GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
[1]
Possible Value Trap, Think Twice[5]$ 0.49
GF Score: 61/100Market Cap: $ 1,947 Mil
Industry: Basic Materials - Forest Products
Lee & Man Paper Manufacturing Ltd manufactures and trades in paper and pulp. Its segments are packaging paper, pulp and tissue paper.
GF Value Rank
Rank: 0 /10CurrentIndustry MedianHistorical Median
PE Ratio4.9410.469.82
Forward P/E4.929.49N/A
PB Ratio0.461.071.27
PS Ratio0.470.741.21
P/FCFN/A11.6549.52
Shiller P/E4.7314.7914.30
PEG RatioN/A0.940.76
Valuation Analysis
Current% of Price
NCAV-0.13-27
EPV0.0816
Price0.49
GF Value0.85173
Tangible Book1.06216
Median PS Value1.27259
Graham Number1.54314
Dividend & Ownership
Dividend Yield (TTM) %6.80
Dividend Yield (Forward) %6.80
Dividend Payout Ratio0.46
Dividend Growth (5Y) %4.90
Yield on Cost (5Y) %8.64
Continuous Div. since2020
Insider Ownership %N/A
Institution Ownership %11.21
Financial Strength
Rank: 6 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.140.300.11
Equity-to-Asset0.640.530.53
Interest Coverage48.798.2119.37
Piotroski F-Score566
Profitability Rank
Rank: 8 /10CurrentIndustry MedianHistorical Median
Operating Margin %11.306.6714.80
Net Margin %10.004.8412.70
ROE %9.707.4413.11
ROA %6.483.487.19
ROC (Joel Greenblatt) %8.7010.0010.89
Growth Rank(* per share data)
Rank: 6 /1010-Yr5-Yr1-Yr
Revenue Growth %10.19.225.8
EBITDA Growth %9.0-1.4-13.3
Oprt. Income Growth %12.5-1.9-14.5
EPS w/o NRI Growth %11.2-1.9-11.2
FCF Growth %N/AN/A-1,310
Book Value Growth %11.115.19.0
Momentum Rank
Rank: 3 /10CurrentIndustry MedianHistorical Median
5-Day RSI0.2147.66N/A
9-Day RSI1.8945.58N/A
14-Day RSI4.5645.93N/A
6-1M Momentum %-36.770.80N/A
12-1M Momentum %-33.781.07N/A
Quarterly
Dec19Jun20Dec20Jun21Dec21
Revenue1,8191,4281,9091,9562,222
Net Income207.60180.75290.47257.68160.43
EPS0.050.040.070.060.04
Revenue YoY %-1.28-31.52-5.7618.2222.16
Net Income YoY %-43.02-52.4119.5520.03-22.72
EPS YoY %-43.21-52.9418.1816.33-23.91
Free Cash Flow140.94-37.6943.24-185.31116.98
Cash & Equiv.374.07288.65152.86202.56244.75
Current Assets1,6001,5351,5481,8871,924
Short-Term Debt & CLO625.19759.56680.181,2151,114
Current Liabilities1,0841,1791,1071,6321,563
Total Liabilities2,2312,2442,0702,4102,443
Stockholders Equity3,3423,2973,9664,1854,282
Warning Signs
SEVEREAltman Z-Score: Distress
SEVEREGross Margin %: Declined
SEVEREOperating Margin %: Declined
Good Signs
GOODBeneish M-Score: Unlikely manipulator
As of 05-20-2022
* All financial numbers are in millions except for per share data, ratios and percentage change.
%GainSP500
1W2.86-0.73
1M2.86-12.49
3M-25.33-10.03
6M-34.97-16.39
YTD-28.00-17.75
1Y-29.29-3.96
3Y-12.1912.66
5Y-10.1612.26
10Y--13.75
1.30
0.41
0.49
8695
4347.5
2012201320142015201620172018201920202021CurrentPerformance
--0.930.690.680.921.411.191.050.791.110.78Highest Stock Price
--0.600.500.440.510.790.780.560.480.690.49Lowest Stock Price
--3,5692,6152,4273,5005,5873,5553,6243,2173,0321,947Market Cap
4,7234,7034,6804,6244,5704,5224,4404,3754,3514,3454,344Shares Outstanding-Diluted
12.6612.3410.668.599.628.296.047.977.807.544.94PE Ratio
--1.691.161.091.611.991.201.080.810.710.46PB Ratio
1.161.421.191.141.501.620.920.951.060.720.47PS Ratio
11.9311.349.5510.4411.018.216.217.848.088.857.20EV-to-EBITDA
2012201320142015201620172018201920202021TTMPer Share Data
0.400.470.470.490.520.730.930.800.770.960.96Revenue per Share
0.040.050.050.070.080.140.140.100.100.090.09Earnings per Share
-0.04-0.030.010.020.010.020.110.040.00-0.02-0.02Free Cash Flow per Share
0.020.020.020.020.03------0.020.040.04Dividends per Share
0.360.430.460.470.450.600.650.770.910.990.99Tangible Book per Share
------0.730.761.131.311.200.881.191.27Median PS Value
0.550.720.740.820.911.381.431.281.461.431.43Graham Number
2012201320142015201620172018201920202021TTMIncome Statement
1,8962,1892,2052,2732,3643,3074,1193,4783,3374,1694,178Revenue
265.84372.26396.13461.67525.94961.61960.24652.58741.49731.24733.30Gross Profit
14.0217.0117.9620.3122.2529.0823.3118.7622.2217.5417.55Gross Margin %
88.67103.80111.50110.37102.91154.06179.12160.84186.56260.08260.67Total Operating Expense
177.17268.46284.63351.30423.02807.55781.12491.73554.92471.16472.63Operating Income
9.3512.2712.9115.4617.8924.4218.9614.1416.6311.3011.31Operating Margin %
174.11251.27245.60300.83368.98645.13624.12422.87471.18416.88418.11Net Income
9.1811.4811.1413.2415.6119.5115.1512.1614.1210.0010.01Net Margin %
205.75301.97312.55374.81453.85833.05824.48556.74579.47496.18497.63EBIT
278.65389.62419.94384.91464.03849.11842.22576.19601.59517.36497.63EBITDA
10.5013.0611.2613.4416.8025.9421.6513.1612.449.719.69ROE %
5.446.735.786.638.1112.8411.347.668.126.536.48ROA %
2012201320142015201620172018201920202021Dec21Balance Sheet
94.2491.64262.13381.73164.23287.81257.30374.07152.86244.75244.75Cash & Equivalents
3,4454,0234,4804,5934,5115,5415,4715,5736,0376,7266,726Total Assets
373.04730.16863.82677.40546.50771.27745.00625.19680.181,1141,114Short-Term Debt & CLO
858.52683.28794.761,1631,2001,1591,019962.22790.52697.40697.40Long-Term Debt & CLO
1,7061,9152,2262,3692,3422,7362,5112,2312,0702,4432,443Total Liabilities
1,7392,1082,2542,2242,1682,8052,9603,3423,9664,2824,282Total Stockholders Equity
1,7392,1082,2542,2242,1682,8052,9603,3423,9674,2834,283Total Equity
2012201320142015201620172018201920202021TTMCashflow Statement
201.74164.11327.69456.96505.45515.22784.56635.03436.37357.97358.18Cash Flow from Operations
-366.45-300.30-299.00-385.22-477.96-401.41-288.90-451.15-428.39-449.64-450.73Cash Flow from Investing
99.06141.13141.8448.05-225.813.76-515.00-67.89-231.39183.92185.04Cash Flow from Financing
-63.986.89170.50119.48-217.11124.72-30.27116.28-223.7692.8292.49Net Change in Cash
94.2491.64262.13381.73164.23287.81257.30374.07152.86244.75244.75Ending Cash Position
-373.91-299.47-287.89-389.17-481.77-405.75-293.13-457.14-430.82-425.41-426.51Capital Expenditure
-172.17-135.3739.8067.7923.68109.47491.43177.895.56-67.44-68.33Free Cash Flow
Competitor
TickerCompanyMarket Cap
($M)
PE RatioGF Score
/100
Financial
Strength /10
Profitability
Rank /10
GF Value
Rank /10
Growth
Rank /10
Momentum
Rank /10
JSE:SAPSappi Ltd2,0146.0679571048
OTCPK:LMPMFLee & Man Paper Manufacturing Ltd1,9474.946168063
SHSE:600567Shanying International Holdings Co1,92112.967526875
SZSE:000488Shandong Chenming Paper Holdings Ltd1,85824.0664261042
TSE:3880Daio Paper Corp1,81210.3572361072
GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Financial Strength[2] (Quarterly data, as of Dec. 2021) : Fair (6/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.14

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.64

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.42

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 5

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 5.48% vs ROIC : 6.85%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 6.07%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Profitability[3] (Annual data, as of Dec. 2021) : Good (8/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $2,222 Mil vs Net Income : $160 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $245 Mil vs Long-Term Debt* : $697 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : 7.42%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $0.04

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.02

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $0.03

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Valuation (Quarterly data, as of Dec. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $0.49)


PE Ratio without NRI : 7.54

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 0.71

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 0.72

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 0.00

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : 9.23

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Altman Z-Score : Distress

Altman Z-score of 1.41 is in distress zone. This implies bankrupcy possibility in the next two years.

Gross Margin % : Declined

Lee & Man Paper Manufacturing Ltd gross margin has been in long term decline. The average rate of decline per year is -6.1%.

Operating Margin % : Declined

Lee & Man Paper Manufacturing Ltd operating margin has been in 5-year decline. The average rate of decline per year is -10.1%.

Good Signs

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

PB Ratio : Close to 10-year low

Lee & Man Paper Manufacturing Ltd stock PB Ratio (=0.46) is close to 10-year low of 0.46

PS Ratio : Close to 10-year low

Lee & Man Paper Manufacturing Ltd stock PS Ratio (=0.47) is close to 10-year low of 0.47

Medium Warning Signs

Long-Term Debt : Issuing new debt

Lee & Man Paper Manufacturing Ltd has been issuing new debt. Over the past 3 years, it issued HKD 1.2 billion of debt. But overall, its debt level is acceptable.

Stock buyback : Poor buyback track record

Lee & Man Paper Manufacturing Ltd bought back shares. However, its track record of buying back shares is poor as the stock is now traded at -34.5% below its average buyback price.
GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
OTCPK:LMPMFLee & Man Paper Manufacturing Ltd6/100.140.640.4248.7951.41-2.275.486.85
SHSE:603733Xianhe Co Ltd6/100.900.590.3718.7143.55-1.2710.3610.61
XLIS:ALTRAltri SGPS SA5/100.360.241.219.1591.32-2.606.718.38
JSE:SAPSappi Ltd5/100.200.360.954.6192.07-2.6210.749.79
NYSE:SLVMSylvamo Corp5/100.170.124.1311.86N/A3.690.007.6416.52
SHSE:600966Shandong Bohui Paper Industrial Co Ltd4/100.770.330.825.6161.57-3.386.777.62
TSE:3880Daio Paper Corp3/100.210.301.578.9081.420.001.883.70
TPE:1907YFY Inc3/100.510.380.8810.4561.45-2.485.494.26
SZSE:000488Shandong Chenming Paper Holdings Ltd2/100.300.232.351.4840.55-2.286.413.73
SHSE:600567Shanying International Holdings Co2/100.200.301.852.0751.06-2.425.733.64

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
XLIS:ALTRAltri SGPS SA10/1019.9215.7626.056.805.7023.060.30-11.30-14.20
OTCPK:LMPMFLee & Man Paper Manufacturing Ltd8/1011.3010.009.706.480.008.701.00-14.40-13.20
JSE:SAPSappi Ltd7/108.085.8218.286.0112.4511.91-3.70-17.50-67.70
TPE:1907YFY Inc7/106.814.647.922.919.7712.803.7022.5053.20
TSE:3880Daio Paper Corp6/106.463.759.162.6537.498.102.2015.5077.80
SHSE:600966Shandong Bohui Paper Industrial Co Ltd6/1010.396.5714.945.176.4814.6825.3041.2088.50
SZSE:000488Shandong Chenming Paper Holdings Ltd6/1011.353.194.741.154.357.6815.100.303.20
SHSE:600567Shanying International Holdings Co6/105.553.647.552.420.006.703.40-17.80-27.20
SHSE:603733Xianhe Co Ltd6/1013.0114.3114.639.260.0020.677.5026.0043.20
NYSE:SLVMSylvamo Corp5/1013.787.9738.5410.584.3147.27-5.10-6.00-7.40

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
OTCPK:LMPMFLee & Man Paper Manufacturing Ltd4.940.460.470.400.000.390.000.3213.894.73
JSE:SAPSappi Ltd6.060.910.360.930.001.020.000.5112.80-13.89
NYSE:SLVMSylvamo Corp7.036.280.560.000.000.000.001.9116.930.00
XLIS:ALTRAltri SGPS SA8.792.031.410.640.001.430.001.2711.048.17
SHSE:600966Shandong Bohui Paper Industrial Co Ltd9.091.380.610.520.670.890.510.7615.0727.08
TSE:3880Daio Paper Corp10.350.890.390.950.000.950.510.797.016.72
TPE:1907YFY Inc11.300.820.520.590.001.590.520.6412.0426.21
SHSE:600567Shanying International Holdings Co12.960.790.462.830.340.630.000.775.79-8.21
SHSE:603733Xianhe Co Ltd16.772.252.334.050.000.000.681.366.9117.92
SZSE:000488Shandong Chenming Paper Holdings Ltd24.060.880.680.260.000.780.000.997.7114.05
GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Per Share Data


Per Share Data

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
0.13
0.15
0.25
0.27
0.31
0.38
0.40
0.47
0.47
0.49
0.52
0.73
0.93
0.80
0.77
0.96
0.96
Revenue per Share
0.02
0.03
0.05
0.03
0.08
0.08
0.06
0.08
0.09
0.08
0.10
0.19
0.19
0.13
0.14
0.12
0.11
EBITDA per Share
0.02
0.03
0.05
0.02
0.06
0.06
0.04
0.06
0.07
0.08
0.10
0.18
0.19
0.13
0.13
0.11
0.11
EBIT per Share
0.02
0.03
0.04
0.01
0.05
0.05
0.04
0.05
0.05
0.07
0.08
0.14
0.14
0.10
0.10
0.09
0.09
Earnings per Share (Diluted)
0.02
0.03
0.04
0.01
0.05
0.05
0.04
0.05
0.05
0.07
0.08
0.14
0.14
0.10
0.10
0.09
0.09
EPS without NRI
--
--
--
--
--
--
--
--
0.03
0.04
0.04
0.03
0.09
0.07
0.02
-0.01
-0.01
Owner Earnings per Share (TTM)
-0.03
-0.06
-0.10
0.01
0.02
-0.01
-0.04
-0.03
0.01
0.02
0.01
0.02
0.11
0.04
0.00
-0.02
-0.02
Free Cash Flow per Share
0.01
0.02
-0.01
0.05
0.04
0.04
0.04
0.04
0.07
0.10
0.11
0.11
0.18
0.15
0.10
0.08
0.08
Operating Cash Flow per Share
0.00
0.01
0.01
0.05
0.02
0.03
0.02
0.02
0.06
0.08
0.04
0.06
0.06
0.09
0.04
0.06
0.06
Cash per Share
--
--
--
--
--
--
0.02
0.02
0.02
0.02
0.03
--
--
--
0.02
0.04
0.04
Dividends per Share
0.12
0.19
0.23
0.24
0.29
0.34
0.37
0.45
0.48
0.49
0.48
0.62
0.67
0.77
0.91
0.99
0.99
Book Value per Share
0.12
0.19
0.23
0.24
0.29
0.34
0.36
0.43
0.46
0.47
0.45
0.60
0.65
0.77
0.91
0.99
0.99
Tangible Book per Share
0.06
0.07
0.20
0.24
0.20
0.22
0.26
0.30
0.36
0.40
0.38
0.43
0.40
0.36
0.34
0.42
0.42
Total Debt per Share
--
--
--
--
--
--
--
0.76
0.56
0.53
0.77
1.24
0.81
0.83
0.74
0.70
0.49
Month End Stock Price

Ratios

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
18.17
19.86
19.76
3.67
19.68
16.43
10.50
13.06
11.26
13.44
16.80
25.94
21.65
13.16
12.44
9.71
9.69
ROE %
--
--
--
--
--
--
--
7.73
9.71
12.33
10.43
13.04
18.04
12.19
15.36
13.68
21.09
ROE % Adjusted to Book Value
12.16
12.90
10.75
1.70
9.55
8.62
5.44
6.73
5.78
6.63
8.11
12.84
11.34
7.66
8.12
6.53
6.48
ROA %
18.17
19.86
19.76
3.67
19.68
16.43
10.70
13.56
11.73
14.04
17.63
27.22
22.59
13.41
12.44
9.71
9.69
Return-on-Tangible-Equity
12.16
12.90
10.75
1.70
9.55
8.62
5.49
6.86
5.90
6.77
8.29
13.14
11.59
7.74
8.12
6.53
6.48
Return-on-Tangible-Asset
14.11
14.56
14.33
3.82
14.20
12.50
7.81
9.61
8.87
10.23
12.29
20.57
18.64
12.24
11.57
8.78
8.69
ROC (Joel Greenblatt) %
15.50
15.37
15.31
4.35
16.02
13.24
8.29
10.92
10.38
11.27
12.99
21.89
19.89
12.87
12.30
9.83
9.92
ROCE %
12.36
13.40
14.06
3.07
11.58
11.15
5.69
7.29
6.54
7.62
9.27
15.00
13.13
8.33
8.97
6.90
6.84
ROIC %
9.64
9.69
7.54
6.72
13.01
13.56
10.39
8.93
6.92
5.35
5.73
6.60
5.93
6.22
4.79
4.97
5.48
WACC %
--
--
1.84
2.80
2.30
2.75
0.69
1.45
1.80
1.14
1.20
1.29
2.21
2.48
1.44
0.59
0.57
Effective Interest Rate on Debt %
23.14
26.38
23.93
10.81
25.11
18.40
14.02
17.01
17.96
20.31
22.25
29.08
23.31
18.76
22.22
17.54
17.55
Gross Margin %
16.02
19.00
19.60
5.90
20.52
15.61
9.35
12.27
12.91
15.46
17.89
24.42
18.96
14.14
16.63
11.30
11.31
Operating Margin %
15.88
19.57
16.02
3.13
16.52
13.17
9.18
11.48
11.14
13.24
15.61
19.51
15.15
12.16
14.12
10.00
10.01
Net Margin %
18.62
21.94
20.82
10.19
24.75
19.55
14.70
17.80
19.04
16.94
19.63
25.68
20.45
16.57
18.03
12.41
11.91
EBITDA Margin %
-23.22
-39.51
-39.54
2.11
7.78
-2.68
-9.08
-6.18
1.80
2.98
1.00
3.31
11.93
5.11
0.17
-1.62
-1.64
FCF Margin %
0.50
0.35
0.88
1.01
0.70
0.65
0.71
0.67
0.74
0.83
0.81
0.69
0.60
0.48
0.37
0.42
0.42
Debt-to-Equity
0.62
0.67
0.47
0.45
0.52
0.53
0.51
0.52
0.50
0.48
0.48
0.51
0.54
0.60
0.66
0.64
0.64
Equity-to-Asset
0.31
0.23
0.42
0.46
0.36
0.35
0.36
0.35
0.37
0.40
0.39
0.35
0.32
0.29
0.24
0.27
0.27
Debt-to-Asset
0.38
0.33
0.53
0.55
0.49
0.47
0.50
0.48
0.50
0.52
0.52
0.49
0.46
0.40
0.34
0.36
0.36
Liabilities-to-Assets
17.72
17.39
16.05
5.85
14.51
12.05
8.30
9.97
9.32
10.18
11.55
19.13
17.44
11.82
12.77
11.46
11.36
Gross-Profit-to-Asset %
0.77
0.66
0.67
0.54
0.58
0.66
0.59
0.59
0.52
0.50
0.52
0.66
0.75
0.63
0.58
0.65
0.65
Asset Turnover
--
--
--
--
--
--
0.45
0.30
0.35
0.32
0.33
--
--
--
0.15
0.46
0.46
Dividend Payout Ratio
56.74
48.17
111
92.26
89.81
94.34
74.52
50.50
56.51
52.86
45.00
36.94
34.99
40.24
43.30
38.50
39.09
Days Sales Outstanding
16.78
50.99
60.76
47.40
61.57
68.17
68.68
59.97
59.61
60.54
61.54
56.79
37.44
27.47
25.70
21.36
21.61
Days Payable
82.94
104
103
87.49
84.34
82.53
87.70
80.90
83.02
82.54
76.90
78.57
72.74
69.92
71.63
68.63
71.36
Days Inventory
123
101
153
132
113
109
93.54
71.43
79.92
74.86
60.36
58.72
70.29
82.69
89.23
85.77
88.84
Cash Conversion Cycle
4.40
3.52
3.53
4.17
4.33
4.42
4.16
4.51
4.40
4.42
4.75
4.65
5.02
5.22
5.10
5.32
5.11
Inventory Turnover
0.77
0.74
0.76
0.89
0.75
0.82
0.86
0.83
0.82
0.80
0.78
0.71
0.77
0.81
0.78
0.82
0.82
COGS-to-Revenue
0.18
0.21
0.22
0.21
0.17
0.19
0.21
0.18
0.19
0.18
0.16
0.15
0.15
0.16
0.15
0.16
0.16
Inventory-to-Revenue
0.31
0.52
0.36
0.15
0.05
0.13
0.20
0.14
0.13
0.17
0.20
0.12
0.07
0.13
0.13
0.10
0.10
Capex-to-Revenue
1.96
2.74
1.84
2.47
0.25
0.83
2.11
1.12
1.01
1.11
1.14
0.50
0.38
0.93
0.78
0.90
0.90
Capex-to-Operating-Income
3.86
4.16
--
0.87
0.40
1.26
1.85
1.83
0.88
0.85
0.95
0.79
0.37
0.72
0.99
1.19
1.19
Capex-to-Operating-Cash-Flow
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Financial Statement

Income Statement

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
487
660
1,156
1,245
1,430
1,801
1,896
2,189
2,205
2,273
2,364
3,307
4,119
3,478
3,337
4,169
4,178
Revenue
374
486
879
1,110
1,071
1,470
1,630
1,816
1,809
1,811
1,838
2,345
3,159
2,825
2,595
3,437
3,445
Cost of Goods Sold
113
174
277
135
359
331
266
372
396
462
526
962
960
653
741
731
733
Gross Profit
23.14
26.38
23.93
10.81
25.11
18.40
14.02
17.01
17.96
20.31
22.25
29.08
23.31
18.76
22.22
17.54
17.55
Gross Margin %
34.65
48.78
78.48
85.69
95.01
93.62
109
120
134
138
145
221
268
227
243
330
331
Selling, General, & Admin. Expense
--
0.00
-28.41
-24.56
-29.38
-43.51
-19.85
-16.67
-22.48
-27.61
-42.38
-66.94
-89.28
-66.60
-56.13
-69.84
-70.01
Other Operating Expense
34.65
48.78
50.06
61.13
65.63
50.11
88.67
104
111
110
103
154
179
161
187
260
261
Total Operating Expense
78.01
125
227
73.40
293
281
177
268
285
351
423
808
781
492
555
471
473
Operating Income
16.02
19.00
19.60
5.90
20.52
15.61
9.35
12.27
12.91
15.46
17.89
24.42
18.96
14.14
16.63
11.30
11.31
Operating Margin %
--
--
--
--
--
--
1.83
1.33
2.09
1.32
2.32
1.53
2.63
5.38
4.45
3.94
3.94
  Interest Income
--
--
-11.10
-28.23
-23.14
-26.61
-7.77
-19.20
-27.68
-19.98
-21.55
-23.72
-40.87
-41.62
-22.00
-9.67
-9.69
  Interest Expense
--
--
-11.10
-28.23
-23.14
-26.61
-5.94
-17.87
-25.60
-18.66
-19.23
-22.19
-38.24
-36.25
-17.55
-5.73
-5.74
Net Interest Income
2.61
7.77
-22.82
-1.64
-3.52
--
26.75
32.19
25.84
22.19
28.51
23.98
40.73
59.63
20.10
21.08
21.06
Other Income (Expense)
80.63
133
193
43.53
267
255
198
283
285
355
432
809
784
515
557
487
488
Pre-Tax Income
-3.29
-3.95
-8.74
-4.79
-30.52
-17.47
-23.87
-31.50
-39.27
-53.99
-63.32
-164
-159
-92.25
-86.30
-69.56
-69.77
Tax Provision
4.09
2.97
4.54
11.00
11.44
6.86
12.06
11.14
13.79
15.22
14.65
20.29
20.35
17.91
15.48
14.30
14.30
Tax Rate %
77.33
129
184
38.74
236
237
174
251
246
301
369
645
624
423
471
417
418
Net Income (Continuing Operations)
--
-0.01
-1.31
-0.23
--
--
--
--
--
--
--
--
-0.00
0.01
0.00
-0.07
-0.07
  Other Income (Minority Interest)
77.33
129
185
38.97
236
237
174
251
246
301
369
645
624
423
471
417
418
Net Income
15.88
19.57
16.02
3.13
16.52
13.17
9.18
11.48
11.14
13.24
15.61
19.51
15.15
12.16
14.12
10.00
10.01
Net Margin %
0.02
0.03
0.04
0.01
0.05
0.05
0.04
0.05
0.05
0.07
0.08
0.14
0.14
0.10
0.10
0.09
0.09
EPS (Basic)
0.02
0.03
0.04
0.01
0.05
0.05
0.04
0.05
0.05
0.07
0.08
0.14
0.14
0.10
0.10
0.09
0.09
EPS (Diluted)
3,863
4,281
4,558
4,550
4,649
4,709
4,723
4,703
4,680
4,624
4,570
4,522
4,440
4,375
4,351
4,345
4,344
Shares Outstanding (Diluted Average)
78.01
125
204
71.75
290
281
206
302
313
375
454
833
824
557
579
496
498
EBIT
12.63
19.42
36.91
55.10
64.05
70.92
72.90
87.65
107
10.10
10.18
16.06
17.74
19.45
22.12
21.19
-- Depreciation, Depletion and Amortization
90.64
145
241
127
354
352
279
390
420
385
464
849
842
576
602
517
498
EBITDA
18.62
21.94
20.82
10.19
24.75
19.55
14.70
17.80
19.04
16.94
19.63
25.68
20.45
16.57
18.03
12.41
11.91
EBITDA Margin %
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Financial Statement

Cashflow Statement

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
77.33
129
193
43.53
267
255
174
251
285
355
432
809
784
515
557
487
418
Net Income From Continuing Operations
12.63
19.42
36.91
55.10
64.05
70.92
72.90
87.65
107
10.10
10.18
16.06
17.74
19.45
22.12
21.19
-- Depreciation, Depletion and Amortization
-32.82
-60.03
-189
60.33
-163
-84.90
-131
-121
-37.72
86.00
-68.43
-193
67.68
20.50
-93.23
-147
--   Change In Receivables
-30.47
-75.59
-138
86.24
-73.18
-86.57
-3.73
-23.53
-17.89
97.90
102
-108
137
296
92.96
34.10
--   Change In Inventory
8.61
70.81
55.21
-24.65
94.43
67.74
76.74
-20.11
22.53
-38.44
79.03
105
-83.56
-105
-19.41
46.74
--   Change In Other Working Capital
-54.68
-64.81
-272
122
-142
-104
-57.82
-165
-33.07
145
112
-196
121
212
-19.69
-65.87
-- Change In Working Capital
--
--
--
--
--
--
23.87
31.50
39.27
--
--
--
--
--
--
--
-- Deferred Tax
--
--
1.40
0.84
7.37
4.11
0.79
--
--
--
--
--
--
--
--
--
-- Stock Based Compensation
4.27
-1.42
-0.18
-13.54
-11.66
-42.09
-12.11
-41.18
-70.77
-53.44
-49.14
-114
-138
-111
-124
-83.86
-59.99
Cash Flow from Others
39.55
82.49
-40.79
208
184
184
202
164
328
457
505
515
785
635
436
358
358
Cash Flow from Operations
-153
-343
-416
-182
-73.12
-232
-371
-293
-264
-387
-451
-405
-293
-457
-431
-425
-427
Purchase Of Property, Plant, Equipment
0.78
0.01
0.01
19.89
0.08
1.52
6.85
0.22
2.47
4.55
0.78
10.19
4.99
1.80
0.59
7.93
7.93
Sale Of Property, Plant, Equipment
--
--
-3.84
--
--
--
--
--
--
--
--
--
--
--
-2.08
-50.17
-- Purchase Of Business
--
--
-3.84
9.55
7.73
7.62
--
--
--
--
--
--
--
--
--
14.51
-- Sale Of Business
--
--
--
--
--
--
--
--
--
-4.59
-8.88
-0.19
--
--
--
--
-- Purchase Of Investment
--
--
--
--
--
--
--
--
--
3.23
9.98
0.38
--
--
--
--
-- Sale Of Investment
--
--
--
--
--
--
-2.95
-6.44
-23.50
-2.10
-30.47
-0.69
-0.09
--
--
--
-- Net Intangibles Purchase And Sale
-2.66
-18.19
-117
-55.04
-26.99
48.67
0.61
-1.05
-13.58
0.77
1.93
-6.04
-0.76
4.20
3.92
3.50
-32.16
Cash From Other Investing Activities
-155
-362
-541
-207
-92.31
-174
-366
-300
-299
-385
-478
-401
-289
-451
-428
-450
-451
Cash Flow from Investing
2.27
190
0.98
--
0.62
34.69
--
16.10
--
--
--
--
--
--
--
--
-- Issuance of Stock
--
--
--
--
--
--
--
-39.89
-14.33
-53.07
-25.69
-29.98
-124
-12.13
-12.37
-10.40
-- Repurchase of Stock
302
589
1,245
899
811
1,444
1,756
2,269
2,588
2,441
2,340
2,337
2,050
2,146
1,642
2,192
2,140
  Issuance of Debt
-163
-436
-597
-704
-1,001
-1,330
-1,570
-2,030
-2,347
-2,244
-2,420
-2,141
-2,215
-2,332
-1,703
-1,794
-1,741
  Payments of Debt
139
153
648
195
-189
114
186
239
241
196
-79.72
196
-165
-186
-60.49
398
399
Net Issuance of Debt
-22.35
-50.62
-52.59
--
--
--
-77.33
-74.57
-85.06
-95.36
-120
-162
-227
-157
-140
-184
-184
Cash Flow for Dividends
--
--
-1.55
-22.01
-37.81
-82.85
-9.59
--
--
--
--
--
0.34
288
-18.36
-19.44
-29.87
Other Financing
119
292
595
173
-226
65.90
99.06
141
142
48.05
-226
3.76
-515
-67.89
-231
184
185
Cash Flow from Financing
10.52
14.12
27.63
41.04
214
80.25
158
84.75
91.63
262
381
163
288
258
377
152
152
Beginning Cash Position
-0.25
0.43
0.97
-0.68
1.08
1.85
1.67
1.95
-0.04
-0.30
-18.78
7.16
-10.93
0.28
-0.35
0.57
--   Effect of Exchange Rate Changes
3.70
13.40
13.26
173
-133
77.38
-63.98
6.89
170
119
-217
125
-30.27
116
-224
92.82
92.49
Net Change in Cash
14.22
27.52
40.89
214
80.56
158
94.24
91.64
262
382
164
288
257
374
153
245
245
Ending Cash Position
-153
-343
-416
-182
-73.12
-232
-374
-299
-288
-389
-482
-406
-293
-457
-431
-425
-427
Capital Expenditure
-113
-261
-457
26.25
111
-48.19
-172
-135
39.80
67.79
23.68
109
491
178
5.56
-67.44
-68.33
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Financial Satement

Balance Sheet

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
14.22
27.52
40.89
214
80.56
158
94.24
91.64
262
382
164
288
257
374
153
245
245
  Cash And Cash Equivalents
0.15
5.42
0.06
0.90
0.30
0.12
--
--
--
--
--
--
--
--
--
--
--   Marketable Securities
14.36
32.93
40.95
215
80.86
158
94.24
91.64
262
382
164
288
257
374
153
245
245
Cash, Cash Equivalents, Marketable Securities
87.17
--
351
278
426
505
269
337
346
312
271
399
391
376
416
463
463
  Accounts Receivable
87.17
--
351
278
426
505
269
337
346
312
271
399
391
376
416
463
463
Total Receivables
--
--
274
149
--
316
324
332
315
324
347
461
462
352
442
492
492
  Inventories, Raw Materials & Components
--
--
47.24
61.79
--
65.15
78.10
70.60
105
74.53
28.99
173
163
106
119
240
240
  Inventories, Finished Goods
99.79
177
-0.00
-0.00
284
-0.00
--
-0.00
--
--
-0.00
0.00
--
-0.00
0.00
--
--   Inventories, Other
99.79
177
321
211
284
381
403
403
420
399
376
634
625
458
561
732
732
Total Inventories
36.64
180
23.67
37.54
70.98
32.41
411
389
418
332
374
480
425
393
418
484
484
Other Current Assets
238
389
737
741
862
1,076
1,176
1,220
1,447
1,425
1,184
1,800
1,698
1,600
1,548
1,924
1,924
Total Current Assets
--
--
1.32
--
--
--
--
--
--
--
--
--
900
1,084
1,154
1,241
1,241
  Land And Improvements
--
--
234
349
--
426
478
647
710
754
732
921
68.03
68.78
73.55
77.64
77.64
  Buildings And Improvements
--
--
886
1,184
--
1,367
1,606
2,234
2,318
2,473
2,473
2,965
3,246
3,254
3,549
3,852
3,852
  Machinery, Furniture, Equipment
--
--
270
204
--
300
497
367
533
559
729
599
414
690
1,059
1,226
1,226
  Construction In Progress
481
826
0.00
--
1,598
--
--
0.00
0.00
0.00
-0.00
0.00
--
--
--
--
--   Other Gross PPE
481
826
1,391
1,737
1,598
2,093
2,581
3,249
3,561
3,786
3,933
4,484
4,629
5,096
5,836
6,397
6,397
Gross Property, Plant and Equipment
--
--
-105
-161
--
-302
-382
-542
-647
-723
-780
-950
-1,065
-1,211
-1,445
-1,684
-1,684
  Accumulated Depreciation
481
826
1,286
1,577
1,598
1,791
2,199
2,707
2,915
3,063
3,153
3,534
3,564
3,885
4,391
4,713
4,713
Property, Plant and Equipment
--
--
--
--
--
--
63.73
77.25
98.50
93.09
113
120
120
--
--
--
-- Intangible Assets
25.39
44.70
164
91.15
79.95
94.59
6.45
18.71
20.18
12.38
60.24
86.92
88.29
87.47
97.49
89.30
89.30
Other Long Term Assets
506
871
1,449
1,668
1,678
1,885
2,269
2,803
3,033
3,168
3,326
3,741
3,772
3,973
4,489
4,802
4,802
Total Long-Term Assets
744
1,260
2,187
2,409
2,540
2,962
3,445
4,023
4,480
4,593
4,511
5,541
5,471
5,573
6,037
6,726
6,726
Total Assets
21.87
114
179
109
252
297
316
281
310
290
329
400
247
178
188
215
215
  Accounts Payable
1.59
2.65
0.70
0.68
8.99
6.98
8.52
8.33
11.57
17.66
20.49
41.84
35.23
24.27
32.59
23.06
23.06
  Total Tax Payable
--
0.00
0.00
--
--
0.00
49.89
90.79
106
73.62
90.75
139
128
110
92.79
107
107
  Other Current Payables
23.46
117
180
110
261
304
375
380
428
382
441
581
411
312
313
345
345
Accounts Payable & Accrued Expense
101
107
357
611
319
347
373
730
864
677
547
771
745
625
678
1,112
1,112
  Short-Term Debt
--
--
--
--
--
--
--
--
--
--
--
--
--
0.62
2.26
1.80
1.80
  Short-Term Capital Lease Obligation
101
107
357
611
319
347
373
730
864
677
547
771
745
625
680
1,114
1,114
Short-Term Debt & Capital Lease Obligation
23.40
--
24.74
12.62
15.57
5.97
38.93
39.18
38.74
30.92
38.83
60.66
151
147
114
104
104
Other Current Liabilities
148
224
562
734
595
657
787
1,149
1,331
1,090
1,026
1,413
1,307
1,084
1,107
1,563
1,563
Total Current Liabilities
129
187
555
491
593
678
859
683
795
1,163
1,200
1,159
1,019
956
783
691
691
  Long-Term Debt
--
--
--
--
--
--
--
--
--
--
--
--
--
6.22
7.27
6.80
6.80
  Long-Term Capital Lease Obligation
129
187
555
491
593
678
859
683
795
1,163
1,200
1,159
1,019
962
791
697
697
Long-Term Debt & Capital Lease Obligation
0.50
0.35
0.88
1.01
0.70
0.65
0.71
0.67
0.74
0.83
0.81
0.69
0.60
0.48
0.37
0.42
0.42
Debt-to-Equity
--
--
2.49
--
--
--
--
--
--
--
--
--
--
--
--
--
-- PensionAndRetirementBenefit
6.15
8.36
34.80
92.35
43.99
47.47
60.94
82.72
101
116
117
164
185
185
173
182
182
Other Long-Term Liabilities
135
195
592
583
637
726
919
766
895
1,279
1,316
1,323
1,203
1,147
963
880
880
Total Long-Term Liabilities
283
419
1,154
1,317
1,232
1,383
1,706
1,915
2,226
2,369
2,342
2,736
2,511
2,231
2,070
2,443
2,443
Total Liabilities
--
--
14.62
14.67
14.66
15.05
15.10
15.14
15.06
14.77
14.65
14.42
14.03
13.99
14.02
13.89
13.89
Common Stock
--
--
406
426
630
790
--
--
--
--
--
--
--
--
--
--
-- Retained Earnings
--
--
559
561
561
594
--
--
--
--
--
--
--
--
--
--
-- Additional Paid-In Capital
461
841
54.31
90.16
102
180
1,724
2,093
2,239
2,209
2,154
2,791
2,946
3,328
3,952
4,268
4,268
Other Stockholders Equity
461
841
1,034
1,092
1,308
1,579
1,739
2,108
2,254
2,224
2,168
2,805
2,960
3,342
3,966
4,282
4,282
Total Stockholders Equity
--
0.01
-1.32
--
--
--
--
--
--
--
--
--
0.35
0.04
0.97
1.03
1.03
Minority Interest
461
841
1,033
1,092
1,308
1,579
1,739
2,108
2,254
2,224
2,168
2,805
2,960
3,342
3,967
4,283
4,283
Total Equity
0.62
0.67
0.47
0.45
0.52
0.53
0.51
0.52
0.50
0.48
0.48
0.51
0.54
0.60
0.66
0.64
0.64
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Valuation Ratios

Valuation Ratios

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
16.84
18.66
9.84
16.52
15.41
13.54
12.66
12.34
10.66
8.59
9.62
8.29
6.04
7.97
7.80
7.54
4.94
PE Ratio
16.84
18.66
9.84
16.52
15.41
13.54
12.66
12.34
10.66
8.59
9.62
8.29
6.04
7.97
7.80
7.54
4.94
PE Ratio without NRI
--
--
--
--
--
--
--
--
18.67
13.25
19.25
41.33
9.00
11.86
37.00
--
-- Price-to-Owner-Earnings
--
--
--
--
--
--
--
1.69
1.16
1.09
1.61
1.99
1.20
1.08
0.81
0.71
0.46
PB Ratio
--
--
--
--
--
--
--
1.76
1.21
1.14
1.70
2.08
1.25
1.08
0.81
0.71
0.46
Price-to-Tangible-Book
--
--
--
24.22
32.63
--
--
--
65.76
37.98
151
48.89
7.68
18.61
632
--
-- Price-to-Free-Cash-Flow
33.04
30.40
--
3.08
19.71
17.50
10.90
18.86
7.99
5.65
7.02
10.38
4.80
5.21
8.12
8.43
5.53
Price-to-Operating-Cash-Flow
2.67
3.81
1.58
0.51
2.54
1.79
1.16
1.42
1.19
1.14
1.50
1.62
0.92
0.95
1.06
0.72
0.47
PS Ratio
--
--
0.29
0.78
0.55
0.56
0.86
0.91
0.59
2.26
1.24
0.42
0.29
0.51
0.78
--
-- PEG Ratio
3.12
4.38
2.33
1.23
3.07
2.26
1.75
2.02
1.82
1.77
2.16
2.11
1.27
1.30
1.46
1.10
0.86
EV-to-Revenue
16.74
19.96
11.20
12.03
12.40
11.56
11.93
11.34
9.55
10.44
11.01
8.21
6.21
7.84
8.08
8.85
7.20
EV-to-EBITDA
19.45
23.05
13.22
21.27
15.14
14.47
16.16
14.63
12.83
10.72
11.26
8.37
6.35
8.11
8.39
9.23
7.20
EV-to-EBIT
5.14
4.34
7.56
4.70
6.61
6.91
6.19
6.84
7.79
9.33
8.88
11.95
15.75
12.33
11.92
10.83
13.89
Earnings Yield (Joel Greenblatt) %
--
--
--
-8.29
16.22
15.83
8.34
9.93
17.11
2.95
6.75
19.75
22.64
20.08
14.09
2.63
4.73
Forward Rate of Return (Yacktman) %
--
--
--
--
--
--
--
19.14
14.61
12.87
15.54
19.35
11.87
9.25
9.29
7.21
4.73
Shiller PE Ratio
--
--
--
--
--
--
--
2.09
3.25
3.89
3.43
--
--
--
2.09
6.07
6.80
Dividend Yield %

Valuation and Quality

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
--
--
--
--
--
--
--
3,569
2,615
2,427
3,500
5,587
3,555
3,624
3,217
3,032
1,947
Market Cap
--
--
--
--
--
--
--
4,891
4,012
3,885
5,082
7,229
5,062
4,838
4,535
4,600
3,547
Enterprise Value
--
--
--
--
--
--
--
0.76
0.56
0.53
0.77
1.24
0.81
0.83
0.74
0.70
0.49
Month End Stock Price
-0.07
-0.09
-0.24
-0.24
-0.25
-0.26
-0.34
-0.39
-0.42
-0.43
-0.48
-0.54
-0.51
-0.43
-0.44
-0.51
-0.51
Net Cash per Share
-0.01
-0.01
-0.09
-0.13
-0.08
-0.07
-0.11
-0.15
-0.17
-0.21
-0.25
-0.21
-0.19
-0.14
-0.12
-0.12
-0.12
Net Current Asset Value
-0.04
-0.07
-0.15
-0.17
-0.15
-0.14
-0.26
-0.29
-0.32
-0.34
-0.39
-0.41
-0.38
-0.31
-0.31
-0.34
-0.34
Net-Net Working Capital
--
--
--
-0.34
-0.18
-0.12
-0.12
-0.08
0.10
0.32
0.34
0.47
0.70
1.08
1.05
1.13
1.13
Intrinsic Value: Projected FCF
--
--
--
--
--
--
--
--
--
0.73
0.76
1.13
1.31
1.20
0.88
1.19
1.27
Median PS Value
--
--
1.03
0.13
0.92
0.86
0.48
0.84
0.96
--
0.62
2.98
2.79
1.62
0.95
--
-- Peter Lynch Fair Value
0.23
0.37
0.46
0.22
0.57
0.62
0.55
0.72
0.74
0.82
0.91
1.38
1.43
1.28
1.46
1.43
1.43
Graham Number
--
--
-0.30
-0.24
-0.12
-0.13
-0.21
-0.24
-0.20
-0.31
-0.37
-0.23
0.01
0.10
0.10
0.08
0.08
Earnings Power Value (EPV)
3.92
4.80
2.14
1.16
3.15
2.85
1.65
1.78
1.46
1.50
1.80
2.35
2.23
1.95
1.98
1.67
1.41
Altman Z-Score
4.00
6.00
2.00
5.00
6.00
4.00
3.00
6.00
6.00
7.00
7.00
8.00
7.00
6.00
6.00
5.00
5.00
Piotroski F-Score
-2.41
-2.90
-1.02
-2.57
-2.29
-1.96
-2.93
-2.16
-2.57
-1.72
-2.51
-2.12
-2.43
-2.74
-2.40
-2.27
-2.27
Beneish M-Score
1.28
1.48
1.51
0.91
0.89
0.96
0.97
1.00
0.91
0.82
0.82
0.99
0.81
0.83
0.95
0.97
0.89
Scaled Net Operating Assets
25.84
32.41
35.10
1.59
5.67
7.68
9.83
9.63
4.84
4.99
7.57
9.59
2.35
4.29
7.67
7.56
7.59
Sloan Ratio %
1.61
1.74
1.31
1.01
1.45
1.64
1.50
1.06
1.09
1.31
1.15
1.27
1.30
1.48
1.40
1.23
1.23
Current Ratio
0.93
0.95
0.74
0.72
0.97
1.06
0.98
0.71
0.77
0.94
0.79
0.83
0.82
1.05
0.89
0.76
0.76
Quick Ratio
0.10
0.15
0.07
0.29
0.14
0.24
0.12
0.08
0.20
0.35
0.16
0.20
0.20
0.35
0.14
0.16
0.16
Cash Ratio
N/A
N/A
20.41
2.60
12.68
10.57
22.81
13.98
10.28
17.58
19.63
34.05
19.11
11.81
25.23
48.74
48.79
Interest Coverage
--
--
--
--
--
--
--
0.93
0.69
0.68
0.92
1.41
1.19
1.05
0.79
1.11
0.78
Highest Stock Price
--
--
--
--
--
--
--
0.60
0.50
0.44
0.51
0.79
0.78
0.56
0.48
0.69
0.49
Lowest Stock Price
-0.44
-15.70
-1.60
--
-0.03
-3.05
--
-0.14
0.56
1.95
0.73
0.89
2.59
0.50
0.46
0.34
0.34
Shares Buyback Ratio %
--
--
--
--
--
--
--
0.67
0.55
2.19
0.73
0.54
3.48
0.33
0.38
0.34
-- Buyback Yield %
36.96
22.22
64.94
7.87
12.41
24.35
4.70
15.96
1.29
4.46
5.08
41.39
26.95
-14.33
-3.52
25.03
25.42
YoY Rev. per Sh. Growth
42.86
60.00
28.13
-78.05
467
-1.96
-26.00
43.24
-1.89
25.00
24.62
76.54
-1.40
-32.62
9.47
-11.54
-12.38
YoY EPS Growth
43.75
47.83
55.88
-47.17
171
-1.32
-21.33
40.68
8.43
-7.78
22.89
84.31
1.06
-30.53
4.55
-13.77
-14.29
YoY EBITDA Growth
--
--
34.19
21.13
28.02
24.24
14.73
13.63
18.22
3.80
7.76
19.92
20.83
15.59
10.04
-1.37
-1.40
5-Year EBITDA Growth Rate
3,856
4,012
4,532
4,550
4,550
4,605
4,690
4,694
4,680
4,624
4,570
4,522
4,440
4,375
4,351
4,345
4,344
Shares Outstanding (Basic Average)
3,870
4,478
4,550
4,550
4,551
4,690
4,690
4,696
4,670
4,579
4,546
4,505
4,389
4,367
4,347
4,332
4,317
Shares Outstanding (EOP)
--
--
--
--
--
--
--
--
--
--
0.53
0.72
1.06
0.63
0.05
-0.14
-0.30
Beta
03/31/07
03/31/08
07/27/09
07/27/09
07/13/10
06/27/11
06/27/12
04/07/14
03/31/15
03/31/16
03/30/17
03/28/18
03/27/19
03/23/20
03/26/21
04/06/22
  Filing Date
03/31/07
03/31/08
07/27/09
07/13/10
06/27/11
06/27/12
04/05/13
03/31/15
03/31/16
03/30/17
03/28/18
03/27/19
03/23/20
03/26/21
04/06/22
04/06/22
  Restated Filing Date
--
--
--
7,000
7,000
7,400
7,700
6,500
6,300
6,500
6,900
7,500
7,800
8,300
9,300
11,000
11,000
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Lee & Man Paper Manufacturing Ltd (OTCPK:LMPMF)
www.gurufocus.com/stock/OTCPK:LMPMF

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.