Board Change • Jul 21
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. President, Financial Director & Non-Independent Director Bo Gao was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 02
C&S Paper Co.,Ltd to Report First Half, 2026 Results on Aug 21, 2026 C&S Paper Co.,Ltd announced that they will report first half, 2026 results on Aug 21, 2026 Major Estimate Revision • Jun 26
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from CN¥0.345 to CN¥0.31 per share. Revenue forecast steady at CN¥9.67b. Net income forecast to grow 19% next year vs 15% growth forecast for Household Products industry in China. Consensus price target broadly unchanged at CN¥8.10. Share price fell 3.7% to CN¥6.58 over the past week. Price Target Changed • Jun 23
Price target increased by 7.3% to CN¥8.10 Up from CN¥7.55, the current price target is an average from 2 analysts. New target price is 17% above last closing price of CN¥6.90. Stock is up 3.6% over the past year. The company is forecast to post earnings per share of CN¥0.31 for next year compared to CN¥0.25 last year. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 36% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 15
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: CN¥0.25 (up from CN¥0.06 in FY 2024). Revenue: CN¥8.78b (up 7.7% from FY 2024). Net income: CN¥318.6m (up 313% from FY 2024). Profit margin: 3.6% (up from 0.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 11% per year. Announcement • Apr 15
C&S Paper Co.,Ltd, Annual General Meeting, May 07, 2026 C&S Paper Co.,Ltd, Annual General Meeting, May 07, 2026, at 14:30 China Standard Time. Location: No. 136, Caihong Avenue, West District, Zhongshan, Guangdong China Announcement • Mar 31
C&S Paper Co.,Ltd to Report Q1, 2026 Results on Apr 28, 2026 C&S Paper Co.,Ltd announced that they will report Q1, 2026 results on Apr 28, 2026 Announcement • Feb 26
C&S Paper Co.,Ltd (SZSE:002511) announces an Equity Buyback for CNY 120 million worth of its shares. C&S Paper Co.,Ltd (SZSE:002511) announces a share repurchase program. Under the program, the company will repurchase up to CNY 120 million worth of class A shares. The shares will be repurchased at a price not exceeding CNY 12.4 per share. The purpose of the share repurchases will be used for equity incentive plans or employee stock ownership plans. The shares will be repurchased from company's own funds. If the company fails to use the repurchased shares for the above purposes within three years from the date of completion of this share repurchase, the unused part of the repurchased shares will be cancelled in accordance with relevant procedures .The program is valid for 12 months i.e February 23, 2027. Announcement • Dec 31
C&S Paper Co.,Ltd to Report Fiscal Year 2025 Results on Apr 22, 2026 C&S Paper Co.,Ltd announced that they will report fiscal year 2025 results on Apr 22, 2026 Board Change • Dec 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Financial Director & Non-Independent Director Bo Gao was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 15
C&S Paper Co.,Ltd Approves Board Appointments C&S Paper Co.,Ltd at its EGM held on 13 November 2025, approved By-election of non-independent directors: Gao Bo, non-independent director; Liang Geyu, non-independent director. Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: CN¥0.06 (vs CN¥0.022 loss in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.06 (up from CN¥0.022 loss in 3Q 2024). Revenue: CN¥2.15b (up 11% from 3Q 2024). Net income: CN¥80.0m (up CN¥114.0m from 3Q 2024). Profit margin: 3.7% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
C&S Paper Co.,Ltd to Report Q3, 2025 Results on Oct 28, 2025 C&S Paper Co.,Ltd announced that they will report Q3, 2025 results on Oct 28, 2025 Major Estimate Revision • Aug 26
Consensus EPS estimates increase by 18%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥9.01b to CN¥8.91b. EPS estimate rose from CN¥0.188 to CN¥0.222. Net income forecast to grow 139% next year vs 33% growth forecast for Household Products industry in China. Consensus price target up from CN¥6.15 to CN¥6.67. Share price rose 7.5% to CN¥8.93 over the past week. New Risk • Aug 23
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.7% net profit margin). Announcement • Aug 23
C&S Paper Co.,Ltd Proposes Interim Cash Dividend for the First Half of 2025 C&S Paper Co.,Ltd announced on 20 August 2025 the profit distribution proposal for the first half of 2025 as follows: Interim Cash dividend/10 shares (tax included): CNY 0.63000000. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: CN¥0.071 (vs CN¥0.007 loss in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.071 (up from CN¥0.007 loss in 2Q 2024). Revenue: CN¥2.26b (up 3.9% from 2Q 2024). Net income: CN¥83.4m (up CN¥91.3m from 2Q 2024). Profit margin: 3.7% (up from net loss in 2Q 2024). Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 21
Price target increased by 8.5% to CN¥6.67 Up from CN¥6.15, the current price target is an average from 4 analysts. New target price is 25% below last closing price of CN¥8.91. Stock is up 31% over the past year. The company is forecast to post earnings per share of CN¥0.20 for next year compared to CN¥0.06 last year. Announcement • Jul 02
C&S Paper Co.,Ltd to Report First Half, 2025 Results on Aug 20, 2025 C&S Paper Co.,Ltd announced that they will report first half, 2025 results on Aug 20, 2025 New Risk • Apr 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: CN¥0.05 (vs CN¥0.07 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.05 (down from CN¥0.07 in 1Q 2024). Revenue: CN¥2.07b (up 12% from 1Q 2024). Net income: CN¥66.8m (down 30% from 1Q 2024). Profit margin: 3.2% (down from 5.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Apr 25
C&S Paper Co.,Ltd, Annual General Meeting, May 19, 2025 C&S Paper Co.,Ltd, Annual General Meeting, May 19, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Zhongshan, Guangdong China Price Target Changed • Apr 10
Price target decreased by 11% to CN¥7.03 Down from CN¥7.86, the current price target is an average from 4 analysts. New target price is 7.4% above last closing price of CN¥6.54. Stock is down 20% over the past year. The company is forecast to post earnings per share of CN¥0.30 for next year compared to CN¥0.26 last year. Announcement • Apr 04
C&S Paper Co.,Ltd (SZSE:002511) announces an Equity Buyback for CNY 60 million worth of its shares. C&S Paper Co.,Ltd (SZSE:002511) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of shares. The shares will be repurchased at a price not exceeding CNY 9.77 per share. The purpose of the share repurchases will be used for equity incentive plans or employee stock ownership plans. The shares will be repurchased from company's own funds. If the company fails to use the repurchased shares for the above purposes within three years from the date of completion of this share repurchase, the unused part of the repurchased shares will be cancelled in accordance with relevant procedures .The program is valid for 12 months. Announcement • Mar 31
C&S Paper Co.,Ltd to Report Q1, 2025 Results on Apr 25, 2025 C&S Paper Co.,Ltd announced that they will report Q1, 2025 results on Apr 25, 2025 Announcement • Dec 31
C&S Paper Co.,Ltd to Report Fiscal Year 2024 Results on Mar 31, 2025 C&S Paper Co.,Ltd announced that they will report fiscal year 2024 results on Mar 31, 2025 Reported Earnings • Oct 29
Third quarter 2024 earnings released: CN¥0.022 loss per share (vs CN¥0.081 profit in 3Q 2023) Third quarter 2024 results: CN¥0.022 loss per share (down from CN¥0.081 profit in 3Q 2023). Revenue: CN¥1.93b (down 9.5% from 3Q 2023). Net loss: CN¥34.0m (down 142% from profit in 3Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 30% per year whereas the company’s share price has fallen by 26% per year. Announcement • Sep 30
C&S Paper Co.,Ltd to Report Q3, 2024 Results on Oct 29, 2024 C&S Paper Co.,Ltd announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥7.26, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 18x in the Household Products industry in China. Total loss to shareholders of 57% over the past three years. Price Target Changed • Sep 03
Price target decreased by 15% to CN¥7.75 Down from CN¥9.12, the current price target is an average from 6 analysts. New target price is 22% above last closing price of CN¥6.33. Stock is down 39% over the past year. The company is forecast to post earnings per share of CN¥0.34 for next year compared to CN¥0.26 last year. New Risk • Aug 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 28
Second quarter 2024 earnings released: CN¥0.007 loss per share (vs CN¥0.003 loss in 2Q 2023) Second quarter 2024 results: CN¥0.007 loss per share (further deteriorated from CN¥0.003 loss in 2Q 2023). Revenue: CN¥2.18b (down 17% from 2Q 2023). Net loss: CN¥7.87m (loss widened 59% from 2Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Announcement • Aug 01
C&S Paper Co.,Ltd (SZSE:002511) commences an Equity Buyback Plan for CNY 100 million worth of its shares, under the authorization approved on November 21, 2023. C&S Paper Co.,Ltd (SZSE:002511) commences a share repurchases on July 30, 2024, under the program mandated by the shareholders in the Extraordinary General Meeting held on November 21, 2023. As per the mandate, the company is authorized to repurchase up to CNY 100 million worth of its shares. The shares will be repurchased at a price of CNY 15.5 per share. The repurchased shares will be cancelled and the company's registered capital will be reduced. The authorization will be valid for a period of 12 months. Announcement • Jun 29
C&S Paper Co.,Ltd to Report First Half, 2024 Results on Aug 28, 2024 C&S Paper Co.,Ltd announced that they will report first half, 2024 results on Aug 28, 2024 Declared Dividend • May 30
Dividend reduced to CN¥0.06 Dividend of CN¥0.06 is 3.2% lower than last year. Ex-date: 3rd June 2024 Payment date: 3rd June 2024 Dividend yield will be 0.8%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 80% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 29
C&S Paper Co.,Ltd Announces Final Cash Dividend Plan on A Shares for 2023, Payable on 3 June 2024 C&S Paper Co.,Ltd announced 2023 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY 0.60000000. Record date: 31 May 2024, Ex-date: 3 June 2024, Payment date: 3 June 2024. Price Target Changed • Apr 28
Price target decreased by 12% to CN¥9.34 Down from CN¥10.62, the current price target is an average from 5 analysts. New target price is 8.1% above last closing price of CN¥8.64. Stock is down 27% over the past year. The company is forecast to post earnings per share of CN¥0.38 for next year compared to CN¥0.26 last year. Announcement • Apr 27
C&S Paper Co.,Ltd Proposes Final Dividend for the Year 2023 C&S Paper Co.,Ltd announced on 25 April 2024 the profit distribution proposal for 2023 as follows: Final Cash dividend/10 shares (tax included): CNY 0.60000000. Announcement • Apr 26
C&S Paper Co.,Ltd, Annual General Meeting, May 20, 2024 C&S Paper Co.,Ltd, Annual General Meeting, May 20, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Zhongshan, Guangdong China Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: CN¥0.07 (vs CN¥0.07 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.07 (in line with 1Q 2023). Revenue: CN¥1.85b (down 11% from 1Q 2023). Net income: CN¥95.5m (up 6.7% from 1Q 2023). Profit margin: 5.2% (up from 4.3% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 11
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CN¥0.293 to CN¥0.257. Revenue forecast unchanged from CN¥9.79b at last update. Net income forecast to grow 110% next year vs 10% growth forecast for Household Products industry in China. Consensus price target broadly unchanged at CN¥10.62. Share price fell 4.1% to CN¥8.20 over the past week. Announcement • Mar 30
C&S Paper Co.,Ltd to Report Q1, 2024 Results on Apr 25, 2024 C&S Paper Co.,Ltd announced that they will report Q1, 2024 results on Apr 25, 2024 Price Target Changed • Mar 19
Price target decreased by 8.5% to CN¥10.77 Down from CN¥11.77, the current price target is an average from 6 analysts. New target price is 20% above last closing price of CN¥8.95. Stock is down 25% over the past year. The company is forecast to post earnings per share of CN¥0.30 for next year compared to CN¥0.27 last year. Announcement • Feb 09
C&S Paper Co.,Ltd Appoints Yue Yong as Non-Independent Director C&S Paper Co.,Ltd appointed Yue Yong as non-independent director at its EGM held on 07 February 2024. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥9.51, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Household Products industry in China. Total loss to shareholders of 62% over the past three years. Announcement • Dec 30
C&S Paper Co.,Ltd to Report Fiscal Year 2023 Results on Apr 25, 2024 C&S Paper Co.,Ltd announced that they will report fiscal year 2023 results on Apr 25, 2024 Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CN¥0.328 to CN¥0.28 per share. Revenue forecast steady at CN¥9.67b. Net income forecast to grow 142% next year vs 33% growth forecast for Household Products industry in China. Consensus price target up from CN¥12.25 to CN¥12.58. Share price rose 6.3% to CN¥10.85 over the past week. New Risk • Oct 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Reported Earnings • Oct 26
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: CN¥0.081 (up from CN¥0.038 in 3Q 2022). Revenue: CN¥2.14b (up 22% from 3Q 2022). Net income: CN¥80.9m (up 73% from 3Q 2022). Profit margin: 3.8% (up from 2.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) missed analyst estimates by 40%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Sep 21
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from CN¥0.288 to CN¥0.328. Revenue forecast unchanged at CN¥9.64b. Net income forecast to grow 167% next year vs 40% growth forecast for Household Products industry in China. Consensus price target broadly unchanged at CN¥12.25. Share price was steady at CN¥10.09 over the past week. Price Target Changed • Sep 20
Price target decreased by 7.2% to CN¥12.25 Down from CN¥13.20, the current price target is an average from 9 analysts. New target price is 20% above last closing price of CN¥10.18. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of CN¥0.33 for next year compared to CN¥0.27 last year. Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥9.89b to CN¥9.63b. EPS estimate also fell from CN¥0.448 per share to CN¥0.278 per share. Net income forecast to grow 152% next year vs 31% growth forecast for Household Products industry in China. Consensus price target down from CN¥13.20 to CN¥12.49. Share price rose 3.3% to CN¥10.37 over the past week. New Risk • Aug 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.3% Last year net profit margin: 4.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.3% net profit margin). Buying Opportunity • Jun 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be CN¥14.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 178% in the next 2 years. Buying Opportunity • May 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be CN¥14.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 31% in 2 years. Earnings is forecast to grow by 181% in the next 2 years. Announcement • May 26
C&S Paper Co.,Ltd Announces Cash Dividend on A Shares for the Year 2022, Payable on 1 June 2023 C&S Paper Co.,Ltd announced 2022 final profit distribution plan to be implemented (A shares): Cash dividend of CNY 0.62000000 per ten shares (tax included) for the year 2022. Record date is 31 May 2023. Ex-date is 01 June 2023. Payment date is 01 June 2023. Buying Opportunity • May 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.7%. The fair value is estimated to be CN¥14.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 30% in 2 years. Earnings is forecast to grow by 181% in the next 2 years. Price Target Changed • Apr 26
Price target increased by 9.6% to CN¥14.04 Up from CN¥12.81, the current price target is an average from 8 analysts. New target price is 25% above last closing price of CN¥11.25. Stock is up 10% over the past year. The company is forecast to post earnings per share of CN¥0.47 for next year compared to CN¥0.27 last year. Reported Earnings • Apr 23
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: CN¥0.07 (down from CN¥0.10 in 1Q 2022). Revenue: CN¥2.06b (up 9.4% from 1Q 2022). Net income: CN¥89.4m (down 33% from 1Q 2022). Profit margin: 4.3% (down from 7.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: CN¥0.27 (vs CN¥0.45 in FY 2021) Full year 2022 results: EPS: CN¥0.27 (down from CN¥0.45 in FY 2021). Revenue: CN¥8.57b (down 6.3% from FY 2021). Net income: CN¥352.0m (down 39% from FY 2021). Profit margin: 4.1% (down from 6.4% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 16
Price target decreased to CN¥11.18 Down from CN¥12.20, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of CN¥11.21. Stock is down 38% over the past year. The company is forecast to post earnings per share of CN¥0.33 for next year compared to CN¥0.45 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Guoquan He was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥10.1b to CN¥9.66b. EPS estimate also fell from CN¥0.44 per share to CN¥0.33 per share. Net income forecast to grow 58% next year vs 53% growth forecast for Household Products industry in China. Consensus price target down from CN¥12.20 to CN¥11.20. Share price fell 2.4% to CN¥9.36 over the past week. Price Target Changed • Oct 28
Price target decreased to CN¥11.20 Down from CN¥12.20, the current price target is an average from 6 analysts. New target price is 19% above last closing price of CN¥9.39. Stock is down 45% over the past year. The company is forecast to post earnings per share of CN¥0.36 for next year compared to CN¥0.45 last year. Reported Earnings • Oct 26
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CN¥0.038 (down from CN¥0.059 in 3Q 2021). Revenue: CN¥1.75b (down 14% from 3Q 2021). Net income: CN¥46.9m (down 39% from 3Q 2021). Profit margin: 2.7% (down from 3.8% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 32%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 8% per year. Buying Opportunity • Oct 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be CN¥12.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 30% in 2 years. Earnings is forecast to grow by 101% in the next 2 years. Price Target Changed • Oct 22
Price target decreased to CN¥11.83 Down from CN¥13.07, the current price target is an average from 6 analysts. New target price is 18% above last closing price of CN¥10.06. Stock is down 46% over the past year. The company is forecast to post earnings per share of CN¥0.44 for next year compared to CN¥0.45 last year. Major Estimate Revision • Sep 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from CN¥0.41 to CN¥0.47. Revenue forecast unchanged at CN¥10.2b. Net income forecast to grow 71% next year vs 28% growth forecast for Household Products industry in China. Consensus price target of CN¥12.99 unchanged from last update. Share price fell 5.7% to CN¥10.64 over the past week. Major Estimate Revision • Sep 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CN¥0.52 to CN¥0.41 per share. Revenue forecast steady at CN¥10.2b. Net income forecast to grow 70% next year vs 30% growth forecast for Household Products industry in China. Consensus price target down from CN¥13.39 to CN¥12.99. Share price was steady at CN¥10.81 over the past week. Reported Earnings • Sep 04
Second quarter 2022 earnings released: EPS: CN¥0.07 (vs CN¥0.10 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.07 (down from CN¥0.10 in 2Q 2021). Revenue: CN¥2.48b (up 16% from 2Q 2021). Net income: CN¥94.3m (down 31% from 2Q 2021). Profit margin: 3.8% (down from 6.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 17%, compared to a 17% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 7% per year. Announcement • May 27
C&S Paper Co.,Ltd Announces 2021 Final Profit Distribution Plan to Be Implemented (A Shares), Payable on 31 May 2022 C&S Paper Co.,Ltd announced the cash dividend of CNY 1.00000000 per 10 A shares (tax included). The dividend will paid on 31 May 2022 with record date of 30 May 2022 and ex-date is 31 May 2022. Announcement • May 21
C&S Paper Co.,Ltd Approves 2021 Profit Distribution Plan C&S Paper Co.,Ltd approved 2021 profit distribution plan. The detailed profit distribution plan are as follows: 1) Cash dividend/10 shares (tax included): CNY 1.00000000. Major Estimate Revision • May 04
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥10.5b to CN¥10.2b. EPS estimate also fell from CN¥0.67 per share to CN¥0.51 per share. Net income forecast to grow 64% next year vs 19% growth forecast for Household Products industry in China. Consensus price target down from CN¥16.71 to CN¥14.76. Share price rose 3.2% to CN¥10.52 over the past week. Price Target Changed • Apr 30
Price target decreased to CN¥15.09 Down from CN¥16.71, the current price target is an average from 8 analysts. New target price is 43% above last closing price of CN¥10.52. Stock is down 66% over the past year. The company is forecast to post earnings per share of CN¥0.52 for next year compared to CN¥0.45 last year. Reported Earnings • Apr 28
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.10 (down from CN¥0.21 in 1Q 2021). Revenue: CN¥1.88b (down 10% from 1Q 2021). Net income: CN¥133.3m (down 51% from 1Q 2021). Profit margin: 7.1% (down from 13% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 39%. Over the next year, revenue is forecast to grow 21%, compared to a 8.0% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to CN¥16.71 Down from CN¥18.41, the current price target is an average from 9 analysts. New target price is 64% above last closing price of CN¥10.19. Stock is down 65% over the past year. The company is forecast to post earnings per share of CN¥0.67 for next year compared to CN¥0.45 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Guoquan He was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 12
Price target decreased to CN¥17.26 Down from CN¥19.65, the current price target is an average from 9 analysts. New target price is 47% above last closing price of CN¥11.71. Stock is down 59% over the past year. The company is forecast to post earnings per share of CN¥0.69 for next year compared to CN¥0.45 last year. Major Estimate Revision • Mar 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CN¥0.80 to CN¥0.60 per share. Revenue forecast steady at CN¥10.5b. Net income forecast to grow 61% next year vs 14% growth forecast for Household Products industry in China. Consensus price target down from CN¥22.20 to CN¥19.65. Share price fell 3.1% to CN¥12.30 over the past week. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: CN¥0.45 (down from CN¥0.70 in FY 2020). Revenue: CN¥9.19b (up 18% from FY 2020). Net income: CN¥581.5m (down 36% from FY 2020). Profit margin: 6.3% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 15%, compared to a 9.1% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 19% per year and the company’s share price has also increased by 19% per year. Buying Opportunity • Feb 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be CN¥18.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. Earnings per share has grown by 27% per annum over the last 3 years. Buying Opportunity • Jan 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be CN¥18.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. Earnings per share has grown by 27% per annum over the last 3 years. Price Target Changed • Nov 12
Price target decreased to CN¥22.62 Down from CN¥24.48, the current price target is an average from 11 analysts. New target price is 29% above last closing price of CN¥17.53. Stock is down 17% over the past year. The company is forecast to post earnings per share of CN¥0.47 for next year compared to CN¥0.70 last year. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.059 (vs CN¥0.17 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥2.03b (up 4.5% from 3Q 2020). Net income: CN¥77.3m (down 65% from 3Q 2020). Profit margin: 3.8% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 30% per year. Price Target Changed • Sep 27
Price target decreased to CN¥25.77 Down from CN¥27.86, the current price target is an average from 13 analysts. New target price is 48% above last closing price of CN¥17.38. Stock is down 13% over the past year. Board Change • Sep 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Guoquan He was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
