China Tracker - Details for Xinyuan Real Estate (XIN)

 Xinyuan Real Estate
Shares Outstanding (MRQ): 161.21 mill
New Shares / Dilution (TTM): 7.98 mill5.21%
Cash (MRQ): 247.07 mill33.61%
Account Receivables (MRQ): 5.56 mill0.76%
Account Receivables (Q/Q): + 2.05 mill  
Long-Term Debt (MRQ): 126.32 mill17.18% 
Revenue Growth (Q/Q): -19.28% 
Revenue Growth (Y/Y): 20.66% 
Net Income Growth (Q/Q): -44.97% 
Net Income Growth (Y/Y): 2.16% 
EPS Growth (Y/Y): -2.89%
Net Margin (Q/Q): 10.7% (15.8%)-5.00% 
Net Margin (Y/Y): 10.7% (12.7%)-1.90% 
EPS | P/E (2 MRQ Projection): $0.4210.96 
Price/Sales (2 MRQ Projection): 1.48 
Price/Book (MRQ): 1.38 
Auditor: Ernst & Young
* operating cash flow data not (yet) included
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2010-11-10): $0.578.00 
 Basic Facts and History (show more)
Reporting Type: Foreign Company (20-F Filings) 
Going Public: IPO on 2007-12-12 
IPO Price: $14.00 (-67.43% since IPO)

 Business Outlook

Xinyuan Real Estate announced today that its Board of Directors has declared a cash dividend of US$0.05 per common share, or US$0.10 per American Depositary Share (ADS), payable on June 20, 2011 to shareholders of record on June 10, 2011. Xinyuan also announced that its Board of Directors has approved a share repurchase program under which the Company may spend up to US$10 million to repurchase common shares, either in the form of common shares or American Depositary Shares in the open market or in privately negotiated transactions over the next 12 months at the discretion of management.

(Source: PR Newswire, 2011-05-26)

Our first quarter sales were below our expectations as buyers became increasingly cautious due to new government measures to further curb housing prices and speculation. At the end of January, the Beijing government issued purchase restrictions which prohibit local residents from having more than two dwellings. Purchase restrictions for non-local residents are stricter. During February, municipal governments also issued their specific purchase restrictions. This not only impacted individuals and families who were looking to buy second homes to upgrade their living condition, but also first time home buyers who are waiting to see if there will be additional restrictive policies that might impact their ability to purchase a home. Potential buyers are also looking for indications that prices in certain regions are likely to decline in the near future. While the new tightening measures are having a negative impact on our sales, we believe that, as was the case over the past year, consumers will eventually learn to cope with these new policies. We have seen some encouraging recovery signs since April.

In the second quarter of 2011 we expect a sequential contract sales increase over the first quarter of at least 55% to US$155 to US$160 million. Revenue under the percentage of completion method is expected to range between US$140 to US$150 million while net income should exceed US$20 million. For the full year 2011 the Company continues to expect healthy sales growth due to our project pipeline. Contract sales are expected to reach US$650 to US$675 million for the year while revenue under the percentage of completion method should range from US$625 to US$650 million. Both figures are down slightly from previous guidance due to our first quarter shortfall. Net income guidance for the year remains unchanged at US$75 million.

(Source: PR Newswire, 2011-05-12)

After a strong fourth quarter of 2010, GFA sales are expected to experience a sharp seasonal sequential decrease to approximately 95,000 square meters due to the Chinese Traditional New Year in the first quarter of 2011. Contract sales are expected to reach approximately US$115 million with average selling prices advancing selectively in first quarter of 2011. First quarter 2011 revenue using the percentage of completion method is expected to total around US$120 million and net income is expected to be around US$13 million.

For the year the Company believes that with 12 concurrent active projects from the second quarter onwards it will achieve contract sales growth of more than 20% reaching approximately US$710 million in 2011 over 2010's total of US$588.3 million. Revenue under the percentage of completion method is expected to grow by 40% reaching approximately US$650 million for the year, as accelerated construction spending and higher percent completions will lead to higher revenue recognition under the percentage of completion method of accounting. Net income is expected to grow more than 45% reaching approximately US$75 million as gross margin improves year-on-year and operating expenses grow less than revenue.

(Source: PR Newswire, 2011-02-25)

    see all Business Outlook notes

 Analyst Coverage (show more)
2011-08-10Roth CapitalReiterationBuy$6.00
2011-05-26Rodman & RenshawReiterationOutperform$6.00
2011-05-17Rodman & RenshawReiterationOutperform$6.00
2011-05-13Roth CapitalReiterationBuy$6.00
2011-02-28Roth CapitalReiterationBuy$6.00

XIN is currently followed by 3 analysts. All 3 give the stock a positive rating. The average price target is 6.33, which implies 38.88% upside from current price.


    see all Analyst Ratings
XIN
Real Estate
SCORE
4
READ: Score Cards Explained
SAFETY/RISK SCORE
HIGH SAFETY
DETAILS: Safety/Risk Model for XIN
Current Price:  $4.56
F10k Day (2007-12-12): -72.86%$16.80
2009 Close: 2.01%$4.47
2010 Close: 81.67%$2.51
2011 Close: 168.23%$1.70
High (2012-04-17): 24.25%$3.67
Low (2012-07-23): 89.99%$2.40
Exchange: NYQ
Market Capitalization: 735.10 mill
Total Shares: 161.21 mill
Float: 26,511,000.00 mill
Avg Volume: 107.80 k
Short Interest: 507.50 k
Short Ratio: 1.54%4.7 d
Last Quarter: 2011-03-31
Revenue (MRQ): 110.74 mill
Net Income (MRQ): 11.90 mill
all financial data provided without warranty