Financials Topchoice Medical Co., Inc.

Equities

600763

CNE000000MZ8

Healthcare Facilities & Services

End-of-day quote Shanghai S.E. 06:00:00 2024-05-23 pm EDT 5-day change 1st Jan Change
60.67 CNY -4.91% Intraday chart for Topchoice Medical Co., Inc. -5.51% -20.64%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 32,875 88,663 63,807 49,055 24,513 19,404 - -
Enterprise Value (EV) 1 32,773 88,275 63,240 48,594 24,327 19,025 18,455 17,719
P/E ratio 71.2 x 180 x 90.9 x 89.5 x 49 x 33.6 x 26.7 x 24.5 x
Yield - - - - 0.57% 0.27% 0.3% 0.28%
Capitalization / Revenue 17.4 x 42.5 x 22.9 x 18 x 8.61 x 6.1 x 5.18 x 4.62 x
EV / Revenue 17.3 x 42.3 x 22.7 x 17.9 x 8.55 x 5.98 x 4.92 x 4.22 x
EV / EBITDA 45.5 x 114 x 58.5 x 56.4 x 28.5 x 18.5 x 15.6 x 14 x
EV / FCF - - 111 x 195 x 72.7 x 34 x 28 x 19.1 x
FCF Yield - - 0.9% 0.51% 1.38% 2.94% 3.58% 5.24%
Price to Book 18.4 x 41.2 x 22.2 x 14.8 x 6.44 x 4.44 x 3.71 x 3.33 x
Nbr of stocks (in thousands) 320,640 320,640 320,640 320,640 320,640 319,831 - -
Reference price 2 102.5 276.5 199.0 153.0 76.45 60.67 60.67 60.67
Announcement Date 4/23/20 4/9/21 4/27/22 4/27/23 4/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,894 2,088 2,781 2,719 2,847 3,181 3,748 4,197
EBITDA 1 720.2 771.5 1,081 861.6 852.4 1,028 1,181 1,266
EBIT 1 633.8 678.6 974.9 733.9 711.9 804.4 1,005 1,114
Operating Margin 33.46% 32.5% 35.06% 27% 25.01% 25.29% 26.83% 26.54%
Earnings before Tax (EBT) 1 633.4 680.1 974.6 738 708.9 811.8 1,013 1,120
Net income 1 463.1 492.6 702.8 548.3 500.5 578.7 727.9 794.3
Net margin 24.45% 23.59% 25.27% 20.17% 17.58% 18.19% 19.42% 18.92%
EPS 2 1.440 1.540 2.190 1.710 1.560 1.804 2.270 2.477
Free Cash Flow 1 - - 572.1 249.1 334.5 559 660 929
FCF margin - - 20.57% 9.16% 11.75% 17.57% 17.61% 22.13%
FCF Conversion (EBITDA) - - 52.91% 28.92% 39.24% 54.35% 55.86% 73.38%
FCF Conversion (Net income) - - 81.4% 45.44% 66.84% 96.6% 90.67% 116.95%
Dividend per Share 2 - - - - 0.4350 0.1637 0.1848 0.1700
Announcement Date 4/23/20 4/9/21 4/27/22 4/27/23 4/25/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 - 663.5 821.2 579.2 674.5 688.1 822.2 661.7 708.4 758.1 904.6 716.3
EBITDA - - - - - - - - - - - -
EBIT 1 - 175.1 282 51.96 225 176.8 282.4 27.71 - 170.6 300.4 81.54
Operating Margin - 26.38% 34.34% 8.97% 33.36% 25.69% 34.35% 4.19% - 22.51% 33.2% 11.38%
Earnings before Tax (EBT) - - - 51.38 224.7 176.2 282.1 - - - - -
Net income 166.5 - - 33.1 169 135.4 207.3 - - - - -
Net margin - - - 5.71% 25.05% 19.68% 25.22% - - - - -
EPS 2 0.5200 0.4000 0.6900 0.1000 0.5300 0.4200 0.6500 -0.0400 0.5400 0.4200 0.7100 0.1100
Dividend per Share - - - - - - - - - - - -
Announcement Date 4/27/22 8/22/22 10/24/22 4/27/23 4/27/23 8/24/23 10/24/23 4/25/24 4/25/24 - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 103 389 568 461 186 379 949 1,685
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - 572 249 335 559 660 929
ROE (net income / shareholders' equity) 29.9% 24.4% 27.9% 17.6% 14.1% 13.9% 14.7% 14.5%
ROA (Net income/ Total Assets) 19.3% 17.1% 17.5% 10.8% - 8.97% 9.43% 9.1%
Assets 1 2,396 2,877 4,010 5,055 - 6,454 7,723 8,729
Book Value Per Share 2 5.570 6.710 8.980 10.30 11.90 13.70 16.30 18.20
Cash Flow per Share 2 2.020 2.210 2.930 2.090 2.620 2.850 3.000 3.490
Capex 1 126 166 367 421 505 309 293 317
Capex / Sales 6.64% 7.94% 13.21% 15.48% 17.76% 9.72% 7.83% 7.54%
Announcement Date 4/23/20 4/9/21 4/27/22 4/27/23 4/25/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
60.67 CNY
Average target price
69.09 CNY
Spread / Average Target
+13.88%
Consensus
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