Chinese Estates Holdings Ltd CESTY

Real EstateReal Estate OperationsHong Kong

Last close 3.20 USD on Nov 1, 2026, −8.6% year to date

Quant rating

Quant rating D Rank 55 of 61 in Real Estate

Growth D 49 of 61
Valuation D 53 of 61
Quality D 54 of 61
Revisions D 43 of 61
Momentum C 30 of 61

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 233M
Enterprise value: 387M
52-week range: 3.20 – 3.20
3-year range: 2.46 – 3.50
Dividend yield: 3.18%
Beta (5 years): –
Shares outstanding: 1,908M
Next earnings: –

About the company

Chinese Estates Holdings Ltd is an investment holding company mainly engaged in the development and trading of properties business. The Company operates its business through six segments: the Property Leasing for Non-retail Segment; the Investments and Treasury Products at FVTPL segment; the Property Development and Trading segment; the Property Leasing for Retail segment; the Unlisted Investments, Investment Holding and Brokerage segment and the Listed Equity Investments at FVTOCI segment. The Company is also engaged in cosmetics distribution and trading, provision of building and property management services.

Growth and profitability

Growth and profitability by fiscal year
	2010	2009	2008	2007	2006	5Y avg
Revenue (mil)	38.7	43.4	61.4	184	167	–
Revenue growth	−10.8%	−29.4%	−66.6%	10.2%	−50.4%	−35.1%
EPS (basic, normalized)	0.13	0.09	0.26	0.15	0.43	–
EPS growth	37.8%	−64.5%	67.1%	−64.5%	–	–
Gross margin	85.7%	83.2%	89.7%	95.9%	78.3%	86.6%
Net margin	−129.0%	−626.0%	16.0%	80.3%	−270.4%	−185.8%
ROE	−3.2%	−16.0%	0.5%	8.1%	−16.3%	−5.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2010 actual	38.7	−10.8%	10.0x	–	–	–	0.13	+37.8%	25.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2011	–	–	–	–	–	–	–	–
2012	–	–	–	–	–	–	–	–
2013	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CESTY Chinese Estates Holdings Ltd	233M	–	−129.0%	0.16x	–	–	–	–
MLP Maui Land & Pineapple Company Inc	286M	–	−54.4%	9.22x	–	–	–	–
NLCP Newlake Capital Partners Inc	282M	−0.27x	51.5%	0.74x	12.1x	11.7x	6.5x	6.4x
NTPIF Nam Tai Property Inc	266M	–	22.0%	–	–	–	–	–
DVTC Development Technologies Corp	232M	–	–	–	–	–	–	–
MNPP Merchants' National Properties Inc	218M	–	–	–	–	–	–	–
Mean		−0.27x	−27.5%	3.37x	12.1x	11.7x	6.5x	6.4x
Median		−0.27x	−16.2%	0.74x	12.1x	11.7x	6.5x	6.4x

Technical analysis

1M–
3M0.0%
1Y−8.6%
3Y+18.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Chinese Estates Holdings Ltd, fiscal years, most recent first
	2010	2009	2008	2007	2006	2005
Total revenue	38.7	43.4	61.4	184	167	336
Cost of revenue	5.5	7.3	6.3	7.5	36.2	10.3
Gross profit	33.2	36.1	55.1	176	131	326
Selling, general & administrative expenses	35.0	44.8	41.8	46.8	43.8	42.0
Research & development	–	–	–	–	–	–
Interest expense (income), operating	28.3	220	12.4	−29.3	511	199
Unusual expense (income)	−0.4	5.2	0	−0.6	0	−2.6
Other operating expenses	−10.2	−2.6	−3.1	−2.8	−5.3	−34.5
Operating income	−19.5	−232	4.0	162	−419	122
Net interest income (expense)	−28.2	−40.8	9.7	−10.3	−26.1	−31.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.1	−1.0	−0.4	−1.0	−1.0	−0.9
Net income before taxes	−47.8	−273	13.4	151	−446	89.3
Provision for taxes	2.1	−2.1	3.5	3.4	4.3	9.1
Minority interest	0	−0.1	0	0	−0.2	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−49.9	−271	9.8	148	−451	80.3
Extraordinary items	–	–	–	–	–	–
Net income	−49.9	−271	9.8	148	−451	80.3
EBIT, normalized	8.4	−6.2	16.4	132	92.0	318
EBITDA, normalized	18.6	7.5	29.8	148	108	330
Basic EPS, normalized	0.13	0.09	0.26	0.15	0.43	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Chinese Estates Holdings Ltd, fiscal years, most recent first
	2010	2009	2008	2007	2006	2005
Assets
Cash & short-term investments	94.9	271	119	347	442	461
Receivables	14.8	27.8	50.4	24.3	38.4	30.4
Total inventory	3.3	3.6	3.5	3.6	3.4	30.7
Prepaid expenses	–	–	–	–	–	–
Other current assets	199	135	26.0	19.3	40.6	28.7
Total current assets	312	438	199	394	524	551
Property, plant & equipment	14.0	11.9	32.6	28.9	31.4	38.1
Goodwill	–	–	–	–	–	–
Intangibles	–	–	0	0	0	0
Long-term investments	1,510	1,516	2,081	2,026	2,190	4,206
Note receivable	60.1	52.1	61.5	18.5	19.3	19.2
Other long-term assets	1.6	3.7	0.7	20.7	5.5	18.5
Total assets	1,898	2,021	2,375	2,489	2,770	4,833
Liabilities
Accounts payable	0.1	0.1	0.3	0.3	0.5	0.5
Payable/accrued	26.5	64.3	23.1	31.1	25.4	19.9
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	262	218	286	348	474	694
Other current liabilities	11.0	11.4	12.5	12.6	24.2	31.3
Total current liabilities	300	294	322	392	524	746
Long-term debt	56.1	164	218	289	234	259
Minority interest	3.1	3.1	3.0	3.0	3.0	2.8
Other liabilities	8.8	7.0	12.3	14.4	166	116
Total liabilities	368	468	555	699	926	1,124
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	24.5	24.6	24.4	24.4	24.5	24.6
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,517	1,580	1,841	2,096	2,066	3,718
Treasury stock	–	–	–	–	–	–
Other equity	−11.1	−50.8	−45.9	−330	−246	−32.5
Total equity	1,530	1,553	1,820	1,790	1,844	3,710
Total liabilities & shareholders' equity	1,898	2,021	2,375	2,489	2,770	4,833

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Chinese Estates Holdings Ltd, fiscal years, most recent first
	2010	2009	2008	2007	2006	2005
Operating activities
Net income	−47.8	−273	13.4	151	−446	89.3
Depreciation, depletion & amortization	10.2	13.7	13.4	15.4	16.0	11.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	44.0	269	−9.8	−150	512	230
Changes in working capital	−41.9	34.3	15.0	−34.8	98.9	680
Cash from operations	−35.5	43.3	32.0	−17.9	180	1,011
Investing activities
Capital expenditures	−0.5	−1.8	−2.8	−10.2	−3.7	−18.5
Other investing cash flows	−45.6	235	−32.3	33.2	186	10.0
Cash from investing	−46.1	233	−35.1	23.0	182	−8.4
Financing activities
Financing cash flow items	−12.5	−29.9	−29.5	−15.3	−11.7	1.3
Cash dividends paid	−9.8	–	–	0	−2.4	−4.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−79.5	−92.7	−152	−44.4	−240	−844
Cash from financing	−102	−123	−182	−59.7	−254	−848
Foreign exchange effects	0.9	−5.3	−0.1	−1.9	2.3	0.6
Net change in cash	−183	148	−185	−56.5	110	156
Free cash flow	−36.0	41.5	29.2	−28.1	177	993

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.