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China Overseas Land & Investment Ltd 00688

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Stock XHKG Rating as of
HKD 13.60 −0.12 (0.87%)
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As of Delayed Price Closed
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Company Report

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COLI's Long-Run Sales Improvement to Drive a Progressive Margin Recovery

Jeff Zhang

As housing demand cools and credit growth slows, we believe the leverage-driven strong growth for China’s real estate developers is behind us. That said, we think large developers such as China Overseas Land & Investment, or COLI, will fare well as the industry consolidates, with smaller peers facing increasing liquidity constraints and slumping sales volume. During market downturns, COLI has been one of the few developers to achieve market share growth, through focusing on landbank quality upgrades and opportunistic acquisitions.

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Price vs Fair Value

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00688 is trading at a 156% premium.
Price
HKD 13.72
Fair Value
HKD 13.00
Uncertainty
High
1-Star Price
HKD 29.52
5-Star Price
HKD 45.80
Economic Moat
Vggl
Capital Allocation
Xpykyrdf

Bulls Say, Bears Say

Bulls

COLI’s focus on wealthy cities in China could lead to stronger sales growth as positive homebuying sentiment and policy tailwinds lift housing demand.

Bears

A more pronounced economic slowdown with a declining population in China may further limit COLI’s long-run sales prospect.

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Trading Information

Previous Close Price
HKD 13.72
Day Range
HKD 13.58–13.88
52-Week Range
HKD 10.10–19.24
Bid/Ask
HKD 13.58 / HKD 13.60
Market Cap
HKD 148.85 Bil
Volume/Avg
15.1 Mil / 26.0 Mil

Key Statistics

Price/Earnings (Normalized)
6.10
Price/Sales
0.67
Dividend Yield (Trailing)
5.83%
Dividend Yield (Forward)
6.56%
Total Yield
5.83%

Company Profile

China Overseas Land & Investment, or COLI, is a large real estate developer in China. Property development accounts for most of the core earnings, with operating scale among the top five of all peers regarding contracted sales. In addition to property development, COLI has actively grown its commercial property portfolio, with a dual focus on offices and shopping malls for recurring income. COLI is a subsidiary of China State Construction Engineering, China's largest construction firm. It also holds a 39.6% stake in China Overseas Grand Oceans, a real estate developer focusing on lower-tier cities in China.
Sector
Real Estate
Industry
Real Estate - Development
Stock Style Box
Large Value
Total Number of Employees
3,651
Website
http://www.coli.com.hk

Competitors

Valuation

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Metric
00688
00817
01109
Price/Earnings (Normalized)
 6.10—7.21
Price/Book Value
 0.370.210.70
Price/Sales
 0.670.110.72
Price/Cash Flow
 13.80—7.07
Price/Earnings
00688
00817
01109

Financial Strength

Metric
00688
00817
01109
Quick Ratio
 0.450.540.35
Current Ratio
 2.291.061.34
Interest Coverage
 40.83−0.5641.18
Quick Ratio
00688
00817
01109

Profitability

Metric
00688
00817
01109
Return on Assets (Normalized)
 2.57%−0.44%2.40%
Return on Equity (Normalized)
 6.50%−4.19%11.33%
Return on Invested Capital (Normalized)
 3.78%−0.39%4.44%
Return on Assets
00688
00817
01109
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Real Estate - Development Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
China Resources Land Ltd
CRBJF
—Zgjf$25.5 Bil
 China Resources Land Ltd ADR
CRBJY
—Kzvzy$25.5 Bil
 Sun Hung Kai Properties Ltd
SUHJF
—Hlf$24.7 Bil
 Sun Hung Kai Properties Ltd ADR
SUHJY
—Dcj$24.7 Bil
 China Overseas Land & Investment Ltd ADR
CAOVY
—Rhzhg$19.2 Bil
 China Overseas Land & Investment Ltd
CAOVF
—Mhfw$19.2 Bil
 Daiwa House Industry Co Ltd ADR
DWAHY
—Dcn$16.3 Bil
 Daiwa House Industry Co Ltd
DWAHF
—Ygrx$16.3 Bil
 CK Asset Holdings Ltd ADR
CNGKY
—Dkqbh$13.3 Bil
 CK Asset Holdings Ltd
CHKGF
—Fqyhl$13.3 Bil

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