NEW HOPE SERVICES(3658.HK):12% DIVIDEND YIELD WITH CASH BALANCE > MKT CAP;MAINTAIN BUY
NEW HOPE SERVICES(3658.HK):12% DIVIDEND YIELD WITH CASH BALANCE > MKT CAP;MAINTAIN BUY
New Hope Services reported industry-average-level earnings with NP up 6% YoY in FY23. The company raised its dividend payout ratio to 60% from 48% in FY22, representing a yield of 12%, which boosted the share price by 6% in two days after announcement. We like the company for its clear strategy, high business concentration, high dividend yield and a cash/mkt cap ratio of >1. Maintain BUY with TP at HK$2.79, reflecting 8x 2024E PE.
新希望服务公布了行业平均水平的收益，NP在23财年同比增长6％。该公司将其股息支付率从22财年的48％上调至60％，收益率为12％，这使股价在宣布后的两天内上涨了6％。我们喜欢该公司的战略清晰，业务集中度高，股息收益率高，现金/市值比率>1。维持买入，目标价为2.79港元，反映了2024年的8倍市盈率。
FY23 earnings slightly missed. The company delivered 6%/11% YoY growth in earnings/revenue at RMB215mn/RMB1,261mn in FY23, slightly below our expectation. NP margin edged down 0.6ppt to 17.1% but still led the industry given its higher business concentration. GP margin narrowed 2.9ppt to 34.9% due to 1) active expansion in third-party market where the competition is intensifying and 2) exit of non-owner VAS that has higher margin (segment revenue down 26% YoY) .The company expects to deliver 10-20% growth in revenue and 5-10% growth in NP going forward.
23财年的收益略有下降。该公司在23财年的收益/收入同比增长6％/11％，达到2.15亿元人民币/12.61亿元人民币，略低于我们的预期。国民生产总值利润率小幅下降0.6个百分点至17.1％，但由于业务集中度较高，该行业仍处于领先地位。GP利润率缩小2.9个百分点至34.9％，原因是1）竞争加剧的第三方市场的积极扩张，以及2）利润率更高的非所有者增值税的退出（分部收入同比下降26％）。该公司预计未来收入将增长10-20％，NP增长5-10％。
Operational highlights. 1) Regional expansion toward eastern China was efficient with revenue contribution in Basic PM Segment expanded to 37.9% in FY23 vs. 31.3% in FY22. The number is likely to be stable at 40% in the future according to the company. 2) Its renowned catering services business achieved 44% YoY revenue growth in FY23 and sighed three new contracts with value of RMB6.5mn in 1Q24.
运营亮点。1) 向中国东部的区域扩张非常有效，基本粉末冶金板块的收入贡献在23财年增长至37.9％，而22财年为31.3％。该公司称，未来这一数字可能会稳定在40％。2）其著名的餐饮服务业务在23财年实现了44％的同比收入增长，并在24年第一季度签署了三份价值为人民币650万元的新合同。
Dividend payout was lifted once again to 60%. The company announced
股息支付再次提高至60％。该公司宣布
a dividend of RMB0.16/share, lifting its payout ratio to 60% in FY23 vs. 48% in FY22 and 31% in FY21, representing a dividend yield of 12% on the announcement day, which boosted the share price by 6% in two days after the announcement (vs. HIS -0.5%). The company confirmed plans to maintain its payout ratio at above 50% going forward.
股息为每股0.16元人民币，其派息率在23财年提高至60％，而22财年为48％，2021财年为31％，相当于公告日的股息收益率为12％，这使股价在宣布后的两天内上涨了6％（而HIS为0.5％）。该公司确认了未来将派息率维持在50％以上的计划。
Cash balance > mkt cap; maintain BUY. The company showed its cash
现金余额 > 市值上限；维持买入。该公司展示了现金
collection ability by generating RMB335bn of operating cash in FY23, +87.1% YoY. It had cash balance of RMB1.15bn (HK$1.24bn) at end-FY23, already surpassing its mkt cap of HK$1.21bn as at the last trading day. We maintain BUY with TP of HK$2.79 based on 8x 2024E PE. The company is currently trading at 5x 2024E PE. Risks: less-than-expected third party expansion; impairment risk from account receivable.
通过在23财年产生3350亿元人民币的运营现金来实现收款能力，同比增长+87.1％。截至23财年底，其现金余额为11.5亿元人民币（合12.4亿港元），已经超过了上个交易日的12.1亿港元的市值。根据2024年的8倍市盈率，我们维持买入水平，目标价为2.79港元。该公司目前的交易市盈率为2024年的5倍。风险：第三方扩张低于预期；应收账款减值风险。
译文内容由第三方软件翻译。