Buy Or Sell Opportunity • May 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to CN¥21.31. The fair value is estimated to be CN¥26.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 8.8% in a year. Earnings are forecast to grow by 47% in the next year. Major Estimate Revision • Apr 24
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥16.8b to CN¥15.4b. EPS estimate also fell from CN¥3.36 per share to CN¥2.66 per share. Net income forecast to grow 12% next year vs 35% growth forecast for Multiline Retail industry in China. Consensus price target down from CN¥35.00 to CN¥32.00. Share price fell 2.7% to CN¥21.71 over the past week. Price Target Changed • Apr 22
Price target decreased by 8.6% to CN¥32.00 Down from CN¥35.00, the current price target is an average from 2 analysts. New target price is 49% above last closing price of CN¥21.53. Stock is down 34% over the past year. The company is forecast to post earnings per share of CN¥2.66 for next year compared to CN¥2.38 last year. Reported Earnings • Apr 19
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥2.38 (down from CN¥3.00 in FY 2024). Revenue: CN¥14.7b (down 14% from FY 2024). Net income: CN¥1.05b (down 21% from FY 2024). Profit margin: 7.1% (down from 7.7% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Duyuru • Mar 30
Chongqing Department Store Co.,Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Chongqing Department Store Co.,Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Buy Or Sell Opportunity • Mar 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to CN¥23.30. The fair value is estimated to be CN¥29.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has grown by 4.5%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 52% in the next 2 years. Buy Or Sell Opportunity • Feb 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to CN¥24.04. The fair value is estimated to be CN¥30.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has grown by 4.5%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Reported Earnings • Jan 15
Full year 2025 earnings released: EPS: CN¥2.32 (vs CN¥3.00 in FY 2024) Full year 2025 results: EPS: CN¥2.32 (down from CN¥3.00 in FY 2024). Revenue: CN¥14.7b (down 14% from FY 2024). Net income: CN¥1.02b (down 22% from FY 2024). Profit margin: 6.9% (down from 7.7% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Duyuru • Dec 26
Chongqing Department Store Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 18, 2026 Chongqing Department Store Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 18, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.50 (vs CN¥0.48 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.50 (up from CN¥0.48 in 3Q 2024). Revenue: CN¥3.59b (down 11% from 3Q 2024). Net income: CN¥217.4m (up 2.8% from 3Q 2024). Profit margin: 6.1% (up from 5.3% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year. Duyuru • Sep 30
Chongqing Department Store Co.,Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Chongqing Department Store Co.,Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Buy Or Sell Opportunity • Aug 13
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at CN¥31.10. The fair value is estimated to be CN¥39.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has grown by 9.7%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 7.4% in the next 2 years. Duyuru • Jun 30
Chongqing Department Store Co.,Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Chongqing Department Store Co.,Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Declared Dividend • Jun 30
Dividend of CN¥1.36 announced Shareholders will receive a dividend of CN¥1.36. Ex-date: 3rd July 2025 Payment date: 3rd July 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • May 27
Chongqing Department Store Co.,Ltd., Annual General Meeting, Jun 17, 2025 Chongqing Department Store Co.,Ltd., Annual General Meeting, Jun 17, 2025, at 09:00 China Standard Time. Location: 16F, No. 18, Qingnian Road, Yuzhong District, Chongqing China Buy Or Sell Opportunity • May 17
Now 20% undervalued Over the last 90 days, the stock has risen 8.0% to CN¥30.78. The fair value is estimated to be CN¥38.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 5.9% in the next 2 years. Reported Earnings • Apr 23
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥3.00 (down from CN¥3.32 in FY 2023). Revenue: CN¥17.1b (down 9.7% from FY 2023). Net income: CN¥1.31b (flat on FY 2023). Profit margin: 7.7% (up from 6.9% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 5.3%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥33.78, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 25x in the Multiline Retail industry in China. Total returns to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥42.55 per share. Buy Or Sell Opportunity • Apr 11
Now 22% undervalued Over the last 90 days, the stock has risen 23% to CN¥33.38. The fair value is estimated to be CN¥42.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 9.7% in 2 years. Earnings are forecast to grow by 6.1% in the next 2 years. Duyuru • Mar 28
Chongqing Department Store Co.,Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Chongqing Department Store Co.,Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. 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. Share price has been volatile over the past 3 months (8.0% average weekly change). Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CN¥33.51, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 23x in the Multiline Retail industry in China. Total returns to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥46.53 per share. Reported Earnings • Jan 15
Full year 2024 earnings released: EPS: CN¥3.00 (vs CN¥3.32 in FY 2023) Full year 2024 results: EPS: CN¥3.00 (down from CN¥3.32 in FY 2023). Revenue: CN¥17.1b (down 9.8% from FY 2023). Net income: CN¥1.31b (flat on FY 2023). Profit margin: 7.7% (up from 6.9% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 27
Chongqing Department Store Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 19, 2025 Chongqing Department Store Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 19, 2025 Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥31.40, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 24x in the Multiline Retail industry in China. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥25.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 22x in the Multiline Retail industry in China. Total returns to shareholders of 39% over the past three years. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.48 (vs CN¥0.56 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.48 (down from CN¥0.56 in 3Q 2023). Revenue: CN¥4.02b (down 13% from 3Q 2023). Net income: CN¥211.4m (down 4.9% from 3Q 2023). Profit margin: 5.3% (up from 4.8% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Sep 30
Chongqing Department Store Co.,Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Chongqing Department Store Co.,Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥21.45, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 18x in the Multiline Retail industry in China. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥42.02 per share. Price Target Changed • Sep 03
Price target decreased by 18% to CN¥32.24 Down from CN¥39.44, the current price target is an average from 3 analysts. New target price is 85% above last closing price of CN¥17.39. Stock is down 48% over the past year. The company is forecast to post earnings per share of CN¥2.98 for next year compared to CN¥3.32 last year. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.64 (vs CN¥1.09 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.64 (down from CN¥1.09 in 2Q 2023). Revenue: CN¥4.13b (down 18% from 2Q 2023). Net income: CN¥276.8m (down 36% from 2Q 2023). Profit margin: 6.7% (down from 8.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 06
Price target decreased by 7.2% to CN¥36.90 Down from CN¥39.78, the current price target is an average from 3 analysts. New target price is 95% above last closing price of CN¥18.96. Stock is down 44% over the past year. The company is forecast to post earnings per share of CN¥3.14 for next year compared to CN¥3.32 last year. Board Change • Aug 02
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Xujiang Chen was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 11
Second quarter 2024 earnings released: EPS: CN¥0.64 (vs CN¥1.09 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.64 (down from CN¥1.09 in 2Q 2023). Revenue: CN¥4.13b (down 18% from 2Q 2023). Net income: CN¥276.8m (down 36% from 2Q 2023). Profit margin: 6.7% (down from 8.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥19.48, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 18x in the Multiline Retail industry in China. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥38.09 per share. Duyuru • Jun 28
Chongqing Department Store Co.,Ltd. to Report First Half, 2024 Results on Aug 31, 2024 Chongqing Department Store Co.,Ltd. announced that they will report first half, 2024 results on Aug 31, 2024 Declared Dividend • Jun 23
Dividend of CN¥1.36 announced Shareholders will receive a dividend of CN¥1.36. Ex-date: 27th June 2024 Payment date: 27th June 2024 Dividend yield will be 5.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.99 (vs CN¥1.20 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.99 (down from CN¥1.20 in 1Q 2023). Revenue: CN¥4.85b (down 5.0% from 1Q 2023). Net income: CN¥434.8m (down 8.2% from 1Q 2023). Profit margin: 9.0% (down from 9.3% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 20
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: CN¥3.32 (up from CN¥2.23 in FY 2022). Revenue: CN¥19.0b (up 3.7% from FY 2022). Net income: CN¥1.31b (up 49% from FY 2022). Profit margin: 6.9% (up from 4.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • Apr 20
Chongqing Department Store Co.,Ltd., Annual General Meeting, May 30, 2024 Chongqing Department Store Co.,Ltd., Annual General Meeting, May 30, 2024, at 09:00 China Standard Time. Location: 11F, No. 18, Qingnian Road, Yuzhong District, Chongqing China Buy Or Sell Opportunity • Apr 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.7% to CN¥25.43. The fair value is estimated to be CN¥32.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.1% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. Duyuru • Mar 29
Chongqing Department Store Co.,Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Chongqing Department Store Co.,Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Duyuru • Dec 29
Chongqing Department Store Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 19, 2024 Chongqing Department Store Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 19, 2024 Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: CN¥0.56 (vs CN¥0.64 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.56 (down from CN¥0.64 in 3Q 2022). Revenue: CN¥4.62b (flat on 3Q 2022). Net income: CN¥222.3m (down 12% from 3Q 2022). Profit margin: 4.8% (down from 5.5% in 3Q 2022). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Sep 30
Chongqing Department Store Co.,Ltd. to Report Q3, 2023 Results on Oct 28, 2023 Chongqing Department Store Co.,Ltd. announced that they will report Q3, 2023 results at 3:00 PM, China Standard Time on Oct 28, 2023 Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥1.09 (vs CN¥0.44 in 2Q 2022) Second quarter 2023 results: EPS: CN¥1.09 (up from CN¥0.44 in 2Q 2022). Revenue: CN¥5.05b (up 9.2% from 2Q 2022). Net income: CN¥431.9m (up 148% from 2Q 2022). Profit margin: 8.6% (up from 3.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Price Target Changed • Aug 17
Price target increased by 11% to CN¥40.84 Up from CN¥36.68, the current price target is an average from 4 analysts. New target price is 18% above last closing price of CN¥34.59. Stock is up 52% over the past year. The company is forecast to post earnings per share of CN¥3.08 for next year compared to CN¥2.23 last year. Major Estimate Revision • Jul 07
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from CN¥2.78 to CN¥3.11. Revenue forecast steady at CN¥20.0b. Net income forecast to grow 37% next year vs 39% growth forecast for Multiline Retail industry in China. Consensus price target up from CN¥36.68 to CN¥38.68. Share price rose 7.6% to CN¥33.84 over the past week. Price Target Changed • May 05
Price target increased by 7.8% to CN¥36.68 Up from CN¥34.04, the current price target is an average from 2 analysts. New target price is 17% above last closing price of CN¥31.44. Stock is up 9.7% over the past year. The company is forecast to post earnings per share of CN¥2.85 for next year compared to CN¥2.23 last year. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥27.84, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 22x in the Multiline Retail industry in China. Total returns to shareholders of 35% over the past three years. Price Target Changed • Apr 12
Price target increased by 9.1% to CN¥34.04 Up from CN¥31.19, the current price target is an average from 2 analysts. New target price is 38% above last closing price of CN¥24.60. Stock is down 4.6% over the past year. The company is forecast to post earnings per share of CN¥2.85 for next year compared to CN¥2.23 last year. Reported Earnings • Apr 08
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥2.23 (down from CN¥2.45 in FY 2021). Revenue: CN¥18.3b (down 13% from FY 2021). Net income: CN¥883.4m (down 9.8% from FY 2021). Profit margin: 4.8% (up from 4.6% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Board Change • Dec 22
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. 1 highly experienced director. GM & Director Qian He is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Nov 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. 1 highly experienced director. GM & Director Qian He is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CN¥0.64 (vs CN¥0.56 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.64 (up from CN¥0.56 in 3Q 2021). Revenue: CN¥4.60b (flat on 3Q 2021). Net income: CN¥252.2m (up 15% from 3Q 2021). Profit margin: 5.5% (up from 4.8% in 3Q 2021). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 10
Price target decreased to CN¥32.27 Down from CN¥35.14, the current price target is an average from 5 analysts. New target price is 35% above last closing price of CN¥23.82. Stock is down 5.6% over the past year. The company is forecast to post earnings per share of CN¥2.54 for next year compared to CN¥2.45 last year. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.44 (vs CN¥0.48 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.44 (down from CN¥0.48 in 2Q 2021). Revenue: CN¥4.62b (down 12% from 2Q 2021). Net income: CN¥174.1m (down 10.0% from 2Q 2021). Profit margin: 3.8% (up from 3.7% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 13%, compared to a 148% growth forecast for the Multiline Retail industry in China. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 25% share price decline to CN¥21.71, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 21x in the Multiline Retail industry in China. Total loss to shareholders of 3.5% over the past three years. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: CN¥1.04 (down from CN¥1.08 in 1Q 2021). Revenue: CN¥5.27b (down 19% from 1Q 2021). Net income: CN¥413.6m (down 5.0% from 1Q 2021). Profit margin: 7.8% (up from 6.7% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 11%, compared to a 5.8% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Bin Liu was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Apr 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CN¥2.89 to CN¥2.57. Revenue forecast unchanged from CN¥22.3b at last update. Net income forecast to grow 6.6% next year vs 6.6% growth forecast for Multiline Retail industry in China. Consensus price target of CN¥36.40 unchanged from last update. Share price was steady at CN¥26.57 over the past week. Reported Earnings • Mar 28
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥2.45 (down from CN¥2.58 in FY 2020). Revenue: CN¥21.1b (flat on FY 2020). Net income: CN¥979.9m (down 6.7% from FY 2020). Profit margin: 4.6% (down from 5.0% in FY 2020). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 11%, compared to a 12% growth forecast for the retail industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 22
Price target decreased to CN¥36.40 Down from CN¥39.25, the current price target is an average from 4 analysts. New target price is 41% above last closing price of CN¥25.89. Stock is down 17% over the past year. The company is forecast to post earnings per share of CN¥2.41 for next year compared to CN¥2.54 last year. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.56 (vs CN¥0.50 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: CN¥4.57b (down 37% from 3Q 2020). Net income: CN¥219.4m (up 7.2% from 3Q 2020). Profit margin: 4.8% (up from 2.8% in 3Q 2020). The increase in margin was driven by lower expenses. 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 6% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.48 (vs CN¥1.41 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥5.27b (down 32% from 2Q 2020). Net income: CN¥193.4m (down 67% from 2Q 2020). Profit margin: 3.7% (down from 7.5% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥27.82, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 17x in the Multiline Retail industry in China. Total loss to shareholders of 14% over the past three years. Price Target Changed • May 03
Price target decreased to CN¥43.00 Down from CN¥47.60, the current price target is an average from 5 analysts. New target price is 34% above last closing price of CN¥32.20. Stock is up 19% over the past year. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS CN¥1.07 (vs CN¥0.43 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: CN¥6.51b (down 14% from 1Q 2020). Net income: CN¥429.2m (up 148% from 1Q 2020). Profit margin: 6.6% (up from 2.3% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS CN¥2.54 (vs CN¥2.42 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: CN¥21.1b (down 39% from FY 2019). Net income: CN¥1.03b (up 4.9% from FY 2019). Profit margin: 4.9% (up from 2.9% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 15
New 90-day high: CN¥29.77 The company is up 1.0% from a price of CN¥29.36 on 15 December 2020. Outperformed the Chinese market which is flat over the last 90 days. Exceeded the Multiline Retail industry, which is down 11% over the same period. Simply Wall St's valuation model estimates the intrinsic value at CN¥23.01 per share. Duyuru • Mar 05
Chongqing Department Store Co.,Ltd. to Report Fiscal Year 2020 Results on Mar 27, 2021 Chongqing Department Store Co.,Ltd. announced that they will report fiscal year 2020 results on Mar 27, 2021 Is New 90 Day High Low • Jan 28
New 90-day low: CN¥26.93 The company is down 25% from its price of CN¥36.10 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥23.90 per share. Is New 90 Day High Low • Dec 16
New 90-day low: CN¥29.20 The company is down 17% from its price of CN¥35.39 on 17 September 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥24.28 per share. Is New 90 Day High Low • Nov 24
New 90-day low: CN¥30.81 The company is down 9.0% from its price of CN¥33.88 on 26 August 2020. The Chinese market is flat over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Multiline Retail industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥21.74 per share. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥1.04b, up 7.4% from the prior year. Total revenue was CN¥31.5b over the last 12 months, down 7.2% from the prior year. Is New 90 Day High Low • Oct 20
New 90-day high: CN¥37.89 The company is up 19% from its price of CN¥31.90 on 22 July 2020. The Chinese market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Multiline Retail industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥15.78 per share. Duyuru • Jul 31
Chongqing General Trading (Group) Co., Ltd. completed the tender offer to acquire remaining 54.9% stake in Chongqing Department Store Co.,Ltd. (SHSE:600729). Chongqing General Trading (Group) Co., Ltd. made an offer to acquire remaining 54.9% stake in Chongqing Department Store Co.,Ltd. (SHSE:600729) for CNY 6.1 billion on June 25, 2019. Chongqing General Trading (Group) Co., Ltd will acquire 223.29 million shares at a price of CNY 27.16 per share. After the completion, Chongqing General Trading (Group) Co., Ltd. will hold 100% stake in Chongqing Department Store Co.,Ltd. On August 12, 2019, the State Administration for Market Regulation issued “Decision on No Implementation of Further Review on Business Concentration Anti-monopoly” on the tender offer on Chongqing Department Store's shares. As of March 26, 2020, shareholders of Chongqing General Trading approved the transaction. The tender offer period is from April 1 to April 30, 2020. Grandway Law Offices and CITIC Securities Co., Ltd. acted as legal and financial advisors respectively for Chongqing General Trading. Huaxi Securities Co., Ltd. acted as financial advisor to Chongqing General Trading.
Chongqing General Trading (Group) Co., Ltd. completed the tender offer to acquire remaining 54.9% stake in Chongqing Department Store Co.,Ltd. (SHSE:600729) on April 30, 2020. As of May 6, 2020, the tender offer was expired and the result of the tender offer is yet to be announced. According to the relevant provisions of the Shanghai Stock Exchange Stock Listing Rules, upon application, the company ’s stock will be suspended for one day on May 6, 2020, and will be announced in the tender offer Resumption of trading on the same day. Duyuru • Jul 09
Chongqing Department Store Co.,Ltd. to Report First Half, 2020 Results on Aug 22, 2020 Chongqing Department Store Co.,Ltd. announced that they will report first half, 2020 results on Aug 22, 2020 
