Financials Zhuhai Huafa Properties Co.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
6.26 ^CNY	+1.13%		+1.13%	-13.18%

Apr. 26	Zhuhai Huafa Properties Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Huafa Properties-China Resources Consortium Wins Land With 8.9 Billion Yuan Bid	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	16,578	13,148	12,745	19,181	19,843	17,228	-
Enterprise Value (EV) ¹	16,578	13,148	12,745	19,181	19,843	17,228	17,228
P/E ratio	6.42 x	5.35 x	4.49 x	8.09 x	9.13 x	4.76 x	4.18 x
Yield	5.11%	7.25%	7.64%	4.08%	5.13%	7.19%	7.51%
Capitalization / Revenue	0.5 x	0.26 x	0.25 x	0.32 x	0.28 x	0.23 x	0.21 x
EV / Revenue	0.5 x	0.26 x	0.25 x	0.32 x	0.28 x	0.23 x	0.21 x
EV / EBITDA	3.71 x	2.03 x	1.79 x	2.96 x	3.26 x	1.66 x	1.44 x
EV / FCF	-	-	2.07 x	2.51 x	-10.8 x	-55 x	-6.26 x
FCF Yield	-	-	48.3%	39.8%	-9.27%	-1.82%	-16%
Price to Book	1.24 x	0.89 x	0.75 x	1.07 x	0.89 x	0.56 x	0.51 x
Nbr of stocks (in thousands)	2,117,220	2,117,220	2,117,161	2,117,161	2,752,152	2,752,152	-
Reference price ²	7.830	6.210	6.020	9.060	7.210	6.260	6.260
Announcement Date	1/19/20	4/23/21	1/14/22	1/19/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	33,149	51,006	51,241	59,190	72,145	74,980	81,967
EBITDA ¹	4,468	6,477	7,113	6,487	6,092	10,394	11,956
EBIT ¹	4,358	6,358	6,962	6,249	5,807	7,528	8,596
Operating Margin	13.15%	12.46%	13.59%	10.56%	8.05%	10.04%	10.49%
Earnings before Tax (EBT) ¹	4,396	6,253	6,829	6,283	5,873	7,514	8,593
Net income ¹	2,785	2,902	3,195	2,578	1,838	3,129	3,599
Net margin	8.4%	5.69%	6.24%	4.36%	2.55%	4.17%	4.39%
EPS ²	1.220	1.160	1.340	1.120	0.7900	1.314	1.497
Free Cash Flow ¹	-	-	6,156	7,639	-1,840	-313	-2,753
FCF margin	-	-	12.01%	12.91%	-2.55%	-0.42%	-3.36%
FCF Conversion (EBITDA)	-	-	86.54%	117.75%	-	-	-
FCF Conversion (Net income)	-	-	192.68%	296.33%	-	-	-
Dividend per Share ²	0.4000	0.4500	0.4600	0.3700	0.3700	0.4500	0.4700
Announcement Date	1/19/20	4/23/21	1/14/22	1/19/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	6,156	7,639	-1,840	-313	-2,753
ROE (net income / shareholders' equity)	20.1%	16.8%	17.8%	13.7%	9.66%	12.5%	12.9%
ROA (Net income/ Total Assets)	1.34%	1.04%	0.94%	-	-	0.7%	0.8%
Assets ¹	208,123	278,505	339,532	-	-	446,980	449,893
Book Value Per Share ²	6.320	6.980	8.000	8.440	8.060	11.20	12.40
Cash Flow per Share ²	13.20	13.70	17.00	18.10	18.40	8.330	3.920
Capex ¹	23,928	44,964	29,905	30,705	52,384	14,060	11,121
Capex / Sales	72.18%	88.15%	58.36%	51.88%	72.61%	18.75%	13.57%
Announcement Date	1/19/20	4/23/21	1/14/22	1/19/23	4/26/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.26 CNY

Average target price

12.25 CNY

Spread / Average Target

+95.74%

	1st Jan change	Capi.
ZHUHAI HUAFA PROPERTIES CO.,LTD	-13.18%	2.38B
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