Financials COFCO Joycome Foods Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:27 2024-07-12 am EDT			5-day change	1st Jan Change
1.72 ^HKD	+1.18%		+0.58%	-8.51%

Jun. 25	COFCO Joycome Foods Limited Announces Board Changes	CI
Jun. 11	COFCO Joycome Foods Limited Reports Unaudited Production Results for the Month and Year to Date Ended May 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,706	8,834	9,443	7,685	7,829	7,318	-	-
Enterprise Value (EV) ¹	14,915	17,236	15,089	14,202	11,752	10,919	11,263	7,318
P/E ratio	4.9 x	2.21 x	-20.5 x	21.5 x	-55.8 x	21.9 x	5.76 x	20.1 x
Yield	2.22%	12.2%	6.07%	-	-	2.32%	4.63%	-
Capitalization / Revenue	0.7 x	0.47 x	0.71 x	0.6 x	0.68 x	0.57 x	0.45 x	0.48 x
EV / Revenue	1.35 x	0.91 x	1.14 x	1.1 x	1.02 x	0.85 x	0.7 x	0.48 x
EV / EBITDA	17.4 x	5.12 x	4.39 x	25.2 x	19.9 x	8.46 x	6.02 x	-
EV / FCF	180 x	14.1 x	9.31 x	-14.4 x	11.1 x	-6.79 x	-13 x	-7.49 x
FCF Yield	0.56%	7.09%	10.7%	-6.94%	8.99%	-14.7%	-7.71%	-13.4%
Price to Book	1.27 x	0.94 x	1.12 x	0.95 x	0.83 x	0.79 x	0.73 x	0.7 x
Nbr of stocks (in thousands)	3,901,998	3,901,998	3,901,998	3,901,998	4,581,998	4,581,998	-	-
Reference price ²	1.975	2.264	2.420	1.969	1.709	1.597	1.597	1.597
Announcement Date	3/24/20	3/18/21	3/18/22	3/28/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,079	18,922	13,228	12,901	11,568	12,836	16,114	15,386
EBITDA ¹	855.2	3,364	3,435	563.7	591.8	1,290	1,871	-
EBIT ¹	545	2,980	2,960	-22.76	-45.22	732	1,113	1,010
Operating Margin	4.92%	15.75%	22.37%	-0.18%	-0.39%	5.7%	6.91%	6.56%
Earnings before Tax (EBT) ¹	1,531	3,938	-1.356	477.1	-177.5	415	915.2	497.5
Net income ¹	1,574	3,995	-459.7	356.7	-135.7	365.2	802.4	351
Net margin	14.21%	21.11%	-3.48%	2.76%	-1.17%	2.85%	4.98%	2.28%
EPS ²	0.4033	1.024	-0.1178	0.0914	-0.0306	0.0730	0.2772	0.0795
Free Cash Flow ¹	83	1,223	1,621	-985.3	1,056	-1,609	-868	-977
FCF margin	0.75%	6.46%	12.25%	-7.64%	9.13%	-12.54%	-5.39%	-6.35%
FCF Conversion (EBITDA)	9.71%	36.35%	47.19%	-	178.44%	-	-	-
FCF Conversion (Net income)	5.27%	30.61%	-	-	-	-	-	-
Dividend per Share ²	0.0438	0.2760	0.1470	-	-	0.0370	0.0740	-
Announcement Date	3/24/20	3/18/21	3/18/22	3/28/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,209	8,402	5,646	6,518	3,923	3,601	3,945	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.429 x	2.497 x	1.644 x	11.56 x	6.629 x	2.791 x	2.108 x	-
Free Cash Flow ¹	83	1,223	1,621	-985	1,056	-1,609	-868	-977
ROE (net income / shareholders' equity)	27.8%	51.1%	-5.3%	4.2%	-2%	5.73%	8.3%	3.3%
ROA (Net income/ Total Assets)	11.5%	21.9%	-2.5%	2%	-0.78%	2.8%	4.9%	0.9%
Assets ¹	13,685	18,243	18,388	17,834	17,312	13,043	16,376	39,000
Book Value Per Share ²	1.550	2.410	2.170	2.080	2.060	2.010	2.200	2.300
Cash Flow per Share ²	0.2700	0.7600	0.7900	-1.570	0.4600	0.3100	0.3800	-
Capex ¹	966	1,713	1,461	979	969	1,681	1,548	2,000
Capex / Sales	8.72%	9.05%	11.04%	7.59%	8.38%	13.1%	9.6%	13%
Announcement Date	3/24/20	3/18/21	3/18/22	3/28/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.597 CNY

Average target price

2.062 CNY

Spread / Average Target

+29.11%

	1st Jan change	Capi.
COFCO JOYCOME FOODS LIMITED	-8.51%	998M
NESTLÉ S.A.	-2.92%	275B
MONDELEZ INTERNATIONAL, INC.	-9.80%	87.62B
DANONE	+0.65%	41B
KRAFT HEINZ	-13.28%	39.08B
THE HERSHEY COMPANY	+1.34%	37.77B
GENERAL MILLS, INC.	-3.25%	35.26B
ARCHER-DANIELS-MIDLAND COMPANY	-10.99%	31.77B
NESTLÉ INDIA LIMITED	-1.89%	29.94B
ASSOCIATED BRITISH FOODS PLC	+5.79%	23.63B