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China Merchants Land

SEHK:978
Snowflake Description

Mediocre balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
978
SEHK
HK$5B
Market Cap
  1. Home
  2. HK
  3. Real Estate
Company description

China Merchants Land Limited, an investment holding company, engages in the investment, development, management, lease, and sale of properties. The last earnings update was 74 days ago. More info.


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  • China Merchants Land has significant price volatility in the past 3 months.
978 Share Price and Events
7 Day Returns
-4.3%
SEHK:978
1.1%
HK Real Estate
0.5%
HK Market
1 Year Returns
-26.7%
SEHK:978
-10.1%
HK Real Estate
-15.9%
HK Market
978 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Merchants Land (978) -4.3% -4.3% -15.4% -26.7% -2.7% 8.9%
HK Real Estate 1.1% -1.4% -6.4% -10.1% 53.1% 49.3%
HK Market 0.5% -2.7% -9.9% -15.9% 20.6% 3%
1 Year Return vs Industry and Market
  • 978 underperformed the Real Estate industry which returned -10.1% over the past year.
  • 978 underperformed the Market in Hong Kong which returned -15.9% over the past year.
Price Volatility
978
Industry
5yr Volatility vs Market

978 Value

 Is China Merchants 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 Merchants 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 Merchants Land.

SEHK:978 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 15.3%
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:978
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 1.02
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.025 (1 + (1- 25%) (485.09%))
3.514
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (2 * 6.65%)
15.3%

Discounted Cash Flow Calculation for SEHK:978 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Merchants 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:978 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 15.3%)
2019 612.05 Est @ -43.47% 530.82
2020 429.49 Est @ -29.83% 323.05
2021 342.40 Est @ -20.28% 223.36
2022 295.85 Est @ -13.59% 167.38
2023 269.47 Est @ -8.92% 132.23
2024 254.28 Est @ -5.64% 108.21
2025 245.77 Est @ -3.35% 90.71
2026 241.49 Est @ -1.74% 77.30
2027 239.99 Est @ -0.62% 66.62
2028 240.40 Est @ 0.17% 57.88
Present value of next 10 years cash flows CN¥1,777.56
SEHK:978 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥240.40 × (1 + 2%) ÷ (15.3% – 2%)
CN¥1,843.69
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥1,843.69 ÷ (1 + 15.3%)10
CN¥443.90
SEHK:978 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥1,777.56 + CN¥443.90
CN¥2,221.46
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥2,221.46 / 4,905.26
CN¥0.45
SEHK:978 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:978)
1.13
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥0.45 x 1.13
HK$0.51
Value per share (HKD) From above. HK$0.51
Current discount Discount to share price of HK$1.10
= -1 x (HK$1.10 - HK$0.51) / HK$0.51
-114.9%

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

  • The current share price of China Merchants 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 Merchants Land's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Merchants Land's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:978 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥0.25
SEHK:978 Share Price ** SEHK (2019-06-14) in HKD HK$1.1
SEHK:978 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.885 CN¥0.97
Hong Kong Real Estate Industry PE Ratio Median Figure of 188 Publicly-Listed Real Estate Companies 6.28x
Hong Kong Market PE Ratio Median Figure of 1,487 Publicly-Listed Companies 10.68x

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

** Primary Listing of China Merchants Land.

SEHK:978 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:978 Share Price ÷ EPS (both in CNY)

= 0.97 ÷ 0.25

3.93x

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

  • China Merchants Land is good value based on earnings compared to the HK Real Estate industry average.
  • China Merchants Land is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does China Merchants Land's expected growth come at a high price?
Raw Data
SEHK:978 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.93x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
11.4%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 466 Publicly-Listed Companies 0.76x

*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 China Merchants Land, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on China Merchants Land's assets?
Raw Data
SEHK:978 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥1.65
SEHK:978 Share Price * SEHK (2019-06-14) in HKD HK$1.1
SEHK:978 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.885 CN¥0.97
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 2,169 Publicly-Listed Companies 0.93x
SEHK:978 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:978 Share Price ÷ Book Value per Share (both in CNY)

= 0.97 ÷ 1.65

0.59x

* Primary Listing of China Merchants Land.

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

  • China Merchants Land is overvalued based on assets compared to the HK Real Estate industry average.
X
Value checks
We assess China Merchants 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 Merchants 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.

978 Future Performance

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

  • No analysts cover China Merchants Land, 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
11.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Merchants Land expected to grow at an attractive rate?
  • China Merchants Land's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • China Merchants Land's earnings growth is expected to exceed the Hong Kong market average.
  • Unable to compare China Merchants Land's revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:978 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:978 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 11.4%
Hong Kong Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 5.4%
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 10.7%

*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:978 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 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:978 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
SEHK:978 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 11,956 1,253 1,216
2018-09-30 13,821 1,041 1,497
2018-06-30 15,687 829 1,777
2018-03-31 16,499 1,576 1,708
2017-12-31 17,311 2,323 1,638
2017-09-30 15,228 817 1,343
2017-06-30 13,145 -689 1,049
2017-03-31 12,376 -725 930
2016-12-31 11,606 -761 811
2016-09-30 9,970 474 458
2016-06-30 8,333 1,708 105
2016-03-31 7,364 1,572 145

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Merchants Land's earnings are expected to grow by 11.4% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if China Merchants Land 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:978 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 0 Analyst Estimates (S&P Global) See Below

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

SEHK:978 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
SEHK:978 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 0.25
2018-09-30 0.31
2018-06-30 0.36
2018-03-31 0.35
2017-12-31 0.33
2017-09-30 0.27
2017-06-30 0.21
2017-03-31 0.19
2016-12-31 0.17
2016-09-30 0.09
2016-06-30 0.02
2016-03-31 0.03

*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 China Merchants Land will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess China Merchants 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 Merchants Land has a total score of 2/6, 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.

978 Past Performance

  How has China Merchants 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 Merchants 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 Merchants Land has delivered over 20% year on year earnings growth in the past 5 years.
  • China Merchants Land's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • China Merchants Land's 1-year earnings growth is negative, it can't be compared to the HK Real Estate industry average.
Earnings and Revenue History
China Merchants 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 Merchants Land Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:978 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 11,955.90 1,216.13 510.78
2018-09-30 13,821.45 1,496.76 495.05
2018-06-30 15,687.01 1,777.39 479.32
2018-03-31 16,498.79 1,707.76 471.95
2017-12-31 17,310.56 1,638.12 464.58
2017-09-30 15,227.88 1,343.45 441.13
2017-06-30 13,145.19 1,048.77 417.68
2017-03-31 12,375.82 930.11 408.82
2016-12-31 11,606.44 811.45 399.96
2016-09-30 9,969.89 458.34 378.06
2016-06-30 8,333.33 105.23 356.17
2016-03-31 7,364.14 145.32 337.13
2015-12-31 6,394.94 185.42 318.09
2015-09-30 5,866.72 317.66 312.78
2015-06-30 5,338.49 449.91 307.47
2015-03-31 6,389.47 415.08 286.26
2014-12-31 7,440.44 380.25 265.06
2014-09-30 6,702.10 299.84 239.11
2014-06-30 5,963.77 219.44 213.16
2014-03-31 6,445.82 339.17 216.83
2013-12-31 6,927.87 458.89 220.49
2012-12-31 4,362.05 428.78 165.11
2012-09-30 101.02 -41.15 17.93
2012-06-30 124.07 -46.45 22.09

*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 Merchants Land has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Merchants Land used its assets less efficiently than the HK Real Estate industry average last year based on Return on Assets.
  • China Merchants Land has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess China Merchants 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 Merchants Land has a total score of 2/6, 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.

978 Health

 How is China Merchants 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 Merchants Land's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Merchants Land is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Merchants Land's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Merchants 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 2.5x 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 Merchants Land Company Filings, last reported 5 months ago.

SEHK:978 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 23,797.03 23,159.79 6,866.26
2018-09-30 23,797.03 23,159.79 6,866.26
2018-06-30 21,813.67 19,477.98 5,831.55
2018-03-31 21,813.67 19,477.98 5,831.55
2017-12-31 21,771.23 18,597.65 5,100.69
2017-09-30 21,771.23 18,597.65 5,100.69
2017-06-30 14,578.72 18,123.47 6,935.33
2017-03-31 14,578.72 18,123.47 6,935.33
2016-12-31 14,107.97 17,524.34 5,810.92
2016-09-30 14,107.97 17,524.34 5,810.92
2016-06-30 12,180.86 12,377.78 4,742.68
2016-03-31 12,180.86 12,377.78 4,742.68
2015-12-31 11,685.09 11,797.25 3,697.34
2015-09-30 11,685.09 11,797.25 3,697.34
2015-06-30 11,441.54 12,621.87 5,358.04
2015-03-31 11,441.54 12,621.87 5,358.04
2014-12-31 10,924.72 9,583.22 4,184.37
2014-09-30 10,924.72 9,583.22 4,184.37
2014-06-30 10,315.68 9,110.62 4,459.59
2014-03-31 10,315.68 9,110.62 4,459.59
2013-12-31 11,456.31 7,042.74 6,618.09
2012-12-31 3,375.85 9,472.98 2,134.94
2012-09-30 0.14 22.70 5.38
2012-06-30 0.14 22.95 5.44
  • China Merchants Land's level of debt (97.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (61.7% vs 97.3% today).
  • Debt is not well covered by operating cash flow (5.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 13.4x coverage).
X
Financial health checks
We assess China Merchants 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 Merchants 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.

978 Dividends

 What is China Merchants 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
7.19%
Current annual income from China Merchants Land dividends. Estimated to be 11.42% next year.
If you bought HK$2,000 of China Merchants Land shares you are expected to receive HK$144 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 Merchants Land's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • China Merchants Land's dividend is above 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:978 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 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 6%

Industry and Market average data is calculated daily.

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

SEHK:978 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.13 1.00
2020-12-31 0.11 1.00
2019-12-31 0.09 1.00
SEHK:978 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-15 0.070 6.458
2018-03-20 0.080 7.407
2017-04-05 0.040 3.129
2017-03-23 0.040 3.542
2017-03-07 0.040 3.488
2016-08-18 0.004 0.422
2016-04-26 0.004 0.426
2016-03-22 0.004 0.428
2016-02-26 0.004 0.415
2015-04-23 0.008 0.664
2015-03-19 0.008 0.743
2015-02-13 0.008 0.911
2014-04-03 0.009 1.071
2014-03-10 0.009 0.805

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

  • China Merchants 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 Merchants Land only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of China Merchants Land's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
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 China Merchants 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 Merchants Land afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Merchants 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.

978 Management

 What is the CEO of China Merchants 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 Merchants Land has no CEO, or we have no data on them.
Management Team Tenure

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

1.4
Average Tenure
41.5
Average Age
  • The average tenure for the China Merchants Land management team is less than 2 years, this suggests a new team.
Management Team

Shu Fai So

TITLE
Executive Director
COMPENSATION
CN¥34K
AGE
66

Zhiliang Yu

TITLE
GM & Executive Director
COMPENSATION
CN¥2M
AGE
39

Yan Chen

TITLE
Financial Controller
AGE
39
TENURE
1.4 yrs

Yu Wang

TITLE
General Director of Investment & Development
AGE
44
TENURE
2.9 yrs

Ho Ng

TITLE
Company Secretary
TENURE
0.1 yrs
Board of Directors Tenure

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

7
Average Tenure
56.5
Average Age
  • The tenure for the China Merchants Land board of directors is about average.
Board of Directors

Yongjun Xu

TITLE
Chairman
COMPENSATION
CN¥34K
AGE
54
TENURE
3.3 yrs

Shu Fai So

TITLE
Executive Director
COMPENSATION
CN¥34K
AGE
66
TENURE
8.5 yrs

Zhiliang Yu

TITLE
GM & Executive Director
COMPENSATION
CN¥2M
AGE
39
TENURE
7 yrs

Yanping Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥114K
AGE
59
TENURE
7 yrs

Albert Wong

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥378K
AGE
66
TENURE
7 yrs

Ning Liu

TITLE
Non-Executive Director
COMPENSATION
CN¥34K
AGE
49
TENURE
7 yrs

Xinping Shi

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥114K
AGE
59
TENURE
7 yrs

Qi He

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥114K
AGE
62
TENURE
5.6 yrs

Junlong Huang

TITLE
Non-Executive Director
COMPENSATION
CN¥34K
AGE
52
TENURE
3.3 yrs

Wing Tam

TITLE
Director of Tonic Appliances Limited
AGE
42
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 Merchants 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 Merchants 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.

978 News

Simply Wall St News

Read This Before You Buy China Merchants Land Limited (HKG:978) Because Of Its P/E Ratio

China Merchants Land has a price to earnings ratio of 4.17, based on the last twelve months. … The formula for price to earnings is: Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS) Or for China Merchants Land: P/E of 4.17 = CN¥1.03 (Note: this is the share price in the reporting currency, namely, CNY ) ÷ CN¥0.25 (Based on the trailing twelve months to December 2018.) Is A High Price-to-Earnings Ratio Good? … China Merchants Land's earnings per share fell by 26% in the last twelve months.

Simply Wall St -

What Investors Should Know About China Merchants Land Limited's (HKG:978) Financial Strength

While small-cap stocks, such as China Merchants Land Limited (HKG:978) with its market cap of HK$6.9b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Assessing first and foremost the financial health is. … We'll look at some basic checks that can form a snapshot the company’s financial strength.

Simply Wall St -

The China Merchants Land Share Price Is Down 21% So Some Shareholders Are Getting Worried

While not a mind-blowing move, it is good to see that the China Merchants Land Limited (HKG:978) share price has gained 11% in the last three months. … By comparing earnings per share (EPS) and and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During the unfortunate half decade during which the share price slipped, China Merchants Land actually saw its earnings per share (EPS) improve by 25% per year.

Simply Wall St -

Do You Like China Merchants Land Limited (HKG:978) At This P/E Ratio?

To keep it practical, we'll show how China Merchants Land Limited's (HKG:978) P/E ratio could help you assess the value on offer. … Price to Earnings Ratio = Share Price (in reporting currency) ÷ Earnings per Share (EPS) … P/E of 2.94 = CN¥1.07 (Note: this is the share price in the reporting currency, namely, CNY ) ÷ CN¥0.36

Simply Wall St -

Are China Merchants Land Limited's (HKG:978) Interest Costs Too High?

However, an important fact which most ignore is: how financially healthy is the business? … Evaluating financial health as part of your investment thesis is. … Here are few basic financial health checks you should consider before taking the plunge.

Simply Wall St -

What Kind Of Investor Owns Most Of China Merchants Land Limited (HKG:978)?

A look at the shareholders of China Merchants Land Limited (HKG:978) can tell us which group is most powerful. … China Merchants Land is a smaller company with a market capitalization of HK$4.9b, so it may still be flying under the radar of many institutional investors. … See our latest analysis for China Merchants Land

Simply Wall St -

Can China Merchants Land Limited (HKG:978) Continue To Outperform Its Industry?

China Merchants Land Limited (HKG:978) delivered an ROE of 14.1% over the past 12 months, which is an impressive feat relative to its industry average of 9.5% during the same period. … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface. … View our latest analysis for China Merchants Land

Simply Wall St -

How Has China Merchants Land Limited's (HKG:978) Performed Against The Industry?

For investors with a long-term horizon, assessing earnings trend over time and against industry benchmarks is more valuable than looking at a single earnings announcement in one point in time. … Investors may find my commentary, albeit very high-level and brief, on China Merchants Land Limited (HKG:978) useful as an attempt to give more color around how China Merchants Land is currently performing. … Check out our latest analysis for China Merchants Land?

Simply Wall St -

Is China Merchants Land Limited (HKG:978) A Smart Choice For Dividend Investors?

China Merchants Land Limited (HKG:978) has returned to shareholders over the past 10 years, an average dividend yield of 2.00% annually. … Let's take a look at China Merchants Land in more detail. … View out our latest analysis for China Merchants Land

Simply Wall St -

Brief Commentary On China Merchants Land Limited's (HKG:978) Fundamentals

China Merchants Land Limited (HKG:978) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … is a company with great financial health as well as a.

Simply Wall St -

978 Company Info

Description

China Merchants Land Limited, an investment holding company, engages in the investment, development, management, lease, and sale of properties. Its property portfolio includes residential properties; and residential and commercial complex properties, such as apartments, villas, offices, retail shops, etc. As of December 31, 2018, the company’s portfolio of property development projects consisted of 29 projects in Foshan, Guangzhou, Chongqing, Nanjing, Jurong, and Xi’an; and a land bank of approximately 5,867,015 sq.m. It also sells electronic and electrical related products; and building related materials and equipment. The company is headquartered in Central, Hong Kong.

Details
Name: China Merchants Land Limited
978
Exchange: SEHK
Founded:
HK$5,395,783,646
4,905,257,860
Website: http://www.cmland.hk
Address: China Merchants Land Limited
China Merchants Tower,
26th Floor, Room 2603 to 2606,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 978 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 16. Oct 1997
BST TNY1 Ordinary Shares Boerse-Stuttgart DE EUR 16. Oct 1997
Number of employees
Current staff
Staff numbers
808
China Merchants Land employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 12:37
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/03/18
Last earnings filing: 2019/04/04
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.