Stock 600606 GREENLAND HOLDINGS CORPORATION LIMITED
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Financials Greenland Holdings Corporation Limited

Equities

600606

CNE000000388

Construction & Engineering

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
1.84 CNY -4.17% Intraday chart for Greenland Holdings Corporation Limited +7.60% -20.00%
Apr. 29 Greenland Holdings Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Feb. 05 Distressed Chinese developers get project loan backing as Beijing ramps up support RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 84,569 70,940 55,450 41,882 32,325 25,860 - -
Enterprise Value (EV) 1 289,010 280,712 204,130 189,066 32,325 25,860 25,860 25,860
P/E ratio 5.74 x 4.74 x 9.04 x 42.6 x - 46 x 61.3 x 92 x
Yield 5.76% 4.29% - - - - - -
Capitalization / Revenue 0.2 x 0.16 x 0.1 x 0.1 x 0.09 x 0.1 x 0.1 x 0.15 x
EV / Revenue 0.2 x 0.16 x 0.1 x 0.1 x 0.09 x 0.1 x 0.1 x 0.15 x
EV / EBITDA 2.46 x 2.04 x 2.39 x 3.01 x -337 x 2.22 x 1.78 x 2.44 x
EV / FCF 7,267,912 x 1,971,345 x - - - - - -
FCF Yield 0% 0% - - - - - -
Price to Book 1.07 x 0.84 x 0.62 x 0.46 x - 0.32 x 0.32 x 0.32 x
Nbr of stocks (in thousands) 14,054,232 14,054,232 14,054,232 14,054,218 14,054,218 14,054,218 - -
Reference price 2 6.017 5.048 3.945 2.980 2.300 1.840 1.840 1.840
Announcement Date 1/7/20 1/20/21 1/28/22 4/28/23 4/29/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 427,823 455,753 544,286 435,520 360,245 260,613 256,284 177,853
EBITDA 1 34,384 34,693 23,246 13,928 -95.9 11,643 14,523 10,592
EBIT 1 31,661 31,636 19,320 10,141 -3,260 19,202 17,512 2,734
Operating Margin 7.4% 6.94% 3.55% 2.33% -0.9% 7.37% 6.83% 1.54%
Earnings before Tax (EBT) 1 30,593 30,690 17,933 8,801 - 1,165 905.9 461
Net income 1 14,743 14,998 6,179 1,010 - 559.1 452.9 258.1
Net margin 3.45% 3.29% 1.14% 0.23% - 0.21% 0.18% 0.15%
EPS 2 1.048 1.065 0.4364 0.0700 - 0.0400 0.0300 0.0200
Free Cash Flow 11,636 35,986 - - - - - -
FCF margin 2.72% 7.9% - - - - - -
FCF Conversion (EBITDA) 33.84% 103.73% - - - - - -
FCF Conversion (Net income) 78.93% 239.94% - - - - - -
Dividend per Share 0.3463 0.2164 - - - - - -
Announcement Date 1/7/20 1/20/21 1/28/22 4/28/23 4/29/24 - - -
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
Net sales 1 117,520 95,949 108,601 101,227 129,742 78,806 95,412 79,424
EBITDA - - - - - - - -
EBIT 1 -3,064 4,232 5,194 4,711 -3,996 3,596 3,208 731.1
Operating Margin -2.61% 4.41% 4.78% 4.65% -3.08% 4.56% 3.36% 0.92%
Earnings before Tax (EBT) 1 -3,644 4,099 5,000 4,295 -4,594 3,313 2,830 168.7
Net income 1 -4,986 2,547 1,654 2,747 -5,938 1,991 610.4 -146.5
Net margin -4.24% 2.65% 1.52% 2.71% -4.58% 2.53% 0.64% -0.18%
EPS 2 -0.3546 0.1818 0.1000 0.1900 -0.4200 0.1400 0.0500 -0.0100
Dividend per Share 2 - - - - - - - -
Announcement Date 1/28/22 4/29/22 8/3/22 10/24/22 4/28/23 4/28/23 7/28/23 10/27/23
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 204,441 209,772 148,680 147,184 - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) 5.946 x 6.046 x 6.396 x 10.57 x - - - -
Free Cash Flow 11,636 35,986 - - - - - -
ROE (net income / shareholders' equity) 19.9% 18.6% 7.07% 1.12% -11.2% 0.48% 0.68% 0.22%
ROA (Net income/ Total Assets) 1.35% 1.18% - - - - - -
Assets 1 1,091,267 1,270,998 - - - - - -
Book Value Per Share 2 5.610 6.030 6.400 6.450 - 5.760 5.790 5.810
Cash Flow per Share 2 1.370 3.180 4.430 1.950 - -0.7700 2.000 1.360
Capex 1 7,626 8,734 5,636 919 - 1,005 2,496 1,291
Capex / Sales 1.78% 1.92% 1.04% 0.21% - 0.39% 0.97% 0.73%
Announcement Date 1/7/20 1/20/21 1/28/22 4/28/23 4/29/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
2
Last Close Price
1.84 CNY
Average target price
1.66 CNY
Spread / Average Target
-9.78%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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