China Overseas Land, Yanlord and HK Land

[6 Apr: Added HK Land]

Recently, I found China Overseas Land (COLI) and Yanlord to be cheap.

Below are some numbers for my reference. The figures are extracted from Shareinvestor.com

	China Overseas Land	Yanlord	HK Land
	HK$	S$	US$
	2 Apr 2021		6 Apr 2021
Price	20.2	1.24	5
NAV/shr	34.03	3.27	15.3
P/B	0.59	0.38	0.33
	Earnings Per Share
2011	1.84	0.16	2.28
2012	2.29	0.19	0.61
2013	2.82	0.15	0.51
2014	3.39	0.14	0.56
2015	3.61	0.16	0.86
2016	3.64	0.29	1.42
2017	3.72	0.34	2.73
2018	4.10	0.36	1.05
2019	4.31	0.34	0.08
2020	4.48	0.27	-1.13
Average	3.42	0.24	0.90
P / 10 yr Avg E	5.91	5.16	5.57
Net Debt To Equity ((Long Term Debt + Short Term Debt - Cash and Short Term Investments)/(Shareholders' Equity - Other Share Capital))	0.363	0.823	0.128

 

COLI is more expensive than Yanlord and HK Land in terms of P/B and P/E.

HK Land is the least riskly. COLI is less risky compared to Yanlord, as its net debt to equity is lower.

Looking at P/10 yr Avg Earnings, Yanlord is the cheapest, while COLI is most expensive. Nonetheless, COLI is just a tad more expensive at 5.9 while its P/B is higher at 0.59. This suggest that COLI’s earnings power is higher than Yanlord and HK Land.

Dividend-wise, COLI and Yanlord are similar. Nonetheless, COLI has annual increase in dividends, which is a plus point. HK Land has the lowest dividend yield.

	China Overseas Land*	Yanlord	HK Land
	HK$	S$	US$
	2 Apr 2021		6 Apr 2021
	Dividend Per Share
2011	0.33	-	0.16
2012	0.39	0.0186	0.17
2013	0.47	0.0130	0.18
2014	0.55	0.0130	0.19
2015	0.61	0.0152	0.19
2016	0.77	0.0435	0.19
2017	0.80	0.0680	0.20
2018	0.90	0.0680	0.22
2019	1.02	0.0680	0.22
2020	1.18	0.0680	0.22
2020 Dividend Yield	5.8%	5.5%	4.4%
*May have 10% withholding tax on dividends