Stock 1109 CHINA RESOURCES LAND LIMITED
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Financials China Resources Land Limited

Equities

1109

KYG2108Y1052

Real Estate Development & Operations

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:24 2024-06-06 am EDT 		5-day change 1st Jan Change
28.9 HKD -2.36% Intraday chart for China Resources Land Limited -0.69% +3.21%
May. 23 China Resources Land Limited Proposes Final Dividend for the Year Ended 31 December 2023 CI
May. 16 China Resources Land Limited Announces Board Appointment and Change of Company Secretary CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 276,680 228,190 233,895 254,931 199,666 211,076 - -
Enterprise Value (EV) 1 376,566 339,660 414,245 327,061 329,394 348,310 348,781 361,883
P/E ratio 8.64 x 6.47 x 5.86 x 7.95 x 5.87 x 6.53 x 6.17 x 5.72 x
Yield 3.01% 4.63% 5.19% 4.47% 5.58% 5.51% 5.79% 6.16%
Capitalization / Revenue 1.72 x 1.07 x 0.89 x 1.08 x 0.73 x 0.76 x 0.73 x 0.7 x
EV / Revenue 2.34 x 1.6 x 1.58 x 1.38 x 1.21 x 1.25 x 1.21 x 1.2 x
EV / EBITDA 7.51 x 6.25 x 7.22 x 6.46 x 6.01 x 5.86 x 5.56 x 5.46 x
EV / FCF 11.7 x 14.6 x 72.3 x 11.9 x - 14.2 x 7.36 x 7.21 x
FCF Yield 8.58% 6.86% 1.38% 8.4% - 7.05% 13.6% 13.9%
Price to Book 1.34 x 0.95 x 0.84 x 0.92 x 0.7 x 0.69 x 0.64 x 0.6 x
Nbr of stocks (in thousands) 7,130,940 7,130,940 7,130,940 7,130,940 7,130,940 7,130,940 - -
Reference price 2 38.80 32.00 32.80 35.75 28.00 29.60 29.60 29.60
Announcement Date 3/26/20 3/29/21 3/30/22 3/29/23 3/25/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 161,097 212,453 261,539 236,423 272,393 278,156 288,663 302,262
EBITDA 1 50,117 54,303 57,386 50,632 54,768 59,471 62,686 66,223
EBIT 1 49,272 53,207 55,776 49,109 53,344 57,723 60,714 65,095
Operating Margin 30.59% 25.04% 21.33% 20.77% 19.58% 20.75% 21.03% 21.54%
Earnings before Tax (EBT) 1 66,511 71,184 74,434 63,381 72,061 63,774 67,224 72,689
Net income 1 31,265 35,265 39,952 32,075 34,020 32,707 34,884 37,069
Net margin 19.41% 16.6% 15.28% 13.57% 12.49% 11.76% 12.08% 12.26%
EPS 2 4.493 4.945 5.598 4.499 4.772 4.534 4.795 5.174
Free Cash Flow 1 32,309 23,290 5,732 27,480 - 24,571 47,390 50,206
FCF margin 20.06% 10.96% 2.19% 11.62% - 8.83% 16.42% 16.61%
FCF Conversion (EBITDA) 64.47% 42.89% 9.99% 54.27% - 41.32% 75.6% 75.81%
FCF Conversion (Net income) 103.34% 66.04% 14.35% 85.67% - 75.12% 135.85% 135.44%
Dividend per Share 2 1.168 1.481 1.702 1.597 1.563 1.632 1.715 1.823
Announcement Date 3/26/20 3/29/21 3/30/22 3/29/23 3/25/24 - - -
1HKD in Million2HKD
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 1 111,102 50,501 159,373 88,656 170,612 82,770 153,193 78,629 193,246 114,909 172,363 118,739 178,108
EBITDA - - - - - - - - - - - - -
EBIT 1 - - - 24,019 31,142 18,906 31,502 19,678 38,393 20,781 34,892 22,219 33,329
Operating Margin - - - 27.09% 18.25% 22.84% 20.56% 25.03% 19.87% 18.08% 20.24% 18.71% 18.71%
Earnings before Tax (EBT) 1 - - - 29,853 - 22,488 - - - 24,570 41,414 - -
Net income 1 - 12,991 - 15,780 - 12,039 - - - 12,973 21,867 - -
Net margin - 25.72% - 17.8% - 14.55% - - - 11.29% 12.69% - -
EPS - - - 2.212 - 1.692 - - - - - - -
Dividend per Share - 0.1680 - 0.2080 - 0.2067 - - - - - - -
Announcement Date 3/26/20 8/26/20 3/29/21 8/25/21 3/30/22 8/30/22 3/29/23 8/29/23 3/25/24 - - - -
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 99,886 111,470 180,350 72,129 129,728 137,235 137,706 150,807
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.993 x 2.053 x 3.143 x 1.425 x 2.369 x 2.308 x 2.197 x 2.277 x
Free Cash Flow 1 32,309 23,290 5,732 27,480 - 24,571 47,390 50,206
ROE (net income / shareholders' equity) 17.5% 15.3% 15.1% 11.9% 12.3% 10.5% 10.2% 10.1%
ROA (Net income/ Total Assets) 4.04% 3.64% 3.56% 2.77% 2.76% 2.51% 2.61% 2.71%
Assets 1 773,036 969,436 1,121,368 1,159,582 1,232,427 1,301,469 1,336,174 1,366,960
Book Value Per Share 2 28.90 33.80 39.20 39.00 40.30 43.00 46.10 49.10
Cash Flow per Share 2 5.140 3.750 1.170 4.160 - 1.330 2.620 2.380
Capex 1 3,494 3,466 2,590 2,150 - 2,196 2,226 2,252
Capex / Sales 2.17% 1.63% 0.99% 0.91% - 0.79% 0.77% 0.74%
Announcement Date 3/26/20 3/29/21 3/30/22 3/29/23 3/25/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Resources Land Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
25
Last Close Price
29.6 HKD
Average target price
39.3 HKD
Spread / Average Target
+32.76%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Other Real Estate Development & Operations
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