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Central China Securities

DB:21C
Snowflake Description

Imperfect balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
21C
DB
HK$16B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Central China Securities Co., Ltd., a securities company, engages in the brokerage, investment banking, investment management, proprietary trading, and offshore businesses. The last earnings update was 3 days ago. More info.


Add to Portfolio Compare Print
  • Central China Securities has significant price volatility in the past 3 months.
21C Share Price and Events
7 Day Returns
-1.7%
DB:21C
3%
DE Capital Markets
2.2%
DE Market
1 Year Returns
-53%
DB:21C
-6.9%
DE Capital Markets
-17.2%
DE Market
21C Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Central China Securities (21C) -1.7% -25.5% -36.8% -53% -76.1% -88.6%
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
  • 21C underperformed the Capital Markets industry which returned -6.9% over the past year.
  • 21C underperformed the Market in Germany which returned -17.2% over the past year.
Price Volatility
21C
Industry
5yr Volatility vs Market

21C Value

 Is Central China 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 Central China 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 Central China Securities.

DB:21C Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= CN¥2.60 * 4.5%
CN¥0.12
Book Value of Equity per Share Median Book Value from the past 5 years. CN¥2.60
Discount Rate (Cost of Equity) See below 8.6%
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:21C
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%) (153.32%))
1.414
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.41
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.414 * 6.33%)
8.56%

Discounted Cash Flow Calculation for DB:21C using Excess Returns Model Model

The calculations below outline how an intrinsic value for Central China 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:21C Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.5% – 8.56%) * CN¥2.60)
CN¥-0.11
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥-0.11 / (8.56% - -0.39%)
CN¥-1.19
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥2.60 + CN¥-1.19
CN¥1.41
DB:21C Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:1375)
1.092
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥1.41 x 1.092
HK$1.54
Non-primary Listing Adjustment Factor 1 share in DB:21C represents 0.09435x of SEHK:1375
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.09435x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 1.54 x 0.09435
€0.15
Value per share (EUR) From above. €0.15
Current discount Discount to share price of €0.12
= -1 x (€0.12 - €0.15) / €0.15
19.6%

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

Current Discount
Amount off the current price Central China Securities is available for.
Intrinsic value
20%
Share price is €0.117 vs Future cash flow value of €0.14543
Current Discount Checks
For Central China Securities to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Central China Securities's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Central China Securities's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Central China Securities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Central China Securities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:21C PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CNY CN¥0.02
SEHK:1375 Share Price ** SEHK (2020-04-01) in HKD HK$1.24
SEHK:1375 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.916 CN¥1.14
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 Central China Securities.

DB:21C PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1375 Share Price ÷ EPS (both in CNY)

= 1.14 ÷ 0.02

56.78x

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

  • Central China Securities is overvalued based on earnings compared to the DE Capital Markets industry average.
  • Central China Securities is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Central China Securities's expected growth come at a high price?
Raw Data
DB:21C PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 56.78x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
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 .

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

  • Unable to calculate PEG ratio for Central China Securities, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Central China Securities's assets?
Raw Data
DB:21C PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CNY CN¥4.95
SEHK:1375 Share Price * SEHK (2020-04-01) in HKD HK$1.24
SEHK:1375 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.916 CN¥1.14
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:21C PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1375 Share Price ÷ Book Value per Share (both in CNY)

= 1.14 ÷ 4.95

0.23x

* Primary Listing of Central China Securities.

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

  • Central China Securities is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Central China 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. Central China Securities has a total score of 1/6, 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.

21C Future Performance

 How is Central China Securities expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Central China Securities has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
39.4%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Central China Securities expected to grow at an attractive rate?
  • Unable to compare Central China Securities's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Central China Securities's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Central China Securities's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:21C Future Growth Rates Data Sources
Data Point Source Value (per year)
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:21C Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:21C Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
DB:21C Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-12-31 2,525 58
2019-09-30 2,380 34
2019-06-30 2,148 4,246 160
2019-03-31 1,929 3,453 113
2018-12-31 1,711 2,660 66
2018-09-30 1,964 -2,623 335
2018-06-30 2,304 -3,795 454
2018-03-31 2,310 -2,696 448
2017-12-31 2,316 -1,597 442
2017-09-30 2,295 4,460 475
2017-06-30 2,132 1,374 549
2017-03-31 2,196 1,574 643

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Central China Securities is high growth as no earnings estimate data is available.
  • Unable to determine if Central China Securities is high growth as no revenue estimate data is available.
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:21C 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 0 Analyst Estimates (S&P Global) See Below

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

DB:21C Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
DB:21C Past Financials Data
Date (Data in CNY Millions) EPS *
2019-12-31 0.02
2019-09-30 0.02
2019-06-30 0.04
2019-03-31 0.03
2018-12-31 0.02
2018-09-30 0.09
2018-06-30 0.12
2018-03-31 0.11
2017-12-31 0.11
2017-09-30 0.12
2017-06-30 0.15
2017-03-31 0.19

*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.
  • Unable to establish if Central China Securities will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Take a look at our analysis of 21C’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. Central China Securities's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Diversified Financials companies here
  3. Central China Securities's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Central China 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.
Central China Securities has a total score of 0/6, 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.

21C Past Performance

  How has Central China 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 Central China 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.
  • Central China Securities's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Central China Securities's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Central China Securities's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Central China 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 Central China Securities Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:21C 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 2,524.54 58.22 889.46
2019-09-30 2,380.19 34.07 1,403.23
2019-06-30 2,148.03 159.98 831.11
2019-03-31 1,929.50 112.89 779.51
2018-12-31 1,710.96 65.79 727.91
2018-09-30 1,963.60 335.09 238.90
2018-06-30 2,304.06 454.34 835.77
2018-03-31 2,310.07 448.16 839.37
2017-12-31 2,316.07 441.98 842.98
2017-09-30 2,294.56 474.53 1,384.71
2017-06-30 2,131.85 548.60 745.41
2017-03-31 2,196.36 642.61 763.01
2016-12-31 2,260.88 736.61 780.62
2016-09-30 2,841.00 733.52 1,453.84
2016-06-30 2,806.80 738.09 1,078.82
2016-03-31 3,602.79 1,089.01 1,262.53
2015-12-31 4,398.78 1,439.92 1,446.23
2015-06-30 3,977.53 1,437.77 1,231.38
2015-03-31 2,970.10 1,015.82 966.27
2014-12-31 1,962.67 593.88 701.16
2014-09-30 1,672.26 406.56 791.76
2014-06-30 1,318.61 298.42 543.78
2014-03-31 1,294.89 275.68 553.92
2013-12-31 1,271.18 252.94 564.06

*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.
  • Central China Securities has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Central China Securities used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Central China 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 Central China 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.
Central China Securities has a total score of 0/6, 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.

21C Health

 How is Central China 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 Central China Securities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Central China Securities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Central China Securities's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Central China 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 1.8x 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 Central China Securities Company Filings, last reported 3 months ago.

DB:21C Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 10,497.79 21,743.59 28,519.89
2019-09-30 10,497.79 21,743.59 28,519.89
2019-06-30 11,548.00 22,145.98 29,752.39
2019-03-31 11,548.00 22,145.98 29,752.39
2018-12-31 11,275.04 23,059.93 29,331.20
2018-09-30 11,403.07 24,440.60 26,657.58
2018-06-30 11,319.74 25,200.30 30,923.36
2018-03-31 11,319.74 25,200.30 30,923.36
2017-12-31 11,452.12 19,845.56 24,852.47
2017-09-30 11,452.12 19,845.56 24,852.47
2017-06-30 11,405.06 18,796.33 23,540.04
2017-03-31 11,405.06 18,796.33 23,540.04
2016-12-31 11,546.77 16,028.61 22,104.51
2016-09-30 8,576.48 16,727.78 24,390.79
2016-06-30 8,576.48 16,727.78 24,390.79
2016-03-31 8,576.48 16,727.78 24,390.79
2015-12-31 8,876.45 15,162.82 21,866.67
2015-06-30 7,028.55 21,080.55 29,269.79
2015-03-31 7,028.55 21,080.55 29,269.79
2014-12-31 5,856.80 10,891.54 12,764.19
2014-09-30 5,856.80 10,891.54 12,764.19
2014-06-30 5,453.77 4,458.14 8,661.70
2014-03-31 5,453.77 4,458.14 8,661.70
2013-12-31 4,175.28 3,296.29 6,415.55
  • Central China Securities's level of debt (207.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (187.5% vs 207.1% today).
  • Debt is not well covered by operating cash flow (19.5%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Central China Securities's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Central China 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. Central China 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.

21C Dividends

 What is Central China 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
3.52%
Current annual income from Central China Securities dividends.
If you bought €2,000 of Central China Securities shares you are expected to receive €70 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?
  • Central China Securities's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Central China Securities's dividend is below the markets top 25% of dividend payers in Germany (4.87%).
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:21C 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 0 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:21C Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
DB:21C Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-09-19 0.040 2.802
2019-03-28 0.000 0.000
2019-03-21 0.020 1.008
2018-10-18 0.020 1.190
2018-03-29 0.108 5.468
2017-08-24 0.194 6.867
2017-06-05 0.221 6.863
2016-12-07 0.200 5.441
2016-08-26 0.200 5.830
2016-03-18 0.420 14.113
2015-09-29 0.420 13.524
2015-03-20 0.120 2.651

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

  • Central China Securities has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Central China Securities has only been paying a dividend for 5 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Central China Securities's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Central China 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 Central China Securities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Central China 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.

21C Management

 What is the CEO of Central China 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
Junsheng Chang
COMPENSATION CN¥662,000
AGE 48
TENURE AS CEO 2 years
CEO Bio

Mr. Junsheng Chang serves as the President and Executive Director of the Central China Securities Co. Ltd. since April 25, 2018 and May 17, 2018 respectively and has been its Vice Chairman since October 16, 2018. Mr. Chang started his career in July 1993 and successively worked in the headquarter of Beijing Construction Engineering Group and ZhongHaiHeng Industrial Development Co., Ltd. He worked in the China Securities Regulatory Commission from March 1998 to February 2018 and held various positions, including the deputy section chief and section chief of the Issuing and Regulatory Department, assistant researcher, deputy division head, researcher and division head of the Review Division II of the Issuing and Regulatory Department, division head of the Regulatory Division I of the Regulatory Department for non-listed Companies and the deputy director of the Issuing and Regulatory Department. He is a party member of the Communist Party of China, holds a masters’ degree in management and a certified public accountant qualification. Mr. Chang graduated from the Faculty of Finance of University of International Business and Economics (formerly known as China Institute of Finance in July 1993 and obtained a bachelor’s degree in economics. He graduated from the Graduate School of Central China Normal University with a master’s degree in management in June 2001.

CEO Compensation
  • Insufficient data for Junsheng to compare compensation growth.
  • Junsheng's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

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

2.1
Average Tenure
50
Average Age
  • The tenure for the Central China Securities management team is about average.
Management Team

Junsheng Chang

TITLE
President & Vice Chairman
COMPENSATION
CN¥662K
AGE
48
TENURE
2 yrs

Li Zhaoxin

TITLE
Chief Accountant & Principal Officer of Finance Department
COMPENSATION
CN¥445K
AGE
50
TENURE
2.3 yrs

Jinzhong Hua

TITLE
Chief Compliance Officer
COMPENSATION
CN¥339K
AGE
47
TENURE
2 yrs

Jianmin Zhu

TITLE
Executive Vice President
COMPENSATION
CN¥453K
AGE
56

Qiben Zhu

TITLE
Secretary
COMPENSATION
CN¥1M
AGE
55
TENURE
2.3 yrs

Zhang Lu

TITLE
GM of Head Office of Operational Mgmt of Investment Banking & Employee Representative Supervisor
COMPENSATION
CN¥5K
AGE
50
TENURE
3.1 yrs

Liangyong Guo

TITLE
Head of Accounting Department and Head of Financial Division

Yvonne Kwong

TITLE
Company Secretary
AGE
64

Yichen Xiao

TITLE
Business Director of the Quality Control Headquarter & Employee Representative Supervisor
AGE
35
TENURE
1.9 yrs
Board of Directors Tenure

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

4.8
Average Tenure
53
Average Age
  • The tenure for the Central China Securities board of directors is about average.
Board of Directors

Mingjun Jian

TITLE
Chairman of the Board
COMPENSATION
CN¥489K
AGE
56
TENURE
7.7 yrs

Junsheng Chang

TITLE
President & Vice Chairman
COMPENSATION
CN¥662K
AGE
48
TENURE
1.5 yrs

Zhang Lu

TITLE
GM of Head Office of Operational Mgmt of Investment Banking & Employee Representative Supervisor
COMPENSATION
CN¥5K
AGE
50
TENURE
2.8 yrs

Yichen Xiao

TITLE
Business Director of the Quality Control Headquarter & Employee Representative Supervisor
AGE
35
TENURE
2.3 yrs

Stanley Yuen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
44
TENURE
5.8 yrs

Zhili Lu

TITLE
Chairman of the Supervisory Committee
AGE
53
TENURE
4.6 yrs

Dongming Zhang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥35K
AGE
66
TENURE
1.5 yrs

Xingjia Li

TITLE
Non-Executive Director
AGE
55
TENURE
11.8 yrs

Lixin Wang

TITLE
Non-Executive Director
COMPENSATION
CN¥31K
AGE
53
TENURE
5.6 yrs

Jincheng Ning

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥210K
AGE
63
TENURE
5.1 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 (€)
04. Dec 19 Buy Henan Investment Group Company 02. Dec 19 02. Dec 19 300,000 €0.18 €53,568
30. Aug 19 Sell Industrial and Commercial Bank of China Limited, Asset Management Arm Company 30. Aug 19 30. Aug 19 -160,000 €0.18 €-28,571
25. Jul 19 Sell Industrial and Commercial Bank of China Limited, Asset Management Arm Company 25. Jul 19 25. Jul 19 -191,000 €0.19 €-36,246
X
Management checks
We assess Central China 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. Central China 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.

21C News

Simply Wall St News

21C Company Info

Description

Central China Securities Co., Ltd., a securities company, engages in the brokerage, investment banking, investment management, proprietary trading, and offshore businesses. It trades in stocks, funds, bonds, and commodity and financial futures on behalf of its clients. The company also provides futures trading and brokering, and futures information advisory and training services; margin trading and securities lending services; and investment banking services, such as corporate finance and financial advisory to institutional clients, as well as trades in financial products. In addition, it offers investment and asset management services, such as investments and funds related businesses; portfolio management and maintenance; and investment advisory and transaction execution services. Further, the company offers margin financing, trading and investment, and financial planning and advisory services, as well as engages in treasury and micro-credit operations. Central China Securities Co., Ltd. was founded in 2002 and is headquartered in Zhengzhou, China.

Details
Name: Central China Securities Co., Ltd.
21C
Exchange: DB
Founded: 2002
HK$1,841,711,454
3,869,070,700
Website: http://www.ccnew.com
Address: Central China Securities Co., Ltd.
Building Zhongyuanguangfa,
19th Floor,
Zhengzhou,
450018,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1375 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 25. Jun 2014
DB 21C Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 25. Jun 2014
SHSC 1375 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 25. Jun 2014
SZSC 1375 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 25. Jun 2014
SHSE 601375 Domestic Shares Shanghai Stock Exchange CN CNY 03. Jan 2017
XSSC 601375 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 03. Jan 2017
Number of employees
Current staff
Staff numbers
2,835
Central China 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 00:02
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2018/03/29
Last earnings filing: 2020/03/30
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.