Anjoy Foods Group (SHSE:603345) - Share price, News & Analysis

Q: What is the Fair Price of 603345 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

603345 (CN¥150.15) is trading below our estimate of [[fair value]] (CN¥247.9)

603345 fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	5/6
Past Performance	3/6
Financial Health	6/6
Dividends	2/6

603345 Stock Overview

Anjoy Foods Group Co., Ltd. engages in the research and development, production, and sale of frozen fish and meat products in China.

Rewards

Trading at 39.4% below our estimate of its fair value

Earnings are forecast to grow 26.85% per year

Earnings grew by 3.4% over the past year

Risk Analysis

Dividend of 0.47% is not well covered by earnings

Shareholders have been diluted in the past year

Anjoy Foods Group Competitors

Angel Yeast

SHSE:600298

CN¥42.6b

MeiHua Holdings GroupLtd

SHSE:600873

CN¥33.6b

Juewei Food

SHSE:603517

CN¥30.9b

Guangdong Haid Group

SZSE:002311

CN¥98.1b

Price History & Performance

Summary of all time highs, changes and price drops for Anjoy Foods Group
Historical stock prices
Current Share Price	CN¥150.15
52 Week High	CN¥206.89
52 Week Low	CN¥102.00
Beta	0.34
1 Month Change	-1.25%
3 Month Change	16.03%
1 Year Change	-15.46%
3 Year Change	208.00%
5 Year Change	530.88%
Change since IPO	837.85%

Shareholder Returns

	603345	CN Food	CN Market
7D	3.2%	-1.3%	1.6%
1Y	-15.5%	-6.5%	-10.1%

Return vs Industry: 603345 underperformed the CN Food industry which returned -6.5% over the past year.

Return vs Market: 603345 underperformed the CN Market which returned -10.1% over the past year.

Price Volatility

Is 603345's price volatile compared to industry and market?
603345 volatility
603345 Average Weekly Movement	6.2%
Food Industry Average Movement	5.4%
Market Average Movement	6.0%
10% most volatile stocks in CN Market	9.1%
10% least volatile stocks in CN Market	3.9%

Stable Share Price: 603345 is not significantly more volatile than the rest of CN stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: 603345's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2001	15,794	Qing Miao Zhang	https://www.anjoyfood.com

Anjoy Foods Group Co., Ltd. engages in the research and development, production, and sale of frozen fish and meat products in China. The company primarily offers fried fish balls, Q fish plates, and fish tofu and other quick-frozen surimi products; dumplings, pee meatballs, kiss intestines, and other quick-frozen meat products; and hand-caught cakes, as well as frozen noodles and rice products and frozen dishes. The company markets its products through a network of distributors, supermarkets, special communications, and e-commerce channels.

Anjoy Foods Group Fundamentals Summary

How do Anjoy Foods Group's earnings and revenue compare to its market cap?
603345 fundamental statistics
Market Cap	CN¥44.04b
Earnings (TTM)	CN¥712.96m
Revenue (TTM)	CN¥9.73b

61.8x

P/E Ratio

4.5x

P/S Ratio

Is 603345 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
603345 income statement (TTM)
Revenue	CN¥9.73b
Cost of Revenue	CN¥7.63b
Gross Profit	CN¥2.10b
Other Expenses	CN¥1.38b
Earnings	CN¥712.96m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	2.43
Gross Margin	21.55%
Net Profit Margin	7.33%
Debt/Equity Ratio	3.2%

How did 603345 perform over the long term?

See historical performance and comparison

Dividends

0.5%

Current Dividend Yield

24%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 603345 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 603345?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 603345. This is calculated by dividing 603345's market cap by their current preferred multiple.
What is 603345's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥44.04b

603345 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.9x
Enterprise Value/EBITDA	37.8x
PEG Ratio	2.3x

Price to Earnings Ratio vs Peers

How does 603345's PE Ratio compare to its peers?

603345 PE Ratio vs Peers

The above table shows the PE ratio for 603345 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	43.2x
600298 Angel Yeast	37.1x	23.3%	CN¥42.6b
600873 MeiHua Holdings GroupLtd	8.6x	13.2%	CN¥33.6b
603517 Juewei Food	37.1x	25.2%	CN¥30.9b
002311 Guangdong Haid Group	90x	45.0%	CN¥98.1b
603345 Anjoy Foods Group	61.8x	26.9%	CN¥44.0b

Price-To-Earnings vs Peers: 603345 is expensive based on its Price-To-Earnings Ratio (61.8x) compared to the peer average (43.2x).

Price to Earnings Ratio vs Industry

How does 603345's PE Ratio compare vs other companies in the CN Food Industry?

Price-To-Earnings vs Industry: 603345 is expensive based on its Price-To-Earnings Ratio (61.8x) compared to the CN Food industry average (37.7x)

Price to Earnings Ratio vs Fair Ratio

What is 603345's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

603345 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	61.8x
Fair PE Ratio	40.2x

Price-To-Earnings vs Fair Ratio: 603345 is expensive based on its Price-To-Earnings Ratio (61.8x) compared to the estimated Fair Price-To-Earnings Ratio (40.2x).

Share Price vs Fair Value

What is the Fair Price of 603345 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 603345 (CN¥150.15) is trading below our estimate of fair value (CN¥247.9)

Significantly Below Fair Value: 603345 is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

Discover undervalued companies

Future Growth

How is Anjoy Foods Group forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

26.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 603345's forecast earnings growth (26.9% per year) is above the savings rate (3.2%).

Earnings vs Market: 603345's earnings (26.9% per year) are forecast to grow faster than the CN market (24.5% per year).

High Growth Earnings: 603345's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 603345's revenue (22% per year) is forecast to grow faster than the CN market (17.7% per year).

High Growth Revenue: 603345's revenue (22% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 603345's Return on Equity is forecast to be low in 3 years time (15.7%).

Discover growth companies

Past Performance

How has Anjoy Foods Group performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

31.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 603345 has high quality earnings.

Growing Profit Margin: 603345's current net profit margins (7.3%) are lower than last year (9.1%).

Past Earnings Growth Analysis

Earnings Trend: 603345's earnings have grown significantly by 31.1% per year over the past 5 years.

Accelerating Growth: 603345's earnings growth over the past year (3.4%) is below its 5-year average (31.1% per year).

Earnings vs Industry: 603345 earnings growth over the past year (3.4%) exceeded the Food industry -4.1%.

Return on Equity

High ROE: 603345's Return on Equity (6.5%) is considered low.

Discover strong past performing companies

Financial Health

How is Anjoy Foods Group's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: 603345's short term assets (CN¥9.8B) exceed its short term liabilities (CN¥2.7B).

Long Term Liabilities: 603345's short term assets (CN¥9.8B) exceed its long term liabilities (CN¥484.6M).

Debt to Equity History and Analysis

Debt Level: 603345 has more cash than its total debt.

Reducing Debt: 603345's debt to equity ratio has reduced from 12.9% to 3.2% over the past 5 years.

Debt Coverage: 603345's debt is well covered by operating cash flow (257.7%).

Interest Coverage: 603345 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

Discover healthy companies

Dividend

What is Anjoy Foods Group current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

0.46%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 603345's dividend (0.47%) is higher than the bottom 25% of dividend payers in the CN market (0.45%).

High Dividend: 603345's dividend (0.47%) is low compared to the top 25% of dividend payers in the CN market (1.87%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, 603345 has been paying a dividend for less than 10 years.

Growing Dividend: 603345's dividend payments have increased, but the company has only paid a dividend for 5 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (24.1%), 603345's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: 603345 is paying a dividend but the company has no free cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

CN¥2m

CEO Compensation

CEO

Qing Miao Zhang (53 yo)

no data

Tenure

CN¥2,152,000

Compensation

Mr. Qing Miao Zhang serves as General Manager of Fu Jian Anjoy Foods Co., Ltd. Mr. Zhang served as General Manager of Wuxi Industrial Co., Ltd. He serves as Vice Chairman of the Board of Directors and Dire...

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 20%.

Data	Last Updated (UTC time)
Company Analysis	2022/08/14 00:00
End of Day Share Price	2022/08/12 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31