Financials China Traditional Chinese Medicine Holdings Co. Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
4.3 ^HKD	-0.46%		-0.46%	+9.41%

Mar. 22	China Traditional Chinese Medicine Posts 94% Profit Growth in 2023	MT
Mar. 21	China Traditional Chinese Medicine Holdings Co. Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	20,164	16,921	16,275	21,214	15,789	20,044	20,044	-
Enterprise Value (EV) ¹	19,947	17,015	14,715	20,035	14,525	19,225	17,084	17,548
P/E ratio	13.4 x	10.7 x	9.78 x	11 x	20.7 x	14 x	14.8 x	12.1 x
Yield	2.47%	2.86%	-	2.73%	1.45%	1.88%	-	-
Capitalization / Revenue	1.79 x	1.18 x	1.1 x	1.11 x	1.1 x	0.99 x	0.9 x	0.8 x
EV / Revenue	1.77 x	1.19 x	0.99 x	1.05 x	1.02 x	1.06 x	0.76 x	0.7 x
EV / EBITDA	7.43 x	5.67 x	4.72 x	5.56 x	6.71 x	7.51 x	5.38 x	4.95 x
EV / FCF	87 x	25.9 x	-16.3 x	2,242 x	25.5 x	116 x	57.9 x	30.9 x
FCF Yield	1.15%	3.86%	-6.12%	0.04%	3.91%	0.86%	1.73%	3.23%
Price to Book	1.3 x	1.02 x	0.9 x	1.08 x	0.78 x	0.95 x	0.88 x	0.8 x
Nbr of stocks (in thousands)	5,035,802	5,035,802	5,035,802	5,035,802	5,035,802	5,035,802	5,035,802	-
Reference price ²	4.004	3.360	3.232	4.213	3.135	3.980	3.980	3.980
Announcement Date	3/17/19	3/30/20	3/30/21	3/25/22	3/24/23	3/21/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	11,259	14,321	14,806	19,053	14,304	18,122	22,357	25,184
EBITDA ¹	2,685	3,003	3,118	3,603	2,164	2,561	3,174	3,545
EBIT ¹	2,156	2,461	2,491	2,753	1,064	1,427	2,067	2,403
Operating Margin	19.15%	17.18%	16.82%	14.45%	7.44%	7.88%	9.25%	9.54%
Earnings before Tax (EBT) ¹	1,857	2,155	2,230	2,520	840.1	1,225	1,772	2,008
Net income ¹	1,439	1,588	1,663	1,933	764.3	1,285	1,358	1,633
Net margin	12.78%	11.09%	11.23%	10.14%	5.34%	7.09%	6.07%	6.48%
EPS ²	0.2984	0.3154	0.3303	0.3838	0.1518	0.2552	0.2687	0.3282
Free Cash Flow ¹	229.3	656.9	-901.1	8.935	568.6	184	295	567
FCF margin	2.04%	4.59%	-6.09%	0.05%	3.97%	1%	1.32%	2.25%
FCF Conversion (EBITDA)	8.54%	21.87%	-	0.25%	26.28%	7.11%	9.29%	15.99%
FCF Conversion (Net income)	15.93%	41.36%	-	0.46%	74.4%	16.05%	21.73%	34.73%
Dividend per Share ²	0.0988	0.0959	-	0.1152	0.0455	0.0750	-	-
Announcement Date	3/17/19	3/30/20	3/30/21	3/25/22	3/24/23	3/21/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	93.3	-	-	-	1,237	-	-
Net Cash position ¹	216	-	1,561	1,179	1,264	-	2,961	2,497
Leverage (Debt/EBITDA)	-	0.031 x	-	-	-	0.4833 x	-	-
Free Cash Flow ¹	229	657	-901	8.94	569	184	295	567
ROE (net income / shareholders' equity)	10.3%	9.87%	9.59%	10.2%	3.83%	6.22%	8.74%	8.4%
ROA (Net income/ Total Assets)	5.22%	5.06%	5.07%	5.56%	2.12%	3.54%	4.47%	6.05%
Assets ¹	27,586	31,381	32,780	34,739	36,004	36,352	30,397	26,986
Book Value Per Share ²	3.090	3.300	3.590	3.920	4.000	4.190	4.500	4.970
Cash Flow per Share ²	0.2500	0.3100	0.0500	0.1600	0.2200	0.1800	0.2600	-
Capex ¹	961	1,864	1,130	787	524	659	623	700
Capex / Sales	8.54%	13.02%	7.63%	4.13%	3.66%	3.58%	2.79%	2.78%
Announcement Date	3/17/19	3/30/20	3/30/21	3/25/22	3/24/23	3/21/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.98 CNY

Average target price

4.459 CNY

Spread / Average Target

+12.02%

	1st Jan change	Capi.
CHINA TRADITIONAL CHINESE MEDICINE HOLDINGS CO. LIMITED	+9.41%	2.77B
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MERCK & CO., INC.	+20.34%	332B
ABBVIE INC.	+3.00%	283B
ASTRAZENECA PLC	+13.09%	231B
NOVARTIS AG	+5.46%	200B
ROCHE HOLDING AG	-9.61%	195B
AMGEN INC.	-6.26%	145B