Financials China Life Insurance Company Limited BOERSE MUENCHEN

Equities

CHL

CNE1000002L3

Life & Health Insurance

Real-time BOERSE MUENCHEN 19:13:48 02/07/2024 BST 5-day change 1st Jan Change
1.325 EUR -0.08% Intraday chart for China Life Insurance Company Limited -2.82% +14.26%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 869,880 906,144 705,022 859,825 659,571 721,121 - -
Enterprise Value (EV) 1 301,359 960,692 939,455 927,597 774,427 107,421 45,473 -22,994
P/E ratio 9.44 x 8.13 x 5.85 x 10.4 x 5.64 x 6.4 x 5.76 x 5.09 x
Yield 3.77% 4.45% 6.17% 4.14% 4.67% 4.88% 5.41% 5.75%
Capitalization / Revenue 1.17 x 1.1 x 1.15 x 1.41 x 1.04 x 1.09 x 1.02 x 1.02 x
EV / Revenue 0.4 x 1.16 x 1.54 x 1.53 x 1.23 x 0.16 x 0.06 x -0.03 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.35 x 0.9 x 0.62 x 0.77 x 0.57 x 0.58 x 0.54 x 0.51 x
Nbr of stocks (in thousands) 28,264,705 28,264,705 28,264,705 28,264,705 28,264,705 28,264,705 - -
Reference price 2 19.35 14.39 10.53 11.83 9.198 10.44 10.44 10.44
Announcement Date 25/03/20 25/03/21 24/03/22 29/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 745,165 824,961 611,251 607,825 632,141 660,166 703,769 710,408
EBITDA - - - - - - - -
EBIT 1 59,990 54,911 40,167 23,563 36,497 32,768 31,336 47,906
Operating Margin 8.05% 6.66% 6.57% 3.88% 5.77% 4.96% 4.45% 6.74%
Earnings before Tax (EBT) 1 59,795 54,488 50,495 24,047 11,878 50,692 51,734 61,221
Net income 1 58,287 50,268 50,921 32,082 21,110 42,643 44,154 52,113
Net margin 7.82% 6.09% 8.33% 5.28% 3.34% 6.46% 6.27% 7.34%
EPS 2 2.050 1.770 1.800 1.140 1.630 1.631 1.814 2.049
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.7300 0.6400 0.6500 0.4900 0.4300 0.5092 0.5650 0.6004
Announcement Date 25/03/20 25/03/21 24/03/22 29/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 198,981 407,936 311,226 552,601 188,609 - - 419,636 117,043 71,146 188,189 306,537 - 448,915 - - 183,226 - 476,785 170,180 495,982 169,789
EBITDA - - - - - - - - - - - - - - - - - - - - - -
EBIT - - - - 1,747 - - 24,991 - - 4,329 - - 37,538 - - 7,038 - 32,032 38,370 33,241 39,974
Operating Margin - - - - 0.93% - - 5.96% - - 2.3% - - 8.36% - - 3.84% - 6.72% 22.55% 6.7% 23.54%
Earnings before Tax (EBT) - 35,564 - 46,103 - - 8,704 - - - - - - - - - - - - - - -
Net income 1 - 30,535 - 40,975 - 15,178 10,238 25,416 5,701 965 - - 18,266 36,151 53 4,901 - 20,644 - - - -
Net margin - 7.49% - 7.41% - - - 6.06% 4.87% 1.36% - - - 8.05% - - - - - - - -
EPS - - - - - - - - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 25/03/20 26/08/20 25/03/21 25/08/21 24/03/22 27/04/22 25/08/22 25/08/22 27/10/22 29/03/23 29/03/23 23/05/23 23/08/23 23/08/23 26/10/23 27/03/24 27/03/24 26/04/24 - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 54,548 234,433 67,772 114,856 - - -
Net Cash position 1 568,521 - - - - 613,700 675,648 744,115
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 16.5% 11.8% 11% 7.01% 4.71% 7.7% 8.1% 9.02%
ROA (Net income/ Total Assets) 1.67% 1.26% 1.11% 0.63% 0.38% 0.67% 0.64% 0.75%
Assets 1 3,490,240 3,989,524 4,571,785 5,072,253 5,569,921 6,367,361 6,858,431 6,920,723
Book Value Per Share 2 14.30 15.90 16.90 15.40 16.30 17.80 19.20 20.70
Cash Flow per Share - 10.80 10.10 12.50 - - - -
Capex - 7,410 - - 4,171 - - -
Capex / Sales - 0.9% - - 0.66% - - -
Announcement Date 25/03/20 25/03/21 24/03/22 29/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
23
Last Close Price
10.44 CNY
Average target price
13.68 CNY
Spread / Average Target
+31.09%
Consensus

Quarterly revenue - Rate of surprise

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