Financials China SCE Group Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:10 2024-06-26 EDT			5-day change	1st Jan Change
0.152 ^HKD	-2.56%		-2.56%	-12.14%

04-09	China SCE Group Defaults on $500 Million Debt, Notes Delisted from Bourse	MT
03-27	China SCE Group Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	16,968	11,371	6,502	3,655	664	597.3	-	-
Enterprise Value (EV) ¹	40,081	39,799	36,695	32,796	34,281	23,083	19,698	15,075
P/E ratio	4.86 x	3.02 x	2.13 x	144 x	-0.08 x	-0.66 x	-3.99 x	-3.22 x
Yield	5.42%	9.1%	9.49%	-	-	-	-	-
Capitalization / Revenue	0.79 x	0.35 x	0.17 x	0.14 x	0.03 x	0.04 x	0.04 x	0.04 x
EV / Revenue	1.88 x	1.22 x	0.97 x	1.23 x	1.64 x	1.45 x	1.39 x	0.97 x
EV / EBITDA	8 x	6.25 x	6.15 x	14 x	38.9 x	38.9 x	41.4 x	17.9 x
EV / FCF	-4.89 x	-8.91 x	-5.03 x	2 x	9.27 x	4.12 x	8.63 x	-
FCF Yield	-20.4%	-11.2%	-19.9%	50.1%	10.8%	24.3%	11.6%	-
Price to Book	0.95 x	0.54 x	0.3 x	0.19 x	0.07 x	0.05 x	0.05 x	0.07 x
Nbr of stocks (in thousands)	4,182,133	4,222,133	4,222,133	4,222,986	4,222,986	4,222,986	-	-
Reference price ²	4.057	2.693	1.540	0.8655	0.1572	0.1414	0.1414	0.1414
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,370	32,573	37,737	26,705	20,961	15,875	14,167	15,571
EBITDA ¹	5,011	6,372	5,970	2,350	881.9	592.8	475.8	843.6
EBIT ¹	4,915	6,263	5,847	2,220	779.2	189	-	-
Operating Margin	23%	19.23%	15.49%	8.31%	3.72%	1.19%	-	-
Earnings before Tax (EBT) ¹	5,854	6,563	5,736	819.4	-8,212	380.3	370.8	366.5
Net income ¹	3,510	3,803	3,070	24.54	-7,991	-1,633	-1,485	-
Net margin	16.43%	11.68%	8.14%	0.09%	-38.12%	-10.29%	-10.48%	-
EPS ²	0.8340	0.8910	0.7220	0.006000	-1.892	-0.2154	-0.0354	-0.0439
Free Cash Flow ¹	-8,192	-4,465	-7,288	16,429	3,697	5,608	2,283	-
FCF margin	-38.33%	-13.71%	-19.31%	61.52%	17.64%	35.32%	16.11%	-
FCF Conversion (EBITDA)	-	-	-	699.19%	419.13%	945.89%	479.8%	-
FCF Conversion (Net income)	-	-	-	66,937.76%	-	-	-	-
Dividend per Share ²	0.2197	0.2451	0.1462	-	-	-	-	-
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	23,113	28,428	30,192	29,141	33,617	22,486	19,101	14,478
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.612 x	4.461 x	5.058 x	12.4 x	38.12 x	37.93 x	40.14 x	17.16 x
Free Cash Flow ¹	-8,192	-4,465	-7,288	16,429	3,697	5,608	2,283	-
ROE (net income / shareholders' equity)	20.8%	19.7%	14.4%	0.12%	-54.3%	-6.89%	-0.6%	-0.29%
ROA (Net income/ Total Assets)	2.8%	2.38%	1.68%	0.01%	-4.42%	-	-	-
Assets ¹	125,448	160,002	182,813	194,794	180,928	-	-	-
Book Value Per Share ²	4.250	4.970	5.160	4.670	2.300	2.950	2.760	2.010
Cash Flow per Share ²	-1.680	-0.7900	-0.8700	3.890	1.210	1.700	0.8200	0.5600
Capex ¹	1,103	65.7	42.8	121	1,398	179	197	-
Capex / Sales	5.16%	0.2%	0.11%	0.45%	6.67%	1.13%	1.39%	-
Announcement Date	3/30/20	3/30/21	3/30/22	3/30/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

0.1414 CNY

Average target price

0.1293 CNY

Spread / Average Target

-8.56%

	1st Jan change	Capi.
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