Cash flow China Merchants Securities Co., Ltd.

Equities

600999

CNE100000HK9

Investment Banking & Brokerage Services

End-of-day quote Shanghai S.E. Other stock markets 12/09/2024			5-day change	1st Jan Change
14.89 ^CNY	-0.13%		-0.13%	+9.16%

09-02	China Merchants Securities' H1 Profit Inches Up; Revenue Slips	MT
09-02	China Merchants Securities H1 Profit Inches Up, Operating Income Down 11%	MT

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Published financial data: CHINA MERCHANTS SECURITIES CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Interest and Dividend Income, Total	13.64B	16.15B	21.64B	20.07B	17.18B
Interest Expense, Total	6.39B	7.12B	9.65B	9.33B	9.52B
Net Interest Income	7.24B	9.03B	11.99B	10.74B	7.65B
Brokerage Commission	-	-	-	-	-
Asset Management Fee	-	-	-	-	-
Underwriting & Investment Banking Fee	-	-	-	-	-
Gain (Loss) on Sale of Investments, Total (Rev)	1.69B	1.39B	754M	-2.62B	2.06B
Other Revenues, Total	9.74B	13.84B	16.58B	11.03B	10B
Revenues Before Provison For Loan Losses	18.68B	24.26B	29.33B	19.15B	19.72B
Provision For Loan Losses	-50.44M	15.12M	43.06M	96.47M	43.23M
Total Revenues	18.73B	24.24B	29.28B	19.05B	19.68B
Cost of Services Provided, Total	7.54B	9.67B	11.07B	8.66B	8.75B
Provision for Bad Debts	9.23M	2.51M	25.29M	19M	21.05M
Other Operating Expenses	2.28B	3.15B	4.17B	1.49B	1.59B
Total Operating Expenses	9.83B	12.82B	15.27B	10.16B	10.36B
Operating Income	8.9B	11.42B	14.02B	8.89B	9.32B
Currency Exchange Gains (Loss)	30.19M	17.8M	12.14M	-50.52M	57.85M
Other Non Operating Income (Expenses)	-	-	36.64M	3.2M	2.66M
EBT, Excl. Unusual Items	8.93B	11.44B	14.07B	8.84B	9.38B
Gain (Loss) on Sale of Investments	-133M	-138M	-305M	-185M	-124M
Gain (Loss) on Sale of Assets	-	-	-	2.55M	4.64M
Asset Writedown	-6.31M	-3.96M	-5.61M	-3.96M	-3.96M
Other Unusual Items	-17.76M	9.68M	-50.95M	-123M	38.58M
EBT, Incl. Unusual Items	8.77B	11.31B	13.7B	8.53B	9.3B
Income Tax Expense	1.46B	1.81B	2.05B	452M	527M
Earnings From Continuing Operations	7.31B	9.5B	11.66B	8.08B	8.77B
Net Income to Company	7.31B	9.5B	11.66B	8.08B	8.77B
Minority Interest	-30.9M	-12.23M	-12.74M	-6.89M	-5.13M
Net Income - (IS)	7.28B	9.49B	11.65B	8.07B	8.76B
Preferred Dividend and Other Adjustments	802M	802M	802M	612M	572M
Net Income to Common Incl Extra Items	6.48B	8.69B	10.84B	7.46B	8.19B
Net Income to Common Excl. Extra Items	6.48B	8.69B	10.84B	7.46B	8.19B
Per Share Items
Net EPS - Basic	0.97	1.06	1.25	0.86	0.94
Basic EPS - Continuing Operations	0.97	1.06	1.25	0.86	0.94
Basic Weighted Average Shares Outstanding	6.7B	8.21B	8.7B	8.7B	8.7B
Net EPS - Diluted	0.97	1.06	1.25	0.86	0.94
Diluted EPS - Continuing Operations	0.97	1.06	1.25	0.86	0.94
Diluted Weighted Average Shares Outstanding	6.7B	8.21B	8.7B	8.7B	8.7B
Normalized Basic EPS	0.83	0.87	1.01	0.63	0.67
Normalized Diluted EPS	0.83	0.87	1.01	0.63	0.67
Dividend Per Share	-	0.77	0.54	0.18	0.25
Payout Ratio	95.97	81.29	81.25	139.15	93.27
American Depositary Receipts Ratio (ADR)	10	10	10	10	10
Supplemental Items
Total Revenues (As Reported)	18.71B	24.28B	29.43B	19.22B	19.82B
Effective Tax Rate - (Ratio)	16.64	15.96	14.93	5.3	5.66
Current Domestic Taxes	1.16B	2.41B	-	-	-
Total Current Taxes	1.16B	2.41B	2.05B	608M	300M
Deferred Domestic Taxes	302M	-607M	-	-	-
Total Deferred Taxes	302M	-607M	-5.17M	-156M	227M
Normalized Net Income	5.55B	7.14B	8.78B	5.52B	5.86B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	8.89B	12.57B	9.78B	24.25B	14.12B
Cash & Securities Segregated	61.17B	84.25B	97.14B	105B	116B
Securities Purchased Under Agreements To Resell	35.68B	52.26B	39.2B	49.58B	49.78B
Accounts Receivable, Total	55.94B	82.59B	99.69B	82.35B	84.24B
Other Receivables	2.14B	405M	2.22B	198M	211M
Gross Property Plant And Equipment	4.19B	4.5B	4.81B	5.23B	5.58B
Accumulated Depreciation	-1.46B	-1.76B	-2.08B	-2.51B	-2.85B
Net Property Plant And Equipment	2.73B	2.75B	2.73B	2.72B	2.73B
Goodwill	9.67M	9.67M	9.67M	9.67M	9.67M
Other Intangibles, Total	437M	430M	434M	430M	703M
Investment In Debt and Equity Securities	10.26B	11.3B	12.41B	15.62B	32.88B
Trading Asset Securities, Total	67.47B	82.41B	153B	127B	151B
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	81.98B	116B	138B	141B	169B
Deferred Tax Assets Long-Term (Collected)	827M	1.82B	1.56B	1.83B	1.58B
Deferred Charges Long-Term	299M	362M	480M	600M	458M
Other Long-Term Assets, Total	53.93B	53.05B	40.93B	60.74B	72.24B
Total Assets	382B	500B	597B	612B	696B
Liabilities
Accounts Payable, Total	3.15B	7.24B	5.11B	112B	126B
Accrued Expenses, Total	66.78B	92.66B	108B	6.98B	6.12B
Short-Term Borrowings	146B	174B	173B	171B	234B
Current Portion of Long-Term Debt	11.85B	-	-	-	-
Current Portion of Leases	268M	294M	322M	336M	7.32B
Long-Term Debt	53.56B	93.65B	147B	136B	124B
Long-Term Leases	985M	966M	996M	907M	911M
Current Income Taxes Payable	57.06M	250M	554M	182M	50.83M
Unearned Revenue, Current	-	-	-	63.81M	55.49M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	8.76B	12.5B	22.19B	47.26B	45.25B
Unearned Revenue Non Current	123M	119M	116M	113M	104M
Pension & Other Post Retirement Benefits	1.42M	1.13M	1.22M	911K	942K
Deferred Tax Liability Non-Current	485M	790M	492M	482M	558M
Other Non Current Liabilities	4.91B	10.93B	26.72B	21.35B	29.54B
Total Liabilities	297B	394B	485B	496B	574B
Common Stock, Total	6.7B	8.7B	8.7B	8.7B	8.7B
Additional Paid In Capital	27.53B	40.36B	40.36B	40.35B	40.36B
Retained Earnings	35.66B	41.43B	48.48B	51.06B	57.4B
Treasury Stock	-664M	-	-	-	-
Comprehensive Income and Other	15.82B	15.25B	14.97B	15.06B	15.5B
Total Common Equity	85.05B	106B	113B	115B	122B
Minority Interest	79.53M	87.91M	87.42M	82.49M	75.51M
Total Equity	85.13B	106B	113B	115B	122B
Total Liabilities And Equity	382B	500B	597B	612B	696B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	6.66B	8.7B	8.7B	8.7B	8.7B
ECS Total Common Shares Outstanding	6.66B	8.7B	8.7B	8.7B	8.7B
Book Value / Share	12.77	12.16	12.94	11.52	12.3
Tangible Book Value	84.6B	105B	112B	115B	121B
Tangible Book Value Per Share	12.7	12.11	12.89	11.47	12.22
Total Debt	212B	269B	321B	308B	366B
Net Debt	39.17B	37.93B	22.61B	2.14B	34B
Equity Method Investments, Total	8.83B	9.51B	9.65B	10.75B	11.75B
Full Time Employees	8.72K	9.23K	12K	12.49K	12.77K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	7.28B	9.49B	11.65B	8.07B	8.76B
Depreciation, Depletion & Amortization	429M	469M	507M	522M	544M
Amortization of Goodwill and Intangible Assets - (CF)	10.98M	12.05M	15.84M	16.63M	37.1M
Total Depreciation, Depletion & Amortization	440M	481M	523M	539M	581M
Amortization of Deferred Charges, Total	91.24M	110M	123M	159M	186M
(Gain) Loss On Sale of Asset - (CF)	2.75M	3.94M	5.61M	2.55M	-1.09M
(Gain) Loss on Sale of Investments - (CF)	-4.84B	-4.34B	-4.39B	327M	-3.24B
Total Asset Writedown	-328M	-88.35M	56.77M	412M	-2.44B
Provision for Credit Losses	-50.44M	15.12M	43.06M	96.47M	43.23M
Provision and Write-off of Bad Debts	9.23M	2.51M	25.29M	19M	21.05M
Change in Accounts Receivable	-54.47B	-85.65B	-97.81B	27.05B	-39.6B
Change in Accounts Payable	57.52B	66.6B	42.41B	20.38B	57.35B
Change In Deferred Taxes	302M	-607M	-5.17M	-156M	227M
Other Operating Activities	4.03B	4.16B	6.18B	5.61B	5.21B
Cash from Operations	9.99B	-9.81B	-41.19B	62.5B	27.1B
Capital Expenditure	-241M	-374M	-413M	-560M	-608M
Sale of Property, Plant, and Equipment	1.79M	1.01M	1.47M	1.63M	4.65M
Investment in Marketable and Equity Securities, Total	-3.98B	853M	11.59B	-20.67B	-25.84B
Other Investing Activities, Total	2.42B	2.04B	2.63B	2.09B	2.35B
Cash from Investing	-1.8B	2.52B	13.81B	-19.13B	-24.09B
Long-Term Debt Issued, Total	111B	153B	178B	75.84B	138B
Total Debt Issued	111B	153B	178B	75.84B	138B
Long-Term Debt Repaid, Total	-98.3B	-123B	-133B	-85.6B	-122B
Total Debt Repaid	-98.3B	-123B	-133B	-85.6B	-122B
Issuance of Common Stock	-	15.49B	-	15B	-
Repurchase of Common Stock	-664M	-	-	-15B	-
Common Dividends Paid	-6.99B	-7.72B	-9.46B	-11.23B	-8.17B
Common & Preferred Stock Dividends Paid	-6.99B	-7.72B	-9.46B	-11.23B	-8.17B
Other Financing Activities, Total	-20.88M	-3.85M	-13.23M	-25.97M	-12.11M
Cash from Financing	4.76B	37.32B	35.72B	-21.01B	7.7B
Foreign Exchange Rate Adjustments	219M	-682M	-294M	1.19B	276M
Net Change in Cash	13.17B	29.35B	8.04B	23.55B	10.99B
Supplemental Items
Cash Interest Paid	3.92B	5.18B	6.75B	6.29B	7.38B
Cash Income Tax Paid (Refund)	2.89B	3.9B	3.74B	2.93B	1.72B
Net Debt Issued / Repaid	12.43B	29.55B	45.19B	-9.76B	15.89B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.13	2.16	2.13	1.34	1.34
Return On Equity %	8.82	9.95	10.67	7.09	7.39
Return on Common Equity	7.82	9.11	9.94	6.55	6.91
Margin Analysis
Gross Profit Margin %	61.68	61.49	62.23	56.37	56.9
SG&A Margin	1.93	1.38	0.04	1.8	1.36
Income From Continuing Operations Margin %	39.05	39.2	39.81	42.4	44.57
Net Income Margin %	38.88	39.15	39.77	42.37	44.54
Net Avail. For Common Margin %	34.6	35.84	37.03	39.16	41.63
Normalized Net Income Margin	29.64	29.44	29.98	28.96	29.77
Asset Turnover
Asset Turnover	0.05	0.06	0.05	0.03	0.03
Short Term Liquidity
Current Ratio	1.32	1.5	1.74	1.57	1.4
Quick Ratio	0.98	1.09	1.3	1.15	0.99
Operating Cash Flow to Current Liabilities	0.04	-0.03	-0.13	0.19	0.06
Long Term Solvency
Total Debt/Equity	249.48	254.58	285.41	267.45	299.63
Total Debt / Total Capital	71.39	71.8	74.05	72.79	74.98
LT Debt/Equity	64.07	89.41	131.71	118.62	102.27
Long-Term Debt / Total Capital	18.33	25.22	34.17	32.28	25.59
Total Liabilities / Total Assets	77.7	78.82	81.15	81.16	82.46
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	65.18	29.45	20.78	-35.01	3.25
Gross Profit, 1 Yr. Growth %	94.73	29.05	24.78	-42.52	4.22
Earnings From Cont. Operations, 1 Yr. Growth %	64.48	29.95	22.66	-30.7	8.57
Net Income, 1 Yr. Growth %	64.57	30.34	22.69	-30.68	8.6
Normalized Net Income, 1 Yr. Growth %	62.29	28.6	22.97	-37.13	9.07
Diluted EPS Before Extra, 1 Yr. Growth %	79.19	29.26	17.84	-31.2	9.6
Common Equity, 1 Yr. Growth %	5.36	24.33	6.4	2.36	5.89
Total Assets, 1 Yr. Growth %	25.2	30.9	19.51	2.42	13.76
Tangible Book Value, 1 Yr. Growth %	5.41	24.46	6.42	2.37	5.68
Cash From Operations, 1 Yr. Growth %	-70.76	-198.17	320.11	-251.73	-56.64
Capital Expenditures, 1 Yr. Growth %	-47.69	54.85	10.45	35.73	8.57
Dividend Per Share, 1 Yr. Growth %	-	-	-30.05	-65.74	36.22
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.65	46.23	25.04	-11.35	-18.08
Gross Profit, 2 Yr. CAGR %	21.57	58.52	25.59	-14.24	-22.59
Earnings From Cont. Operations, 2 Yr. CAGR %	12.24	46.2	26.26	-7.8	-13.27
Net Income, 2 Yr. CAGR %	12.19	46.46	26.45	-7.78	-13.25
Normalized Net Income, 2 Yr. CAGR %	11.48	44.47	25.75	-12.07	-18.31
Diluted EPS Before Extra, 2 Yr. CAGR %	11.72	39.98	23.42	-9.96	-13.17
Common Equity, 2 Yr. CAGR %	3.61	14.45	15.01	4.36	4.12
Total Assets, 2 Yr. CAGR %	15.61	28.02	25.07	10.63	7.94
Tangible Book Value, 2 Yr. CAGR %	3.35	14.54	15.09	4.38	4.02
Cash From Operations, 2 Yr. CAGR %	-51.55	-46.43	103.08	152.48	-18.88
Capital Expenditures, 2 Yr. CAGR %	-5.27	-10	30.78	22.44	21.39
Dividend Per Share, 2 Yr. CAGR %	-	71	-	-51.05	-31.69
Compound Annual Growth Rate Over Three Years