Stock 600708 BRIGHT REAL ESTATE GROUP CO.,LIMITED
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Financials Bright Real Estate Group Co.,Limited

Equities

600708

CNE000000KH0

Real Estate Development & Operations

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
1.99 CNY -1.97% Intraday chart for Bright Real Estate Group Co.,Limited +9.94% -7.44%
Apr. 29 Bright Real Estate Group Co.,Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 24 Bright Real Estate Group Co.,Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 7,778 7,845 5,683 5,326 5,482 4,792
Enterprise Value (EV) 1 33,276 41,026 33,999 29,643 30,176 31,490
P/E ratio 5.56 x 18.1 x -74.3 x -58 x 2,052 x 141 x
Yield 5.73% 2.84% 0.78% 0.63% 0.41% -
Capitalization / Revenue 0.38 x 0.58 x 0.38 x 0.21 x 0.33 x 0.56 x
EV / Revenue 1.62 x 3.01 x 2.27 x 1.15 x 1.82 x 3.66 x
EV / EBITDA 12 x 20.5 x 41.1 x 17.3 x 25 x 52.7 x
EV / FCF -2.79 x -4.89 x 5.59 x -12.8 x 13.5 x -30.9 x
FCF Yield -35.8% -20.5% 17.9% -7.83% 7.38% -3.23%
Price to Book 0.68 x 0.69 x 0.52 x 0.49 x 0.51 x 0.45 x
Nbr of stocks (in thousands) 2,228,637 2,228,637 2,228,637 2,228,637 2,228,637 2,228,637
Reference price 2 3.490 3.520 2.550 2.390 2.460 2.150
Announcement Date 4/23/19 4/29/20 4/23/21 4/29/22 4/15/23 4/24/24
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 20,494 13,611 14,985 25,880 16,541 8,605
EBITDA 1 2,776 2,004 827.8 1,712 1,208 597.3
EBIT 1 2,727 1,953 778.1 1,632 1,147 543.9
Operating Margin 13.3% 14.35% 5.19% 6.3% 6.93% 6.32%
Earnings before Tax (EBT) 1 2,276 1,413 689.2 1,090 572.4 278.1
Net income 1 1,418 570.4 106.8 70.08 51.21 33.84
Net margin 6.92% 4.19% 0.71% 0.27% 0.31% 0.39%
EPS 2 0.6272 0.1949 -0.0343 -0.0412 0.001199 0.0152
Free Cash Flow 1 -11,929 -8,392 6,078 -2,322 2,228 -1,018
FCF margin -58.21% -61.66% 40.56% -8.97% 13.47% -11.83%
FCF Conversion (EBITDA) - - 734.22% - 184.48% -
FCF Conversion (Net income) - - 5,688.21% - 4,350.74% -
Dividend per Share 2 0.2000 0.1000 0.0200 0.0150 0.0100 -
Announcement Date 4/23/19 4/29/20 4/23/21 4/29/22 4/15/23 4/24/24
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 25,498 33,181 28,316 24,316 24,694 26,698
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 9.186 x 16.56 x 34.21 x 14.2 x 20.45 x 44.7 x
Free Cash Flow 1 -11,929 -8,392 6,078 -2,322 2,228 -1,018
ROE (net income / shareholders' equity) 11.4% 6.05% 0.89% 3.28% 1.35% 0.99%
ROA (Net income/ Total Assets) 2.65% 1.52% 0.56% 1.25% 1% 0.52%
Assets 1 53,493 37,444 19,197 5,616 5,097 6,531
Book Value Per Share 2 5.140 5.120 4.930 4.860 4.850 4.770
Cash Flow per Share 2 4.690 4.050 4.200 3.550 3.290 2.820
Capex 1 56 76.4 809 148 89.6 135
Capex / Sales 0.27% 0.56% 5.4% 0.57% 0.54% 1.57%
Announcement Date 4/23/19 4/29/20 4/23/21 4/29/22 4/15/23 4/24/24
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Residential Real Estate Development

1st Jan change Capi.
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Residential Real Estate Development
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