Financials Chongqing Department Store Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-15 pm EDT			5-day change	1st Jan Change
26.42 ^CNY	+0.08%		-1.34%	-6.31%

Apr. 29	Chongqing Department Store Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 18	Chongqing Department Store Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,135	11,749	10,308	9,479	11,303	11,712	-	-
Enterprise Value (EV) ¹	12,135	11,749	10,308	9,479	11,303	11,712	11,712	11,712
P/E ratio	12.3 x	11.4 x	10.6 x	10.6 x	8.52 x	8.23 x	7.6 x	6.98 x
Yield	2.45%	12.8%	14.6%	2.88%	4.81%	5.19%	6%	5.79%
Capitalization / Revenue	0.35 x	0.56 x	0.49 x	0.52 x	0.6 x	0.59 x	0.56 x	0.54 x
EV / Revenue	0.35 x	0.56 x	0.49 x	0.52 x	0.6 x	0.59 x	0.56 x	0.54 x
EV / EBITDA	7.97 x	7.88 x	5.66 x	7.35 x	6.49 x	7.31 x	7.03 x	5.91 x
EV / FCF	-	-	-	-	8.5 x	9.98 x	9.15 x	9.08 x
FCF Yield	-	-	-	-	11.8%	10%	10.9%	11%
Price to Book	1.93 x	1.69 x	1.78 x	1.86 x	1.84 x	1.67 x	1.46 x	1.3 x
Nbr of stocks (in thousands)	406,528	406,528	396,168	400,798	400,798	442,460	-	-
Reference price ²	29.85	28.90	26.02	23.65	28.20	26.42	26.42	26.42
Announcement Date	4/30/20	4/1/21	3/25/22	4/7/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	34,536	21,077	21,124	18,304	18,985	19,823	20,816	21,556
EBITDA ¹	1,523	1,491	1,821	1,289	1,742	1,602	1,665	1,981
EBIT ¹	1,194	1,194	1,118	998.2	1,435	1,610	1,746	1,909
Operating Margin	3.46%	5.66%	5.29%	5.45%	7.56%	8.12%	8.39%	8.85%
Earnings before Tax (EBT) ¹	1,179	1,221	1,132	999.9	1,442	1,617	1,753	1,916
Net income ¹	985.3	1,034	979.9	883.4	1,315	1,417	1,536	1,669
Net margin	2.85%	4.9%	4.64%	4.83%	6.93%	7.15%	7.38%	7.74%
EPS ²	2.420	2.540	2.450	2.230	3.310	3.211	3.474	3.783
Free Cash Flow ¹	-	-	-	-	1,329	1,173	1,280	1,290
FCF margin	-	-	-	-	7%	5.92%	6.15%	5.98%
FCF Conversion (EBITDA)	-	-	-	-	76.3%	73.21%	76.87%	65.13%
FCF Conversion (Net income)	-	-	-	-	101.11%	82.76%	83.35%	77.31%
Dividend per Share ²	0.7300	3.690	3.790	0.6800	1.356	1.372	1.585	1.530
Announcement Date	4/30/20	4/1/21	3/25/22	4/7/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-	1,329	1,173	1,280	1,290
ROE (net income / shareholders' equity)	16.7%	15.5%	16.7%	17.3%	22.6%	20.2%	19.3%	17.5%
ROA (Net income/ Total Assets)	6.73%	6.47%	5.63%	4.99%	-	7.33%	7.63%	7.91%
Assets ¹	14,632	15,977	17,402	17,714	-	19,347	20,139	21,101
Book Value Per Share ²	15.50	17.10	14.60	12.70	15.30	15.80	18.10	20.30
Cash Flow per Share ²	2.150	2.910	2.790	1.520	3.520	2.300	3.710	4.110
Capex ¹	361	321	232	212	104	206	210	256
Capex / Sales	1.05%	1.53%	1.1%	1.16%	0.55%	1.04%	1.01%	1.19%
Announcement Date	4/30/20	4/1/21	3/25/22	4/7/23	4/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

26.42 CNY

Average target price

39.44 CNY

Spread / Average Target

+49.27%

	1st Jan change	Capi.
CHONGQING DEPARTMENT STORE CO.,LTD.	-6.31%	1.62B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-8.95%	38.76B
AVENUE SUPERMARTS LIMITED	+14.70%	36.41B
SEVEN & I HOLDINGS CO., LTD.	+8.55%	33.86B
SM INVESTMENTS CORPORATION	+0.92%	18.69B
COLES GROUP LIMITED	+1.18%	14.65B
JERÓNIMO MARTINS, SGPS, S.A.	-11.28%	13.81B
CASEY'S GENERAL STORES, INC.	+21.57%	12.36B
CARREFOUR	-0.97%	12.2B
ICA GRUPPEN	-.--%	11.82B