Financials Yuexiu Property Company Limited

Equities

123 HK0000745908

Real Estate Development & Operations

Market Closed - Hong Kong S.E. Other stock markets 01:38:11 08/05/2024 pm IST			5-day change	1st Jan Change
4.87 ^HKD	-4.88%		+3.62%	-23.43%

24/04	Yuexiu Property Company Limited Announces Resignation of Lin Feng as Vice-Chairman and Executive Director	CI
24/04	Yuexiu Property Company Limited Announces Resignation of Lin Feng as General Manager	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,905	20,328	17,333	25,843	23,269	18,088	-	-
Enterprise Value (EV) ¹	65,737	60,671	52,368	79,023	23,269	76,937	77,981	84,652
P/E ratio	6.67 x	4.78 x	4.83 x	6.54 x	6.77 x	4.86 x	4.5 x	4.26 x
Yield	5.66%	7.92%	9.58%	6.55%	-	8.37%	8.91%	8.7%
Capitalization / Revenue	0.65 x	0.44 x	0.3 x	0.36 x	0.29 x	0.21 x	0.2 x	0.18 x
EV / Revenue	1.71 x	1.31 x	0.91 x	1.09 x	0.29 x	0.88 x	0.84 x	0.86 x
EV / EBITDA	5.91 x	6.46 x	5.44 x	6.92 x	2.77 x	9.33 x	8.71 x	9.65 x
EV / FCF	10.8 x	3.97 x	-8.8 x	31 x	-	-18.7 x	8.72 x	-
FCF Yield	9.25%	25.2%	-11.4%	3.23%	-	-5.35%	11.5%	-
Price to Book	0.57 x	0.46 x	0.37 x	0.54 x	-	0.31 x	0.3 x	0.29 x
Nbr of stocks (in thousands)	30,96,456	30,96,456	30,96,456	30,96,456	40,25,393	40,25,393	-	-
Reference price ²	8.043	6.565	5.598	8.346	5.781	4.493	4.493	4.493
Announcement Date	10/03/20	16/03/21	10/03/22	15/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	38,339	46,234	57,379	72,416	80,222	87,184	92,691	97,962
EBITDA ¹	11,127	9,397	9,622	11,424	8,404	8,243	8,950	8,773
EBIT ¹	10,917	9,076	9,277	10,995	8,018	8,611	9,557	9,399
Operating Margin	28.48%	19.63%	16.17%	15.18%	10%	9.88%	10.31%	9.59%
Earnings before Tax (EBT) ¹	11,413	10,200	10,842	10,830	7,721	9,075	10,131	10,071
Net income ¹	3,483	4,248	3,589	3,953	3,185	3,628	3,899	4,193
Net margin	9.09%	9.19%	6.25%	5.46%	3.97%	4.16%	4.21%	4.28%
EPS ²	1.205	1.372	1.159	1.277	0.8542	0.9252	0.9992	1.055
Free Cash Flow ¹	6,079	15,295	-5,948	2,553	-	-4,117	8,943	-
FCF margin	15.85%	33.08%	-10.37%	3.53%	-	-4.72%	9.65%	-
FCF Conversion (EBITDA)	54.63%	162.76%	-	22.35%	-	-	99.91%	-
FCF Conversion (Net income)	174.5%	360.07%	-	64.58%	-	-	229.38%	-
Dividend per Share ²	0.4550	0.5200	0.5360	0.5470	-	0.3763	0.4003	0.3907
Announcement Date	10/03/20	16/03/21	10/03/22	15/03/23	26/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1	2022 S2
Net sales	31,293	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	-	-
Net margin	-	-
EPS	-	-
Dividend per Share ¹	0.3190	0.2280
Announcement Date	18/08/22	15/03/23

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	40,832	40,343	35,035	53,180	-	58,849	59,894	66,564
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.67 x	4.293 x	3.641 x	4.655 x	-	7.139 x	6.692 x	7.587 x
Free Cash Flow ¹	6,079	15,295	-5,948	2,553	-	-4,117	8,943	-
ROE (net income / shareholders' equity)	9.35%	10.1%	10%	8.44%	-	6.3%	6.45%	6.22%
ROA (Net income/ Total Assets)	1.73%	1.71%	1.24%	1.2%	-	0.91%	0.88%	0.89%
Assets ¹	2,01,758	2,48,952	2,88,522	3,30,106	-	3,99,992	4,43,753	4,71,161
Book Value Per Share ²	14.10	14.10	14.90	15.30	-	14.40	15.00	15.50
Cash Flow per Share ²	-	5.150	-1.510	1.200	-	1.230	2.820	0.2600
Capex ¹	291	661	1,272	1,166	-	820	822	748
Capex / Sales	0.76%	1.43%	2.22%	1.61%	-	0.94%	0.89%	0.76%
Announcement Date	10/03/20	16/03/21	10/03/22	15/03/23	26/03/24	-	-	-

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

Ratings for Yuexiu Property Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.493 CNY

Average target price

7.47 CNY

Spread / Average Target

+66.23%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
YUEXIU PROPERTY COMPANY LIMITED	-23.43%	2.64B
MITSUI FUDOSAN CO., LTD.	+36.64%	29.21B
CHINA RESOURCES LAND LIMITED	+4.11%	28.04B
SUN HUNG KAI PROPERTIES LIMITED	-12.67%	27.86B
DLF LIMITED	+17.36%	25.39B
MITSUBISHI ESTATE CO., LTD.	+47.76%	24.16B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.81%	20.93B
EMAAR PROPERTIES	+3.41%	19.25B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+26.99%	16.61B
CK ASSET HOLDINGS LIMITED	-14.16%	15.42B

Other Real Estate Development & Operations