Financials Country Garden Holdings Company Limited

Equities

2007

KYG245241032

Real Estate Development & Operations

Market Closed - Hong Kong Stock Exchange Other stock markets 03:08:40 2023-12-08 am EST			5-day change	1st Jan Change
0.75 ^HKD	-5.06%		-14.77%	-71.91%

Dec. 06	Country Garden Logs 6.1 Billion Yuan in November Contracted Sales	MT
Dec. 06	Country Garden Holdings Company Limited Announces Unaudited Sales Results for the Month of November 2023	CI

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	179 858	240 364	196 216	128 970	64 511	19 059	-	-
Enterprise Value (EV) ¹	267 616	355 744	356 203	265 592	182 475	157 217	143 100	146 210
P/E ratio	5,40x	6,23x	5,75x	4,66x	-9,07x	-0,35x	-3,60x	6,26x
Yield	5,84%	5,12%	5,05%	5,52%	-	-	-	-
Capitalization / Revenue	0,47x	0,49x	0,42x	0,25x	0,15x	0,04x	0,05x	0,06x
EV / Revenue	0,71x	0,73x	0,77x	0,51x	0,42x	0,36x	0,41x	0,48x
EV / EBITDA	3,44x	3,78x	4,81x	4,23x	21,0x	-3,39x	-25,0x	46,6x
EV / FCF	10,2x	30,6x	-14,5x	34,4x	5,34x	-2,90x	7,51x	-4,47x
FCF Yield	9,77%	3,27%	-6,91%	2,91%	18,7%	-34,5%	13,3%	-22,3%
Price to Book	1,49x	1,60x	1,14x	0,66x	0,32x	0,12x	0,12x	0,12x
Nbr of stocks (in thousands)	21 493 141	21 551 475	21 747 330	22 873 207	27 357 471	27 705 249	-	-
Reference price ²	8,37	11,2	9,02	5,64	2,36	0,69	0,69	0,69
Announcement Date	3/18/19	3/27/20	3/25/21	3/30/22	3/30/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	379 079	485 908	462 856	523 064	430 371	434 830	346 875	306 661
EBITDA ¹	77 843	94 208	74 032	62 786	8 708	-46 326	-5 720	3 141
EBIT ¹	77 018	92 660	71 965	60 399	6 442	-47 863	-2 537	3 258
Operating Margin	20,3%	19,1%	15,5%	11,5%	1,50%	-11,0%	-0,73%	1,06%
Earnings before Tax (EBT) ¹	79 563	98 939	85 529	68 949	5 361	-42 272	2 600	7 228
Net income ¹	34 618	39 550	35 022	26 797	-6 052	-35 661	-2 019	1 342
Net margin	9,13%	8,14%	7,57%	5,12%	-1,41%	-8,20%	-0,58%	0,44%
EPS ²	1,55	1,79	1,57	1,21	-0,26	-1,95	-0,19	0,11
Free Cash Flow ¹	26 151	11 641	-24 629	7 729	34 193	-54 169	19 046	-32 675
FCF margin	6,90%	2,40%	-5,32%	1,48%	7,95%	-12,5%	5,49%	-10,7%
FCF Conversion (EBITDA)	33,6%	12,4%	-	12,3%	393%	-	-	-
FCF Conversion (Net income)	75,5%	29,4%	-	28,8%	-	-	-	-
Dividend per Share ²	0,49	0,57	0,46	0,31	-	-	-	-
Announcement Date	3/18/19	3/27/20	3/25/21	3/30/22	3/30/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	202 006	283 902	184 957	277 899	234 930	288 134	162 363	268 008	226 309	165 424	79 947	119 920
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	-	32 220	28 179	7 044	-602	-45 213	-1 169	-6 854	-10 280
Operating Margin	-	-	-	-	13,7%	9,78%	4,34%	-0,22%	-20,0%	-0,71%	-8,57%	-8,57%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-46 148	-	-	-
Net income	-	-	14 132	-	-	-	-	-	-48 932	-	-	-
Net margin	-	-	7,64%	-	-	-	-	-	-21,6%	-	-	-
EPS	0,71	-	0,63	-	-	-	-	-	-	-	-	-
Dividend per Share	0,23	-	0,21	-	0,21	-	-	-	-	-	-	-
Announcement Date	8/22/19	3/27/20	8/25/20	3/25/21	8/24/21	3/30/22	8/30/22	3/30/23	8/30/23	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	87 758	115 380	159 987	136 622	117 964	138 158	124 042	127 151
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1,13x	1,22x	2,16x	2,18x	13,5x	-2,98x	-21,7x	40,5x
Free Cash Flow ¹	26 151	11 641	-24 629	7 729	34 193	-54 169	19 046	-32 675
ROE (net income / shareholders' equity)	32,2%	28,9%	21,4%	14,3%	1,30%	-23,8%	-1,30%	1,58%
Shareholders' equity ¹	107 501	136 634	163 520	186 918	-466 256	150 009	154 962	84 785
ROA (Net income/ Total Assets)	3,05%	2,61%	1,79%	1,35%	0,14%	-3,15%	0,13%	0,16%
Assets ¹	1 133 834	1 515 616	1 961 478	1 982 027	-4 277 032	1 132 086	-1 552 841	853 674
Book Value Per Share ²	5,61	6,96	7,95	8,59	7,44	5,69	5,83	5,61
Cash Flow per Share ²	1,32	0,65	-0,97	0,48	1,51	1,35	0,85	1,04
Capex ¹	1 792	2 091	2 998	3 126	1 428	3 343	2 819	2 771
Capex / Sales	0,47%	0,43%	0,65%	0,60%	0,33%	0,77%	0,81%	0,90%
Announcement Date	3/18/19	3/27/20	3/25/21	3/30/22	3/30/23	-	-	-

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 Country Garden Holdings Company Limited

Trading Rating :

Investor Rating :

ESG Refinitiv :

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

0.6879CNY

Average target price

0.862CNY

Spread / Average Target

+25.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
COUNTRY GARDEN HOLDINGS COMPANY LIMITED	-71.91%	2 660 M $
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CHINA RESOURCES LAND LIMITED	-28.11%	23 464 M $
MITSUI FUDOSAN CO., LTD.	+44.68%	22 579 M $
DLF LIMITED	+73.31%	19 279 M $
CHINA OVERSEAS LAND & INVESTMENT LTD.	-37.09%	18 161 M $
EMAAR PROPERTIES	+25.94%	17 763 M $
CK ASSET HOLDINGS LIMITED	-22.06%	17 016 M $
SM PRIME HOLDINGS, INC.	-8.03%	16 939 M $
MITSUBISHI ESTATE CO., LTD.	+12.42%	16 836 M $

Other Real Estate Development & Operations