POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD. Financials Poly Developments and Holdings Group Co., Ltd.
Equities
600048
CNE000001ND1
Real Estate Development & Operations
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 8.64 CNY | +8.00% |
|
+6.67% | -12.73% |
| Apr. 25 | Nomura Adjusts Poly Developments and Holdings' Price Target to 8.90 Yuan From 9.30 Yuan, Keeps at Neutral | MT |
| Apr. 11 | Poly Developments Buys Land for 1.28 Billion Yuan | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 193,071 | 189,328 | 187,093 | 181,113 | 118,507 | 102,517 | - | - |
| Enterprise Value (EV) 1 | 323,701 | 340,123 | 353,900 | 385,919 | 324,782 | 292,198 | 281,521 | 271,060 |
| P/E ratio | 6.89 x | 6.54 x | 6.83 x | 9.89 x | 9.8 x | 8.02 x | 6.67 x | 6.8 x |
| Yield | 5.07% | 4.61% | 3.71% | 2.97% | 4.14% | 4.69% | 5.33% | 5.51% |
| Capitalization / Revenue | 0.82 x | 0.78 x | 0.66 x | 0.64 x | 0.34 x | 0.31 x | 0.3 x | 0.29 x |
| EV / Revenue | 1.37 x | 1.4 x | 1.24 x | 1.37 x | 0.94 x | 0.87 x | 0.82 x | 0.76 x |
| EV / EBITDA | 6.27 x | 6.35 x | 6.91 x | 10.6 x | 12.5 x | 8.8 x | 8.12 x | 7.69 x |
| EV / FCF | 8.32 x | 21.6 x | 34 x | 52.7 x | 23.6 x | -5.99 x | -4.06 x | 6 x |
| FCF Yield | 12% | 4.64% | 2.94% | 1.9% | 4.24% | -16.7% | -24.6% | 16.7% |
| Price to Book | 1.38 x | 1.18 x | 1.06 x | 0.97 x | 0.61 x | 0.5 x | 0.47 x | 0.46 x |
| Nbr of stocks (in thousands) | 11,932,675 | 11,967,616 | 11,970,108 | 11,970,443 | 11,970,443 | 11,865,412 | - | - |
| Reference price 2 | 16.18 | 15.82 | 15.63 | 15.13 | 9.900 | 8.640 | 8.640 | 8.640 |
| Announcement Date | 1/9/20 | 1/18/21 | 1/9/22 | 1/5/23 | 1/20/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 235,934 | 243,095 | 284,933 | 281,017 | 346,828 | 334,538 | 342,367 | 356,121 |
| EBITDA 1 | 51,661 | 53,560 | 51,179 | 36,384 | 26,076 | 33,191 | 34,670 | 35,255 |
| EBIT 1 | 50,402 | 52,265 | 49,670 | 34,693 | 24,318 | 26,349 | 30,865 | 30,604 |
| Operating Margin | 21.36% | 21.5% | 17.43% | 12.35% | 7.01% | 7.88% | 9.02% | 8.59% |
| Earnings before Tax (EBT) 1 | 50,531 | 52,538 | 50,035 | 35,301 | 24,626 | 26,889 | 31,143 | 30,551 |
| Net income 1 | 27,959 | 28,948 | 27,388 | 18,347 | 12,067 | 12,909 | 15,068 | 15,213 |
| Net margin | 11.85% | 11.91% | 9.61% | 6.53% | 3.48% | 3.86% | 4.4% | 4.27% |
| EPS 2 | 2.350 | 2.420 | 2.290 | 1.530 | 1.010 | 1.077 | 1.296 | 1.270 |
| Free Cash Flow 1 | 38,888 | 15,772 | 10,416 | 7,317 | 13,769 | -48,757 | -69,376 | 45,193 |
| FCF margin | 16.48% | 6.49% | 3.66% | 2.6% | 3.97% | -14.57% | -20.26% | 12.69% |
| FCF Conversion (EBITDA) | 75.28% | 29.45% | 20.35% | 20.11% | 52.8% | - | - | 128.19% |
| FCF Conversion (Net income) | 139.09% | 54.48% | 38.03% | 39.88% | 114.11% | - | - | 297.07% |
| Dividend per Share 2 | 0.8200 | 0.7300 | 0.5800 | 0.4500 | 0.4100 | 0.4056 | 0.4609 | 0.4763 |
| Announcement Date | 1/9/20 | 1/18/21 | 1/9/22 | 1/5/23 | 1/20/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 164,812 | 48,473 | 146,546 | 33,537 | 77,186 | 45,653 | 124,641 | 39,956 | 97,023 | 136,978 | 55,528 | 154,322 | 61,321 | 85,790 | 59,485 | 136,171 | 28,590 |
| EBITDA 1 | - | - | - | - | - | - | - | - | - | - | - | - | 3,101 | 9,302 | 4,651 | 15,801 | 3,462 |
| EBIT | - | 5,931 | 24,780 | 5,091 | 14,101 | 5,155 | 10,346 | 5,320 | 13,980 | - | 2,588 | 2,430 | - | - | - | - | - |
| Operating Margin | - | 12.24% | 16.91% | 15.18% | 18.27% | 11.29% | 8.3% | 13.32% | 14.41% | - | 4.66% | 1.57% | - | - | - | - | - |
| Earnings before Tax (EBT) 1 | - | 5,990 | 24,969 | 5,135 | 14,169 | 5,188 | 10,809 | 5,382 | 14,377 | - | 2,681 | 2,186 | 3,290 | 9,871 | 4,936 | 14,807 | 3,627 |
| Net income 1 | - | 3,285 | 13,804 | 2,531 | 8,295 | 2,268 | 5,253 | 2,721 | 9,502 | 12,222 | 1,070 | -1,225 | 1,864 | 5,591 | 2,795 | 8,386 | 2,126 |
| Net margin | - | 6.78% | 9.42% | 7.55% | 10.75% | 4.97% | 4.21% | 6.81% | 9.79% | 8.92% | 1.93% | -0.79% | 3.04% | 6.52% | 4.7% | 6.16% | 7.44% |
| EPS 2 | - | 0.2700 | 1.160 | 0.2100 | 0.6900 | 0.1900 | 0.4400 | 0.2300 | 0.7900 | 1.020 | 0.0900 | -0.1000 | 0.3400 | 0.4035 | 0.2868 | 0.7006 | 0.1776 |
| Dividend per Share 2 | - | - | 0.5800 | - | - | - | 0.4500 | - | - | - | - | - | - | - | - | 0.4571 | - |
| Announcement Date | 1/9/20 | 10/28/21 | 1/9/22 | 4/29/22 | 7/14/22 | 10/28/22 | 1/5/23 | 4/21/23 | 7/6/23 | 7/6/23 | 10/28/23 | 1/20/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 130,630 | 150,795 | 166,807 | 204,806 | 206,274 | 189,680 | 179,004 | 168,542 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.529 x | 2.815 x | 3.259 x | 5.629 x | 7.91 x | 5.715 x | 5.163 x | 4.781 x |
| Free Cash Flow 1 | 38,888 | 15,772 | 10,416 | 7,317 | 13,769 | -48,757 | -69,376 | 45,193 |
| ROE (net income / shareholders' equity) | 21% | 17.1% | 14.4% | 9.18% | 6.13% | 6.05% | 6.75% | 6.46% |
| ROA (Net income/ Total Assets) | 2.83% | 2.54% | 2.08% | - | - | 0.77% | 0.83% | 0.82% |
| Assets 1 | 986,487 | 1,137,552 | 1,316,596 | - | - | 1,674,291 | 1,809,193 | 1,850,135 |
| Book Value Per Share 2 | 11.80 | 13.40 | 14.80 | 15.60 | 16.20 | 17.40 | 18.50 | 18.90 |
| Cash Flow per Share 2 | 3.280 | 1.270 | 0.8800 | 0.6200 | 1.160 | 1.100 | 1.430 | 1.950 |
| Capex 1 | 267 | 397 | 135 | 106 | 161 | 324 | 595 | 810 |
| Capex / Sales | 0.11% | 0.16% | 0.05% | 0.04% | 0.05% | 0.1% | 0.17% | 0.23% |
| Announcement Date | 1/9/20 | 1/18/21 | 1/9/22 | 1/5/23 | 1/20/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
BUY
Number of Analysts
20
Last Close Price
8.64
CNY
Average target price
12.64
CNY
Spread / Average Target
+46.31%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -12.73% | 14.15B | |
| +36.16% | 27.94B | |
| -13.74% | 26.97B | |
| +25.00% | 26.95B | |
| -0.71% | 25.32B | |
| +44.49% | 22.58B | |
| +2.78% | 19.59B | |
| +1.45% | 19.52B | |
| +28.54% | 16.23B | |
| -14.80% | 14.98B |
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- Financials Poly Developments and Holdings Group Co., Ltd.
