Ever Sunshine LS (1995 HK) 2020 performance is in line with expectations, maintaining high-quality development May 27, 2021 288

PSR Recommendation: BUY Status: Upgraded
Target Price: HKDHKD25.87

Investment Summary
Eversunshine LS announced its annual results for the year ended December 31, 2020. The
company’s revenue recorded CNY 3.120 billion, an increase of 66.1% Yoy, which is in line with
our expectations (expected: CNY 3.134 billion). Overall GPM increased by 1.8 ppts Yoy to
31.4%, slightly better than expected (expected: 30.6%). The net profit for the year was CNY
390 million, an increase of 74.4% Yoy, which was lower than our expectation (expected: CNY
415 million). The main difference is that the profit attributable to non-controlling interests
was higher than our expectation (actual vs. expectation: CNY 52 million vs 38 million). The
company declared a final dividend of HKD 8.38 cent per share, with a dividend payout ratio of

About the author

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Timothy Chong

Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.

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