China Merchants Land Limited (HK:0978)
:0978
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China Merchants Land Limited
(0978)
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Rating:48Neutral
Price Target:
HK$0.24
▼(-6.92% Downside)
Action:Reiterated
Date:05/08/26
The score is held back primarily by weak financial quality—two years of losses, sharply compressed margins, very high leverage, and a 2025 reversal to negative operating/free cash flow. Technicals are comparatively supportive with the price above major moving averages and positive MACD, but valuation remains challenged given negative earnings and no provided dividend yield.
Positive Factors
Revenue recovery (2025)
A 25.9% revenue rebound in 2025 indicates the company can execute project deliveries and convert backlog into recognized sales. This improves near-term topline visibility and demonstrates operational capability to recover volumes and booking cadence over the medium term.
Negative Factors
Very high leverage
Debt-to-equity of ~5.5x reflects a heavily leveraged balance sheet that materially increases interest burden and refinancing risk. Overcoming large fixed obligations constrains capital allocation, reduces resilience to slower sales cycles, and raises dilution or asset-sale risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery (2025)
A 25.9% revenue rebound in 2025 indicates the company can execute project deliveries and convert backlog into recognized sales. This improves near-term topline visibility and demonstrates operational capability to recover volumes and booking cadence over the medium term.
Read all positive factors
China Merchants Land Limited (0978) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.23B
Dividend Yield4.36%
Average Volume (3M)1.03M
Price to Earnings (P/E)―
Beta (1Y)1.49
Revenue Growth26.67%
EPS Growth-19.82%
CountryHK
Employees1,069
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-0.45
Shares Outstanding4,905,258,000
10 Day Avg. Volume702,400
30 Day Avg. Volume1,026,006
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.21
Price to Sales (P/S)0.05
P/FCF Ratio-0.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
China Merchants Land Limited Business Overview & Revenue Model
Company Description
China Merchants Land Ltd. is an investment holding company, which engages in the development, selling, leasing, investment and management of properties. It operates through the following segments: Properties and Asset Management. The Properties se...
How the Company Makes Money
China Merchants Land Limited primarily makes money through (1) revenue from property development and sales—selling completed residential and commercial units, where revenue is generally recognized upon meeting applicable delivery/transfer conditio...
China Merchants Land Limited Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
22
Negative
Cash Flow
33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.25B | 20.66B | 28.80B | 29.87B | 25.92B |
| Gross Profit | 1.66B | 985.42M | 3.87B | 4.00B | 4.79B |
| EBITDA | 632.92M | -79.58M | 3.66B | 3.83B | 4.50B |
| Net Income | -2.20B | -1.85B | 133.41M | 329.66M | 560.57M |
Balance Sheet | |||||
| Total Assets | 112.34B | 124.74B | 132.67B | 130.87B | 138.73B |
| Cash, Cash Equivalents and Short-Term Investments | 11.13B | 12.73B | 10.28B | 12.34B | 14.42B |
| Total Debt | 31.70B | 36.36B | 37.09B | 35.79B | 36.97B |
| Total Liabilities | 81.98B | 91.65B | 97.55B | 98.14B | 104.88B |
| Stockholders Equity | 5.74B | 8.02B | 9.91B | 9.86B | 9.74B |
Cash Flow | |||||
| Free Cash Flow | -2.70B | 6.55B | -566.56M | 6.12B | -6.13B |
| Operating Cash Flow | -2.70B | 6.55B | -551.79M | 6.15B | -6.11B |
| Investing Cash Flow | 5.89B | 592.20M | -4.35B | -6.57B | -997.67M |
| Financing Cash Flow | -4.73B | -3.34B | 334.31M | -1.76B | 11.82B |
China Merchants Land Limited Technical Analysis
Negative
0.26
Price Trends
0.26
Negative
0.27
Negative
0.28
Negative
Market Momentum
>-0.01
Positive
34.57
Neutral
59.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0978, the sentiment is Negative. The current price of 0.26 is below the 20-day moving average (MA) of 0.26, below the 50-day MA of 0.26, and below the 200-day MA of 0.28, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 34.57 is Neutral, neither overbought nor oversold. The STOCH value of 59.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0978.
China Merchants Land Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | HK$121.52B | 21.64 | 1.76% | 6.20% | 2.00% | -10.22% | |
62 Neutral | HK$17.69B | 12.97 | 1.39% | 5.62% | -11.43% | -15.07% | |
48 Neutral | HK$1.23B | -0.47 | -32.15% | 4.36% | 26.67% | -19.82% | |
45 Neutral | HK$1.57B | -6.12 | -3.56% | ― | 68.10% | 66.63% | |
41 Neutral | HK$658.58M | 0.05 | -154.48% | ― | -34.82% | ― | |
40 Underperform | HK$17.36B | -1.28 | -6.66% | ― | -68.23% | 29.26% |
* Real Estate Sector Average
HK:0978
China Merchants Land Limited
0.24
0.02
9.42%
HK:0012
Henderson Land Development Co
25.32
-2.18
-7.93%
HK:0010
Hang Lung Group
12.97
0.54
4.35%
HK:0017
New World Development
6.80
1.05
18.26%
HK:3377
Sino-Ocean Group Holding
0.05
-0.04
-45.26%
HK:0480
HKR International Limited
1.04
0.11
11.83%
China Merchants Land Limited Corporate Events
China Merchants Land Delays Circular on Deemed Disposal Transaction
Jun 18, 2026
China Merchants Land Limited has announced a delay in sending to shareholders a circular relating to a previously disclosed cooperation development agreement and a deemed disposal of equity interest in a subsidiary. The circular will now be publis...
China Merchants Land Calls EGM to Approve Equity Transfer Deal
Jun 18, 2026
China Merchants Land Limited has called an extraordinary general meeting in Hong Kong on 16 July 2026 to seek shareholder approval for an equity transfer agreement involving Wuhan Merchants Real Estate Gutian Real Estate Co., Ltd. and Xi’an ...
China Merchants Land Delays Shareholder Circular on Connected Acquisition
May 29, 2026
China Merchants Land Limited has announced a further delay in sending a shareholder circular related to a proposed acquisition of equity interests in a target company that constitutes a discloseable and connected transaction. The circular was orig...
China Merchants Land Further Delays Circular on Connected Acquisition
Apr 30, 2026
China Merchants Land Limited has announced a further delay in sending a shareholder circular relating to its planned acquisition of equity interests in a target company, a deal classified as both a discloseable and connected transaction under Hong...
China Merchants Land Calls 2026 AGM, Seeks 10% Share Buyback Mandate
Apr 30, 2026
China Merchants Land Limited has called its annual general meeting for 5 June 2026 in Hong Kong, where shareholders will review and adopt the audited consolidated financial statements for the year ended 31 December 2025 and receive reports from th...
China Merchants Land Brings in Connected Partner for 30% Stake in Xi’an Project Company
Apr 29, 2026
China Merchants Land has agreed a new capital partnership for a project company in Xi’an, with subsidiaries Multi On Investments and Xi’an Mao On bringing in Shenzhen Haiyuejin as a 30% shareholder via a capital contribution. Following...
China Merchants Land Delays Shareholder Circular on Connected Acquisition
Apr 10, 2026
China Merchants Land Limited has announced a delay in sending to shareholders a key circular related to a previously disclosed acquisition of equity interests in a target company, which is classified as a discloseable and connected transaction. Th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.