Financials DR Corporation Limited

Equities

End-of-day quote Shenzhen S.E. Other stock markets 18:00:00 2024-04-29 EDT			5-day change	1st Jan Change
24.28 ^CNY	-1.54%		+1.51%	-17.67%

04-26	DR Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-26	DR Corporation Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,913	25,193	11,796	9,712	-	-
Enterprise Value (EV) ¹	50,913	25,193	11,796	9,712	9,712	9,712
P/E ratio	35.2 x	34.6 x	173 x	24.5 x	20.8 x	15.8 x
Yield	1.57%	1.59%	1.7%	1.28%	1.81%	-
Capitalization / Revenue	11 x	6.84 x	5.41 x	4.17 x	3.72 x	2.52 x
EV / Revenue	11 x	6.84 x	5.41 x	4.17 x	3.72 x	2.52 x
EV / EBITDA	30.1 x	18.5 x	52.8 x	22.8 x	21.7 x	11.7 x
EV / FCF	-	38,005,532 x	-	-	-	-
FCF Yield	-	0%	-	-	-	-
Price to Book	7.41 x	3.7 x	1.82 x	1.53 x	1.46 x	1.57 x
Nbr of stocks (in thousands)	400,010	400,010	400,010	400,010	-	-
Reference price ²	127.3	62.98	29.49	24.28	24.28	24.28
Announcement Date	22-02-28	23-04-27	24-04-26	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	4,623	3,682	2,180	2,332	2,614	3,848
EBITDA ¹	-	1,694	1,361	223.3	426.6	446.7	826.7
EBIT ¹	-	1,633	884.9	117.7	485.7	456.3	753.8
Operating Margin	-	35.31%	24.04%	5.4%	20.83%	17.46%	19.59%
Earnings before Tax (EBT) ¹	-	1,632	885.4	112.8	480.9	573	749
Net income ¹	563.3	1,302	729.2	68.96	394.3	467.3	614.2
Net margin	-	28.16%	19.81%	3.16%	16.91%	17.88%	15.96%
EPS ²	1.560	3.620	1.820	0.1700	0.9900	1.170	1.540
Free Cash Flow	-	-	662.9	-	-	-	-
FCF margin	-	-	18%	-	-	-	-
FCF Conversion (EBITDA)	-	-	48.69%	-	-	-	-
FCF Conversion (Net income)	-	-	90.9%	-	-	-	-
Dividend per Share ²	-	2.000	1.000	0.5000	0.3100	0.4400	-
Announcement Date	21-04-27	22-02-28	23-04-27	24-04-26	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	663	-	-	-	-
ROE (net income / shareholders' equity)	-	32.6%	10.7%	1.04%	4.37%	5.57%	9.94%
ROA (Net income/ Total Assets)	-	25.5%	8.54%	-	1.7%	2.4%	-
Assets ¹	-	5,100	8,542	-	23,195	19,470	-
Book Value Per Share ²	-	17.20	17.00	16.20	15.80	16.60	15.50
Cash Flow per Share ²	-	3.860	2.050	0.0900	1.620	1.040	0.3400
Capex ¹	-	103	155	77.1	54.2	2	2.68
Capex / Sales	-	2.23%	4.21%	3.54%	2.32%	0.08%	0.07%
Announcement Date	21-04-27	22-02-28	23-04-27	24-04-26	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

24.28 CNY

Average target price

23.36 CNY

Spread / Average Target

-3.79%

	1st Jan change	Capi.
DR CORPORATION LIMITED	-17.67%	1.34B
COMPAGNIE FINANCIERE RICHEMONT	+13.87%	82.52B
CHOW TAI FOOK JEWELLERY GROUP LIMITED	-5.16%	13.8B
PANDORA A/S	+19.96%	13.38B
LAO FENG XIANG CO., LTD.	+11.93%	4.2B
CHINA NATIONAL GOLD GROUP GOLD JEWELLERY CO.,LTD.	+13.27%	2.59B
CHOW TAI SENG JEWELLERY CO., LTD.	+5.20%	2.39B
BEIJING CAISHIKOU DEPARTMENT STORE CO.,LTD.	+0.34%	1.61B
RAJESH EXPORTS LIMITED	-15.54%	1.11B
VIVARA PARTICIPAÇÕES S.A.	-32.79%	1.04B