Financials CSPC Pharmaceutical Group Ltd.

Equities

1093

HK1093012172

Pharmaceuticals

Market Closed - Hong Kong S.E. Other stock markets 04:08:07 2024-05-09 am EDT			5-day change	1st Jan Change
6.76 ^HKD	+1.65%		+0.75%	-6.89%

Apr. 26	CSPC Pharmaceutical Group Limited Proposes Final Dividend for the Year Ended 31 December 2023	CI
Apr. 26	CSPC Pharmaceutical Group Limited Announces Highly Selective Mat2A Inhibitor Obtains Clinical Trial Approval in the U.S	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	115,871	94,800	100,932	97,707	86,022	78,767	-	-
Enterprise Value (EV) ¹	108,950	86,246	89,633	86,241	86,022	61,553	56,222	51,948
P/E ratio	28.5 x	15.4 x	14.7 x	14.1 x	13.5 x	11.1 x	10.3 x	9.48 x
Yield	1.08%	1.61%	2.13%	2.56%	-	2.86%	3.13%	3.46%
Capitalization / Revenue	4.8 x	3.19 x	2.94 x	2.77 x	2.52 x	2.1 x	1.94 x	1.79 x
EV / Revenue	4.51 x	2.9 x	2.61 x	2.44 x	2.52 x	1.64 x	1.38 x	1.18 x
EV / EBITDA	18.8 x	10.5 x	9.5 x	9.43 x	9.99 x	6.12 x	5.16 x	4.25 x
EV / FCF	52.1 x	13.5 x	23.7 x	14.1 x	-	9.23 x	8.5 x	7.69 x
FCF Yield	1.92%	7.43%	4.22%	7.11%	-	10.8%	11.8%	13%
Price to Book	5.74 x	3.55 x	3.17 x	2.86 x	-	1.92 x	1.68 x	1.48 x
Nbr of stocks (in thousands)	11,973,770	11,954,570	11,916,370	11,915,520	11,848,756	11,844,632	-	-
Reference price ²	9.677	7.930	8.470	8.200	7.260	6.650	6.650	6.650
Announcement Date	3/30/20	3/15/21	3/22/22	3/22/23	3/20/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,145	29,762	34,309	35,292	34,175	37,576	40,691	43,894
EBITDA ¹	5,789	8,192	9,431	9,148	8,615	10,052	10,891	12,230
EBIT ¹	5,025	7,227	8,366	7,952	7,400	8,750	9,354	10,293
Operating Margin	20.81%	24.28%	24.38%	22.53%	21.65%	23.29%	22.99%	23.45%
Earnings before Tax (EBT) ¹	5,053	7,626	8,430	8,650	8,030	8,904	9,581	10,400
Net income ¹	4,057	6,157	6,901	6,949	6,382	7,114	7,677	8,344
Net margin	16.8%	20.69%	20.11%	19.69%	18.68%	18.93%	18.87%	19.01%
EPS ²	0.3394	0.5150	0.5773	0.5831	0.5376	0.5983	0.6438	0.7016
Free Cash Flow ¹	2,090	6,404	3,787	6,129	-	6,667	6,614	6,752
FCF margin	8.66%	21.52%	11.04%	17.37%	-	17.74%	16.25%	15.38%
FCF Conversion (EBITDA)	36.11%	78.17%	40.15%	67%	-	66.32%	60.73%	55.2%
FCF Conversion (Net income)	51.52%	104.01%	54.87%	88.2%	-	93.71%	86.15%	80.91%
Dividend per Share ²	0.1042	0.1275	0.1800	0.2100	-	0.1904	0.2079	0.2298
Announcement Date	3/30/20	3/15/21	3/22/22	3/22/23	3/20/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	8,328	8,895	-	8,883	8,634	8,489	17,479	8,938	8,626	8,522	8,242	8,878	9,067	9,890	10,021	-
EBITDA	2,330	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,074	2,380	-	1,871	1,830	1,928	3,697	2,000	2,051	1,865	1,517	1,959	2,034	2,147	2,202	-
Operating Margin	24.9%	26.76%	-	21.07%	21.19%	22.72%	21.15%	22.38%	23.78%	21.88%	18.41%	22.06%	22.43%	21.71%	21.98%	-
Earnings before Tax (EBT)	-	-	-	-	-	2,265	4,379	1,977	2,139	2,111	1,934	-	-	-	-	-
Net income	1,554	1,563	1,657	1,793	1,644	1,852	3,543	1,586	1,653	1,672	1,498	-	-	-	-	-
Net margin	18.66%	17.58%	-	20.19%	19.04%	21.82%	20.27%	17.74%	19.16%	19.62%	18.18%	-	-	-	-	-
EPS ²	0.1299	0.1309	0.1391	0.1504	0.1380	0.1554	0.2990	0.1331	0.1393	0.1410	0.1265	0.1410	0.1520	0.1520	0.1520	0.1520
Dividend per Share ²	-	0.1000	-	0.1000	-	0.1100	-	-	0.1400	-	-	-	-	-	0.1680	-
Announcement Date	11/18/21	3/22/22	5/25/22	8/24/22	11/23/22	3/22/23	3/22/23	5/25/23	8/23/23	11/30/23	3/20/24	-	-	-	-	-

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	6,922	8,554	11,298	11,467	-	17,214	22,545	26,819
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,090	6,404	3,787	6,129	-	6,667	6,614	6,752
ROE (net income / shareholders' equity)	22.2%	25.3%	23.2%	21.7%	-	18.3%	17.7%	17.3%
ROA (Net income/ Total Assets)	15%	18.3%	17.3%	16%	-	13.4%	13.4%	13.1%
Assets ¹	27,066	33,643	39,898	43,540	-	53,178	57,295	63,826
Book Value Per Share ²	1.690	2.230	2.670	2.870	-	3.470	3.970	4.500
Cash Flow per Share ²	0.3500	0.6700	0.4800	0.7300	-	0.8500	0.7700	0.8800
Capex ¹	2,049	1,613	1,914	2,517	-	2,040	2,060	2,235
Capex / Sales	8.48%	5.42%	5.58%	7.13%	-	5.43%	5.06%	5.09%
Announcement Date	3/30/20	3/15/21	3/22/22	3/22/23	3/20/24	-	-	-

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 CSPC Pharmaceutical Group Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.65 HKD

Average target price

9.384 HKD

Spread / Average Target

+41.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

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MERCK & CO., INC.	+18.83%	328B
ABBVIE INC.	+3.54%	283B
ASTRAZENECA PLC	+15.80%	238B
NOVARTIS AG	+6.68%	203B
ROCHE HOLDING AG	-9.08%	198B
AMGEN INC.	+6.70%	165B

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