Stock 600048 POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.
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Financials Poly Developments and Holdings Group Co., Ltd.

Equities

600048

CNE000001ND1

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
8.91 CNY -3.99% Intraday chart for Poly Developments and Holdings Group Co., Ltd. +3.12% -10.00%
Apr. 30 Poly Developments' Profit Drops 18%, Revenue Jumps 25% in Q1 2024 MT
Apr. 29 Poly Developments and Holdings Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 193,071 189,328 187,093 181,113 118,507 105,721 - -
Enterprise Value (EV) 1 323,701 340,123 353,900 385,919 324,782 300,695 289,388 281,123
P/E ratio 6.89 x 6.54 x 6.83 x 9.89 x 9.8 x 8.47 x 6.98 x 7.1 x
Yield 5.07% 4.61% 3.71% 2.97% 4.14% 4.74% 5.05% 5.21%
Capitalization / Revenue 0.82 x 0.78 x 0.66 x 0.64 x 0.34 x 0.3 x 0.31 x 0.31 x
EV / Revenue 1.37 x 1.4 x 1.24 x 1.37 x 0.94 x 0.86 x 0.85 x 0.81 x
EV / EBITDA 6.27 x 6.35 x 6.91 x 10.6 x 12.5 x 9.4 x 8.83 x 7.98 x
EV / FCF 8.32 x 21.6 x 34 x 52.7 x 23.6 x -6.17 x - -
FCF Yield 12% 4.64% 2.94% 1.9% 4.24% -16.2% - -
Price to Book 1.38 x 1.18 x 1.06 x 0.97 x 0.61 x 0.51 x 0.48 x 0.47 x
Nbr of stocks (in thousands) 11,932,675 11,967,616 11,970,108 11,970,443 11,970,443 11,865,412 - -
Reference price 2 16.18 15.82 15.63 15.13 9.900 8.910 8.910 8.910
Announcement Date 1/9/20 1/18/21 1/9/22 1/5/23 1/20/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 235,934 243,095 284,933 281,017 346,828 347,990 339,051 345,558
EBITDA 1 51,661 53,560 51,179 36,384 26,076 31,994 32,765 35,212
EBIT 1 50,402 52,265 49,670 34,693 24,318 24,893 29,823 29,513
Operating Margin 21.36% 21.5% 17.43% 12.35% 7.01% 7.15% 8.8% 8.54%
Earnings before Tax (EBT) 1 50,531 52,538 50,035 35,301 24,626 25,650 30,204 30,329
Net income 1 27,959 28,948 27,388 18,347 12,067 12,607 14,955 15,027
Net margin 11.85% 11.91% 9.61% 6.53% 3.48% 3.62% 4.41% 4.35%
EPS 2 2.350 2.420 2.290 1.530 1.010 1.052 1.276 1.254
Free Cash Flow 1 38,888 15,772 10,416 7,317 13,769 -48,757 - -
FCF margin 16.48% 6.49% 3.66% 2.6% 3.97% -14.01% - -
FCF Conversion (EBITDA) 75.28% 29.45% 20.35% 20.11% 52.8% - - -
FCF Conversion (Net income) 139.09% 54.48% 38.03% 39.88% 114.11% - - -
Dividend per Share 2 0.8200 0.7300 0.5800 0.4500 0.4100 0.4220 0.4502 0.4646
Announcement Date 1/9/20 1/18/21 1/9/22 1/5/23 1/20/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 164,812 146,546 33,537 77,186 45,653 124,641 39,956 97,023 136,978 55,528 154,322 49,748 82,842 82,842 115,935 28,590 85,769
EBITDA 1 - - - - - - - - - - - - 9,302 4,651 15,801 3,462 10,387
EBIT - 24,780 5,091 14,101 5,155 10,346 5,320 13,980 - 2,588 2,430 5,339 - - - - -
Operating Margin - 16.91% 15.18% 18.27% 11.29% 8.3% 13.32% 14.41% - 4.66% 1.57% 10.73% - - - - -
Earnings before Tax (EBT) 1 - 24,969 5,135 14,169 5,188 10,809 5,382 14,377 - 2,681 2,186 5,400 9,871 4,936 14,807 3,627 10,880
Net income 1 - 13,804 2,531 8,295 2,268 5,253 2,721 9,502 12,222 1,070 -1,225 2,224 5,591 2,795 8,386 2,126 6,378
Net margin - 9.42% 7.55% 10.75% 4.97% 4.21% 6.81% 9.79% 8.92% 1.93% -0.79% 4.47% 6.75% 3.37% 7.23% 7.44% 7.44%
EPS 2 - 1.160 0.2100 0.6900 0.1900 0.4400 0.2300 0.7900 1.020 0.0900 -0.1000 0.1900 0.2800 0.2800 0.3700 0.2238 0.5328
Dividend per Share 2 - 0.5800 - - - 0.4500 - - - - - - - - 0.4571 - -
Announcement Date 1/9/20 1/9/22 4/29/22 7/14/22 10/28/22 1/5/23 4/21/23 7/6/23 7/6/23 10/28/23 1/20/24 4/29/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 130,630 150,795 166,807 204,806 206,274 194,974 183,667 175,402
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.529 x 2.815 x 3.259 x 5.629 x 7.91 x 6.094 x 5.606 x 4.981 x
Free Cash Flow 1 38,888 15,772 10,416 7,317 13,769 -48,757 - -
ROE (net income / shareholders' equity) 21% 17.1% 14.4% 9.18% 6.13% 6.3% 6.56% 6.43%
ROA (Net income/ Total Assets) 2.83% 2.54% 2.08% - - 0.76% 0.84% 0.82%
Assets 1 986,487 1,137,552 1,316,596 - - 1,652,602 1,776,803 1,827,547
Book Value Per Share 2 11.80 13.40 14.80 15.60 16.20 17.60 18.50 18.90
Cash Flow per Share 2 3.280 1.270 0.8800 0.6200 1.160 1.420 1.420 1.490
Capex 1 267 397 135 106 161 348 562 418
Capex / Sales 0.11% 0.16% 0.05% 0.04% 0.05% 0.1% 0.17% 0.12%
Announcement Date 1/9/20 1/18/21 1/9/22 1/5/23 1/20/24 - - -
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 Poly Developments and Holdings Group Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
21
Last Close Price
8.91 CNY
Average target price
12.29 CNY
Spread / Average Target
+37.94%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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