Financials Lao Feng Xiang Co., Ltd.

Equities

600612

CNE000000537

Apparel & Accessories

End-of-day quote Shanghai S.E. 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
77.23 CNY -0.30% Intraday chart for Lao Feng Xiang Co., Ltd. -0.85% +11.93%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,790 18,272 19,001 17,728 26,922 30,437 - -
Enterprise Value (EV) 1 23,571 20,801 21,144 20,556 24,471 28,580 27,737 30,437
P/E ratio 17.7 x 15 x 12.8 x 13.2 x 16.3 x 15.6 x 14 x 11.9 x
Yield 2.42% 2.76% 3.16% 3.41% 2.83% 3.56% 3.03% 4.81%
Capitalization / Revenue 0.4 x 0.35 x 0.32 x 0.28 x 0.38 x 0.38 x 0.34 x 0.31 x
EV / Revenue 0.47 x 0.4 x 0.36 x 0.33 x 0.34 x 0.36 x 0.31 x 0.31 x
EV / EBITDA 9.28 x 7.26 x 6.41 x 6.65 x 6.04 x 5.69 x 5.24 x 4.71 x
EV / FCF -18.4 x 8.09 x 10.2 x 23.1 x 3.46 x 8.61 x 13.9 x 7.4 x
FCF Yield -5.43% 12.4% 9.79% 4.33% 28.9% 11.6% 7.2% 13.5%
Price to Book 3.55 x 2.98 x 2.61 x 2.21 x 3.12 x 3.09 x 2.73 x 2.42 x
Nbr of stocks (in thousands) 523,118 523,118 523,118 523,118 523,118 523,118 - -
Reference price 2 47.61 45.33 45.85 42.80 69.00 77.23 77.23 77.23
Announcement Date 3/16/20 3/3/21 3/2/22 3/2/23 3/4/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 49,629 51,722 58,691 63,010 71,436 79,555 90,259 99,080
EBITDA 1 2,539 2,865 3,300 3,092 4,052 5,019 5,297 6,459
EBIT 1 2,462 2,797 3,232 3,017 3,968 4,627 5,144 6,020
Operating Margin 4.96% 5.41% 5.51% 4.79% 5.55% 5.82% 5.7% 6.08%
Earnings before Tax (EBT) 1 2,493 2,794 3,242 3,028 3,979 4,635 5,128 6,027
Net income 1 1,408 1,586 1,876 1,700 2,214 2,591 2,888 3,387
Net margin 2.84% 3.07% 3.2% 2.7% 3.1% 3.26% 3.2% 3.42%
EPS 2 2.692 3.032 3.587 3.250 4.233 4.952 5.519 6.472
Free Cash Flow 1 -1,281 2,573 2,070 890.6 7,063 3,318 1,997 4,114
FCF margin -2.58% 4.97% 3.53% 1.41% 9.89% 4.17% 2.21% 4.15%
FCF Conversion (EBITDA) - 89.78% 62.74% 28.8% 174.32% 66.11% 37.7% 63.7%
FCF Conversion (Net income) - 162.21% 110.34% 52.38% 318.96% 128.03% 69.16% 121.48%
Dividend per Share 2 1.150 1.250 1.450 1.460 1.950 2.750 2.339 3.715
Announcement Date 3/16/20 3/3/21 3/2/22 3/2/23 3/4/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2022 Q1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 28,105 - - - - - 40,344 - 9,370 25,630 18,700 26,800 13,800
EBITDA - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income 739.1 - - - - - 1,273 - - - - - -
Net margin 2.63% - - - - - 3.16% - - - - - -
EPS 2 - 0.7772 0.8901 0.6600 1.369 1.060 - 1.330 0.4700 1.533 1.150 1.420 0.5100
Dividend per Share - - - - - - - - - - - - -
Announcement Date 8/27/19 4/28/22 10/27/22 3/2/23 4/27/23 8/27/23 8/27/23 10/26/23 3/4/24 4/30/24 - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,782 2,529 2,144 2,828 - - - -
Net Cash position 1 - - - - 2,450 1,858 2,701 -
Leverage (Debt/EBITDA) 1.49 x 0.8825 x 0.6496 x 0.9146 x - - - -
Free Cash Flow 1 -1,281 2,573 2,070 891 7,063 3,318 1,997 4,114
ROE (net income / shareholders' equity) 21.2% 21% 21.7% 17.4% 20.5% 20.2% 20.5% 20.6%
ROA (Net income/ Total Assets) 8.62% 8.63% 8.97% 7.04% - 9.85% 8.7% 10.3%
Assets 1 16,336 18,372 20,919 24,140 - 26,310 33,195 32,785
Book Value Per Share 2 13.40 15.20 17.60 19.40 22.10 25.00 28.30 31.90
Cash Flow per Share 2 -2.400 4.490 3.800 1.840 13.80 -4.270 7.380 8.060
Capex 1 26.7 36.5 55.2 73.5 149 110 73.2 117
Capex / Sales 0.05% 0.07% 0.09% 0.12% 0.21% 0.14% 0.08% 0.12%
Announcement Date 3/16/20 3/3/21 3/2/22 3/2/23 3/4/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
77.23 CNY
Average target price
77.9 CNY
Spread / Average Target
+0.87%
Consensus
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