Financials Binjiang Service Group Co. Ltd.

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:17 2024-05-17 EDT			5-day change	1st Jan Change
20.05 ^HKD	+2.30%		+7.22%	+21.52%

03-27	Binjiang Service's Profit Jumps 20% in 2023	MT
03-25	Binjiang Service Group Co. Ltd. Proposes Special Dividend for the Year Ended 31 December 2023, Payable on 28 June 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,779	3,322	4,932	4,658	4,145	5,130	-	-
Enterprise Value (EV) ¹	1,779	3,322	4,932	4,658	4,145	5,130	5,130	5,130
P/E ratio	14.6 x	15.2 x	15.4 x	11.3 x	8.43 x	8.59 x	7.08 x	5.95 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	2.53 x	3.46 x	3.53 x	2.35 x	1.48 x	1.41 x	1.15 x	0.95 x
EV / Revenue	2.53 x	3.46 x	3.53 x	2.35 x	1.48 x	1.41 x	1.15 x	0.95 x
EV / EBITDA	-	-	12.5 x	-	6.76 x	6.89 x	5.73 x	4.83 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	-	5.24 x	3.74 x	-	2.98 x	2.56 x	2.21 x
Nbr of stocks (in thousands)	276,407	276,407	276,407	276,407	276,407	276,407	-	-
Reference price ²	6.434	12.02	17.84	16.85	15.00	18.56	18.56	18.56
Announcement Date	3/30/20	3/30/21	3/31/22	3/24/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	701.9	960.2	1,399	1,983	2,809	3,628	4,450	5,373
EBITDA ¹	-	-	395.9	-	613.4	745	895.3	1,062
EBIT ¹	-	-	389.8	-	515.8	775	960	1,158
Operating Margin	-	-	27.86%	-	18.36%	21.36%	21.57%	21.55%
Earnings before Tax (EBT) ¹	-	-	423.2	561.1	652.5	792.7	961.3	1,147
Net income ¹	-	-	321.8	412	492.5	597.7	723.8	862.7
Net margin	-	-	23%	20.78%	17.53%	16.48%	16.27%	16.06%
EPS ²	0.4400	0.7900	1.160	1.490	1.780	2.160	2.620	3.120
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	3/30/20	3/30/21	3/31/22	3/24/23	3/25/24	-	-	-

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)	-	-	36.1%	37.7%	-	35.5%	36.1%	36.1%
ROA (Net income/ Total Assets)	-	-	20.2%	17.6%	-	12.5%	12.4%	12.4%
Assets ¹	-	-	1,594	2,339	-	4,784	5,826	6,983
Book Value Per Share ²	-	-	3.410	4.510	-	6.230	7.240	8.410
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	-	13	21.8	-	5	5	5
Capex / Sales	-	-	0.93%	1.1%	-	0.14%	0.11%	0.09%
Announcement Date	3/30/20	3/30/21	3/31/22	3/24/23	3/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.56 CNY

Average target price

21.64 CNY

Spread / Average Target

+16.57%

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