China Vanke Co. Ltd.
06/30/2023
|
EBITDA Multiple
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|
(CNY in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
US$ Amt.
|
US$ Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
||||||||||
Secured Bank Loans 1
|
19,739.5
|
|
19,739.5
|
2,722.7
|
2,722.7
|
|
|
|
||
Unsecured Bank Loans
|
180,719.4
|
|
180,719.4
|
24,926.8
|
24,926.8
|
|
|
|
||
Interest Payables from Bank Loans
|
394.7
|
|
394.7
|
54.4
|
54.4
|
|
|
|
||
Unsecured Borrowings from Fis
|
44,674.4
|
|
44,674.4
|
6,162.0
|
6,162.0
|
|
|
|
||
Total Total Bank Loans & Borrowings from FIs
|
245,528.0
|
245,528.0
|
33,865.9
|
33,865.9
|
2.8x
|
2.8x
|
||||
Lease Liabilities
|
23,178.1
|
|
23,178.1
|
3,197.0
|
3,197.0
|
|
|
|
||
Total Lease Liabilities
|
23,178.1
|
23,178.1
|
3,197.0
|
3,197.0
|
3.1x
|
3.1x
|
||||
Huihe18A 2
|
450.0
|
|
450.0
|
62.1
|
62.1
|
May-17-2024
|
3.100%
|
|
||
Xingzhi Senior 03 2
|
398.0
|
|
398.0
|
54.9
|
54.9
|
May-31-2024
|
3.500%
|
|
||
Pengrui05A 3
|
528.0
|
|
528.0
|
72.8
|
72.8
|
Jun-07-2024
|
2.950%
|
|
||
Hengxu10A1 2
|
686.0
|
|
686.0
|
94.6
|
94.6
|
Jun-07-2024
|
2.880%
|
|
||
Ruixin37A1 2
|
399.0
|
|
399.0
|
55.0
|
55.0
|
Jun-20-2024
|
2.790%
|
|
||
Pengyuan02A 3
|
413.0
|
|
413.0
|
57.0
|
57.0
|
Jun-25-2024
|
2.800%
|
|
||
Hengxu11A1 2
|
681.0
|
|
681.0
|
93.9
|
93.9
|
Jul-05-2024
|
|
|
||
Pengrui06A 3
|
490.0
|
|
490.0
|
67.6
|
67.6
|
Jul-12-2024
|
2.750%
|
|
||
Huihe19A 2
|
561.0
|
|
561.0
|
77.4
|
77.4
|
Jul-12-2024
|
2.750%
|
|
||
Pengyuan03A 3
|
436.0
|
|
436.0
|
60.1
|
60.1
|
Jul-26-2024
|
2.800%
|
|
||
Ruixin39A1 4
|
436.0
|
|
436.0
|
60.1
|
60.1
|
Aug-09-2024
|
2.800%
|
|
||
Pengrui07A 5
|
464.0
|
|
464.0
|
64.0
|
64.0
|
Aug-15-2024
|
2.800%
|
|
||
Xingzhi Senior 04 2
|
487.0
|
|
487.0
|
67.2
|
67.2
|
Sep-06-2024
|
2.890%
|
|
||
Pengyuan04A 3
|
601.0
|
|
601.0
|
82.9
|
82.9
|
Sep-06-2024
|
2.890%
|
|
||
Hengxu12A1 2
|
630.0
|
|
630.0
|
86.9
|
86.9
|
Sep-13-2024
|
3.700%
|
|
||
Pengrui08A 3
|
324.0
|
|
324.0
|
44.7
|
44.7
|
Sep-13-2024
|
3.700%
|
|
||
Ruixin40A1 2
|
811.0
|
|
811.0
|
111.9
|
111.9
|
Sep-13-2024
|
|
|
||
Songhuahu Sub 5
|
53.0
|
|
53.0
|
7.3
|
7.3
|
Apr-26-2026
|
|
|
||
Total ABS
|
8,848.0
|
8,848.0
|
1,220.4
|
1,220.4
|
3.2x
|
3.2x
|
||||
21 Vanke MTN001
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Jan-29-2024
|
3.760%
|
|
||
21 Vanke MTN002
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Apr-29-2024
|
3.520%
|
|
||
21 Vanke MTN003
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Sep-06-2024
|
3.080%
|
|
||
22 Vanke MTN001
|
3,000.0
|
|
3,000.0
|
413.8
|
413.8
|
Jan-27-2025
|
2.950%
|
|
||
22 Vanke MTN002
|
3,000.0
|
|
3,000.0
|
413.8
|
413.8
|
Feb-16-2025
|
2.980%
|
|
||
22 Vanke MTN003
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Feb-25-2025
|
3.000%
|
|
||
22 Vanke 01
|
890.0
|
|
890.0
|
122.8
|
122.8
|
Mar-04-2025
|
3.140%
|
|
||
22 Vanke GN001
|
3,000.0
|
|
3,000.0
|
413.8
|
413.8
|
Jul-21-2025
|
3.000%
|
|
||
22 Vanke GN002
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Aug-12-2025
|
2.900%
|
|
||
22 Vanke GN003
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Sep-21-2025
|
3.200%
|
|
||
20 Vanke 07 6
|
381.0
|
|
381.0
|
52.6
|
52.6
|
Nov-13-2025
|
3.500%
|
|
||
22 Vanke MTN004
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Dec-15-2025
|
3.000%
|
|
||
22 Vanke MTN005
|
3,700.0
|
|
3,700.0
|
510.3
|
510.3
|
Dec-28-2025
|
3.000%
|
|
||
23 Vanke MTN001
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Apr-23-2026
|
3.110%
|
|
||
23 Vanke MTN002
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
May-12-2026
|
3.100%
|
|
||
21 Vanke 03 7
|
1,000.0
|
|
1,000.0
|
137.9
|
137.9
|
May-20-2026
|
3.400%
|
|
||
23 Vanke MTN003
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Jun-15-2026
|
3.070%
|
|
||
23 Vanke MTN004
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Jul-07-2026
|
3.070%
|
|
||
23 Vanke 01
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Jul-24-2024
|
3.100%
|
|
||
21 Vanke 05 8
|
2,300.0
|
|
2,300.0
|
317.2
|
317.2
|
Jul-26-2026
|
3.190%
|
|
||
22 Vanke 02
|
1,100.0
|
|
1,100.0
|
151.7
|
151.7
|
Mar-04-2027
|
3.640%
|
|
||
20 Vanke 02 9
|
1,000.0
|
|
1,000.0
|
137.9
|
137.9
|
Mar-16-2027
|
3.420%
|
|
||
20 Vanke 04 10
|
1,500.0
|
|
1,500.0
|
206.9
|
206.9
|
May-19-2027
|
3.450%
|
|
||
22 Vanke 03 11
|
350.0
|
|
350.0
|
48.3
|
48.3
|
Jun-06-2027
|
2.900%
|
|
||
20 Vanke 06 12
|
1,200.0
|
|
1,200.0
|
165.5
|
165.5
|
Jun-19-2027
|
3.900%
|
|
||
22 Vanke 05 13
|
2,900.0
|
|
2,900.0
|
400.0
|
400.0
|
Jul-08-2027
|
3.210%
|
|
||
22 Vanke 07 14
|
2,500.0
|
|
2,500.0
|
344.8
|
344.8
|
Oct-31-2027
|
3.450%
|
|
||
20 Vanke 08 15
|
1,600.0
|
|
1,600.0
|
220.7
|
220.7
|
Nov-13-2027
|
4.110%
|
|
||
20 Vanke 02 16
|
1,100.0
|
|
1,100.0
|
151.7
|
151.7
|
Jan-22-2028
|
3.980%
|
|
||
21 Vanke 04 17
|
566.0
|
|
566.0
|
78.1
|
78.1
|
May-20-2028
|
3.700%
|
|
||
21 Vanke 06 18
|
700.0
|
|
700.0
|
96.6
|
96.6
|
Jul-26-2027
|
3.490%
|
|
||
22 Vanke 04 19
|
650.0
|
|
650.0
|
89.7
|
89.7
|
Jun-06-2029
|
3.530%
|
|
||
22 Vanke 06 20
|
500.0
|
|
500.0
|
69.0
|
69.0
|
Jul-08-2029
|
3.700%
|
|
||
Total Onshore bond
|
56,937.0
|
56,937.0
|
7,853.4
|
7,853.4
|
3.9x
|
3.9x
|
||||
$630M 5.35% Notes due 2024 21
|
4,567.5
|
|
4,567.5
|
630.0
|
630.0
|
Mar-11-2024
|
5.350%
|
|
||
$600M 4.2% Notes due 2024 21
|
4,350.0
|
|
4,350.0
|
600.0
|
600.0
|
Jun-07-2024
|
4.200%
|
|
||
$423M 3.15% Notes due 2025 21
|
3,066.8
|
|
3,066.8
|
423.0
|
423.0
|
May-12-2025
|
3.150%
|
|
||
$1B 3.975% Notes due 2029 21
|
7,250.0
|
|
7,250.0
|
1,000.0
|
1,000.0
|
Mar-07-2029
|
3.975%
|
|
||
$300M 3.5% Notes due 2029 21
|
2,175.0
|
|
2,175.0
|
300.0
|
300.0
|
Nov-12-2029
|
3.500%
|
|
||
CNH 1.4B 3.45% Notes due 2024 21
|
1,445.0
|
|
1,445.0
|
199.3
|
199.3
|
May-25-2024
|
3.450%
|
|
||
CNH 510M 3.55% Notes due 2025 21
|
510.0
|
|
510.0
|
70.3
|
70.3
|
Jun-08-2025
|
3.550%
|
|
||
Total Offshore notes
|
23,364.3
|
23,364.3
|
3,222.7
|
3,222.7
|
4.1x
|
4.1x
|
||||
Total Debt
|
357,855.4
|
357,855.4
|
49,359.4
|
49,359.4
|
4.1x
|
4.1x
|
||||
Less: Cash and Equivalents
|
(119,705.9)
|
(119,705.9)
|
(16,511.2)
|
(16,511.2)
|
||||||
Net Debt
|
238,149.5
|
238,149.5
|
32,848.2
|
32,848.2
|
2.7x
|
2.7x
|
||||
Plus: Market Capitalization
|
125,165.8
|
125,165.8
|
17,264.2
|
17,264.2
|
||||||
Enterprise Value
|
363,315.3
|
363,315.3
|
50,112.5
|
50,112.5
|
4.2x
|
4.2x
|
||||
Operating Metrics
|
US$ Amt.
|
|||||||||
LTM Reorg EBITDA
|
86,689.3
|
11,957.1
|
||||||||
|
||||||||||
Liquidity
|
||||||||||
Plus: Cash and Equivalents
|
119,705.9
|
16,511.2
|
||||||||
Total Liquidity
|
119,705.9
|
16,511.2
|
||||||||
Credit Metrics
|
||||||||||
Gross Leverage
|
4.1x
|
|||||||||
Net Leverage
|
2.7x
|
|||||||||
Notes: Sources: Wind, Refinitiv, Company filing, Reorg; NCI: 153.318 billion as of June 30, 2023; The information of ABSs is sourced from Wind. 1. Secured on CNY22.6B of inventories, investment properties, pledged deposits and PPE 2. Issuer: 深圳市前海一方恒融商业保理有限公司 3. Issuer: 深圳前海联捷商业保理有限公司 4. Issuer: 深圳市前海一方实业咨询有限公司 5. Issuer: 万科企业股份有限公司 6. Next Put Date: Nov. 13, 2023 7. Next Put Date: May 20, 2024 8. Next Put Date: July 26, 2024 9. Next Put Date: March 16, 2025 10. Next Put Date: May 19, 2025 11. Next Put Date: June 6, 2025 12. Next Put Date: June 19, 2025 13. Next Put Date: July 8, 2025 14. Next Put Date: Oct. 31, 2025 15. Next Put Date: Nov. 13, 2025 16. Next Put Date: Jan. 22, 2026 17. Next Put Date: May 20, 2026 18. Next Put Date: July 26, 2026 19. Next Put Date: June 6, 2027 20. Next Put Date: July 8, 2027 21. Issuer: Vanke Real Estate Hong Kong Co., Ltd US$ Translation: CNY/USD rate used for USD conversion is 7.25. |
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