CHUANG'S CHINA INVESTMENTS LIMITED

Financials Chuang's China Investments Limited

Equities

298

BMG2122W1010

Real Estate Development & Operations

Market Closed - Hong Kong S.E. Other stock markets 04:08:49 2024-05-06 EDT			5-day change	1st Jan Change
0.128 ^HKD	0.00%		+0.79%	-11.72%

05-03	Chuang's China Investments Forecasts Up to HK$398 Million Loss in Fiscal Year 2024	MT
03-26	Chuang's China Investments Limited Announces Board Changes	CI

Valuation

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,362	1,174	904.3	1,033	915.3	598.5
Enterprise Value (EV) ¹	1,815	1,681	1,472	1,246	128.8	-2.373
P/E ratio	4.88 x	7 x	-4.7 x	2.47 x	4.02 x	-1.82 x
Yield	6.03%	7%	-	6.82%	10.3%	-
Capitalization / Revenue	8.07 x	5.88 x	5.09 x	0.58 x	4.48 x	9.5 x
EV / Revenue	10.7 x	8.41 x	8.29 x	0.7 x	0.63 x	-0.04 x
EV / EBITDA	-52.1 x	-37.1 x	186 x	2.46 x	-7.91 x	0.02 x
EV / FCF	11.2 x	20.3 x	4.89 x	-1.49 x	0.15 x	-0.03 x
FCF Yield	8.94%	4.94%	20.5%	-67.3%	646%	-3,800%
Price to Book	0.31 x	0.28 x	0.24 x	0.23 x	0.2 x	0.16 x
Nbr of stocks (in thousands)	2,348,835	2,348,835	2,348,835	2,348,835	2,347,035	2,347,035
Reference price ²	0.5800	0.5000	0.3850	0.4400	0.3900	0.2550
Announcement Date	18-07-23	19-07-25	20-07-27	21-07-26	22-07-26	23-07-25

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net sales ¹	168.8	199.8	177.5	1,780	204.5	63.01
EBITDA ¹	-34.85	-45.29	7.901	506	-16.28	-129
EBIT ¹	-46.62	-60.8	-13.87	490.5	-26.69	-135.9
Operating Margin	-27.62%	-30.43%	-7.81%	27.56%	-13.05%	-215.72%
Earnings before Tax (EBT) ¹	366.4	274.5	-160.1	401	361.7	-350.5
Net income ¹	279.9	167.8	-192.4	419	227.8	-328.7
Net margin	165.78%	84%	-108.35%	23.55%	111.35%	-521.64%
EPS ²	0.1189	0.0715	-0.0819	0.1784	0.0970	-0.1400
Free Cash Flow ¹	162.2	82.99	301.1	-838.7	832	90.17
FCF margin	96.05%	41.54%	169.6%	-47.13%	406.77%	143.11%
FCF Conversion (EBITDA)	-	-	3,810.55%	-	-	-
FCF Conversion (Net income)	57.94%	49.45%	-	-	365.31%	-
Dividend per Share ²	0.0350	0.0350	-	0.0300	0.0400	-
Announcement Date	18-07-23	19-07-25	20-07-27	21-07-26	22-07-26	23-07-25

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net Debt ¹	452	507	568	212	-	-
Net Cash position ¹	-	-	-	-	787	601
Leverage (Debt/EBITDA)	-12.97 x	-11.2 x	71.85 x	0.419 x	-	-
Free Cash Flow ¹	162	83	301	-839	832	90.2
ROE (net income / shareholders' equity)	6.4%	3.77%	-4.61%	9.87%	4.84%	-7.75%
ROA (Net income/ Total Assets)	-0.43%	-0.51%	-0.11%	3.93%	-0.24%	-1.41%
Assets ¹	-65,149	-32,807	178,272	10,674	-95,496	23,323
Book Value Per Share ²	1.870	1.810	1.600	1.880	1.940	1.620
Cash Flow per Share ²	0.2200	0.3900	0.3000	0.2900	0.6500	0.5300
Capex ¹	0.75	13.5	3.01	1.01	0.08	3.27
Capex / Sales	0.44%	6.78%	1.7%	0.06%	0.04%	5.2%
Announcement Date	18-07-23	19-07-25	20-07-27	21-07-26	22-07-26	23-07-25

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
CHUANG'S CHINA INVESTMENTS LIMITED	-11.72%	38.46M
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

Other Real Estate Development & Operations

Stock Market
Equities
298 Stock
Financials Chuang's China Investments Limited

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