Financials Zhuhai Huafa Properties Co.,Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
6.27 ^CNY	-4.13%		+1.29%	-13.04%

Apr. 29	Zhuhai Huafa Properties Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 26	Zhuhai Huafa Properties Co.,Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	16,578	13,148	12,745	19,181	19,843	17,256	-	-
Enterprise Value (EV) ¹	16,578	13,148	12,745	19,181	19,843	17,256	17,256	17,256
P/E ratio	6.42 x	5.35 x	4.49 x	8.09 x	9.13 x	9.04 x	5.24 x	8.42 x
Yield	5.11%	7.25%	7.64%	4.08%	5.13%	6.54%	7.26%	-
Capitalization / Revenue	0.5 x	0.26 x	0.25 x	0.32 x	0.28 x	0.23 x	0.21 x	0.22 x
EV / Revenue	0.5 x	0.26 x	0.25 x	0.32 x	0.28 x	0.23 x	0.21 x	0.22 x
EV / EBITDA	3.71 x	2.03 x	1.79 x	2.96 x	3.26 x	1.72 x	2.14 x	2.4 x
EV / FCF	-	-	2.07 x	2.51 x	-10.8 x	-55.1 x	-6.27 x	-
FCF Yield	-	-	48.3%	39.8%	-9.27%	-1.81%	-16%	-
Price to Book	1.24 x	0.89 x	0.75 x	1.07 x	0.89 x	0.74 x	0.56 x	0.66 x
Nbr of stocks (in thousands)	2,117,220	2,117,220	2,117,161	2,117,161	2,752,152	2,752,152	-	-
Reference price ²	7.830	6.210	6.020	9.060	7.210	6.270	6.270	6.270
Announcement Date	1/19/20	4/23/21	1/14/22	1/19/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,149	51,006	51,241	59,190	72,145	75,319	80,312	77,014
EBITDA ¹	4,468	6,477	7,113	6,487	6,092	10,021	8,066	7,182
EBIT ¹	4,358	6,358	6,962	6,249	5,807	5,495	7,019	4,890
Operating Margin	13.15%	12.46%	13.59%	10.56%	8.05%	7.3%	8.74%	6.35%
Earnings before Tax (EBT) ¹	4,396	6,253	6,829	6,283	5,873	5,505	7,027	4,910
Net income ¹	2,785	2,902	3,195	2,578	1,838	1,909	2,857	2,061
Net margin	8.4%	5.69%	6.24%	4.36%	2.55%	2.53%	3.56%	2.68%
EPS ²	1.220	1.160	1.340	1.120	0.7900	0.6933	1.196	0.7450
Free Cash Flow ¹	-	-	6,156	7,639	-1,840	-313	-2,753	-
FCF margin	-	-	12.01%	12.91%	-2.55%	-0.42%	-3.43%	-
FCF Conversion (EBITDA)	-	-	86.54%	117.75%	-	-	-	-
FCF Conversion (Net income)	-	-	192.68%	296.33%	-	-	-	-
Dividend per Share ²	0.4000	0.4500	0.4600	0.3700	0.3700	0.4100	0.4550	-
Announcement Date	1/19/20	4/23/21	1/14/22	1/19/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	6,156	7,639	-1,840	-313	-2,753	-
ROE (net income / shareholders' equity)	20.1%	16.8%	17.8%	13.7%	9.66%	8.27%	9.53%	7.9%
ROA (Net income/ Total Assets)	1.34%	1.04%	0.94%	-	-	0.4%	0.45%	0.4%
Assets ¹	208,123	278,505	339,532	-	-	477,333	634,889	515,250
Book Value Per Share ²	6.320	6.980	8.000	8.440	8.060	8.460	11.10	9.520
Cash Flow per Share ²	13.20	13.70	17.00	18.10	18.40	6.710	6.360	10.70
Capex ¹	23,928	44,964	29,905	30,705	52,384	6,889	6,562	2,253
Capex / Sales	72.18%	88.15%	58.36%	51.88%	72.61%	9.15%	8.17%	2.93%
Announcement Date	1/19/20	4/23/21	1/14/22	1/19/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.27 CNY

Average target price

10.42 CNY

Spread / Average Target

+66.19%

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