Financials Central China New Life Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:07 2024-05-09 EDT			5-day change	1st Jan Change
1.11 ^HKD	+3.74%		-5.13%	-27.45%

04-30	Central China New Life Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
03-26	Central China New Life Limited Provides Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,923	5,191	3,433	1,809	1,286	-	-
Enterprise Value (EV) ¹	4,705	2,871	1,470	1,809	-358.1	-325.1	-224.6
P/E ratio	15 x	8.52 x	6.1 x	-3.09 x	2.66 x	2.43 x	2.88 x
Yield	3.73%	9.56%	13.1%	-	25.1%	26.4%	18.7%
Capitalization / Revenue	2.61 x	1.44 x	1.09 x	0.64 x	0.38 x	0.35 x	0.38 x
EV / Revenue	1.77 x	0.8 x	0.47 x	0.64 x	-0.11 x	-0.09 x	-0.07 x
EV / EBITDA	8.26 x	3.29 x	1.79 x	-2.79 x	-0.57 x	-0.46 x	-0.41 x
EV / FCF	18.1 x	19.2 x	-	-	-1.04 x	-0.96 x	-
FCF Yield	5.52%	5.22%	-	-	-96.3%	-104%	-
Price to Book	2.57 x	1.76 x	1.17 x	-	0.45 x	0.41 x	0.44 x
Nbr of stocks (in thousands)	1,246,215	1,268,966	1,278,726	1,300,526	1,300,526	-	-
Reference price ²	5.555	4.090	2.685	1.391	0.9891	0.9891	0.9891
Announcement Date	21-03-26	22-04-06	23-03-24	24-04-30	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,754	2,654	3,599	3,148	2,845	3,374	3,725	3,358
EBITDA ¹	-	569.5	872.3	820.5	-647.2	623.3	703.7	549
EBIT ¹	-	543.3	814.3	759.4	-696	659	718.3	597.5
Operating Margin	-	20.47%	22.63%	24.12%	-24.47%	19.53%	19.29%	17.79%
Earnings before Tax (EBT) ¹	-	556.9	826.1	759.2	-696.2	435.3	504.7	603
Net income ¹	234	426.6	619.6	562.3	-574.4	480.3	523.3	444
Net margin	13.34%	16.07%	17.22%	17.86%	-20.19%	14.24%	14.05%	13.22%
EPS ²	-	0.3700	0.4800	0.4400	-0.4500	0.3713	0.4073	0.3435
Free Cash Flow ¹	-	259.8	149.8	-	-	345	337	-
FCF margin	-	9.79%	4.16%	-	-	10.23%	9.05%	-
FCF Conversion (EBITDA)	-	45.63%	17.18%	-	-	55.35%	47.89%	-
FCF Conversion (Net income)	-	60.91%	24.18%	-	-	71.83%	64.39%	-
Dividend per Share ²	-	0.2071	0.3911	0.3520	-	0.2487	0.2613	0.1845
Announcement Date	20-05-05	21-03-26	22-04-06	23-03-24	24-04-30	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	2,218	2,320	1,963	-	1,645	1,612	1,511
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	260	150	-	-	345	337	-
ROE (net income / shareholders' equity)	-	27.9%	21.9%	19.1%	-	15.2%	15.9%	16.7%
ROA (Net income/ Total Assets)	-	14.9%	13.3%	10.8%	-	8.19%	8.58%	7.4%
Assets ¹	-	2,857	4,643	5,186	-	5,865	6,099	6,000
Book Value Per Share ²	-	2.160	2.330	2.300	-	2.220	2.420	2.240
Cash Flow per Share	-	0.2400	0.1400	-	-	-	-	-
Capex ¹	-	21.4	28.6	-	-	31.3	32.3	24.5
Capex / Sales	-	0.81%	0.8%	-	-	0.93%	0.87%	0.73%
Announcement Date	20-05-05	21-03-26	22-04-06	23-03-24	24-04-30	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.9891 CNY

Average target price

2.756 CNY

Spread / Average Target

+178.66%

	1st Jan change	Capi.
CENTRAL CHINA NEW LIFE LIMITED	-27.45%	178M
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CAPITALAND INVESTMENT LIMITED	-18.99%	9.59B
JONES LANG LASALLE INCORPORATED	+1.18%	9.09B
FIRSTSERVICE CORPORATION	-3.34%	6.8B
COLLIERS INTERNATIONAL GROUP INC.	-9.91%	5.53B
MAKKAH CONSTRUCTION AND DEVELOPMENT COMPANY	+49.13%	5B
CUSHMAN & WAKEFIELD PLC	-5.74%	2.33B
CHINA OVERSEAS PROPERTY HOLDINGS LIMITED	-14.51%	2.06B