Financials Cheerwin Group Limited

Equities

Delayed Hong Kong S.E. Other stock markets 11:05:18 2024-05-07 pm EDT			5-day change	1st Jan Change
1.76 ^HKD	+0.57%		+5.39%	+18.92%

Mar. 25	Cheerwin Group Limited Proposes Final Ordinary Cash Dividend for the Year Ended 31 December 2023, Payable on 08 July 2024	CI
Mar. 25	Cheerwin Group Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2021	2022	2023	2024	2025
Capitalization ¹	3,379	2,155	2,153	2,153	-
Enterprise Value (EV) ¹	725.5	-187.9	1,794	2,153	2,153
P/E ratio	-	33.3 x	10.2 x	12 x	11.2 x
Yield	2.18%	2.4%	7.81%	6.91%	7.12%
Capitalization / Revenue	1.91 x	1.49 x	1.11 x	1.2 x	1.08 x
EV / Revenue	1.91 x	1.49 x	1.11 x	1.2 x	1.08 x
EV / EBITDA	22.2 x	18.3 x	7.05 x	9.94 x	9.42 x
EV / FCF	-	-	13 x	11.1 x	9.53 x
FCF Yield	-	-	7.66%	9.01%	10.5%
Price to Book	1.18 x	0.77 x	0.61 x	0.73 x	0.71 x
Nbr of stocks (in thousands)	1,333,334	1,333,334	1,333,334	1,333,334	-
Reference price ²	2.534	1.616	1.615	1.615	1.615
Announcement Date	3/28/22	3/24/23	3/25/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net sales ¹	1,702	1,769	1,442	1,616	1,799	1,995
EBITDA ¹	-	152.5	118	254.2	216.5	228.5
EBIT ¹	-	121.9	85.91	218.3	224.5	238
Operating Margin	-	6.89%	5.96%	13.51%	12.48%	11.93%
Earnings before Tax (EBT) ¹	-	-	85.05	217.3	224	237.5
Net income ¹	-	92.09	64.73	175	180.5	191
Net margin	-	5.21%	4.49%	10.83%	10.03%	9.57%
EPS ²	0.2249	-	0.0485	0.1313	0.1345	0.1440
Free Cash Flow ¹	-	-	-	165	194	226
FCF margin	-	-	-	10.27%	10.78%	11.33%
FCF Conversion (EBITDA)	-	-	-	91.67%	89.61%	98.91%
FCF Conversion (Net income)	-	-	-	150.68%	107.48%	118.32%
Dividend per Share ²	-	0.0553	0.0388	0.1050	0.1115	0.1150
Announcement Date	3/26/21	3/28/22	3/24/23	3/25/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-
Net Cash position	-	2,653	2,343	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	165	194	226
ROE (net income / shareholders' equity)	-	7.05%	2.33%	6.09%	6.15%	6.4%
ROA (Net income/ Total Assets)	-	-	1.85%	3%	4.6%	4.7%
Assets ¹	-	-	3,498	3,650	3,924	4,064
Book Value Per Share ²	-	2.150	2.110	2.200	2.220	2.260
Cash Flow per Share ²	-	-	0.0500	0.2500	0.0300	0.1300
Capex ¹	-	-	11.6	37.3	34.5	35.5
Capex / Sales	-	-	0.8%	2.31%	1.92%	1.78%
Announcement Date	3/26/21	3/28/22	3/24/23	3/25/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.615 CNY

Average target price

2.4 CNY

Spread / Average Target

+48.64%

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