SHANGHAI RURAL COMMERCIAL BANK CO., LTD.

Financials Shanghai Rural Commercial Bank Co., Ltd.

Equities

601825

CNE100004QD7

Banks

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
6.76 ^CNY	+0.15%		+2.27%	+17.77%

04-26	Shanghai Rural Commercial Bank Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-12	Shanghai Rural Commercial Bank Vice President Resigns	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	65,100	56,709	55,359	65,196	-	-
Enterprise Value (EV) ¹	65,100	56,709	55,359	65,196	65,196	65,196
P/E ratio	6.25 x	5.16 x	4.56 x	5.21 x	4.58 x	4.5 x
Yield	-	5.82%	6.6%	5.77%	6.26%	6.73%
Capitalization / Revenue	2.69 x	2.21 x	2.1 x	2.42 x	2.25 x	2.17 x
EV / Revenue	2.69 x	2.21 x	2.1 x	2.42 x	2.25 x	2.17 x
EV / EBITDA	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	0.69 x	0.56 x	0.49 x	0.54 x	0.49 x	0.46 x
Nbr of stocks (in thousands)	9,644,444	9,644,444	9,644,444	9,644,444	-	-
Reference price ²	6.750	5.880	5.740	6.760	6.760	6.760
Announcement Date	20/01/22	19/01/23	25/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	24,164	25,627	26,414	26,902	29,025	30,012
EBITDA	-	-	-	-	-	-	-
EBIT ¹	-	12,168	13,675	14,264	18,311	19,600	20,260
Operating Margin	-	50.35%	53.36%	54%	68.07%	67.53%	67.5%
Earnings before Tax (EBT) ¹	-	12,178	13,669	14,886	15,122	17,644	17,225
Net income ¹	8,161	9,698	10,974	12,142	12,487	14,244	14,509
Net margin	-	40.13%	42.82%	45.97%	46.42%	49.08%	48.34%
EPS ²	0.9400	1.080	1.140	1.260	1.297	1.476	1.503
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.3420	0.3790	0.3900	0.4233	0.4550
Announcement Date	30/04/21	20/01/22	19/01/23	25/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	11.4%	11.2%	11.3%	10.9%	11.3%	10.9%
ROA (Net income/ Total Assets)	-	0.86%	0.9%	-	0.86%	0.89%	0.86%
Assets ¹	-	1,125,003	1,219,918	-	1,446,376	1,605,003	1,687,132
Book Value Per Share ²	-	9.720	10.60	11.70	12.60	13.90	14.70
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	30/04/21	20/01/22	19/01/23	25/04/24	-	-	-

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 Shanghai Rural Commercial Bank Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.76 CNY

Average target price

8.4 CNY

Spread / Average Target

+24.26%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Commercial Banks

	1st Jan change	Capi.
SHANGHAI RURAL COMMERCIAL BANK CO., LTD.	+17.77%	9.01B
AGRICULTURAL BANK OF CHINA LIMITED	+13.62%	208B
PT BANK CENTRAL ASIA TBK	+4.79%	75.63B
ANZ GROUP HOLDINGS LIMITED	+9.88%	56.57B
INDUSTRIAL BANK CO., LTD.	+3.95%	48.37B
CRÉDIT AGRICOLE S.A.	+14.92%	48.14B
CHINA CITIC BANK CO., LTD.	+22.83%	45.13B
JAPAN POST BANK CO., LTD.	+10.41%	37.5B
QATAR NATIONAL BANK (Q.P.S.C.)	-15.97%	35.24B
INVEST BANK	-96.60%	32.24B

Commercial Banks