Stock 1278 CHINA NEW TOWN DEVELOPMENT COMPANY LIMITED
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Financials China New Town Development Company Limited

Equities

1278

VGG2156N1006

Real Estate Development & Operations

Delayed Hong Kong S.E.
Other stock markets
 03:17:25 2024-05-29 am EDT 		5-day change 1st Jan Change
0.089 HKD +4.71% Intraday chart for China New Town Development Company Limited +2.30% +27.14%
May. 23 China New Town Development, Partners to Establish 1 Billion Yuan Investment Fund MT
Apr. 28 Meidi Elderly Care Service Co., Ltd. announced that it has received CNY 50 million in funding from China New Town Development Company Limited CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,708 1,269 1,474 649.9 549.8 618.8
Enterprise Value (EV) 1 2,625 629.6 466.5 12.04 -674.8 -383.5
P/E ratio 20.4 x 13.3 x -5.87 x 5.99 x 204 x 4.39 x
Yield 3% 3.01% - - - 7.99%
Capitalization / Revenue 2.85 x 3.06 x 3.76 x 2.38 x 1.8 x 1.64 x
EV / Revenue 4.38 x 1.52 x 1.19 x 0.04 x -2.21 x -1.01 x
EV / EBITDA 897 x 4.87 x 2.16 x 0.11 x -30 x -1.36 x
EV / FCF 40.2 x 1.44 x 7.6 x 0.03 x -115 x -8.36 x
FCF Yield 2.49% 69.6% 13.1% 3,844% -0.87% -12%
Price to Book 0.41 x 0.3 x 0.37 x 0.16 x 0.14 x 0.15 x
Nbr of stocks (in thousands) 9,726,246 9,726,246 9,726,246 9,726,246 9,726,246 9,726,246
Reference price 2 0.1756 0.1305 0.1515 0.0668 0.0565 0.0636
Announcement Date 4/29/19 4/28/20 4/23/21 4/13/22 4/27/23 4/24/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 599.3 414.9 391.6 273 305 378
EBITDA 1 2.925 129.3 216.2 112.2 22.47 281.3
EBIT 1 0.795 126.9 214.2 110.2 20.69 278.9
Operating Margin 0.13% 30.59% 54.69% 40.37% 6.78% 73.78%
Earnings before Tax (EBT) 1 -146.1 177.5 -207.1 141.4 56.49 201.1
Net income 1 83.89 95.41 -250.9 108.6 2.702 140.9
Net margin 14% 22.99% -64.07% 39.77% 0.89% 37.27%
EPS 2 0.008625 0.009809 -0.0258 0.0112 0.000277 0.0145
Free Cash Flow 1 65.24 438.2 61.34 462.8 5.85 45.9
FCF margin 10.89% 105.61% 15.66% 169.49% 1.92% 12.14%
FCF Conversion (EBITDA) 2,230.52% 338.86% 28.37% 412.36% 26.03% 16.32%
FCF Conversion (Net income) 77.77% 459.31% - 426.18% 216.49% 32.59%
Dividend per Share 2 0.005269 0.003933 - - - 0.005083
Announcement Date 4/29/19 4/28/20 4/23/21 4/13/22 4/27/23 4/24/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 917 - - - - -
Net Cash position 1 - 639 1,007 638 1,225 1,002
Leverage (Debt/EBITDA) 313.4 x - - - - -
Free Cash Flow 1 65.2 438 61.3 463 5.85 45.9
ROE (net income / shareholders' equity) 2.65% 2.4% -5.47% 2.94% 0.16% 3.29%
ROA (Net income/ Total Assets) 0.01% 0.9% 1.66% 0.98% 0.19% 2.41%
Assets 1 1,446,431 10,630 -15,074 11,105 1,386 5,845
Book Value Per Share 2 0.4300 0.4400 0.4100 0.4200 0.4200 0.4300
Cash Flow per Share 2 0.0700 0.0300 0.0900 0.0400 0.0500 0.1500
Capex 1 4.73 0.45 0.34 0.17 0.36 0.46
Capex / Sales 0.79% 0.11% 0.09% 0.06% 0.12% 0.12%
Announcement Date 4/29/19 4/28/20 4/23/21 4/13/22 4/27/23 4/24/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

1st Jan change Capi.
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