Shanxi Fen Wine, or Fen Wine, is a typical light-flavored baijiu, featuring a fresher, lighter, and purer-taste compared with jiang-flavored and rich-flavored spirits. The company offers a comprehensive product portfolio, covering sub-premium, mid- to high range, and low-end products. The Fen series contributed about 90% of the company's sales revenue in 2022, including sub-premium brand Qinghua, midrange products Panama and Laobaifen, and low-end Bofen. The State-Owned Assets Supervision and Administration Commission of Shanxi province controls 51% of Fen Wine.

Financial Strength

9/10

Name	Current	Vs Industry
Cash-To-Debt	3.24
Equity-to-Asset	0.63
Debt-to-Equity	0.04
Debt-to-EBITDA	0.07
Interest Coverage	453.01
Piotroski F-Score	4/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	14.84	Distress Grey Safe
Beneish M-Score	-2.16	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

10/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	30
	3-Year EBITDA Growth Rate	53.2
	3-Year EPS without NRI Growth Rate	61.6
	3-Year FCF Growth Rate	49.8
	3-Year Book Growth Rate	40.8
	Future 3-5Y EPS without NRI Growth Rate	20.1
	Future 3-5Y Total Revenue Growth Rate	17.68

Momentum Rank

9/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	66.19
	9-Day RSI	59.68
	14-Day RSI	57.54
	6-1 Month Momentum %	3.01
	12-1 Month Momentum %	4.22

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	2.38
	Quick Ratio	1.64
	Cash Ratio	0.24
	Days Inventory	452.15
	Days Sales Outstanding	0.01
	Days Payable	145.02

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	1.35
	Dividend Payout Ratio	0.34
	3-Year Dividend Growth Rate	49.8
	Forward Dividend Yield %	1.35
	5-Year Yield-on-Cost %	2.57
	Shareholder Yield %	1.12

Profitability Rank

9/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	75.03
	Operating Margin %	44.24
	Net Margin %	33.81
	FCF Margin %	29.84
	ROE %	43.96
	ROA %	27.13
	ROIC %	46.82
	ROC (Joel Greenblatt) %	134.33
	ROCE %	56.76
	Years of Profitability over Past 10-Year	10

GF Value Rank

8/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	29.53
	Forward PE Ratio	24.63
	PE Ratio without NRI	29.55
	Shiller PE Ratio	94.85
	Price-to-Owner-Earnings	30.37
	PEG Ratio	0.63
	PS Ratio	9.97
	PB Ratio	11.5
	Price-to-Tangible-Book	11.99
	Price-to-Free-Cash-Flow	33.38
	Price-to-Operating-Cash-Flow	32.51
	EV-to-EBIT	21.23
	EV-to-Forward-EBIT	18.3
	EV-to-EBITDA	21.23
	EV-to-Forward-EBITDA	17.95
	EV-to-Revenue	9.69
	EV-to-Forward-Revenue	7.72
	EV-to-FCF	31.41
	Price-to-Projected-FCF	3.3
	Price-to-Median-PS-Value	1.53
	Price-to-Peter-Lynch-Fair-Value	1.18
	Price-to-Graham-Number	3.97
	Price-to-Net-Current-Asset-Value	17.19
	Earnings Yield (Greenblatt) %	4.71
	FCF Yield %	2.99
	Forward Rate of Return (Yacktman) %	21.91

GF Value: ¥439.16

SHSE:600809

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