Financials Sinopharm Group Co. Ltd.

Equities

1099

CNE100000FN7

Pharmaceuticals

Market Closed - Hong Kong S.E. Other stock markets 04:08:35 2024-05-13 am EDT			5-day change	1st Jan Change
22.25 ^HKD	+3.49%		+13.40%	+8.80%

Apr. 29	Wall Street Cues, Property Outlooks Lift Asian Stock Markets	MT
Apr. 29	China, Hong Kong stocks rise, led by property shares	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	75,452	49,504	43,125	54,681	58,004	64,206	-	-
Enterprise Value (EV) ¹	91,399	63,204	63,166	64,207	58,004	75,698	73,563	75,462
P/E ratio	12.1 x	6.87 x	5.55 x	6.42 x	6.41 x	6.66 x	6.06 x	5.54 x
Yield	2.36%	4.35%	5.43%	4.68%	-	4.54%	4.99%	5.38%
Capitalization / Revenue	0.18 x	0.11 x	0.08 x	0.1 x	0.1 x	0.1 x	0.09 x	0.08 x
EV / Revenue	0.21 x	0.14 x	0.12 x	0.12 x	0.1 x	0.12 x	0.1 x	0.1 x
EV / EBITDA	5.09 x	3.21 x	2.67 x	2.59 x	2.35 x	2.89 x	2.57 x	2.42 x
EV / FCF	6.57 x	-13.8 x	9.72 x	3.47 x	-	15.9 x	7.78 x	8.07 x
FCF Yield	15.2%	-7.24%	10.3%	28.8%	-	6.3%	12.8%	12.4%
Price to Book	1.59 x	0.88 x	0.7 x	0.8 x	-	0.77 x	0.69 x	0.63 x
Nbr of stocks (in thousands)	2,967,629	3,118,654	3,120,656	3,120,656	3,120,656	3,120,656	-	-
Reference price ²	25.42	15.87	13.82	17.52	18.59	20.57	20.57	20.57
Announcement Date	3/30/20	3/21/21	3/20/22	3/26/23	3/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	425,273	456,415	521,051	552,148	596,570	648,680	706,560	770,918
EBITDA ¹	17,950	19,667	23,634	24,769	24,639	26,207	28,646	31,141
EBIT ¹	16,137	17,760	19,712	20,604	20,209	23,077	25,221	27,538
Operating Margin	3.79%	3.89%	3.78%	3.73%	3.39%	3.56%	3.57%	3.57%
Earnings before Tax (EBT) ¹	13,760	15,598	17,003	18,564	19,512	20,858	22,958	25,119
Net income ¹	6,253	7,187	7,759	8,526	9,054	9,628	10,594	11,603
Net margin	1.47%	1.57%	1.49%	1.54%	1.52%	1.48%	1.5%	1.51%
EPS ²	2.100	2.310	2.490	2.730	2.900	3.089	3.396	3.716
Free Cash Flow ¹	13,909	-4,574	6,501	18,481	-	4,771	9,453	9,355
FCF margin	3.27%	-1%	1.25%	3.35%	-	0.74%	1.34%	1.21%
FCF Conversion (EBITDA)	77.49%	-	27.51%	74.61%	-	18.21%	33%	30.04%
FCF Conversion (Net income)	222.46%	-	83.79%	216.77%	-	49.56%	89.22%	80.62%
Dividend per Share ²	0.6000	0.6900	0.7500	0.8200	-	0.9338	1.027	1.108
Announcement Date	3/30/20	3/21/21	3/20/22	3/26/23	3/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 S1
Net sales ¹	223,608	203,765	252,650	249,120	271,931	261,472	290,676	18,687	155,433	300,950	144,969	150,650	295,619	311,580
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	8,772	10,940	9,057	11,547	-	5,895	10,869	5,937	4,691	10,628	10,518
Operating Margin	-	-	-	3.52%	4.02%	3.46%	3.97%	-	3.79%	3.61%	4.1%	3.11%	3.6%	3.38%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	5,228	8,866	4,161	6,485	-	-
Net income	-	-	-	-	-	-	-	362.2	2,514	4,104	1,752	-	-	-
Net margin	-	-	-	-	-	-	-	1.94%	1.62%	1.36%	1.21%	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/30/20	8/23/20	3/21/21	8/22/21	3/20/22	8/29/22	3/26/23	4/17/23	8/27/23	8/27/23	10/30/23	3/24/24	3/24/24	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,947	13,699	20,041	9,526	-	11,492	9,357	11,256
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8884 x	0.6966 x	0.848 x	0.3846 x	-	0.4385 x	0.3266 x	0.3615 x
Free Cash Flow ¹	13,909	-4,574	6,501	18,481	-	4,771	9,453	9,355
ROE (net income / shareholders' equity)	13.9%	13.9%	13.1%	13.1%	-	11.9%	11.9%	11.6%
ROA (Net income/ Total Assets)	2.47%	2.47%	2.4%	2.44%	-	2.38%	2.42%	2.41%
Assets ¹	252,832	290,559	323,331	350,101	-	405,034	438,563	481,802
Book Value Per Share ²	16.00	18.10	19.80	21.80	-	26.70	29.70	32.90
Cash Flow per Share ²	6.320	3.590	2.980	6.720	-	6.040	3.430	6.080
Capex ¹	4,868	4,585	2,807	2,482	-	3,177	3,022	3,156
Capex / Sales	1.14%	1%	0.54%	0.45%	-	0.49%	0.43%	0.41%
Announcement Date	3/30/20	3/21/21	3/20/22	3/26/23	3/24/24	-	-	-

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

Ratings for Sinopharm Group Co. Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.6 CNY

Average target price

24.61 CNY

Spread / Average Target

+19.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

	1st Jan change	Capi.
SINOPHARM GROUP CO. LTD.	+8.80%	8.59B
MCKESSON CORPORATION	+20.09%	72.78B
CARDINAL HEALTH, INC.	-2.44%	24.24B
SHANGHAI PHARMACEUTICALS HOLDING CO., LTD	+9.15%	8.38B
HUADONG MEDICINE CO., LTD	-17.39%	8.09B
H. LUNDBECK A/S	+7.33%	4.81B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+17.69%	4.32B
EBOS GROUP LIMITED	-3.66%	4.05B
GALENICA AG	-2.54%	3.93B
CHINA NATIONAL MEDICINES CORPORATION LTD.	+29.14%	3.79B

Pharmaceuticals Wholesale