Financials China Merchants Securities Co., Ltd.
Equities
600999
CNE100000HK9
Investment Banking & Brokerage Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 16.81 CNY | -0.71% |
|
-2.49% | +1.02% |
| 02-05 | Shenzhen Woer Heat-Shrinkable Material Launches Up to HK$2.8 Billion Hong Kong IPO | MT |
| 01-29 | Muyuan Foods Launches Up to HK$10.7 Billion Hong Kong IPO | MT |
Projected Income Statement: China Merchants Securities Co., Ltd.
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 24,278 | 29,386 | 19,219 | 19,795 | 20,872 | 24,900 | 26,514 | 28,155 |
| Change | - | 21.04% | -34.6% | 3% | 5.44% | 19.29% | 6.48% | 6.19% |
| EBITDA | - | - | - | - | - | - | - | - |
| Change | - | - | - | - | - | - | - | - |
| EBIT 1 | 11,303 | 13,787 | 8,773 | 9,281 | 11,209 | 13,990 | 13,936 | 15,291 |
| Change | - | 21.98% | -36.37% | 5.79% | 20.77% | 24.82% | -0.39% | 9.72% |
| Interest Paid | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) 1 | 11,309 | 13,675 | 8,532 | 9,278 | 11,200 | 14,026 | 13,853 | 14,998 |
| Change | - | 20.93% | -37.61% | 8.75% | 20.72% | 25.23% | -1.23% | 8.26% |
| Net income 1 | 9,492 | 11,613 | 8,072 | 8,744 | 10,367 | 12,300 | 12,918 | 13,810 |
| Change | - | 22.35% | -30.49% | 8.32% | 18.56% | 18.65% | 5.02% | 6.91% |
| Announcement Date | 05/03/21 | 21/01/22 | 24/03/23 | 18/02/24 | 17/01/25 | 27/01/26 | - | - |
1CNY in Million
Estimates
Forecast Balance Sheet: China Merchants Securities Co., Ltd.
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 96,942 | 91,540 | 189,778 | 246,832 | 490,889 | 139,034 | 154,433 | 171,382 |
| Change | - | -5.57% | 107.32% | 30.06% | 98.88% | -71.68% | 11.08% | 10.97% |
| Announcement Date | 05/03/21 | 21/01/22 | 24/03/23 | 18/02/24 | 17/01/25 | 27/01/26 | - | - |
1CNY in Million
Estimates
Cash Flow Forecast: China Merchants Securities Co., Ltd.
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| CAPEX 1 | 241.3 | 373.7 | 412.8 | 560.2 | 608.2 | 763.7 |
| Change | - | 54.85% | 10.45% | 35.73% | 8.57% | 25.56% |
| Free Cash Flow (FCF) 1 | - | - | - | - | - | - |
| Change | - | - | - | - | - | - |
| Announcement Date | 27/03/20 | 26/03/21 | 27/03/22 | 24/03/23 | 29/03/24 | 27/03/25 |
1CNY in Million
Estimates
Forecast Financial Ratios: China Merchants Securities Co., Ltd.
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
| EBITDA Margin (%) | - | - | - | - | - | - | - | - |
| EBIT Margin (%) | 46.56% | 46.92% | 45.65% | 46.89% | 53.7% | 56.19% | 52.56% | 54.31% |
| EBT Margin (%) | 46.58% | 46.54% | 44.39% | 46.87% | 53.66% | 56.33% | 52.25% | 53.27% |
| Net margin (%) | 39.1% | 39.52% | 42% | 44.17% | 49.67% | 49.4% | 48.72% | 49.05% |
| FCF margin (%) | - | - | - | - | - | - | - | - |
| FCF / Net Income (%) | - | - | - | - | - | - | - | - |
Profitability | ||||||||
| ROA | 2.15% | 2.12% | 1.34% | 1.34% | 1.47% | 1.67% | 1.61% | 1.65% |
| ROE | 10.85% | 11.49% | 7.54% | 7.91% | 8.82% | 9.9% | 9.38% | 9.58% |
Financial Health | ||||||||
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Debt / Free cash flow | - | - | - | - | - | - | - | - |
Capital Intensity | ||||||||
| CAPEX / Current Assets (%) | - | - | - | - | - | - | - | - |
| CAPEX / EBITDA (%) | - | - | - | - | - | - | - | - |
| CAPEX / FCF (%) | - | - | - | - | - | - | - | - |
Items per share | ||||||||
| Cash flow per share 1 | - | -4.737 | 7.187 | 3.117 | - | - | - | - |
| Change | - | - | 251.73% | -56.64% | - | - | - | - |
| Dividend per Share 1 | 0.437 | 0.54 | 0.185 | 0.252 | 0.377 | 0.4335 | 0.5341 | 0.4779 |
| Change | - | 23.57% | -65.74% | 36.22% | 49.6% | 14.99% | 23.2% | -10.52% |
| Book Value Per Share 1 | 10.43 | 12.94 | 11.52 | 14.02 | 14.97 | 13.91 | 16.27 | 17.43 |
| Change | - | 24.03% | -10.97% | 21.77% | 6.74% | -7.07% | 8.08% | 7.15% |
| EPS 1 | 1.06 | 1.24 | 0.86 | 0.94 | 1.13 | 1.342 | 1.471 | 1.593 |
| Change | - | 16.98% | -30.65% | 9.3% | 20.21% | 18.79% | 9.56% | 8.31% |
| Nbr of stocks (in thousands) | 8,696,527 | 8,696,527 | 8,696,527 | 8,696,527 | 8,696,527 | 8,696,527 | 8,696,527 | 8,696,527 |
| Announcement Date | 05/03/21 | 21/01/22 | 24/03/23 | 18/02/24 | 17/01/25 | 27/01/26 | - | - |
1CNY
Estimates
| 2025 | 2026 * | |
|---|---|---|
| P/E ratio | 12.5x | 11.4x |
| PBR | 1.2x | 1.03x |
| EV / Sales | 5.6x | 11.1x |
| Yield | 2.58% | 3.18% |
EPS & Dividend
Y-o-Y evolution of P/E
Year-on-year evolution of the Yield
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
16.81CNY
Average target price
22.20CNY
Spread / Average Target
+32.08%
Quarterly revenue - Rate of surprise
- Stock Market
- Equities
- 600999 Stock
- Financials China Merchants Securities Co., Ltd.
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