Financials Central China Real Estate Limited

Equities

832 KYG207681001

Real Estate Development & Operations

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
0.076 ^HKD	+8.57%		+18.75%	-2.56%

Apr. 24	Central China Real Estate's 2023 Loss Narrows by 57%	MT
Apr. 08	Central China Real Estate Limited Reports Unaudited Contracted Group Sales Results for the Month and Year to Date Ended 31 March 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024
Capitalization ¹	6,907	11,113	8,911	2,270	1,127	213.8	213.8
Enterprise Value (EV) ¹	12,556	5,286	17,596	18,309	22,899	215.5	213.8
P/E ratio	5.81 x	5.61 x	4.76 x	3.61 x	-0.14 x	-0.06 x	0.29 x
Yield	7.17%	10.5%	10.8%	18.9%	-	77.4%	120%
Capitalization / Revenue	0.47 x	0.36 x	0.21 x	0.05 x	0.05 x	0.01 x	0.01 x
EV / Revenue	0.47 x	0.36 x	0.21 x	0.05 x	0.05 x	0.01 x	0.01 x
EV / EBITDA	2,418,971 x	2,247,958 x	1,563,962 x	537,076 x	-273,748 x	-	-
EV / FCF	2,171,539 x	-12,622,135 x	2,067,984 x	6,160,769 x	-	-	-
FCF Yield	0%	-0%	0%	0%	-	-	-
Price to Book	0.78 x	1.14 x	0.75 x	0.24 x	1.43 x	0.04 x	0.04 x
Nbr of stocks (in thousands)	2,731,263	2,739,133	2,941,050	2,964,116	3,039,126	3,039,126	3,039,126
Reference price ²	2.529	4.057	3.030	0.7659	0.3709	0.0704	0.0704
Announcement Date	3/28/19	4/1/20	3/31/21	3/28/22	3/31/23	4/1/24	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024
Net sales ¹	14,783	30,767	43,304	41,959	24,083	19,261	38,012
EBITDA	2,855	4,944	5,698	4,227	-4,118	-	-
EBIT ¹	2,587	4,646	5,392	3,543	-4,409	-1,574	1,512
Operating Margin	17.5%	15.1%	12.45%	8.45%	-18.31%	-8.17%	3.98%
Earnings before Tax (EBT) ¹	2,972	5,116	4,935	3,347	-7,042	-2,135	1,088
Net income ¹	1,154	2,015	1,802	604.9	-7,561	-3,264	715
Net margin	7.81%	6.55%	4.16%	1.44%	-31.4%	-16.95%	1.88%
EPS ²	0.4351	0.7234	0.6360	0.2120	-2.597	-1.106	0.2410
Free Cash Flow	3,181	-880.5	4,309	368.5	-	-	-
FCF margin	21.52%	-2.86%	9.95%	0.88%	-	-	-
FCF Conversion (EBITDA)	111.39%	-	75.63%	8.72%	-	-	-
FCF Conversion (Net income)	275.56%	-	239.2%	60.92%	-	-	-
Dividend per Share ²	0.1813	0.4244	0.3275	0.1448	-	0.0545	0.0844
Announcement Date	3/28/19	4/1/20	3/31/21	3/28/22	3/31/23	4/1/24	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1	2022 S2
Net sales	7,301	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	-5,605	-
Net margin	-76.78%	-
EPS	-	-
Dividend per Share ¹	-	-
Announcement Date	8/31/22	3/31/23

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024
Net Debt	5,649	-	8,685	16,038	21,771	-	-
Net Cash position	-	5,828	-	-	-	-	-
Leverage (Debt/EBITDA)	1.978 x	-	1.524 x	3.794 x	-5.287 x	-	-
Free Cash Flow	3,181	-880	4,309	369	-	-	-
ROE (net income / shareholders' equity)	14%	21.7%	15.5%	5.84%	-149%	9.8%	13.8%
ROA (Net income/ Total Assets)	1.4%	1.64%	1.4%	0.39%	-5.31%	0.3%	0.5%
Assets ¹	82,248	122,967	128,679	154,868	142,382	153,667	143,000
Book Value Per Share ²	3.240	3.550	4.020	3.150	0.2600	1.660	1.840
Cash Flow per Share	0.9900	-	-	0.9000	-	-	-
Capex	922	1,432	465	412	152	-	-
Capex / Sales	6.24%	4.65%	1.07%	0.98%	0.63%	-	-
Announcement Date	3/28/19	4/1/20	3/31/21	3/28/22	3/31/23	4/1/24	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Central China Real Estate Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

0.0704 CNY

Average target price

0.48 CNY

Spread / Average Target

+582.29%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
CENTRAL CHINA REAL ESTATE LIMITED	-2.56%	29.51M
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SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B

Other Real Estate Development & Operations