Financials Hui Xian Real Estate Investment Trust

Equities

87001

HK0000078516

Commercial REITs

Market Closed - Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
0.65 CNY 0.00% Intraday chart for Hui Xian Real Estate Investment Trust +3.17% -28.57%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 18,366 19,287 10,887 8,581 6,542 5,781
Enterprise Value (EV) 1 22,180 23,351 14,038 11,172 9,623 8,912
P/E ratio 31.5 x 39.4 x -16 x -38.9 x -4.97 x -10.2 x
Yield 8.32% 6.64% 4.78% 6.68% 7.94% 3.97%
Capitalization / Revenue 5.28 x 5.69 x 4.05 x 3.15 x 2.8 x 2.36 x
EV / Revenue 6.38 x 6.89 x 5.22 x 4.1 x 4.12 x 3.64 x
EV / EBITDA 10.9 x 12.1 x 10 x 7.8 x 8.23 x 7.38 x
EV / FCF 15 x 17.5 x 17.6 x 12.7 x 9.81 x 13 x
FCF Yield 6.66% 5.72% 5.69% 7.86% 10.2% 7.67%
Price to Book 0.7 x 0.74 x 0.43 x 0.35 x 0.29 x 0.26 x
Nbr of stocks (in thousands) 5,757,337 5,880,262 6,014,652 6,129,115 6,230,359 6,353,100
Reference price 2 3.190 3.280 1.810 1.400 1.050 0.9100
Announcement Date 4/16/19 4/15/20 4/15/21 4/13/22 4/12/23 4/15/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 3,478 3,389 2,688 2,722 2,335 2,450
EBITDA 1 2,038 1,928 1,404 1,432 1,169 1,207
EBIT 1 1,851 1,737 1,179 1,217 969 1,063
Operating Margin 53.22% 51.25% 43.86% 44.71% 41.5% 43.39%
Earnings before Tax (EBT) 1 1,094 933 -833 -185 -1,319 -353
Net income 1 574 484 -672 -219 -1,307 -562
Net margin 16.5% 14.28% -25% -8.05% -55.97% -22.94%
EPS 2 0.1012 0.0832 -0.1129 -0.0360 -0.2113 -0.0893
Free Cash Flow 1 1,477 1,336 798.8 877.6 980.9 684
FCF margin 42.47% 39.43% 29.72% 32.24% 42.01% 27.92%
FCF Conversion (EBITDA) 72.49% 69.31% 56.89% 61.29% 83.91% 56.67%
FCF Conversion (Net income) 257.36% 276.08% - - - -
Dividend per Share 2 0.2653 0.2177 0.0866 0.0935 0.0834 0.0361
Announcement Date 4/16/19 4/15/20 4/15/21 4/13/22 4/12/23 4/15/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 3,814 4,064 3,151 2,591 3,081 3,131
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 1.871 x 2.108 x 2.244 x 1.809 x 2.636 x 2.594 x
Free Cash Flow 1 1,477 1,336 799 878 981 684
ROE (net income / shareholders' equity) 2.02% 1.71% -2.78% -1.02% -5.73% -2.6%
ROA (Net income/ Total Assets) 2.47% 2.34% 1.65% 1.81% 1.52% 1.78%
Assets 1 23,264 20,652 -40,688 -12,070 -85,772 -31,578
Book Value Per Share 2 4.580 4.420 4.170 3.990 3.650 3.480
Cash Flow per Share 2 1.060 1.160 0.9500 0.9600 0.7600 0.5500
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 4/16/19 4/15/20 4/15/21 4/13/22 4/12/23 4/15/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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