Stock 600383 GEMDALE CORPORATION
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Financials Gemdale Corporation

Equities

600383

CNE000001790

Real Estate Development & Operations

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
3.39 CNY +5.94% Intraday chart for Gemdale Corporation +5.61% -22.25%
Apr. 09 MSCI Upgrades Gemdale Properties’ ESG Rating MT
Apr. 05 Gemdale Properties Logs Over 1.8 Billion Yuan in March Contracted Sales MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 65,461 60,947 58,554 46,184 19,684 15,304 - -
Enterprise Value (EV) 1 113,014 115,475 118,849 108,141 82,554 66,745 68,561 34,161
P/E ratio 6.5 x 5.87 x 6.24 x 7.58 x 21.8 x 6.77 x 5.27 x 27.1 x
Yield 4.62% 5.19% 4.86% 1.33% 0.45% 0.29% 0.44% 0.49%
Capitalization / Revenue 1.04 x 0.73 x 0.59 x 0.38 x 0.2 x 0.19 x 0.23 x 0.25 x
EV / Revenue 1.79 x 1.38 x 1.2 x 0.9 x 0.84 x 0.81 x 1.04 x 0.56 x
EV / EBITDA 5.68 x 5.59 x 7.26 x 8.1 x 13 x 8.82 x 7.85 x 5.16 x
EV / FCF 16.7 x 18.1 x 13.5 x 5.63 x 43.7 x 29.8 x -1,203 x -
FCF Yield 5.98% 5.51% 7.4% 17.8% 2.29% 3.36% -0.08% -
Price to Book 1.21 x 1.06 x 0.93 x 0.71 x 0.3 x 0.22 x 0.21 x 0.21 x
Nbr of stocks (in thousands) 4,514,584 4,514,584 4,514,584 4,514,584 4,514,584 4,514,584 - -
Reference price 2 14.50 13.50 12.97 10.23 4.360 3.390 3.390 3.390
Announcement Date 4/22/20 4/16/21 2/15/22 4/28/23 3/14/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 63,084 83,657 98,935 120,035 98,008 82,445 65,880 61,408
EBITDA 1 19,912 20,643 16,375 13,350 6,336 7,569 8,737 6,620
EBIT 1 19,716 20,347 16,055 12,961 5,933 6,827 7,347 6,044
Operating Margin 31.25% 24.32% 16.23% 10.8% 6.05% 8.28% 11.15% 9.84%
Earnings before Tax (EBT) 1 19,509 20,034 15,819 13,080 6,069 3,915 5,272 4,063
Net income 1 10,075 10,398 9,410 6,107 888.1 446 2,006 582.1
Net margin 15.97% 12.43% 9.51% 5.09% 0.91% 0.54% 3.04% 0.95%
EPS 2 2.230 2.300 2.080 1.350 0.2000 0.5007 0.6433 0.1250
Free Cash Flow 1 6,763 6,366 8,794 19,215 1,888 2,242 -57 -
FCF margin 10.72% 7.61% 8.89% 16.01% 1.93% 2.72% -0.09% -
FCF Conversion (EBITDA) 33.97% 30.84% 53.7% 143.93% 29.8% 29.62% - -
FCF Conversion (Net income) 67.13% 61.22% 93.46% 314.62% 212.61% 502.69% - -
Dividend per Share 2 0.6700 0.7000 0.6300 0.1360 0.0197 0.0100 0.0150 0.0167
Announcement Date 4/22/20 4/16/21 2/15/22 4/28/23 3/14/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - 19,534 45,286 - 13,354 14,718 24,920 67,084 14,337 22,438 15,460 45,773 8,607 19,717 14,945 42,800 7,416
EBITDA - - 13,631 - - - - - - - - - - - - - -
EBIT 1 - 3,068 9,538 - 996.8 3,107 2,330 6,527 491.7 2,830 -1,325 3,937 672.7 1,629 1,139 3,287 762.1
Operating Margin - 15.7% 21.06% - 7.46% 21.11% 9.35% 9.73% 3.43% 12.61% -8.57% 8.6% 7.82% 8.26% 7.62% 7.68% 10.28%
Earnings before Tax (EBT) - - - - - - - - - - - - - - - - -
Net income 2,982 1,484 6,101 7,584 626.1 1,339 1,371 2,771 507.8 1,024 -1,474 830.1 - - - - -
Net margin - 7.6% 13.47% - 4.69% 9.1% 5.5% 4.13% 3.54% 4.56% -9.53% 1.81% - - - - -
EPS 2 - 0.3300 1.350 - 0.1400 0.3000 0.3000 0.6100 0.1100 0.2300 -0.3300 0.1900 0.1262 0.3788 0.1894 0.5681 0.1343
Dividend per Share - - 0.6300 - - - - 0.1360 - - - 0.0197 - - - - -
Announcement Date 8/28/20 10/17/21 2/15/22 2/15/22 4/29/22 8/25/22 10/27/22 4/28/23 4/28/23 8/30/23 10/30/23 3/14/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 47,552 54,528 60,294 61,957 62,871 51,441 53,256 18,857
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.388 x 2.641 x 3.682 x 4.641 x 9.924 x 6.797 x 6.095 x 2.849 x
Free Cash Flow 1 6,763 6,366 8,794 19,215 1,888 2,242 -57 -
ROE (net income / shareholders' equity) 20.1% 18.6% 15.7% 9.56% 1.36% 1.78% 4.17% 1.78%
ROA (Net income/ Total Assets) 3.29% 2.82% 2.19% - - 0.1% 0.1% 0.1%
Assets 1 306,611 368,194 430,189 - - 446,000 2,005,655 582,135
Book Value Per Share 2 12.00 12.70 13.90 14.40 14.40 15.30 15.80 16.10
Cash Flow per Share 2 1.750 1.660 2.080 4.410 0.4900 2.880 1.580 0.6900
Capex 1 1,136 1,150 605 692 304 731 662 852
Capex / Sales 1.8% 1.37% 0.61% 0.58% 0.31% 0.89% 1% 1.39%
Announcement Date 4/22/20 4/16/21 2/15/22 4/28/23 3/14/24 - - -
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 Gemdale Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
10
Last Close Price
3.39 CNY
Average target price
3.964 CNY
Spread / Average Target
+16.95%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
GEMDALE CORPORATION Stock Gemdale Corporation
-22.25% 2.11B
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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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