Stock 600606 GREENLAND HOLDINGS CORPORATION LIMITED
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Financials Greenland Holdings Corporation Limited

Equities

600606

CNE000000388

Construction & Engineering

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
1.76 CNY +4.14% Intraday chart for Greenland Holdings Corporation Limited +1.73% -23.48%
Feb. 05 Distressed Chinese developers get project loan backing as Beijing ramps up support RE
Feb. 05 Chinese Shares Extend Losses Despite Regulator's Pledge to Shore Up Market DJ

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 74,347 84,569 70,940 55,450 41,882 24,735 24,735 -
Enterprise Value (EV) 1 261,514 289,010 280,712 204,130 189,066 24,735 24,735 24,735
P/E ratio 6.57 x 5.74 x 4.74 x 9.04 x 42.6 x - - -
Yield 4.91% 5.76% 4.29% - - - - -
Capitalization / Revenue 0.21 x 0.2 x 0.16 x 0.1 x 0.1 x 0.07 x 0.08 x 0.09 x
EV / Revenue 0.21 x 0.2 x 0.16 x 0.1 x 0.1 x 0.07 x 0.08 x 0.09 x
EV / EBITDA 2.79 x 2.46 x 2.04 x 2.39 x 3.01 x 1.12 x 1.29 x 1.41 x
EV / FCF 2,143,844 x 7,267,912 x 1,971,345 x - - - - -
FCF Yield 0% 0% 0% - - - - -
Price to Book 1.06 x 1.07 x 0.84 x 0.62 x 0.46 x - - -
Nbr of stocks (in thousands) 14,054,232 14,054,232 14,054,232 14,054,232 14,054,218 14,054,218 14,054,218 -
Reference price 2 5.290 6.017 5.048 3.945 2.980 1.760 1.760 1.760
Announcement Date 1/15/19 1/7/20 1/20/21 1/28/22 4/28/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 348,426 427,823 455,753 544,286 435,520 357,840 319,364 286,258
EBITDA 1 26,600 34,384 34,693 23,246 13,928 22,053 19,202 17,512
EBIT 1 24,680 31,661 31,636 19,320 10,141 22,053 19,202 17,512
Operating Margin 7.08% 7.4% 6.94% 3.55% 2.33% 6.16% 6.01% 6.12%
Earnings before Tax (EBT) 24,269 30,593 30,690 17,933 8,801 - - -
Net income 11,375 14,743 14,998 6,179 1,010 - - -
Net margin 3.26% 3.45% 3.29% 1.14% 0.23% - - -
EPS 0.8052 1.048 1.065 0.4364 0.0700 - - -
Free Cash Flow 34,680 11,636 35,986 - - - - -
FCF margin 9.95% 2.72% 7.9% - - - - -
FCF Conversion (EBITDA) 130.37% 33.84% 103.73% - - - - -
FCF Conversion (Net income) 304.88% 78.93% 239.94% - - - - -
Dividend per Share 0.2597 0.3463 0.2164 - - - - -
Announcement Date 1/15/19 1/7/20 1/20/21 1/28/22 4/28/23 - - -
1CNY in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3
Net sales 1 150,105 144,071 117,520 95,949 108,601 101,227 129,742 78,806 95,412 79,424
EBITDA - - - - - - - - - -
EBIT 1 8,958 6,133 -3,064 4,232 5,194 4,711 -3,996 3,596 3,208 731.1
Operating Margin 5.97% 4.26% -2.61% 4.41% 4.78% 4.65% -3.08% 4.56% 3.36% 0.92%
Earnings before Tax (EBT) 1 8,705 5,788 -3,644 4,099 5,000 4,295 -4,594 3,313 2,830 168.7
Net income 1 4,300 2,931 -4,986 2,547 1,654 2,747 -5,938 1,991 610.4 -146.5
Net margin 2.86% 2.03% -4.24% 2.65% 1.52% 2.71% -4.58% 2.53% 0.64% -0.18%
EPS 2 0.3000 0.2091 -0.3546 0.1818 0.1000 0.1900 -0.4200 0.1400 0.0500 -0.0100
Dividend per Share 2 - - - - - - - - - -
Announcement Date 7/13/21 10/25/21 1/28/22 4/29/22 8/3/22 10/24/22 4/28/23 4/28/23 7/28/23 10/27/23
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 187,167 204,441 209,772 148,680 147,184 - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) 7.036 x 5.946 x 6.046 x 6.396 x 10.57 x - - -
Free Cash Flow 34,680 11,636 35,986 - - - - -
ROE (net income / shareholders' equity) 17.1% 19.9% 18.6% 7.07% 1.12% -9.74% - 0.96%
ROA (Net income/ Total Assets) 1.26% 1.35% 1.18% - - - - -
Assets 903,334 1,091,267 1,270,998 - - - - -
Book Value Per Share 4.990 5.610 6.030 6.400 6.450 - - -
Cash Flow per Share 3.000 1.370 3.180 4.430 1.950 - - -
Capex 7,493 7,626 8,734 5,636 919 - - -
Capex / Sales 2.15% 1.78% 1.92% 1.04% 0.21% - - -
Announcement Date 1/15/19 1/7/20 1/20/21 1/28/22 4/28/23 - - -
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
SELL
Number of Analysts
1
Last Close Price
1.76 CNY
Average target price
1.3 CNY
Spread / Average Target
-26.14%
Consensus

Quarterly earnings - Rate of surprise

Company calendar

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