SSE: 603288 - Foshan Haitian Flavouring and Food Company Ltd.

Yield per half year: +13.13%
Dividend yield: +1.92%
Sector: Consumer Staples

Reporting Foshan Haitian Flavouring and Food Company Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								369.55		229.93
Выручка, млрд ¥	11.29	12.46	14.58	17.03	19.8	22.79	25	25.61	24.56	24.56
Чистая прибыль, млрд ¥	2.51	2.84	3.53	4.36	5.35	6.4	6.67	6.2	5.63	5.63
EV, млрд ¥								346.45		205.03
EBIT, млрд ¥	2.87	3.65	3.94	4.75	5.75	6.96	6.92
EBITDA, млрд ¥			4.66	5.67	6.86	8.22	8.57	8.21	7.26	8.21
Баланс стоимость, млрд ¥	8.75	10.01	11.75	13.88	16.58	20.07	23.4	26.4	28.53	28.53
FCF, млрд ¥			4.46	5.77	5.98	6.04	5.29	2.31	5.43	5.43
Операционный денежный поток, млрд ¥	2.19	4.07	4.72	6	6.57	6.95	6.32	3.83	7.36	7.36
Операционная прибыль, млрд ¥	2.87	3.27	3.98	4.8	5.88	7.08	7.07	6.5	5.93	5.93
Операционные расходы, млрд ¥	8.42	9.19	10.6	12.24	13.92	15.71	17.93	19.11	18.63	18.63
CAPEX, млрд ¥	0.7443	0.7881	0.262	0.2239	0.5826	0.907	1.03	1.52	1.92	1.92

	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥						7.21	6.32	5.56	6.52	6.98	5.98	5.68	5.91	7.69	6.46
Чистая прибыль, млрд ¥						1.83	1.56	1.27	1.53	1.72	1.38	1.23	1.3	1.92	1.53
EBIT, млрд ¥	2.04	2.17	1.38	1.42	1.96	2.03	1.54	1.3		1.85	1.42
EBITDA, млрд ¥		2.36	1.59	1.59	2.29	2.18	1.85	1.54	1.81	2.05	1.65
Баланс стоимость, млрд ¥						25.23	23.59	24.87	26.4	28.11	26.25	27.48	28.53	30.19	28.02
FCF, млрд ¥						-1.5	2.08	-0.1849	1.92	0.7124	0.8379	0.4736	3.41	-0.8907	1.22
Операционный денежный поток, млрд ¥		-0.123	0.3766	2.36	3.71	-1.08	2.33	0.1719	1.52	1.52	1.52
Операционная прибыль, млрд ¥						2.03	1.56	1.32	1.58	1.86	1.43	1.34	1.31	2.12	1.59
Операционные расходы, млрд ¥						5.18	4.76	4.24	4.93	5.12	4.56	4.35	4.6	5.57	4.87
CAPEX, млрд ¥						0.4175	0.2504	0.3568	0.686	0.686	0.686	0.3951	0.4919	0.3363	0.4628

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥		4.52	5.2	5.61	9.46	13.46	16.96	19.81	18.22	21.69	21.69
Short Term Investments ¥		1.51	2.63	5.08	5.05	4.88	5.05	5.38	6.08	5.84	5.84
Long term investments ¥		0.0001	0.0001	0.0001	0.0001	0.0001
Total Receivables ¥		0.0045	0.0044	0.019	0.0614	0.0856	0.0415	0.056	0.1884	0.2231	0.2231
Total Current Assets ¥		7.17	8.83	11.79	15.81	20.27	24.2	27.58	26.97	30.77	30.77
Чистые активы, млрд ¥		4.05	4.41	4.26	4	3.94	4.28	4.61	26.97	27.48	26.97
Активы, млрд ¥		11.5	13.46	16.34	20.14	24.75	29.53	33.34	34.06	38.42	38.42
Short Term Debt ¥					0.0196	0.0196	0.0926	0.1046	0.1317	0.3626	0.3626
Long Term Debt ¥									0.0937	0.0703	0.0703
Задолженность, млрд ¥		2.75	3.45	4.57	6.26	8.16	9.37	9.84	7.17	9.39	9.39
Чистый долг, млрд ¥									-18	-21.26
Долг, млрд ¥					0.0196	0.0196	0.0926		0.2254	0.4329	0.2877
Interest income ¥			0.0444	0.0838	0.153	0.2947	0.3999	0.6055	0.7502	0.6044
Расходы на обслуживание долга ¥					0.000595	0.0011	0.0053	0.0087	0.0021	0.0022	0.0022
Чист. проц. доходы, млрд ¥			0.0439	0.0831	0.1522	0.2931	0.3926	0.5897	0.7408	0.5935	0.6044
Goodwill ¥	0.0172	0.0172	0.0172	0.0323	0.0323	0.0151	0.0306	0.0306	0.2104	0.2104
Себестоимость, млрд ¥		6.56	6.98	7.92	9.12	10.8	13.18	15.34	16.47	16.03	16.03
Товарно материальные запасы ¥		0.9999	0.9399	1.04	1.2	1.8	2.1	2.23	2.39	2.62	2.62

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥										17.72	16.39	17.73	18.22	19.24	18.48	17.66	21.69	20.85	20.48
Short Term Investments ¥										5.7	6.6	5.57	6.08	5.95	5.15	7.24	5.84	6	4.53
Long term investments ¥	0.0001	0.0001	0.0001	0.0001	0.0001
Total Receivables ¥										0.1102	0.1443	0.2124	0.1884	0.143	0.1468	0.1858	0.2231	0.1831	0.1955
Total Current Assets ¥										25.85	25.22	25.86	26.97	27.48	25.68	27.28	30.77	29.26	27.34
Чистые активы, млрд ¥						4.37	4.42	4.5	4.61	4.76	5.13	5.19	26.97	27.48	5.74
Активы, млрд ¥										32	32.05	32.68	34.06	34.56	33.07	34.81	38.42	37	35.17
Short Term Debt ¥										0.0896	0.1378	0.1071	0.1317	0.1217	0.0623	0.3662	0.3626	0.5692	0.5765
Long Term Debt ¥												0.0509	0.0937	0.1191	0.1641	0.1966	0.0703	0.0679	0.0498
Задолженность, млрд ¥										6.5	7.98	7.33	7.17	5.95	6.33	6.83	9.39	6.29	6.64
Чистый долг, млрд ¥															-18.25	-17.1	-21.26	-20.21	-19.86
Долг, млрд ¥															0.2263	0.5628	0.4329	0.6371	0.6263
Interest income ¥								0.1501	0.176	0.1088	0.2178	0.151	1.23	0.1106	0.3954	-0.6779	0.9976
Расходы на обслуживание долга ¥										0.0024	0.0042	0.005	0.0029	0.0028	0.0027	0.0083	0.0071	0.0068	0.0059
Чист. проц. доходы, млрд ¥										0.1046	0.2107	0.1489	0.2642	0.1082	0.1648	0.1002	0.2158	0.114	0.3835
Goodwill ¥								0.0306	0.0306	0.1284	0.2283	0.2283	0.2104	0.2104	0.2104	0.2104	0.2104
Себестоимость, млрд ¥										4.46	4.12	3.6	4.3	4.4	3.91	3.72	4	4.82	4.11
Товарно материальные запасы ¥										2.22	1.99	2.22	2.39	2.06	1.82	2.1	2.62	2	1.88

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	1.07	1.06	1.3	1.42	1.38	1.43	1.43	1.11	1.01			1.01
Цена акции ао			52.98	67.76	105.88	197.5	105.11	79.6	37.95	45.9	40.42	40.42
Число акций ао, млн				4277.39	5652	5560	5558	5560.6	5560.6			5560.6
FCF/акцию				1.35	1.4	1.41	1.26	0.4159	0.9768			0.9768

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
EPS			0.4	0.3	0.27	0.27	0.33	0.2483	0.2216	0.2334	0.3451	0.2759
Цена акции ао	109.22	114.32	97.3	81.73	81.73	73.67	78.48	62.7	42.52	37.01
FCF/акцию			-0.3236	0.4486	-0.0399	0.414	0.1281	0.1507	0.0852	0.6128	-0.1602	0.2191

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	28.68	28.39	30.05	31.46	32.28	31.91	28.51	24.89	20.49			20.49	26.25
ROA, %	21.83	21.12	21.62	21.67	21.63	21.68	20.01	18.39	15.53			15.53	15.68
ROIC, %								35.5
ROS, %			24.21	25.62	27.04	28.09	26.68	24.2	22.91	22.91	22.91	22.91	23.15
ROCE, %	32.79	36.45	33.5	34.21	34.66	34.51	29.46						35.91
Рентаб EBITDA, %			31.93	33.26	34.63	36.07	34.29	32.06	28.59			32.06	32.74
Ebit margin, %					29.06	30.53	27.69
Чистая рентаб, %	22.22	22.82	24.21	25.62	27.04	28.09	26.68	24.2	22.91			22.91	23.15
Operation Margin, %			27.32	28.16	29.68	31.08	28.27	25.4	24.16	24.16	24.16	24.16	28.93

	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %						7.25	6.63	5.12	5.8	6.1	5.29	4.61	4.75	6.89	5.41	26.25
ROA, %						5.72	4.88	3.9	4.49	4.96	4.08	3.63	3.54	5.09	4.25	15.68
ROIC, %											17.47	4.41	4.49	6.26	18.17
ROS, %						25.37	24.74	22.9	23.49	24.57	23.07	21.68	21.97	24.94	23.74	23.15
ROCE, %	10.14	9.8	6.82	6.61	8.32	7.98	6.42	5.15		6.47	5.17					35.91
Рентаб EBITDA, %		32.92	30.79	28.14	32.62	30.21	29.2	27.75	27.8	29.44	27.6					32.74
Ebit margin, %											23.64
Чистая рентаб, %						25.37	24.74	22.9	23.49	24.57	23.07	21.68	21.97	24.94	23.74	23.15
Operation Margin, %						28.21	24.7	23.79	24.32	26.69	23.86	23.49	22.13	27.56	24.6	28.93

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	32.74	40.9	78.07	50.29	59.51	35.78			35.87	25.92
P/BV	10.29	13.19	24.79	14.27	13.72	6.93			6.95	6.35
P/S	8.39	11.06	21.93	13.42	14.4	8.2			8.22	6.19
P/FCF						99.54	42.33	42.33	42.33	49.48
E/P						0.027	0.0245	0.0245	0.0245	0.04
EV/EBITDA					44.11				28.26	22.64
EV/Ebit							0	0	0
EV/S						8.01	8.35	8.35	8.35	6.41
EV/FCF							37.75	37.75	37.75	44.69
Debt/EBITDA					0.0275	0.035	0.035	0.035	0.035	0.80
Netdebt/Ebitda					-2.19	0	0	0	0	0.16
Debt/Ratio					0.0066	0.0113	0.0075	0.0075	0.0075	0.10
Debt/Equity					0.0085	0.0152	0.0107	0.0107	0.0107	0.21
Debt/Net Income					0.0364	0.0769	0.0511	0.0511	0.0511	1.10
Бета					0.18	2.33	2.37	-0.2382	-0.2382	0.84
Индекс Альтмана					0	9.66	8.61	8.61	8.61	7.36

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
P/E	44.22	47.86	45.08	49.56	51.62	42.32	36.03	35.78	39.11	32.77	25.92
P/BV	12.17	14	12.14	11.42	12	9.74	7.55	6.93	7.43	6.87	6.35
P/S	11.56	12.27	11.48	11.99	12.37	9.96	8.39	8.2	9.02	7.61	6.19
Debt/EBITDA						0.137					0.80
Netdebt/Ebitda						-11.05					0.16
Debt/Ratio						0.0068	0.0162	0.0113	0.0172	0.0178	0.10
Debt/Equity						0.0086	0.0205	0.0152	0.0211	0.0223	0.21
Debt/Net Income						0.1639	0.4566	0.3335	0.332	0.4082	1.10

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	1.28	1.62	1.84	2.3	2.65	2.92	3.34	3.25	-3.25		3.21
Дивиденд		0.2914	0.3302	0.4128	0.4759	0.6294	0.7803	0.6333	0.7	0.66	0.66
Див доход, ао, %		0.9757	0.8294	0.637	0.4446	0.461	0.5698	2.23	1.4	1.92	1.92	0.51
Дивиденды / прибыль, %	50.93	57.11	52.09	52.62	49.44	45.62	50.1	51.86	57.82		57.82	50.73

	2014Q2	2015Q2	2016Q2	2017Q2	2018Q2	2019Q2	2020Q2	2021Q2	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									0.0015	3.21	0.0056	3.25	3.25	3.25	0.0038	0.0014	0.0126	3.67
Дивиденд	0.1349	0.4128	0.2914	0.3302	0.4128	0.4759	0.6294	0.7803		0.6333				0.7
Див доход, ао, %	0.2604	1.09	0.9918	0.8754	0.6095	0.3327	0.5357	0.5255		0.7749				1.12					0.51
Дивиденды / прибыль, %									0.0842	204.89	0.437	212.06	189.2	235.1	0.3095	0.1108	0.6546	239.23	50.73

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2018	2019	2020	2022	2023	2024	CAGR 5
Всего задолженность	6.15	7.98	9.08
Персонал, чел				6678	6678	7313

	CAGR 5

	CAGR 5