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Yincheng International Holding

SEHK:1902
Snowflake Description

Mediocre balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1902
SEHK
HK$3B
Market Cap
  1. Home
  2. HK
  3. Real Estate
Company description

Yincheng International Holding Co., Ltd., through its subsidiaries, engages in the property development activities in the People’s Republic of China. The last earnings update was 24 days ago. More info.


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1902 Share Price and Events
7 Day Returns
-0.9%
SEHK:1902
-2.1%
HK Real Estate
-2.2%
HK Market
1 Year Returns
-
SEHK:1902
-9.9%
HK Real Estate
-15.4%
HK Market
1902 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Yincheng International Holding (1902) -0.9% 0% - - - -
HK Real Estate -2.1% -8% -1.3% -9.9% 52.1% 47.3%
HK Market -2.2% -9.5% -6% -15.4% 22% 6.7%
1 Year Return vs Industry and Market
  • No trading data on 1902.
  • No trading data on 1902.
Price Volatility
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Yincheng International Holding's competitors could be found in our database.

Value

 Is Yincheng International Holding 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
  • It is not possible to calculate the future cash flow value for Yincheng International Holding. This is due to cash flow or dividend data being unavailable. The share price is HK$2.32.
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 Yincheng International Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Yincheng International Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1902 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥0.47
SEHK:1902 Share Price ** SEHK (2019-05-23) in HKD HK$2.32
SEHK:1902 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.88 CN¥2.04
Hong Kong Real Estate Industry PE Ratio Median Figure of 186 Publicly-Listed Real Estate Companies 6.25x
Hong Kong Market PE Ratio Median Figure of 1,478 Publicly-Listed Companies 11.07x

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

** Primary Listing of Yincheng International Holding.

SEHK:1902 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1902 Share Price ÷ EPS (both in CNY)

= 2.04 ÷ 0.47

4.37x

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

  • Yincheng International Holding is good value based on earnings compared to the HK Real Estate industry average.
  • Yincheng International Holding is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Yincheng International Holding's expected growth come at a high price?
Raw Data
SEHK:1902 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.37x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-1.9%per year
Hong Kong Real Estate Industry PEG Ratio Median Figure of 58 Publicly-Listed Real Estate Companies 0.27x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.79x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Yincheng International Holding, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Yincheng International Holding's assets?
Raw Data
SEHK:1902 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥1.66
SEHK:1902 Share Price * SEHK (2019-05-23) in HKD HK$2.32
SEHK:1902 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.88 CN¥2.04
Hong Kong Real Estate Industry PB Ratio Median Figure of 229 Publicly-Listed Real Estate Companies 0.57x
Hong Kong Market PB Ratio Median Figure of 2,157 Publicly-Listed Companies 0.97x
SEHK:1902 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1902 Share Price ÷ Book Value per Share (both in CNY)

= 2.04 ÷ 1.66

1.23x

* Primary Listing of Yincheng International Holding.

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

  • Yincheng International Holding is overvalued based on assets compared to the HK Real Estate industry average.
X
Value checks
We assess Yincheng International Holding'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. Yincheng International Holding 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.

Future Performance

 How is Yincheng International Holding expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Yincheng International Holding, future earnings growth has been estimated based on fundamentals.
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
-1.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Yincheng International Holding expected to grow at an attractive rate?
  • Yincheng International Holding's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2%.
Growth vs Market Checks
  • Yincheng International Holding's earnings are expected to decrease over the next 1-3 years, this is below the Hong Kong market average.
  • Unable to compare Yincheng International Holding's revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:1902 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1902 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -1.9%
Hong Kong Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 4.4%
Hong Kong Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 16%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.4%
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:1902 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1902 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 5,070 -3,251 442
2018-09-30 3,722 -2,128 487
2018-06-30 2,375 -1,004 532
2018-03-31 3,525 -477 476
2017-12-31 4,676 50 420
2016-12-31 2,503 -1,044 348

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Yincheng International Holding's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Yincheng International Holding is high growth as no revenue estimate data is available.
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:1902 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Yincheng International Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1902 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 0.47
2018-09-30
2018-06-30 0.50
2018-03-31 0.45
2017-12-31
2016-12-31

*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.
  • Unable to establish if Yincheng International Holding will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Yincheng International Holding'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.
Yincheng International Holding has a total score of 0/6, 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.

Past Performance

  How has Yincheng International Holding 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 Yincheng International Holding'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.
  • Insufficient data to establish if Yincheng International Holding's year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Yincheng International Holding's 1-year earnings growth to the 5-year average due to insufficient past data.
  • Yincheng International Holding's earnings growth has not exceeded the HK Real Estate industry average in the past year (5.3% vs 6.9%).
Earnings and Revenue History
Yincheng International Holding'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 Yincheng International Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1902 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 5,070.09 442.44 542.21
2018-09-30 3,722.42 487.20 355.93
2018-06-30 2,374.75 531.95 164.14
2018-03-31 3,525.20 476.09 138.18
2017-12-31 4,675.64 420.22 117.73
2016-12-31 2,502.98 348.14 108.89
2015-12-31 2,090.89 91.70 91.25

*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.
  • Whilst Yincheng International Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Yincheng International Holding used its assets less efficiently than the HK Real Estate industry average last year based on Return on Assets.
  • Yincheng International Holding's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Yincheng International Holding'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.
Yincheng International Holding has a total score of 0/6, 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.

Health

 How is Yincheng International Holding'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 Yincheng International Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Yincheng International Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Yincheng International Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Yincheng International Holding'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 2x 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 Yincheng International Holding Company Filings, last reported 4 months ago.

SEHK:1902 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,410.30 11,769.98 1,589.18
2018-09-30 2,410.30 11,769.98 1,589.18
2018-06-30 1,961.09 10,846.83 1,940.23
2018-03-31 1,961.09 10,846.83 1,940.23
2017-12-31 1,986.45 7,643.30 1,492.31
2016-12-31 1,833.45 4,444.98 796.86
2015-12-31 1,983.40 2,800.43 280.16
  • Yincheng International Holding's level of debt (488.3%) compared to net worth is high (greater than 40%).
  • Unable to establish if Yincheng International Holding's debt level has increased without past 5-year debt data.
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 4x coverage).
X
Financial health checks
We assess Yincheng International Holding'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. Yincheng International Holding 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.

Dividends

 What is Yincheng International Holding'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
0%
Current annual income from Yincheng International Holding dividends.
If you bought HK$2,000 of Yincheng International Holding shares you are expected to receive HK$0 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?
  • Unable to evaluate Yincheng International Holding's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Yincheng International Holding's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:1902 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 0 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 968 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 5.8%

Industry and Market average data is calculated daily.

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

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

  • Unable to perform a dividend volatility check as Yincheng International Holding has not reported any payouts.
  • Unable to verify if Yincheng International Holding's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Yincheng International Holding's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Yincheng International Holding has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Yincheng International Holding'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 Yincheng International Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Yincheng International Holding has a total score of 0/6, see the detailed checks below.


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

Management

 What is the CEO of Yincheng International Holding'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.
CEO
Baohua Ma
AGE 56
CEO Bio

Mr. Ma Baohua serves as Executive Director since August 19, 2018 and President at Yincheng International Holding Co., Ltd.

CEO Compensation
  • Insufficient data for Baohua to compare compensation growth.
  • Insufficient data for Baohua to establish whether their remuneration is reasonable compared to companies of similar size in Hong Kong.
Management Team

Baohua Ma

TITLE
President & Executive Director
AGE
56

Yingning Wang

TITLE
Financial Director
AGE
39
TENURE
1 yrs

Qi An

TITLE
Director of Investor Relations

Li Zhu

TITLE
VP & Executive Director
AGE
44

Zheng Wang

TITLE
VP & Executive Director
AGE
38

Lei Shao

TITLE
VP & Executive Director
AGE
36

Wei Wu

TITLE
Group Chief Engineer
AGE
55

Xueqian Liu

TITLE
Assistant to the President
AGE
41

Yu Kit Wong

TITLE
Company Secretary
AGE
35
TENURE
0.8 yrs
Board of Directors Tenure

Average tenure and age of the Yincheng International Holding board of directors in years:

0.8
Average Tenure
54
Average Age
  • The average tenure for the Yincheng International Holding board of directors is less than 3 years, this suggests a new board.
Board of Directors

Qingping Huang

TITLE
Chairman of the Board
AGE
54

Baohua Ma

TITLE
President & Executive Director
AGE
56
TENURE
0.8 yrs

Li Zhu

TITLE
VP & Executive Director
AGE
44
TENURE
0.8 yrs

Zheng Wang

TITLE
VP & Executive Director
AGE
38
TENURE
0.8 yrs

Lei Shao

TITLE
VP & Executive Director
AGE
36

Shimin Chen

TITLE
Independent Non-Executive Director
AGE
60
TENURE
0.3 yrs

Peng Kuan Chan

TITLE
Independent Non-Executive Director
AGE
54
TENURE
0.3 yrs

Chenguang Xie

TITLE
Non-Executive Director
AGE
55
TENURE
0.8 yrs

Ming Fai Lam

TITLE
Independent Non-Executive Director
AGE
42
TENURE
0.3 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 Yincheng International Holding'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. Yincheng International Holding 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.

News

Simply Wall St News

Company Info

Description

Yincheng International Holding Co., Ltd., through its subsidiaries, engages in the property development activities in the People’s Republic of China. It is involved in the development and sale of residential properties, including high-rise and multi-storey apartments, and low-density houses, as well as commercial properties; and leasing of investment properties. The company is headquartered in Nanjing, the People’s Republic of China.

Details
Name: Yincheng International Holding Co., Ltd.
1902
Exchange: SEHK
Founded:
HK$3,356,952,160
1,446,962,138
Website: http://www.yincheng.hk
Address: Yincheng International Holding Co., Ltd.
Yincheng Plaza,
Part of 19-21 Floors,
Nanjing,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1902 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 06. Mar 2019
Number of employees
Current staff
Staff numbers
836
Yincheng International Holding employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 13:07
End of day share price update: 2019/05/23 00:00
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.