Financials Kunlun Tech Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 18:00:00 2024-04-29 EDT			5-day change	1st Jan Change
39.98 ^CNY	-2.44%		+0.40%	+6.90%

04-26	Kunlun Tech Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-24	Kunlun Tech's 2023 Profit Jumps 9%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,922	22,945	27,171	17,036	45,441	48,576	-	-
Enterprise Value (EV) ¹	18,852	22,205	27,171	16,715	44,943	44,330	39,495	48,576
P/E ratio	14.8 x	4.65 x	17.7 x	14.9 x	36.7 x	50.6 x	39 x	44.7 x
Yield	0.16%	0.87%	0.29%	-	0.13%	0.15%	0.34%	0.7%
Capitalization / Revenue	5.13 x	8.38 x	5.6 x	3.6 x	9.24 x	8.84 x	7.82 x	7.13 x
EV / Revenue	5.11 x	8.11 x	5.6 x	3.53 x	9.14 x	8.06 x	6.35 x	7.13 x
EV / EBITDA	12.4 x	4.39 x	16.2 x	11.3 x	22.2 x	24.3 x	22.8 x	25.5 x
EV / FCF	16.2 x	-	-	-	92.1 x	98.1 x	44 x	66 x
FCF Yield	6.19%	-	-	-	1.09%	1.02%	2.27%	1.52%
Price to Book	4.1 x	2.42 x	2.67 x	1.35 x	2.99 x	3.04 x	2.98 x	2.74 x
Nbr of stocks (in thousands)	1,129,689	1,150,142	1,173,688	1,182,250	1,215,007	1,215,007	-	-
Reference price ²	16.75	19.95	23.15	14.41	37.40	39.98	39.98	39.98
Announcement Date	20-02-27	21-02-26	22-02-28	23-02-28	24-04-23	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,688	2,739	4,850	4,736	4,915	5,498	6,215	6,812
EBITDA ¹	1,518	5,058	1,675	1,480	2,025	1,824	1,731	1,907
EBIT ¹	1,478	5,032	1,562	1,401	1,928	1,456	1,645	1,614
Operating Margin	40.09%	183.71%	32.2%	29.58%	39.22%	26.48%	26.47%	23.68%
Earnings before Tax (EBT) ¹	1,483	5,026	1,561	1,388	1,879	1,387	1,668	1,582
Net income ¹	1,295	4,993	1,547	1,153	1,258	961.5	1,238	1,088
Net margin	35.12%	182.28%	31.89%	24.33%	25.6%	17.49%	19.92%	15.96%
EPS ²	1.130	4.290	1.310	0.9700	1.020	0.7900	1.025	0.8950
Free Cash Flow ¹	1,166	-	-	-	487.8	452	897	736
FCF margin	31.62%	-	-	-	9.92%	8.22%	14.43%	10.8%
FCF Conversion (EBITDA)	76.8%	-	-	-	24.09%	24.78%	51.81%	38.59%
FCF Conversion (Net income)	90.03%	-	-	-	38.76%	47.01%	72.44%	67.68%
Dividend per Share ²	0.0260	0.1740	0.0660	-	0.0500	0.0589	0.1366	0.2800
Announcement Date	20-02-27	21-02-26	22-02-28	23-02-28	24-04-23	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	70.8	740	-	321	499	4,246	9,081	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,166	-	-	-	488	452	897	736
ROE (net income / shareholders' equity)	25.8%	68.9%	16.1%	10%	9.05%	6.1%	7.89%	6.2%
ROA (Net income/ Total Assets)	-	42.5%	9.91%	6.5%	-	6%	6.9%	-
Assets ¹	-	11,748	15,616	17,730	-	16,025	17,946	-
Book Value Per Share ²	4.090	8.250	8.670	10.70	12.50	13.20	13.40	14.60
Cash Flow per Share ²	1.020	0.6200	0.9800	0.7000	0.7300	0.6200	3.510	0.0300
Capex ¹	3.81	8.27	54.5	77.6	397	181	142	217
Capex / Sales	0.1%	0.3%	1.12%	1.64%	8.07%	3.29%	2.29%	3.19%
Announcement Date	20-02-27	21-02-26	22-02-28	23-02-28	24-04-23	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

39.98 CNY

Average target price

43.76 CNY

Spread / Average Target

+9.46%

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