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Haitong International Securities Group

DB:TFZ
Snowflake Description

Undervalued established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TFZ
DB
HK$12B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Haitong International Securities Group Limited provides financial products and services to corporate, institutional, and retail clients worldwide. The last earnings update was 10 days ago. More info.


Add to Portfolio Compare Print
  • Haitong International Securities Group has significant price volatility in the past 3 months.
TFZ Share Price and Events
7 Day Returns
0%
DB:TFZ
-6.8%
DE Capital Markets
-2.7%
DE Market
1 Year Returns
-34.5%
DB:TFZ
-11.8%
DE Capital Markets
-20.4%
DE Market
TFZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Haitong International Securities Group (TFZ) 0% -9% -18.4% -34.5% -58.7% -81.1%
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
  • TFZ underperformed the Capital Markets industry which returned -11.8% over the past year.
  • TFZ underperformed the Market in Germany which returned -20.4% over the past year.

TFZ Value

 Is Haitong International Securities Group 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 International Securities Group 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 International Securities Group.

DB:TFZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= HK$4.98 * 7%
HK$0.35
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. HK$4.98
Discount Rate (Cost of Equity) See below 11.8%
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:TFZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
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%) (722.67%))
3.542
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 6.07%)
11.75%

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

The calculations below outline how an intrinsic value for Haitong International Securities Group 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:TFZ Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7% – 11.75%) * HK$4.98)
HK$-0.24
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= HK$-0.24 / (11.75% - -0.39%)
HK$-1.97
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= HK$4.98 + HK$-1.97
HK$3.01
DB:TFZ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:TFZ represents 0.11045x of SEHK:665
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11045x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 3.01 x 0.11045
€0.33
Value per share (EUR) From above. €0.33
Current discount Discount to share price of €0.22
= -1 x (€0.22 - €0.33) / €0.33
33.3%

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

Current Discount
Amount off the current price Haitong International Securities Group is available for.
Intrinsic value
33%
Share price is €0.222 vs Future cash flow value of €0.33285
Current Discount Checks
For Haitong International Securities Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Haitong International Securities Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Haitong International Securities Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Haitong International Securities Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Haitong International Securities Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:TFZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in HKD HK$0.27
SEHK:665 Share Price ** SEHK (2020-04-02) in HKD HK$2.01
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 Haitong International Securities Group.

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

= SEHK:665 Share Price ÷ EPS (both in HKD)

= 2.01 ÷ 0.27

7.49x

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

  • Haitong International Securities Group is good value based on earnings compared to the DE Capital Markets industry average.
  • Haitong International Securities Group is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Haitong International Securities Group's expected growth come at a high price?
Raw Data
DB:TFZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
16%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:TFZ PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.49x ÷ 16%

0.47x

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

  • Haitong International Securities Group is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Haitong International Securities Group's assets?
Raw Data
DB:TFZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in HKD HK$4.55
SEHK:665 Share Price * SEHK (2020-04-02) in HKD HK$2.01
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:TFZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:665 Share Price ÷ Book Value per Share (both in HKD)

= 2.01 ÷ 4.55

0.44x

* Primary Listing of Haitong International Securities Group.

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

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

TFZ Future Performance

 How is Haitong International Securities Group expected to perform in the next 1 to 3 years based on estimates from 2 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
16%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Haitong International Securities Group expected to grow at an attractive rate?
  • Haitong International Securities Group's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Haitong International Securities Group's earnings growth is expected to exceed the Germany market average.
  • Unable to compare Haitong International Securities Group's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:TFZ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:TFZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 16%
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:TFZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:TFZ Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 2,249
2021-12-31 2,182
2020-12-31 1,616
2020-04-03
DB:TFZ Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2019-12-31 5,280 1,551
2019-09-30 4,731 1,377
2019-06-30 4,200 -1,940 1,203
2019-03-31 4,197 -8,050 1,113
2018-12-31 4,194 -14,159 1,023
2018-09-30 4,928 -17,582 1,936
2018-06-30 5,646 -21,005 2,850
2018-03-31 5,442 -12,951 2,939
2017-12-31 5,238 -4,898 3,029
2017-09-30 4,780 -1,781 2,469
2017-06-30 4,322 1,337 1,908
2017-03-31 4,180 -982 1,794

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Haitong International Securities Group's earnings are expected to grow by 16% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Haitong International Securities Group is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:TFZ 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 2 Analyst Estimates (S&P Global) See Below

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

DB:TFZ Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.33 0.37 0.29 2.00
2021-12-31 0.34 0.46 0.27 4.00
2020-12-31 0.25 0.32 0.22 3.00
2020-04-03
DB:TFZ Past Financials Data
Date (Data in HKD Millions) EPS *
2019-12-31 0.27
2019-09-30 0.24
2019-06-30 0.21
2019-03-31 0.20
2018-12-31 0.18
2018-09-30 0.35
2018-06-30 0.52
2018-03-31 0.54
2017-12-31 0.57
2017-09-30 0.46
2017-06-30 0.36
2017-03-31 0.34

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

TFZ Past Performance

  How has Haitong International Securities Group 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 International Securities Group'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 International Securities Group's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Haitong International Securities Group's 1-year earnings growth exceeds its 5-year average (51.6% vs -4.6%)
  • Haitong International Securities Group's earnings growth has exceeded the DE Capital Markets industry average in the past year (51.6% vs 5.7%).
Earnings and Revenue History
Haitong International Securities Group'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 International Securities Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TFZ Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 5,279.79 1,550.86 1,576.17
2019-09-30 4,731.44 1,376.72 1,504.06
2019-06-30 4,200.08 1,202.58 1,431.96
2019-03-31 4,196.88 1,112.71 1,420.30
2018-12-31 4,193.69 1,022.84 1,408.64
2018-09-30 4,928.41 1,936.23 1,478.97
2018-06-30 5,646.14 2,849.62 1,549.30
2018-03-31 5,442.16 2,939.16 1,493.37
2017-12-31 5,238.19 3,028.69 1,437.44
2017-09-30 4,779.99 2,468.55 1,309.98
2017-06-30 4,321.79 1,908.42 1,182.52
2017-03-31 4,179.81 1,794.32 1,121.16
2016-12-31 4,037.84 1,680.23 1,059.80
2016-09-30 3,464.84 1,437.69 973.20
2016-06-30 2,891.85 1,195.15 886.60
2016-03-31 3,835.29 1,852.60 1,104.12
2015-12-31 4,778.74 2,510.05 1,321.65
2015-09-30 4,925.39 2,650.76 1,355.75
2015-06-30 5,072.04 2,791.46 1,389.85
2015-03-31 3,715.19 1,904.87 1,087.58
2014-12-31 2,358.33 1,018.27 785.31
2014-09-30 2,080.61 839.42 737.16
2014-06-30 1,802.89 660.58 689.00
2014-03-31 1,653.44 594.87 646.54
2013-12-31 1,503.99 529.15 604.07
2013-09-30 1,367.58 444.85 611.47
2013-06-30 1,231.17 360.56 618.86

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

TFZ Health

 How is Haitong International Securities Group'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 International Securities Group's finances.

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

DB:TFZ Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 27,030.58 86,291.49 53,528.32
2019-09-30 27,030.58 86,291.49 53,528.32
2019-06-30 26,740.14 88,740.72 61,178.31
2019-03-31 26,740.14 88,740.72 61,178.31
2018-12-31 25,810.34 85,126.88 62,974.62
2018-09-30 25,810.34 85,126.88 62,974.62
2018-06-30 25,849.01 86,697.72 97,375.54
2018-03-31 25,849.01 86,697.72 97,375.54
2017-12-31 25,367.88 62,426.56 54,082.29
2017-09-30 25,367.88 62,426.56 54,082.29
2017-06-30 23,244.18 55,143.45 74,261.71
2017-03-31 23,244.18 55,143.45 74,261.71
2016-12-31 22,449.02 63,292.28 73,638.23
2016-09-30 22,449.02 63,292.28 73,638.23
2016-06-30 21,217.29 54,769.06 53,432.49
2016-03-31 21,217.29 54,769.06 53,432.49
2015-12-31 20,828.79 40,164.64 50,712.89
2015-09-30 20,828.79 40,164.64 50,712.89
2015-06-30 21,326.49 34,979.72 39,116.50
2015-03-31 21,326.49 34,979.72 39,116.50
2014-12-31 8,596.50 20,511.47 27,641.00
2014-09-30 8,596.50 20,511.47 27,641.00
2014-06-30 7,743.80 16,104.32 5,802.78
2014-03-31 7,743.80 16,104.32 5,802.78
2013-12-31 4,920.25 10,377.01 14,552.41
2013-09-30 4,920.25 10,377.01 14,552.41
2013-06-30 4,535.66 6,090.41 1,375.84
  • Haitong International Securities Group's level of debt (319.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (236.6% vs 319.2% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Unable to confirm if the interest payments on Haitong International Securities Group's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Haitong International Securities Group'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 International Securities Group has a total score of 1/6, 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.

TFZ Dividends

 What is Haitong International Securities Group'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
6.62%
Current annual income from Haitong International Securities Group dividends. Estimated to be 7.68% next year.
If you bought €2,000 of Haitong International Securities Group shares you are expected to receive €132 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 International Securities Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Haitong International Securities Group's dividend is above the markets top 25% of dividend payers in Germany (4.86%).
Upcoming dividend payment

Purchase Haitong International Securities Group before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:TFZ 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 2 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:TFZ Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.17 2.00
2021-12-31 0.17 4.00
2020-12-31 0.12 3.00
2020-04-03
DB:TFZ Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2020-03-24 0.133 6.710
2019-03-22 0.090 3.778
2018-08-24 0.256 9.246
2018-04-16 0.360 9.236
2018-03-14 0.360 7.475
2017-08-29 0.200 4.244
2017-04-06 0.155 3.453
2017-03-09 0.155 3.349
2016-08-19 0.115 2.378
2016-03-24 0.240 5.280
2016-03-10 0.240 5.610
2015-08-25 0.355 8.368
2015-03-27 0.235 3.847
2015-03-11 0.235 4.741
2014-10-27 0.190 3.954
2014-03-13 0.190 4.458
2014-03-04 0.190 4.503
2013-08-21 0.155 3.932
2013-03-05 0.155 4.485
2012-03-13 0.080 2.799
2011-08-04 0.200 6.910
2011-03-16 0.240 5.119
2010-08-30 0.160 2.820
2010-03-29 0.180 3.436
2009-10-28 0.130 2.434
2009-10-07 0.130 3.975

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 International Securities Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Haitong International Securities Group'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 International Securities Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Haitong International Securities Group has a total score of 5/6, see the detailed checks below.


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

TFZ Management

 What is the CEO of Haitong International Securities Group'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
Yong Lin
COMPENSATION HK$20,819,000
AGE 50
TENURE AS CEO 9 years
CEO Bio

Dr. Yong Lin has been an Assistant to the General Manager at Haitong Securities Co., Ltd. since December 2014. Dr. Lin has been Chief Executive Officer of Haitong International Securities Group Limited since April 29, 2011 and was its Managing Director. He has been a General Manager of Haitong International Holdings Limited since July 2007. He has been the Chief Executive Officer of Haitong International Holdings Limited since 2007 and is responsible for the overall operation of Haitong International Holdings Limited. He is a Responsible Officer of Hai Tong Asset Management (HK) Limited, Hai Tong Capital (HK) Limited, Haitong International Asset Management Limited and Haitong International Capital Limited. He has been an Adjunct Professor for Management College of Xiamen University since May 12, 2010. He served in various positions in the Company, including Deputy General Manager of Investment Banking Department of Haitong Securities Co., Ltd. from December 1996 to July 2003 and also served as its Deputy General Manager of The Fixed Income Department from July 2003 to May 2004, Deputy General Manager and General Manager of The Investment Bank Department (Shanghai) from May 2004 to July 2007. Dr. Lin served as a Joint Managing Director at Haitong International Securities Group Limited since March 10, 2010. He served as the General Manager of the Investment Banking Department of Haitong Securities Co., Ltd. from 2000 to 2007. He joined Haitong Securities Co., Ltd in 1996. He worked for Guotai Securities Co., Ltd. from 1995 to 1996. He has experience in investment bank industry. He serves as Chairman of Haitong International Capital Limited. He has been Deputy Chairman at Haitong International Securities Group Limited since April 29, 2011 and has been its Executive Director since December 23, 2009. He has been a Non-Executive Director of Haitong Bank S.A. since April 2016. He serves as an Independent Non-Executive Director of Shenzhen Laibao Hi-Tech Co. Ltd. He served as an Independent Non-Executive Director of Zhongsheng Group Holdings Limited since March 31, 2014 until October 16, 2019. He served as an Independent Non-Executive Director of Mingfa Group (International) Company Limited from October 9, 2009 to May 20, 2011. He is 2006 Top Ten Outstanding Young Person in Financial Sector in Shanghai. Dr. Lin graduated with a Doctorate Degree in Economics from Xi'an Jiaotong University.

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

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

7.3
Average Tenure
49
Average Age
  • The average tenure for the Haitong International Securities Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Yong Lin

TITLE
Deputy Chairman & CEO
COMPENSATION
HK$21M
AGE
50
TENURE
9 yrs

Jianguo Li

TITLE
Deputy Chairman
COMPENSATION
HK$671K
AGE
56

Patrick Poon

TITLE
COO & Executive Director
COMPENSATION
HK$8M
AGE
55
TENURE
1.7 yrs

Tony Sun

TITLE
Chief Investment Officer & Executive Director
COMPENSATION
HK$7M
AGE
42
TENURE
2.6 yrs

Jianfeng Sun

TITLE
Executive Director
COMPENSATION
HK$9M
AGE
43

Yik Lau

TITLE
Head of Legal & Compliance Department

Weipeng Kong

TITLE
Head of the Fixed Income
AGE
44
TENURE
6.9 yrs

Kendy Lo

TITLE
Company Secretary
AGE
57
TENURE
7.8 yrs

Yibin Zhang

TITLE
MD-Hai Tong Asset Mgmt(HK)Ltd
AGE
48
TENURE
8.3 yrs

Simone Bryson

TITLE
Board of Directors Tenure

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

7.1
Average Tenure
55
Average Age
  • The tenure for the Haitong International Securities Group board of directors is about average.
Board of Directors

Qiuping Qu

TITLE
Chairman of the Board
COMPENSATION
HK$51K
AGE
57
TENURE
2.2 yrs

Yong Lin

TITLE
Deputy Chairman & CEO
COMPENSATION
HK$21M
AGE
50
TENURE
9 yrs

Jianguo Li

TITLE
Deputy Chairman
COMPENSATION
HK$671K
AGE
56
TENURE
10.1 yrs

Patrick Poon

TITLE
COO & Executive Director
COMPENSATION
HK$8M
AGE
55
TENURE
10.8 yrs

Tony Sun

TITLE
Chief Investment Officer & Executive Director
COMPENSATION
HK$7M
AGE
42
TENURE
2.1 yrs

Jianfeng Sun

TITLE
Executive Director
COMPENSATION
HK$9M
AGE
43
TENURE
2.8 yrs

William Tsui

TITLE
Independent Non-Executive Director
COMPENSATION
HK$606K
AGE
66
TENURE
15.8 yrs

William Chan

TITLE
Non-Executive Director
COMPENSATION
HK$556K
AGE
53
TENURE
5.3 yrs

Peter Wan

TITLE
Independent Non-Executive Director
COMPENSATION
HK$163K
AGE
66
TENURE
1.8 yrs

Patrick Lau

TITLE
Independent Non-Executive Director
COMPENSATION
HK$556K
AGE
55
TENURE
13.3 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 (€)
30. Oct 19 Buy Xinjun Zhang Individual 25. Oct 19 25. Oct 19 25,604 €0.26 €6,784
30. Oct 19 Buy Jianguo Li Individual 25. Oct 19 25. Oct 19 87,837 €0.26 €23,272
30. Oct 19 Buy Yong Lin Individual 25. Oct 19 25. Oct 19 224,865 €0.26 €59,577
30. Oct 19 Buy Jianfeng Sun Individual 25. Oct 19 25. Oct 19 56,390 €0.26 €14,940
30. Oct 19 Buy Haitong Securities Co., Ltd. Company 25. Oct 19 25. Oct 19 143,895,012 €0.26 €38,124,557
X
Management checks
We assess Haitong International Securities Group'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 International Securities Group 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.

TFZ News

Simply Wall St News

TFZ Company Info

Description

Haitong International Securities Group Limited provides financial products and services to corporate, institutional, and retail clients worldwide. The Wealth Management segment offers financial services and investment solutions to retail and high net-worth clients. This segment engages in securities broking and dealing, futures, and options contracts; foreign exchange trading; over the counter products and risk management instruments sales; securities margin financing; and the provision of investment advisory, financial planning, and investment funds distribution services, as well and custodian services. The Corporate Finance segment provides sponsoring and underwriting services for fund raising activities in equity and debt capital. This segment also offers advisory services and financing solutions for corporate actions, such as mergers and acquisitions, assets restructuring, etc. The Asset Management segment offers investment management services, including public funds, private funds, and mandatory provident funds to individual, corporate, and institutional clients. The Institutional Clients segment provides cash equities sales and trading; brokerage; stock borrowing and lending; equity research; investment and financing solutions; and financial instruments, such as fixed income products, currency and commodity products, futures and options, exchange traded funds and derivative products in financial centers for institutional clients. The Investment segment invests in investment funds and private equity investments. The company was formerly known as Taifook Securities Group Limited and changed its name to Haitong International Securities Group Limited in November 2010. The company was founded in 1973 and is based in Central, Hong Kong. Haitong International Securities Group Limited is a subsidiary of Haitong International Holdings Limited.

Details
Name: Haitong International Securities Group Limited
TFZ
Exchange: DB
Founded: 1973
HK$1,408,435,213
5,940,583,872
Website: http://www.htisec.com
Address: Haitong International Securities Group Limited
Li Po Chun Chambers,
22nd Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 665 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 07. Aug 1996
DB TFZ Ordinary Shares Deutsche Boerse AG DE EUR 07. Aug 1996
SHSC 665 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 07. Aug 1996
SZSC 665 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 07. Aug 1996
Number of employees
Current staff
Staff numbers
1,119
Haitong International Securities Group employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 01:51
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/03/26
Last earnings filing: 2020/03/24
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.