Financials Cheerwin Group Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:07 2024-05-09 EDT			5-day change	1st Jan Change
1.85 ^HKD	+5.71%		+13.50%	+25.00%

03-25	Cheerwin Group Limited Proposes Final Ordinary Cash Dividend for the Year Ended 31 December 2023, Payable on 08 July 2024	CI
03-25	Cheerwin Group Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2021	2022	2023	2024	2025
Capitalization ¹	3,379	2,155	2,280	2,280	-
Enterprise Value (EV) ¹	725.5	-187.9	1,794	2,280	2,280
P/E ratio	-	33.3 x	10.2 x	12.7 x	11.9 x
Yield	2.18%	2.4%	7.81%	6.52%	6.72%
Capitalization / Revenue	1.91 x	1.49 x	1.11 x	1.27 x	1.14 x
EV / Revenue	1.91 x	1.49 x	1.11 x	1.27 x	1.14 x
EV / EBITDA	22.2 x	18.3 x	7.05 x	10.5 x	9.98 x
EV / FCF	-	-	13.8 x	11.8 x	10.1 x
FCF Yield	-	-	7.24%	8.51%	9.91%
Price to Book	1.18 x	0.77 x	0.61 x	0.77 x	0.76 x
Nbr of stocks (in thousands)	1,333,334	1,333,334	1,333,334	1,333,334	-
Reference price ²	2.534	1.616	1.710	1.710	1.710
Announcement Date	22-03-28	23-03-24	24-03-25	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net sales ¹	1,702	1,769	1,442	1,616	1,799	1,995
EBITDA ¹	-	152.5	118	254.2	216.5	228.5
EBIT ¹	-	121.9	85.91	218.3	224.5	238
Operating Margin	-	6.89%	5.96%	13.51%	12.48%	11.93%
Earnings before Tax (EBT) ¹	-	-	85.05	217.3	224	237.5
Net income ¹	-	92.09	64.73	175	180.5	191
Net margin	-	5.21%	4.49%	10.83%	10.03%	9.57%
EPS ²	0.2249	-	0.0485	0.1313	0.1345	0.1440
Free Cash Flow ¹	-	-	-	165	194	226
FCF margin	-	-	-	10.27%	10.78%	11.33%
FCF Conversion (EBITDA)	-	-	-	91.67%	89.61%	98.91%
FCF Conversion (Net income)	-	-	-	150.68%	107.48%	118.32%
Dividend per Share ²	-	0.0553	0.0388	0.1050	0.1115	0.1150
Announcement Date	21-03-26	22-03-28	23-03-24	24-03-25	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-
Net Cash position	-	2,653	2,343	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	165	194	226
ROE (net income / shareholders' equity)	-	7.05%	2.33%	6.09%	6.15%	6.4%
ROA (Net income/ Total Assets)	-	-	1.85%	3%	4.6%	4.7%
Assets ¹	-	-	3,498	3,650	3,924	4,064
Book Value Per Share ²	-	2.150	2.110	2.200	2.220	2.260
Cash Flow per Share ²	-	-	0.0500	0.2500	0.0300	0.1300
Capex ¹	-	-	11.6	37.3	34.5	35.5
Capex / Sales	-	-	0.8%	2.31%	1.92%	1.78%
Announcement Date	21-03-26	22-03-28	23-03-24	24-03-25	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.709 CNY

Average target price

2.4 CNY

Spread / Average Target

+40.41%

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