Financials China State Construction Development Holdings Limited

Equities

Delayed Hong Kong S.E. Other stock markets 23:46:06 2024-05-07 EDT			5-day change	1st Jan Change
2.29 ^HKD	-5.76%		-9.49%	-0.43%

05-03	China State Construction to Renew Services Deal with China Overseas Land	MT
04-26	China State Construction Development Holdings Limited Enter into the Renewal Framework Agreement	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,574	1,078	3,449	3,947	5,188	5,481	-	-
Enterprise Value (EV) ¹	1,465	1,078	3,795	4,298	5,663	6,084	6,095	5,481
P/E ratio	8.97 x	5.54 x	11.8 x	9.16 x	8.94 x	7.18 x	5.45 x	4.34 x
Yield	1.64%	6%	2.94%	3.71%	3.78%	4.79%	6.25%	7.78%
Capitalization / Revenue	0.34 x	0.24 x	0.55 x	0.51 x	0.6 x	0.51 x	0.42 x	0.32 x
EV / Revenue	0.32 x	0.24 x	0.6 x	0.56 x	0.65 x	0.56 x	0.47 x	0.32 x
EV / EBITDA	4.68 x	3.84 x	8.98 x	7.68 x	7.58 x	5.8 x	4.56 x	3.22 x
EV / FCF	12 x	197 x	-87.6 x	27.7 x	-	25.9 x	-	-
FCF Yield	8.33%	0.51%	-1.14%	3.61%	-	3.86%	-	-
Price to Book	1.4 x	0.77 x	2.06 x	1.89 x	2.16 x	1.86 x	1.49 x	1.18 x
Nbr of stocks (in thousands)	2,155,545	2,155,545	2,155,545	2,255,545	2,255,545	2,255,545	-	-
Reference price ²	0.7300	0.5000	1.600	1.750	2.300	2.430	2.430	2.430
Announcement Date	20-03-24	21-03-18	22-03-23	23-03-20	24-03-18	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,619	4,536	6,295	7,669	8,666	10,781	12,991	17,184
EBITDA ¹	312.8	280.7	422.5	559.9	747.4	1,049	1,338	1,700
EBIT ¹	296	266	402.9	533.9	732.2	951	1,231	-
Operating Margin	6.41%	5.86%	6.4%	6.96%	8.45%	8.82%	9.48%	-
Earnings before Tax (EBT) ¹	276.9	256.3	396	508.2	650.5	900.3	1,182	1,523
Net income ¹	175.6	194.3	292	421.9	580.4	765.4	1,017	1,300
Net margin	3.8%	4.28%	4.64%	5.5%	6.7%	7.1%	7.83%	7.57%
EPS ²	0.0814	0.0902	0.1355	0.1911	0.2573	0.3386	0.4462	0.5605
Free Cash Flow ¹	122	5.47	-43.32	155.2	-	234.6	-	-
FCF margin	2.64%	0.12%	-0.69%	2.02%	-	2.18%	-	-
FCF Conversion (EBITDA)	38.99%	1.95%	-	27.73%	-	22.36%	-	-
FCF Conversion (Net income)	69.48%	2.81%	-	36.8%	-	30.65%	-	-
Dividend per Share ²	0.0120	0.0300	0.0470	0.0650	0.0870	0.1163	0.1519	0.1890
Announcement Date	20-03-24	21-03-18	22-03-23	23-03-20	24-03-18	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	346	351	475	603	614	-
Net Cash position ¹	109	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.8181 x	0.6269 x	0.6356 x	0.5747 x	0.459 x	-
Free Cash Flow ¹	122	5.47	-43.3	155	-	235	-	-
ROE (net income / shareholders' equity)	16.3%	13.9%	19%	22.4%	25.8%	27.8%	29.8%	28.5%
ROA (Net income/ Total Assets)	2.55%	2.69%	3.61%	4.42%	5.54%	6.2%	7%	6.7%
Assets ¹	6,897	7,221	8,099	9,555	10,471	12,345	14,524	19,403
Book Value Per Share ²	0.5200	0.6500	0.7800	0.9300	1.060	1.310	1.630	2.060
Cash Flow per Share ²	-	-	0.0900	0.1100	-	0.2000	0.3300	-
Capex ¹	282	316	228	90.4	-	150	129	200
Capex / Sales	6.11%	6.96%	3.63%	1.18%	-	1.39%	1%	1.16%
Announcement Date	20-03-24	21-03-18	22-03-23	23-03-20	24-03-18	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.43 HKD

Average target price

3.33 HKD

Spread / Average Target

+37.04%

	1st Jan change	Capi.
CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LIMITED	-0.43%	721M
VINCI	-1.06%	68.42B
LARSEN & TOUBRO LIMITED	-3.72%	57B
QUANTA SERVICES, INC.	+23.67%	39.45B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+12.47%	31.3B
FERROVIAL SE	+7.57%	27.66B
CHINA RAILWAY GROUP LIMITED	+16.37%	21.04B
EMCOR GROUP, INC.	+74.25%	17.48B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+26.44%	17.36B
CHINA RAILWAY CONSTRUCTION CORPORATION LIMITED	+13.67%	15.21B