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ROE as high as 37%, net debt ratio dropped sharplyZhongliang Holdings went to Hong Kong for IPO

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  • Source: Dongyang Information Network

    Summary: According to the latest prospectus data, Zhongliang Holdings achieved revenue of 400.2 billion yuan in 2018, an increase of 115.41% year-on-year, and net profit during the period was 2.526 billion yuan, an increase of more than four times the same period last year. In fact, from 2016 to 2018, Zhongliang Holdings' revenue increased by 9.33 times; the growth rate is much higher than the industry average.

    Source: Investor Network

    More than three or three times after the listing application materials became invalid, Zhongliang Holdings has re-submitted a prospectus to the Hong Kong Stock Exchange on May 17, 2019, with an estimated fundraising scale of US $ 600 million.

    The updated prospectus revealed that in 2018, Zhongliang Holdings achieved a total contract sales of 101.5 billion yuan in 2018, an increase of 434% over 2016. Revenue during the period was 400.2 billion yuan, a year-on-year increase of 115% and a net profit of 25 Billion, a year-on-year increase of over 4 times.

    It is worth noting that, with the expansion of scale, Zhongliang Holdings Finance is extremely stable. In 2018, the company's net operating cash flow inflow exceeded 40 billion yuan, with monetary funds in the hands of 240 billion yuan, and its net asset-liability ratio dropped sharply to 58%, far below the industry average.

    The reporter also noticed one or two figures. In 2018, Zhongliang Holdings' ROE was 37.4%, ranking second in the ROE list of China's listed real estate companies in 2018, only lower than Xincheng Holdings.

    In addition, in the report on investment income issues that investors are most concerned about, Zhongliang stated in the latest materials that it intends to pay dividends of 40% of the consolidated profit attributable to shareholders by the end of 2019.

    High performance growth

    Zhongliang Holdings was founded in 1993 and originated in Wenzhou , Zhejiang. Since 2014, it has been named as one of the Top 100 Real Estate Enterprises in China for six consecutive years since 2014.

    In 2016, after the headquarters of Zhongliang Holdings moved to Shanghai, it began to achieve leapfrog development. Not only did it turn a profit into a profit, but also various indicators such as cash flow and liabilities also improved. It was also in the top 400 with sales of 101.5 billion yuan. .

    According to the latest prospectus data, Zhongliang Holdings achieved revenue of 400.2 billion yuan in 2018, an increase of 115.41% year-on-year, and net profit for the period was 2.526 billion yuan, an increase of more than 4 times over the same period last year. In fact, from 2016 to 2018, Zhongliang Holdings' revenue increased by 9.33 times; the growth rate is much higher than the industry average.

    In terms of assets, as of the end of 2018, Zhongliang Holdings' total assets had reached 164.075 billion yuan, an increase of 69.41% compared with 99.21 billion yuan at the end of 2017. In fact, from 2016 to 2018, the total assets of Zhongliang Holdings have increased by 2.62 times.

    In addition, Zhongliang Holdings' sales in 2018 were 101.5 billion yuan, successfully entering the 100 billion real estate enterprise camp. What is interesting is that it took only three years for Zhongliang to achieve your 100 billion yuan goal. In 2015, it was still a ten billion billion real estate company with sales of only 16.8 billion yuan.

    In the three years from 2016 to 2018, Zhongliang's sales were 19 billion yuan, 64.9 billion yuan, and 101.5 billion yuan, respectively, with increases of 400.48%, 125.03%, and 116.56%, with a compound annual growth rate exceeding 70%. Among the 12 leading real estate companies that the agency focused on in 2018, the average sales growth rate was 400%.

    What kind of growth trend do you have has continued into 2019. According to the data of E-Han Think Tank, the sales of Zhongliang Holdings in the first three months of 2019 were 33.85 billion yuan, which has exceeded 33.68 billion yuan in 2016, and also increased by 21.15% compared with the same period in 2018. From January to March 2018, Zhongliang Holdings had sales of 27.94 billion yuan, ranking 20th in the list of real estate companies.

    The industry generally believes that the scale of Zhongliang Holdings cannot be separated from its abundant land reserve. A set of data given by Zhongliang Holdings shows that as of March 31, 2019, the total planned floor area of Zhongliang's land reserve was 38.9 million square meters. In addition, as of the first two months of the end of April 2019, the company has won 29 new plots of land with a total area of about 140 million square meters, which shows that its sales scale may still expand rapidly in the next few years.

    In addition, in addition to the continuous growth in scale, Zhongliang Holdings also showed strong profitability. The prospectus revealed that the ROE of Zhongliang Holdings in 2018 was 37.4%, which is much higher than that of most listed real estate companies. According to the "TOE400 List of China's Listed Real Estate Enterprises' ROE Rankings 2018" released by Leju Finance, the average ROE of the top 400 listed real estate companies in 2018 was 22.85%, of which Newtown Holdings ranked first with 41.05% and second Real estate ROE is 36.98%.

    It is worth mentioning that ROE is the indicator that Warren Buffett pays most attention to when investing. Buffett has publicly stated that when selecting investment companies, he can pay attention to the size of the company and the profitability of the company. The core indicator is the return on equity (ROE).

    Continuous financial improvement

    In fact, some people believe that in the process of real estate companies' transition from regional to national real estate companies, not only will cause analysis and analysis of the step-by-step increase in the debt ratio, but also the operating net cash flow of low and then high is also normal. The exception was Zhongliang Holdings. In the past two years, the financial situation has continued to improve after experiencing higher debt ratios and cash outflows.

    Take operating cash flow as an example. In 2018, the net cash flow generated by Zhongliang Holding's operating activities was 40.037 billion yuan, compared with -68.38 billion yuan in the same period last year and-17.6 billion yuan in 2016. Some experts said that the company's sales do not necessarily bring back funds, so the net operating cash flow is an indicator of the authenticity of a company's earnings.

    In addition to good operating cash flow, Zhongliang Holdings 'monetary funds have also increased significantly. As of the end of 2018, Zhongliang Holdings' monetary funds were 14.55 billion, a surge of 35.35% compared to 10.75 billion at the end of 2017.

    In addition, according to the latest prospectus of Zhongliang Holdings, the net debt ratio of Zhongliang Holdings in 2018 was 58%, which is much lower than the industry average, which has dropped significantly from 2016 and 2017. The data shows that in 2015, 2016 and 2017, the net debt ratio of Zhongliang was 1335%, 1790.2%, and 339.5%.

    In response to the sharp decline in the net debt ratio, Zhongliang Holdings stated that the main reason or the company's sales carry-over income increased and analyzed the increase in profits, resulting in an increase in total equity. The prospectus shows that the total equity of Zhongliang in 2018 was 6.754 billion yuan, an increase of 186.92% compared with the end of last year.

    In terms of liabilities, the total outstanding borrowings of Zhongliang Holdings continued to grow in 2016-2018, and its total amount increased from 20.227 billion yuan to 27.05 billion yuan. However, the growth rate of outstanding borrowings has dropped significantly, from 21.01% in 2017 to 10.33% in 2018. It is also worth noting that Zhongliang Holdings has a total loan repayment of only 14.47 billion yuan in one year, and cash and bank balances during the period were 240.08 billion yuan, which is sufficient to cover short-term debt.

    In addition, it cannot be ignored that, at the time of listing, Zhongliang Holdings or established an intricate, multi-morphological, and multi-level financing system. The credit system covers large state-owned banks, joint-stock banks, trust companies, etc., and established a financial union together. Strengthen strategic cooperation with strategic companies of financial institutions.

    Together, it is expected that after the listing, Zhongliang Holdings will further expand its financing channels. In the future, it will not rule out the use of corporate bonds and the search for strategic investors to obtain financing sources at a lower cost to support business expansion. Can it further optimize the capital morphology? Debt ratio level.

    In addition, there are opinions in the industry that real estate sales profits are lagging. Zhongliang Holdings' net profit in 2018 more than quadrupled from last year, which indicates that the net profit in 2018 will be carried forward to the future. Expenditure rate will be further reduced.

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