Company Valuation: China Resources Pharmaceutical Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 22,303 39,705 32,229 35,810 27,957 27,863 - -
Change - 78.03% -18.83% 11.11% -21.93% -0.34% - -
Enterprise Value (EV) 1 61,337 73,426 71,468 90,725 90,801 77,098 70,391 58,084
Change - 19.71% -2.67% 26.95% 0.08% -15.09% -8.7% -17.48%
P/E 5.92x 9.58x 7.76x 10x 6.12x 5.7x 5.35x 5.13x
PBR 0.44x 0.8x 0.32x 0.34x 0.48x 0.43x 0.4x 0.35x
PEG - 1x 44.15x -0.7x 0.2x 0.82x 0.81x 1.22x
Capitalization / Revenue 0.09x 0.16x 0.12x 0.13x 0.09x 0.08x 0.08x 0.08x
EV / Revenue 0.26x 0.29x 0.27x 0.33x 0.3x 0.23x 0.21x 0.16x
EV / EBITDA 4.83x 4.38x 4.65x 5.47x 4.73x 3.84x 3.28x 2.81x
EV / EBIT 6.22x 5.39x 5.98x 6.98x 6.23x 4.9x 4.11x 3.44x
EV / FCF 5.88x 7.47x 5.49x 5.73x 4.37x -28.4x 9.59x 6.44x
FCF Yield 17% 13.4% 18.2% 17.5% 22.9% -3.53% 10.4% 15.5%
Dividend per Share 2 0.15 0.16 0.1669 0.1445 0.2203 0.2008 0.2169 0.21
Rate of return 4.23% 2.53% 3.25% 2.54% 4.95% 4.53% 4.89% 4.74%
EPS 2 0.6 0.66 0.6612 0.5677 0.7268 0.7775 0.829 0.8639
Distribution rate 25% 24.2% 25.2% 25.5% 30.3% 25.8% 26.2% 24.3%
Net sales 1 236,806 254,106 265,229 275,999 306,131 328,114 340,766 352,363
EBITDA 1 12,690 16,775 15,382 16,601 19,202 20,083 21,457 20,701
EBIT 1 9,868 13,623 11,952 13,005 14,567 15,738 17,112 16,864
Net income 1 3,769 4,147 4,178 3,589 4,594 4,797 5,157 5,309
Net Debt 1 39,035 33,720 39,238 54,915 62,844 49,235 42,528 30,221
Reference price 2 3.550 6.320 5.130 5.700 4.450 4.435 4.435 4.435
Nbr of stocks (in thousands) 6,282,510 6,282,510 6,282,510 6,282,510 6,282,510 6,282,510 - -
Announcement Date 3/29/22 3/30/23 3/26/24 3/26/25 3/24/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
5.7x0.23x3.84x4.53% 3.55B
32.72x11.9x24.26x0.6% 1,024B
30.62x - - 1.95% 663B
32.73x7.6x15.8x2.67% 453B
19.89x4.73x11.71x2.8% 352B
22.72x5.84x14.51x2.7% 304B
20.87x4.29x12.24x2.06% 252B
27.66x7.14x13.15x2.31% 236B
13.33x4.82x10.06x3.78% 206B
-46.14x6.65x25.95x2.18% 187B
Average 16.01x 5.91x 14.61x 2.56% 368.19B
Weighted average by Cap. 24.03x 7.98x 17.79x 1.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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