Financials Thinkingdom Media Group Ltd.

Equities

603096

CNE100002XR7

Consumer Publishing

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-04 pm EDT			5-day change	1st Jan Change
17.74 ^CNY	-4.16%		-2.79%	-9.86%

Apr. 26	Thinkingdom Media Group Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 02	Tranche Update on Thinkingdom Media Group Ltd.'s Equity Buyback Plan announced on February 20, 2024.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,483	7,067	4,676	3,150	3,118	2,760	-	-
Enterprise Value (EV) ¹	7,483	7,067	4,676	3,150	3,118	2,760	2,760	2,760
P/E ratio	31.2 x	32.5 x	36.9 x	23.7 x	20 x	16 x	13.9 x	13.2 x
Yield	1.36%	1.44%	-	4.02%	4.57%	5.5%	4.72%	6.48%
Capitalization / Revenue	8.09 x	8.07 x	5.07 x	3.36 x	3.46 x	2.72 x	2.46 x	2.33 x
EV / Revenue	8.09 x	8.07 x	5.07 x	3.36 x	3.46 x	2.72 x	2.46 x	2.33 x
EV / EBITDA	22.8 x	23.4 x	-	14.6 x	13.7 x	11.1 x	10 x	9.31 x
EV / FCF	35,727,320 x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Price to Book	3.92 x	3.45 x	-	1.64 x	1.6 x	1.42 x	1.34 x	1.34 x
Nbr of stocks (in thousands)	162,370	163,063	158,515	158,432	158,432	155,570	-	-
Reference price ²	46.08	43.34	29.50	19.88	19.68	17.74	17.74	17.74
Announcement Date	4/21/20	4/19/21	4/28/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	925.3	875.9	921.6	937.5	900.6	1,014	1,122	1,186
EBITDA ¹	328.1	301.5	-	215.5	227.7	249.3	274.9	296.4
EBIT ¹	323.9	298.5	-	200	214.9	237.4	281.9	285
Operating Margin	35%	34.07%	-	21.33%	23.86%	23.41%	25.13%	24.04%
Earnings before Tax (EBT) ¹	320.5	293.8	-	200.1	211.2	236.8	281.7	283.7
Net income ¹	240.3	219.7	130.6	137	160	180.3	207.2	218.4
Net margin	25.97%	25.08%	14.18%	14.61%	17.77%	17.78%	18.47%	18.42%
EPS ²	1.475	1.333	0.8000	0.8400	0.9846	1.110	1.272	1.340
Free Cash Flow	209.4	-	-	-	-	-	-	-
FCF margin	22.63%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	63.84%	-	-	-	-	-	-	-
FCF Conversion (Net income)	87.16%	-	-	-	-	-	-	-
Dividend per Share ²	0.6250	0.6250	-	0.8000	0.9000	0.9750	0.8367	1.150
Announcement Date	4/21/20	4/19/21	4/28/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q1
Net sales ¹	206.7	239.5	446.1	257.2	234.2	205	235.1	216.7	225.4
EBITDA	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income ¹	42.63	39.62	82.25	44.36	10.34	45.03	43.26	41.25	48.54
Net margin	20.63%	16.55%	18.44%	17.24%	4.42%	21.97%	18.41%	19.04%	21.54%
EPS	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	4/28/22	8/24/22	8/24/22	10/28/22	4/27/23	4/27/23	8/10/23	10/27/23	4/26/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	209	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	13.2%	11.1%	-	7.04%	8.06%	8.92%	9.77%	10.1%
ROA (Net income/ Total Assets)	11.8%	10.1%	-	6.24%	-	8.05%	8.5%	9.3%
Assets ¹	2,039	2,165	-	2,195	-	2,239	2,438	2,349
Book Value Per Share ²	11.80	12.60	-	12.10	12.30	12.50	13.20	13.20
Cash Flow per Share ²	1.470	1.210	-	1.200	1.070	0.8300	1.190	0.6700
Capex ¹	28.9	61.3	-	45.8	4.55	53.6	38.2	9.77
Capex / Sales	3.12%	7%	-	4.88%	0.51%	5.29%	3.4%	0.82%
Announcement Date	4/21/20	4/19/21	4/28/22	4/27/23	4/26/24	-	-	-

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 Thinkingdom Media Group Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.74 CNY

Average target price

21.5 CNY

Spread / Average Target

+21.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Book Publishing

	1st Jan change	Capi.
THINKINGDOM MEDIA GROUP LTD.	-9.86%	398M
SHANDONG PUBLISHING&MEDIA CO.,LTD	+39.02%	3.88B
CHINESE UNIVERSE PUBLISHING AND MEDIA GROUP CO., LTD.	+17.07%	3.04B
ZHEJIANG PUBLISHING & MEDIA CO., LTD.	+11.26%	2.73B
CHINA SCIENCE PUBLISHING & MEDIA LTD.	-14.67%	2.33B
COL GROUP CO.,LTD.	-19.55%	2.14B
ANHUI XINHUA MEDIA CO., LTD.	+0.58%	1.94B
CHINA PUBLISHING & MEDIA HOLDINGS CO., LTD.	-23.51%	1.7B
CENTRAL CHINA LAND MEDIA CO.,LTD	+3.60%	1.48B
HEILONGJIANG PUBLISHING & MEDIA CO., LTD.	-23.92%	1.17B

Book Publishing