Financials China Merchants Securities Co., Ltd.

Equities

600999

CNE100000HK9

Investment Banking & Brokerage Services

End-of-day quote Shanghai S.E. 23:00:00 13/06/2024 BST 5-day change 1st Jan Change
14.18 CNY +0.85% Intraday chart for China Merchants Securities Co., Ltd. +0.14% +3.96%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 112,598 185,679 143,396 107,337 108,629 112,998 - -
Enterprise Value (EV) 1 260,249 282,621 234,936 297,116 355,461 262,833 112,998 112,998
P/E ratio 18.9 x 22 x 14.1 x 15.5 x 14.5 x 14.1 x 12.6 x 11.3 x
Yield - 1.87% 3.06% 1.39% 1.85% 2.09% 2.63% 3.53%
Capitalization / Revenue 6.02 x 5.72 x 4.87 x 3.66 x 3.62 x 5.76 x 4.97 x 4.76 x
EV / Revenue 13.9 x 8.7 x 7.98 x 10.1 x 11.8 x 13.4 x 4.97 x 4.76 x
EV / EBITDA 28,184,381 x - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.75 x 2.24 x 1.36 x 1.15 x 0.97 x 1.02 x 0.95 x 0.89 x
Nbr of stocks (in thousands) 6,659,389 8,696,527 8,696,527 8,696,527 8,696,527 8,696,527 - -
Reference price 2 18.29 23.34 17.65 13.30 13.64 14.18 14.18 14.18
Announcement Date 10/03/20 05/03/21 21/01/22 24/03/23 18/02/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 18,708 32,469 29,429 29,336 30,020 19,634 22,731 23,758
EBITDA 9,234 - - - - - - -
EBIT 1 8,794 18,511 13,815 6,870 7,761 8,284 10,814 11,349
Operating Margin 47.01% 57.01% 46.95% 23.42% 25.85% 42.19% 47.57% 47.77%
Earnings before Tax (EBT) 1 8,774 11,309 13,704 8,532 9,296 9,791 11,172 12,175
Net income 1 7,282 9,492 11,645 8,072 8,764 8,290 9,291 10,907
Net margin 38.93% 29.23% 39.57% 27.52% 29.19% 42.23% 40.87% 45.91%
EPS 2 0.9700 1.060 1.250 0.8600 0.9400 1.005 1.128 1.252
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 - 0.4370 0.5400 0.1850 0.2520 0.2958 0.3733 0.5000
Announcement Date 10/03/20 05/03/21 21/01/22 24/03/23 18/02/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 11,499 - 3,696 - 4,677 15,654 4,077 - 4,299 - - -
EBITDA - - - - - - - - - - - -
EBIT - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - -
Net income - 3,144 1,490 - 1,992 4,727 1,675 - 2,157 - - -
Net margin - - 40.3% - 42.59% 30.2% 41.07% - 50.18% - - -
EPS 1 - 0.3400 0.1500 0.3300 0.2100 - 0.1800 0.2500 0.2300 0.2300 0.2300 0.2300
Dividend per Share - - - - - - - - - - - -
Announcement Date 28/08/20 21/01/22 24/04/22 26/08/22 28/10/22 29/08/23 26/10/23 18/02/24 26/04/24 - - -
1CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 147,652 96,942 91,540 189,778 246,832 149,835 - -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 15.99 x - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 9.48% 9.95% 11.5% 7.54% 7.91% 7.4% 7.47% 7.92%
ROA (Net income/ Total Assets) 2.12% 2.15% 2.12% 1.34% 1.34% 1.53% 1.34% 1.38%
Assets 1 343,347 440,652 549,944 604,215 653,763 541,151 746,581 790,344
Book Value Per Share 2 10.50 10.40 12.90 11.50 14.00 13.90 14.90 15.90
Cash Flow per Share 2 - - -4.740 7.190 3.120 4.500 4.870 5.120
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 10/03/20 05/03/21 21/01/22 24/03/23 18/02/24 - - -
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
C-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
14.18 CNY
Average target price
15.14 CNY
Spread / Average Target
+6.76%
Consensus
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