FANTASIA HOLDINGS GROUP CO., LIMITED

Financials Fantasia Holdings Group Co., Limited

Equities

1777

KYG3311L1041

Real Estate Development & Operations

Market Closed - Hong Kong S.E. Other stock markets 04:08:17 2024-05-17 am EDT			5-day change	1st Jan Change
0.095 ^HKD	+11.76%		+102.13%	+69.64%

Apr. 30	China developer Fantasia proposes new restructuring terms, shares up	RE
Apr. 29	China property developer Fantasia proposes $1.3 bln debt to equity swap for creditors	RE

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	4,554	7,474	6,556	1,529	934.9	293.8
Enterprise Value (EV) ¹	22,528	26,527	29,668	58,914	59,197	60,932
P/E ratio	6.28 x	8.59 x	6.74 x	-0.15 x	-0.15 x	-0.05 x
Yield	4.3%	3.86%	5.22%	-	-	-
Capitalization / Revenue	0.33 x	0.39 x	0.3 x	0.1 x	0.1 x	0.02 x
EV / Revenue	1.61 x	1.39 x	1.36 x	3.74 x	6.07 x	3.85 x
EV / EBITDA	8.5 x	7.04 x	8.55 x	-8.72 x	109 x	38.7 x
EV / FCF	-5.32 x	8.48 x	-8.21 x	-2.01 x	24.2 x	-22.9 x
FCF Yield	-18.8%	11.8%	-12.2%	-49.7%	4.13%	-4.37%
Price to Book	0.35 x	0.54 x	0.45 x	0.24 x	0.89 x	-0.05 x
Nbr of stocks (in thousands)	5,762,944	5,767,670	5,770,210	5,772,598	5,772,598	5,772,598
Reference price ²	0.7903	1.296	1.136	0.2648	0.1619	0.0509
Announcement Date	4/8/19	4/17/20	4/21/21	8/25/23	8/25/23	4/29/24

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	13,986	19,082	21,759	15,750	9,754	15,844
EBITDA ¹	2,651	3,769	3,471	-6,757	542.6	1,574
EBIT ¹	2,273	3,375	3,102	-7,092	413.4	1,449
Operating Margin	16.25%	17.69%	14.26%	-45.03%	4.24%	9.15%
Earnings before Tax (EBT) ¹	3,037	3,783	3,926	-11,416	-5,536	-5,102
Net income ¹	728.3	873.6	977.4	-10,466	-6,071	-6,488
Net margin	5.21%	4.58%	4.49%	-66.45%	-62.24%	-40.95%
EPS ²	0.1258	0.1508	0.1685	-1.813	-1.052	-1.124
Free Cash Flow ¹	-4,231	3,127	-3,615	-29,304	2,446	-2,664
FCF margin	-30.25%	16.39%	-16.61%	-186.05%	25.07%	-16.82%
FCF Conversion (EBITDA)	-	82.99%	-	-	450.69%	-
FCF Conversion (Net income)	-	357.97%	-	-	-	-
Dividend per Share ²	0.0340	0.0500	0.0593	-	-	-
Announcement Date	4/8/19	4/17/20	4/21/21	8/25/23	8/25/23	4/29/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	17,974	19,053	23,112	57,385	58,262	60,638
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.78 x	5.056 x	6.658 x	-8.493 x	107.4 x	38.52 x
Free Cash Flow ¹	-4,231	3,127	-3,615	-29,304	2,446	-2,664
ROE (net income / shareholders' equity)	6.29%	7.5%	7.8%	-62%	-78.5%	-504%
ROA (Net income/ Total Assets)	1.74%	2.22%	1.93%	-4.21%	0.26%	1.05%
Assets ¹	41,883	39,357	50,699	248,701	-2,351,366	-618,790
Book Value Per Share ²	2.250	2.380	2.520	1.100	0.1800	-0.9400
Cash Flow per Share ²	4.550	3.530	4.320	0.1700	0.2000	0.2200
Capex ¹	353	394	148	358	69.1	97.9
Capex / Sales	2.53%	2.06%	0.68%	2.28%	0.71%	0.62%
Announcement Date	4/8/19	4/17/20	4/21/21	8/25/23	8/25/23	4/29/24

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
FANTASIA HOLDINGS GROUP CO., LIMITED	+69.64%	62.89M
CHINA RESOURCES LAND LIMITED	+17.32%	29.15B
SUN HUNG KAI PROPERTIES LIMITED	-5.15%	27.94B
MITSUI FUDOSAN CO., LTD.	+26.23%	26.02B
DLF LIMITED	+16.84%	24.95B
MITSUBISHI ESTATE CO., LTD.	+40.97%	22.49B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+20.06%	22.19B
EMAAR PROPERTIES	-4.42%	18.48B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+13.13%	16.73B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+9.98%	16.19B

Other Real Estate Development & Operations

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Financials Fantasia Holdings Group Co., Limited

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