China Real Estate Comps

(as of 18/10/19)
Ticker Company Share price (local) Market cap (US$MM) Firm value (US$MM) 2019E FV/EBITDA 2020E FV/EBITDA 2019E P/E 2020E P/E 2019E P/B 2020E P/B 2018 Div Yield
H-share China Real Estate
2202.HK China Vanke 万科企业 29.35 44,143MM 71,737MM 4.9x 4.3x 7.3x 6.3x 1.6x 1.4x 4.3%
0688.HK China Overseas Land & Investment 中国海外发展 26.60 37,363MM 52,337MM 5.8x 5.0x 6.4x 5.5x 0.9x 0.8x 3.4%
1109.HK China Resources Land 华润置地 36.15 32,122MM 51,125MM 7.6x 6.5x 9.6x 8.2x 1.5x 1.3x 3.5%
2007.HK Country Garden Holdings 碧桂园控股 10.76 29,880MM 53,842MM 4.3x 3.9x 5.1x 4.5x 1.4x 1.1x 5.4%
0960.HK Longfor 龙湖集团控股 32.90 25,180MM 48,775MM 9.6x 8.0x 10.9x 9.0x 1.9x 1.7x 3.6%
1918.HK Sunac China Holdings 融创中国控股 36.00 20,501MM 53,485MM 10.8x 8.2x 5.6x 4.4x 1.8x 1.4x 2.7%
0813.HK Shimao Property Holdings 世茂房地产控股 26.00 11,005MM 28,288MM 7.2x 5.9x 7.0x 5.7x 1.1x 1.0x 4.7%
3380.HK Logan Property Holdings 龙光地产控股 12.16 8,548MM 13,213MM 5.1x 4.1x 6.1x 4.9x 1.8x 1.4x 5.1%
1030.HK Seazen 新城发展控股 8.03 6,073MM 19,954MM 6.5x 4.8x 5.9x 4.5x 1.7x 1.2x 4.4%
0884.HK CIFI Holdings (Group) 旭辉控股(集团) 5.40 5,460MM 15,818MM 10.0x 8.2x 5.3x 4.3x 1.2x 1.0x 4.3%
2777.HK Guangzhou R&F Properties 广州富力地产 12.50 5,164MM 30,562MM 7.9x 6.8x 3.0x 2.6x 0.5x 0.4x 11.7%
3383.HK Agile 雅居乐集团控股 10.26 5,152MM 16,488MM 6.1x 5.3x 4.7x 4.1x 0.8x 0.7x 10.0%
0604.HK Shenzhen Investment 深圳控股 3.13 3,482MM 5,733MM 6.9x 6.1x 7.5x 6.8x 0.6x 0.5x 5.8%
3377.HK Sino-Ocean Group Holding 远洋集团控股 2.74 2,675MM 13,701MM 11.0x 8.4x 5.2x 3.4x 0.4x 0.3x 8.0%
1628.HK Yuzhou Properties 禹洲地产 3.32 2,142MM 5,732MM 5.0x 4.2x 3.4x 2.9x 0.6x 0.6x 9.7%
Mean 7.2x 6.0x 6.2x 5.1x 1.2x 1.0x 5.8%
Median 6.9x 5.9x 5.9x 4.5x 1.2x 1.0x 4.7%
A-share China Real Estate
000002.SZ Vanke 万科企业 27.64 43,128MM 55,000MM 4.5x 3.8x 7.6x 6.4x 1.7x 1.4x 3.8%
600048.SH Poly Developments And Holdings Group 保利发展控股集团 15.78 26,149MM 46,736MM 6.2x 5.1x 7.7x 6.3x 1.3x 1.1x 3.2%
001979.SZ Shekou 招商局蛇口工业区控股 19.78 21,742MM 30,350MM 6.7x 5.5x 8.4x 6.9x 1.7x 1.5x 4.0%
600606.SH Greenland Holdings 绿地控股集团 7.27 12,286MM 41,761MM 8.5x 7.3x 6.1x 5.0x 1.1x 1.0x 4.1%
601155.SH Seazen Holdings 新城控股集团 31.19 9,776MM 14,903MM 5.2x 3.8x 5.0x 3.8x 1.5x 1.1x 4.8%
600383.SH Gemdale 金地(集团) 13.25 8,308MM 15,300MM 6.2x 5.2x 6.1x 5.1x 1.1x 1.0x 4.5%
600823.SH Shanghai Shimao 上海世茂 4.38 2,282MM 3,522MM 3.3x 2.8x 6.3x 5.4x 0.6x 0.6x 5.9%
Mean 5.8x 4.8x 6.7x 5.6x 1.3x 1.1x 4.3%
Median 6.2x 5.1x 6.3x 5.4x 1.3x 1.1x 4.1%