Shanghai AiyingshiLtd (SHSE:603214) - Share price, News & Analysis

Q: What is the Fair Price of 603214 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

603214 (CN¥18.25) is trading above our estimate of [[fair value]] (CN¥6.46)

603214 fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	2/6
Past Performance	0/6
Financial Health	4/6
Dividends	2/6

603214 Stock Overview

Shanghai Aiyingshi Co.,Ltd provides maternal and child products in China.

Rewards

Earnings are forecast to grow 23.07% per year

Risk Analysis

High level of non-cash earnings

Dividend of 1.1% is not well covered by earnings

Profit margins (1.7%) are lower than last year (5.2%)

Shanghai AiyingshiLtd Competitors

Shanghai Yuyuan Tourist Mart (Group)

SHSE:600655

CN¥32.1b

Sichuan Haowu Electromechanical

SZSE:000757

CN¥3.3b

Hunan Heshun PetroleumLtd

SHSE:603353

CN¥3.4b

Beijing Bashi Media

SHSE:600386

CN¥3.5b

Price History & Performance

Summary of all time highs, changes and price drops for Shanghai AiyingshiLtd
Historical stock prices
Current Share Price	CN¥18.25
52 Week High	CN¥29.72
52 Week Low	CN¥14.40
Beta	-0.19
1 Month Change	6.17%
3 Month Change	7.92%
1 Year Change	-34.85%
3 Year Change	-32.14%
5 Year Change	n/a
Change since IPO	-11.07%

Shareholder Returns

	603214	CN Specialty Retail	CN Market
7D	11.7%	1.6%	2.1%
1Y	-34.8%	-22.8%	-9.8%

Return vs Industry: 603214 underperformed the CN Specialty Retail industry which returned -22.8% over the past year.

Return vs Market: 603214 underperformed the CN Market which returned -9.8% over the past year.

Price Volatility

Is 603214's price volatile compared to industry and market?
603214 volatility
603214 Average Weekly Movement	5.4%
Specialty Retail Industry Average Movement	5.6%
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: 603214 is not significantly more volatile than the rest of CN stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 603214's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1997	4,391	Qiong Shi	https://www.aiyingshi.com

Shanghai Aiyingshi Co.,Ltd provides maternal and child products in China. The company’s products include infant dairy products, feeding supplies, toiletries, cotton textiles, paper products, toys, lathes, and other products. As of September 30, 2020, it operated 282 direct stores in Shanghai, Jiangsu, Zhejiang, Fujian, Chongqing, and Shenzhen.

Shanghai AiyingshiLtd Fundamentals Summary

How do Shanghai AiyingshiLtd's earnings and revenue compare to its market cap?
603214 fundamental statistics
Market Cap	CN¥2.52b
Earnings (TTM)	CN¥50.09m
Revenue (TTM)	CN¥2.96b

50.3x

P/E Ratio

0.9x

P/S Ratio

Is 603214 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
603214 income statement (TTM)
Revenue	CN¥2.96b
Cost of Revenue	CN¥2.10b
Gross Profit	CN¥859.72m
Other Expenses	CN¥809.63m
Earnings	CN¥50.09m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.36
Gross Margin	29.01%
Net Profit Margin	1.69%
Debt/Equity Ratio	53.6%

How did 603214 perform over the long term?

See historical performance and comparison

Dividends

1.1%

Current Dividend Yield

56%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 603214 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

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 603214?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 603214. This is calculated by dividing 603214's market cap by their current preferred multiple.
What is 603214's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥2.52b

603214 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	1x
Enterprise Value/EBITDA	27.7x
PEG Ratio	2.2x

Price to Earnings Ratio vs Peers

How does 603214's PE Ratio compare to its peers?

603214 PE Ratio vs Peers

The above table shows the PE ratio for 603214 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	30.4x
600655 Shanghai Yuyuan Tourist Mart (Group)	8.9x	11.7%	CN¥32.1b
000757 Sichuan Haowu Electromechanical	40.7x	n/a	CN¥3.3b
603353 Hunan Heshun PetroleumLtd	43x	n/a	CN¥3.4b
600386 Beijing Bashi Media	29x	n/a	CN¥3.5b
603214 Shanghai AiyingshiLtd	50.3x	23.1%	CN¥2.5b

Price-To-Earnings vs Peers: 603214 is expensive based on its Price-To-Earnings Ratio (50.3x) compared to the peer average (30.4x).

Price to Earnings Ratio vs Industry

How does 603214's PE Ratio compare vs other companies in the Asian Specialty Retail Industry?

Price-To-Earnings vs Industry: 603214 is expensive based on its Price-To-Earnings Ratio (50.3x) compared to the CN Specialty Retail industry average (24.3x)

Price to Earnings Ratio vs Fair Ratio

What is 603214'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.

603214 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	50.3x
Fair PE Ratio	22.2x

Price-To-Earnings vs Fair Ratio: 603214 is expensive based on its Price-To-Earnings Ratio (50.3x) compared to the estimated Fair Price-To-Earnings Ratio (22.2x).

Share Price vs Fair Value

What is the Fair Price of 603214 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 603214 (CN¥18.25) is trading above our estimate of fair value (CN¥6.46)

Significantly Below Fair Value: 603214 is trading above our estimate of fair value.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Shanghai AiyingshiLtd forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

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

23.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 603214's forecast earnings growth (23.1% per year) is above the savings rate (3.2%).

Earnings vs Market: 603214's earnings (23.1% per year) are forecast to grow slower than the CN market (24.5% per year).

High Growth Earnings: 603214's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 603214's revenue (12.3% per year) is forecast to grow slower than the CN market (17.8% per year).

High Growth Revenue: 603214's revenue (12.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 603214's Return on Equity is forecast to be low in 3 years time (9.6%).

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Past Performance

How has Shanghai AiyingshiLtd performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

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

-5.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 603214 has a high level of non-cash earnings.

Growing Profit Margin: 603214's current net profit margins (1.7%) are lower than last year (5.2%).

Past Earnings Growth Analysis

Earnings Trend: 603214's earnings have declined by 5% per year over the past 5 years.

Accelerating Growth: 603214's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 603214 had negative earnings growth (-57.9%) over the past year, making it difficult to compare to the Specialty Retail industry average (-0.4%).

Return on Equity

High ROE: 603214's Return on Equity (5.6%) is considered low.

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Financial Health

How is Shanghai AiyingshiLtd's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

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

Financial Position Analysis

Short Term Liabilities: 603214's short term assets (CN¥1.8B) exceed its short term liabilities (CN¥1.5B).

Long Term Liabilities: 603214's short term assets (CN¥1.8B) exceed its long term liabilities (CN¥354.6M).

Debt to Equity History and Analysis

Debt Level: 603214 has more cash than its total debt.

Reducing Debt: Insufficient data to determine if 603214's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: 603214's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: 603214's interest payments on its debt are well covered by EBIT (5.2x coverage).

Balance Sheet

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Dividend

What is Shanghai AiyingshiLtd 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

1.10%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 603214's dividend (1.1%) is higher than the bottom 25% of dividend payers in the CN market (0.45%).

High Dividend: 603214's dividend (1.1%) is low compared to the top 25% of dividend payers in the CN market (1.87%).

Stability and Growth of Payments

Stable Dividend: 603214 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 603214 has only been paying a dividend for 3 years, and since then payments have fallen.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (56.2%), 603214's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: 603214 is paying a dividend but the company has no free cash flows.

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Management

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

1.8yrs

Average management tenure

CEO

Qiong Shi (52 yo)

no data

Tenure

CN¥570,700

Compensation

Mr. Shi Qiong serves as Chairman, President and Chief Executive Officer of Shanghai Aiyingshi Co.,Ltd.

Leadership Team

Experienced Management: 603214's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Experienced Board: 603214's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.

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 not been meaningfully diluted in the past year.

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