Financials Changzheng Engineering Technology Co.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-07-15 pm EDT			5-day change	1st Jan Change
11.49 ^CNY	-0.61%		-0.69%	-20.04%

Apr. 29	Changzheng Engineering Technology Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 19	Changzheng Engineering Technology Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	6,410	7,702	6,159	-	-
Enterprise Value (EV) ¹	6,410	7,702	6,159	6,159	6,159
P/E ratio	38.6 x	41.1 x	21.7 x	18.2 x	15.3 x
Yield	-	-	-	-	-
Capitalization / Revenue	-	2.74 x	2.02 x	1.84 x	1.7 x
EV / Revenue	-	2.74 x	2.02 x	1.84 x	1.7 x
EV / EBITDA	-	32.1 x	20.6 x	17.2 x	14.5 x
EV / FCF	-	-	-	-	-
FCF Yield	-	-	-	-	-
Price to Book	-	2.35 x	1.76 x	1.64 x	1.52 x
Nbr of stocks (in thousands)	535,990	535,990	535,990	-	-
Reference price ²	11.96	14.37	11.49	11.49	11.49
Announcement Date	4/21/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	2,807	3,043	3,344	3,627
EBITDA ¹	-	239.6	299	358	426
EBIT ¹	-	193.8	291	349	418
Operating Margin	-	6.9%	9.56%	10.44%	11.52%
Earnings before Tax (EBT) ¹	-	193.5	291	349	418
Net income ¹	167.1	187.2	281	336	403
Net margin	-	6.67%	9.23%	10.05%	11.11%
EPS ²	0.3100	0.3500	0.5300	0.6300	0.7500
Free Cash Flow	-	-	-	-	-
FCF margin	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	4/21/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-
Net Cash position	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow	-	-	-	-	-
ROE (net income / shareholders' equity)	-	5.84%	8%	9%	10%
ROA (Net income/ Total Assets)	-	-	5%	5.5%	6.1%
Assets ¹	-	-	5,620	6,109	6,607
Book Value Per Share ²	-	6.100	6.520	6.990	7.550
Cash Flow per Share	-	0.7000	-	-	-
Capex ¹	-	129	80	75	87
Capex / Sales	-	4.61%	2.63%	2.24%	2.4%
Announcement Date	4/21/23	4/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

11.49 CNY

Average target price

15 CNY

Spread / Average Target

+30.55%

	1st Jan change	Capi.
CHANGZHENG ENGINEERING TECHNOLOGY CO.,LTD	-20.04%	854M
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CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+11.64%	30.98B
FERROVIAL SE	+15.81%	30.56B
WSP GLOBAL INC.	+20.73%	20.23B
CHINA RAILWAY GROUP LIMITED	+10.21%	19.72B
EMCOR GROUP, INC.	+81.44%	17.88B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+25.86%	16.18B