CHINA MERCHANTS COMMERCIAL REAL ESTATE INVESTMENT TRUST Financials China Merchants Commercial Real Estate Investment Trust
Equities
1503
HK0000552189
Commercial REITs
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1.13 HKD | -2.59% |
|
+2.73% | -15.67% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Capitalization 1 | 3,356 | 2,326 | 2,398 | 1,982 | 1,374 |
| Enterprise Value (EV) 1 | 3,783 | 3,983 | 3,874 | 4,894 | 4,348 |
| P/E ratio | 19.6 x | 8.16 x | 8.96 x | -9.46 x | -7.97 x |
| Yield | 2.2% | 6.99% | 7.11% | 6.99% | 6.89% |
| Capitalization / Revenue | 19.5 x | 6.28 x | 5.54 x | 4.59 x | 2.81 x |
| EV / Revenue | 21.9 x | 10.8 x | 8.95 x | 11.3 x | 8.89 x |
| EV / EBITDA | 44.1 x | 16 x | 13.4 x | 16.7 x | 13.2 x |
| EV / FCF | 1.55 x | -3.21 x | 13.3 x | 18.2 x | 31.6 x |
| FCF Yield | 64.6% | -31.2% | 7.49% | 5.48% | 3.17% |
| Price to Book | 0.89 x | 0.59 x | 0.6 x | 0.54 x | 0.4 x |
| Nbr of stocks (in thousands) | 1,127,820 | 1,127,820 | 1,127,820 | 1,127,820 | 1,127,820 |
| Reference price 2 | 2.976 | 2.062 | 2.127 | 1.758 | 1.218 |
| Announcement Date | 4/17/20 | 4/22/21 | 4/25/22 | 4/27/23 | 4/29/24 |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 392.3 | 172.6 | 370.1 | 432.8 | 431.7 | 489.2 |
| EBITDA 1 | 304.2 | 85.79 | 249.6 | 288.4 | 293.5 | 330.5 |
| EBIT 1 | 304 | 85.78 | 249.6 | 288.3 | 293.4 | 330.4 |
| Operating Margin | 77.49% | 49.71% | 67.43% | 66.62% | 67.96% | 67.55% |
| Earnings before Tax (EBT) 1 | 1,482 | 246.3 | 359.4 | 386.6 | -92.98 | -177.2 |
| Net income 1 | 1,099 | 171.1 | 285.1 | 267.7 | -209.5 | -172.3 |
| Net margin | 280.18% | 99.16% | 77.02% | 61.85% | -48.54% | -35.23% |
| EPS | - | 0.1517 | 0.2527 | 0.2374 | -0.1858 | -0.1528 |
| Free Cash Flow 1 | -325.4 | 2,443 | -1,242 | 290.3 | 268.3 | 137.8 |
| FCF margin | -82.94% | 1,415.75% | -335.56% | 67.07% | 62.15% | 28.17% |
| FCF Conversion (EBITDA) | - | 2,847.43% | - | 100.64% | 91.44% | 41.69% |
| FCF Conversion (Net income) | - | 1,427.71% | - | 108.43% | - | - |
| Dividend per Share | - | 0.0654 | 0.1442 | 0.1511 | 0.1228 | 0.0839 |
| Announcement Date | 11/13/19 | 4/17/20 | 4/22/21 | 4/25/22 | 4/27/23 | 4/29/24 |
1CNY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 3,789 | 426 | 1,657 | 1,476 | 2,912 | 2,975 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 12.46 x | 4.968 x | 6.639 x | 5.116 x | 9.923 x | 9 x |
| Free Cash Flow 1 | -325 | 2,443 | -1,242 | 290 | 268 | 138 |
| ROE (net income / shareholders' equity) | 58.3% | 5.5% | 7.41% | 6.76% | -4.9% | -4.24% |
| ROA (Net income/ Total Assets) | 2.93% | 0.7% | 2.04% | 2.44% | 1.99% | 1.95% |
| Assets 1 | 37,465 | 24,371 | 13,967 | 10,971 | -10,508 | -8,850 |
| Book Value Per Share | - | 3.360 | 3.470 | 3.550 | 3.240 | 3.010 |
| Cash Flow per Share | - | 1.300 | 0.3200 | 0.6500 | 1.010 | 0.9600 |
| Capex | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - |
| Announcement Date | 11/13/19 | 4/17/20 | 4/22/21 | 4/25/22 | 4/27/23 | 4/29/24 |
1CNY in Million
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Chiffre d''affaires - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -15.67% | 168M | |
| -7.65% | 46.78B | |
| -5.43% | 21.47B | |
| +1.13% | 15.7B | |
| +18.41% | 12.02B | |
| -3.40% | 9.93B | |
| -12.21% | 8.59B | |
| -3.44% | 8.39B | |
| +2.59% | 7.95B | |
| -17.44% | 5.78B |
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- Financials China Merchants Commercial Real Estate Investment Trust
