Financials FriendTimes Inc.

Equities

6820

KYG371BT1022

Toys & Juvenile Products

Market Closed - Hong Kong S.E. Other stock markets 04:08:07 2024-05-09 am EDT			5-day change	1st Jan Change
0.81 ^HKD	+1.25%		-2.41%	-37.69%

Mar. 21	FriendTimes Swings to Loss on Lower Revenue	MT
Mar. 20	FriendTimes Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,939	3,653	2,452	1,849	2,577	1,587	-	-
Enterprise Value (EV) ¹	1,939	2,559	1,403	1,446	2,577	1,587	1,587	1,587
P/E ratio	4.76 x	7.25 x	8.63 x	84.1 x	-19.9 x	10.5 x	7.54 x	5.43 x
Yield	10.1%	6.03%	8.7%	6.25%	-	4.07%	5.31%	-
Capitalization / Revenue	1.15 x	1.67 x	1.52 x	1.21 x	2.44 x	1.12 x	0.92 x	0.77 x
EV / Revenue	1.15 x	1.67 x	1.52 x	1.21 x	2.44 x	1.12 x	0.92 x	0.77 x
EV / EBITDA	-	6.57 x	8.3 x	39.9 x	-73.1 x	9.23 x	6.99 x	-
EV / FCF	-	7.44 x	11.9 x	-	-	9.56 x	5.99 x	5.19 x
FCF Yield	-	13.4%	8.41%	-	-	10.5%	16.7%	19.3%
Price to Book	1.51 x	2.32 x	1.49 x	1.23 x	2.17 x	1.2 x	1.11 x	-
Nbr of stocks (in thousands)	2,191,512	2,180,850	2,180,850	2,180,850	2,180,850	2,120,650	-	-
Reference price ²	0.9900	1.990	1.380	0.9600	1.300	0.8100	0.8100	0.8100
Announcement Date	3/26/20	3/22/21	3/22/22	3/21/23	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	1,689	2,182	1,616	1,524	1,056	1,422	1,718	2,048
EBITDA ¹	-	555.9	295.6	46.36	-35.26	172	227	-
EBIT ¹	446.7	543	274.2	33.56	-63.58	174.5	245.5	332
Operating Margin	26.45%	24.88%	16.97%	2.2%	-6.02%	12.27%	14.29%	16.21%
Earnings before Tax (EBT) ¹	438.2	526.6	233.9	24.43	-72.93	172.5	239.5	333
Net income ¹	415.5	503.5	275.5	25.11	-138.1	158.6	218	299.4
Net margin	24.6%	23.07%	17.05%	1.65%	-13.08%	11.16%	12.69%	14.62%
EPS ²	0.2078	0.2745	0.1598	0.0114	-0.0652	0.0774	0.1075	0.1492
Free Cash Flow ¹	-	490.8	206.2	-	-	166	265	306
FCF margin	-	22.49%	12.76%	-	-	11.67%	15.42%	14.94%
FCF Conversion (EBITDA)	-	88.3%	69.75%	-	-	96.51%	116.74%	-
FCF Conversion (Net income)	-	97.48%	74.83%	-	-	104.63%	121.59%	102.2%
Dividend per Share ²	0.1000	0.1200	0.1200	0.0600	-	0.0330	0.0430	-
Announcement Date	3/26/20	3/22/21	3/22/22	3/21/23	3/20/24	-	-	-

¹CNY in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period:

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	1,093	1,049	403	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	491	206	-	-	166	265	306
ROE (net income / shareholders' equity)	44.2%	35.1%	19.2%	1.6%	-10.2%	11.6%	13.4%	14.1%
ROA (Net income/ Total Assets)	37%	30.5%	17.2%	1.47%	-8.97%	8.5%	9.4%	-
Assets ¹	1,124	1,652	1,604	1,710	1,539	1,866	2,319	-
Book Value Per Share ²	0.6500	0.8600	0.9300	0.7800	0.6000	0.6700	0.7300	-
Cash Flow per Share ²	-	0.3100	0.1500	0.0800	-0.0200	0.0800	0.1000	-
Capex ¹	95.1	84.2	56.5	38	-	25	25	38
Capex / Sales	5.63%	3.86%	3.5%	2.49%	-	1.76%	1.46%	1.86%
Announcement Date	3/26/20	3/22/21	3/22/22	3/21/23	3/20/24	-	-	-

¹CNY 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 FriendTimes Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.81 HKD

Average target price

1.435 HKD

Spread / Average Target

+77.16%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Games, Toys & Children Vehicles

	1st Jan change	Capi.
FRIENDTIMES INC.	-37.69%	217M
NINTENDO CO., LTD.	+3.23%	54.9B
INTERNATIONAL GAMES SYSTEM CO.,LTD.	+38.81%	4.35B
TOMY COMPANY, LTD.	+18.75%	1.53B
GOLDLOK HOLDINGS(GUANGDONG) CO.,LTD.	-19.48%	398M
GUANGZHOU WAHLAP TECHNOLOGY CORPORATION LIMITED	-27.65%	336M
THUNDER TIGER CORP.	+34.40%	324M
SHIFENG CULTURAL DEVELOPMENT CO., LTD.	-25.99%	253M
PLAYMATES HOLDINGS LIMITED	-1.79%	146M
GOODBABY INTERNATIONAL HOLDINGS LIMITED	-8.33%	145M

Games, Toys & Children Vehicles