CHINA SOUTH PUBLISHING & MEDIA GROUP CO., LTD

Financials China South Publishing & Media Group Co., Ltd

Equities

601098

CNE100000W03

Consumer Publishing

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
12.5 ^CNY	-2.57%		-2.11%	+22.91%

Apr. 26	China South Publishing & Media Group Co., Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 01	China South Publishing & Media Group Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,444	17,116	17,188	17,924	18,265	22,450	-	-
Enterprise Value (EV) ¹	7,480	4,946	6,245	7,367	6,837	9,085	8,355	22,450
P/E ratio	16.8 x	11.9 x	11.4 x	12.8 x	9.87 x	16.6 x	13.4 x	14.3 x
Yield	5.19%	6.61%	6.79%	6.01%	5.41%	5.27%	5.99%	-
Capitalization / Revenue	2.09 x	1.63 x	1.52 x	1.44 x	1.34 x	1.5 x	1.42 x	1.29 x
EV / Revenue	0.73 x	0.47 x	0.55 x	0.59 x	0.5 x	0.61 x	0.53 x	1.29 x
EV / EBITDA	4.52 x	2.75 x	3.31 x	4.23 x	3.45 x	4.83 x	3.82 x	10.4 x
EV / FCF	2,970,107 x	-	-7,956,939 x	4,597,211 x	-	-	-	-
FCF Yield	0%	-	-0%	0%	-	-	-	-
Price to Book	1.57 x	1.22 x	1.19 x	1.22 x	1.18 x	1.42 x	1.38 x	1.35 x
Nbr of stocks (in thousands)	1,796,000	1,796,000	1,796,000	1,796,000	1,796,000	1,796,000	-	-
Reference price ²	11.94	9.530	9.570	9.980	10.17	12.50	12.50	12.50
Announcement Date	2/11/20	1/26/21	1/19/22	1/17/23	2/2/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,261	10,473	11,331	12,465	13,613	14,942	15,779	17,351
EBITDA ¹	1,654	1,796	1,887	1,742	1,980	1,880	2,186	2,159
EBIT ¹	1,454	1,589	1,675	1,528	1,770	1,949	2,071	2,254
Operating Margin	14.17%	15.18%	14.78%	12.26%	13%	13.04%	13.12%	12.99%
Earnings before Tax (EBT) ¹	1,438	1,571	1,664	1,510	1,740	1,944	2,090	2,238
Net income ¹	1,276	1,437	1,515	1,399	1,855	1,355	1,711	1,578
Net margin	12.43%	13.72%	13.37%	11.23%	13.62%	9.07%	10.84%	9.09%
EPS ²	0.7100	0.8000	0.8400	0.7800	1.030	0.7550	0.9356	0.8750
Free Cash Flow	2,518	-	-784.8	1,603	-	-	-	-
FCF margin	24.54%	-	-6.93%	12.86%	-	-	-	-
FCF Conversion (EBITDA)	152.28%	-	-	91.98%	-	-	-	-
FCF Conversion (Net income)	197.41%	-	-	114.53%	-	-	-	-
Dividend per Share ²	0.6200	0.6300	0.6500	0.6000	0.5500	0.6585	0.7490	-
Announcement Date	2/11/20	1/26/21	1/19/22	1/17/23	2/2/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 Q2	2023 Q3	2024 Q1
Net sales ¹	2,400	3,855	6,255	2,437	2,664	4,106	2,437	3,000
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	269.9	563.1	833	237.9	347.4	623.3	264.9	284.2
Net margin	11.25%	14.61%	13.32%	9.77%	13.04%	15.18%	10.87%	9.47%
EPS	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	4/25/22	8/24/22	8/24/22	10/27/22	4/24/23	8/24/23	10/27/23	4/27/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	13,964	12,170	10,943	10,557	11,428	13,365	14,095	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	2,518	-	-785	1,603	-	-	-	-
ROE (net income / shareholders' equity)	9.47%	10.5%	10.8%	9.7%	12.4%	8.63%	10.5%	9.45%
ROA (Net income/ Total Assets)	6.07%	6.39%	6.42%	5.73%	-	5%	5.6%	5.3%
Assets ¹	21,034	22,474	23,602	24,440	-	27,100	30,546	29,774
Book Value Per Share ²	7.610	7.790	8.020	8.150	8.580	8.790	9.050	9.280
Cash Flow per Share ²	1.720	0.5100	-0.2500	1.130	1.070	0.8100	1.080	0.6400
Capex ¹	570	145	331	424	543	248	357	325
Capex / Sales	5.56%	1.39%	2.92%	3.4%	3.99%	1.66%	2.26%	1.88%
Announcement Date	2/11/20	1/26/21	1/19/22	1/17/23	2/2/24	-	-	-

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 China South Publishing & Media Group Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.5 CNY

Average target price

13.79 CNY

Spread / Average Target

+10.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Consumer Publishing

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TX GROUP AG	+24.50%	1.77B
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CHANGJIANG PUBLISHING & MEDIA CO.,LTD	+2.95%	1.29B

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