CHINA MERCHANTS PROPERTY OPERATION & SERVICE CO., LTD. Financials China Merchants Property Operation & Service Co., Ltd.
Equities
001914
CNE000000H95
Real Estate Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 11.54 CNY | +2.67% |
|
+8.05% | -3.51% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 21,514 | 22,829 | 21,483 | 16,308 | 12,682 | 12,236 | - | - |
| Enterprise Value (EV) 1 | 21,514 | 23,620 | 21,950 | 15,565 | 10,405 | 9,900 | 8,822 | 8,122 |
| P/E ratio | 49.6 x | 52.5 x | 41.9 x | 27.5 x | 17.2 x | 14.8 x | 12.3 x | 10.7 x |
| Yield | 0.49% | 0.6% | 0.49% | 0.78% | 1.42% | 1.66% | 1.89% | 2.19% |
| Capitalization / Revenue | 3.54 x | 2.64 x | 2.03 x | 1.25 x | 0.81 x | 0.68 x | 0.58 x | 0.51 x |
| EV / Revenue | 3.54 x | 2.74 x | 2.07 x | 1.2 x | 0.67 x | 0.55 x | 0.42 x | 0.34 x |
| EV / EBITDA | 46.9 x | 35 x | 27.3 x | 17 x | 10.3 x | 8.75 x | 6.16 x | 4.8 x |
| EV / FCF | - | 24.7 x | 32 x | 16.1 x | 5.82 x | 230 x | 7.73 x | 6.25 x |
| FCF Yield | - | 4.04% | 3.12% | 6.22% | 17.2% | 0.43% | 12.9% | 16% |
| Price to Book | 2.69 x | 2.75 x | 2.48 x | 1.78 x | 1.3 x | 1.17 x | 1.09 x | 1 x |
| Nbr of stocks (in thousands) | 1,060,346 | 1,060,346 | 1,060,346 | 1,060,346 | 1,060,346 | 1,060,346 | - | - |
| Reference price 2 | 20.29 | 21.53 | 20.26 | 15.38 | 11.96 | 11.54 | 11.54 | 11.54 |
| Announcement Date | 4/13/20 | 3/22/21 | 3/17/22 | 3/17/23 | 3/15/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,078 | 8,635 | 10,591 | 13,024 | 15,627 | 17,944 | 20,977 | 24,012 |
| EBITDA 1 | 458.7 | 675.7 | 804.6 | 914.7 | 1,011 | 1,132 | 1,433 | 1,694 |
| EBIT 1 | 401.5 | 598.7 | 744.7 | 824.8 | 915.3 | 1,065 | 1,325 | 1,535 |
| Operating Margin | 6.61% | 6.93% | 7.03% | 6.33% | 5.86% | 5.93% | 6.32% | 6.39% |
| Earnings before Tax (EBT) 1 | 408.3 | 625.9 | 746.4 | 821.6 | 928.4 | 1,055 | 1,330 | 1,544 |
| Net income 1 | 286.2 | 435.1 | 512.9 | 593.5 | 735.7 | 824.9 | 1,003 | 1,161 |
| Net margin | 4.71% | 5.04% | 4.84% | 4.56% | 4.71% | 4.6% | 4.78% | 4.84% |
| EPS 2 | 0.4090 | 0.4104 | 0.4837 | 0.5597 | 0.6939 | 0.7824 | 0.9390 | 1.083 |
| Free Cash Flow 1 | - | 954.4 | 685 | 968.6 | 1,787 | 43 | 1,141 | 1,299 |
| FCF margin | - | 11.05% | 6.47% | 7.44% | 11.43% | 0.24% | 5.44% | 5.41% |
| FCF Conversion (EBITDA) | - | 141.24% | 85.14% | 105.9% | 176.64% | 3.8% | 79.64% | 76.69% |
| FCF Conversion (Net income) | - | 219.33% | 133.57% | 163.2% | 242.84% | 5.21% | 113.76% | 111.89% |
| Dividend per Share 2 | 0.1000 | 0.1300 | 0.1000 | 0.1200 | 0.1700 | 0.1921 | 0.2184 | 0.2526 |
| Announcement Date | 4/13/20 | 3/22/21 | 3/17/22 | 3/17/23 | 3/15/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,000 | 2,537 | 3,109 | 3,531 | 3,847 | 3,306 | 3,672 | 3,878 | 4,771 | 3,725 | 4,246 | 4,485 | 5,615 | 3,125 | 3,907 |
| EBITDA 1 | 122.6 | - | - | - | - | - | - | - | - | - | 253.7 | 253.7 | 437.8 | 202.9 | 253.7 |
| EBIT 1 | 194.8 | 200 | 263.1 | 195.1 | 166.6 | 239.2 | 326.3 | 243.6 | 106.2 | 255.9 | 391.2 | 280.4 | 144.6 | 202.9 | 253.7 |
| Operating Margin | 6.49% | 7.88% | 8.46% | 5.53% | 4.33% | 7.24% | 8.89% | 6.28% | 2.23% | 6.87% | 9.21% | 6.25% | 2.57% | 6.49% | 6.49% |
| Earnings before Tax (EBT) 1 | 193.3 | 200 | 264.6 | 195.2 | 161.7 | 243.2 | 325.9 | 247.5 | 111.9 | 255.8 | 232.1 | 232.1 | 471.4 | 185.7 | 232.1 |
| Net income 1 | 130.6 | 145 | 186.1 | 141.3 | 121 | 184.5 | 234.8 | 175.6 | 140.8 | 190.7 | 183.9 | 183.9 | 322.4 | 147.1 | 183.9 |
| Net margin | 4.35% | 5.72% | 5.99% | 4% | 3.15% | 5.58% | 6.4% | 4.53% | 2.95% | 5.12% | 4.33% | 4.1% | 5.74% | 4.71% | 4.71% |
| EPS 2 | 0.1200 | 0.1368 | 0.1700 | 0.1400 | 0.1100 | 0.1740 | 0.2300 | 0.1600 | 0.1300 | 0.1798 | 0.2400 | 0.1800 | 0.1500 | 0.1388 | 0.1735 |
| Dividend per Share 2 | 0.1000 | - | - | - | 0.1200 | - | - | - | - | - | - | - | 0.1974 | - | - |
| Announcement Date | 3/17/22 | 4/27/22 | 8/26/22 | 10/25/22 | 3/17/23 | 4/21/23 | 8/24/23 | 10/26/23 | 3/15/24 | 4/25/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | 791 | 467 | - | - | - | - | - |
| Net Cash position 1 | - | - | - | 743 | 2,276 | 2,336 | 3,414 | 4,114 |
| Leverage (Debt/EBITDA) | - | 1.17 x | 0.5803 x | - | - | - | - | - |
| Free Cash Flow 1 | - | 954 | 685 | 969 | 1,787 | 43 | 1,141 | 1,299 |
| ROE (net income / shareholders' equity) | 5.57% | 5.34% | 6.07% | 6.69% | 7.77% | 8.21% | 8.95% | 9.56% |
| ROA (Net income/ Total Assets) | 1.93% | 2.66% | 3.1% | - | - | 4.4% | 4.85% | 5.5% |
| Assets 1 | 14,869 | 16,390 | 16,560 | - | - | 18,748 | 20,680 | 21,109 |
| Book Value Per Share 2 | 7.530 | 7.830 | 8.170 | 8.630 | 9.200 | 9.860 | 10.60 | 11.50 |
| Cash Flow per Share 2 | 0.3400 | 0.9300 | 0.6600 | 0.9400 | 1.710 | 0.8700 | 1.460 | 1.070 |
| Capex 1 | 43.9 | 35.1 | 17.7 | 26.5 | 29.8 | 32.8 | 32.8 | 37.2 |
| Capex / Sales | 0.72% | 0.41% | 0.17% | 0.2% | 0.19% | 0.18% | 0.16% | 0.15% |
| Announcement Date | 4/13/20 | 3/22/21 | 3/17/22 | 3/17/23 | 3/15/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
D+
Sell
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
11.54
CNY
Average target price
12.87
CNY
Spread / Average Target
+11.53%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -3.51% | 1.69B | |
| -3.08% | 27.21B | |
| +5.49% | 20.81B | |
| -26.30% | 9.97B | |
| -18.04% | 9.67B | |
| -4.03% | 6.78B | |
| -6.97% | 5.73B | |
| +46.70% | 4.83B | |
| -2.31% | 2.42B | |
| -10.07% | 2.21B |
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