Financials Tianshan Material Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
6.42 ^CNY	+0.78%		-0.31%	-3.89%

Apr. 29	Tianshan Material Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 27	Xinjiang Tianshan Cement's 2023 Profit Drops 57% as Revenue Slips 19%; Shares Up 6%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,427	15,836	127,820	73,812	57,872	55,186	-	-
Enterprise Value (EV) ¹	12,427	15,836	127,820	155,016	149,098	55,186	55,186	55,186
P/E ratio	7.6 x	10.4 x	9.78 x	16.2 x	29.5 x	32.2 x	23 x	20.8 x
Yield	4.3%	3.18%	2.16%	3.17%	1.71%	-	-	-
Capitalization / Revenue	1.28 x	1.82 x	0.75 x	0.56 x	0.54 x	0.54 x	0.52 x	0.52 x
EV / Revenue	1.28 x	1.82 x	0.75 x	0.56 x	0.54 x	0.54 x	0.52 x	0.52 x
EV / EBITDA	3.78 x	5.37 x	4.23 x	4.29 x	4.36 x	3.54 x	3.34 x	3.23 x
EV / FCF	-	-	15.6 x	96.1 x	7.54 x	-35.4 x	78.2 x	10.4 x
FCF Yield	-	-	6.42%	1.04%	13.3%	-2.82%	1.28%	9.64%
Price to Book	1.29 x	1.49 x	1.68 x	0.9 x	0.69 x	0.59 x	0.6 x	0.57 x
Nbr of stocks (in thousands)	1,048,723	1,048,723	8,348,806	8,663,423	8,663,423	8,663,423	-	-
Reference price ²	11.85	15.10	15.31	8.520	6.680	6.370	6.370	6.370
Announcement Date	3/20/20	3/11/21	3/21/22	3/21/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,688	8,692	169,979	132,581	107,380	101,956	106,501	105,599
EBITDA ¹	3,288	2,948	30,246	17,220	13,287	15,606	16,503	17,090
EBIT ¹	2,397	2,162	20,411	6,604	2,576	3,519	4,306	4,828
Operating Margin	24.74%	24.87%	12.01%	4.98%	2.4%	3.45%	4.04%	4.57%
Earnings before Tax (EBT) ¹	2,327	2,133	20,777	6,412	3,088	3,194	3,955	4,397
Net income ¹	1,636	1,516	12,530	4,542	1,965	1,717	2,389	2,645
Net margin	16.88%	17.44%	7.37%	3.43%	1.83%	1.68%	2.24%	2.51%
EPS ²	1.560	1.446	1.565	0.5259	0.2268	0.1980	0.2767	0.3060
Free Cash Flow ¹	-	-	8,208	768.2	7,672	-1,559	706	5,319
FCF margin	-	-	4.83%	0.58%	7.14%	-1.53%	0.66%	5.04%
FCF Conversion (EBITDA)	-	-	27.14%	4.46%	57.74%	-	4.28%	31.12%
FCF Conversion (Net income)	-	-	65.51%	16.91%	390.42%	-	29.55%	201.07%
Dividend per Share	0.5100	0.4800	0.3300	0.2700	0.1140	-	-	-
Announcement Date	3/20/20	3/11/21	3/21/22	3/21/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	81,204	91,227	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	4.716 x	6.866 x	-	-	-
Free Cash Flow ¹	-	-	8,208	768	7,672	-1,559	706	5,319
ROE (net income / shareholders' equity)	18.2%	15%	16.4%	5.65%	2.41%	2.01%	2.63%	2.82%
ROA (Net income/ Total Assets)	10.1%	10%	-	1.58%	-	0.9%	1%	1.1%
Assets ¹	16,156	15,131	-	287,011	-	190,791	238,882	240,487
Book Value Per Share ²	9.200	10.10	9.100	9.440	9.710	10.80	10.70	11.20
Cash Flow per Share ²	2.550	2.450	3.550	1.760	1.960	1.060	2.200	1.250
Capex ¹	8.48	126	18,955	14,484	9,279	10,309	10,337	6,469
Capex / Sales	0.09%	1.45%	11.15%	10.92%	8.64%	10.11%	9.71%	6.13%
Announcement Date	3/20/20	3/11/21	3/21/22	3/21/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.37 CNY

Average target price

6.918 CNY

Spread / Average Target

+8.59%

	1st Jan change	Capi.
TIANSHAN MATERIAL CO., LTD.	-4.64%	7.64B
HOLCIM LTD	+20.81%	49.34B
JAMES HARDIE INDUSTRIES PLC	-0.58%	15.83B
ANHUI CONCH CEMENT COMPANY LIMITED	+4.99%	15.86B
SHREE CEMENT LIMITED	-10.96%	11.09B
EAGLE MATERIALS INC.	+31.81%	9.21B
DANGOTE CEMENT PLC	+105.28%	7.89B
TAIWAN CEMENT CORP.	-5.02%	7.69B
BUZZI S.P.A.	+26.94%	7.04B
ACC LTD	+10.18%	5.49B