Financials Logan Group Company Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
0.54 ^HKD	+11.34%		+8.00%	-11.48%

Apr. 17	Logan, KWG Slash Prices of Luxury Apartments By Half	MT
Apr. 10	Ares Management Plans to Buy Stake in Project Loan for Hong Kong Property Project	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	47,293	64,324	58,714	27,331	6,095	2,760	2,760	-
Enterprise Value (EV) ¹	70,791	94,277	97,813	84,095	91,668	3,061	55,629	51,098
P/E ratio	5.91 x	5.86 x	4.6 x	2.67 x	-0.71 x	-0.34 x	-1.49 x	-2.3 x
Yield	5.96%	6.5%	7.96%	8.9%	-	-	-	-
Capitalization / Revenue	1.07 x	1.12 x	0.83 x	0.35 x	0.15 x	0.06 x	0.12 x	0.12 x
EV / Revenue	1.6 x	1.64 x	1.38 x	1.07 x	2.2 x	0.06 x	2.41 x	2.31 x
EV / EBITDA	5,235,527 x	6,127,441 x	5,478,955 x	5,374,070 x	-11,803,909 x	-	-	-
EV / FCF	19,610,133 x	5,761,645 x	244,219,161 x	32,211,001 x	-7,221,902 x	-	-	-
FCF Yield	0%	0%	0%	0%	-0%	-	-	-
Price to Book	1.64 x	1.88 x	1.39 x	0.56 x	0.17 x	0.08 x	0.11 x	0.12 x
Nbr of stocks (in thousands)	5,490,197	5,502,859	5,492,974	5,627,917	5,520,877	5,520,877	5,520,877	-
Reference price ²	8.614	11.69	10.69	4.856	1.104	0.4999	0.4999	0.4999
Announcement Date	3/19/19	3/27/20	3/26/21	3/31/22	3/30/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	44,137	57,480	71,080	78,293	41,623	47,167	23,119	22,100
EBITDA	13,521	15,386	17,852	15,648	-7,766	-	-	-
EBIT ¹	13,464	15,325	17,792	13,290	-7,806	-6,739	-700.7	-225.4
Operating Margin	30.51%	26.66%	25.03%	16.98%	-18.75%	-14.29%	-3.03%	-1.02%
Earnings before Tax (EBT)	14,019	17,452	19,498	14,836	-7,688	-	-	-
Net income	8,288	11,269	13,017	10,021	-8,524	-	-	-
Net margin	18.78%	19.61%	18.31%	12.8%	-20.48%	-	-	-
EPS ²	1.457	1.994	2.324	1.821	-1.557	-1.616	-0.3361	-0.2173
Free Cash Flow	3,610	16,363	400.5	2,611	-12,693	-	-	-
FCF margin	8.18%	28.47%	0.56%	3.33%	-30.5%	-	-	-
FCF Conversion (EBITDA)	26.7%	106.35%	2.24%	16.68%	-	-	-	-
FCF Conversion (Net income)	43.55%	145.2%	3.08%	26.05%	-	-	-	-
Dividend per Share ²	0.5130	0.7598	0.8505	0.4324	-	-	-	-
Announcement Date	3/19/19	3/27/20	3/26/21	3/31/22	3/30/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	23,498	29,953	39,099	56,764	85,573	63,844	52,870	48,339
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.738 x	1.947 x	2.19 x	3.628 x	-11.02 x	-	-	-
Free Cash Flow	3,610	16,363	401	2,611	-12,693	-	-	-
ROE (net income / shareholders' equity)	31.5%	35.5%	34%	22.2%	-20.1%	-0.64%	-7.2%	-4.95%
ROA (Net income/ Total Assets)	5.88%	5.99%	5.79%	3.79%	-3.02%	-	-	-
Assets	140,983	188,052	224,762	264,414	282,114	-	-	-
Book Value Per Share ²	5.250	6.230	7.690	8.640	6.650	6.430	4.500	4.280
Cash Flow per Share ²	0.8200	1.050	0.2200	0.8800	-2.150	0.9200	1.890	1.120
Capex ¹	957	1,103	830	2,138	830	991	659	785
Capex / Sales	2.17%	1.92%	1.17%	2.73%	1.99%	3.54%	2.85%	3.55%
Announcement Date	3/19/19	3/27/20	3/26/21	3/31/22	3/30/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

0.4999 CNY

Average target price

0.554 CNY

Spread / Average Target

+10.83%

	1st Jan change	Capi.
LOGAN GROUP COMPANY LIMITED	-11.48%	381M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B