Stock 127 CHINESE ESTATES HOLDINGS LIMITED
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Financials Chinese Estates Holdings Limited

Equities

127

BMG2108M2182

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
1.04 HKD +0.97% Intraday chart for Chinese Estates Holdings Limited +1.96% -14.75%
Mar. 15 Chinese Estates' Profit Falls in 2023 on Lower Revenue MT
Mar. 15 Chinese Estates Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 24,036 16,215 11,770 7,211 5,456 4,807
Enterprise Value (EV) 1 32,926 23,943 17,569 11,060 7,891 7,182
P/E ratio 6.48 x 16 x 14.9 x 11.6 x -1.55 x 4.17 x
Yield 2.38% 1.29% 0.32% 0.53% - -
Capitalization / Revenue 14.8 x 17.2 x 15.7 x 2.41 x 4.57 x 3.25 x
EV / Revenue 20.3 x 25.4 x 23.5 x 3.7 x 6.61 x 4.85 x
EV / EBITDA 41.3 x 42.3 x 38.3 x 4.24 x 12.7 x 6.37 x
EV / FCF 5.4 x 102 x 87.6 x 7.44 x 16.7 x 8.4 x
FCF Yield 18.5% 0.98% 1.14% 13.4% 5.97% 11.9%
Price to Book 0.66 x 0.48 x 0.35 x 0.25 x 0.38 x 0.34 x
Nbr of stocks (in thousands) 1,907,619 1,907,619 1,907,619 1,907,619 1,907,619 1,907,619
Reference price 2 12.60 8.500 6.170 3.780 2.860 2.520
Announcement Date 4/17/18 4/18/19 4/22/20 4/23/21 4/26/22 4/26/23
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 1,619 941.2 748.7 2,991 1,193 1,480
EBITDA 1 797.6 565.5 458.3 2,611 622.5 1,127
EBIT 1 788.9 558.7 450.9 2,586 566.2 1,064
Operating Margin 48.74% 59.36% 60.23% 86.45% 47.45% 71.88%
Earnings before Tax (EBT) 1 4,126 1,187 948.9 692.5 -3,480 1,179
Net income 1 3,709 1,015 790.2 622.2 -3,515 1,152
Net margin 229.11% 107.87% 105.54% 20.8% -294.63% 77.83%
EPS 2 1.944 0.5322 0.4142 0.3262 -1.843 0.6040
Free Cash Flow 1 6,102 234.6 200.6 1,487 471.3 854.6
FCF margin 376.94% 24.92% 26.79% 49.73% 39.5% 57.73%
FCF Conversion (EBITDA) 765.03% 41.48% 43.76% 56.96% 75.7% 75.83%
FCF Conversion (Net income) 164.52% 23.1% 25.38% 239.03% - 74.17%
Dividend per Share 2 0.3000 0.1100 0.0200 0.0200 - -
Announcement Date 4/17/18 4/18/19 4/22/20 4/23/21 4/26/22 4/26/23
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 8,890 7,728 5,799 3,849 2,435 2,374
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 11.15 x 13.67 x 12.65 x 1.474 x 3.912 x 2.107 x
Free Cash Flow 1 6,102 235 201 1,487 471 855
ROE (net income / shareholders' equity) 11.4% 3% 2.34% 2% -16.3% 8.11%
ROA (Net income/ Total Assets) 0.97% 0.67% 0.58% 3.77% 1.2% 3.24%
Assets 1 383,031 152,309 136,001 16,514 -293,382 35,546
Book Value Per Share 2 19.10 17.90 17.60 15.10 7.540 7.330
Cash Flow per Share 2 0.3500 0.3200 0.2200 0.8500 1.300 1.070
Capex 1 5.13 2.13 32.4 143 28.8 79.3
Capex / Sales 0.32% 0.23% 4.33% 4.79% 2.42% 5.36%
Announcement Date 4/17/18 4/18/19 4/22/20 4/23/21 4/26/22 4/26/23
1HKD in Million2HKD
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.
CHINESE ESTATES HOLDINGS LIMITED Stock Chinese Estates Holdings Limited
-14.75% 253M
MITSUI FUDOSAN CO., LTD. Stock Mitsui Fudosan Co., Ltd.
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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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