Stock 001914 CHINA MERCHANTS PROPERTY OPERATION & SERVICE CO., LTD.
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Financials China Merchants Property Operation & Service Co., Ltd.

Equities

001914

CNE000000H95

Real Estate Services

End-of-day quote Shenzhen S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
10.12 CNY +0.60% Intraday chart for China Merchants Property Operation & Service Co., Ltd. +3.58% -15.38%
Mar. 18 China Merchants Property Operation & Service Co., Ltd. Proposes Final Cash Dividend for 2023 CI
2023 China Merchants Property Operation & Service Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 4,989 21,514 22,829 21,483 16,308 10,731 10,731 -
Enterprise Value (EV) 1 4,989 21,514 23,620 21,950 15,565 10,405 8,395 7,317
P/E ratio 5.82 x 49.6 x 52.5 x 41.9 x 27.5 x 17.2 x 13 x 10.5 x
Yield - 0.49% 0.6% 0.49% 0.78% 1.42% 1.9% 2.16%
Capitalization / Revenue - 3.54 x 2.64 x 2.03 x 1.25 x 0.81 x 0.6 x 0.5 x
EV / Revenue - 3.54 x 2.74 x 2.07 x 1.2 x 0.67 x 0.47 x 0.34 x
EV / EBITDA - 46.9 x 35 x 27.3 x 17 x 10.3 x 6.96 x 5.07 x
EV / FCF - - 24.7 x 32 x 16.1 x 5.82 x 195 x 6.41 x
FCF Yield - - 4.04% 3.12% 6.22% 17.2% 0.51% 15.6%
Price to Book - 2.69 x 2.75 x 2.48 x 1.78 x 1.3 x 1.03 x 0.95 x
Nbr of stocks (in thousands) 666,961 1,060,346 1,060,346 1,060,346 1,060,346 1,060,346 1,060,346 -
Reference price 2 7.480 20.29 21.53 20.26 15.38 10.12 10.12 10.12
Announcement Date 3/12/19 4/13/20 3/22/21 3/17/22 3/17/23 3/15/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 - 6,078 8,635 10,591 13,024 15,627 17,975 21,467
EBITDA 1 - 458.7 675.7 804.6 914.7 1,011 1,206 1,442
EBIT 1 - 401.5 598.7 744.7 824.8 915.3 1,084 1,347
Operating Margin - 6.61% 6.93% 7.03% 6.33% 5.86% 6.03% 6.27%
Earnings before Tax (EBT) 1 - 408.3 625.9 746.4 821.6 928.4 1,068 1,352
Net income 1 856.6 286.2 435.1 512.9 593.5 735.7 822.9 1,023
Net margin - 4.71% 5.04% 4.84% 4.56% 4.71% 4.58% 4.77%
EPS 2 1.284 0.4090 0.4104 0.4837 0.5597 0.6939 0.7808 0.9600
Free Cash Flow 1 - - 954.4 685 968.6 1,787 43 1,141
FCF margin - - 11.05% 6.47% 7.44% 11.43% 0.24% 5.32%
FCF Conversion (EBITDA) - - 141.24% 85.14% 105.9% 176.64% 3.57% 79.13%
FCF Conversion (Net income) - - 219.33% 133.57% 163.2% 242.84% 5.23% 111.52%
Dividend per Share 2 - 0.1000 0.1300 0.1000 0.1200 0.1700 0.1921 0.2184
Announcement Date 3/12/19 4/13/20 3/22/21 3/17/22 3/17/23 3/15/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 2,567 2,812 3,000 2,537 3,109 3,531 3,847 3,306 3,672 3,878 4,771 3,474 4,246 4,485 5,615
EBITDA 1 - - 122.6 - - - - - - - 436.5 202.9 253.7 253.7 437.8
EBIT 1 200.1 187.7 194.8 200 263.1 195.1 166.6 239.2 326.3 243.6 106.2 252.7 391.2 280.4 144.6
Operating Margin 7.8% 6.67% 6.49% 7.88% 8.46% 5.53% 4.33% 7.24% 8.89% 6.28% 2.23% 7.27% 9.21% 6.25% 2.57%
Earnings before Tax (EBT) 1 - - 193.3 200 264.6 195.2 161.7 243.2 325.9 247.5 111.9 185.7 232.1 232.1 471.4
Net income 1 131.4 - 130.6 145 186.1 141.3 121 184.5 234.8 175.6 140.8 147.1 183.9 183.9 322.4
Net margin 5.12% - 4.35% 5.72% 5.99% 4% 3.15% 5.58% 6.4% 4.53% 2.95% 4.24% 4.33% 4.1% 5.74%
EPS 2 0.1200 0.1300 0.1200 0.1368 0.1700 0.1400 0.1100 0.1740 0.2300 0.1600 0.1300 0.1744 0.2400 0.1800 0.1500
Dividend per Share 2 - - 0.1000 - - - 0.1200 - - - 0.1541 - - - 0.1974
Announcement Date 8/16/21 10/27/21 3/17/22 4/27/22 8/26/22 10/25/22 3/17/23 4/21/23 8/24/23 10/26/23 3/15/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - 791 467 - - - -
Net Cash position 1 - - - - 743 2,276 2,336 3,414
Leverage (Debt/EBITDA) - - 1.17 x 0.5803 x - - - -
Free Cash Flow 1 - - 954 685 969 1,787 43 1,141
ROE (net income / shareholders' equity) - 5.57% 5.34% 6.07% 6.69% 7.77% 8.36% 9.12%
ROA (Net income/ Total Assets) - 1.93% 2.66% 3.1% - 4.1% 4.4% 4.85%
Assets 1 - 14,869 16,390 16,560 - 18,333 18,703 21,096
Book Value Per Share 2 - 7.530 7.830 8.170 8.630 9.200 9.850 10.60
Cash Flow per Share 2 - 0.3400 0.9300 0.6600 0.9400 1.710 0.8700 1.490
Capex 1 - 43.9 35.1 17.7 26.5 29.8 32.8 52.8
Capex / Sales - 0.72% 0.41% 0.17% 0.2% 0.19% 0.18% 0.25%
Announcement Date 3/12/19 4/13/20 3/22/21 3/17/22 3/17/23 3/15/24 - -
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

Ratings for China Merchants Property Operation & Service Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
10.12 CNY
Average target price
12.87 CNY
Spread / Average Target
+27.17%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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