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China Resources Land

SEHK:1109
Snowflake Description

Solid track record with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1109
SEHK
HK$231B
Market Cap
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Last updated 2019/06/20 12:34
Company description

China Resources Land Limited, an investment holding company, invests in, develops, manages, and sells properties in the People’s Republic of China. The last earnings update was 52 days ago. More info.

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1109 Share Price and Events
7 Day Returns
1.5%
SEHK:1109
0.7%
HK Real Estate
-0%
HK Market
1 Year Returns
22.8%
SEHK:1109
-7.4%
HK Real Estate
-13%
HK Market
1109 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Resources Land (1109) 1.5% 6.4% 4.5% 22.8% 89.4% 143.2%
HK Real Estate 0.7% -0% -6.3% -7.4% 50.2% 51.4%
HK Market -0% -1.1% -8.6% -13% 18.1% 5.4%
1 Year Return vs Industry and Market
  • 1109 outperformed the Real Estate industry which returned -7.4% over the past year.
  • 1109 outperformed the Market in Hong Kong which returned -13% over the past year.
Price Volatility
1109
Industry
5yr Volatility vs Market

1109 Value

 Is China Resources Land undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of China Resources Land to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for China Resources Land.

SEHK:1109 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 26 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.5%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:1109
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.03
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.033 (1 + (1- 25%) (77.05%)) 		1.422
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.42
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.422 * 6.65%) 		11.46%

Discounted Cash Flow Calculation for SEHK:1109 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Resources Land is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:1109 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 11.46%)
2019 56,536.70 Analyst x5 50,724.66
2020 25,329.95 Analyst x5 20,389.74
2021 15,172.16 Analyst x4 10,957.55
2022 13,121.48 Est @ -13.52% 8,502.32
2023 11,958.86 Est @ -8.86% 6,952.38
2024 11,289.00 Est @ -5.6% 5,888.27
2025 10,914.20 Est @ -3.32% 5,107.55
2026 10,726.13 Est @ -1.72% 4,503.53
2027 10,661.21 Est @ -0.61% 4,016.10
2028 10,680.10 Est @ 0.18% 3,609.63
Present value of next 10 years cash flows CN¥120,651.73
SEHK:1109 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥10,680.10 × (1 + 2%) ÷ (11.46% – 2%) 		CN¥115,219.50
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥115,219.50 ÷ (1 + 11.46%)10 		CN¥38,941.53
SEHK:1109 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥120,651.73 + CN¥38,941.53 		CN¥159,593.26
Equity Value per Share
(CNY)		 = Total value / Shares Outstanding
= CN¥159,593.26 / 6,930.94 		CN¥23.03
SEHK:1109 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:1109) 		1.133
Value per Share
(HKD)		 = Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥23.03 x 1.133 		HK$26.1
Value per share (HKD) From above. HK$26.10
Current discount Discount to share price of HK$33.90
= -1 x (HK$33.90 - HK$26.10) / HK$26.10 		-29.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of China Resources Land is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for China Resources Land's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Resources Land's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1109 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥3.50
SEHK:1109 Share Price ** SEHK (2019-06-20) in HKD HK$33.9
SEHK:1109 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.882 CN¥29.91
Hong Kong Real Estate Industry PE Ratio Median Figure of 188 Publicly-Listed Real Estate Companies 6.21x
Hong Kong Market PE Ratio Median Figure of 1,489 Publicly-Listed Companies 10.66x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of China Resources Land.

SEHK:1109 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1109 Share Price ÷ EPS (both in CNY)

= 29.91 ÷ 3.50

 8.55x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Resources Land is overvalued based on earnings compared to the HK Real Estate industry average.
  • China Resources Land is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does China Resources Land's expected growth come at a high price?
Raw Data
SEHK:1109 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 26 Analysts		 12.3%per year
Hong Kong Real Estate Industry PEG Ratio Median Figure of 60 Publicly-Listed Real Estate Companies 0.27x
Hong Kong Market PEG Ratio Median Figure of 467 Publicly-Listed Companies 0.75x

*Line of best fit is calculated by linear regression .

SEHK:1109 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.55x ÷ 12.3%

 0.7x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Resources Land is good value based on expected growth next year.
Price based on value of assets
What value do investors place on China Resources Land's assets?
Raw Data
SEHK:1109 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥20.69
SEHK:1109 Share Price * SEHK (2019-06-20) in HKD HK$33.9
SEHK:1109 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.882 CN¥29.91
Hong Kong Real Estate Industry PB Ratio Median Figure of 229 Publicly-Listed Real Estate Companies 0.56x
Hong Kong Market PB Ratio Median Figure of 2,171 Publicly-Listed Companies 0.93x
SEHK:1109 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1109 Share Price ÷ Book Value per Share (both in CNY)

= 29.91 ÷ 20.69

 1.45x

* Primary Listing of China Resources Land.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Resources Land is overvalued based on assets compared to the HK Real Estate industry average.
X
Value checks
We assess China Resources Land's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
    5. China Resources Land has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

1109 Future Performance

 How is China Resources Land expected to perform in the next 1 to 3 years based on estimates from 26 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Resources Land expected to grow at an attractive rate?
  • China Resources Land's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • China Resources Land's earnings growth is expected to exceed the Hong Kong market average.
  • China Resources Land's revenue growth is expected to exceed the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:1109 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1109 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 26 Analysts 12.3%
SEHK:1109 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 26 Analysts 20.5%
Hong Kong Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
Hong Kong Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 16.6%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.2%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:1109 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 26 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1109 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 231,126 30,614 34,785 20
2020-12-31 196,257 27,814 29,905 25
2019-12-31 161,823 28,044 26,119 26
SEHK:1109 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 121,189 27,235 24,238
2018-09-30 117,869 18,645 24,133
2018-06-30 112,652 10,340 23,754
2018-03-31 101,087 9,464 20,565
2017-12-31 101,943 9,311 19,690
2017-09-30 93,075 4,772 17,028
2017-06-30 87,364 -171 14,809
2017-03-31 92,681 6,910 16,147
2016-12-31 97,897 13,872 17,462
2016-09-30 94,902 22,618 16,509
2016-06-30 95,438 31,799 16,189
2016-03-31 89,572 32,213 15,224

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Resources Land's earnings are expected to grow by 12.3% yearly, however this is not considered high growth (20% yearly).
  • China Resources Land's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:1109 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 26 Analyst Estimates (S&P Global) See Below

All data from China Resources Land Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1109 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 5.02 6.49 4.38 17.00
2020-12-31 4.33 5.32 3.76 20.00
2019-12-31 3.76 4.84 3.18 21.00
SEHK:1109 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 3.50
2018-09-30 3.48
2018-06-30 3.43
2018-03-31 2.97
2017-12-31 2.84
2017-09-30 2.46
2017-06-30 2.14
2017-03-31 2.33
2016-12-31 2.52
2016-09-30 2.38
2016-06-30 2.34
2016-03-31 2.22

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • China Resources Land is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Show me more growth companies in the Real Estate industry
X
Future performance checks
We assess China Resources Land's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
China Resources Land has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

1109 Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare China Resources Land's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • China Resources Land's year on year earnings growth rate has been positive over the past 5 years.
  • China Resources Land's 1-year earnings growth exceeds its 5-year average (23.1% vs 15.2%)
  • China Resources Land's earnings growth has exceeded the HK Real Estate industry average in the past year (23.1% vs 6.3%).
Earnings and Revenue History
China Resources Land's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from China Resources Land Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1109 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 121,188.93 24,237.88 8,336.58
2018-09-30 117,869.46 24,132.54 7,845.81
2018-06-30 112,651.78 23,754.37 7,166.76
2018-03-31 101,086.89 20,564.83 6,647.21
2017-12-31 101,942.52 19,690.40 7,036.19
2017-09-30 93,075.19 17,027.65 6,172.26
2017-06-30 87,364.43 14,809.19 5,602.52
2017-03-31 92,681.19 16,147.34 5,633.67
2016-12-31 97,896.58 17,461.93 5,666.73
2016-09-30 94,902.08 16,509.07 5,752.18
2016-06-30 95,438.38 16,189.05 6,040.13
2016-03-31 89,571.91 15,224.01 5,594.95
2015-12-31 87,045.63 14,825.98 5,360.17
2015-09-30 82,678.81 13,954.17 4,892.80
2015-06-30 78,547.40 13,195.14 4,476.25
2015-03-31 75,128.45 12,649.39 4,366.15
2014-12-31 71,747.34 12,110.00 4,258.25
2014-09-30 68,611.96 11,950.16 3,768.86
2014-06-30 67,602.79 12,360.26 3,474.54
2014-03-31 62,369.81 12,062.08 3,308.75
2013-12-31 55,739.30 11,474.43 3,065.81
2013-09-30 48,782.96 10,261.71 3,169.95
2013-06-30 41,352.92 8,952.92 3,251.24
2013-03-31 38,666.76 8,757.25 3,129.26
2012-12-31 35,678.21 8,499.50 2,984.28
2012-09-30 32,589.69 7,593.27 3,103.73
2012-06-30 29,517.32 6,687.26 3,232.55

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • China Resources Land has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Resources Land used its assets more efficiently than the HK Real Estate industry average last year based on Return on Assets.
  • China Resources Land has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Show me more strong past performing companies in the Real Estate industry
X
Past performance checks
We assess China Resources Land's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
China Resources Land has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

1109 Health

 How is China Resources Land's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up China Resources Land's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Resources Land is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Resources Land's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Resources Land's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from China Resources Land Company Filings, last reported 5 months ago.

SEHK:1109 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 180,704.74 156,878.25 72,531.75
2018-09-30 180,704.74 156,878.25 72,531.75
2018-06-30 158,897.71 136,136.83 61,682.83
2018-03-31 158,897.71 136,136.83 61,682.83
2017-12-31 144,240.27 120,686.25 53,774.00
2017-09-30 146,860.85 123,001.00 54,786.63
2017-06-30 126,915.40 99,514.42 39,234.37
2017-03-31 129,476.21 101,522.35 40,026.01
2016-12-31 124,608.64 85,496.69 41,793.87
2016-09-30 119,670.72 82,108.68 40,137.68
2016-06-30 115,227.15 74,602.87 39,825.53
2016-03-31 111,901.22 72,449.52 38,676.00
2015-12-31 110,989.12 79,662.92 39,422.03
2015-09-30 108,125.34 72,564.47 37,627.67
2015-06-30 100,849.13 73,818.87 34,094.22
2015-03-31 100,824.15 73,800.59 34,085.78
2014-12-31 93,677.15 78,929.88 35,877.79
2014-09-30 84,679.38 72,158.15 31,848.92
2014-06-30 76,677.66 62,179.62 19,664.59
2014-03-31 76,590.38 62,108.85 19,642.21
2013-12-31 73,071.15 53,713.37 22,346.45
2013-09-30 73,869.93 54,300.53 22,590.73
2013-06-30 64,961.86 45,120.58 16,799.50
2013-03-31 65,682.31 45,620.99 16,985.81
2012-12-31 61,522.81 42,572.31 17,655.05
2012-09-30 62,029.97 42,923.26 17,800.59
2012-06-30 56,727.21 54,082.74 16,212.46
  • China Resources Land's level of debt (86.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (73.6% vs 86.8% today).
  • Debt is not well covered by operating cash flow (17.4%, less than 20% of total debt).
  • China Resources Land earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess China Resources Land's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. China Resources Land has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

1109 Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.66%
Current annual income from China Resources Land dividends. Estimated to be 4.87% next year.
If you bought HK$2,000 of China Resources Land shares you are expected to receive HK$73 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • China Resources Land's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.1%).
  • China Resources Land's dividend is below the markets top 25% of dividend payers in Hong Kong (5.95%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:1109 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 26 Analyst Estimates (S&P Global) See Below
Hong Kong Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 143 Stocks 4.1%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 966 Stocks 3.7%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:1109 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.69 17.00
2020-12-31 1.48 23.00
2019-12-31 1.26 23.00
SEHK:1109 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-06-06 1.095 3.754
2019-04-29 1.059 3.710
2019-03-26 1.059 3.581
2018-06-01 0.787 3.408
2017-06-02 0.562 2.789
2016-06-03 0.485 2.859
2015-06-03 0.396 2.446
2014-06-06 0.344 2.307
2013-04-26 0.262 1.716
2013-03-15 0.267 1.558
2012-03-09 0.209 1.556
2011-06-01 0.251 2.515
2010-08-27 0.232 1.937
2010-04-23 0.206 1.580
2010-03-29 0.206 1.467
2010-03-26 0.208 1.477

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Resources Land has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but China Resources Land only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of China Resources Land's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).
X
Income/ dividend checks
We assess China Resources Land's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can China Resources Land afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. China Resources Land has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

1109 Management

 What is the CEO of China Resources Land's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • China Resources Land has no CEO, or we have no data on them.
Management Team Tenure

Average tenure and age of the China Resources Land management team in years:

2.9
Average Tenure
47
Average Age
  • The tenure for the China Resources Land management team is about average.
Management Team

Yong Tang

TITLE
Chairman of the Board
COMPENSATION
CN¥10M
AGE
46

Dawei Zhang

TITLE
Vice Chairman
COMPENSATION
CN¥9M
AGE
50

Xin Li

TITLE
President & Executive Director
COMPENSATION
CN¥9M
AGE
47
TENURE
0.5 yrs

Tongdong Shen

TITLE
Chief Information Officer
COMPENSATION
CN¥1M
AGE
50
TENURE
2.9 yrs

Ji Xie

TITLE
Senior VP & Executive Director
COMPENSATION
CN¥9M
AGE
46
TENURE
6 yrs

Eva Lau

TITLE
Investor Relations Manager

Liqiang Zhang

TITLE
Senior VP & Chief Human Resources Officer
AGE
52
TENURE
2.2 yrs

Feng Chi

TITLE
Senior VP & Group GM of Jiangsu Region
AGE
45
TENURE
6 yrs

Bingqi Wu

TITLE
Senior VP
AGE
46
TENURE
5.7 yrs

Xiaokai Kong

TITLE
Senior VP & GM of the South China Region
AGE
49
TENURE
2.9 yrs
Board of Directors Tenure

Average tenure and age of the China Resources Land board of directors in years:

2.2
Average Tenure
50
Average Age
  • The average tenure for the China Resources Land board of directors is less than 3 years, this suggests a new board.
Board of Directors

Yong Tang

TITLE
Chairman of the Board
COMPENSATION
CN¥10M
AGE
46
TENURE
0.3 yrs

Dawei Zhang

TITLE
Vice Chairman
COMPENSATION
CN¥9M
AGE
50
TENURE
0.5 yrs

Xin Li

TITLE
President & Executive Director
COMPENSATION
CN¥9M
AGE
47
TENURE
2.2 yrs

Tongdong Shen

TITLE
Chief Information Officer
COMPENSATION
CN¥1M
AGE
50
TENURE
0.5 yrs

Ji Xie

TITLE
Senior VP & Executive Director
COMPENSATION
CN¥9M
AGE
46
TENURE
2.2 yrs

Bingqi Wu

TITLE
Senior VP
AGE
46
TENURE
0.3 yrs

Bosco Ho

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥303K
AGE
73
TENURE
13.8 yrs

Andy Yan

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥303K
AGE
61
TENURE
12.9 yrs

Peter Wan

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥303K
AGE
65
TENURE
10.3 yrs

Biao Yan

TITLE
Non-Executive Director
AGE
56
TENURE
23.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
X
Management checks
We assess China Resources Land's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. China Resources Land has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

1109 News

Simply Wall St News

Is China Resources Land Limited (HKG:1109) Potentially Undervalued?

View our latest analysis for China Resources Land What's the opportunity in China Resources Land? … Since China Resources Land’s share price is quite volatile, this could mean it can sink lower (or rise even further) in the future, giving us another chance to invest. … What kind of growth will China Resources Land generate?

Simply Wall St - –

Want To Invest In China Resources Land Limited (HKG:1109)? Here's How It Performed Lately

After looking at China Resources Land Limited's (HKG:1109) latest earnings announcement (31 December 2018), I found it useful to revisit the company's performance in the past couple of years and assess this against the most recent figures. … Well, let’s take a look at if it is solely owing to industry tailwinds, or if China Resources Land has seen some company-specific growth. … You should continue to research China Resources Land to get a better picture of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for 1109’s future growth?

Simply Wall St - –

Is China Resources Land Limited (HKG:1109) Worth CN¥32.00 Based On Its Intrinsic Value?

Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (CN¥, Millions) CN¥56.54k CN¥25.33k CN¥15.17k CN¥13.12k CN¥11.96k CN¥11.29k CN¥10.91k CN¥10.73k CN¥10.66k CN¥10.68k Growth Rate Estimate Source Analyst x5 Analyst x5 Analyst x4 Est @ -13.52% Est @ -8.86% Est @ -5.6% Est @ -3.32% Est @ -1.72% Est @ -0.61% Est @ 0.18% Present Value (CN¥, Millions) Discounted @ 11.28% CN¥50.80k CN¥20.45k CN¥11.01k CN¥8.56k CN¥7.01k CN¥5.94k CN¥5.16k CN¥4.56k CN¥4.07k CN¥3.67k Present Value of 10-year Cash Flow (PVCF)= CN¥121.24b "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = CN¥11b × (1 + 2%) ÷ (11.3% – 2%) = CN¥117b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = CN¥CN¥117b ÷ ( 1 + 11.3%)10 = CN¥40.31b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is CN¥161.55b. … SEHK:1109 Intrinsic value, May 28th 2019 Important assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St - –

Is China Resources Land Limited (HKG:1109) A Smart Choice For Dividend Investors?

Could China Resources Land Limited (HKG:1109) be an attractive dividend share to own for the long haul? … With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if China Resources Land is a new dividend aristocrat in the making. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see China Resources Land has grown its earnings per share at 12% per annum over the past five years.

Simply Wall St - –

Do Institutions Own China Resources Land Limited (HKG:1109) Shares?

View our latest analysis for China Resources Land SEHK:1109 Ownership Summary, May 12th 2019 What Does The Institutional Ownership Tell Us About China Resources Land? … Insider Ownership Of China Resources Land While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. … Our information suggests that China Resources Land Limited insiders own under 1% of the company.

Simply Wall St - –

Does China Resources Land Limited's (HKG:1109) Stock Price Account For Its Growth?

Growth expectations for China Resources Land Limited (HKG:1109) are high, but many investors are starting to ask whether its last close at HK$34.25 can still be rationalized by the future potential. … View our latest analysis for China Resources Land? … Analysts are predicting good growth prospects for China Resources Land over the next couple of years

Simply Wall St - –

How Do Analysts See China Resources Land Limited (HKG:1109) Performing In The Years Ahead?

China Resources Land Limited's (HKG:1109) most recent earnings update in December 2018a

Simply Wall St - –

If You Like EPS Growth Then Check Out China Resources Land (HKG:1109) Before It's Too Late

In contrast to all that, I prefer to spend time on companies like China Resources Land (HKG:1109), which has not only revenues, but also profits. … China Resources Land's Earnings Per Share Are Growing. … Over the last three years, China Resources Land has grown EPS by 17% per year.

Simply Wall St - –

Investors Who Bought China Resources Land (HKG:1109) Shares Five Years Ago Are Now Up 94%

For example, the China Resources Land Limited (HKG:1109) share price is up 94% in the last 5 years, clearly besting than the market return of around 17% (ignoring dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over half a decade, China Resources Land managed to grow its earnings per share at 12% a year.

Simply Wall St - –

China Resources Land Limited (HKG:1109): A Fundamentally Attractive Investment

China Resources Land Limited (HKG:1109) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of 1109, it

Simply Wall St - –

1109 Company Info

Description

China Resources Land Limited, an investment holding company, invests in, develops, manages, and sells properties in the People’s Republic of China. It invests in commercial, office, hotel, and apartment properties. As of December 31, 2018, the company had land bank of 59.57 million square meters, including 50.14 million square meters for development properties and 9.43 million square meters for investment properties. It also operates hotels; offers construction, decoration, and other property development related services; and manufactures and sells furniture. The company is headquartered in Wanchai, Hong Kong. China Resources Land Limited is a subsidiary of China Resources (Holdings) Company Limited.

Details
Name: China Resources Land Limited
1109
Exchange: SEHK
Founded:
HK$230,800,287,980
6,930,939,579
Website: http://www.crland.com.hk
Address: China Resources Land Limited
China Resources Building,
46th Floor,
Wanchai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1109 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 08. Nov 1996
OTCPK CRBJ.F Ordinary Shares Pink Sheets LLC US USD 08. Nov 1996
DB CHZ Ordinary Shares Deutsche Boerse AG DE EUR 08. Nov 1996
SHSC 1109 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 08. Nov 1996
SZSC 1109 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 08. Nov 1996
OTCPK CRBJ.Y ADR Pink Sheets LLC US USD 28. Jan 2009
Number of employees
Current staff
Staff numbers
46,518
China Resources Land employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/20 12:34
End of day share price update: 2019/06/20 00:00
Last estimates confirmation: 2019/06/17
Last earnings filing: 2019/04/29
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.

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