Buy Or Sell Opportunity • May 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to CN¥1.98. The fair value is estimated to be CN¥2.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 87% over the last 3 years. Earnings per share has declined by 48%. New Risk • Apr 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CN¥235m). Earnings have declined by 9.5% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Announcement • Apr 24
CASIN Real Estate Development Group Co.,Ltd., Annual General Meeting, May 14, 2026 CASIN Real Estate Development Group Co.,Ltd., Annual General Meeting, May 14, 2026, at 14:30 China Standard Time. Location: 26F, Building 1, No. 1, Honghuang Road, Liangjiang New District, Chongqing China Reported Earnings • Apr 24
Full year 2025 earnings released: CN¥0.57 loss per share (vs CN¥0.24 loss in FY 2024) Full year 2025 results: CN¥0.57 loss per share (further deteriorated from CN¥0.24 loss in FY 2024). Revenue: CN¥283.3m (down 66% from FY 2024). Net loss: CN¥630.1m (loss widened 142% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Announcement • Mar 31
CASIN Real Estate Development Group Co.,Ltd. to Report Q1, 2026 Results on Apr 30, 2026 CASIN Real Estate Development Group Co.,Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Dec 31
CASIN Real Estate Development Group Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 24, 2026 CASIN Real Estate Development Group Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 24, 2026 New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Reported Earnings • Oct 28
Third quarter 2025 earnings released: CN¥0.013 loss per share (vs CN¥0.015 loss in 3Q 2024) Third quarter 2025 results: CN¥0.013 loss per share (improved from CN¥0.015 loss in 3Q 2024). Revenue: CN¥34.1m (down 67% from 3Q 2024). Net loss: CN¥14.2m (loss narrowed 9.8% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Sep 30
CASIN Real Estate Development Group Co.,Ltd. to Report Q3, 2025 Results on Oct 28, 2025 CASIN Real Estate Development Group Co.,Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 New Risk • Jul 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CN¥56m free cash flow). Earnings have declined by 24% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Announcement • Jul 02
CASIN Real Estate Development Group Co.,Ltd. to Report First Half, 2025 Results on Aug 29, 2025 CASIN Real Estate Development Group Co.,Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 New Risk • May 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CN¥56m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CN¥56m free cash flow). Earnings have declined by 24% per year over the past 5 years. Reported Earnings • Apr 26
Full year 2024 earnings released: CN¥0.24 loss per share (vs CN¥0.23 loss in FY 2023) Full year 2024 results: CN¥0.24 loss per share (further deteriorated from CN¥0.23 loss in FY 2023). Revenue: CN¥828.5m (down 79% from FY 2023). Net loss: CN¥260.2m (loss widened 4.0% from FY 2023). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Apr 26
CASIN Real Estate Development Group Co.,Ltd., Annual General Meeting, May 19, 2025 CASIN Real Estate Development Group Co.,Ltd., Annual General Meeting, May 19, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Chongqing China Announcement • Mar 31
CASIN Real Estate Development Group Co.,Ltd. to Report Q1, 2025 Results on Apr 30, 2025 CASIN Real Estate Development Group Co.,Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Dec 31
CASIN Real Estate Development Group Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 26, 2025 CASIN Real Estate Development Group Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 26, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: CN¥0.015 loss per share (vs CN¥0.099 profit in 3Q 2023) Third quarter 2024 results: CN¥0.015 loss per share (down from CN¥0.099 profit in 3Q 2023). Revenue: CN¥103.1m (down 92% from 3Q 2023). Net loss: CN¥15.7m (down 115% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
CASIN Real Estate Development Group Co.,Ltd. to Report Q3, 2024 Results on Oct 30, 2024 CASIN Real Estate Development Group Co.,Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CN¥0.017 (vs CN¥0.043 loss in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.017 (up from CN¥0.043 loss in 2Q 2023). Revenue: CN¥261.4m (up 42% from 2Q 2023). Net income: CN¥18.3m (up CN¥65.5m from 2Q 2023). Profit margin: 7.0% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jul 20
Ningxia Water Investment Qingtongxia Water Co., Ltd. agreed to acquire Qingtongxia Baode Hualu Water Co., Ltd. from CASIN Real Estate Development Group Co.,Ltd. (SZSE:000838) and Shaanxi Hualu Chemical Industry Huanbao Co., Ltd for CNY 48.8 million. Ningxia Water Investment Qingtongxia Water Co., Ltd. agreed to acquire Qingtongxia Baode Hualu Water Co., Ltd. from CASIN Real Estate Development Group Co.,Ltd. (SZSE:000838) and Shaanxi Hualu Chemical Industry Huanbao Co., Ltd for CNY 48.8 million on July 18, 2024. A cash consideration of CNY 1 million and of CNY 47.8 million will be paid by Ningxia Water Investment Qingtongxia Water Co., Ltd. As part of consideration, CNY 1 million is paid towards common equity and CNY 47.8 million is paid towards non-convertible debt of Qingtongxia Baode Hualu Water Co., Ltd.
As of March 31, 2024, Qingtongxia Baode Hualu Water Co., Ltd. reported total assets of CNY 81.13 million and net liabilities of CNY 20.42 million.
The deal has been approved by the board of directors of CASIN Real Estate Development Group Co., Ltd. Announcement • Jun 29
CASIN Real Estate Development Group Co.,Ltd. to Report First Half, 2024 Results on Aug 30, 2024 CASIN Real Estate Development Group Co.,Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Reported Earnings • Apr 24
Full year 2023 earnings released: CN¥0.23 loss per share (vs CN¥0.21 loss in FY 2022) Full year 2023 results: CN¥0.23 loss per share (further deteriorated from CN¥0.21 loss in FY 2022). Revenue: CN¥4.02b (down 4.2% from FY 2022). Net loss: CN¥250.1m (loss widened 8.9% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 23
CASIN Real Estate Development Group Co.,Ltd., Annual General Meeting, May 14, 2024 CASIN Real Estate Development Group Co.,Ltd., Annual General Meeting, May 14, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Chongqing China Announcement • Mar 30
CASIN Real Estate Development Group Co.,Ltd. to Report Q1, 2024 Results on Apr 30, 2024 CASIN Real Estate Development Group Co.,Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Dec 29
CASIN Real Estate Development Group Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 23, 2024 CASIN Real Estate Development Group Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 23, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.099 (vs CN¥0.038 loss in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.099 (up from CN¥0.038 loss in 3Q 2022). Revenue: CN¥1.23b (up 88% from 3Q 2022). Net income: CN¥108.4m (up CN¥149.8m from 3Q 2022). Profit margin: 8.8% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Sep 30
CASIN Real Estate Development Group Co.,Ltd. to Report Q3, 2023 Results on Oct 31, 2023 CASIN Real Estate Development Group Co.,Ltd. announced that they will report Q3, 2023 results on Oct 31, 2023 Reported Earnings • Aug 30
Second quarter 2023 earnings released: CN¥0.043 loss per share (vs CN¥0.16 loss in 2Q 2022) Second quarter 2023 results: CN¥0.043 loss per share (improved from CN¥0.16 loss in 2Q 2022). Revenue: CN¥183.8m (down 78% from 2Q 2022). Net loss: CN¥47.2m (loss narrowed 74% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. New Risk • Aug 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). Earnings have declined by 65% per year over the past 5 years. Reported Earnings • Apr 26
Full year 2022 earnings released: CN¥0.21 loss per share (vs CN¥0.67 loss in FY 2021) Full year 2022 results: CN¥0.21 loss per share (improved from CN¥0.67 loss in FY 2021). Revenue: CN¥4.20b (down 17% from FY 2021). Net loss: CN¥229.6m (loss narrowed 69% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 126 percentage points per year, which is a significant difference in performance. Buying Opportunity • Apr 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be CN¥6.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Feb 01
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be CN¥7.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jan 18
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be CN¥7.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Dec 09
Now 21% undervalued Over the last 90 days, the stock is up 5.4%. The fair value is estimated to be CN¥7.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Board Change • Nov 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Employee Representative Supervisor Song Xiaozhen is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 25
Third quarter 2022 earnings released: CN¥0.038 loss per share (vs CN¥0.033 loss in 3Q 2021) Third quarter 2022 results: CN¥0.038 loss per share (further deteriorated from CN¥0.033 loss in 3Q 2021). Revenue: CN¥654.9m (up 3.4% from 3Q 2021). Net loss: CN¥41.4m (loss widened 13% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 132 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 19
Second quarter 2022 earnings released: CN¥0.16 loss per share (vs CN¥0.03 profit in 2Q 2021) Second quarter 2022 results: CN¥0.16 loss per share (down from CN¥0.03 profit in 2Q 2021). Revenue: CN¥823.8m (down 50% from 2Q 2021). Net loss: CN¥180.6m (down CN¥213.5m from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 141 percentage points per year, which is a significant difference in performance. Board Change • Jun 01
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 2 experienced directors. No highly experienced directors. Employee Representative Supervisor Song Xiaozhen is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Buying Opportunity • May 16
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be CN¥10.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 12
CASIN Real Estate Development Group Co.,Ltd. Approves Election of Board of Directors CASIN Real Estate Development Group Co.,Ltd. announced that at its AGM held on 6 May 2022, the shareholders approved election of Jia Sen, Liu Junquan, Zhang Yiyun and Li Qiguo as non-independent directors, Tian Guanjun, He Jinfu and Zang Zhigang as independent directors of the company. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Tian Champion was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 14
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be CN¥10.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 12
First quarter 2022 earnings released: EPS: CN¥2.42 (vs CN¥0.027 loss in 1Q 2021) First quarter 2022 results: EPS: CN¥2.42 (up from CN¥0.027 loss in 1Q 2021). Revenue: CN¥94.1b (up CN¥93.6b from 1Q 2021). Net income: CN¥7.93b (up CN¥7.96b from 1Q 2021). Profit margin: 8.4% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 26
Third quarter 2021 earnings released: CN¥0.033 loss per share (vs CN¥0.027 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: CN¥633.1m (down 62% from 3Q 2020). Net loss: CN¥36.6m (down 224% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS CN¥0.03 (vs CN¥0.047 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥1.64b (up 18% from 2Q 2020). Net income: CN¥32.8m (down 37% from 2Q 2020). Profit margin: 2.0% (down from 3.7% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 3% per year. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥3.10, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 14x in the Real Estate industry in China. Total loss to shareholders of 7.1% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥3.37, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 16x in the Real Estate industry in China. Total loss to shareholders of 24% over the past three years. Announcement • May 08
CASIN Real Estate Development Group Co., Ltd. Approves 2020 Profit Distribution CASIN Real Estate Development Group Co., Ltd. announced its Annual General Meeting of 2020 held on 30 April 2021, approved 2020 profit distribution plan of Cash dividend/10 shares (tax included) of CNY 0.21000000. Reported Earnings • Apr 29
First quarter 2021 earnings released: CN¥0.027 loss per share (vs CN¥0.025 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: CN¥500.7m (up 211% from 1Q 2020). Net loss: CN¥29.9m (loss widened 6.4% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 11
Full year 2020 earnings released: EPS CN¥0.10 (vs CN¥0.099 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: CN¥6.05b (up 78% from FY 2019). Net income: CN¥115.9m (up 6.8% from FY 2019). Profit margin: 1.9% (down from 3.2% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 19% per year. Announcement • Feb 24
CASIN Real Estate Development Group Co., Ltd. to Report Fiscal Year 2020 Results on Apr 10, 2021 CASIN Real Estate Development Group Co., Ltd. announced that they will report fiscal year 2020 results on Apr 10, 2021 Is New 90 Day High Low • Jan 29
New 90-day low: CN¥2.49 The company is down 14% from its price of CN¥2.89 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 6.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: CN¥2.63 The company is down 12% from its price of CN¥2.99 on 09 October 2020. The Chinese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 7.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day low: CN¥2.79 The company is down 16% from its price of CN¥3.31 on 18 September 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 10.0% over the same period. Reported Earnings • Nov 03
Third quarter 2020 earnings released: EPS CN¥0.027 The company reported a decent third quarter result with improved revenues, although earnings and profit margins were weaker. Third quarter 2020 results: Revenue: CN¥1.66b (up 271% from 3Q 2019). Net income: CN¥29.5m (down 53% from 3Q 2019). Profit margin: 1.8% (down from 14% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Aug 12
CASIN Real Estate Development Group Co., Ltd. to Report First Half, 2020 Results on Aug 28, 2020 CASIN Real Estate Development Group Co., Ltd. announced that they will report first half, 2020 results on Aug 28, 2020 Announcement • Jul 24
CASIN Real Estate Development Group Co., Ltd. (SZSE:000838) agreed to acquire the remaining 35% stake in Chongqing CASIN Contract Energy Management Co., Ltd from Chongqing Casin Environmental Resources Co., Ltd. for CNY 17.8 million. CASIN Real Estate Development Group Co., Ltd. (SZSE:000838) agreed to acquire the remaining 35% stake in Chongqing CASIN Contract Energy Management Co., Ltd from Chongqing Casin Environmental Resources Co., Ltd. for CNY 17.8 million on July 22, 2020. The transaction will be financed from Casin Real Estate’s own funds. Prior to the transaction, Casin Real Estate holds 65% in Chongqing CASIN Contract Energy Management while Chongqing Casin Environmental Resources holds the remaining 35% stake. Chongqing CASIN Contract Energy Management reported total assets of approximately CNY 810 million, net assets of CNY 59.6 million, operating income of approximately CNY 110 million, net profit of CNY 7.5 million and operating profit of CNY 10 million in the year ending on December 31, 2020. The transaction was approved by the Board of Directors of Casin Real Estate. 
