Financials Shenzhen Institute of Building Research Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-06-04 pm EDT			5-day change	1st Jan Change
11.97 ^CNY	-0.83%		-5.75%	-20.99%

May. 27	Shenzhen Institute of Building Research Co., Ltd. Announces Final Cash Dividend on A Shares, Payable on 31 May 2024	CI
Apr. 26	Shenzhen Institute of Building Research Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,508	2,465	2,089	2,222	1,756	-	-
Enterprise Value (EV) ¹	2,508	2,465	2,089	2,222	1,756	1,756	1,756
P/E ratio	57.2 x	55.4 x	28.6 x	94 x	33.3 x	28.5 x	23.9 x
Yield	-	-	-	0.26%	2.51%	3.17%	4.34%
Capitalization / Revenue	-	-	-	5.34 x	4.17 x	4.05 x	3.88 x
EV / Revenue	-	-	-	5.34 x	4.17 x	4.05 x	3.88 x
EV / EBITDA	-	-	-	-	-	-	-
EV / FCF	-	-	-	-184 x	12.6 x	92.4 x	39.9 x
FCF Yield	-	-	-	-0.54%	7.92%	1.08%	2.51%
Price to Book	-	-	-	3.65 x	2.84 x	2.81 x	2.82 x
Nbr of stocks (in thousands)	146,667	146,667	146,667	146,667	146,667	-	-
Reference price ²	17.10	16.81	14.24	15.15	11.97	11.97	11.97
Announcement Date	3/30/21	3/25/22	3/28/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	-	416.1	421	433	452
EBITDA	-	-	-	-	-	-	-
EBIT ¹	-	-	-	26.46	63	75	88
Operating Margin	-	-	-	6.36%	14.96%	17.32%	19.47%
Earnings before Tax (EBT) ¹	-	-	-	29.48	66	78	91
Net income ¹	43.87	44.51	73.14	23.63	53	62	73
Net margin	-	-	-	5.68%	12.59%	14.32%	16.15%
EPS ²	0.2991	0.3035	0.4987	0.1611	0.3600	0.4200	0.5000
Free Cash Flow ¹	-	-	-	-12.05	139	19	44
FCF margin	-	-	-	-2.9%	33.02%	4.39%	9.73%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	262.26%	30.65%	60.27%
Dividend per Share ²	-	-	-	0.0400	0.3000	0.3800	0.5200
Announcement Date	3/30/21	3/25/22	3/28/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-12.1	139	19	44
ROE (net income / shareholders' equity)	-	-	-	3.91%	8.61%	9.93%	11.7%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	-	-	-	4.150	4.210	4.260	4.240
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	-	-	24	45	40	36
Capex / Sales	-	-	-	5.77%	10.69%	9.24%	7.96%
Announcement Date	3/30/21	3/25/22	3/28/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

11.97 CNY

Average target price

12.85 CNY

Spread / Average Target

+7.35%

	1st Jan change	Capi.
SHENZHEN INSTITUTE OF BUILDING RESEARCH CO., LTD.	-20.99%	245M
SWECO AB	+8.66%	5.03B
HUATU CENDES CO., LTD	+28.46%	2.21B
UNITED INTEGRATED SERVICES CO., LTD.	+34.03%	2.11B
GREENTOWN MANAGEMENT HOLDINGS COMPANY LIMITED	+30.17%	1.82B
NV5 GLOBAL, INC.	-16.99%	1.5B
H.G. INFRA ENGINEERING LIMITED	+68.34%	1.03B
KUMAGAI GUMI CO.,LTD.	+0.69%	1.02B
ZONQING ENVIRONMENTAL LIMITED	+14.05%	970M
CHINA DESIGN GROUP CO., LTD.	+21.05%	893M