Stock 846 MINGFA GROUP (INTERNATIONAL) COMPANY LIMITED
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Financials Mingfa Group (International) Company Limited

Equities

846

KYG614131038

Real Estate Development & Operations

Delayed Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
0.196 HKD -14.04% Intraday chart for Mingfa Group (International) Company Limited +4.26% +4.26%
Apr. 17 Mingfa Group Logs 59% Decline in Q1 Contracted Sales MT
Apr. 16 Mingfa Group (International) Company Limited Reports Unaudited Contracted Sales Results for the Three Months Ended 31 March 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 9,583 9,583 9,583 2,185 2,153 1,041
Enterprise Value (EV) 1 23,408 20,271 19,752 11,145 10,833 10,134
P/E ratio 11.2 x 10.1 x 8.94 x 1.16 x 44.9 x -2.22 x
Yield - - - - - -
Capitalization / Revenue 0.82 x 0.76 x 0.75 x 0.13 x 0.2 x 0.11 x
EV / Revenue 2.01 x 1.6 x 1.54 x 0.68 x 1.03 x 1.06 x
EV / EBITDA 10.6 x 7.88 x 7.91 x 3.42 x 11.3 x 11.7 x
EV / FCF 5.66 x 4.29 x 20.5 x 7.33 x 4.64 x 20.9 x
FCF Yield 17.7% 23.3% 4.88% 13.6% 21.6% 4.78%
Price to Book 0.69 x 0.64 x 0.6 x 0.12 x 0.12 x 0.06 x
Nbr of stocks (in thousands) 6,093,451 6,093,451 6,093,451 6,093,451 6,093,451 6,093,451
Reference price 2 1.573 1.573 1.573 0.3585 0.3533 0.1709
Announcement Date 7/11/19 4/28/20 4/21/21 4/29/22 4/20/23 4/19/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 11,642 12,661 12,859 16,416 10,568 9,525
EBITDA 1 2,216 2,571 2,498 3,263 960.8 867.1
EBIT 1 2,101 2,485 2,406 3,141 831.8 752.7
Operating Margin 18.05% 19.63% 18.71% 19.13% 7.87% 7.9%
Earnings before Tax (EBT) 1 2,575 2,702 2,446 3,756 977.8 149.7
Net income 1 855.1 952.1 1,075 1,883 47.96 -467.1
Net margin 7.34% 7.52% 8.36% 11.47% 0.45% -4.9%
EPS 2 0.1400 0.1560 0.1760 0.3090 0.007870 -0.0770
Free Cash Flow 1 4,133 4,721 964.6 1,521 2,336 484.3
FCF margin 35.5% 37.29% 7.5% 9.27% 22.1% 5.08%
FCF Conversion (EBITDA) 186.49% 183.62% 38.61% 46.61% 243.13% 55.85%
FCF Conversion (Net income) 483.39% 495.85% 89.73% 80.8% 4,870.87% -
Dividend per Share - - - - - -
Announcement Date 7/11/19 4/28/20 4/21/21 4/29/22 4/20/23 4/19/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 13,826 10,688 10,170 8,961 8,680 9,093
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 6.238 x 4.157 x 4.071 x 2.746 x 9.034 x 10.49 x
Free Cash Flow 1 4,133 4,721 965 1,521 2,336 484
ROE (net income / shareholders' equity) 8.68% 7.11% 7.47% 10.8% 0.1% -3.33%
ROA (Net income/ Total Assets) 1.84% 2.06% 1.98% 2.62% 0.72% 0.66%
Assets 1 46,421 46,313 54,271 71,857 6,685 -70,435
Book Value Per Share 2 2.290 2.450 2.630 2.940 2.950 2.880
Cash Flow per Share 2 0.8600 0.5700 0.5900 0.6000 0.4700 0.2900
Capex 1 30.7 559 105 271 330 28.1
Capex / Sales 0.26% 4.42% 0.82% 1.65% 3.12% 0.3%
Announcement Date 7/11/19 4/28/20 4/21/21 4/29/22 4/20/23 4/19/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

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