Financials China Resources Land Limited

Equities

1109

KYG2108Y1052

Real Estate Development & Operations

Market Closed - Hong Kong S.E. Other stock markets 01:38:20 26/04/2024 pm IST			5-day change	1st Jan Change
27.8 ^HKD	+6.72%		+18.30%	-0.71%

26/04	China Resources Land Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 26 July 2024	CI
11/04	China Resources Land Contracted Sales Fall Over 22% in March	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	2,08,621	2,76,680	2,28,190	2,33,895	2,54,931	1,98,240	1,98,240	-
Enterprise Value (EV) ¹	2,84,042	3,76,566	3,39,660	4,14,245	3,27,061	3,29,394	3,35,571	3,36,021
P/E ratio	7.35 x	8.64 x	6.47 x	5.86 x	7.95 x	5.87 x	6.15 x	5.82 x
Yield	4.12%	3.01%	4.63%	5.19%	4.47%	5.58%	5.87%	6.18%
Capitalization / Revenue	1.47 x	1.72 x	1.07 x	0.89 x	1.08 x	0.73 x	0.71 x	0.69 x
EV / Revenue	2 x	2.34 x	1.6 x	1.58 x	1.38 x	1.21 x	1.21 x	1.16 x
EV / EBITDA	5.41 x	7.51 x	6.25 x	7.22 x	6.46 x	6.01 x	5.64 x	5.36 x
EV / FCF	9.73 x	11.7 x	14.6 x	72.3 x	11.9 x	25.4 x	13.7 x	7.09 x
FCF Yield	10.3%	8.58%	6.86%	1.38%	8.4%	3.94%	7.32%	14.1%
Price to Book	1.24 x	1.34 x	0.95 x	0.84 x	0.92 x	0.7 x	0.65 x	0.6 x
Nbr of stocks (in thousands)	69,30,940	71,30,940	71,30,940	71,30,940	71,30,940	71,30,940	71,30,940	-
Reference price ²	30.10	38.80	32.00	32.80	35.75	27.80	27.80	27.80
Announcement Date	26/03/19	26/03/20	29/03/21	30/03/22	29/03/23	25/03/24	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,41,756	1,61,097	2,12,453	2,61,539	2,36,423	2,72,393	2,78,197	2,88,481
EBITDA ¹	52,465	50,117	54,303	57,386	50,632	54,768	59,524	62,741
EBIT ¹	51,754	49,272	53,207	55,776	49,109	53,344	57,758	60,696
Operating Margin	36.51%	30.59%	25.04%	21.33%	20.77%	19.58%	20.76%	21.04%
Earnings before Tax (EBT) ¹	60,505	66,511	71,184	74,434	63,381	72,061	63,771	67,169
Net income ¹	28,351	31,265	35,265	39,952	32,075	34,020	32,587	34,721
Net margin	20%	19.41%	16.6%	15.28%	13.57%	12.49%	11.71%	12.04%
EPS ²	4.094	4.493	4.945	5.598	4.499	4.772	4.518	4.774
Free Cash Flow ¹	29,179	32,309	23,290	5,732	27,480	13,058	24,571	47,390
FCF margin	20.58%	20.06%	10.96%	2.19%	11.62%	5.28%	8.83%	16.43%
FCF Conversion (EBITDA)	55.62%	64.47%	42.89%	9.99%	54.27%	24.46%	41.28%	75.53%
FCF Conversion (Net income)	102.92%	103.34%	66.04%	14.35%	85.67%	40.53%	75.4%	136.49%
Dividend per Share ²	1.239	1.168	1.481	1.702	1.597	1.563	1.633	1.717
Announcement Date	26/03/19	26/03/20	29/03/21	30/03/22	29/03/23	25/03/24	-	-

¹HKD in Million²HKD

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 Q3	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales	50,931	1,11,102	50,501	1,59,373	88,656	1,70,612	82,770	1,53,193	78,629	-	1,93,246	1,15,532	1,73,298	1,19,383	1,79,075
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	24,019	31,142	18,906	31,502	19,678	-	38,393	20,843	34,984	22,340	33,510
Operating Margin	-	-	-	-	27.09%	18.25%	22.84%	20.56%	25.03%	-	19.87%	18.04%	20.19%	18.71%	18.71%
Earnings before Tax (EBT)	-	-	-	-	29,853	-	22,488	-	-	-	-	24,570	41,414	-	-
Net income ¹	-	-	12,991	-	15,780	-	12,039	-	-	3,160	-	12,973	21,867	-	-
Net margin	-	-	25.72%	-	17.8%	-	14.55%	-	-	-	-	11.23%	12.62%	-	-
EPS	-	-	-	-	2.212	-	1.692	-	-	-	-	-	-	-	-
Dividend per Share	0.1433	-	0.1680	-	0.2080	-	0.2067	-	-	-	-	-	-	-	-
Announcement Date	20/08/19	26/03/20	26/08/20	29/03/21	25/08/21	30/03/22	30/08/22	29/03/23	29/08/23	-	25/03/24	-	-	-	-

¹HKD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	75,421	99,886	1,11,470	1,80,350	72,129	1,29,728	1,37,331	1,37,781
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.438 x	1.993 x	2.053 x	3.143 x	1.425 x	2.369 x	2.307 x	2.196 x
Free Cash Flow ¹	29,179	32,309	23,290	5,732	27,480	13,058	24,571	47,390
ROE (net income / shareholders' equity)	18.6%	17.5%	15.3%	15.1%	11.9%	12.3%	10.5%	10.2%
ROA (Net income/ Total Assets)	4.32%	4.04%	3.64%	3.56%	2.77%	2.76%	2.52%	2.62%
Assets ¹	6,56,721	7,73,036	9,69,436	11,21,368	11,59,582	12,32,427	12,92,396	13,25,716
Book Value Per Share ²	24.20	28.90	33.80	39.20	39.00	40.30	43.00	46.10
Cash Flow per Share ²	3.930	5.140	3.750	1.170	4.160	2.220	1.330	2.630
Capex ¹	2,545	3,494	3,466	2,590	2,150	2,452	2,196	2,227
Capex / Sales	1.8%	2.17%	1.63%	0.99%	0.91%	0.99%	0.79%	0.77%
Announcement Date	26/03/19	26/03/20	29/03/21	30/03/22	29/03/23	25/03/24	-	-

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Resources Land Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

27.8 HKD

Average target price

38.96 HKD

Spread / Average Target

+40.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
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
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	-1.25%	14.69B

Other Real Estate Development & Operations