Stock 978 CHINA MERCHANTS LAND LIMITED
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Financials China Merchants Land Limited

Equities

978

KYG210AW1064

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
0.285 HKD +3.64% Intraday chart for China Merchants Land Limited +9.62% -3.39%
Apr. 26 China Merchants Land Logs 32% Fall in Q1 Contracted Sales MT
Mar. 14 China Merchants Land Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 30 June 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 4,738 5,348 4,707 2,958 2,383 1,315
Enterprise Value (EV) 1 21,031 22,300 33,653 36,477 39,324 28,693
P/E ratio 3.9 x 2.98 x 6.71 x 5.28 x 7.23 x 9.86 x
Yield 7.25% 11.9% 5.94% 7.63% 5.56% 4.1%
Capitalization / Revenue 0.4 x 0.27 x 0.25 x 0.11 x 0.08 x 0.05 x
EV / Revenue 1.76 x 1.15 x 1.78 x 1.41 x 1.32 x 1 x
EV / EBITDA 5.94 x 3.87 x 8.33 x 9.41 x 12.7 x 10.1 x
EV / FCF 3.05 x -11.7 x -6.14 x -11.3 x 5.3 x 14.4 x
FCF Yield 32.8% -8.55% -16.3% -8.85% 18.9% 6.96%
Price to Book 0.58 x 0.56 x 0.5 x 0.3 x 0.24 x 0.13 x
Nbr of stocks (in thousands) 4,905,258 4,905,258 4,905,258 4,905,258 4,905,258 4,905,258
Reference price 2 0.9659 1.090 0.9595 0.6030 0.4857 0.2681
Announcement Date 4/4/19 4/17/20 4/26/21 4/26/22 4/25/23 4/23/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 11,956 19,453 18,956 25,921 29,871 28,801
EBITDA 1 3,542 5,758 4,040 3,875 3,096 2,843
EBIT 1 3,477 5,576 3,843 3,691 2,911 2,642
Operating Margin 29.08% 28.66% 20.27% 14.24% 9.74% 9.17%
Earnings before Tax (EBT) 1 3,796 5,753 3,605 3,531 2,981 2,691
Net income 1 1,216 1,794 701.3 560.6 329.7 133.4
Net margin 10.17% 9.22% 3.7% 2.16% 1.1% 0.46%
EPS 2 0.2474 0.3658 0.1430 0.1143 0.0672 0.0272
Free Cash Flow 1 6,906 -1,906 -5,479 -3,227 7,418 1,997
FCF margin 57.76% -9.8% -28.9% -12.45% 24.83% 6.93%
FCF Conversion (EBITDA) 194.98% - - - 239.58% 70.25%
FCF Conversion (Net income) 567.87% - - - 2,250.21% 1,496.98%
Dividend per Share 2 0.0700 0.1300 0.0570 0.0460 0.0270 0.0110
Announcement Date 4/4/19 4/17/20 4/26/21 4/26/22 4/25/23 4/23/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 16,294 16,951 28,947 33,519 36,941 27,377
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 4.6 x 2.944 x 7.164 x 8.651 x 11.93 x 9.63 x
Free Cash Flow 1 6,906 -1,906 -5,479 -3,227 7,418 1,997
ROE (net income / shareholders' equity) 9.68% 10.3% 5.04% 4.86% 5.2% 3.69%
ROA (Net income/ Total Assets) 3.37% 4.36% 2.41% 1.85% 1.35% 1.25%
Assets 1 36,118 41,117 29,115 30,342 24,428 10,647
Book Value Per Share 2 1.650 1.940 1.940 1.990 2.010 2.020
Cash Flow per Share 2 1.400 1.830 1.980 2.940 2.520 2.100
Capex 1 104 89.1 12.7 12.5 27.7 14.8
Capex / Sales 0.87% 0.46% 0.07% 0.05% 0.09% 0.05%
Announcement Date 4/4/19 4/17/20 4/26/21 4/26/22 4/25/23 4/23/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

1st Jan change Capi.
CHINA MERCHANTS LAND LIMITED Stock China Merchants Land Limited
-3.39% 179M
MITSUI FUDOSAN CO., LTD. Stock Mitsui Fudosan Co., Ltd.
+36.16% 27.94B
SUN HUNG KAI PROPERTIES LIMITED Stock Sun Hung Kai Properties Limited
-13.74% 26.97B
DLF LIMITED Stock DLF Limited
+25.00% 26.95B
CHINA RESOURCES LAND LIMITED Stock China Resources Land Limited
-0.71% 25.32B
MITSUBISHI ESTATE CO., LTD. Stock Mitsubishi Estate Co., Ltd.
+44.49% 22.58B
EMAAR PROPERTIES Stock Emaar Properties
+2.78% 19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD. Stock China Overseas Land & Investment Ltd.
+1.45% 19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD. Stock Sumitomo Realty & Development Co., Ltd.
+28.54% 16.23B
CK ASSET HOLDINGS LIMITED Stock CK Asset Holdings Limited
-14.80% 14.98B
Other Real Estate Development & Operations
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