Financials Hangzhou Binjiang Real Estate Group Co.,Ltd

Equities

002244

CNE100000BS5

Real Estate Development & Operations

End-of-day quote Shenzhen S.E. 06:00:00 2024-05-22 pm EDT 5-day change 1st Jan Change
9.8 CNY +3.27% Intraday chart for Hangzhou Binjiang Real Estate Group Co.,Ltd +7.22% +34.80%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 15,308 14,282 14,499 27,474 22,620 27,910 - -
Enterprise Value (EV) 1 15,308 14,282 14,499 54,970 28,967 69,302 84,999 27,910
P/E ratio 9.46 x 6.12 x 4.8 x 7.36 x 8.98 x 10.8 x 8.53 x 8.87 x
Yield 2.68% 4.92% 4.85% 2.83% 1.24% 1.42% 1.86% 1.33%
Capitalization / Revenue 0.61 x 0.5 x 0.38 x 0.66 x 0.32 x 0.37 x 0.37 x 0.36 x
EV / Revenue 0.61 x 0.5 x 0.38 x 1.32 x 0.41 x 0.92 x 1.13 x 0.36 x
EV / EBITDA 2.72 x 2.84 x 2.04 x 9.59 x 5.22 x 9.5 x 10.7 x 3.24 x
EV / FCF - - - 10.8 x - -7.96 x -6.06 x -
FCF Yield - - - 9.24% - -12.6% -16.5% -
Price to Book 0.92 x 0.78 x 0.7 x 1.17 x 0.89 x 1.09 x 0.95 x 0.89 x
Nbr of stocks (in thousands) 3,111,444 3,111,444 3,111,444 3,111,444 3,111,444 3,111,444 - -
Reference price 2 4.920 4.590 4.660 8.830 7.270 9.800 9.800 9.800
Announcement Date 3/12/20 4/28/21 4/29/22 4/28/23 4/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 24,955 28,597 37,976 41,502 70,443 75,171 75,128 78,212
EBITDA 1 5,635 5,024 7,093 5,734 5,548 7,291 7,937 8,603
EBIT 1 5,419 4,827 6,746 5,320 5,055 5,823 6,983 6,738
Operating Margin 21.71% 16.88% 17.76% 12.82% 7.18% 7.75% 9.3% 8.61%
Earnings before Tax (EBT) 1 5,403 4,787 6,737 5,311 5,036 5,627 6,963 6,720
Net income 1 1,631 2,328 3,027 3,741 2,529 2,823 3,579 3,446
Net margin 6.54% 8.14% 7.97% 9.01% 3.59% 3.75% 4.76% 4.41%
EPS 2 0.5200 0.7500 0.9700 1.200 0.8100 0.9084 1.149 1.105
Free Cash Flow 1 - - - 5,078 - -8,703 -14,036 -
FCF margin - - - 12.23% - -11.58% -18.68% -
FCF Conversion (EBITDA) - - - 88.55% - - - -
FCF Conversion (Net income) - - - 135.73% - - - -
Dividend per Share 2 0.1320 0.2260 0.2260 0.2500 0.0900 0.1390 0.1824 0.1300
Announcement Date 3/12/20 4/28/21 4/29/22 4/28/23 4/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 S2 2023 S1
Net sales - - - -
EBITDA - - - -
EBIT - - - -
Operating Margin - - - -
Earnings before Tax (EBT) - - - -
Net income 1 865.2 1,267 1,760 1,637
Net margin - - - -
EPS - 0.4100 - -
Dividend per Share - - - -
Announcement Date 8/26/20 8/26/21 4/29/22 8/29/23
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 27,496 6,347 41,392 57,089 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - 4.795 x 1.144 x 5.677 x 7.193 x -
Free Cash Flow 1 - - - 5,078 - -8,703 -14,036 -
ROE (net income / shareholders' equity) 10.2% 13.3% 15.5% 16.9% 10.3% 10.2% 10.1% 9.69%
ROA (Net income/ Total Assets) 1.51% 1.54% 1.58% 1.53% - 1% 1.1% -
Assets 1 108,142 150,852 191,870 243,954 - 282,258 325,338 -
Book Value Per Share 2 5.320 5.900 6.610 7.560 8.130 8.980 10.30 11.00
Cash Flow per Share 2 0.8400 -1.010 0.2700 1.680 10.50 2.870 1.040 3.630
Capex 1 27.1 80.2 42.1 136 188 494 657 774
Capex / Sales 0.11% 0.28% 0.11% 0.33% 0.27% 0.66% 0.88% 0.99%
Announcement Date 3/12/20 4/28/21 4/29/22 4/28/23 4/26/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
9.8 CNY
Average target price
8.712 CNY
Spread / Average Target
-11.10%
Consensus

Annual profits - Rate of surprise

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