TBEA CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 14.6 CNY | +1.18% |
|
+3.18% | +5.80% |
| May. 10 | CPMC Holdings Names New Chairman | MT |
| Apr. 29 | TBEA Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 24,700 | 37,700 | 80,152 | 77,749 | 69,278 | 73,296 | - | - |
| Enterprise Value (EV) 1 | 34,322 | 47,457 | 89,861 | 77,749 | 69,278 | 73,296 | 73,296 | 73,296 |
| P/E ratio | 14.2 x | 17.2 x | 11.3 x | 4.88 x | 5.78 x | 9.49 x | 7.5 x | 7.25 x |
| Yield | 2.48% | 2.07% | 2.74% | 5.58% | 1.45% | 1.92% | 2.85% | 2.35% |
| Capitalization / Revenue | 0.67 x | 0.85 x | 1.31 x | 0.81 x | 0.71 x | 0.71 x | 0.66 x | 0.61 x |
| EV / Revenue | 0.67 x | 0.85 x | 1.31 x | 0.81 x | 0.71 x | 0.71 x | 0.66 x | 0.61 x |
| EV / EBITDA | 5 x | 5.91 x | 5.39 x | 2.5 x | 3.16 x | 4.27 x | 3.86 x | 3.59 x |
| EV / FCF | -6.41 x | - | 109 x | - | 10 x | 74.9 x | 6.28 x | - |
| FCF Yield | -15.6% | - | 0.92% | - | 9.99% | 1.33% | 15.9% | - |
| Price to Book | 0.81 x | 1.15 x | 2 x | 1.44 x | 1.15 x | 1.07 x | 0.9 x | 0.89 x |
| Nbr of stocks (in thousands) | 4,828,611 | 4,828,611 | 4,921,940 | 5,033,562 | 5,020,166 | 5,020,249 | - | - |
| Reference price 2 | 5.115 | 7.808 | 16.28 | 15.45 | 13.80 | 14.60 | 14.60 | 14.60 |
| Announcement Date | 4/13/20 | 4/14/21 | 4/11/22 | 4/24/23 | 4/8/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 36,980 | 44,095 | 61,278 | 95,887 | 98,123 | 102,812 | 111,759 | 121,028 |
| EBITDA 1 | 4,941 | 6,381 | 14,862 | 31,042 | 21,925 | 17,162 | 18,972 | 20,399 |
| EBIT 1 | 2,856 | 3,759 | 11,547 | 26,647 | 16,909 | 12,035 | 14,260 | 15,567 |
| Operating Margin | 7.72% | 8.53% | 18.84% | 27.79% | 17.23% | 11.71% | 12.76% | 12.86% |
| Earnings before Tax (EBT) 1 | 2,811 | 3,662 | 11,538 | 26,545 | 16,901 | 11,654 | 13,888 | 14,884 |
| Net income 1 | 2,018 | 2,487 | 7,255 | 15,883 | 10,703 | 7,766 | 9,830 | 10,176 |
| Net margin | 5.46% | 5.64% | 11.84% | 16.56% | 10.91% | 7.55% | 8.8% | 8.41% |
| EPS 2 | 0.3612 | 0.4544 | 1.447 | 3.168 | 2.389 | 1.539 | 1.946 | 2.015 |
| Free Cash Flow 1 | -3,852 | - | 738.6 | - | 6,919 | 978 | 11,679 | - |
| FCF margin | -10.42% | - | 1.21% | - | 7.05% | 0.95% | 10.45% | - |
| FCF Conversion (EBITDA) | - | - | 4.97% | - | 31.56% | 5.7% | 61.56% | - |
| FCF Conversion (Net income) | - | - | 10.18% | - | 64.65% | 12.59% | 118.82% | - |
| Dividend per Share 2 | 0.1269 | 0.1615 | 0.4462 | 0.8615 | 0.2000 | 0.2797 | 0.4166 | 0.3424 |
| Announcement Date | 4/13/20 | 4/14/21 | 4/11/22 | 4/24/23 | 4/8/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | - | 31,344 | 26,274 | 23,504 | 23,817 | 24,529 | 23,543 | 22,470 | 25,534 | 30,640 | 25,009 | 23,922 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | 6,905 | 4,151 | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS | 1.402 | 0.8068 | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/27/22 | 10/28/22 | 4/24/23 | 4/24/23 | 8/15/23 | 10/27/23 | 4/8/24 | 4/29/24 | - | - | - | - | - |
1CNY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | 9,622 | 9,757 | 9,709 | - | - | - | - | - |
| Net Cash position | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.947 x | 1.529 x | 0.6533 x | - | - | - | - | - |
| Free Cash Flow 1 | -3,852 | - | 739 | - | 6,919 | 978 | 11,679 | - |
| ROE (net income / shareholders' equity) | 5.85% | 6.93% | 19.4% | 33.1% | 18.4% | 11.5% | 12.3% | 11.8% |
| ROA (Net income/ Total Assets) | 2.07% | 2.35% | 6.15% | - | - | 4.43% | 4.68% | 5.07% |
| Assets 1 | 97,414 | 105,869 | 117,893 | - | - | 175,498 | 210,257 | 200,837 |
| Book Value Per Share 2 | 6.290 | 6.770 | 8.130 | 10.70 | 12.00 | 13.70 | 16.10 | 16.50 |
| Cash Flow per Share 2 | 0.8400 | 1.090 | 2.370 | 4.310 | 5.110 | 3.820 | 3.860 | 4.310 |
| Capex 1 | 7,893 | 6,891 | 10,918 | 19,446 | 18,893 | 14,678 | 9,106 | 9,805 |
| Capex / Sales | 21.34% | 15.63% | 17.82% | 20.28% | 19.25% | 14.28% | 8.15% | 8.1% |
| Announcement Date | 4/13/20 | 4/14/21 | 4/11/22 | 4/24/23 | 4/8/24 | - | - | - |
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
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
14.6
CNY
Average target price
16.05
CNY
Spread / Average Target
+9.93%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +5.80% | 10.14B | |
| +70.08% | 4.45B | |
| +4.61% | 3.95B | |
| +52.11% | 3.34B | |
| +10.60% | 3.23B | |
| +64.97% | 3.22B | |
| +21.67% | 2.9B | |
| +18.64% | 1.94B | |
| -7.14% | 1.93B | |
| +42.00% | 1.74B |
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- Financials TBEA Co., Ltd.