Loading...

You're on the old version of Simply Wall St. We will no longer be supporting this site, so we recommend you switch to our brand new platform.

China Merchants Securities

DB:195H
Snowflake Description

Slightly overvalued with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
195H
DB
CN¥106B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

China Merchants Securities Co., Ltd. provides securities investment and trading services to corporate, institutional, and individual clients in the People’s Republic of China. The last earnings update was 6 days ago. More info.


Add to Portfolio Compare Print
195H Share Price and Events
7 Day Returns
2.1%
DB:195H
3%
DE Capital Markets
2.2%
DE Market
1 Year Returns
-25.9%
DB:195H
-6.9%
DE Capital Markets
-17.2%
DE Market
195H Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Merchants Securities (195H) 2.1% -9.6% -12.8% -25.9% -30.4% -
DE Capital Markets 3% -17.7% -13.1% -6.9% -24.7% -54.9%
DE Market 2.2% -15.7% -24% -17.2% -23.3% -27.8%
1 Year Return vs Industry and Market
  • 195H underperformed the Capital Markets industry which returned -6.9% over the past year.
  • 195H underperformed the Market in Germany which returned -17.2% over the past year.
Price Volatility
195H
Industry
5yr Volatility vs Market

Value

 Is China Merchants Securities undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of China Merchants Securities to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for China Merchants Securities.

DB:195H Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= CN¥13.18 * 8.8%
CN¥1.16
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. CN¥13.18
Discount Rate (Cost of Equity) See below 9.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:195H
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.753 (1 + (1- 25%) (199.67%))
1.59
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.59
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.59 * 6.33%)
9.67%

Discounted Cash Flow Calculation for DB:195H using Excess Returns Model Model

The calculations below outline how an intrinsic value for China Merchants Securities is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:195H Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.8% – 9.67%) * CN¥13.18)
CN¥-0.12
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥-0.12 / (9.67% - -0.39%)
CN¥-1.19
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥13.18 + CN¥-1.19
CN¥11.99
DB:195H Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:195H represents 0.05671x of SHSE:600999
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.05671x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CNY) x Listing Adjustment Factor
= CN¥ 11.99 x 0.05671
€0.68
Value per share (EUR) From above. €0.68
Current discount Discount to share price of €0.99
= -1 x (€0.99 - €0.68) / €0.68
-44.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of China Merchants Securities is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for China Merchants Securities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Merchants Securities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:195H PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CNY CN¥0.97
SHSE:600999 Share Price ** SHSE (2020-04-01) in CNY CN¥17.37
Germany Capital Markets Industry PE Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 22.55x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 16.76x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of China Merchants Securities.

DB:195H PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SHSE:600999 Share Price ÷ EPS (both in CNY)

= 17.37 ÷ 0.97

17.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Merchants Securities is good value based on earnings compared to the DE Capital Markets industry average.
  • China Merchants Securities is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does China Merchants Securities's expected growth come at a high price?
Raw Data
DB:195H PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
9.6%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 6 Publicly-Listed Capital Markets Companies 1.59x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:195H PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.95x ÷ 9.6%

1.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Merchants Securities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on China Merchants Securities's assets?
Raw Data
DB:195H PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CNY CN¥12.77
SHSE:600999 Share Price * SHSE (2020-04-01) in CNY CN¥17.37
Germany Capital Markets Industry PB Ratio Median Figure of 31 Publicly-Listed Capital Markets Companies 1.5x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.44x
DB:195H PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SHSE:600999 Share Price ÷ Book Value per Share (both in CNY)

= 17.37 ÷ 12.77

1.36x

* Primary Listing of China Merchants Securities.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Merchants Securities is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess China Merchants Securities's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. China Merchants Securities has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is China Merchants Securities expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Merchants Securities expected to grow at an attractive rate?
  • China Merchants Securities's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • China Merchants Securities's earnings growth is positive but not above the Germany market average.
  • China Merchants Securities's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:195H Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:195H Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 9.6%
DB:195H Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 3.7%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 39.4%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:195H Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:195H Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 22,390 9,282 1
2021-12-31 19,699 7,744 8
2020-12-31 18,671 7,077 7
2020-04-02
DB:195H Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-12-31 18,729 9,989 6,480
2019-09-30 16,359 17,017 5,375
2019-06-30 15,011 38,943 5,319
2019-03-31 13,289 41,649 4,658
2018-12-31 11,338 34,166 3,623
2018-09-30 11,759 3,014 4,094
2018-06-30 12,453 -26,600 4,448
2018-03-31 13,388 -21,938 4,911
2017-12-31 13,532 -42,554 5,194
2017-09-30 12,535 -44,391 5,596
2017-06-30 12,190 -37,492 5,714
2017-03-31 11,907 -42,605 5,769

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Merchants Securities's earnings are expected to grow by 9.6% yearly, however this is not considered high growth (20% yearly).
  • China Merchants Securities's revenue is expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:195H Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from China Merchants Securities Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:195H Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.39 1.39 1.39 1.00
2021-12-31 1.16 1.26 1.00 8.00
2020-12-31 1.04 1.11 0.93 9.00
2020-04-02
DB:195H Past Financials Data
Date (Data in CNY Millions) EPS *
2019-12-31 0.97
2019-09-30 0.86
2019-06-30 0.85
2019-03-31 0.72
2018-12-31 0.54
2018-09-30 0.56
2018-06-30 0.61
2018-03-31 0.69
2017-12-31 0.78
2017-09-30 0.78
2017-06-30 0.85
2017-03-31 0.93

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • China Merchants Securities is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess China Merchants Securities's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
China Merchants Securities has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has China Merchants Securities performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare China Merchants Securities's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • China Merchants Securities's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • China Merchants Securities's 1-year earnings growth exceeds its 5-year average (78.9% vs -11.1%)
  • China Merchants Securities's earnings growth has exceeded the DE Capital Markets industry average in the past year (78.9% vs 3.2%).
Earnings and Revenue History
China Merchants Securities's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from China Merchants Securities Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:195H Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 18,728.62 6,480.29 370.51
2019-09-30 16,358.73 5,374.77 390.08
2019-06-30 15,010.72 5,319.04 267.35
2019-03-31 13,288.80 4,658.11 286.05
2018-12-31 11,338.06 3,622.90 259.10
2018-09-30 11,759.33 4,094.21 489.85
2018-06-30 12,453.36 4,448.12 512.97
2018-03-31 13,387.79 4,911.05 408.63
2017-12-31 13,531.51 5,193.76 393.15
2017-09-30 12,534.66 5,596.24 555.82
2017-06-30 12,190.01 5,713.88 555.82
2017-03-31 11,906.94 5,769.01 555.82
2016-12-31 11,466.71 5,403.45 555.82
2016-09-30 14,583.11 6,053.78 283.06
2016-06-30 14,544.27 5,835.91 156.77
2016-03-31 21,886.74 9,254.80 283.06
2015-12-31 25,198.16 10,908.75 283.06
2015-09-30 23,609.06 10,150.65 231.97
2015-06-30 23,252.62 9,800.49 246.17
2015-03-31 14,927.74 5,802.42 231.97
2014-12-31 10,999.27 3,850.67 231.97
2014-09-30 8,230.44 3,182.90 209.54
2014-06-30 6,787.91 2,549.89 220.66
2014-03-31 6,314.74 2,328.19 209.54
2013-12-31 6,070.03 2,232.09 209.54
2013-09-30 5,489.72 2,011.50 193.81
2013-06-30 4,985.48 1,744.41 199.86

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • China Merchants Securities has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Merchants Securities used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if China Merchants Securities improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess China Merchants Securities's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
China Merchants Securities has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is China Merchants Securities's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up China Merchants Securities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Merchants Securities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Merchants Securities's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Merchants Securities's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from China Merchants Securities Company Filings, last reported 3 months ago.

DB:195H Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 85,127.85 211,125.51 173,206.62
2019-09-30 83,502.12 202,790.63 241,649.98
2019-06-30 82,318.92 182,676.02 165,576.63
2019-03-31 82,907.75 151,057.14 212,905.70
2018-12-31 80,792.35 157,323.69 151,380.60
2018-09-30 79,907.62 141,604.41 184,839.06
2018-06-30 78,433.00 146,852.41 191,601.83
2018-03-31 80,168.86 131,407.42 183,145.52
2017-12-31 79,333.70 138,768.50 150,458.33
2017-09-30 78,439.04 111,008.62 150,199.71
2017-06-30 76,625.77 86,420.61 126,143.50
2017-03-31 70,377.26 93,502.00 148,926.59
2016-12-31 59,915.04 98,609.89 136,645.42
2016-09-30 49,211.67 101,017.40 134,596.94
2016-06-30 47,887.10 108,269.30 131,545.00
2016-03-31 48,141.90 109,268.01 151,397.55
2015-12-31 48,431.79 133,202.79 167,000.32
2015-09-30 45,854.49 138,485.03 197,233.31
2015-06-30 47,858.61 163,805.70 209,309.69
2015-03-31 44,536.12 113,929.68 136,979.11
2014-12-31 41,596.16 82,073.39 109,578.33
2014-09-30 40,338.55 42,990.10 76,953.88
2014-06-30 39,918.14 31,695.23 67,292.19
2014-03-31 27,992.36 29,061.02 51,662.07
2013-12-31 27,184.38 24,846.38 48,281.55
2013-09-30 26,617.01 16,286.99 55,730.87
2013-06-30 26,125.91 27,415.63 54,935.19
  • China Merchants Securities's level of debt (248%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (198% vs 248% today).
  • Debt is not well covered by operating cash flow (4.7%, less than 20% of total debt).
  • Unable to confirm if the interest payments on China Merchants Securities's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess China Merchants Securities's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. China Merchants Securities has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is China Merchants Securities's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from China Merchants Securities dividends. Estimated to be 2.57% next year.
If you bought €2,000 of China Merchants Securities shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate China Merchants Securities's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate China Merchants Securities's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:195H Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:195H Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 0.47 6.00
2020-12-31 0.41 5.00
2020-04-02
DB:195H Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2020-03-27 0.000 0.000
2019-06-28 0.264 1.540
2018-05-18 0.346 2.380
2017-10-27 0.000 0.000
2017-08-24 0.000 0.000
2017-07-13 0.343 1.921
2016-09-14 0.401 2.360
2016-06-07 0.751 4.400
2015-10-30 1.008 5.684
2015-09-28 1.008 5.570
2015-03-30 0.530 2.169
2014-10-27 0.306 1.416
2014-08-18 0.306 2.724
2014-04-29 0.000 0.000
2014-04-09 0.000 0.000
2013-07-15 0.142 1.266
2012-07-25 0.150 1.380
2011-10-28 0.231 1.965
2011-08-23 0.231 1.941
2011-07-07 0.231 1.768
2010-04-21 0.385 2.465

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as China Merchants Securities has not reported any payouts.
  • Unable to verify if China Merchants Securities's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of China Merchants Securities's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as China Merchants Securities has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).
X
Income/ dividend checks
We assess China Merchants Securities's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can China Merchants Securities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Merchants Securities has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of China Merchants Securities's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jiantao Xiong
COMPENSATION CN¥3,831,683
AGE 51
TENURE AS CEO 1.3 years
CEO Bio

Mr. Jiantao Xiong is the President of China Merchants Securities Co. Ltd from December 15, 2018 and has been its Executive Director since May 26, 2017 and has been its Chief Information Officer since July 2019 and serves as its General Manager. Mr. Xiong was Chief Operating Officer of China Merchants Securities Co.,Ltd from May 2017 to December 15, 2018. Mr. Xiong was a Vice President of China Merchants Securities Co. Ltd from December 2005 to December 15, 2018. Mr. Xiong is in charge of retail broking, IT and China Merchants Futures Co., Ltd. (CMF), a wholly-owned subsidiary of CMS. He served in various positions of China Merchants Securities Co.,Ltd from June 1995 to December 2005, including Manager of Computer Department, General Manager of Computer Center, General Manager of the Information Technology Technology Center and General Technology Director. He had been seconded by the CSRC to be a Member of The Administrative Take-Over Group of China Southern Securities. He served as Deputy Manager of the Information Center of China Merchants Bank from April 1993 to June 1995. He has been the Chairman of CMF and China Merchants Futures Co., Ltd. since March 2008. He has been the Chairman of The Board of Directors of CMS Asset Management since March 2015. He has been a Director of Bosera Funds since November 2014 and CMS International since September 2015. He has been Vice Chairman of Agency Committee of Securities Association of China since September 2011. Mr. Xiong obtained a Bachelor's Degree in Engineering majoring in Telecommunications Engineering from Nanjing University of Posts and Telecommunications (formerly Nanjing Institute of Posts and Telecommunications), a Master's Degree in Engineering majoring in Automatic Instrumentation and Installation from Huazhong University of Science and Technology and an Executive Master's Degree in Business Management from Fudan University in July 1989, June 1992 and June 2014, respectively.

CEO Compensation
  • Jiantao's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jiantao's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the China Merchants Securities management team in years:

1.7
Average Tenure
51
Average Age
  • The average tenure for the China Merchants Securities management team is less than 2 years, this suggests a new team.
Management Team

Da Huo

TITLE
Chairman
COMPENSATION
CN¥4M
AGE
51

Jiantao Xiong

TITLE
President
COMPENSATION
CN¥4M
AGE
51
TENURE
1.3 yrs

Huifeng Wu

TITLE
VP & Secretary of the Board of Directors
COMPENSATION
CN¥3M
AGE
45
TENURE
5.3 yrs

Min He

TITLE
Head of Accounting Department & Employee-Representative Supervisor
COMPENSATION
CN¥600K
AGE
44

Yu Hu

TITLE
Chief Risk Officer & Chief Compliance Officer
AGE
55
TENURE
1.3 yrs

Hongyan Yin

TITLE
Head of Human Resources Department & Employee-Representative Supervisor
COMPENSATION
CN¥749K
AGE
48
TENURE
1.7 yrs

Yvonne Kwong

TITLE
Joint Company Secretary
AGE
64
TENURE
4 yrs
Board of Directors Tenure

Average tenure and age of the China Merchants Securities board of directors in years:

2.9
Average Tenure
49.5
Average Age
  • The average tenure for the China Merchants Securities board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jiantao Xiong

TITLE
President
COMPENSATION
CN¥4M
AGE
51
TENURE
2.9 yrs

Min He

TITLE
Head of Accounting Department & Employee-Representative Supervisor
COMPENSATION
CN¥600K
AGE
44
TENURE
10.8 yrs

Hongyan Yin

TITLE
Head of Human Resources Department & Employee-Representative Supervisor
COMPENSATION
CN¥749K
AGE
48
TENURE
12.7 yrs

Min Su

TITLE
Non-Executive Director
AGE
51
TENURE
3.8 yrs

Da Huo

TITLE
Chairman
COMPENSATION
CN¥4M
AGE
51
TENURE
2.9 yrs

Linda Zhou

TITLE
Chairman of Supervisory Committee
AGE
51

Hua Xiang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥200K
AGE
48
TENURE
2.8 yrs

Houfa Xiao

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥200K
AGE
52
TENURE
2.8 yrs

Wei Xiong

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥200K
AGE
44
TENURE
2.7 yrs

Lei Peng

TITLE
Non-Executive Director
AGE
47
TENURE
12.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess China Merchants Securities's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. China Merchants Securities has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

China Merchants Securities Co., Ltd. provides securities investment and trading services to corporate, institutional, and individual clients in the People’s Republic of China. The company operates through Brokerage and Wealth Management, Investment Banking, Investment Management, and Investment and Trading segments. Its trades in stocks, funds, bonds, futures, commodities, and other derivatives on behalf of clients; and provides them with other value-added services, such as investment consultancy, investment portfolio recommendation, sales of products, and account assessment and assets allocation. The company also provides capital-based intermediary services, including margin financing and securities lending, as well as securities-backed lending and stock repurchases to clients; and investment research, sales and trading, prime brokerage, and other services for various institutions, such as funds and insurance companies. In addition, it offers investment banking services, such as domestic and international equity financing, debt financing, structured financing, over-the-counter (OTC) listing, financial advisory, and other services; and investment management services comprising collective asset management, targeted asset management, specialized asset management, and equity investment fund management services. Further, the company engages in trading and market-making business in relation to equity and fixed-income securities, commodities, alternative investment, and other derivatives, as well as OTC financial products; underwriting, acquisition and merger, asset restructuring, and financial consultancy services; and insurance agency activities. China Merchants Securities Co., Ltd. was founded in 1991 and is based in Shenzhen, the People’s Republic of China.

Details
Name: China Merchants Securities Co., Ltd.
195H
Exchange: DB
Founded: 1991
CN¥13,667,340,482
6,659,388,549
Website: http://www.newone.com.cn
Address: China Merchants Securities Co., Ltd.
45F, Block A,
Jiangsu Building,
Shenzhen,
Guangdong Province, 518026,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SHSE 600999 Domestic Shares Shanghai Stock Exchange CN CNY 25. Nov 2009
XSSC 600999 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 25. Nov 2009
SEHK 6099 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 07. Oct 2016
DB 195H Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 07. Oct 2016
SZSC 6099 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 07. Oct 2016
Number of employees
Current staff
Staff numbers
8,725
China Merchants Securities employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/02 01:25
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/03/29
Last earnings filing: 2020/03/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.