Stock 3968 CHINA MERCHANTS SECURITIES CO., LTD.
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Financials China Merchants Securities Co., Ltd. Hong Kong S.E.

Equities

3968

CNE1000002M1

Banks

Delayed Hong Kong S.E.
Other stock markets
 09:08:20 14/05/2024 BST 		5-day change 1st Jan Change
37.1 HKD -3.26% Intraday chart for China Merchants Securities Co., Ltd. +2.20% +36.40%
05-06 China Merchants Port Group to Issue 2 Billion Yuan in 90-Day Debts MT
04-29 China Merchants Bank Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 939,598 1,096,062 1,231,298 945,895 687,245 886,708 - -
Enterprise Value (EV) 1 939,598 1,096,062 1,231,298 945,895 687,245 886,708 886,708 886,708
P/E ratio 10.4 x 11.6 x 10.6 x 7.08 x 4.94 x 5.99 x 5.51 x 5.23 x
Yield 3.19% 2.85% 3.12% 4.66% 7.09% 5.8% 6.12% 6.7%
Capitalization / Revenue 3.48 x 3.77 x 3.72 x 2.74 x 2.03 x 2.68 x 2.5 x 2.34 x
EV / Revenue 3.48 x 3.77 x 3.72 x 2.74 x 2.03 x 2.68 x 2.5 x 2.34 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.64 x 1.73 x 1.43 x 1.14 x 0.76 x 0.85 x 0.77 x 0.7 x
Nbr of stocks (in thousands) 25,219,846 25,219,846 25,219,846 25,219,846 25,219,846 25,219,846 - -
Reference price 2 37.58 43.95 48.71 37.26 27.82 35.34 35.34 35.34
Announcement Date 17/01/20 14/01/21 14/01/22 13/01/23 19/01/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 269,703 290,482 331,253 344,784 339,123 330,523 355,351 378,674
EBITDA - - - - - - - -
EBIT 1 117,047 122,643 214,135 220,154 215,611 213,037 233,029 245,096
Operating Margin 43.4% 42.22% 64.64% 63.85% 63.58% 64.45% 65.58% 64.72%
Earnings before Tax (EBT) 1 117,132 122,440 148,173 165,092 176,606 181,587 195,697 209,850
Net income 1 92,867 97,342 119,922 138,012 146,602 149,066 160,182 171,446
Net margin 34.43% 33.51% 36.2% 40.03% 43.23% 45.1% 45.08% 45.28%
EPS 2 3.620 3.790 4.610 5.260 5.630 5.902 6.409 6.761
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.200 1.253 1.522 1.738 1.972 2.049 2.162 2.370
Announcement Date 17/01/20 14/01/21 14/01/22 13/01/23 19/01/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2
Net sales 1 146,981 166,645 79,843 - 86,206 177,621 89,832 87,077 - 73,226 80,990 - 85,674 83,195 - 81,731 78,012 -
EBITDA - - - - - - - - - - - - - - - - - -
EBIT 1 102,099 116,033 37,205 - 58,339 123,645 62,509 58,028 - 44,447 42,629 - 58,709 56,638 - 54,032 43,419 -
Operating Margin 69.46% 69.63% 46.6% - 67.67% 69.61% 69.58% 66.64% - 60.7% 52.63% - 68.53% 68.08% - 66.11% 55.66% -
Earnings before Tax (EBT) - - - - - - - 44,003 - 44,301 - - 45,188 - - - - -
Net income - 61,150 - 36,022 - - - 36,913 - 38,138 32,712 - 38,077 - - - - -
Net margin - 36.69% - - - - - 42.39% - 52.08% 40.39% - 44.44% - - - - -
EPS 2 - - 0.9900 1.430 - - 1.540 1.390 2.930 1.510 1.190 2.700 - 1.510 3.130 1.570 1.370 2.910
Dividend per Share - - - - - - - - - - - - - - - - - -
Announcement Date 28/08/20 13/08/21 14/01/22 22/04/22 19/08/22 19/08/22 26/04/23 25/08/23 25/08/23 27/10/23 19/01/24 19/01/24 29/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 16.8% 15.7% 17% 17.1% 16.2% 15.1% 14.6% 14.3%
ROA (Net income/ Total Assets) 1.3% 1.23% 1.36% 1.42% 1.39% 1.31% 1.31% 1.27%
Assets 1 7,134,286 7,913,984 8,817,794 9,719,155 10,546,906 11,367,033 12,207,705 13,545,743
Book Value Per Share 2 22.90 25.40 34.10 32.70 36.70 41.60 46.00 50.60
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 17/01/20 14/01/21 14/01/22 13/01/23 19/01/24 - - -
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

Ratings for China Merchants Securities Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
31
Last Close Price
35.34 CNY
Average target price
39.07 CNY
Spread / Average Target
+10.55%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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