BST:TNY1

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

China Merchants Land

Executive Summary

China Merchants Land Limited, an investment holding company, engages in the investment, development, management, lease, and sale of properties.


Snowflake Analysis

Undervalued with proven track record.

Share Price & News

How has China Merchants Land's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TNY1 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.7%

TNY1

3.7%

DE Real Estate

3.2%

DE Market


1 Year Return

2.9%

TNY1

-5.6%

DE Real Estate

0.01%

DE Market

Return vs Industry: TNY1 exceeded the German Real Estate industry which returned -5.3% over the past year.

Return vs Market: TNY1 exceeded the German Market which returned 0.3% over the past year.


Shareholder returns

TNY1IndustryMarket
7 Day1.7%3.7%3.2%
30 Day-15.5%8.9%4.7%
90 Day-4.0%-2.9%-0.9%
1 Year16.8%2.9%-4.1%-5.6%1.7%0.01%
3 Year-4.1%-31.0%29.5%21.6%-6.8%-14.0%
5 Year-25.5%-48.5%97.8%72.0%3.9%-9.5%

Price Volatility Vs. Market

How volatile is China Merchants Land's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is China Merchants Land undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TNY1 (€0.12) is trading below our estimate of fair value (€0.78)

Significantly Below Fair Value: TNY1 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: TNY1 is good value based on its PE Ratio (2.8x) compared to the Real Estate industry average (10.3x).

PE vs Market: TNY1 is good value based on its PE Ratio (2.8x) compared to the German market (18.5x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate TNY1's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: TNY1 is good value based on its PB Ratio (0.5x) compared to the DE Real Estate industry average (1.3x).


Next Steps

Future Growth

How is China Merchants Land forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

-2.9%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as China Merchants Land has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has China Merchants Land performed over the past 5 years?

33.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TNY1 has high quality earnings.

Growing Profit Margin: TNY1's current net profit margins (9.2%) are lower than last year (10.2%).


Past Earnings Growth Analysis

Earnings Trend: TNY1's earnings have grown significantly by 33.8% per year over the past 5 years.

Accelerating Growth: TNY1's earnings growth over the past year (47.6%) exceeds its 5-year average (33.8% per year).

Earnings vs Industry: TNY1 earnings growth over the past year (47.6%) exceeded the Real Estate industry 10%.


Return on Equity

High ROE: TNY1's Return on Equity (9.4%) is considered low.


Next Steps

Financial Health

How is China Merchants Land's financial position?


Financial Position Analysis

Short Term Liabilities: TNY1's short term assets (CN¥73.8B) exceed its short term liabilities (CN¥42.1B).

Long Term Liabilities: TNY1's short term assets (CN¥73.8B) exceed its long term liabilities (CN¥17.5B).


Debt to Equity History and Analysis

Debt Level: TNY1's debt to equity ratio (88.9%) is considered high.

Reducing Debt: TNY1's debt to equity ratio has increased from 88% to 88.9% over the past 5 years.

Debt Coverage: TNY1's debt is not well covered by operating cash flow (12.8%).

Interest Coverage: TNY1's interest payments on its debt are well covered by EBIT (14.1x coverage).


Balance Sheet


Next Steps

Dividend

What is China Merchants Land's current dividend yield, its reliability and sustainability?

12.84%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TNY1's dividend (12.84%) is higher than the bottom 25% of dividend payers in the German market (1.3%).

High Dividend: TNY1's dividend (12.84%) is in the top 25% of dividend payers in the German market (3.94%)


Stability and Growth of Payments

Stable Dividend: TNY1 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: TNY1's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (35.5%), TNY1's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.3yrs

Average management tenure


CEO

China Merchants Land has no CEO, or we have no data on them.


Leadership Team

NamePositionTenureCompensationOwnership
Shu Fai So
Executive Director9.42yrsCN¥35.00k0.65% CN¥4.1m
Zhiliang Yu
GM & Executive Director7.92yrsCN¥2.28mno data
King Yuen Wong
Executive Director4.17yrsCN¥37.00kno data
Yan Chen
Financial Controller2.33yrsno datano data
Yu Wang
General Director of Investment & Development3.83yrsno datano data
Ho Ng
Company Secretary1yrno datano data

2.3yrs

Average Tenure

42.5yo

Average Age

Experienced Management: TNY1's management team is considered experienced (2.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Shu Fai So
Executive Director9.42yrsCN¥35.00k0.65% CN¥4.1m
Zhiliang Yu
GM & Executive Director7.92yrsCN¥2.28mno data
King Yuen Wong
Executive Director4.17yrsCN¥37.00kno data
Xinping Shi
Independent Non-Executive Director7.92yrsCN¥119.00kno data
Yanping Chen
Independent Non-Executive Director7.92yrsCN¥119.00kno data
Wing Kuen Wong
Independent Non-Executive Director7.92yrsCN¥119.00kno data
Ning Liu
Non-Executive Director7.92yrsCN¥35.00kno data
Yongjun Xu
Chairman4.17yrsCN¥35.00kno data
Junlong Huang
Non-Executive Director4.17yrsCN¥35.00kno data
Qi He
Independent Non-Executive Director6.5yrsCN¥119.00kno data

7.9yrs

Average Tenure

57.5yo

Average Age

Experienced Board: TNY1's board of directors are considered experienced (7.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

China Merchants Land Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: China Merchants Land Limited
  • Ticker: TNY1
  • Exchange: BST
  • Founded: 1997
  • Industry: Real Estate Development
  • Sector: Real Estate
  • Market Cap: HK$5.396b
  • Listing Market Cap: HK$626.090m
  • Shares outstanding: 4.91b
  • Website: https://www.cmland.hk

Number of Employees


Location

  • China Merchants Land Limited
  • China Merchants Tower
  • 26th Floor, Room 2603 to 2606
  • Central
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
978SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDOct 1997
TNY1BST (Boerse-Stuttgart)YesOrdinary SharesDEEUROct 1997

Biography

China Merchants Land Limited, an investment holding company, engages in the investment, development, management, lease, and sale of properties. The company operates through Properties and Asset Management segments. Its property portfolio includes residential properties; and residential and commercial complex properties, such as apartments, villas, offices, retail shops, etc. The company also offers asset management services for office premises and shopping malls. As of December 31, 2019, its portfolio of property development projects includes 33 projects in Foshan, Guangzhou, Chongqing, Nanjing, Jurong, and Xi’an; and a land bank of approximately 5,954,429 square metres. The company was formerly known as Tonic Industries Holdings Limited. China Merchants Land Limited was founded in 1997 and is headquartered in Central, Hong Kong. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/29 23:51
End of Day Share Price2020/05/29 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.