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Guangzhou R&F Properties

OTCPK:GZUH.F
Snowflake Description

Very undervalued with high growth potential and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GZUH.F
OTCPK
HK$46B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Guangzhou R&F Properties Co., Ltd., together with its subsidiaries, engages in the development and sale of residential and commercial properties in the People’s Republic of China, Malaysia, Cambodia, Korea, the United Kingdom, and Australia. The last earnings update was 23 days ago. More info.


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GZUH.F Share Price and Events
7 Day Returns
0.5%
OTCPK:GZUH.F
-0.8%
US Real Estate
0.2%
US Market
1 Year Returns
-
OTCPK:GZUH.F
-16.5%
US Real Estate
2.9%
US Market
GZUH.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Guangzhou R&F Properties (GZUH.F) 0.5% -13.1% - - - -
US Real Estate -0.8% -6.9% -9.9% -16.5% 14.5% 1%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • No trading data on GZUH.F.
  • No trading data on GZUH.F.
Price Volatility
GZUH.F
Industry
5yr Volatility vs Market

GZUH.F Value

 Is Guangzhou R&F Properties 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 Guangzhou R&F Properties 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 Guangzhou R&F Properties.

OTCPK:GZUH.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 17 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:GZUH.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.11
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.108 (1 + (1- 25%) (378.95%))
3.182
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)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for OTCPK:GZUH.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Guangzhou R&F Properties 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.

OTCPK:GZUH.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 14.65%)
2019 9,799.96 Analyst x3 8,547.72
2020 17,159.80 Analyst x5 13,054.61
2021 37,089.50 Analyst x4 24,610.97
2022 56,481.85 Est @ 52.29% 32,689.83
2023 77,616.63 Est @ 37.42% 39,181.81
2024 98,582.51 Est @ 27.01% 43,406.58
2025 118,030.34 Est @ 19.73% 45,328.91
2026 135,296.09 Est @ 14.63% 45,320.30
2027 150,258.16 Est @ 11.06% 43,900.71
2028 163,120.45 Est @ 8.56% 41,568.83
Present value of next 10 years cash flows CN¥337,610.28
OTCPK:GZUH.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥163,120.45 × (1 + 2.73%) ÷ (14.65% – 2.73%)
CN¥1,405,819.13
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥1,405,819.13 ÷ (1 + 14.65%)10
CN¥358,252.19
OTCPK:GZUH.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥337,610.28 + CN¥358,252.19
CN¥695,862.47
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥695,862.47 / 3,222.37
CN¥1664.55
OTCPK:GZUH.F Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:2777)
1.137
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥215.95 x 1.137
HK$245.46
Non-primary Listing Adjustment Factor 1 share in OTCPK:GZUH.F represents 0.12973x of SEHK:2777
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.12973x
Value per Share
(Listing Adjusted, USD)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 245.46 x 0.12973
$31.84
Value per share (USD) From above. $31.84
Current discount Discount to share price of $1.85
= -1 x ($1.85 - $31.84) / $31.84
94.2%

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

Current Discount
Amount off the current price Guangzhou R&F Properties is available for.
Intrinsic value
>50%
Share price is $1.85 vs Future cash flow value of $31.84
Current Discount Checks
For Guangzhou R&F Properties to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Guangzhou R&F Properties's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Guangzhou R&F Properties's share price is below the future cash flow value, and at a substantial discount (> 40%).
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 Guangzhou R&F Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Guangzhou R&F Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:GZUH.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CNY CN¥2.58
SEHK:2777 Share Price ** SEHK (2019-05-21) in HKD HK$14.26
SEHK:2777 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.88 CN¥12.55
United States of America Real Estate Industry PE Ratio Median Figure of 26 Publicly-Listed Real Estate Companies 15.11x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

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

** Primary Listing of Guangzhou R&F Properties.

OTCPK:GZUH.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:2777 Share Price ÷ EPS (both in CNY)

= 12.55 ÷ 2.58

4.86x

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

  • Guangzhou R&F Properties is good value based on earnings compared to the US Real Estate industry average.
  • Guangzhou R&F Properties is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Guangzhou R&F Properties's expected growth come at a high price?
Raw Data
OTCPK:GZUH.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts
23.1%per year
United States of America Real Estate Industry PEG Ratio Median Figure of 12 Publicly-Listed Real Estate Companies 0.45x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

OTCPK:GZUH.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.86x ÷ 23.1%

0.21x

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

  • Guangzhou R&F Properties is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Guangzhou R&F Properties's assets?
Raw Data
OTCPK:GZUH.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CNY CN¥22.17
SEHK:2777 Share Price * SEHK (2019-05-21) in HKD HK$14.26
SEHK:2777 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.88 CN¥12.55
United States of America Real Estate Industry PB Ratio Median Figure of 51 Publicly-Listed Real Estate Companies 1.51x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
OTCPK:GZUH.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:2777 Share Price ÷ Book Value per Share (both in CNY)

= 12.55 ÷ 22.17

0.57x

* Primary Listing of Guangzhou R&F Properties.

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

  • Guangzhou R&F Properties is good value based on assets compared to the US Real Estate industry average.
X
Value checks
We assess Guangzhou R&F Properties'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. Guangzhou R&F Properties has a total score of 6/6, 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.

GZUH.F Future Performance

 How is Guangzhou R&F Properties expected to perform in the next 1 to 3 years based on estimates from 17 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
23.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Guangzhou R&F Properties expected to grow at an attractive rate?
  • Guangzhou R&F Properties's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Guangzhou R&F Properties's earnings growth is expected to exceed the United States of America market average.
  • Guangzhou R&F Properties's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:GZUH.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:GZUH.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts 23.1%
OTCPK:GZUH.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 17 Analysts 21.4%
United States of America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 4.3%
United States of America Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
OTCPK:GZUH.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:GZUH.F Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 152,715 25,294 18,413 14
2020-12-31 128,849 50,368 15,011 17
2019-12-31 104,105 49,938 12,408 15
OTCPK:GZUH.F Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-03-31 77,226 -17,294 8,080
2018-12-31 76,858 -8,617 8,371
2018-09-30 74,904 -8,393 15,539
2018-06-30 72,951 -8,169 22,707
2018-03-31 58,991 -11,336 20,679
2017-12-31 59,278 -7,287 21,186
2017-09-30 55,516 -9,029 14,060
2017-06-30 51,755 -10,771 6,934
2017-03-31 52,743 -7,054 6,845
2016-12-31 53,730 -3,338 6,756
2016-09-30 53,846 -1,993 6,785
2016-06-30 53,961 -648 6,814

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Guangzhou R&F Properties's earnings are expected to grow significantly at over 20% yearly.
  • Guangzhou R&F Properties'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
OTCPK:GZUH.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below

All data from Guangzhou R&F Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:GZUH.F Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 5.65 6.92 4.54 13.00
2020-12-31 4.71 5.66 3.50 15.00
2019-12-31 3.90 4.53 3.20 14.00
OTCPK:GZUH.F Past Financials Data
Date (Data in CNY Millions) EPS *
2019-03-31 2.58
2018-12-31 2.60
2018-09-30 4.82
2018-06-30 7.05
2018-03-31 6.30
2017-12-31 6.57
2017-09-30 4.36
2017-06-30 2.15
2017-03-31 2.13
2016-12-31 2.10
2016-09-30 2.11
2016-06-30 2.13

*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.
  • Guangzhou R&F Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Guangzhou R&F Properties'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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
Guangzhou R&F Properties has a total score of 5/6, 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.

GZUH.F Past Performance

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

OTCPK:GZUH.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 77,225.75 8,080.38 8,348.97
2018-12-31 76,857.68 8,371.24 8,190.80
2018-09-30 74,904.36 15,539.06 7,529.34
2018-06-30 72,951.04 22,706.88 6,881.38
2018-03-31 58,990.74 20,679.04 6,025.23
2017-12-31 59,277.86 21,186.45 5,328.26
2017-09-30 55,516.34 14,059.99 4,881.31
2017-06-30 51,754.83 6,933.53 4,434.37
2017-03-31 52,742.58 6,844.72 4,211.30
2016-12-31 53,730.34 6,755.91 3,988.23
2016-09-30 53,845.78 6,785.17 3,797.05
2016-06-30 53,961.22 6,814.43 3,605.87
2016-03-31 49,126.07 6,215.11 3,456.05
2015-12-31 44,290.92 5,615.80 3,306.23
2015-09-30 40,946.52 5,397.37 3,256.52
2015-06-30 37,602.12 5,178.94 3,206.81
2015-03-31 36,153.76 5,199.77 3,161.69
2014-12-31 34,705.41 5,220.60 3,116.56
2014-09-30 35,304.25 6,236.50 2,992.27
2014-06-30 35,903.08 7,252.40 2,867.98
2014-03-31 36,087.18 7,443.13 2,666.35
2013-12-31 36,271.28 7,633.86 2,464.72
2013-09-30 34,193.36 6,641.53 2,302.70
2013-06-30 32,115.43 5,649.21 2,140.68
2013-03-31 31,240.24 5,575.59 2,058.54
2012-12-31 30,365.06 5,501.98 1,976.41
2012-09-30 27,596.48 4,820.03 1,940.56
2012-06-30 24,827.91 4,138.08 1,904.72

*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.
  • Guangzhou R&F Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Guangzhou R&F Properties used its assets less efficiently than the US Real Estate industry average last year based on Return on Assets.
  • Guangzhou R&F Properties has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Guangzhou R&F Properties'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.
Guangzhou R&F Properties 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.

GZUH.F Health

 How is Guangzhou R&F Properties'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 Guangzhou R&F Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Guangzhou R&F Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Guangzhou R&F Properties's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Guangzhou R&F Properties'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 1.9x 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 Guangzhou R&F Properties Company Filings, last reported 1 month ago.

OTCPK:GZUH.F Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 70,417.15 153,197.15 39,819.37
2018-12-31 69,860.58 163,748.67 19,782.88
2018-09-30 69,860.58 163,748.67 19,782.88
2018-06-30 65,757.34 159,137.89 18,778.16
2018-03-31 64,893.65 142,243.83 19,697.17
2017-12-31 64,893.65 142,243.83 19,697.17
2017-09-30 64,893.65 142,243.83 19,697.17
2017-06-30 47,025.83 123,142.19 15,683.69
2017-03-31 47,025.83 123,142.19 15,683.69
2016-12-31 46,836.20 120,852.08 25,306.02
2016-09-30 46,836.20 120,852.08 25,306.02
2016-06-30 45,611.71 107,770.02 29,083.33
2016-03-31 45,611.71 107,770.02 29,083.33
2015-12-31 49,217.38 82,438.64 14,470.31
2015-09-30 49,217.38 82,438.64 14,470.31
2015-06-30 47,570.87 74,766.71 11,988.49
2015-03-31 47,570.87 74,766.71 11,988.49
2014-12-31 52,145.56 67,658.67 13,490.43
2014-09-30 52,145.56 67,658.67 13,490.43
2014-06-30 47,842.07 68,658.63 16,685.84
2014-03-31 47,842.07 68,658.63 16,685.84
2013-12-31 33,482.04 61,447.83 17,722.16
2013-09-30 33,482.04 61,447.83 17,722.16
2013-06-30 26,694.58 45,816.57 13,123.00
2013-03-31 26,694.58 45,816.57 13,123.00
2012-12-31 26,829.87 35,632.26 7,026.09
2012-09-30 26,829.87 35,632.26 7,026.09
2012-06-30 22,754.37 32,737.02 9,688.27
  • Guangzhou R&F Properties's level of debt (217.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (143.5% vs 217.6% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 6.8x coverage).
X
Financial health checks
We assess Guangzhou R&F Properties'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. Guangzhou R&F Properties 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.

GZUH.F Dividends

 What is Guangzhou R&F Properties'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
9.8%
Current annual income from Guangzhou R&F Properties dividends. Estimated to be 14.94% next year.
If you bought $2,000 of Guangzhou R&F Properties shares you are expected to receive $196 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?
  • Guangzhou R&F Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Guangzhou R&F Properties's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
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
OTCPK:GZUH.F 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 17 Analyst Estimates (S&P Global) See Below
United States of America Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 2.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

OTCPK:GZUH.F Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.20 13.00
2020-12-31 1.86 15.00
2019-12-31 1.58 14.00
OTCPK:GZUH.F Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-20 1.230 8.918
2018-03-19 1.100 8.700
2017-08-22 1.030 6.652
2017-05-19 1.000 8.805
2015-09-11 0.600 7.137
2015-08-20 0.600 10.401
2015-04-21 0.000 0.000
2015-03-17 0.000 0.000
2014-09-22 0.000 0.000
2014-08-26 0.000 0.000
2014-04-11 0.620 7.460
2014-03-20 0.620 7.130
2013-05-29 0.600 6.522
2012-03-20 0.600 6.766
2011-08-23 0.600 10.106
2011-05-27 0.800 9.682
2011-04-12 0.500 5.628
2011-03-24 0.500 5.190
2010-09-13 0.200 2.104
2010-08-30 0.200 1.927
2010-08-26 0.200 2.070
2010-03-26 0.360 3.774

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

  • Guangzhou R&F Properties 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 Guangzhou R&F Properties only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Guangzhou R&F Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Guangzhou R&F Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Guangzhou R&F Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Guangzhou R&F Properties has a total score of 4/6, see the detailed checks below.


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

GZUH.F Management

 What is the CEO of Guangzhou R&F Properties'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
Li Zhang
COMPENSATION CN¥5,290,000
AGE 64
TENURE AS CEO 14.3 years
CEO Bio

Mr. Li Zhang co-founded Guangzhou R&f Properties Co., Ltd. in August 1994 and has been its Chief Executive Officer since 2005. Mr. Zhang is the Co-Chairman of Guangzhou R&f Properties Co., Ltd. Mr. Zhang has a wealth of experience in property development and other related businesses. In 1993, he started to engage into real estate development and in August 1994, Co-Founded Guangzhou R&F Properties. Mr. Zhang serves as the Chief Executive Officer of Caifu Holdings Limited. Mr. Zhang utilizes his expertise in land acquisition, engineering, construction and cost control and managing daily operations. He started his career in the construction and renovation business. He served as the head of production department of Guangzhou Baiyun District Rural Enterprise Administration from 1981 to 1985 and the General Manager of Guangzhou Meihuacun Hotel and Guangzhou Tianli Property Development Corp., the predecessor of Guangzhou R&F Properties Co., Ltd. a company listed on the Stock Exchange, from 1985 to 1994 and from 1994 to 2000, respectively. Mr. Zhang serves as the Co-Chairman of the Board of Directors of Caifu Holdings Limited. He has been Co-Chairman of the Board of Guangzhou R&f Properties Co., Ltd. since 2005. He has been the Chairman of Kinetic Mines and Energy Limited since March 2012 and its Executive Director since July 27, 2010. He serves as a Director of Kinetic (Asia). Mr. Zhang is the vice chairman of China Real Estate Chamber of Commerce and a Director and a part-time professor of Jinan University in China. He graduated from Guangzhou Open University in 1986.

CEO Compensation
  • Li's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Li's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Guangzhou R&F Properties management team in years:

14
Average Tenure
58
Average Age
  • The average tenure for the Guangzhou R&F Properties management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Li Zhang

TITLE
Co-Founder
COMPENSATION
CN¥5M
AGE
64
TENURE
14.3 yrs

Sze Lim Li

TITLE
Co-Founder & Chairman
COMPENSATION
CN¥5M
AGE
61
TENURE
24.8 yrs

Yaonan Zhou

TITLE
Deputy VP & Executive Director
COMPENSATION
CN¥6M
AGE
64
TENURE
14.3 yrs

Jing Lu

TITLE
Deputy GM & Executive Director
COMPENSATION
CN¥3M
AGE
58
TENURE
24.8 yrs

Ling Zhu

TITLE
Chief Financial Officer
AGE
51
TENURE
13.6 yrs

Michael Lee

TITLE
Joint Company Secretary
TENURE
3.7 yrs

Sze Yin Cheung

TITLE
Joint Company Secretary
AGE
44
TENURE
3.7 yrs

Jie Hu

TITLE
Vice GM
AGE
43
TENURE
11.9 yrs
Board of Directors Tenure

Average tenure and age of the Guangzhou R&F Properties board of directors in years:

14
Average Tenure
63
Average Age
  • The average tenure for the Guangzhou R&F Properties board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Sze Lim Li

TITLE
Co-Founder & Chairman
COMPENSATION
CN¥5M
AGE
61

Yaonan Zhou

TITLE
Deputy VP & Executive Director
COMPENSATION
CN¥6M
AGE
64
TENURE
17.6 yrs

Jing Lu

TITLE
Deputy GM & Executive Director
COMPENSATION
CN¥3M
AGE
58
TENURE
17.6 yrs

Ercheng Zheng

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥315K
AGE
60
TENURE
5 yrs

Li Zhang

TITLE
Co-Founder
COMPENSATION
CN¥5M
AGE
64

Liangnuan Chen

TITLE
Chairman of the Supervisory Committee
COMPENSATION
CN¥72K
AGE
68

Chun Wong

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥335K
AGE
59
TENURE
2 yrs

Lin Zhang

TITLE
Non-Executive Director
COMPENSATION
CN¥416K
AGE
69
TENURE
14.9 yrs

Helen Li

TITLE
Non-Executive Director
COMPENSATION
CN¥416K
AGE
67
TENURE
14 yrs

Daniel Ng

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥315K
AGE
62
TENURE
4 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 ($) Value ($)
15. May 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 10. May 19 10. May 19 13,759,282 $1.89 $25,996,540
13. May 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 08. May 19 08. May 19 -6,650,009 $1.89 $-12,556,733
13. May 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 08. May 19 08. May 19 -4,115,522 $1.89 $-7,771,044
13. May 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 08. May 19 08. May 19 178,400 $1.89 $336,860
10. May 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 07. May 19 07. May 19 6,959,930 $1.92 $13,374,487
07. May 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 02. May 19 02. May 19 -1,200,075 $1.98 $-2,378,196
03. May 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 30. Apr 19 30. Apr 19 932,068 $1.99 $1,852,742
27. Mar 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 22. Mar 19 22. Mar 19 -1,793,957 $2.18 $-3,916,484
14. Mar 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 11. Mar 19 11. Mar 19 2,840,350 $1.91 $5,415,664
08. Feb 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 01. Feb 19 01. Feb 19 -3,002,140 $1.99 $-5,973,649
24. Jan 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 21. Jan 19 21. Jan 19 -2,262,967 $1.81 $-4,095,332
21. Jan 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 16. Jan 19 16. Jan 19 2,244,604 $1.81 $4,055,418
14. Sep 18 Buy Sze Lim Li Individual 13. Sep 18 13. Sep 18 2,000,000 $1.80 $3,608,278
01. Sep 18 Sell BlackRock, Inc. Company 30. Aug 18 30. Aug 18 -9,743,248 $2.07 $-20,146,318
04. Aug 18 Buy BlackRock, Inc. Company 01. Aug 18 01. Aug 18 4,370,000 $1.78 $7,791,863
X
Management checks
We assess Guangzhou R&F Properties'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. Guangzhou R&F Properties 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.

GZUH.F News

Simply Wall St News

GZUH.F Company Info

Description

Guangzhou R&F Properties Co., Ltd., together with its subsidiaries, engages in the development and sale of residential and commercial properties in the People’s Republic of China, Malaysia, Cambodia, Korea, the United Kingdom, and Australia. The company engages in the development and investment of various properties, including hotels, office buildings, shopping malls, and tourism projects in Beijing, Guangzhou, and other cities. It is also involved in operating hotels; and provides interior design, residential architecture design, gardening and virescence construction, property leasing, and property management and agency services. In addition, it operates a construction company, as well as offers management consulting, hotel management, and marketing development services. Further, the company manufactures aluminum frames; sells construction and decoration materials; and operates a football club. Guangzhou R&F Properties Co., Ltd. was founded in 1994 and is headquartered in Guangzhou, the People's Republic of China.

Details
Name: Guangzhou R&F Properties Co., Ltd.
GZUH.F
Exchange: OTCPK
Founded: 1994
HK$5,853,744,576
3,222,367,344
Website: http://www.rfchina.com
Address: Guangzhou R&F Properties Co., Ltd.
R&F Center,
45-54th Floor,
Guangzhou,
Guangdong Province, 510623,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 2777 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 14. Jul 2005
OTCPK GZUH.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 14. Jul 2005
DB G5HA Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 14. Jul 2005
SHSC 2777 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 14. Jul 2005
SZSC 2777 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 14. Jul 2005
OTCPK GZUH.Y UNSPONSORD ADR Pink Sheets LLC US USD 04. Nov 2008
Number of employees
Current staff
Staff numbers
60,325
Guangzhou R&F Properties employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 05:22
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
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.