Financials Central China Real Estate Limited

Equities

832

KYG207681001

Real Estate Development & Operations

Delayed Hong Kong S.E. 11:03:38 2024-04-28 pm EDT 5-day change 1st Jan Change
0.084 HKD +10.53% Intraday chart for Central China Real Estate Limited +29.23% +7.69%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 11,113 8,911 2,270 1,127 215.5 213.8
Enterprise Value (EV) 1 5,286 17,596 18,309 22,899 215.5 213.8
P/E ratio 5.61 x 4.76 x 3.61 x -0.14 x -0.06 x 0.29 x
Yield 10.5% 10.8% 18.9% - - 120%
Capitalization / Revenue 0.36 x 0.21 x 0.05 x 0.05 x 0.01 x 0.01 x
EV / Revenue 0.36 x 0.21 x 0.05 x 0.05 x 0.01 x 0.01 x
EV / EBITDA 2,247,958 x 1,563,962 x 537,076 x -273,748 x - -
EV / FCF -12,622,135 x 2,067,984 x 6,160,769 x - - -
FCF Yield -0% 0% 0% - - -
Price to Book 1.14 x 0.75 x 0.24 x 1.43 x - 0.04 x
Nbr of stocks (in thousands) 2,739,133 2,941,050 2,964,116 3,039,126 3,039,126 3,039,126
Reference price 2 4.057 3.030 0.7659 0.3709 0.0709 0.0704
Announcement Date 4/1/20 3/31/21 3/28/22 3/31/23 4/1/24 -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024
Net sales 1 30,767 43,304 41,959 24,083 19,261 38,012
EBITDA 4,944 5,698 4,227 -4,118 - -
EBIT 1 4,646 5,392 3,543 -4,409 -1,574 1,512
Operating Margin 15.1% 12.45% 8.45% -18.31% -8.17% 3.98%
Earnings before Tax (EBT) 1 5,116 4,935 3,347 -7,042 -2,135 1,088
Net income 1 2,015 1,802 604.9 -7,561 -3,264 715
Net margin 6.55% 4.16% 1.44% -31.4% -16.95% 1.88%
EPS 2 0.7234 0.6360 0.2120 -2.597 -1.106 0.2410
Free Cash Flow -880.5 4,309 368.5 - - -
FCF margin -2.86% 9.95% 0.88% - - -
FCF Conversion (EBITDA) - 75.63% 8.72% - - -
FCF Conversion (Net income) - 239.2% 60.92% - - -
Dividend per Share 2 0.4244 0.3275 0.1448 - - 0.0844
Announcement Date 4/1/20 3/31/21 3/28/22 3/31/23 4/1/24 -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 S1 2022 S2
Net sales 7,301 -
EBITDA - -
EBIT - -
Operating Margin - -
Earnings before Tax (EBT) - -
Net income -5,605 -
Net margin -76.78% -
EPS - -
Dividend per Share 1 - -
Announcement Date 8/31/22 3/31/23
1CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024
Net Debt - 8,685 16,038 21,771 - -
Net Cash position 5,828 - - - - -
Leverage (Debt/EBITDA) - 1.524 x 3.794 x -5.287 x - -
Free Cash Flow -880 4,309 369 - - -
ROE (net income / shareholders' equity) 21.7% 15.5% 5.84% -149% - 13.8%
ROA (Net income/ Total Assets) 1.64% 1.4% 0.39% -5.31% - 0.5%
Assets 1 122,967 128,679 154,868 142,382 - 143,000
Book Value Per Share 2 3.550 4.020 3.150 0.2600 - 1.840
Cash Flow per Share - - 0.9000 - - -
Capex 1,432 465 412 152 - -
Capex / Sales 4.65% 1.07% 0.98% 0.63% - -
Announcement Date 4/1/20 3/31/21 3/28/22 3/31/23 4/1/24 -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
1
Last Close Price
0.0704 CNY
Average target price
0.48 CNY
Spread / Average Target
+582.29%
Consensus

Annual profits - Rate of surprise

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