Financials Sunac China Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 01:38:22 29/04/2024 pm IST			5-day change	1st Jan Change
1.45 ^HKD	+28.32%		+51.04%	-3.33%

06:19am	Chinese property shares rally on stimulus policy hopes	RE
12/04	Sunac China Grants 14 Million Share Options to Employees; Shares Drop 3%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,85,202	1,12,445	47,962	20,208	11,447	8,783	-	-
Enterprise Value (EV) ¹	4,29,970	3,17,833	3,55,041	3,07,672	11,447	2,30,847	1,70,578	1,96,658
P/E ratio	7.03 x	3.12 x	-1.16 x	-0.72 x	-0.95 x	-3.72 x	-4.07 x	-2.72 x
Yield	2.96%	6.84%	-	-	-	-	-	-
Capitalization / Revenue	1.09 x	0.49 x	0.24 x	0.21 x	0.07 x	0.06 x	0.08 x	0.11 x
EV / Revenue	2.54 x	1.38 x	1.79 x	3.18 x	0.07 x	1.46 x	1.53 x	2.46 x
EV / EBITDA	10.8 x	6.12 x	-	-29.6 x	-3.83 x	299 x	235 x	-
EV / FCF	48.4 x	5.55 x	-	-	-	22.5 x	12 x	9.49 x
FCF Yield	2.07%	18%	-	-	-	4.45%	8.3%	10.5%
Price to Book	2.11 x	0.87 x	-	0.23 x	-	0.15 x	0.15 x	0.16 x
Nbr of stocks (in thousands)	44,51,929	46,63,186	49,96,884	54,48,884	83,96,010	83,96,760	-	-
Reference price ²	41.60	24.11	9.598	3.709	1.363	1.046	1.046	1.046
Announcement Date	26/03/20	11/03/21	08/12/22	31/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,69,316	2,30,587	1,98,387	96,752	1,54,231	1,57,881	1,11,790	80,080
EBITDA ¹	39,846	51,970	-	-10,403	-2,985	771.5	725.7	-
EBIT ¹	38,025	49,244	-39,208	-13,592	-12,869	-2,418	-1,831	-1,495
Operating Margin	22.46%	21.36%	-19.76%	-14.05%	-8.34%	-1.53%	-1.64%	-1.87%
Earnings before Tax (EBT) ¹	42,546	57,535	-43,674	-31,304	-5,134	4,945	5,148	-
Net income ¹	26,028	35,644	-38,265	-27,669	-7,969	-2,361	-3,060	-3,225
Net margin	15.37%	15.46%	-19.29%	-28.6%	-5.17%	-1.5%	-2.74%	-4.03%
EPS ²	5.920	7.740	-8.270	-5.160	-1.430	-0.2812	-0.2568	-0.3842
Free Cash Flow ¹	8,888	57,296	-	-	-	10,282	14,163	20,723
FCF margin	5.25%	24.85%	-	-	-	6.51%	12.67%	25.88%
FCF Conversion (EBITDA)	22.31%	110.25%	-	-	-	1,332.71%	1,951.64%	-
FCF Conversion (Net income)	34.15%	160.75%	-	-	-	-	-	-
Dividend per Share ²	1.232	1.650	-	-	-	-	-	-
Announcement Date	26/03/20	11/03/21	08/12/22	31/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,44,768	2,05,388	3,07,079	2,87,465	-	2,22,064	1,61,795	1,87,875
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.143 x	3.952 x	-	-27.63 x	-	287.8 x	223 x	-
Free Cash Flow ¹	8,888	57,296	-	-	-	10,282	14,163	20,723
ROE (net income / shareholders' equity)	37.2%	28.6%	-	-39.3%	-	-3.85%	-3.6%	-5.82%
ROA (Net income/ Total Assets)	3.1%	2.93%	-	-2.44%	-	-0.26%	-0.38%	-0.44%
Assets ¹	8,38,650	12,18,591	-	11,33,363	-	9,18,522	8,13,805	7,26,451
Book Value Per Share ²	19.80	27.60	-	15.90	-	7.150	7.120	6.410
Cash Flow per Share	6.190	16.00	-	-	-	-	-	-
Capex ¹	18,366	16,414	11,155	2,316	-	1,140	1,254	-
Capex / Sales	10.85%	7.12%	5.62%	2.39%	-	0.72%	1.12%	-
Announcement Date	26/03/20	11/03/21	08/12/22	31/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1.046 CNY

Average target price

1.115 CNY

Spread / Average Target

+6.57%

	1st Jan change	Capi.
SUNAC CHINA HOLDINGS LIMITED	-3.33%	1.21B
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.91%	26.97B
DLF LIMITED	+21.99%	26.95B
CHINA RESOURCES LAND LIMITED	+2.14%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.52%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.54%	14.98B