Financials China State Construction Development Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
2.32 ^HKD	-3.33%		-4.53%	+0.87%

Apr. 26	China State Construction Development Holdings Limited Enter into the Renewal Framework Agreement	CI
Apr. 23	China State Construction Posts Higher Operating Profit, Revenue in Q1	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	1,229	1,574	1,078	3,449	3,947	5,233	5,233	-
Enterprise Value (EV) ¹	1,229	1,465	1,078	3,795	4,298	5,663	5,836	5,847
P/E ratio	8.27 x	8.97 x	5.54 x	11.8 x	9.16 x	8.94 x	6.85 x	5.2 x
Yield	3.86%	1.64%	6%	2.94%	3.71%	3.78%	5.01%	6.55%
Capitalization / Revenue	0.34 x	0.34 x	0.24 x	0.55 x	0.51 x	0.6 x	0.49 x	0.4 x
EV / Revenue	0.34 x	0.32 x	0.24 x	0.6 x	0.56 x	0.65 x	0.54 x	0.45 x
EV / EBITDA	5.19 x	4.68 x	3.84 x	8.98 x	7.68 x	7.58 x	5.56 x	4.37 x
EV / FCF	-	12 x	197 x	-87.6 x	27.7 x	63.7 x	24.9 x	-
FCF Yield	-	8.33%	0.51%	-1.14%	3.61%	1.57%	4.02%	-
Price to Book	-	1.4 x	0.77 x	2.06 x	1.89 x	2.16 x	1.77 x	1.42 x
Nbr of stocks (in thousands)	2,155,545	2,155,545	2,155,545	2,155,545	2,255,545	2,255,545	2,255,545	-
Reference price ²	0.5700	0.7300	0.5000	1.600	1.750	2.320	2.320	2.320
Announcement Date	3/20/19	3/24/20	3/18/21	3/23/22	3/20/23	3/18/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	3,612	4,619	4,536	6,295	7,669	8,666	10,781	12,991
EBITDA ¹	236.5	312.8	280.7	422.5	559.9	747.4	1,049	1,338
EBIT ¹	-	296	266	402.9	533.9	732.2	951	1,231
Operating Margin	-	6.41%	5.86%	6.4%	6.96%	8.45%	8.82%	9.48%
Earnings before Tax (EBT) ¹	-	276.9	256.3	396	508.2	650.5	900.3	1,182
Net income ¹	-	175.6	194.3	292	421.9	580.4	765.4	1,017
Net margin	-	3.8%	4.28%	4.64%	5.5%	6.7%	7.1%	7.83%
EPS ²	0.0689	0.0814	0.0902	0.1355	0.1911	0.2573	0.3386	0.4462
Free Cash Flow ¹	-	122	5.47	-43.32	155.2	86.2	234.6	-
FCF margin	-	2.64%	0.12%	-0.69%	2.02%	0.92%	2.18%	-
FCF Conversion (EBITDA)	-	38.99%	1.95%	-	27.73%	10.25%	22.36%	-
FCF Conversion (Net income)	-	69.48%	2.81%	-	36.8%	13.31%	30.65%	-
Dividend per Share ²	0.0220	0.0120	0.0300	0.0470	0.0650	0.0870	0.1163	0.1519
Announcement Date	3/20/19	3/24/20	3/18/21	3/23/22	3/20/23	3/18/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	346	351	475	603	614
Net Cash position ¹	-	109	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.8181 x	0.6269 x	0.6356 x	0.5747 x	0.459 x
Free Cash Flow ¹	-	122	5.47	-43.3	155	86.2	235	-
ROE (net income / shareholders' equity)	-	16.3%	13.9%	19%	22.4%	25.8%	27.8%	29.8%
ROA (Net income/ Total Assets)	-	2.55%	2.69%	3.61%	4.42%	5.54%	6.2%	7%
Assets ¹	-	6,897	7,221	8,099	9,555	10,471	12,345	14,524
Book Value Per Share ²	-	0.5200	0.6500	0.7800	0.9300	1.060	1.310	1.630
Cash Flow per Share ²	0.1200	-	-	0.0900	0.1100	0.3400	0.2000	0.3300
Capex ¹	272	282	316	228	90.4	153	150	129
Capex / Sales	7.53%	6.11%	6.96%	3.63%	1.18%	1.64%	1.39%	1%
Announcement Date	3/20/19	3/24/20	3/18/21	3/23/22	3/20/23	3/18/24	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.32 HKD

Average target price

3.33 HKD

Spread / Average Target

+43.53%

	1st Jan change	Capi.
CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LIMITED	+0.87%	668M
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QUANTA SERVICES, INC.	+21.25%	38.3B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+11.23%	30.73B
FERROVIAL SE	+2.06%	26.35B
CHINA RAILWAY GROUP LIMITED	+22.89%	22.01B
WSP GLOBAL INC.	+15.06%	19.47B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+22.99%	17.6B
EMCOR GROUP, INC.	+64.33%	16.64B