Financials Midea Real Estate Holding Limited

Equities

3990

KYG609201085

Real Estate Development & Operations

Delayed Hong Kong S.E. Other stock markets 10:40:57 2024-06-03 pm EDT			5-day change	1st Jan Change
4.72 ^HKD	+3.96%		-3.31%	-12.85%

May. 24	Midea Real Estate Holding Limited Approves Final Dividend for the Year Ended 31 December 2023, Payable in Cash on or About 15 July 2024	CI
May. 03	Midea Real Estate Holding's January-April Sales Reach 13.6 Billion Yuan; Shares Rise 3%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	26,283	17,939	12,190	14,413	7,006	6,035	-	-
Enterprise Value (EV) ¹	62,087	58,170	42,451	41,162	27,516	29,133	40,662	45,496
P/E ratio	5.92 x	4.14 x	3.25 x	7.94 x	7.4 x	6.26 x	6.41 x	6.11 x
Yield	6.86%	4.61%	13.2%	6.58%	6.81%	7.82%	8.02%	8.4%
Capitalization / Revenue	0.64 x	0.34 x	0.17 x	0.2 x	0.1 x	0.1 x	0.12 x	0.12 x
EV / Revenue	1.51 x	1.11 x	0.58 x	0.56 x	0.37 x	0.5 x	0.81 x	0.92 x
EV / EBITDA	8.21 x	8.9 x	5.09 x	5.64 x	5.63 x	7.31 x	11.5 x	13.7 x
EV / FCF	175 x	-28 x	13.9 x	13.8 x	-	-40.9 x	10.5 x	-7.41 x
FCF Yield	0.57%	-3.58%	7.18%	7.23%	-	-2.44%	9.53%	-13.5%
Price to Book	1.34 x	0.81 x	0.52 x	0.58 x	0.28 x	0.23 x	0.22 x	0.21 x
Nbr of stocks (in thousands)	1,230,567	1,230,567	1,234,362	1,355,412	1,435,411	1,435,411	-	-
Reference price ²	21.36	14.58	9.876	10.63	4.881	4.204	4.204	4.204
Announcement Date	3/30/20	3/24/21	3/25/22	3/24/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	41,139	52,484	73,703	73,631	73,564	57,870	50,365	49,420
EBITDA ¹	7,561	6,537	8,338	7,293	4,889	3,988	3,550	3,317
EBIT ¹	7,353	6,329	8,158	7,140	4,757	3,595	3,243	2,989
Operating Margin	17.87%	12.06%	11.07%	9.7%	6.47%	6.21%	6.44%	6.05%
Earnings before Tax (EBT) ¹	8,381	-	8,720	6,888	4,487	4,263	3,757	3,669
Net income ¹	4,305	4,326	3,744	1,726	913.6	939.6	874.8	852.6
Net margin	10.47%	8.24%	5.08%	2.34%	1.24%	1.62%	1.74%	1.73%
EPS ²	3.610	3.520	3.040	1.340	0.6600	0.6712	0.6557	0.6877
Free Cash Flow ¹	353.8	-2,081	3,048	2,975	-	-712.2	3,876	-6,137
FCF margin	0.86%	-3.96%	4.14%	4.04%	-	-1.23%	7.7%	-12.42%
FCF Conversion (EBITDA)	4.68%	-	36.56%	40.8%	-	-	109.17%	-
FCF Conversion (Net income)	8.22%	-	81.42%	172.35%	-	-	443.08%	-
Dividend per Share ²	1.465	0.6719	1.301	0.6999	0.3326	0.3288	0.3372	0.3531
Announcement Date	3/30/20	3/24/21	3/25/22	3/24/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2022 S1	2022 S2
Net sales	-	-	31,663	-
EBITDA	-	-	-	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income	-	-	-	-
Net margin	-	-	-	-
EPS	-	-	-	-
Dividend per Share ¹	-	-	-	0.6999
Announcement Date	8/20/20	8/25/21	8/26/22	3/24/23

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	35,804	40,232	30,261	26,749	20,510	23,098	34,627	39,461
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.735 x	6.155 x	3.629 x	3.668 x	4.195 x	5.792 x	9.753 x	11.9 x
Free Cash Flow ¹	354	-2,081	3,048	2,975	-	-712	3,876	-6,137
ROE (net income / shareholders' equity)	24%	20.7%	16.4%	7.14%	7.41%	3.63%	3.35%	3.08%
ROA (Net income/ Total Assets)	2.02%	1.62%	1.31%	0.64%	0.4%	0.6%	0.65%	0.76%
Assets ¹	213,517	266,734	286,139	270,230	226,752	157,124	134,515	111,787
Book Value Per Share ²	16.00	17.90	19.00	18.30	17.60	18.50	19.10	19.90
Cash Flow per Share ²	0.5000	-1.650	2.600	2.360	-	-0.3600	2.850	-3.970
Capex ¹	290	47.6	110	69	-	361	370	381
Capex / Sales	0.71%	0.09%	0.15%	0.09%	-	0.62%	0.73%	0.77%
Announcement Date	3/30/20	3/24/21	3/25/22	3/24/23	3/27/24	-	-	-

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

Ratings for Midea Real Estate Holding Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.204 CNY

Average target price

5.203 CNY

Spread / Average Target

+23.74%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
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DLF LIMITED	+19.65%	24.19B
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MITSUBISHI ESTATE CO., LTD.	+35.49%	20.37B
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POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+3.43%	16.74B
MACROTECH DEVELOPERS LIMITED	+40.07%	16.42B

Other Real Estate Development & Operations