Financials Shimao Group Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:49 2024-05-06 am EDT			5-day change	1st Jan Change
0.5 ^HKD	-9.09%		+40.85%	-23.08%

May. 06	Chinese Court Freezes Tibet Shimao Enterprise's 6% Stake in Shanghai Shimao; Shares Drop 5%	MT
May. 06	Shanghai Shimao's Debt Reaches 12 Billion Yuan in April; Shares Down 5%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,855	73,470	15,767	13,580	2,238	1,746	-	-
Enterprise Value (EV) ¹	163,286	157,652	15,767	253,943	251,014	244,027	241,358	240,807
P/E ratio	8.16 x	5.76 x	-0.54 x	-0.63 x	-0.11 x	-0.35 x	-0.39 x	-0.43 x
Yield	4.92%	6.1%	-	-	-	-	-	-
Capitalization / Revenue	0.8 x	0.54 x	0.15 x	0.22 x	0.04 x	0.04 x	0.05 x	0.05 x
EV / Revenue	1.46 x	1.16 x	0.15 x	4.03 x	4.22 x	5.49 x	6.23 x	6.91 x
EV / EBITDA	5.87 x	5.12 x	-	84.9 x	-24.4 x	-283 x	-334 x	-382 x
EV / FCF	5.85 x	347 x	-	-	-	29.1 x	61.6 x	74.9 x
FCF Yield	17.1%	0.29%	-	-	-	3.43%	1.62%	1.34%
Price to Book	1.34 x	0.83 x	-	0.17 x	0.15 x	0.17 x	0.3 x	1.3 x
Nbr of stocks (in thousands)	3,292,275	3,534,131	3,794,266	3,794,266	3,787,589	3,787,570	-	-
Reference price ²	26.99	20.79	4.156	3.579	0.5908	0.4610	0.4610	0.4610
Announcement Date	3/30/20	3/30/21	4/5/22	9/20/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	111,517	135,353	107,797	63,040	59,464	44,422	38,771	34,824
EBITDA ¹	27,823	30,780	-	2,992	-10,306	-860.9	-723	-630
EBIT ¹	26,868	29,795	-17,782	1,893	-11,220	-1,625	-1,464	-1,348
Operating Margin	24.09%	22.01%	-16.5%	3%	-18.87%	-3.66%	-3.78%	-3.87%
Earnings before Tax (EBT) ¹	29,015	33,592	-	-17,550	-22,244	-4,339	-3,386	-2,818
Net income ¹	10,898	12,628	-	-21,492	-21,030	-4,767	-3,743	-3,108
Net margin	9.77%	9.33%	-	-34.09%	-35.37%	-10.73%	-9.65%	-8.92%
EPS ²	3.306	3.611	-7.627	-5.674	-5.550	-1.308	-1.173	-1.071
Free Cash Flow ¹	27,922	453.7	-	-	-	8,375	3,916	3,216
FCF margin	25.04%	0.34%	-	-	-	18.85%	10.1%	9.23%
FCF Conversion (EBITDA)	100.36%	1.47%	-	-	-	-	-	-
FCF Conversion (Net income)	256.22%	3.59%	-	-	-	-	-	-
Dividend per Share ²	1.327	1.268	-	-	-	-	-	-
Announcement Date	3/30/20	3/30/21	4/5/22	9/20/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	74,431	84,182	-	240,363	248,777	242,280	239,612	239,060
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.675 x	2.735 x	-	80.34 x	-24.14 x	-281.4 x	-331.4 x	-379.4 x
Free Cash Flow ¹	27,922	454	-	-	-	8,375	3,916	3,216
ROE (net income / shareholders' equity)	17.4%	16.4%	-	-	-56.6%	-37.8%	-51.3%	-95%
ROA (Net income/ Total Assets)	2.57%	2.38%	-	-3.45%	-2.5%	-0.92%	-0.78%	-0.71%
Assets ¹	424,527	530,604	-	622,159	840,367	521,029	478,019	438,950
Book Value Per Share ²	20.10	25.20	-	21.00	3.890	2.730	1.540	0.3500
Cash Flow per Share ²	8.940	1.940	-	-	-	4.650	4.250	3.350
Capex ¹	1,558	6,388	-	811	-	10,840	10,461	10,787
Capex / Sales	1.4%	4.72%	-	1.29%	-	24.4%	26.98%	30.97%
Announcement Date	3/30/20	3/30/21	4/5/22	9/20/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

0.461 CNY

Average target price

0.3002 CNY

Spread / Average Target

-34.87%

	1st Jan change	Capi.
SHIMAO GROUP HOLDINGS LIMITED	-23.08%	267M
MITSUI FUDOSAN CO., LTD.	+40.41%	29.66B
SUN HUNG KAI PROPERTIES LIMITED	-11.31%	27.69B
CHINA RESOURCES LAND LIMITED	+5.89%	27.57B
DLF LIMITED	+22.12%	26.07B
MITSUBISHI ESTATE CO., LTD.	+49.25%	24.02B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+8.58%	21.83B
EMAAR PROPERTIES	+0.38%	18.77B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.90%	16.76B
CK ASSET HOLDINGS LIMITED	-13.27%	15.28B