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4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Beijing Capital Land Limited    2868   CNE100000239

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Beijing Capital Land : BJ Capital Land assigned 'BB+' & 'cnBBB' ratings; negative

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06/29/2016 | 06:01am CEST

[ET Net News Agency, 29 June 2016] S&P Global Ratings said today that it had assigned

its 'BB+' long-term corporate credit rating to Beijing Capital Land Ltd. (BCL)(02868). The

outlook is negative. At the same time, the agency assigned its 'cnBBB' long-term Greater

China regional scale rating to the company.

BCL is a midsize property developer and the real estate development arm of Beijing

Capital Group Co. Ltd. (BCG; BBB-/Negative/--; cnBBB+/--), a Beijing government-owned

conglomerate. BCL reshaped its strategy in recent years to focus on five core markets in

Beijing, Tianjin, Shanghai, Chongqing, and Chengdu.

S&P said its rating on BCL is underpinned by the group credit profile of its parent BCG.

Given that it assesses BCL as a highly strategic subsidiary of BCG, the corporate credit

rating on BCL is one notch below that on its parent. The rating and outlook on BCL would

also move in tandem with those on BCG."

The credit rating agency believes BCG's strong support indicates BCL's importance to the

group, which cements S&P's view that BCL is a highly strategic subsidiary of BCG. BCL is

one of the two most important subsidiaries of BCG, and undertakes one of the group's most

profitable businesses--real estate development. Its importance also comes from its

significant role to support the group's revenues and earnings.

S&P estimated that BCL will continue to make a significant 40%-50% contribution to BCG's

EBITDA in 2016-2017. BCG also increased its shareholding in BCL in August 2015 to 54.5%,

from 32%. (KL)

(c) 2016 ET Net Limited. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( CNY)
Sales 2016 20 633 M
EBIT 2016 3 297 M
Net income 2016 2 025 M
Debt 2016 29 189 M
Yield 2016 6,19%
P/E ratio 2016 4,08
P/E ratio 2017 4,16
EV / Sales 2016 1,82x
EV / Sales 2017 0,44x
Capitalization 8 282 M
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Mean consensus BUY
Number of Analysts 2
Average target price 3,84  CNY
Spread / Average Target 40%
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Managers
NameTitle
Jun Tang President & Executive Director
Yong Zheng Liu Chairman-Supervisory Board
Song Ping Li Chairman
Ju Xing Zhang Executive Director
Yuk Keung Ng Independent Non-Executive Director
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