Valuation China Merchants Securities Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 16/01/2026			5-day change	1st Jan Change
16.82 ^CNY	-1.18%		-2.32%	+1.08%

12-30	Knowledge Atlas Technology Launches Hong Kong IPO to Raise HK$4.34 Billion	MT
12-22	China Merchants Securities Co., Ltd. Board Committees Changes	CI

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	185,679	143,396	107,337	108,629	161,368	141,884	141,884	-
Change	-	-22.77%	-25.15%	1.2%	48.55%	-12.07%	0%	-
Enterprise Value (EV) ¹	282,621	234,936	297,116	355,461	652,257	280,918	296,317	313,266
Change	-	-16.87%	26.47%	19.64%	83.5%	-56.93%	5.48%	5.72%
P/E ratio	22x	14.2x	15.5x	14.5x	17x	12.5x	11.4x	10.6x
PBR	2.24x	1.36x	1.15x	0.97x	1.28x	1.12x	1.03x	0.96x
PEG	-	0.8x	-0.5x	1.56x	0.8x	0.7x	1.2x	1.26x
Capitalization / Revenue	7.65x	4.88x	5.58x	5.49x	7.73x	6.34x	6.32x	5.04x
EV / Revenue	11.6x	7.99x	15.5x	18x	31.2x	12.6x	13.2x	11.1x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / EBIT	25x	17x	33.9x	38.3x	58.2x	21.7x	21.8x	20.5x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Dividend per Share ²	0.437	0.54	0.185	0.252	0.377	0.4335	0.5336	0.4779
Rate of return	1.87%	3.06%	1.39%	1.85%	1.97%	2.58%	3.17%	2.84%
EPS ²	1.06	1.24	0.86	0.94	1.13	1.342	1.47	1.593
Distribution rate	41.2%	43.5%	21.5%	26.8%	33.4%	32.3%	36.3%	30%
Net sales ¹	24,278	29,386	19,219	19,795	20,872	22,375	22,447	28,155
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	11,303	13,787	8,773	9,281	11,209	12,923	13,603	15,291
Net income ¹	9,492	11,613	8,072	8,744	10,367	11,679	12,417	13,810
Net Debt ¹	96,942	91,540	189,778	246,832	490,889	139,034	154,433	171,382
Reference price ²	23.34	17.65	13.30	13.64	19.16	16.82	16.82	16.82
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	-
Announcement Date	05/03/21	21/01/22	24/03/23	18/02/24	17/01/25	-	-	-

¹CNY in Million²CNY

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
CHINA MERCHANTS SECURITIES CO., LTD.	12.53x	12.55x	-	2.58%	20.36B
THE GOLDMAN SACHS GROUP, INC.	19.7x	11.45x	-	1.46%	302B
MORGAN STANLEY	19.05x	7.53x	-	2.04%	299B
CITIGROUP INC.	16.43x	-	-	1.97%	206B
CHARLES SCHWAB	22.25x	7.86x	13.49x	1.04%	184B
CITIC SECURITIES COMPANY LIMITED	14.27x	1.32x	-	2.43%	58.65B
RAYMOND JAMES FINANCIAL, INC.	14.9x	-	-	1.27%	33.88B
LPL FINANCIAL HOLDINGS INC.	35.21x	2.2x	14.69x	0.33%	30.3B
HUATAI SECURITIES CO., LTD.	12.54x	6.48x	-	2.36%	28.05B
NOMURA HOLDINGS, INC.	11.87x	7.39x	-	3.44%	27.42B
Average	17.88x	7.10x	14.09x	1.89%	119.05B
Weighted average by Cap.	18.88x	8.36x	13.66x	1.73%