Financials Sunac China 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
1.13 ^HKD	+15.31%		+20.21%	-24.67%

Apr. 12	Sunac China Grants 14 Million Share Options to Employees; Shares Drop 3%	MT
Apr. 08	Sunac China to Sell 51% Stake in Joint Venture For 540 Million Yuan	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	98,658	185,202	112,445	47,962	20,208	8,783	8,783	-
Enterprise Value (EV) ¹	251,753	429,970	317,833	355,041	307,672	11,447	230,847	170,578
P/E ratio	5.99 x	7.03 x	3.12 x	-1.16 x	-0.72 x	-0.95 x	-3.72 x	-4.07 x
Yield	3.69%	2.96%	6.84%	-	-	-	-	-
Capitalization / Revenue	0.79 x	1.09 x	0.49 x	0.24 x	0.21 x	0.07 x	0.06 x	0.08 x
EV / Revenue	2.02 x	2.54 x	1.38 x	1.79 x	3.18 x	0.07 x	1.46 x	1.53 x
EV / EBITDA	9.4 x	10.8 x	6.12 x	-	-29.6 x	-3.83 x	299 x	235 x
EV / FCF	6.55 x	48.4 x	5.55 x	-	-	5.03 x	22.5 x	12 x
FCF Yield	15.3%	2.07%	18%	-	-	19.9%	4.45%	8.3%
Price to Book	1.58 x	2.11 x	0.87 x	-	0.23 x	0.14 x	0.15 x	0.15 x
Nbr of stocks (in thousands)	4,406,134	4,451,929	4,663,186	4,996,884	5,448,884	8,396,760	8,396,760	-
Reference price ²	22.39	41.60	24.11	9.598	3.709	1.046	1.046	1.046
Announcement Date	3/28/19	3/26/20	3/11/21	12/8/22	3/31/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	124,746	169,316	230,587	198,387	96,752	154,231	157,881	111,790
EBITDA ¹	26,788	39,846	51,970	-	-10,403	-2,985	771.5	725.7
EBIT ¹	25,796	38,025	49,244	-39,208	-13,592	-12,869	-2,418	-1,831
Operating Margin	20.68%	22.46%	21.36%	-19.76%	-14.05%	-8.34%	-1.53%	-1.64%
Earnings before Tax (EBT) ¹	28,664	42,546	57,535	-43,674	-31,304	-5,134	4,945	5,148
Net income ¹	16,567	26,028	35,644	-38,265	-27,669	-7,969	-2,361	-3,060
Net margin	13.28%	15.37%	15.46%	-19.29%	-28.6%	-5.17%	-1.5%	-2.74%
EPS ²	3.740	5.920	7.740	-8.270	-5.160	-1.430	-0.2812	-0.2568
Free Cash Flow ¹	38,415	8,888	57,296	-	-	43,859	10,282	14,163
FCF margin	30.79%	5.25%	24.85%	-	-	46.15%	6.51%	12.67%
FCF Conversion (EBITDA)	143.41%	22.31%	110.25%	-	-	-	1,332.71%	1,951.64%
FCF Conversion (Net income)	231.89%	34.15%	160.75%	-	-	-	-	-
Dividend per Share ²	0.8270	1.232	1.650	-	-	-	-	-
Announcement Date	3/28/19	3/26/20	3/11/21	12/8/22	3/31/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	153,095	244,768	205,388	307,079	287,465	211,664	222,064	161,795
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.715 x	6.143 x	3.952 x	-	-27.63 x	-177.8 x	287.8 x	223 x
Free Cash Flow ¹	38,415	8,888	57,296	-	-	43,859	10,282	14,163
ROE (net income / shareholders' equity)	28.7%	37.2%	28.6%	-	-39.3%	-11.6%	-3.85%	-3.6%
ROA (Net income/ Total Assets)	2.47%	3.1%	2.93%	-	-2.44%	-1.15%	-0.26%	-0.38%
Assets ¹	669,869	838,650	1,218,591	-	1,133,363	1,033,014	918,522	813,805
Book Value Per Share ²	14.20	19.80	27.60	-	15.90	7.250	7.150	7.120
Cash Flow per Share	11.70	6.190	16.00	-	-	-	-	-
Capex ¹	13,597	18,366	16,414	11,155	2,316	1,036	1,140	1,254
Capex / Sales	10.9%	10.85%	7.12%	5.62%	2.39%	1.09%	0.72%	1.12%
Announcement Date	3/28/19	3/26/20	3/11/21	12/8/22	3/31/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1.046 CNY

Average target price

1.115 CNY

Spread / Average Target

+6.57%

	1st Jan change	Capi.
SUNAC CHINA HOLDINGS LIMITED	-24.67%	1.21B
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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