Financials Triangle Tyre Co.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
17.11 ^CNY	+1.06%		-2.23%	+18.74%

Apr. 26	Triangle Tyre Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 26	Triangle Tyre Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,240	12,856	10,968	9,768	11,528	13,688	-	-
Enterprise Value (EV) ¹	12,240	12,856	10,968	9,768	11,528	13,688	13,688	13,688
P/E ratio	14.4 x	-	18.3 x	13.3 x	8.23 x	9.53 x	8.64 x	7.66 x
Yield	-	-	-	2.29%	4.65%	-	-	-
Capitalization / Revenue	1.54 x	1.51 x	-	1.06 x	1.11 x	1.31 x	1.25 x	1.23 x
EV / Revenue	1.54 x	1.51 x	-	1.06 x	1.11 x	1.31 x	1.25 x	1.23 x
EV / EBITDA	-	-	-	7.71 x	5.71 x	7.18 x	6.68 x	6.11 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	-	-	0.84 x	0.9 x	0.97 x	0.89 x	0.81 x
Nbr of stocks (in thousands)	800,000	800,000	800,000	800,000	800,000	800,000	-	-
Reference price ²	15.30	16.07	13.71	12.21	14.41	17.11	17.11	17.11
Announcement Date	4/22/20	4/21/21	4/26/22	4/26/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,941	8,535	-	9,220	10,422	10,448	10,962	11,170
EBITDA ¹	-	-	-	1,267	2,018	1,906	2,048	2,240
EBIT ¹	-	-	-	833	1,615	1,654	1,824	2,058
Operating Margin	-	-	-	9.04%	15.5%	15.83%	16.63%	18.42%
Earnings before Tax (EBT) ¹	-	-	-	832.4	1,612	1,652	1,822	2,056
Net income ¹	-	1,060	600.4	737.6	1,396	1,438	1,583	1,788
Net margin	-	12.42%	-	8%	13.4%	13.77%	14.44%	16.01%
EPS ²	1.060	-	0.7500	0.9200	1.750	1.795	1.980	2.235
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.2800	0.6700	-	-	-
Announcement Date	4/22/20	4/21/21	4/26/22	4/26/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	-	-	6.46%	11.4%	10.3%	10.4%	10.6%
ROA (Net income/ Total Assets)	-	-	-	4.28%	-	7.25%	7.25%	7.65%
Assets ¹	-	-	-	17,216	-	19,841	21,834	23,379
Book Value Per Share ²	-	-	-	14.60	16.10	17.60	19.20	21.00
Cash Flow per Share ²	-	-	-	1.860	2.250	1.740	2.500	2.600
Capex ¹	-	-	-	79	107	117	111	100
Capex / Sales	-	-	-	0.86%	1.03%	1.12%	1.01%	0.9%
Announcement Date	4/22/20	4/21/21	4/26/22	4/26/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.11 CNY

Average target price

20.54 CNY

Spread / Average Target

+20.05%

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