| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 0/6 |
| Past Performance | 1/6 |
| Financial Health | 3/6 |
| Dividends | 3/6 |
978 Stock Overview
China Merchants Land Limited, an investment holding company, engages in the investment, development, management, lease, and sale of properties.
China Merchants Land Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | HK$0.64 |
| 52 Week High | HK$1.09 |
| 52 Week Low | HK$0.56 |
| Beta | 0.34 |
| 1 Month Change | 1.59% |
| 3 Month Change | -13.51% |
| 1 Year Change | -38.46% |
| 3 Year Change | -41.28% |
| 5 Year Change | -57.33% |
| Change since IPO | -87.94% |
Recent News & Updates
Shareholder Returns
| 978 | HK Real Estate | HK Market | |
|---|---|---|---|
| 7D | 1.6% | -1.7% | -0.2% |
| 1Y | -38.5% | -37.3% | -21.6% |
Return vs Industry: 978 underperformed the Hong Kong Real Estate industry which returned -36.4% over the past year.
Return vs Market: 978 underperformed the Hong Kong Market which returned -21.6% over the past year.
Price Volatility
| 978 volatility | |
|---|---|
| 978 Average Weekly Movement | 6.0% |
| Real Estate Industry Average Movement | 5.8% |
| Market Average Movement | 6.5% |
| 10% most volatile stocks in HK Market | 12.6% |
| 10% least volatile stocks in HK Market | 3.2% |
Stable Share Price: 978 is not significantly more volatile than the rest of Hong Kong stocks over the past 3 months, typically moving +/- 6% a week.
Volatility Over Time: 978's weekly volatility (6%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1997 | 962 | n/a | https://www.cmland.hk |
China Merchants Land Limited, an investment holding company, engages in the investment, development, management, lease, and sale of properties. The company operates through Properties and Asset Management segments. Its property portfolio includes residential properties; and residential and commercial complex properties, such as apartments, villas, offices, retail shops, etc. The company also offers asset management services for office premises and shopping malls.
China Merchants Land Fundamentals Summary
| 978 fundamental statistics | |
|---|---|
| Market Cap | CN¥2.70b |
| Earnings (TTM) | CN¥560.57m |
| Revenue (TTM) | CN¥25.92b |
4.8x
P/E Ratio0.1x
P/S RatioIs 978 overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| 978 income statement (TTM) | |
|---|---|
| Revenue | CN¥25.92b |
| Cost of Revenue | CN¥21.13b |
| Gross Profit | CN¥4.79b |
| Other Expenses | CN¥4.23b |
| Earnings | CN¥560.57m |
Last Reported Earnings
Dec 31, 2021
Next Earnings Date
Aug 18, 2022
| Earnings per share (EPS) | 0.11 |
| Gross Margin | 18.49% |
| Net Profit Margin | 2.16% |
| Debt/Equity Ratio | 140.4% |
How did 978 perform over the long term?
See historical performance and comparisonDividends
8.8%
Current Dividend Yield40%
Payout RatioValuation
Is 978 undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
3/6Valuation Score 3/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast
Key Valuation Metric
Which metric is best to use when looking at relative valuation for 978?
Other financial metrics that can be useful for relative valuation.
| What is 978's n/a Ratio? | |
|---|---|
| n/a Ratio | 0x |
| n/a | n/a |
| Market Cap | CN¥2.70b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 2.5x |
| Enterprise Value/EBITDA | 16.4x |
| PEG Ratio | n/a |
Price to Earnings Ratio vs Peers
How does 978's PE Ratio compare to its peers?
| 978 PE Ratio vs Peers |
|---|
| Company | PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 0.8x | ||
2772 Zhongliang Holdings Group | 1x | 5.7% | HK$3.2b |
1966 China SCE Group Holdings | 0.8x | 1.1% | HK$2.9b |
337 Greenland Hong Kong Holdings | 1x | n/a | HK$2.5b |
1238 Powerlong Real Estate Holdings | 0.6x | -7.6% | HK$4.0b |
978 China Merchants Land | 4.8x | n/a | HK$3.1b |
Price-To-Earnings vs Peers: 978 is expensive based on its Price-To-Earnings Ratio (4.8x) compared to the peer average (0.8x).
Price to Earnings Ratio vs Industry
How does 978's PE Ratio compare vs other companies in the HK Real Estate Industry?
Price-To-Earnings vs Industry: 978 is good value based on its Price-To-Earnings Ratio (4.8x) compared to the Hong Kong Real Estate industry average (5.7x)
Price to Earnings Ratio vs Fair Ratio
What is 978's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 4.8x |
| Fair PE Ratio | n/a |
Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 978's Price-To-Earnings Fair Ratio for valuation analysis.
Share Price vs Fair Value
What is the Fair Price of 978 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: 978 (HK$0.64) is trading below our estimate of fair value (HK$0.84)
Significantly Below Fair Value: 978 is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Insufficient data to show price forecast.
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Future Growth
How is China Merchants Land forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
Future Growth Score
0/6Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE
9.3%
Forecasted Real Estate industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as China Merchants Land has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
Discover growth companies
- Examine whether China Merchants Land is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
- China Merchants Land competitive advantages and company strategy can generally be found in its financial reports archived here.
Past Performance
How has China Merchants Land performed over the past 5 years?
Past Performance Score
1/6Past Performance Score 1/6
Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE
-7.6%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: 978 has high quality earnings.
Growing Profit Margin: 978's current net profit margins (2.2%) are lower than last year (3.7%).
Past Earnings Growth Analysis
Earnings Trend: 978's earnings have declined by 7.6% per year over the past 5 years.
Accelerating Growth: 978's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: 978 had negative earnings growth (-20.1%) over the past year, making it difficult to compare to the Real Estate industry average (15.4%).
Return on Equity
High ROE: 978's Return on Equity (4.7%) is considered low.
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Financial Health
How is China Merchants Land's financial position?
Financial Health Score
3/6Financial Health Score 3/6
Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage
Financial Position Analysis
Short Term Liabilities: 978's short term assets (CN¥113.4B) exceed its short term liabilities (CN¥75.6B).
Long Term Liabilities: 978's short term assets (CN¥113.4B) exceed its long term liabilities (CN¥29.3B).
Debt to Equity History and Analysis
Debt Level: 978's net debt to equity ratio (97.8%) is considered high.
Reducing Debt: 978's debt to equity ratio has increased from 124.2% to 140.4% over the past 5 years.
Debt Coverage: 978's operating cash flow is negative, therefore debt is not well covered.
Interest Coverage: 978's interest payments on its debt are well covered by EBIT (9.1x coverage).
Balance Sheet
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Dividend
What is China Merchants Land current dividend yield, its reliability and sustainability?
Dividend Score
3/6Dividend Score 3/6
Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage
8.82%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: 978's dividend (8.82%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.85%).
High Dividend: 978's dividend (8.82%) is in the top 25% of dividend payers in the Hong Kong market (8.26%)
Stability and Growth of Payments
Stable Dividend: 978 has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: 978's dividend payments have increased, but the company has only paid a dividend for 8 years.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonably low payout ratio (40.3%), 978's dividend payments are well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: 978 is paying a dividend but the company has no free cash flows.
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Management
How experienced are the management team and are they aligned to shareholders interests?
4.6yrs
Average management tenure
CEO
China Merchants Land has no CEO, or we have no data on them.
Leadership Team
Experienced Management: 978's management team is considered experienced (4.6 years average tenure).
Board Members
Experienced Board: 978's board of directors are seasoned and experienced ( 10.2 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
China Merchants Land Limited's employee growth, exchange listings and data sources
Key Information
- Name: China Merchants Land Limited
- Ticker: 978
- Exchange: SEHK
- Founded: 1997
- Industry: Real Estate Development
- Sector: Real Estate
- Implied Market Cap: HK$3.139b
- Shares outstanding: 4.91b
- Website: https://www.cmland.hk
Number of Employees
Location
- China Merchants Land Limited
- China Merchants Tower
- 26th Floor, Room 2603 to 2606
- Central
- Hong Kong
Listings
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/08/15 00:00 |
| End of Day Share Price | 2022/08/15 00:00 |
| Earnings | 2021/12/31 |
| Annual Earnings | 2021/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.