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.

Haitong Securities

DB:6HT
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
6HT
DB
CN¥126B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Haitong Securities Co., Ltd. operates as a securities company primarily in Mainland China, Hong Kong, and Europe. The last earnings update was 6 days ago. More info.


Add to Portfolio Compare Print
  • Haitong Securities has significant price volatility in the past 3 months.
6HT Share Price and Events
7 Day Returns
-4.2%
DB:6HT
3%
DE Capital Markets
2.2%
DE Market
1 Year Returns
-34.4%
DB:6HT
-6.9%
DE Capital Markets
-17.2%
DE Market
6HT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Haitong Securities (6HT) -4.2% -16.2% -24.5% -34.4% -48.5% -71.2%
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
  • 6HT underperformed the Capital Markets industry which returned -6.9% over the past year.
  • 6HT underperformed the Market in Germany which returned -17.2% over the past year.
Price Volatility
6HT
Industry
5yr Volatility vs Market

6HT Value

 Is Haitong 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 Haitong 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 Haitong Securities.

DB:6HT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 13 analysts.
= Stable Book Value * Return on Equity
= CN¥12.41 * 8.4%
CN¥1.04
Book Value of Equity per Share Weighted future Book Value estimates from 10 analysts. CN¥12.41
Discount Rate (Cost of Equity) See below 11.4%
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:6HT
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%) (273.18%))
1.868
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.868 * 6.33%)
11.43%

Discounted Cash Flow Calculation for DB:6HT using Excess Returns Model Model

The calculations below outline how an intrinsic value for Haitong 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:6HT Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.4% – 11.43%) * CN¥12.41)
CN¥-0.38
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥-0.38 / (11.43% - -0.39%)
CN¥-3.22
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥12.41 + CN¥-3.22
CN¥9.18
DB:6HT Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:6HT represents 0.06221x of SHSE:600837
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.06221x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CNY) x Listing Adjustment Factor
= CN¥ 9.18 x 0.06221
€0.57
Value per share (EUR) From above. €0.57
Current discount Discount to share price of €0.80
= -1 x (€0.80 - €0.57) / €0.57
-40%

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

  • The current share price of Haitong 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 Haitong Securities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Haitong Securities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:6HT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CNY CN¥0.83
SHSE:600837 Share Price ** SHSE (2020-04-01) in CNY CN¥12.86
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 Haitong Securities.

DB:6HT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SHSE:600837 Share Price ÷ EPS (both in CNY)

= 12.86 ÷ 0.83

15.49x

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

  • Haitong Securities is good value based on earnings compared to the DE Capital Markets industry average.
  • Haitong Securities is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Haitong Securities's expected growth come at a high price?
Raw Data
DB:6HT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
10.2%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:6HT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.49x ÷ 10.2%

1.52x

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

  • Haitong Securities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Haitong Securities's assets?
Raw Data
DB:6HT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CNY CN¥11.18
SHSE:600837 Share Price * SHSE (2020-04-01) in CNY CN¥12.86
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:6HT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SHSE:600837 Share Price ÷ Book Value per Share (both in CNY)

= 12.86 ÷ 11.18

1.15x

* Primary Listing of Haitong Securities.

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

  • Haitong Securities is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Haitong 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. Haitong Securities has a total score of 3/6, 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.

6HT Future Performance

 How is Haitong Securities expected to perform in the next 1 to 3 years based on estimates from 13 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
10.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Haitong Securities expected to grow at an attractive rate?
  • Haitong Securities's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Haitong Securities's earnings growth is positive but not above the Germany market average.
  • Haitong Securities's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:6HT Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:6HT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 10.2%
DB:6HT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 8%
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:6HT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:6HT Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 43,386 13,008 5
2021-12-31 40,844 11,699 10
2020-12-31 37,626 10,623 10
2020-04-01
DB:6HT Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-12-31 34,186 22,658 9,523
2019-09-30 31,413 12,855 9,009
2019-06-30 28,923 19,340 7,707
2019-03-31 26,449 19,230 7,249
2018-12-31 22,111 -5,016 5,211
2018-09-30 24,098 -27,008 6,061
2018-06-30 25,449 -61,138 7,626
2018-03-31 26,799 -41,081 8,110
2017-12-31 27,560 -58,817 8,618
2017-09-30 26,530 -26,483 7,824
2017-06-30 27,839 -22,072 7,803
2017-03-31 28,164 -69,224 8,529

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Haitong Securities's earnings are expected to grow by 10.2% yearly, however this is not considered high growth (20% yearly).
  • Haitong Securities's revenue is expected to grow by 8% 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:6HT 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 13 Analyst Estimates (S&P Global) See Below

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

DB:6HT Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.15 1.32 0.99 6.00
2021-12-31 1.01 1.24 0.86 15.00
2020-12-31 0.91 1.21 0.82 14.00
2020-04-01
DB:6HT Past Financials Data
Date (Data in CNY Millions) EPS *
2019-12-31 0.83
2019-09-30 0.78
2019-06-30 0.67
2019-03-31 0.63
2018-12-31 0.45
2018-09-30 0.53
2018-06-30 0.66
2018-03-31 0.71
2017-12-31 0.75
2017-09-30 0.68
2017-06-30 0.68
2017-03-31 0.74

*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.
  • Haitong Securities is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Haitong 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.
Haitong 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.

6HT Past Performance

  How has Haitong 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 Haitong 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.
  • Haitong Securities's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Haitong Securities's 1-year earnings growth exceeds its 5-year average (82.8% vs -12%)
  • Haitong Securities's earnings growth has exceeded the DE Capital Markets industry average in the past year (82.8% vs 3.2%).
Earnings and Revenue History
Haitong 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 Haitong Securities Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:6HT 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 34,185.59 9,523.25
2019-09-30 31,412.68 9,009.04 2,374.26
2019-06-30 28,922.64 7,706.67 1,868.25
2019-03-31 26,448.82 7,249.01 562.88
2018-12-31 22,111.10 5,211.09 478.79
2018-09-30 24,098.26 6,060.86 1,324.66
2018-06-30 25,449.04 7,625.87 539.38
2018-03-31 26,798.86 8,110.36 -1,329.54
2017-12-31 27,560.29 8,618.42 758.97
2017-09-30 26,530.23 7,824.19 639.51
2017-06-30 27,838.76 7,802.51 1,021.35
2017-03-31 28,164.05 8,529.32 819.16
2016-12-31 27,009.17 8,043.33 447.73
2016-09-30 30,524.47 11,138.34 -437.02
2016-06-30 27,654.20 9,948.44 -626.74
2016-03-31 34,488.73 13,491.37 599.35
2015-12-31 37,132.50 15,838.85 362.89
2015-09-30 33,042.49 13,826.49 3,937.28
2015-06-30 32,642.36 14,987.82 3,136.64
2015-03-31 22,625.48 10,601.94 748.19
2014-12-31 17,657.88 7,710.62 315.64
2014-09-30 13,411.00 5,292.67 1,154.03
2014-06-30 11,512.52 4,240.61 913.88
2014-03-31 10,630.91 3,808.51 560.77
2013-12-31 10,507.48 4,035.02 265.04
2013-09-30 10,570.03 4,288.63 435.42
2013-06-30 9,770.19 3,683.96 2,060.87

*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.
  • Haitong Securities has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Haitong Securities used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Haitong 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 Haitong 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.
Haitong 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.

6HT Health

 How is Haitong 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 Haitong Securities's finances.

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

DB:6HT Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 141,118.74 342,574.54 395,611.58
2019-09-30 139,301.54 350,840.94 401,885.60
2019-06-30 137,127.55 346,002.67 388,701.90
2019-03-31 134,986.95 322,545.33 384,573.88
2018-12-31 130,185.92 325,664.55 362,504.14
2018-09-30 130,236.17 302,643.59 340,585.72
2018-06-30 128,972.79 304,109.24 349,855.64
2018-03-31 130,696.49 306,267.74 382,844.66
2017-12-31 129,694.30 269,259.84 302,812.90
2017-09-30 128,190.93 256,871.96 297,397.90
2017-06-30 124,121.30 253,479.56 255,386.92
2017-03-31 124,550.01 260,818.31 310,372.87
2016-12-31 121,958.40 264,443.06 301,830.54
2016-09-30 119,429.68 243,704.78 292,187.65
2016-06-30 115,948.50 247,507.65 282,549.38
2016-03-31 118,846.74 262,354.78 348,733.41
2015-12-31 116,927.67 273,105.87 356,349.96
2015-09-30 111,846.00 274,237.90 367,727.83
2015-06-30
2015-03-31 77,160.67 190,342.72 217,582.02
2014-12-31 72,264.20 172,282.36 207,054.61
2014-09-30 69,204.98 88,118.70 140,867.57
2014-06-30 66,794.32 86,917.06 123,730.57
2014-03-31 65,409.10 64,324.09 107,084.48
2013-12-31 64,105.16 54,355.07 109,563.26
2013-09-30 63,580.30 26,924.27 76,711.41
2013-06-30 62,068.22 33,641.62 86,753.10
  • Haitong Securities's level of debt (242.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (238.1% vs 242.8% today).
  • Debt is not well covered by operating cash flow (6.6%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Haitong Securities's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Haitong 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. Haitong 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.

6HT Dividends

 What is Haitong 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
1.17%
Current annual income from Haitong Securities dividends. Estimated to be 2.33% next year.
If you bought €2,000 of Haitong Securities shares you are expected to receive €23 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?
  • Haitong Securities's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Haitong 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:6HT 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 13 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:6HT Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.34 3.00
2021-12-31 0.31 11.00
2020-12-31 0.28 9.00
2020-04-01
DB:6HT Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-07-17 0.150 1.053
2018-06-21 0.230 2.200
2017-06-06 0.220 1.662
2016-05-26 0.450 2.877
2015-06-09 0.250 1.656
2014-04-29 0.120 0.885
2013-05-27 0.120 1.123
2012-03-15 0.150 1.529
2012-01-17 0.150 1.703
2011-12-05 0.150 1.945
2011-04-26 0.150 1.742
2010-04-28 0.200 1.958
2009-04-20 0.100 0.631

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Haitong Securities's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.5x coverage).
X
Income/ dividend checks
We assess Haitong 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 Haitong Securities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Haitong 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.

6HT Management

 What is the CEO of Haitong 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
Qiuping Qu
COMPENSATION CN¥1,711,000
AGE 58
TENURE AS CEO 5.8 years
CEO Bio

Mr. Qiuping Qu has been the General Manager and Executive Director of Haitong Securities Co., Ltd. since June 25, 2014. Mr. Qu served as Deputy Head of the Industrial and Commercial Bank of China's Shanghai branch. Mr. Qu was an Accountant, the Deputy Section Chief and Secretary of Youth League committee of Nanshi District Office, Shanghai of the Bank of China from January 1980 to December 1983; the Deputy Section Chief and Section Chief of Nanshi District Office, Shanghai of the Industrial and Commercial Bank of China from January 1984 to September 1992; the Vice President of Nanshi Sub-branch of the Industrial and Commercial Bank of China, Shanghai Branch from September 1992 to November 1995; the Deputy Head of the Accounting and Cashier Department of the Industrial and Commercial Bank of China, Shanghai Branch from November 1995 to December 1996; the President and Deputy Secretary of CPC party committee of Baoshan Sub-branch, Shanghai of the Industrial and Commercial Bank of China from December 1996 to March 1999; the Head of The Accounting and Clearing Department of the Industrial and Commercial Bank of China, Shanghai Branch from March 1999 to December 1999; the assistant to the President of the Industrial and Commercial Bank of China, Shanghai Branch from December 1999 to June 2000; the Deputy President of the Industrial and Commercial Bank of China, Shanghai Branch from June 2000 to February 2005; the Deputy President of the Industrial and Commercial Bank of China, Jiangsu Branch from February 2005 to September 2008. He served as the Chairman of the Board at Haitong Securities Co., Ltd. from July 29, 2016 to October 18, 2016. Mr. Qu served as the Deputy Chairman of The Board of Directors of Bank of Shanghai from September 2008 to December 2010. He served as Governor of Bank Of Shanghai since October 2008. Mr. Qu served as the Deputy Secretary of CPC party committee ; the President, Deputy Secretary of CPC party committee; the Head of the Work Coordination Department of the authority appointed by the China Securities Regulatory Commission ("CSrC") from December 2010 to August 2012; and the Head f the Department for Unlisted Public Companies Regulation of CSRC from August 2012 to April 2014. r. Qu was a member of Chinese Communist Party and with a master degree in economics.

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

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

3.3
Average Tenure
54
Average Age
  • The tenure for the Haitong Securities management team is about average.
Management Team

Jie Zhou

TITLE
Chairman of the Board
COMPENSATION
CN¥1M
AGE
52

Qiuping Qu

TITLE
GM & Executive Director
COMPENSATION
CN¥2M
AGE
58
TENURE
5.8 yrs

Xinjun Zhang

TITLE
Chief Financial Officer
COMPENSATION
CN¥2M
AGE
44
TENURE
2.1 yrs

Chengjun Jiang

TITLE
GM of Investment Banking Headquarter
COMPENSATION
CN¥4M
AGE
51
TENURE
3 yrs

Yuxing Mao

TITLE
Deputy GM & Chief Information Officer
COMPENSATION
CN¥5M
AGE
48
TENURE
3.6 yrs

Jianye Wang

TITLE
Chief Compliance Officer
COMPENSATION
CN¥5M
AGE
59
TENURE
9.8 yrs

Hongbo Du

TITLE
Chief Risk Officer
COMPENSATION
CN¥4M
AGE
56
TENURE
2.9 yrs

Peng Ren

TITLE
Deputy GM & Executive Director
COMPENSATION
CN¥2M
AGE
57

Changjiang Pei

TITLE
Deputy General Manager
COMPENSATION
CN¥2M
AGE
54

Zhong Ma

TITLE
Head of the Accounting Department
Board of Directors Tenure

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

3.3
Average Tenure
57
Average Age
  • The tenure for the Haitong Securities board of directors is about average.
Board of Directors

Jie Zhou

TITLE
Chairman of the Board
COMPENSATION
CN¥1M
AGE
52
TENURE
3.5 yrs

Qiuping Qu

TITLE
GM & Executive Director
COMPENSATION
CN¥2M
AGE
58
TENURE
5.3 yrs

Peng Ren

TITLE
Deputy GM & Executive Director
COMPENSATION
CN¥2M
AGE
57
TENURE
0.8 yrs

Ming Zhang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥300K
AGE
61
TENURE
3.8 yrs

Hongchao Zhu

TITLE
Independent Non Executive Director
AGE
60
TENURE
0.8 yrs

Hongwei Wu

TITLE
Vice Chairman of Supervisory Committee
AGE
53
TENURE
2.3 yrs

Liping Yu

TITLE
Non-Executive Director
AGE
57
TENURE
4.8 yrs

Jianguo Xu

TITLE
Non-Executive Director
AGE
55
TENURE
3.5 yrs

Lee Lam

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥220K
AGE
60
TENURE
3 yrs

Xuanxuan Tu

TITLE
Non Executive Director
AGE
46
TENURE
0.8 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 (€)
10. May 19 Buy Shanghai Guosheng Group Co., Ltd. Company 08. May 19 08. May 19 5,144,400 €1.04 €5,370,005
26. Apr 19 Sell BlackRock, Inc. Company 23. Apr 19 23. Apr 19 -5,685,200 €1.19 €-6,756,379
X
Management checks
We assess Haitong 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. Haitong 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.

6HT News

Simply Wall St News

6HT Company Info

Description

Haitong Securities Co., Ltd. operates as a securities company primarily in Mainland China, Hong Kong, and Europe. It operates through six segments: Wealth Management, Investment Banking, Asset Management, Trading and Institution, Finance Lease, and Others. The Wealth Management segment offers securities and futures brokering and dealing, investment consulting, and wealth management services, as well as financial services, such as margin financing, securities lending, stock pledge, etc. The Investment Banking segment provides sponsoring and underwriting services in equity and debt capital markets; financial consulting services, which include merger and assets restructuring services; and services related to the national equities exchange and quotations. The Asset Management segment offers investment management services on investment products comprising asset, fund, and private equity management to individual, corporate, and institutional clients. The Trading and Institution segment provides stock sales and trading, prime brokerage, and stock lending and research services in financial markets; market-making services for fixed income, currency and commodity products, futures and options, and derivatives on various exchanges; and investment funds and private equity projects. The Finance Lease segment offers financial solutions that include finance and operating lease, factoring, entrustment loans, and related consulting services. The Others segment provides warehouse receipts pledge, pricing, and market-making services, as well as services related to risk management. The company also offers fund trading, distribution, and management services; physical commodities broking and dealing services; investment advisory and management services; banking services; and real estate development, property management, and catering management services. Haitong Securities Co., Ltd. was founded in 1988 and is based in Shanghai, the People's Republic of China.

Details
Name: Haitong Securities Co., Ltd.
6HT
Exchange: DB
Founded: 1988
CN¥16,199,497,289
11,501,700,000
Website: http://www.htsec.com
Address: Haitong Securities Co., Ltd.
Haitong Securities Building,
No. 689 Guangdong Road,
Shanghai,
200001,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SHSE 600837 Domestic Shares Shanghai Stock Exchange CN CNY 02. Aug 2007
XSSC 600837 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 02. Aug 2007
OTCPK HAIT.Y ADR Pink Sheets LLC US USD 13. Jul 2012
SEHK 6837 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 27. Apr 2012
OTCPK HTNG.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 27. Apr 2012
DB 6HT Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 27. Apr 2012
SHSC 6837 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 27. Apr 2012
SZSC 6837 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 27. Apr 2012
Number of employees
Current staff
Staff numbers
10,464
Haitong Securities employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 22:15
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/03/26
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.