Stock 3900 GREENTOWN CHINA HOLDINGS LIMITED
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Financials Greentown China Holdings Limited

Equities

3900

KYG4100M1050

Real Estate Development & Operations

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:03 2024-05-23 am EDT 		5-day change 1st Jan Change
8.6 HKD -1.83% Intraday chart for Greentown China Holdings Limited +10.54% +8.18%
May. 07 Greentown China Logs Sales of 14.5 Billion Yuan in April MT
Apr. 05 Greentown China Logs Sales of 23 Billion Yuan in March MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,503 23,735 25,590 25,493 18,296 20,196 - -
Enterprise Value (EV) 1 62,186 77,733 81,553 95,220 18,296 99,326 103,731 109,944
P/E ratio 15.5 x 9.18 x 7.87 x 9.87 x 5.92 x 4.7 x 4.47 x 4.19 x
Yield 3.51% 3.67% 4.49% 4.97% - 5.47% 5.91% 6.51%
Capitalization / Revenue 0.3 x 0.36 x 0.26 x 0.2 x 0.14 x 0.15 x 0.15 x 0.14 x
EV / Revenue 1.01 x 1.18 x 0.81 x 0.75 x 0.14 x 0.74 x 0.76 x 0.77 x
EV / EBITDA 6.32 x 8.19 x 7.59 x 6.6 x 1.84 x 7.19 x 7.18 x 7.41 x
EV / FCF - -21.5 x 15 x 7.59 x - 12.7 x -54.5 x -
FCF Yield - -4.66% 6.68% 13.2% - 7.89% -1.84% -
Price to Book 0.67 x 0.7 x 0.56 x 0.48 x - 0.51 x 0.47 x 0.44 x
Nbr of stocks (in thousands) 2,163,506 2,486,762 2,500,444 2,531,999 2,531,999 2,531,999 - -
Reference price 2 8.552 9.544 10.23 10.07 7.226 7.976 7.976 7.976
Announcement Date 3/23/20 3/22/21 3/22/22 3/27/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 61,593 65,783 100,240 127,153 131,383 134,284 136,429 142,405
EBITDA 1 9,836 9,488 10,741 14,433 9,961 13,807 14,444 14,837
EBIT 1 9,246 8,929 10,134 13,731 9,206 11,432 12,369 13,077
Operating Margin 15.01% 13.57% 10.11% 10.8% 7.01% 8.51% 9.07% 9.18%
Earnings before Tax (EBT) 1 9,953 10,754 12,555 13,256 9,725 10,918 11,401 11,940
Net income 1 2,480 3,796 4,469 2,756 3,118 3,681 3,778 4,054
Net margin 4.03% 5.77% 4.46% 2.17% 2.37% 2.74% 2.77% 2.85%
EPS 2 0.5500 1.040 1.300 1.020 1.220 1.698 1.785 1.902
Free Cash Flow 1 - -3,621 5,449 12,541 - 7,841 -1,905 -
FCF margin - -5.5% 5.44% 9.86% - 5.84% -1.4% -
FCF Conversion (EBITDA) - - 50.73% 86.89% - 56.79% - -
FCF Conversion (Net income) - - 121.91% 455.03% - 213.03% - -
Dividend per Share 2 0.3000 0.3500 0.4600 0.5000 - 0.4365 0.4717 0.5193
Announcement Date 3/23/20 3/22/21 3/22/22 3/27/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 42,935 23,896 41,886 36,135 64,105 64,731 62,422 56,976 74,407 55,367 83,050 54,450 81,676
EBITDA - - - - - - - - - - - - -
EBIT 1 - - - 5,372 4,762 8,118 5,613 7,253 1,953 3,969 5,953 4,332 6,498
Operating Margin - - - 14.87% 7.43% 12.54% 8.99% 12.73% 2.62% 7.17% 7.17% 7.96% 7.96%
Earnings before Tax (EBT) - - - - - 7,721 - - - - - - -
Net income - - - - - 1,801 - - - - - - -
Net margin - - - - - 2.78% - - - - - - -
EPS 2 -0.1200 0.6500 0.3900 0.7100 0.5900 0.6600 0.3600 0.9900 0.2300 0.8700 1.300 0.8600 1.290
Dividend per Share - - - - - - 0.5000 - - - - - -
Announcement Date 3/23/20 8/27/20 3/22/21 8/24/21 3/22/22 8/25/22 3/27/23 9/22/23 3/22/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 43,682 53,999 55,963 69,727 - 79,130 83,535 89,747
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.441 x 5.691 x 5.21 x 4.831 x - 5.731 x 5.783 x 6.049 x
Free Cash Flow 1 - -3,621 5,449 12,541 - 7,841 -1,905 -
ROE (net income / shareholders' equity) 9.44% 7.46% 9.09% 11.6% - 10.1% 10.1% 10.2%
ROA (Net income/ Total Assets) 1.41% 1.01% 0.96% 0.91% - 0.99% 1.05% 1.11%
Assets 1 176,429 375,703 467,683 302,868 - 373,288 358,456 365,900
Book Value Per Share 2 12.70 13.60 18.20 21.10 - 15.50 16.80 18.20
Cash Flow per Share 2 - -1.310 2.340 5.750 - 3.290 2.980 2.970
Capex 1 - 467 413 2,243 - 488 531 558
Capex / Sales - 0.71% 0.41% 1.76% - 0.36% 0.39% 0.39%
Announcement Date 3/23/20 3/22/21 3/22/22 3/27/23 3/22/24 - - -
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 Greentown China Holdings Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
8.125 CNY
Average target price
8.497 CNY
Spread / Average Target
+4.58%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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