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CSC Financial

DB:CS0
Snowflake Description

Undervalued with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CS0
DB
HK$221B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

CSC Financial Co., Ltd., together with its subsidiaries, provides investment banking services in Mainland China and internationally. The last earnings update was 7 days ago. More info.


Add to Portfolio Compare Print
  • CSC Financial has significant price volatility in the past 3 months.
CS0 Share Price and Events
7 Day Returns
1.4%
DB:CS0
-6.8%
DE Capital Markets
-2.7%
DE Market
1 Year Returns
-11.1%
DB:CS0
-11.8%
DE Capital Markets
-20.4%
DE Market
CS0 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CSC Financial (CS0) 1.4% -11.8% -9% -11.1% -16.9% -
DE Capital Markets -6.8% -21.9% -18% -11.8% -29% -57.8%
DE Market -2.7% -18.4% -26.7% -20.4% -25.9% -30.4%
1 Year Return vs Industry and Market
  • CS0 matched the Capital Markets industry (-11.8%) over the past year.
  • CS0 outperformed the Market in Germany which returned -20.4% over the past year.
Price Volatility
CS0
Industry
5yr Volatility vs Market

CS0 Value

 Is CSC Financial 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 CSC Financial 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 CSC Financial.

DB:CS0 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= CN¥7.48 * 9.9%
CN¥0.74
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. CN¥7.48
Discount Rate (Cost of Equity) See below 6.6%
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:CS0
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))
= 0.747 (1 + (1- 25%) (71.35%))
1.098
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.098 * 6.33%)
6.56%

Discounted Cash Flow Calculation for DB:CS0 using Excess Returns Model Model

The calculations below outline how an intrinsic value for CSC Financial 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:CS0 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9.9% – 6.56%) * CN¥7.48)
CN¥0.25
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥0.25 / (6.56% - -0.39%)
CN¥3.58
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥7.48 + CN¥3.58
CN¥11.07
DB:CS0 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:6066)
1.092
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥11.07 x 1.092
HK$12.08
Non-primary Listing Adjustment Factor 1 share in DB:CS0 represents 0.11452x of SEHK:6066
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11452x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 12.08 x 0.11452
€1.38
Value per share (EUR) From above. €1.38
Current discount Discount to share price of €0.71
= -1 x (€0.71 - €1.38) / €1.38
48.7%

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

Current Discount
Amount off the current price CSC Financial is available for.
Intrinsic value
49%
Share price is €0.71 vs Future cash flow value of €1.38
Current Discount Checks
For CSC Financial to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CSC Financial's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CSC Financial's share price is below the future cash flow value, and 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 CSC Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CSC Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CS0 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CNY CN¥0.67
SEHK:6066 Share Price ** SEHK (2020-04-01) in HKD HK$6.2
SEHK:6066 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.916 CN¥5.68
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 16.15x

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

** Primary Listing of CSC Financial.

DB:CS0 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:6066 Share Price ÷ EPS (both in CNY)

= 5.68 ÷ 0.67

8.46x

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

  • CSC Financial is good value based on earnings compared to the DE Capital Markets industry average.
  • CSC Financial is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does CSC Financial's expected growth come at a high price?
Raw Data
DB:CS0 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.46x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
2.5%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.55x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

DB:CS0 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.46x ÷ 2.5%

3.35x

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

  • CSC Financial is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CSC Financial's assets?
Raw Data
DB:CS0 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CNY CN¥7.40
SEHK:6066 Share Price * SEHK (2020-04-01) in HKD HK$6.2
SEHK:6066 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.916 CN¥5.68
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.55x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:CS0 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:6066 Share Price ÷ Book Value per Share (both in CNY)

= 5.68 ÷ 7.40

0.77x

* Primary Listing of CSC Financial.

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

  • CSC Financial is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess CSC Financial'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. CSC Financial has a total score of 5/6, 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.

CS0 Future Performance

 How is CSC Financial expected to perform in the next 1 to 3 years based on estimates from 7 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
2.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CSC Financial expected to grow at an attractive rate?
  • CSC Financial's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • CSC Financial's earnings growth is positive but not above the Germany market average.
  • CSC Financial's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CS0 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CS0 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 2.5%
DB:CS0 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 10.7%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 40%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
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:CS0 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CS0 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 17,316 5,848 2
2021-12-31 18,059 5,177 6
2020-12-31 14,712 4,876 3
2020-04-02
DB:CS0 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-12-31 13,645 36,691 5,130
2019-09-30 13,174 16,287 4,428
2019-06-30 11,515 4,967 3,430
2019-03-31 11,335 16,282 3,292
2018-12-31 10,901 4,503 2,793
2018-09-30 11,200 10,227 2,874
2018-06-30 12,368 -13,112 3,559
2018-03-31 12,649 3,706
2017-12-31 12,528 -30,447 3,721
2017-09-30 12,153 -26,666 4,127
2017-06-30 12,700 -2,179 4,043
2017-03-31 13,671 4,582

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CSC Financial's earnings are expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
  • CSC Financial's revenue is expected to grow by 10.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CS0 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 7 Analyst Estimates (S&P Global) See Below

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

DB:CS0 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.76 0.76 0.76 1.00
2021-12-31 0.73 0.99 0.61 5.00
2020-12-31 0.61 0.64 0.59 2.00
2020-04-02
DB:CS0 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-12-31 0.67
2019-09-30 0.57
2019-06-30 0.43
2019-03-31 0.43
2018-12-31 0.38
2018-09-30 0.39
2018-06-30 0.50
2018-03-31 0.52
2017-12-31 0.51
2017-09-30 0.59
2017-06-30 0.60
2017-03-31

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

CS0 Past Performance

  How has CSC Financial 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 CSC Financial'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.
  • CSC Financial's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • CSC Financial's 1-year earnings growth exceeds its 5-year average (83.7% vs -13.2%)
  • CSC Financial's earnings growth has exceeded the DE Capital Markets industry average in the past year (83.7% vs 5.7%).
Earnings and Revenue History
CSC Financial'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 CSC Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CS0 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 13,644.66 5,130.27
2019-09-30 13,173.97 4,427.76 4,321.14
2019-06-30 11,515.02 3,430.11 4,321.14
2019-03-31 11,334.54 3,291.56 4,321.14
2018-12-31 10,901.39 2,793.46
2018-09-30 11,199.91 2,873.60 4,397.64
2018-06-30 12,368.34 3,559.15 4,397.64
2018-03-31 12,649.41 3,705.86 4,397.64
2017-12-31 12,527.59 3,721.43 4,397.64
2017-09-30 12,153.30 4,127.31 1,271.10
2017-06-30 12,699.78 4,043.17 2,542.21
2017-03-31 13,670.60 4,582.03 3,554.50
2016-12-31 14,626.21 4,965.25 4,566.78
2016-09-30 16,345.95 5,915.36 4,636.69
2016-06-30 18,065.68 6,865.47 4,706.59
2016-03-31 19,592.10 7,605.15 4,839.05
2015-12-31 21,118.52 8,344.83 4,971.52
2014-12-31 9,553.66 3,407.13 2,709.27
2013-12-31 6,029.88 1,786.96 1,883.23

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

CS0 Health

 How is CSC Financial'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 CSC Financial's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CSC Financial is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CSC Financial's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CSC Financial'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 1.7x 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 CSC Financial Company Filings, last reported 3 months ago.

DB:CS0 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 56,894.73 143,170.66 168,587.22
2019-09-30 55,637.03 124,164.73 165,328.60
2019-06-30 49,067.87 127,129.01 155,579.20
2019-03-31 49,575.42 106,652.70 147,627.39
2018-12-31 47,863.40 97,758.75 107,177.62
2018-09-30 48,753.20 96,227.55 120,085.15
2018-06-30 47,952.42 107,402.78 122,903.82
2018-03-31 43,998.78 103,997.83 56,380.44
2017-12-31 43,998.78 103,997.83 56,380.44
2017-09-30
2017-06-30 42,319.66 83,028.25 45,944.05
2017-03-31 41,262.68 63,715.73 38,868.71
2016-12-31 41,262.68 63,715.73 38,868.71
2016-09-30 41,262.68 63,715.73 38,868.71
2016-06-30 32,714.56 64,382.78 44,877.10
2016-03-31 32,714.56 64,382.78 44,877.10
2015-12-31 30,182.90 67,257.89 41,439.88
2014-12-31 16,727.91 55,340.28 21,960.97
2013-12-31 13,153.58 31,806.17 15,264.46
  • CSC Financial's level of debt (251.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (330.3% vs 251.6% today).
  • Debt is well covered by operating cash flow (25.6%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on CSC Financial's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess CSC Financial'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. CSC Financial has a total score of 4/6, 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.

CS0 Dividends

 What is CSC Financial'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
4.14%
Current annual income from CSC Financial dividends. Estimated to be 4.06% next year.
If you bought €2,000 of CSC Financial shares you are expected to receive €83 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?
  • CSC Financial's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • CSC Financial's dividend is below the markets top 25% of dividend payers in Germany (4.86%).
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:CS0 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 7 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 320 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:CS0 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.23 2.00
2021-12-31 0.25 7.00
2020-12-31 0.21 6.00
2020-04-02
DB:CS0 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2020-03-26 0.235 4.181
2020-01-16 0.235 3.927
2019-03-18 0.180 3.418
2019-01-25 0.180 3.115
2018-08-24 0.180 4.443
2018-08-13 0.000 0.000
2018-05-29 0.000 0.000
2017-04-20 0.180 3.087
2017-03-17 0.180 2.810

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

  • CSC Financial 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 CSC Financial only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of CSC Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.6x coverage).
X
Income/ dividend checks
We assess CSC Financial'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 CSC Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CSC Financial 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.

CS0 Management

 What is the CEO of CSC Financial'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
Geping Li
COMPENSATION CN¥1,840,782
AGE 52
TENURE AS CEO 2 years
CEO Bio

Mr. Li Geping has been Chief Financial Officer at CSC Financial Co., Ltd. since May 2018 and has been the General Manager and Director of CSC Financial Co., Ltd. since April 16, 2018. Mr. Li joined CSC Financial Co., Ltd. in February 2018, and has been serving as the deputy secretary of the Party Committee since February 2018. Mr. Li served as a lecturer in Zhongnan University of Finance and Economics from July 1987 to June 1992. Mr. Li worked in the Hubei branch of the People’s Bank of China, and served as the secretary to the board of directors and deputy general manager of the Shanghai business department of Hubei Securities, the general manager of the Shenzhen securities business department of Hubei Securities, the manager of the asset management department and the deputy head of the research institute from June 1992 to April 1996. Mr. Li successively served as the assistant of the general manager and the general manager of the asset management service department, the assistant of the president and the general manager of the international business department, the head of the research institute, the deputy president and the general manager of the investment banking department of Hubei Securities from April 1996 to February 2000. Mr. Li successively served as a director, the deputy president the president, a member of the Party committee, the deputy secretary of the Party committee of Changjiang Securities Company Limited, the chairman of the board of directors of Changjiang BNP Paribas Peregrine Securities Co. Limited (concurrently), the chairman of the board of directors of Nuode Asset Management Co., Ltd. (concurrently) (during which he studied in the Institute of Finance of the Chinese Academy of Social Sciences, obtaining a Doctoral Degree economics) from February 2000 to December 2007. Mr. Li served as a member of the Party committee, the deputy secretary of the Party committee, a director and the president of Changjiang Securities Company Limited, the chairman of the board of directors of Nuode Asset Management Co., Ltd. (concurrently), the chairman of the board of directors of Changjiang Securities Underwriting and Sponsorship Co., Ltd. (concurrently), the chairman of the board of directors of Changjiang Growth Capital Investment Co., Ltd. (concurrently) from December 2007 to June 2011. He served as the secretary general of the SAC from June 2011 to April 2012, a member of Party committee and the secretary general of the SAC from April 2012 to February 2014, the deputy head of the Department of Fund and Intermediary Supervision of the China Securities Regulatory Commission from February 2014 to December 2016, and the head of securities institution management department/insurance institution management department of the Central Huijin Investment Ltd. from December 2016 to February 2018. Mr. Li obtained a Bachelor of Economics degree and a Master’s degree in Economics from Zhongnan University of Finance and Economics (now known as Zhongnan University of Economics and Law) in July 1987 and July 1992, respectively. He obtained a Doctoral Degree in Economics from the Institute of Finance of the Chinese Academy of Social Sciences in July 2004, and has enjoyed special government subsidy from the State Council since 2005. Mr. Li is also a researcher.

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

Average tenure and age of the CSC Financial management team in years:

5.2
Average Tenure
49
Average Age
  • The average tenure for the CSC Financial management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Changqing Wang

TITLE
Chairman
COMPENSATION
CN¥8M
AGE
56

Geping Li

TITLE
CFO, GM & Executive Director
COMPENSATION
CN¥2M
AGE
52
TENURE
2 yrs

Naisheng Liu

TITLE
Administrative Head of Investment Banking Department
AGE
48
TENURE
9 yrs

Gang Xiao

TITLE
Chief Information Officer & Administrative Head of the IT Department
AGE
50
TENURE
1.7 yrs

Jianqiang Ding

TITLE
Chief Compliance Officer & Administrative Head of the Legal and Compliance Department
AGE
46
TENURE
13.3 yrs

Xiaoyu Zhou

TITLE
Administrative Head of Human Resources Department
AGE
55
TENURE
8.4 yrs

Ya Lu

TITLE
Chief Risk Officer & Administrative Head of the Risk Management Department
AGE
53

Yi Lin

TITLE
Employee Representative Supervisor & Administrative Head of Internal Audit Department
AGE
47

Ming Zhao

TITLE
Administrative Head of Financial Planning Department & Employee Representative Supervisor
AGE
48

Xuan Lin

TITLE
Employee Representative Supervisor & Administrative Head of Internal Audit Department
AGE
47
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the CSC Financial board of directors in years:

2.1
Average Tenure
51.5
Average Age
  • The average tenure for the CSC Financial board of directors is less than 3 years, this suggests a new board.
Board of Directors

Changqing Wang

TITLE
Chairman
COMPENSATION
CN¥8M
AGE
56
TENURE
2 yrs

Geping Li

TITLE
CFO, GM & Executive Director
COMPENSATION
CN¥2M
AGE
52
TENURE
2 yrs

Zhongfu Yu

TITLE
Vice Chairman
AGE
49
TENURE
3.7 yrs

Yi Lin

TITLE
Employee Representative Supervisor & Administrative Head of Internal Audit Department
AGE
47
TENURE
2 yrs

Ming Zhao

TITLE
Administrative Head of Financial Planning Department & Employee Representative Supervisor
AGE
48
TENURE
1.1 yrs

Xuan Lin

TITLE
Employee Representative Supervisor & Administrative Head of Internal Audit Department
AGE
47
TENURE
2 yrs

Deming Dai

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥230K
AGE
57
TENURE
3.7 yrs

Jianjun Bai

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥230K
AGE
64
TENURE
3.7 yrs

Shihua Li

TITLE
Chairman of Supervisory Board
AGE
60
TENURE
6 yrs

Hao Wang

TITLE
Non-Executive Director
AGE
51
TENURE
2.3 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 (€)
X
Management checks
We assess CSC Financial'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. CSC Financial 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.

CS0 News

Simply Wall St News

CS0 Company Info

Description

CSC Financial Co., Ltd., together with its subsidiaries, provides investment banking services in Mainland China and internationally. The company operates through four segments: Investment Banking, Wealth Management, Trading and Institutional Client Services, and Investment Management. The Investment Banking segment offers a range of investment banking services, including financial advisory, sponsoring, and underwriting of equity and debt securities. The Wealth Management segment provides brokerage agency services for corporate and personal clients in the trading of equity stocks, funds, bonds, and futures, as well as margin financing and securities lending services. The Trading and Institutional Client Services segment trades in financial products; and offers brokerage agency services for financial institutions in the trading of equity stocks, funds, and bonds, as well as margin financing and securities lending services. This segment also provides services in relation to the sale of financial products to institutional clients, and specialized research and advisory services to assist their investment decision-making. The Investment Management segment develops asset management products, fund management products services, and private placement offerings; and provides related services. The company was formerly known as China Securities Finance Co., Ltd. and changed its name to CSC Financial Co., Ltd. in October 2016. CSC Financial Co., Ltd. was founded in 2005 and is based in Beijing, China.

Details
Name: CSC Financial Co., Ltd.
CS0
Exchange: DB
Founded: 2005
HK$26,040,974,373
7,646,385,238
Website: http://www.csc108.com
Address: CSC Financial Co., Ltd.
No. 188 Chaonei Avenue,
Dongcheng District,
Beijing,
100010,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 6066 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 09. Dec 2016
DB CS0 Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 09. Dec 2016
SHSC 6066 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 09. Dec 2016
SZSC 6066 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 09. Dec 2016
SHSE 601066 Domestic Shares Shanghai Stock Exchange CN CNY 20. Jun 2018
XSSC 601066 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 20. Jun 2018
Number of employees
Current staff
Staff numbers
8,498
CSC Financial employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/02 04:19
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.