Financials Shimao Group Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
0.355 ^HKD	+5.97%		+20.34%	-45.38%

Apr. 26	Shimao Group Holdings Limited Announces Board Changes, Effective April 26, 2024	CI
Apr. 11	Shimao Group Considers Application for Validation Order Amid Winding Up Petition	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	60,344	88,855	73,470	15,767	13,580	1,245	1,245	-
Enterprise Value (EV) ¹	125,788	163,286	157,652	15,767	253,943	251,014	243,525	220,240
P/E ratio	6.95 x	8.16 x	5.76 x	-0.54 x	-0.63 x	-0.11 x	-0.25 x	-0.23 x
Yield	5.59%	4.92%	6.1%	-	-	-	-	-
Capitalization / Revenue	0.71 x	0.8 x	0.54 x	0.15 x	0.22 x	0.04 x	0.03 x	0.03 x
EV / Revenue	1.47 x	1.46 x	1.16 x	0.15 x	4.03 x	4.22 x	5.69 x	6.05 x
EV / EBITDA	5.73 x	5.87 x	5.12 x	-	84.9 x	-24.4 x	-283 x	-271 x
EV / FCF	-140 x	5.85 x	347 x	-	-	18.5 x	29.1 x	56.2 x
FCF Yield	-0.71%	17.1%	0.29%	-	-	5.41%	3.44%	1.78%
Price to Book	1.03 x	1.34 x	0.83 x	-	0.17 x	0.15 x	0.12 x	0.17 x
Nbr of stocks (in thousands)	3,288,162	3,292,275	3,534,131	3,794,266	3,794,266	3,787,589	3,787,589	-
Reference price ²	18.35	26.99	20.79	4.156	3.579	0.3286	0.3286	0.3286
Announcement Date	3/26/19	3/30/20	3/30/21	4/5/22	9/20/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	85,513	111,517	135,353	107,797	63,040	59,464	42,824	36,375
EBITDA ¹	21,962	27,823	30,780	-	2,992	-10,306	-860.9	-813.1
EBIT ¹	21,298	26,868	29,795	-17,782	1,893	-11,220	-1,625	-1,673
Operating Margin	24.91%	24.09%	22.01%	-16.5%	3%	-18.87%	-3.8%	-4.6%
Earnings before Tax (EBT) ¹	22,638	29,015	33,592	-	-17,550	-22,244	-4,339	-5,606
Net income ¹	8,835	10,898	12,628	-	-21,492	-21,030	-4,767	-5,626
Net margin	10.33%	9.77%	9.33%	-	-34.09%	-35.37%	-11.13%	-15.47%
EPS ²	2.641	3.306	3.611	-7.627	-5.674	-5.550	-1.308	-1.441
Free Cash Flow ¹	-898.9	27,922	453.7	-	-	13,018	8,375	3,916
FCF margin	-1.05%	25.04%	0.34%	-	-	25.24%	19.56%	10.77%
FCF Conversion (EBITDA)	-	100.36%	1.47%	-	-	-	-	-
FCF Conversion (Net income)	-	256.22%	3.59%	-	-	-	-	-
Dividend per Share ²	1.027	1.327	1.268	-	-	-	-	-
Announcement Date	3/26/19	3/30/20	3/30/21	4/5/22	9/20/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	65,443	74,431	84,182	-	240,363	248,777	242,280	218,996
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.98 x	2.675 x	2.735 x	-	80.34 x	-24.14 x	-281.4 x	-269.3 x
Free Cash Flow ¹	-899	27,922	454	-	-	13,018	8,375	3,916
ROE (net income / shareholders' equity)	15.1%	17.4%	16.4%	-	-	-56.6%	-38.9%	-53.6%
ROA (Net income/ Total Assets)	2.58%	2.57%	2.38%	-	-3.45%	-2.5%	-0.92%	-0.78%
Assets ¹	342,577	424,527	530,604	-	622,159	840,367	521,029	718,569
Book Value Per Share ²	17.70	20.10	25.20	-	21.00	3.890	2.730	1.980
Cash Flow per Share ²	0.6600	8.940	1.940	-	-	4.860	4.650	4.250
Capex ¹	3,109	1,558	6,388	-	811	11,796	10,840	10,461
Capex / Sales	3.64%	1.4%	4.72%	-	1.29%	22.87%	25.31%	28.76%
Announcement Date	3/26/19	3/30/20	3/30/21	4/5/22	9/20/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

0.3286 CNY

Average target price

0.3002 CNY

Spread / Average Target

-8.63%

	1st Jan change	Capi.
SHIMAO GROUP HOLDINGS LIMITED	-45.38%	172M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B