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China Merchants Land

BST:TNY1
Snowflake Description

Undervalued with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TNY1
BST
HK$5B
Market Cap
  1. Home
  2. DE
  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 53 days ago. More info.


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TNY1 Share Price and Events
7 Day Returns
8.7%
BST:TNY1
0.9%
DE Real Estate
0%
DE Market
1 Year Returns
17.9%
BST:TNY1
-1.1%
DE Real Estate
9.9%
DE Market
TNY1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Merchants Land (TNY1) 8.7% 16% 19.1% 17.9% 3.8% -
DE Real Estate 0.9% -1.1% 4.1% -1.1% 39.2% 87.2%
DE Market 0% 4.4% 13.6% 9.9% 14.6% 18.2%
1 Year Return vs Industry and Market
  • TNY1 outperformed the Real Estate industry which returned -1.1% over the past year.
  • TNY1 outperformed the Market in Germany which returned 9.9% over the past year.
Price Volatility
TNY1
Industry
5yr Volatility vs Market

TNY1 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.

BST:TNY1 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 13.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 BST:TNY1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.051 (1 + (1- 25%) (502.43%))
3.687
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)
= 0.23% + (2 * 6.65%)
13.53%

Discounted Cash Flow Calculation for BST:TNY1 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.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BST:TNY1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 13.53%)
2020 6,040.78 Est @ 88.45% 5,320.96
2021 9,785.10 Est @ 61.98% 7,592.05
2022 14,037.44 Est @ 43.46% 9,593.54
2023 18,317.25 Est @ 30.49% 11,026.77
2024 22,239.04 Est @ 21.41% 11,792.37
2025 25,587.28 Est @ 15.06% 11,951.05
2026 28,301.41 Est @ 10.61% 11,643.60
2027 30,422.19 Est @ 7.49% 11,024.70
2028 32,038.79 Est @ 5.31% 10,227.02
2029 33,252.46 Est @ 3.79% 9,349.62
Present value of next 10 years cash flows CN¥99,521.00
BST:TNY1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥33,252.46 × (1 + 0.23%) ÷ (13.53% – 0.23%)
CN¥250,588.55
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥250,588.55 ÷ (1 + 13.53%)10
CN¥70,458.17
BST:TNY1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥99,521.00 + CN¥70,458.17
CN¥169,979.17
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥169,979.17 / 4,905.26
CN¥34.65
BST:TNY1 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:978)
1.117
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥34.65 x 1.117
HK$38.7
Non-primary Listing Adjustment Factor 1 share in BST:TNY1 represents 0.12321x of SEHK:978
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.12321x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 38.70 x 0.12321
€4.77
Value per share (EUR) From above. €4.77
Current discount Discount to share price of €0.14
= -1 x (€0.14 - €4.77) / €4.77
97.1%

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

Current Discount
Amount off the current price China Merchants Land is available for.
Intrinsic value
>50%
Share price is €0.14 vs Future cash flow value of €4.77
Current Discount Checks
For China Merchants Land to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Merchants Land's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Merchants Land'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 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
BST:TNY1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CNY CN¥0.26
SEHK:978 Share Price ** SEHK (2019-11-15) in HKD HK$1.12
SEHK:978 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.895 CN¥1
Germany Real Estate Industry PE Ratio Median Figure of 35 Publicly-Listed Real Estate Companies 12.72x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 19.5x

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

** Primary Listing of China Merchants Land.

BST:TNY1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 1 ÷ 0.26

3.84x

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 DE Real Estate industry average.
  • China Merchants Land is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does China Merchants Land's expected growth come at a high price?
Raw Data
BST:TNY1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
17.3%per year
Germany Real Estate Industry PEG Ratio Median Figure of 19 Publicly-Listed Real Estate Companies 0.62x
Germany Market PEG Ratio Median Figure of 253 Publicly-Listed Companies 1.38x

*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
BST:TNY1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CNY CN¥1.67
SEHK:978 Share Price * SEHK (2019-11-15) in HKD HK$1.12
SEHK:978 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.895 CN¥1
Germany Real Estate Industry PB Ratio Median Figure of 43 Publicly-Listed Real Estate Companies 1.4x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.86x
BST:TNY1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1 ÷ 1.67

0.6x

* 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 good value based on assets compared to the DE 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 5/6, 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.

TNY1 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
17.3%
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 0.2%.
Growth vs Market Checks
  • China Merchants Land's earnings growth is expected to exceed the Germany market average.
  • Unable to compare China Merchants Land's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BST:TNY1 Future Growth Rates Data Sources
Data Point Source Value (per year)
BST:TNY1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 17.3%
Germany Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -8%
Germany Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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
BST:TNY1 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.
BST:TNY1 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
2019-11-17
BST:TNY1 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-06-30 11,612 3,377 1,280
2019-03-31 11,784 2,315 1,248
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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Merchants Land's earnings are expected to grow by 17.3% 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
BST:TNY1 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 China Merchants Land Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:TNY1 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
2019-11-17
BST:TNY1 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-06-30 0.26
2019-03-31 0.25
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

*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 Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany 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.

TNY1 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 DE 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 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:TNY1 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 11,611.84 1,280.26 551.11
2019-03-31 11,783.87 1,248.20 530.95
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

*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 DE 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.

TNY1 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 2.7x 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 4 months ago.

BST:TNY1 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 26,123.37 24,425.19 9,220.78
2019-03-31 26,123.37 24,425.19 9,220.78
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
  • China Merchants Land's level of debt (93.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (88.3% vs 93.5% today).
  • Debt is not well covered by operating cash flow (13.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 12.4x 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.

TNY1 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
6.98%
Current annual income from China Merchants Land dividends. Estimated to be 11.1% next year.
If you bought €2,000 of China Merchants Land shares you are expected to receive €140 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 Germany (1.33%).
  • China Merchants Land's dividend is above the markets top 25% of dividend payers in Germany (3.66%).
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
BST:TNY1 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
Germany Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 2.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 333 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany 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.

BST:TNY1 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
2019-11-17
BST:TNY1 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-15 0.070 6.870
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
2008-12-24 0.000 0.000
2008-12-19 0.000 0.000

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 6 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 (3.7x 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 0.7%) - 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.

TNY1 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:

1.8
Average Tenure
45
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
67

Zhiliang Yu

TITLE
GM & Executive Director
COMPENSATION
CN¥2M
AGE
40

Yan Chen

TITLE
Financial Controller
AGE
40
TENURE
1.8 yrs

Yu Wang

TITLE
General Director of Investment & Development
AGE
45
TENURE
3.3 yrs

King Yuen Wong

TITLE
Executive Director
COMPENSATION
CN¥27K
AGE
51

Ho Ng

TITLE
Company Secretary
TENURE
0.5 yrs
Board of Directors Tenure

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

7.4
Average Tenure
57.5
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
55
TENURE
3.7 yrs

Shu Fai So

TITLE
Executive Director
COMPENSATION
CN¥34K
AGE
67
TENURE
8.9 yrs

Zhiliang Yu

TITLE
GM & Executive Director
COMPENSATION
CN¥2M
AGE
40
TENURE
7.4 yrs

King Yuen Wong

TITLE
Executive Director
COMPENSATION
CN¥27K
AGE
51
TENURE
3.7 yrs

Yanping Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥114K
AGE
60
TENURE
7.4 yrs

Albert Wong

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥150K
AGE
67
TENURE
7.4 yrs

Ning Liu

TITLE
Non-Executive Director
COMPENSATION
CN¥34K
AGE
50
TENURE
7.4 yrs

Xinping Shi

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥114K
AGE
60
TENURE
7.4 yrs

Qi He

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥114K
AGE
63
TENURE
6 yrs

Junlong Huang

TITLE
Non-Executive Director
COMPENSATION
CN¥34K
AGE
53
TENURE
3.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
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.

TNY1 News

Simply Wall St News

TNY1 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
TNY1
Exchange: BST
Founded:
HK$635,430,298
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
829
China Merchants Land employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/17 21:45
End of day share price update: 2019/11/15 00:00
Last estimates confirmation: 2019/09/11
Last earnings filing: 2019/09/25
Last earnings reported: 2019/06/30
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.