Stock 780 TONGCHENG TRAVEL HOLDINGS LIMITED
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Financials Tongcheng Travel Holdings Limited

Equities

780

KYG8918W1069

Leisure & Recreation

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:22 2024-04-29 EDT 		5-day change 1st Jan Change
20.65 HKD -6.98% Intraday chart for Tongcheng Travel Holdings Limited -5.28% +43.01%
03-20 Tongcheng Travel Holdings Returns to Profit as Revenue Surges; Shares Rise 4% MT
03-19 Transcript : Tongcheng Travel Holdings Limited, Q4 2023 Earnings Call, Mar 19, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 26,571 27,522 26,093 37,147 29,599 43,357 - -
Enterprise Value (EV) 1 24,407 25,706 24,161 35,901 29,599 36,625 33,671 30,198
P/E ratio 37.9 x 84.2 x 36.8 x -237 x 19.3 x 21.5 x 17.1 x 14.1 x
Yield - - - - - 0.4% 0.35% 0.34%
Capitalization / Revenue 3.59 x 4.64 x 3.46 x 5.64 x 2.49 x 2.49 x 2.11 x 1.78 x
EV / Revenue 3.3 x 4.33 x 3.21 x 5.45 x 2.49 x 2.1 x 1.64 x 1.24 x
EV / EBITDA 12.1 x 18.8 x 12.7 x 25 x 9.47 x 10.2 x 7.63 x 6 x
EV / FCF 17.5 x -838 x 17.7 x -169 x - 11.6 x 10.1 x 8.23 x
FCF Yield 5.72% -0.12% 5.66% -0.59% - 8.62% 9.87% 12.2%
Price to Book 1.96 x 1.93 x 1.7 x 2.36 x - 2.17 x 1.91 x 1.69 x
Nbr of stocks (in thousands) 2,126,789 2,179,982 2,217,693 2,239,657 2,255,192 2,269,905 - -
Reference price 2 12.49 12.62 11.77 16.59 13.12 19.10 19.10 19.10
Announcement Date 20-03-25 21-03-23 22-03-22 23-03-21 24-03-19 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,393 5,933 7,538 6,585 11,896 17,418 20,557 24,342
EBITDA 1 2,019 1,366 1,896 1,437 3,124 3,598 4,412 5,035
EBIT 1 1,063 381.9 895.3 -24.19 1,869 2,380 3,036 3,746
Operating Margin 14.38% 6.44% 11.88% -0.37% 15.71% 13.66% 14.77% 15.39%
Earnings before Tax (EBT) 1 881.5 397.6 874.9 -117.1 1,854 2,462 2,973 3,724
Net income 1 688.1 327.6 723.4 -146 1,554 2,016 2,461 3,245
Net margin 9.31% 5.52% 9.6% -2.22% 13.06% 11.58% 11.97% 13.33%
EPS 2 0.3300 0.1500 0.3200 -0.0700 0.6800 0.8876 1.115 1.358
Free Cash Flow 1 1,395 -30.68 1,368 -213 - 3,156 3,322 3,671
FCF margin 18.87% -0.52% 18.15% -3.23% - 18.12% 16.16% 15.08%
FCF Conversion (EBITDA) 69.12% - 72.18% - - 87.7% 75.31% 72.9%
FCF Conversion (Net income) 202.78% - 189.13% - - 156.49% 134.99% 113.13%
Dividend per Share 2 - - - - - 0.0764 0.0672 0.0656
Announcement Date 20-03-25 21-03-23 22-03-22 23-03-21 24-03-19 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 4,019 1,939 1,846 1,718 1,319 2,048 1,500 2,586 2,866 3,299 3,145 3,748 4,230 5,224 4,456
EBITDA 1 - 526.3 421.8 438.4 292.2 462.2 244.3 732.2 805.8 870 715.9 833.8 978.2 1,362 918.3
EBIT 1 914.5 343.8 65.01 137.8 -128.5 -39.05 5.488 465.4 417.1 598.9 387.9 521.2 663.2 1,039 654.1
Operating Margin 22.76% 17.73% 3.52% 8.02% -9.74% -1.91% 0.37% 18% 14.55% 18.15% 12.34% 13.91% 15.68% 19.88% 14.68%
Earnings before Tax (EBT) 1 - 281.8 60.57 142.2 -162 -64.71 -32.58 444.1 426.6 597.9 385.2 455.9 589.7 928.9 482.3
Net income 1 392.5 231.3 31.23 101.1 -132.1 -90.39 -24.63 377.9 355.9 510.2 310.1 375.4 484.9 755.6 393.8
Net margin 9.77% 11.92% 1.69% 5.89% -10.02% -4.41% -1.64% 14.61% 12.42% 15.46% 9.86% 10.02% 11.46% 14.46% 8.84%
EPS 2 - - - -0.0100 -0.0600 - - - 0.1600 - - 0.1519 0.2176 0.3260 0.1406
Dividend per Share 2 - - - - - - - - - - - - - - 0.1722
Announcement Date 20-03-25 21-11-22 22-03-22 22-05-19 22-08-22 22-11-22 23-03-21 23-05-24 23-08-22 23-11-21 24-03-19 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 2,164 1,816 1,932 1,246 - 6,732 9,687 13,159
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,395 -30.7 1,368 -213 - 3,156 3,322 3,671
ROE (net income / shareholders' equity) 5.57% 2.41% 4.95% -0.94% - 12.6% 13.8% 14.5%
ROA (Net income/ Total Assets) 3.79% 1.7% 3.56% -0.63% - 6.44% 7.34% 7.82%
Assets 1 18,137 19,299 20,310 23,287 - 31,287 33,537 41,498
Book Value Per Share 2 6.390 6.560 6.910 7.020 - 8.810 10.00 11.30
Cash Flow per Share 2 0.8000 0.0600 0.8200 0.1400 - 1.430 1.920 1.970
Capex 1 301 160 310 515 - 530 581 310
Capex / Sales 4.07% 2.7% 4.11% 7.83% - 3.04% 2.83% 1.27%
Announcement Date 20-03-25 21-03-23 22-03-22 23-03-21 24-03-19 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tongcheng Travel Holdings Limited

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
24
Last Close Price
19.1 CNY
Average target price
21.65 CNY
Spread / Average Target
+13.34%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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