Financials Sinocare Inc.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
26.57 ^CNY	-1.04%		-4.66%	-12.60%

Jun. 07	Sinocare Inc. Announces Dividend Implementation for 2023, Payable on 17 June 2024	CI
May. 22	Sinocare Inc. Approves Cash Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,425	20,027	16,800	18,795	16,906	14,716	-	-
Enterprise Value (EV) ¹	8,425	20,027	16,800	18,795	16,906	14,716	14,716	14,716
P/E ratio	33.7 x	107 x	156 x	43.7 x	59.5 x	34.5 x	26.8 x	23 x
Yield	2%	-	-	0.59%	0.66%	1.03%	1.19%	1.96%
Capitalization / Revenue	4.74 x	9.94 x	7.11 x	6.68 x	4.17 x	3.19 x	2.74 x	2.48 x
EV / Revenue	4.74 x	9.94 x	7.11 x	6.68 x	4.17 x	3.19 x	2.74 x	2.48 x
EV / EBITDA	24.5 x	62.3 x	41.8 x	32.4 x	35.9 x	19.9 x	16.8 x	14.1 x
EV / FCF	-	-	-	114,921,623 x	43,170,951 x	-	-	-
FCF Yield	-	-	-	0%	0%	-	-	-
Price to Book	3.2 x	7.76 x	6.35 x	6.35 x	5.81 x	4.35 x	3.76 x	3.35 x
Nbr of stocks (in thousands)	562,014	559,413	561,673	557,223	556,128	553,845	-	-
Reference price ²	14.99	35.80	29.91	33.73	30.40	26.57	26.57	26.57
Announcement Date	2/14/20	4/16/21	4/21/22	4/6/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,778	2,015	2,361	2,814	4,059	4,618	5,369	5,945
EBITDA ¹	343.3	321.4	402.1	580.5	471.5	739.1	878.1	1,044
EBIT ¹	274.2	236.2	139.3	470.2	275	444.6	616.2	715.2
Operating Margin	15.42%	11.72%	5.9%	16.71%	6.78%	9.63%	11.48%	12.03%
Earnings before Tax (EBT) ¹	301.5	247.8	138.2	470	248.6	438.5	611.4	706.7
Net income ¹	250.7	186.9	107.6	430.9	284.4	432.7	560.2	652.9
Net margin	14.1%	9.27%	4.56%	15.31%	7.01%	9.37%	10.43%	10.98%
EPS ²	0.4445	0.3341	0.1916	0.7719	0.5107	0.7700	0.9920	1.157
Free Cash Flow	-	-	-	163.5	391.6	-	-	-
FCF margin	-	-	-	5.81%	9.65%	-	-	-
FCF Conversion (EBITDA)	-	-	-	28.17%	83.05%	-	-	-
FCF Conversion (Net income)	-	-	-	37.96%	137.7%	-	-	-
Dividend per Share ²	0.3000	-	-	0.2000	0.2000	0.2733	0.3167	0.5200
Announcement Date	2/14/20	4/16/21	4/21/22	4/6/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	164	392	-	-	-
ROE (net income / shareholders' equity)	9.5%	7.12%	3.87%	14.7%	9.24%	12.9%	14.3%	14.9%
ROA (Net income/ Total Assets)	-	-	-	9.83%	-	5.6%	7.57%	5.3%
Assets ¹	-	-	-	4,385	-	7,727	7,403	12,319
Book Value Per Share ²	4.690	4.620	4.710	5.310	5.240	6.110	7.070	7.930
Cash Flow per Share ²	0.9200	0.8900	0.8500	0.8400	1.300	1.030	1.140	1.330
Capex ¹	422	276	404	311	344	356	342	338
Capex / Sales	23.73%	13.67%	17.1%	11.05%	8.46%	7.72%	6.37%	5.69%
Announcement Date	2/14/20	4/16/21	4/21/22	4/6/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

26.57 CNY

Average target price

29.52 CNY

Spread / Average Target

+11.10%

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