How does 38's PE Ratio compare to its peers?

38 is good value based on its Price-To-Earnings Ratio (7.3x) compared to the peer average (23.8x).

How does 38's PE Ratio compare vs other companies in the HK Machinery Industry?

38 is good value based on its Price-To-Earnings Ratio (7.3x) compared to the Hong Kong Machinery industry average (7.3x).

What is 38'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.

38 is good value based on its Price-To-Earnings Ratio (7.3x) compared to the estimated Fair Price-To-Earnings Ratio (9.7x).

What is the Fair Price of 38 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

38 (HK$7.08) is trading below our estimate of [[fair value]] (HK$20.11)

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

Insufficient data to show price forecast.

First Tractor (SZSC:38) - Stock Price, News & Analysis

38 Stock Overview

Engages in the research and development, manufacture, and sale of agricultural and power machinery, and related products worldwide. More details

38 fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	4/6
Past Performance	3/6
Financial Health	6/6
Dividends	4/6

Rewards

Trading at 64.8% below our estimate of its fair value

Earnings are forecast to grow 24.77% per year

Earnings have grown 39.4% per year over the past 5 years

Trading at good value compared to peers and industry

Risk Analysis

Unstable dividend track record

First Tractor Company Limited Competitors

CIMC Enric Holdings

SEHK:3899

HK$13.6b

Sany Heavy Equipment International Holdings

SEHK:631

HK$15.4b

CSSC Offshore & Marine Engineering (Group)

SEHK:317

HK$28.2b

China Conch Venture Holdings

SEHK:586

HK$11.5b

Price History & Performance

Summary of all time highs, changes and price drops for First Tractor
Historical stock prices
Current Share Price	HK$7.08
52 Week High	HK$10.40
52 Week Low	HK$4.31
Beta	1.05
11 Month Change	-8.05%
3 Month Change	-5.60%
1 Year Change	64.27%
33 Year Change	96.12%
5 Year Change	334.36%
Change since IPO	58.04%

Recent updates

Shareholder Returns

	38	HK Machinery	HK Market
7D	6.3%	0.1%	-0.6%
1Y	64.3%	5.6%	9.6%

Return vs Industry: 38 exceeded the Hong Kong Machinery industry which returned 5.6% over the past year.

Return vs Market: 38 exceeded the Hong Kong Market which returned 9.6% over the past year.

Price Volatility

Is 38's price volatile compared to industry and market?
38 volatility
38 Average Weekly Movement	8.5%
Machinery Industry Average Movement	7.8%
Market Average Movement	8.9%
10% most volatile stocks in HK Market	19.2%
10% least volatile stocks in HK Market	4.3%

Stable Share Price: 38 has not had significant price volatility in the past 3 months compared to the Hong Kong market.

Volatility Over Time: 38's weekly volatility (8%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1955	6,891	Tao Wei	www.first-tractor.com.cn

First Tractor Company Limited engages in the research and development, manufacture, and sale of agricultural and power machinery, and related products worldwide. It offers wheeled and crawler tractors; and off-road diesel engines, its components, such as castings, forgings, gears, gear boxes, and covers, and cylinder blocks, crankshafts, oil injection pumps, and oil injection nozzles, as well as fuel injection pumps and fuel engines. The company was formerly known as First Tractor Works of China.

First Tractor Company Limited Fundamentals Summary

How do First Tractor's earnings and revenue compare to its market cap?
38 fundamental statistics
Market cap	HK$14.65b
Earnings (TTM)	HK$1.09b
Revenue (TTM)	HK$12.91b

7.3x

P/E Ratio

0.6x

P/S Ratio

Is 38 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
38 income statement (TTM)
Revenue	CN¥12.02b
Cost of Revenue	CN¥10.16b
Gross Profit	CN¥1.86b
Other Expenses	CN¥848.30m
Earnings	CN¥1.01b

Last Reported Earnings

Sep 30, 2024

Next Earnings Date

n/a

Earnings per share (EPS)	0.90
Gross Margin	15.48%
Net Profit Margin	8.43%
Debt/Equity Ratio	2.7%

How did 38 perform over the long term?

See historical performance and comparison

Dividends

4.8%

Current Dividend Yield

35%

Payout Ratio

38 Stock Overview

Rewards

Risk Analysis

First Tractor Company Limited Competitors

SEHK:3899

HK$13.6b

SEHK:631

HK$15.4b

SEHK:317

HK$28.2b

SEHK:586

HK$11.5b

Price History & Performance

Recent News & Updates

Third quarter 2024 earnings released: EPS: CN¥0.17 (vs CN¥0.29 in 3Q 2023)

Now 22% undervalued

Investor sentiment improves as stock rises 16%

First Tractor Company Limited to Report Q3, 2024 Results on Oct 30, 2024

Second quarter 2024 earnings released: EPS: CN¥0.27 (vs CN¥0.24 in 2Q 2023)

Now 20% overvalued

Recent updates

Third quarter 2024 earnings released: EPS: CN¥0.17 (vs CN¥0.29 in 3Q 2023)

Now 22% undervalued

Investor sentiment improves as stock rises 16%

First Tractor Company Limited to Report Q3, 2024 Results on Oct 30, 2024

Second quarter 2024 earnings released: EPS: CN¥0.27 (vs CN¥0.24 in 2Q 2023)

Now 20% overvalued

First Tractor Company Limited Approves Board Appointments

First Tractor Company Limited to Report First Half, 2024 Results on Aug 29, 2024

First Tractor Company Limited Approves Final Ordinary for the Financial Year End 31 December 2023, Payable on July 5, 2024

Upcoming dividend of CN¥0.32 per share

First quarter 2024 earnings released

Dividend of CN¥0.32 announced

First Tractor Company Limited, Annual General Meeting, May 29, 2024

Investor sentiment improves as stock rises 16%

First Tractor Company Limited to Report Q1, 2024 Results on Apr 26, 2024

First Tractor Company Limited Proposes Final Dividend for the Financial Year End 31 December 2023, Payable on 31 July 2024

Full year 2023 earnings released: EPS: CN¥0.89 (vs CN¥0.61 in FY 2022)

Investor sentiment improves as stock rises 18%

Investor sentiment improves as stock rises 16%

First Tractor Company Limited Provides Earnings Guidance for the Year Ended 31 December 2023

Investor sentiment deteriorates as stock falls 15%

First Tractor Company Limited to Report Fiscal Year 2023 Results on Mar 28, 2024

Third quarter 2023 earnings released: EPS: CN¥0.29 (vs CN¥0.29 in 3Q 2022)

First Tractor Company Limited Announces Changes of directorate

First Tractor Company Limited to Report Q3, 2023 Results on Oct 28, 2023

Second quarter 2023 earnings released: EPS: CN¥0.24 (vs CN¥0.09 in 2Q 2022)

First Tractor Company Limited to Report First Half, 2023 Results on Aug 29, 2023

First Tractor Company Limited Approves Dividend for the Financial Year Ended 31 December 2022, Payable on 06 July 2023

Upcoming dividend of CN¥0.23 per share at 6.5% yield

Full year 2022 earnings released: EPS: CN¥0.61 (vs CN¥0.39 in FY 2021)

High number of new and inexperienced directors

Third quarter 2022 earnings released

First Tractor Company Limited Announces Resignation of Mr. Ma Zhihui as A Non-Executive Director and A Member of the Remuneration Committee of the Board of Directors

First Tractor Company Limited to Report Q3, 2022 Results on Oct 27, 2022

Second quarter 2022 earnings released: EPS: CN¥0.09 (vs CN¥0.11 in 2Q 2021)

First Tractor Company Limited to Report First Half, 2022 Results on Aug 25, 2022

First Tractor Company Limited Announces Resignation of Su Ye as Financial Controller

High number of new and inexperienced directors

First Tractor Company Limited Declares Final Dividend for the Year Ended 31 December 2021, Payable on June 29, 2022

Upcoming dividend of CN¥0.12 per share

High number of new and inexperienced directors

First quarter 2022 earnings released: EPS: CN¥0.43 (vs CN¥0.36 in 1Q 2021)

First Tractor Company Limited to Report Q1, 2022 Results on Apr 27, 2022

First Tractor Company Limited Announces Board Changes

First Tractor Company Limited, Annual General Meeting, May 13, 2022

Full year 2021 earnings released: EPS: CN¥0.39 (vs CN¥0.28 in FY 2020)

First Tractor Company Limited Announces Final Dividend for the Year Ended 31 December 2021, Payable on July 31, 2022

Investor sentiment improved over the past week

First Tractor Company Limited Announces Management Retirement

First Tractor Company Limited Provides Earnings Outlook for the Year 2021

Third quarter 2021 earnings released: EPS CN¥0.14 (vs CN¥0.16 in 3Q 2020)

Second quarter 2021 earnings released: EPS CN¥0.11 (vs CN¥0.13 in 2Q 2020)

Investor sentiment deteriorated over the past week

Investor sentiment improved over the past week

Vice Chairman Jibo Cai has left the company

Upcoming dividend of HK$0.089 per share

First Tractor Company Limited Proposes Dividend for the Year Ended December 31, 2020

Investor sentiment improved over the past week

First quarter 2021 earnings released