Financials Joy City Property Limited

Equities

207

BMG5210S1061

Real Estate Development & Operations

Market Closed - Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
0.215 HKD +2.38% Intraday chart for Joy City Property Limited +4.37% 0.00%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 10,622 10,937 5,689 4,638 4,022 2,781
Enterprise Value (EV) 1 31,111 32,076 25,260 33,766 33,608 28,384
P/E ratio 5.44 x 7.2 x 5.55 x 8.44 x 8.16 x 8.81 x
Yield 7.06% 4.65% 6.32% - 3.76% 3.34%
Capitalization / Revenue 1.31 x 1.07 x 0.41 x 0.37 x 0.19 x 0.2 x
EV / Revenue 3.83 x 3.13 x 1.82 x 2.69 x 1.61 x 2 x
EV / EBITDA 9.67 x 7.56 x 6.15 x 10.4 x 6.83 x 6.9 x
EV / FCF 29.4 x -31.3 x -62.4 x -3.42 x 5.83 x 14.8 x
FCF Yield 3.4% -3.19% -1.6% -29.2% 17.1% 6.75%
Price to Book 0.4 x 0.4 x 0.21 x 0.13 x 0.14 x 0.1 x
Nbr of stocks (in thousands) 14,231,125 14,231,125 14,231,125 14,231,125 14,231,125 14,231,125
Reference price 2 0.7464 0.7686 0.3998 0.3259 0.2826 0.1954
Announcement Date 4/23/19 4/22/20 4/22/21 4/28/22 4/27/23 4/23/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 8,125 10,253 13,915 12,551 20,859 14,192
EBITDA 1 3,217 4,245 4,106 3,262 4,919 4,117
EBIT 1 2,977 4,009 3,860 3,024 4,708 3,915
Operating Margin 36.64% 39.1% 27.74% 24.1% 22.57% 27.59%
Earnings before Tax (EBT) 1 4,519 4,420 3,906 2,459 2,600 3,663
Net income 1 2,279 1,788 1,316 944.8 865.4 634.4
Net margin 28.05% 17.44% 9.46% 7.53% 4.15% 4.47%
EPS 2 0.1372 0.1067 0.0721 0.0386 0.0346 0.0222
Free Cash Flow 1 1,058 -1,024 -404.9 -9,866 5,763 1,916
FCF margin 13.02% -9.99% -2.91% -78.61% 27.63% 13.5%
FCF Conversion (EBITDA) 32.88% - - - 117.16% 46.55%
FCF Conversion (Net income) 46.42% - - - 666.01% 302.08%
Dividend per Share 2 0.0527 0.0358 0.0253 - 0.0106 0.006536
Announcement Date 4/23/19 4/22/20 4/22/21 4/28/22 4/27/23 4/23/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2
Net sales 1 3,939 3,980 12,562 5,612 9,422 10,429 13,261
EBITDA - - - - - - -
EBIT 1 - - - 1,782 1,944 3,811 1,533
Operating Margin - - - 31.76% 20.63% 36.54% 11.56%
Earnings before Tax (EBT) - - - - - - -
Net income - - - - - - -
Net margin - - - - - - -
EPS - - - - - - -
Dividend per Share - - - - - - -
Announcement Date 3/30/20 8/28/20 3/25/21 8/26/21 3/30/22 8/26/22 4/27/23
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 20,489 21,139 19,570 29,127 29,586 25,603
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 6.369 x 4.98 x 4.766 x 8.931 x 6.014 x 6.22 x
Free Cash Flow 1 1,058 -1,024 -405 -9,866 5,763 1,916
ROE (net income / shareholders' equity) 7.1% 5.62% 4.19% 2.66% 1.9% 2.48%
ROA (Net income/ Total Assets) 2.01% 2.39% 2.05% 1.48% 2.17% 1.73%
Assets 1 113,435 74,873 64,129 63,775 39,853 36,761
Book Value Per Share 2 1.860 1.920 1.950 2.560 1.980 1.980
Cash Flow per Share 2 0.5000 0.8300 1.130 0.7300 1.190 1.370
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 4/23/19 4/22/20 4/22/21 4/28/22 4/27/23 4/23/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly revenue - Rate of surprise

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