Stock 603682 SHANGHAI GOLDEN UNION COMMERCIAL MANAGEMENT CO.,LTD.
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Financials Shanghai Golden Union Commercial Management Co.,Ltd.

Equities

603682

CNE1000040D0

Real Estate Development & Operations

End-of-day quote Shanghai S.E.
Other stock markets
 03:30:00 22/05/2024 am IST 		5-day change 1st Jan Change
5.16 CNY +0.98% Intraday chart for Shanghai Golden Union Commercial Management Co.,Ltd. +10.73% -10.10%
29/03 Shanghai Golden Union Commercial Management Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Shanghai Golden Union Commercial Management Co.,Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2020 2021 2022 2023
Capitalization 1 3,945 2,873 2,556 2,712
Enterprise Value (EV) 1 3,316 6,022 5,610 6,164
P/E ratio 23.9 x 23.4 x 25.8 x 27.3 x
Yield 7.19% - 8.13% 3.83%
Capitalization / Revenue 5.34 x 3.16 x 2.9 x 2.63 x
EV / Revenue 4.49 x 6.63 x 6.36 x 5.97 x
EV / EBITDA 19.9 x 23.7 x 24 x 40.4 x
EV / FCF -30.1 x 10.5 x 12.1 x 9.82 x
FCF Yield -3.32% 9.55% 8.27% 10.2%
Price to Book 2.55 x 2.54 x 2.27 x 2.42 x
Nbr of stocks (in thousands) 4,72,500 4,72,500 4,72,500 4,72,500
Reference price 2 8.350 6.080 5.410 5.740
Announcement Date 01/04/21 15/04/22 27/02/23 29/03/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 799.9 822 739.3 908.8 881.7 1,032
EBITDA 1 317.6 232 167.1 254.3 234.1 152.7
EBIT 1 237.6 219 153.5 251.6 232.3 151
Operating Margin 29.71% 26.64% 20.77% 27.69% 26.35% 14.63%
Earnings before Tax (EBT) 1 240.3 232.9 208.4 156.7 115.4 118.3
Net income 1 176.9 179 156.1 124.1 97.04 98.84
Net margin 22.12% 21.78% 21.12% 13.65% 11.01% 9.58%
EPS 2 0.4700 0.4700 0.3500 0.2600 0.2100 0.2100
Free Cash Flow 1 138 86.68 -110.1 575.1 463.9 627.4
FCF margin 17.25% 10.55% -14.9% 63.28% 52.61% 60.8%
FCF Conversion (EBITDA) 43.45% 37.36% - 226.17% 198.13% 410.83%
FCF Conversion (Net income) 78% 48.42% - 463.52% 478.06% 634.8%
Dividend per Share - - 0.6000 - 0.4400 0.2200
Announcement Date 16/08/19 19/04/20 01/04/21 15/04/22 27/02/23 29/03/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 27 - - 3,149 3,054 3,452
Net Cash position 1 - 128 629 - - -
Leverage (Debt/EBITDA) 0.0852 x - - 12.38 x 13.04 x 22.6 x
Free Cash Flow 1 138 86.7 -110 575 464 627
ROE (net income / shareholders' equity) 27.6% 22.6% 12.9% 8.5% 6.62% 6.87%
ROA (Net income/ Total Assets) 12.2% 10.7% 6.08% 4.35% 2.73% 1.73%
Assets 1 1,446 1,674 2,566 2,852 3,549 5,708
Book Value Per Share 2 1.860 2.330 3.270 2.390 2.380 2.370
Cash Flow per Share 2 0.5400 0.4900 1.330 0.5200 0.5800 0.3400
Capex 1 79.6 126 224 72.4 54.8 -
Capex / Sales 9.95% 15.3% 30.27% 7.96% 6.22% -
Announcement Date 16/08/19 19/04/20 01/04/21 15/04/22 27/02/23 29/03/24
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 Office Real Estate Development

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Office Real Estate Development
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