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GF Securities

DB:9GF
Snowflake Description

Average dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
9GF
DB
CN¥94B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

GF Securities Co., Ltd. provides capital market services for corporations, individuals, institutional investors, financial institutions, and government clients in the People’s Republic of China. The last earnings update was 158 days ago. More info.


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9GF Share Price and Events
7 Day Returns
3.2%
DB:9GF
-3.5%
DE Capital Markets
-3%
DE Market
1 Year Returns
-23.2%
DB:9GF
-11.3%
DE Capital Markets
-20.6%
DE Market
9GF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
GF Securities (9GF) 3.2% -13.7% -11.4% -23.2% -49.1% -
DE Capital Markets -3.5% -21.2% -17.8% -11.3% -27.2% -56.6%
DE Market -3% -19.1% -26.2% -20.6% -25.6% -30.7%
1 Year Return vs Industry and Market
  • 9GF underperformed the Capital Markets industry which returned -11.3% over the past year.
  • 9GF underperformed the Market in Germany which returned -20.6% over the past year.
Price Volatility
9GF
Industry
5yr Volatility vs Market

9GF Value

 Is GF 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 GF 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 GF Securities.

DB:9GF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 12 analysts.
= Stable Book Value * Return on Equity
= CN¥13.68 * 8.3%
CN¥1.13
Book Value of Equity per Share Weighted future Book Value estimates from 10 analysts. CN¥13.68
Discount Rate (Cost of Equity) See below 9.6%
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:9GF
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 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.745 (1 + (1- 25%) (201.52%))
1.583
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.58
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.583 * 6.33%)
9.63%

Discounted Cash Flow Calculation for DB:9GF using Excess Returns Model Model

The calculations below outline how an intrinsic value for GF 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:9GF Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.3% – 9.63%) * CN¥13.68)
CN¥-0.18
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥-0.18 / (9.63% - -0.39%)
CN¥-1.84
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥13.68 + CN¥-1.84
CN¥11.84
DB:9GF Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:9GF represents 0.07117x of SZSE:000776
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.07117x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CNY) x Listing Adjustment Factor
= CN¥ 11.84 x 0.07117
€0.84
Value per share (EUR) From above. €0.84
Current discount Discount to share price of €0.98
= -1 x (€0.98 - €0.84) / €0.84
-15.7%

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

  • The current share price of GF 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 GF Securities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are GF Securities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:9GF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in CNY CN¥0.76
SZSE:000776 Share Price ** SZSE (2020-04-03) in CNY CN¥13.7
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.18x
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 GF Securities.

DB:9GF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SZSE:000776 Share Price ÷ EPS (both in CNY)

= 13.7 ÷ 0.76

17.94x

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

  • GF Securities is good value based on earnings compared to the DE Capital Markets industry average.
  • GF Securities is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does GF Securities's expected growth come at a high price?
Raw Data
DB:9GF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
10.6%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.53x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:9GF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.94x ÷ 10.6%

1.69x

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

  • GF Securities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on GF Securities's assets?
Raw Data
DB:9GF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in CNY CN¥12.00
SZSE:000776 Share Price * SZSE (2020-04-03) in CNY CN¥13.7
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.66x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:9GF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SZSE:000776 Share Price ÷ Book Value per Share (both in CNY)

= 13.7 ÷ 12.00

1.14x

* Primary Listing of GF Securities.

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

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

9GF Future Performance

 How is GF Securities expected to perform in the next 1 to 3 years based on estimates from 12 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
10.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is GF Securities expected to grow at an attractive rate?
  • GF Securities's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • GF Securities's earnings growth is positive but not above the Germany market average.
  • GF Securities's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:9GF Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:9GF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 10.6%
DB:9GF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 8.5%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 37.7%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.2%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*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:9GF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:9GF Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 27,567 9,918 4
2021-12-31 24,982 8,491 9
2020-12-31 22,917 7,611 8
2020-04-04
2019-12-31 21,486 7,348 6
DB:9GF Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-09-30 20,615 29,716 5,802
2019-06-30 18,888 24,196 5,582
2019-03-31 17,567 20,731 5,693
2018-12-31 14,611 33,239 4,300
2018-09-30 16,709 18,745 6,342
2018-06-30 18,015 -11,724 7,152
2018-03-31 20,243 -7,392 7,983
2017-12-31 21,258 -38,643 8,595
2017-09-30 20,790 -39,327 8,212
2017-06-30 21,032 -20,447 8,301
2017-03-31 20,867 -34,890 8,363
2016-12-31 20,764 -21,152 8,030

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • GF Securities's earnings are expected to grow by 10.6% yearly, however this is not considered high growth (20% yearly).
  • GF Securities's revenue is expected to grow by 8.5% 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:9GF 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 12 Analyst Estimates (S&P Global) See Below

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

DB:9GF Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.32 1.43 1.20 2.00
2021-12-31 1.12 1.36 0.90 13.00
2020-12-31 0.98 1.08 0.80 10.00
2020-04-04
2019-12-31 0.96 0.98 0.95 8.00
DB:9GF Past Financials Data
Date (Data in CNY Millions) EPS *
2019-09-30 0.76
2019-06-30 0.73
2019-03-31 0.75
2018-12-31 0.56
2018-09-30 0.83
2018-06-30 0.94
2018-03-31 1.05
2017-12-31 1.13
2017-09-30 1.08
2017-06-30 1.09
2017-03-31 1.09
2016-12-31 1.05

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

9GF Past Performance

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

DB:9GF 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 20,615.37 5,802.10 1,939.18
2019-06-30 18,888.24 5,581.87 1,712.35
2019-03-31 17,566.87 5,692.96 1,203.44
2018-12-31 14,611.19 4,300.13 442.62
2018-09-30 16,709.41 6,341.85 -656.85
2018-06-30 18,014.87 7,152.25 -519.10
2018-03-31 20,242.77 7,983.19 -48.63
2017-12-31 21,257.58 8,595.40 109.39
2017-09-30 20,789.79 8,212.29 64.18
2017-06-30 21,032.11 8,301.04 149.47
2017-03-31 20,867.05 8,363.04 85.92
2016-12-31 20,763.95 8,030.11 140.32
2016-09-30 22,214.29 9,000.05 -4,005.93
2016-06-30 23,778.17 8,825.55 -2,713.96
2016-03-31 32,129.63 12,489.31 368.66
2015-12-31 33,049.66 13,201.01 200.47
2015-09-30 31,243.68 12,367.96 7,202.92
2015-06-30 28,080.90 11,753.54 7,431.72
2015-03-31 16,542.33 6,713.62 745.96
2014-12-31 13,306.85 5,022.57 78.64
2014-09-30 10,039.94 3,547.33 3,761.96
2014-06-30 9,020.35 3,125.72
2014-03-31 8,780.04 2,958.13 1,270.00
2013-12-31 8,194.93 2,812.50
2013-09-30 7,895.28 2,685.90
2013-06-30 6,804.32 2,083.41

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

9GF Health

 How is GF 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 GF Securities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • GF Securities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • GF Securities's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of GF 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 1.4x 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 GF Securities Company Filings, last reported 6 months ago.

DB:9GF Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 95,013.96 189,434.22 176,219.86
2019-06-30 93,352.79 204,771.96 192,784.23
2019-03-31 92,598.31 211,672.52 217,721.06
2018-12-31 88,629.17 221,723.93 186,249.61
2018-09-30 89,376.10 218,643.73 199,810.99
2018-06-30 88,040.89 211,486.16 174,190.06
2018-03-31 89,852.99 204,175.64 269,121.87
2017-12-31 88,625.58 176,014.54 143,767.39
2017-09-30 87,313.53 182,248.47 164,038.91
2017-06-30 83,877.06 172,245.96 136,021.76
2017-03-31 84,448.24 164,571.73 163,640.59
2016-12-31 81,353.34 159,767.54 154,232.73
2016-09-30 78,923.83 175,023.24 174,779.42
2016-06-30 76,140.01 151,936.19 167,200.56
2016-03-31 80,046.99 156,006.52 201,955.51
2015-12-31 79,820.83 192,711.06 192,656.88
2015-09-30 75,402.43 181,456.54 246,631.15
2015-06-30 74,643.56 230,335.49 259,848.64
2015-03-31 43,816.86 153,549.31 156,718.78
2014-12-31 41,377.46 115,831.34 96,280.05
2014-09-30 38,600.66 61,276.36 78,143.61
2014-06-30 35,397.98 47,451.18 59,637.92
2014-03-31 35,476.01 45,668.93 61,612.35
2013-12-31 34,788.43 46,247.54 52,423.17
2013-09-30 34,341.41 37,322.07 57,904.54
2013-06-30 33,477.64 32,557.92 60,888.00
  • GF Securities's level of debt (199.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (160.2% vs 199.4% today).
  • Debt is not well covered by operating cash flow (15.7%, less than 20% of total debt).
  • Unable to confirm if the interest payments on GF Securities's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess GF 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. GF 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.

9GF Dividends

 What is GF 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
5.11%
Current annual income from GF Securities dividends. Estimated to be 2.67% next year.
If you bought €2,000 of GF Securities shares you are expected to receive €102 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?
  • GF Securities's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.69%).
  • GF Securities's dividend is above 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:9GF 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 12 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 318 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 4.8%

Industry and Market average data is calculated daily.

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

DB:9GF Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.42 2.00
2021-12-31 0.38 9.00
2020-12-31 0.33 6.00
2020-04-04
2019-12-31 0.32 7.00
DB:9GF Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2020-03-30 0.700 5.110
2019-10-29 0.400 2.791
2019-08-30 0.400 2.857
2019-04-29 0.000 0.000
2019-03-26 0.000 0.000
2018-08-09 0.400 2.943
2017-03-24 0.350 2.124
2016-06-28 0.800 4.628
2015-02-16 0.200 1.103
2014-07-03 0.200 1.478
2013-07-05 0.150 1.333
2012-06-29 0.250 1.872
2011-06-14 0.250 1.701

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

  • GF 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 GF Securities only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of GF Securities's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess GF 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 GF Securities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. GF Securities has a total score of 4/6, see the detailed checks below.


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

9GF Management

 What is the CEO of GF 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
Zhihai Lin
COMPENSATION CN¥17,045,000
AGE 55
TENURE AS CEO 9 years
CEO Bio

Mr. Zhi Hai Lin serves as Chief Executive Officer, President and General Manager of GF Securities Co., Ltd. and has been its Executive Director since March 2008 and served as its General Manager. He serves as President and Director at GF Xinde Investment Management Co., Ltd. Mr. Lin joined the company in September 1996 and became the General Manager of Dalian branch at the company from February 1997 to October 2001; Chairman and General Manager at Guangfa Northern Securities Company Limited from October 2001 to March 2006; Deputy General Manager and Standing Deputy General Manager of the company from March 2006 to April 2011; Director of GFHK since July 2011 and Chairman of GF Asset Management from January 2014 to August 2014. He holds a Doctorate in Economics, Master’s degree in Economics, and Bachelor’s degree in Economics from Dongbei University of Finance and Economics in January 2005, October 1991, and July 1986 respectively. Mr. Lin obtained a Senior Management Executive M.B.A. degree from Hong Kong University of Science and Technology in November 2011. He obtained his qualification as an economist from Liaoning Provincial Department of Personnel (now known as Liaoning Provincial Department of Human Resources and Social Security) in June 1993.

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

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

7.5
Average Tenure
51
Average Age
  • The average tenure for the GF Securities management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Shuming Sun

TITLE
Chairman of the Board
COMPENSATION
CN¥19M
AGE
57

Zhihai Lin

TITLE
CEO, President
COMPENSATION
CN¥17M
AGE
55
TENURE
9 yrs

Xiaoyan Sun

TITLE
Head of Accounting Work
COMPENSATION
CN¥14M
AGE
47
TENURE
9 yrs

Zhiyun Xin

TITLE
Chief Risk Officer & Chief Information Officer
COMPENSATION
CN¥870K
AGE
49
TENURE
0.8 yrs

Jifu Wu

TITLE
Chief Compliance Officer
COMPENSATION
CN¥2M
AGE
53
TENURE
5.9 yrs

Qin Li

TITLE
Executive VP
COMPENSATION
CN¥15M
AGE
51
TENURE
9 yrs

Yang Long

TITLE
VP & Deputy GM
COMPENSATION
CN¥2M
AGE
54
TENURE
5.9 yrs

Xi Ouyang

TITLE
VP & Deputy GM
COMPENSATION
CN¥2M
AGE
51
TENURE
15.4 yrs

Zhang Wei

TITLE
VP & Deputy GM
COMPENSATION
CN¥2M
AGE
43
TENURE
5.9 yrs

Ying Wang

TITLE
Head of the Accounting Department
Board of Directors Tenure

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

6.1
Average Tenure
54
Average Age
  • The tenure for the GF Securities board of directors is about average.
Board of Directors

Zhihai Lin

TITLE
CEO, President
COMPENSATION
CN¥17M
AGE
55
TENURE
12.1 yrs

Xiaoyan Sun

TITLE
Head of Accounting Work
COMPENSATION
CN¥14M
AGE
47
TENURE
6.3 yrs

Qin Li

TITLE
Executive VP
COMPENSATION
CN¥15M
AGE
51
TENURE
9 yrs

Xiong Yang

TITLE
Independent Non Executive Director
COMPENSATION
CN¥270K
AGE
53
TENURE
5.9 yrs

Shuming Sun

TITLE
Chairman of the Board
COMPENSATION
CN¥19M
AGE
57
TENURE
7.9 yrs

Shaohua Zhang

TITLE
Chairman of the Supervisory Committee
AGE
53
TENURE
2.6 yrs

Xin Tang

TITLE
Independent Non Executive Director
COMPENSATION
CN¥270K
AGE
48
TENURE
5.9 yrs

Shuzhi Shang

TITLE
Non Executive Director
COMPENSATION
CN¥180K
AGE
67
TENURE
18.8 yrs

Xiulin Li

TITLE
Non Executive Director
COMPENSATION
CN¥180K
AGE
66
TENURE
5.9 yrs

Kalok Chan

TITLE
Independent Non Executive Director
COMPENSATION
CN¥270K
AGE
58
TENURE
5.3 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 (€)
11. Feb 20 Buy Gf Securities Labor Union Committee., Endowment Arm Company 31. Jan 20 31. Jan 20 504,600 €1.15 €579,917
24. Sep 19 Sell BlackRock, Inc. Company 19. Sep 19 19. Sep 19 -996,395 €1.00 €-999,328
14. Aug 19 Sell BlackRock, Inc. Company 09. Aug 19 09. Aug 19 -13,076,800 €0.87 €-11,353,379
13. Aug 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 08. Aug 19 08. Aug 19 -11,682,869 €0.88 €-10,303,039
13. Aug 19 Sell J.P. Morgan Asset Management, Inc. Company 08. Aug 19 08. Aug 19 -518,400 €0.88 €-457,173
12. Aug 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 07. Aug 19 07. Aug 19 39,173,956 €0.87 €34,090,997
06. Aug 19 Buy Gf Securities Labor Union Committee., Endowment Arm Company 31. Jul 19 31. Jul 19 21,353,200 €1.05 €22,519,046
29. Jul 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 24. Jul 19 24. Jul 19 -29,914,444 €1.06 €-31,679,952
24. Jul 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 19. Jul 19 19. Jul 19 -1,000,000 €1.07 €-1,073,590
24. Jul 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 19. Jul 19 19. Jul 19 4,371,582 €1.07 €4,693,288
24. Jul 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 19. Jul 19 19. Jul 19 76,000 €1.07 €81,593
24. Jul 19 Sell China International Fund Management Company Limited Company 19. Jul 19 19. Jul 19 -87,800 €1.07 €-94,261
23. Jul 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 18. Jul 19 18. Jul 19 -2,661,200 €1.04 €-2,764,704
23. Jul 19 Buy J.P. Morgan Asset Management, Inc. Company 18. Jul 19 18. Jul 19 178,400 €1.04 €185,339
22. Jul 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 17. Jul 19 17. Jul 19 2,202,324 €1.04 €2,291,628
05. Jul 19 Buy Gf Securities Labor Union Committee., Endowment Arm Company 30. Jun 19 30. Jun 19 27,185,600 €0.04 €1,035,519
01. Jul 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Jun 19 26. Jun 19 -743,943 €1.04 €-776,900
28. Jun 19 Sell BlackRock, Inc. Company 25. Jun 19 25. Jun 19 -1,401,600 €1.04 €-1,461,129
27. Jun 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 24. Jun 19 24. Jun 19 11,720,441 €1.06 €12,382,848
11. Jun 19 Buy Gf Securities Labor Union Committee., Endowment Arm Company 31. May 19 31. May 19 24,399,600 €1.09 €26,480,599
04. Jun 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 30. May 19 30. May 19 -837,177 €1.03 €-863,417
21. May 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 16. May 19 16. May 19 -2,413,260 €1.10 €-2,649,401
17. May 19 Buy BlackRock, Inc. Company 14. May 19 14. May 19 3,675,128 €1.09 €3,997,239
15. May 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 10. May 19 10. May 19 27,613,703 €1.10 €30,238,536
X
Management checks
We assess GF 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. GF 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.

9GF News

Simply Wall St News

9GF Company Info

Description

GF Securities Co., Ltd. provides capital market services for corporations, individuals, institutional investors, financial institutions, and government clients in the People’s Republic of China. The company operates through four segments: Investment Banking; Wealth Management; Trading and Institution; and Investment Management. The Investment Banking segment offers equity and debt finance; and financial advisory services, such as M&A and restructuring. The Wealth Management segment provides brokerage services to buy and sell stocks, bonds, mutual fund products, warrants, futures and other tradable securities; and margin financing and securities lending, and repurchase transaction services, as well as financial leasing and Internet small loans services. The Trading and Institution segment engages in trading and selling equity, fixed income, derivatives, as well as provision of transaction consultation and execution, investment research, and broker services to institutional customers. The Investment Management segment offers asset management, mutual fund management, and public and private fund management services to clients. It also provides commodity and financial futures brokerage; investment consulting; project investment; equity investment management; fund raising, sales, and management; and trust management services. GF Securities Co., Ltd. was founded in 1993 and is headquartered in Guangzhou, the People’s Republic of China.

Details
Name: GF Securities Co., Ltd.
9GF
Exchange: DB
Founded: 1993
CN¥12,324,136,842
7,621,087,664
Website: http://www.gf.com.cn
Address: GF Securities Co., Ltd.
GF Securities Tower,
No. 26 Machang Road,
Guangzhou,
Guangdong Province, 510627,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SZSE 000776 Domestic Shares Shenzhen Stock Exchange CN CNY 22. Feb 2010
XSEC 000776 Domestic Shares Shenzhen Stock Exchange - Shenzhen-Hong Kong Stock Connect CN CNY 22. Feb 2010
SEHK 1776 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 10. Apr 2015
DB 9GF Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 10. Apr 2015
SHSC 1776 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 10. Apr 2015
SZSC 1776 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 10. Apr 2015
Number of employees
Current staff
Staff numbers
11,798
GF 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 02:37
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.