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Huatai Securities

DB:206H
Snowflake Description

Second-rate dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
206H
DB
CN¥147B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Huatai Securities Co., Ltd., a security company, provides financial services in Mainland China and internationally. The last earnings update was 158 days ago. More info.


Add to Portfolio Compare Print
  • Huatai Securities has significant price volatility in the past 3 months.
206H Share Price and Events
7 Day Returns
4.7%
DB:206H
0.9%
DE Capital Markets
-0.6%
DE Market
1 Year Returns
-32.5%
DB:206H
-10.3%
DE Capital Markets
-20.9%
DE Market
206H Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Huatai Securities (206H) 4.7% -17.4% -14.2% -32.5% -25.9% -
DE Capital Markets 0.9% -20.9% -16.9% -10.3% -26.2% -56.2%
DE Market -0.6% -20% -26.3% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • 206H underperformed the Capital Markets industry which returned -10.3% over the past year.
  • 206H underperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
206H
Industry
5yr Volatility vs Market

206H Value

 Is Huatai 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 Huatai 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 Huatai Securities.

DB:206H Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 14 analysts.
= Stable Book Value * Return on Equity
= CN¥14.97 * 7.9%
CN¥1.19
Book Value of Equity per Share Weighted future Book Value estimates from 12 analysts. CN¥14.97
Discount Rate (Cost of Equity) See below 8.4%
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:206H
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))
= 0.745 (1 + (1- 25%) (149.33%))
1.389
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.39
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.389 * 6.33%)
8.4%

Discounted Cash Flow Calculation for DB:206H using Excess Returns Model Model

The calculations below outline how an intrinsic value for Huatai 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:206H Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.9% – 8.4%) * CN¥14.97)
CN¥-0.07
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥-0.07 / (8.4% - -0.39%)
CN¥-0.82
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥14.97 + CN¥-0.82
CN¥14.15
DB:206H Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:206H represents 0.07613x of SHSE:601688
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.07613x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CNY) x Listing Adjustment Factor
= CN¥ 14.15 x 0.07613
€1.08
Value per share (EUR) From above. €1.08
Current discount Discount to share price of €1.33
= -1 x (€1.33 - €1.08) / €1.08
-23.5%

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

  • The current share price of Huatai 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 Huatai Securities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Huatai Securities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:206H PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in CNY CN¥0.82
SHSE:601688 Share Price ** SHSE (2020-04-03) in CNY CN¥17.47
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.26x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.57x

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

** Primary Listing of Huatai Securities.

DB:206H PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SHSE:601688 Share Price ÷ EPS (both in CNY)

= 17.47 ÷ 0.82

21.36x

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

  • Huatai Securities is good value based on earnings compared to the DE Capital Markets industry average.
  • Huatai Securities is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Huatai Securities's expected growth come at a high price?
Raw Data
DB:206H PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.36x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
10.9%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.49x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:206H PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.36x ÷ 10.9%

1.96x

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

  • Huatai Securities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Huatai Securities's assets?
Raw Data
DB:206H PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in CNY CN¥13.21
SHSE:601688 Share Price * SHSE (2020-04-03) in CNY CN¥17.47
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.7x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:206H PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SHSE:601688 Share Price ÷ Book Value per Share (both in CNY)

= 17.47 ÷ 13.21

1.32x

* Primary Listing of Huatai Securities.

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

  • Huatai Securities is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Huatai 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. Huatai 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.

206H Future Performance

 How is Huatai Securities expected to perform in the next 1 to 3 years based on estimates from 14 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
10.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Huatai Securities expected to grow at an attractive rate?
  • Huatai Securities's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Huatai Securities's earnings growth is positive but not above the Germany market average.
  • Huatai Securities's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:206H Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:206H Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 10.9%
DB:206H Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 10.1%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 37%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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:206H Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:206H Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 30,306 11,605 4
2021-12-31 28,340 10,600 12
2020-12-31 26,025 9,744 11
2020-04-04
2019-12-31 22,898 8,678 9
DB:206H Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-09-30 21,014 4,631 6,994
2019-06-30 18,812 26,499 5,931
2019-03-31 17,859 52,727 5,909
2018-12-31 15,850 21,991 5,033
2018-09-30 20,552 37,382 9,049
2018-06-30 20,945 3,433 9,442
2018-03-31 21,424 -14,365 9,849
2017-12-31 20,991 -35,992 9,277
2017-09-30 17,430 -63,081 6,168
2017-06-30 17,671 -43,709 6,423
2017-03-31 17,309 -53,937 6,354
2016-12-31 16,932 -15,356 6,271

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Huatai Securities's earnings are expected to grow by 10.9% yearly, however this is not considered high growth (20% yearly).
  • Huatai Securities's revenue is expected to grow by 10.1% 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:206H Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Huatai Securities Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:206H Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.27 1.30 1.23 2.00
2021-12-31 1.17 1.44 0.97 13.00
2020-12-31 1.08 1.14 1.05 5.00
2020-04-04
2019-12-31 0.99 1.03 0.93 4.00
DB:206H Past Financials Data
Date (Data in CNY Millions) EPS *
2019-09-30 0.82
2019-06-30 0.72
2019-03-31 0.75
2018-12-31 0.66
2018-09-30 1.24
2018-06-30 1.32
2018-03-31 1.38
2017-12-31 1.30
2017-09-30 0.87
2017-06-30 0.90
2017-03-31 0.89
2016-12-31 0.88

*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.
  • Huatai Securities is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Huatai 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.
Huatai Securities has a total score of 2/6, 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.

206H Past Performance

  How has Huatai 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 Huatai 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.
  • Huatai Securities's year on year earnings growth rate has been positive over the past 5 years.
  • Huatai Securities's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Huatai Securities's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Huatai 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 Huatai Securities Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:206H Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 21,014.37 6,993.66 1,221.43
2019-06-30 18,811.78 5,930.77 942.41
2019-03-31 17,858.77 5,909.34 915.31
2018-12-31 15,849.63 5,032.74 856.20
2018-09-30 20,551.94 9,048.79 783.03
2018-06-30 20,944.94 9,442.17 614.38
2018-03-31 21,424.14 9,849.36 500.97
2017-12-31 20,990.87 9,276.52 553.87
2017-09-30 17,430.33 6,168.00 336.79
2017-06-30 17,670.67 6,422.61 336.79
2017-03-31 17,308.87 6,354.30 336.79
2016-12-31 16,932.09 6,270.61 336.79
2016-09-30 18,573.82 6,867.67 285.45
2016-06-30 18,898.48 6,863.30 177.21
2016-03-31 24,316.91 9,927.99 285.45
2015-12-31 25,832.13 10,696.87 285.45
2015-09-30 24,407.79 10,480.86 298.76
2015-06-30 22,038.09 9,669.20 407.01
2015-03-31 14,815.30 5,695.94 298.76
2014-12-31 12,059.56 4,486.28 298.76
2014-09-30 8,936.06 3,002.96 162.73
2014-06-30 7,878.36 2,418.99 162.73
2014-03-31 7,561.45 2,398.54 162.73
2013-12-31 7,189.63 2,219.74 162.73
2013-09-30 6,802.57 2,131.97 224.07
2013-06-30 6,134.91 1,850.29 113.27

*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.
  • Huatai Securities has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Huatai Securities used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Huatai 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 Huatai 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.
Huatai Securities has a total score of 1/6, 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.

206H Health

 How is Huatai 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 Huatai Securities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Huatai Securities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Huatai Securities's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Huatai 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 2x 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 Huatai Securities Company Filings, last reported 6 months ago.

DB:206H Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 123,050.94 218,562.89 342,899.01
2019-06-30 118,202.80 202,921.73 261,432.46
2019-03-31 108,005.31 156,866.91 297,040.77
2018-12-31 104,749.60 135,413.93 212,139.96
2018-09-30 107,584.70 131,267.40 241,915.52
2018-06-30 91,451.03 152,765.02 223,660.97
2018-03-31 90,184.34 147,820.13 282,081.99
2017-12-31 88,589.91 137,448.10 207,912.77
2017-09-30 87,597.50 123,595.76 216,475.79
2017-06-30 85,601.73 102,853.13 203,440.09
2017-03-31 87,887.63 108,243.96 230,712.83
2016-12-31 85,660.20 104,906.46 227,330.01
2016-09-30 83,165.20 82,636.94 246,061.97
2016-06-30 79,737.36 78,470.85 255,832.32
2016-03-31 81,411.19 104,665.65 298,271.62
2015-12-31 81,528.77 113,250.85 274,177.10
2015-09-30 77,907.00 116,752.10 336,678.51
2015-06-30 77,750.62 163,872.39 376,725.22
2015-03-31 41,675.28 115,211.00 212,097.44
2014-12-31 41,944.41 98,170.02 154,401.10
2014-09-30 39,174.63 52,705.35 111,514.66
2014-06-30 36,962.42 34,841.05 59,012.60
2014-03-31 37,033.67 32,482.62 57,228.52
2013-12-31 36,800.98 28,948.14 68,995.37
2013-09-30 35,943.36 23,430.29 57,902.62
2013-06-30 35,067.17 22,467.56 54,863.78
  • Huatai Securities's level of debt (177.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (135.7% vs 177.6% today).
  • Debt is not well covered by operating cash flow (2.1%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Huatai Securities's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Huatai 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. Huatai 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.

206H Dividends

 What is Huatai 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
1.72%
Current annual income from Huatai Securities dividends. Estimated to be 2.49% next year.
If you bought €2,000 of Huatai Securities shares you are expected to receive €34 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?
  • Huatai Securities's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.71%).
  • Huatai Securities's dividend is below the markets top 25% of dividend payers in Germany (4.85%).
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:206H 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 14 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 316 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
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:206H Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.45 2.00
2021-12-31 0.43 13.00
2020-12-31 0.44 9.00
2020-04-04
2019-12-31 0.39 12.00
DB:206H Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2020-03-30 0.300 1.726
2019-08-08 0.600 3.205
2018-10-30 0.600 3.086
2018-04-26 0.000 0.000
2018-03-28 0.000 0.000
2018-02-13 0.000 0.000
2017-06-21 0.500 2.532
2016-07-28 0.500 2.723
2015-03-09 0.500 2.620
2014-06-18 0.150 1.315
2013-04-01 0.150 1.733
2012-06-14 0.150 1.584
2011-06-14 0.150 1.519

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

  • Huatai Securities has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Huatai Securities only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Huatai Securities's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
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 Huatai 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 Huatai Securities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Huatai Securities has a total score of 3/6, see the detailed checks below.


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

206H Management

 What is the CEO of Huatai 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
Yi Zhou
COMPENSATION CN¥1,720,000
AGE 50
TENURE AS CEO 9.3 years
CEO Bio

Mr. Yi Zhou serves as Chief Executive Officer of Huatai Securities Co., Ltd. since October 2019. He is a Director of AssetMark Financial Holdings, Inc. since 2016. Mr. Zhou serves as Director of Investment Committee at Huatai Zijin Investment Co., Ltd., where he previously served as the Chairman. Mr. Zhou serve as Chairman of Huatai Securities Co., Ltd. since December 21, 2016 until December 16, 2019 and served as its President since December 17, 2010. He served as General Manager of Huatai Securities Co., Ltd. He served as the president and director of Huatai Securities Limited Liability Company from February 2007 to December 2007 and from September 2007 to December 2007, respectively. Mr. Zhou served as Deputy General Manager of Shanghai Bei Er Fuxin Communications Co., Ltd. He served as Chairman at Jiangsu Guoxin Investment Group Limited and Zking Property & Casualty Insurance Co., Ltd. He served as Chairman of Jiangsu Bei’er Co., Ltd. and Nanjing Xinwang Tech Co., Ltd. He served as the deputy general manager of Shanghai Beier Fortune Communications Company. He has been a Director of Huatai Securities Co., Ltd. since November 29, 2013. He studied at Chinese Culture University. He has a bachelor’s degree in computer communications. Mr. Zhou once taught at Jiangsu Posts & Telecommunications School and worked on technology management in the telecommunications center of Jiangsu Posts & Telecommunications Bureau and administrative management at Jiangsu Mobile Communication Co., Ltd.

CEO Compensation
  • Yi's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Yi's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

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

1.5
Average Tenure
48
Average Age
  • The average tenure for the Huatai Securities management team is less than 2 years, this suggests a new team.
Management Team

Yi Zhou

TITLE
CEO & Director
COMPENSATION
CN¥2M
AGE
50
TENURE
9.3 yrs

Chong Wang

TITLE
Chief Risk Officer
COMPENSATION
CN¥3M
AGE
46
TENURE
3.3 yrs

Xuebo Zhu

TITLE
Executive Director
COMPENSATION
CN¥2M
AGE
57
TENURE
1.5 yrs

Hui Zhang

TITLE
Joint Company Secretary
COMPENSATION
CN¥3M
AGE
44
TENURE
3 yrs

Wei Zhang

TITLE
Chairman
AGE
54

Xiaoning Jiao

TITLE
Chief Financial Officer
AGE
48
TENURE
0.3 yrs

Lei Fei

TITLE
Head of Accounting Department

Jun Zhai

TITLE
Director of Administration & Chairman of Employee Representative Supervisor
AGE
45
TENURE
1.1 yrs

Kai Jiao

TITLE
Chief Compliance Officer & General legal counsel
AGE
44
TENURE
0.2 yrs

Yvonne Kwong

TITLE
Joint Company Secretary
AGE
64
Board of Directors Tenure

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

3.6
Average Tenure
53.5
Average Age
  • The tenure for the Huatai Securities board of directors is about average.
Board of Directors

Xuebo Zhu

TITLE
Executive Director
COMPENSATION
CN¥2M
AGE
57
TENURE
1.5 yrs

Wei Zhang

TITLE
Chairman
AGE
54
TENURE
0.3 yrs

Jun Zhai

TITLE
Director of Administration & Chairman of Employee Representative Supervisor
AGE
45
TENURE
0.3 yrs

Chuanming Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
62
TENURE
4.1 yrs

Yi Zhou

TITLE
CEO & Director
COMPENSATION
CN¥2M
AGE
50
TENURE
6.4 yrs

Chi Ming Lee

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
66
TENURE
5 yrs

Hongzhong Liu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
53
TENURE
6.4 yrs

Zhibin Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥140K
AGE
54
TENURE
1.8 yrs

Qing Xu

TITLE
Non-Executive Director
AGE
47
TENURE
3.8 yrs

Yan Liu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
45
TENURE
3.3 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 (€)
25. Sep 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 20. Sep 19 20. Sep 19 -17,801,090 €1.46 €-26,036,247
25. Sep 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 20. Sep 19 20. Sep 19 -1,024,000 €1.46 €-1,497,724
24. Sep 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 19. Sep 19 19. Sep 19 13,989,478 €1.45 €20,254,007
13. Sep 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 10. Sep 19 10. Sep 19 -19,593,849 €1.47 €-28,725,815
11. Sep 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 06. Sep 19 06. Sep 19 11,118,190 €1.48 €16,477,912
11. Sep 19 Sell Citigroup Inc.,Banking and Securities Investments Company 06. Sep 19 06. Sep 19 -2,291,600 €1.49 €-3,407,392
27. Aug 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 22. Aug 19 22. Aug 19 1,917,310 €1.34 €2,563,106
19. Aug 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 14. Aug 19 14. Aug 19 968 €1.31 €1,264
19. Aug 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 14. Aug 19 14. Aug 19 3,106,654 €1.31 €4,057,002
16. Aug 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 13. Aug 19 13. Aug 19 -302,274 €1.32 €-398,976
07. Aug 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 02. Aug 19 02. Aug 19 -13,339,115 €1.41 €-18,766,617
05. Aug 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 31. Jul 19 31. Jul 19 8,762,475 €1.47 €12,859,816
02. Aug 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 30. Jul 19 30. Jul 19 -5,339,297 €1.48 €-7,895,623
30. Jul 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 25. Jul 19 25. Jul 19 3,778,759 €1.51 €5,694,267
29. Jul 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 24. Jul 19 24. Jul 19 -6,778,443 €1.49 €-10,112,314
28. Jun 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 25. Jun 19 25. Jun 19 -12,770,356 €1.49 €-19,080,138
21. Jun 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 18. Jun 19 18. Jun 19 -51,115,577 €1.37 €-70,035,728
21. Jun 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 18. Jun 19 18. Jun 19 -1,483,068 €1.37 €-2,032,018
21. Jun 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 18. Jun 19 18. Jun 19 23,747,702 €1.37 €32,537,784
21. Jun 19 Buy Highbridge Capital Management, LLC Company 18. Jun 19 18. Jun 19 9,163,800 €1.37 €12,555,730
24. Jun 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 19. Jun 19 19. Jun 19 1,553,245 €1.49 €2,315,200
20. Jun 19 Buy Schroder Investment Management (Hong Kong) Limited Company 17. Jun 19 17. Jun 19 1,057,800 €1.34 €1,412,255
21. Jun 19 Sell Credit Suisse, Investment Banking and Securities Investments Company 18. Jun 19 18. Jun 19 -361,574 €1.36 €-493,286
20. Jun 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 17. Jun 19 17. Jun 19 3,799,535 €1.34 €5,078,799
17. Jun 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 12. Jun 19 12. Jun 19 17,740,577 €1.38 €24,505,594
04. Jun 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 30. May 19 30. May 19 22,869,630 €1.40 €32,126,659
04. Jun 19 Sell BlackRock, Inc. Company 30. May 19 30. May 19 -2,735,200 €1.43 €-3,899,898
28. May 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 23. May 19 23. May 19 18,115,153 €1.40 €25,305,728
X
Management checks
We assess Huatai 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. Huatai 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.

206H News

Simply Wall St News

206H Company Info

Description

Huatai Securities Co., Ltd., a security company, provides financial services in Mainland China and internationally. It operates through Wealth Management, Institutional Services, Investment Management, International Business, and Other segments. The company trades in stocks, funds, bonds, futures, and options on behalf of clients; promotes and sells securities products and services; and provides various financial products and asset allocation, margin financing, securities lending, securities-backed lending, and stock pledged lending services. It also offers investment banking services consisting of equity underwriting services, which include IPO and equity refinancing services; debt underwriting services, such as bond financing services; mergers-oriented financial advisory services; and over-the-counter financial products and transactions, including national equities exchange and quotations listing, and follow-on financing services. In addition, the company provides asset custody and fund services, including settlement, liquidation, reporting, and valuation for private and public funds; margin trading; research services; equity securities investments and transactions; fixed income investments and transactions; asset management; private equity and alternative investment; commodities trading and arbitrage; investment portfolio and fund management; customer relation management; and leveraged buyout, pre-listing financing, business expansion, and other related services. It offers its wealth management products through ZhangLe Fortune Path mobile application and PC platform. Huatai Securities Co., Ltd. was founded in 1990 and is headquartered in Nanjing, China.

Details
Name: Huatai Securities Co., Ltd.
206H
Exchange: DB
Founded: 1990
CN¥19,203,196,335
9,076,650,000
Website: http://www.htsc.com.cn
Address: Huatai Securities Co., Ltd.
No. 228 Middle Jiangdong Road,
Nanjing,
Jiangsu Province, 210019,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SHSE 601688 Domestic Shares Shanghai Stock Exchange CN CNY 26. Feb 2010
XSSC 601688 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 26. Feb 2010
LSE HTSC GDR (EACH REPR 10 A SHS CNY1) (REG S) London Stock Exchange GB USD 17. Jun 2019
SEHK 6886 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 01. Jun 2015
OTCPK HUAT.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 01. Jun 2015
DB 206H Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 01. Jun 2015
DB 206G GDR (EACH REPR 10 A SHS CNY1) (REG S) Deutsche Boerse AG DE EUR 17. Jun 2019
SHSC 6886 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 01. Jun 2015
SZSC 6886 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 01. Jun 2015
BATS-CHIXE HTSCL GDR (EACH REPR 10 A SHS CNY1) (REG S) BATS 'Chi-X Europe' GB USD 17. Jun 2019
Number of employees
Current staff
Staff numbers
9,731
Huatai Securities employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 04:18
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2019/10/29
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


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.