SZSE: 300418 - Kunlun Tech Co., Ltd.

Yield per half year: -35.6%
Dividend yield: +0.13%
Sector: Communication Services

Reporting Kunlun Tech Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥						21.65	16.18	27.18	24.02	18.37	45.12	60.19	26.17	22.77
Выручка, млрд ¥			1.79	2.42	3.44	3.58	3.69	2.74	4.85	4.74	4.92	4.76	4.19	5.92
Чистая прибыль, млрд ¥			0.4053	0.5315	0.9987	1.01	1.3	4.99	1.55	1.15	1.26	0.9904	2.05	-0.62
EV, млрд ¥						22.45	16.16	26.44	23.32			58.36	22.09	0.96
EBIT, млрд ¥			0.1713	0.6475	1.13	1.01	0.7883	0.5408	0.6781	0.8698			0.7774	-2.94
EBITDA, млрд ¥					1.6	1.68	1.65	5.13	1.79	1.57		0.9706	2.36	-1.35
Баланс стоимость, млрд ¥		1.01	2.68	3.15	8.71	5.16	4.69	9.68	10.38	12.7	15.17		10.52	26.46
FCF, млрд ¥					1.02	1.46	1.17	0.7142	1.12	0.753	0.4876		0.8490	-16.06
Операционный денежный поток, млрд ¥	0.3704		0.1922	0.3571	1.05	1.47	1.17	0.7226	1.17	0.8308	0.8846		0.9556	-5.44
Операционная прибыль, млрд ¥		0.3314	0.1713	0.1467	1.04	0.9518	0.9026	0.7177	0.6781	0.8698	0.4414		0.7219	-13.33
Операционные расходы, млрд ¥			1.62	2.23	2.29	2.47	2.67	2.02	4.17	3.87	4.47		3.44	10.86
CAPEX, млрд ¥	0.0228		0.0086	0.0119	0.0225	0.012	0.0038	0.0083	0.0545	0.0778	0.397		0.1083	153.40

	2018Q4	2019Q4	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Капитализация, млрд ¥	15.35	16.77	26.97				25.31				16.32				42.75	25.62	20.58
Выручка, млрд ¥						1.27	1.28	1.19	1.06	1.15	1.34	1.22	1.21	1.26	1.23	1.25	-1.70
Чистая прибыль, млрд ¥						1.25	-0.6987	0.3742	0.269	0.1436	0.3658	0.2121	0.1461	-0.0298	0.93	0.3248	20.52
EV, млрд ¥	16.04	16.75					24.6									19.13	15.32
EBIT, млрд ¥			4.18	0.0832	0.1442	0.1722	0.307	0.1312	0.295	0.4458	-0.0022		0.1395			0.2019	1.23
EBITDA, млрд ¥				0.3714	0.9131	1.33	-0.9797	0.396	0.3225	0.2871	0.4264	0.3112	0.232			0.3158	-6.38
Баланс стоимость, млрд ¥						10.74	10.38	10.75	11.49	11.96	12.7	12.79	14.16	14.32	15.17	13.83	3.62
FCF, млрд ¥						0.2947	0.5387	0.3063	0.0611	0.1389	0.2467	0.1463	-0.0125	0.4377	-0.0838	0.1469	-180.58
Операционный денежный поток, млрд ¥				0.1275	0.3073	0.3073	0.5566	0.315	0.0958	0.156	0.264	0.3274	0.3274			0.2341	27.86
Операционная прибыль, млрд ¥						0.1778	0.273	0.1405	0.2827	0.4135	0.0332	0.225	0.1416	0.13	-0.0553	0.0949	-210.74
Операционные расходы, млрд ¥						1.09	1.01	1.05	0.7738	0.7361	1.3	0.9922	1.07	1.13	1.29	1.16	-0.15
CAPEX, млрд ¥					0.0127	0.0127	0.0179	0.0087	0.0347	0.0171	0.0173	0.3399	0.3399		0.2123	0.1853	65.50

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥				1.05	1.08	2.03	1.52	2.8	2.37	1.99	1	1.11	2.56	1.85	-16.89
Short Term Investments ¥			-0.1194	-0.1382	-0.068	-0.0297	-0.0419	0.0604	0.3546	0.833	1.5	1.56		0.8616	91.61
Long term investments ¥				1.71	3.18	7.04	4.96							4.22	30.50
Total Receivables ¥		0.2679		0.544	0.7656	0.7078	0.5608	0.5554	0.7124	1.12	0.8982	1.05		0.8672	13.58
Total Current Assets ¥			1.13	1.86	2.06	3.01	2.15	3.54	3.17	4.03	3.44	3.8		3.60	1.43
Чистые активы, млрд ¥	0.0303	0.0264		0.0253	0.0259	0.023	0.0216	0.0148	0.01	0.1838	0.2099			0.0880	57.58
Активы, млрд ¥			1.47	3.89	6.31	12.06	8.83	10.26	13.24	17.9	17.56	21.48		16.09	15.93
Short Term Debt ¥				0.2478	0.9829	1.14	1.83	2.58	1.63	1.26	0.6793	0.6137		1.35	-24.96
Long Term Debt ¥					0.7196	1.13	0.4888	0.1997	0.0032	0.019				0.3681	-55.83
Задолженность, млрд ¥			0.4563	1.21	3.13	3.2	3.51	5.57	3.56	4.61	3.02	3.59		4.07	-8.41
Чистый долг, млрд ¥			-0.7048	-0.8	0.6262	0.0735	0.6974	-0.0708	-0.7404	-0.6372	-0.2354	-0.3193		-0.4006	35.16
Долг, млрд ¥					1.7	2.27	2.31	2.78	1.63	1.28			0.729	2.05	-10.83
Interest income ¥					0.009	0.0064	0.0058	0.0391	0.0376	0.012	0.0293	0.0306		0.0297	-4.78
Расходы на обслуживание долга ¥							0.1637	0.1502	0.0911	0.0728	0.0443	0.0428		0.0802	-22.20
Чист. проц. доходы, млрд ¥					-0.053	-0.1107	-0.1594	-0.1202	-0.0617	-0.0636	-0.018	-0.0189		-0.0565	-30.93
Goodwill ¥					0.5785	1.53	1.53	1.53	0.9563	3.78	3.93	5.32		3.10	28.31
Себестоимость, млрд ¥		0.4163		0.6986	1.14	0.6945	0.622	0.7589	0.5699	1.37	1	1.04		0.9478	6.50
Товарно материальные запасы ¥								-0.0604	-0.3546	-0.833	-1.5	-0.0073		-0.5511	-34.47

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Наличность, млрд ¥														2.3	1.99	1.49	1.55	1.35	1	1.31	1.34	1.66	1.11	1.28	2.11
Short Term Investments ¥														1.24	0.833	0.5693	0.5064	0.5365	1.5	1.25	1.35	1.67	1.56	1.47	0.79
Long term investments ¥	6.15	5.54	4.96	2.87	3.03	3.1																		3.90	-10.96
Total Receivables ¥														0.8743	0.6658	1.04	2.15	0.754	0.8982	0.8071	0.7984	0.7847	1.05	0.8677	3.17
Total Current Assets ¥														4.55	4.03	3.64	4.32	4.07	3.44	3.52	3.58	4.26	3.8	3.72	2.01
Чистые активы, млрд ¥											0.01	0.1259	0.1083	0.1722	0.1838	0.1803	0.1812	0.1747	0.2099		0.4705			0.2433	21.15
Активы, млрд ¥														19.26	17.9	17.7	17.9	18.25	17.56	17.32	19.65	19.94	21.48	19.19	4.11
Short Term Debt ¥														1.62	1.26	0.8527	0.8568	0.7415	0.6793	0.6622	0.8686	0.6462	0.6137	0.6940	-2.01
Long Term Debt ¥					0.3887	0.1493	0.1997	0.1498	0.0334	0.0335			0.0203	0.0197	0.019	0.0185								0.0222	-11.20
Задолженность, млрд ¥														5.18	4.61	4.04	3.4	3.13	3.02	2.78	3.08	3.28	3.59	3.15	3.52
Чистый долг, млрд ¥														-0.6019	-0.6372	-0.5525	-0.6427	-0.5788	-0.2354	-0.5763	-0.3704	-0.9165	-0.3193	-0.4836	6.29
Долг, млрд ¥					2.59	2.55	2.78	2.83	1.87	1.77			1.45	1.64	1.28	0.8711								1.40	-13.22
Interest income ¥														0.0026	0.0029	0.0018	0.0117	0.014	0.0568	0.0056	0.0197	0.0365	0.0531	0.0343	-1.34
Расходы на обслуживание долга ¥														0.0185	0.0186	0.0144	0.0119	0.0261	0.0081	0.0086	0.0089	0.0113	0.0141	0.0102	11.72
Чист. проц. доходы, млрд ¥														0.0305	-0.0636	0	0.0076	0.000206	-0.0039	-0.000435	-0.0059	-0.0177	0.0052	-0.0045	-205.92
Goodwill ¥														3.85	3.78	3.77	3.92	4.09	3.93	3.89	5.14	5.11	5.32	4.68	6.24
Себестоимость, млрд ¥														0.415	0.1692	0.3408	0.1227	0.2486	0.2897	0.2096	0.271	0.2681	0.2913	0.2659	0.11
Товарно материальные запасы ¥												0.000138	0.000136	0.000153			-0.5064	-0.5365	-1.5	-1.25	-1.35	-1.67	-0.0073	-1.1555	-65.53

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
EPS	0.3663	0.4721	0.8685	0.88	1.12	4.31					0.84	1.53	55.63
Цена акции ао		21.6	20.57	12.86	16.75	19.95	23.15	14.41	37.4	26.5	26.5	24.28	5.84
Число акций ао, млн				1151.9	1148.37	1173.38	1197.78	1185.94	1215.01			1184.10	1.13
FCF/акцию				1.27	1.02	0.6087	0.934	0.6349	0.4013			0.7198	-17.02

	2018Q4	2019Q4	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
EPS			0.7	0.27	0.58	1.06		0.31	0.23	0.12		0.3084	0.1115	-0.0246		0.1491	-163.95
Цена акции ао						17.29	21.13	19.04	15.06	14.31	13.76	23.2	53.92	36.33	35.18	32.48	20.65
Число акций ао, млн	1151.9	1148.37	1173.38				1197.78				1185.94				1215.01	1184.10	1.13
FCF/акцию			0.1791				0.4498				0.208				-0.069	0.1920	-178.78

	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, %	15.12	16.86	11.47	19.51	27.61	51.6	14.9	9.08	8.29			7.96	8.14	22.30	-21.39
ROA, %	10.42	8.43	8.28	11.39	12.63	37.71	8.64	6.56	5.86			3.24	3.39	14.28	-14.24
ROIC, %		13.64	13.46	16.09	19.71	45.23	15.49							22.00	2.85
ROS, %			29.06	28.12	35.12	182.26	31.89	24.33	25.6	20.81	20.81	20.81	14.71	24.69	-8.18
ROCE, %	6.39	20.35	12.77	18.97	16.81	5.59	5.1	5.98			0	0	0.00	10.49	-20.62
Ebit margin, %											0	0
Рентаб EBITDA, %			46.45	47.05	44.68	187.13	36.84	33.23			20.39	20.39	19.30	64.45	-14.52
Чистая рентаб, %	22.65	21.92	29.06	28.12	35.12	182.26	31.89	24.33	25.6			20.8	14.86	59.84	-6.13
Operation Margin, %			30.23	26.61	24.47	26.2	13.98	18.36	8.98	0	0	0	0.00	18.40	-18.17
Доходность FCF, %				6.75	7.21	2.63	4.66	4.1	1.08					3.94	-31.59

	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
ROE, %										11.6	-6.73	3.48	2.34	1.2	2.88	1.66	1.03	-0.2082	6.13	8.14	2.30	16.31
ROA, %										6.47	-3.9	2.11	1.5	0.7867	2.08	1.22	0.7436	-0.1496	4.33	3.39	1.64	15.79
ROIC, %	8.33	8.2	5.08	6.5	30.69	4.78			8.39	11.81	-5.87	3.32									4.49	-7.03
ROS, %										98.47	-54.47	31.37	25.46	12.49	27.35	17.42	12.1	-2.38	75.36	14.71	25.97	22.47
ROCE, %							43.15	0.6155	1.15	1.22	2.31	0.9607	2.03	2.95	-0.0153		0.8419			0.00	1.35	-2.61
Рентаб EBITDA, %								46.8	60.55	104.97	-76.37	33.2	30.53	24.97	31.88	25.56	19.2			19.30	26.43	-8.86
Чистая рентаб, %										98.47	-54.47	31.37	25.46	12.49	27.35	17.42	12.1	-2.38	75.36	14.86	25.97	22.47
Operation Margin, %										14.05	21.28	11.78	26.76	35.97	2.48	18.49	11.73	10.35	-4.48	0.00	7.71	-212.56
Доходность FCF, %							0.7793				2.13				1.51				-0.1961		1.06	-170.83

Coefficients

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E			21.52	12.49	5.44	15.53	15.94	35.85			59.93	41.00	17.05	23.48
P/BV			4.2	3.45	2.81	2.31	1.45	2.97			4.7	3.66	2.60	-2.95
P/S			6.05	4.39	9.92	4.95	3.88	9.18			12.49	6.19	6.46	15.90
P/FCF			14.82	13.87	38.05	21.47	24.39	92.53	0	0	0	0.00	38.06	46.16
E/P			0.0465	0.0801	0.1837	0.0644	0.0627	0.0279	0.0165	0.0165	0.0165	0.02	0.0376	-23.84
EV/EBIT									0	0	0
EV/EBITDA			13.34	9.81	5.16	13.05					43.32	-38.51	10.34	-0.55
EV/S			6.27	4.38	9.65	4.81		12.26	12.26	12.26	12.26	6.05	10.25	4.90
EV/FCF			15.36	13.86	37.02	20.84			0	0	0	0.00	21.77	7.93
Debt/EBITDA		1.42	1.38	1.69	0.3184	0.716		0.7511	0.7511	0.7511	0.7511	3.17	0.6575	18.73
Netdebt/Ebitda		0.046	0.4143	-0.043	-0.1444	-0.3566	-0.1495	0	0	0	0	0.00	-0.0558	-181.56
Debt/Ratio	0.27	0.1886	0.2621	0.2715	0.1233	0.0715		0	0	0	0	0.00	0.1834	-17.63
Debt/Equity	0.5401	0.2611	0.4489	0.5935	0.1687	0.1233		0	0	0	0	0.00	0.3191	-13.93
Debt/Net Income	3.2	2.28	2.3	2.15	0.3269	0.8271		0.7361	0.7361	0.7361	0.7361	21.29	0.6725	17.63
Бета								0	-0.1251	0	0	0.00	-0.1251	0.00
Индекс Альтмана			4.15	2.83	4.47	2.16	1.38	0	0	0	0	0.00	3.00	-19.76

	2018Q4	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q4	2025Q1	Industry average	5 quarters average	CAGR 5
P/E	57.65			47.95				32.99				-36.22				44.61			45.96		41.00	27.06	-0.84
P/BV	2.98			3.57				2.79				2.44				1.29			2.82		3.66	2.58	-4.61
P/S	16.9			16.94				57.41				19.73				12.2			34.64		6.19	28.18	15.38
P/FCF								128.32				46.98				66.15			-509.94		0.00	-67.1225	-241.19
E/P	0.0173			0.0209				0.0303				-0.0276				0.0224			0.0218		0.02	0.0136	0.85
EV/EBITDA												-25.11									-38.51	-25.1100	0.00
EV/S	17.67			16.92								19.18									6.05	17.92	2.77
EV/FCF												45.67									0.00	45.67	0.00
Debt/EBITDA					5.01	0.5852	3.41			1.58	1.24	-1.31	2.2								3.17	1.42	-8.39
Netdebt/Ebitda									-2.49	-1.67	-0.453	0.6504	-1.39	-1.99	-2.02	-0.552	-1.85	-1.6			0.00	-1.6024	-4.27
Debt/Ratio		0.2563	0.2524	0.2715	0.2579	0.1479	0.1391			0.0808	0.0854	0.0715	0.0492								0.00	0.0852	-18.77
Debt/Equity		0.6482	0.5748	0.5935	0.5201	0.2158	0.1962			0.1555	0.153	0.1233	0.0811								0.00	0.1418	-16.20
Debt/Net Income		12.41	7.14	7.96	5.58	0.5897	3.54			2.11	1.32	-1.83	2.33								21.29	1.49	-8.02
Бета																				0	0.00
Индекс Альтмана								2.77				1.36				0.7655				0	0.00	1.63	-34.86

Dividends

IFRS

Reporting Annual Quarterly

	2013	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.28	0.0649	0.1307	0.4797	0.1962	0.1784	0.1222	0.2593	0.1122	0.0326			0.1409	-28.82
Дивиденд		0.0637	0.105	0.105	0.087		0.0257	0.1733	0.0659		0.07		0.0914	-8.90
Див доход, ао, %		6.7E-5	0.3691	0.4577	0.4629		0.1108	0.8641	0.4254		0.13	2.81	0.4642	-1.45
Дивиденды / прибыль, %		16.01	24.59	48.04	19.5	13.78	2.45	16.77	9.74	2.59	0	143.91	9.07	-28.42

	2015Q3	2016Q2	2017Q2	2018Q2	2020Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд						0.2162	0.0138	0.0114	0.0089	0.0859	0.006	0.0918	0.0763	0.0066	0.0105		0.0382	11.84
Дивиденд	0.0637	0.105	0.105	0.087	0.0257	0.1733				0.0659							0.0914	-8.90
Див доход, ао, %	0.0524	0.3577	0.4697	0.4067	0.1217	1				0.4606						2.81	0.4917	-0.39
Дивиденды / прибыль, %						17.34	-1.97	3.05	3.32	59.83	1.63	43.27	52.22	-22.1	1.13	143.91	15.23	-7.07

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