1,065	1,681	1,918	1,725	1,644
FCF margin	6.9%	28.46%	12.23%	7.99%	12.3%	12.66%	10.4%	9.18%
FCF Conversion (EBITDA)	52.84%	297.63%	85.81%	90.73%	95.99%	90%	73%	61.65%
FCF Conversion (Net income)	86.13%	537.19%	126.92%	167.15%	149.86%	144.91%	113.77%	96.74%
Dividend per Share ²	0.4500	0.2500	0.7500	0.2000	0.3000	0.3588	0.5415	0.8571
Announcement Date	2/28/20	2/26/21	3/9/22	4/3/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2022 Q1	2022 Q2	2022 Q3
Net sales ¹	8,219	-	-	3,302
EBITDA	-	-	-	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income ¹	722.1	208.9	-104.5	167.1
Net margin	8.79%	-	-	5.06%
EPS	-	-	-0.0400	-
Dividend per Share	-	-	-	-
Announcement Date	8/27/19	4/29/22	8/25/22	10/30/22

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,281	5,037	4,743	6,172	7,925	8,761	9,271	9,359
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,334	4,328	1,887	1,065	1,681	1,918	1,725	1,645
ROE (net income / shareholders' equity)	13.6%	7.01%	12.8%	5.7%	10.1%	11.1%	12.4%	13.9%
ROA (Net income/ Total Assets)	9.34%	4.77%	7.94%	3.35%	-	6.96%	7.44%	7.85%
Assets ¹	16,594	16,894	18,713	19,025	-	19,019	20,379	21,660
Book Value Per Share ²	4.360	4.250	4.330	4.050	4.270	4.430	4.560	4.600
Cash Flow per Share ²	0.6200	1.650	0.7700	0.4400	0.7200	0.5900	0.6200	0.6700
Capex ¹	342	128	189	111	261	246	252	261
Capex / Sales	1.77%	0.85%	1.23%	0.83%	1.91%	1.63%	1.52%	1.46%
Announcement Date	2/28/20	2/26/21	3/9/22	4/3/23	3/12/24	-	-	-

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 Zhejiang Semir Garment Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.37 CNY

Average target price

7.354 CNY

Spread / Average Target

+15.45%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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