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China Tianrui Group Cement

DB:T18
Snowflake Description

Excellent balance sheet with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
T18
DB
HK$26B
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

China Tianrui Group Cement Company Limited, an investment holding company, engages in the excavation of limestone; and production, distribution, and sale of clinker and cement in the People’s Republic of China. The last earnings update was 8 days ago. More info.


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T18 Share Price and Events
7 Day Returns
7%
DB:T18
6.1%
Europe Basic Materials
4.3%
DE Market
1 Year Returns
49%
DB:T18
-24.9%
Europe Basic Materials
-14.2%
DE Market
T18 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Tianrui Group Cement (T18) 7% 15.7% 19.9% 49% - -
Europe Basic Materials 6.1% -12.6% -30.4% -24.9% -34.6% -32.1%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • T18 outperformed the Basic Materials industry which returned -24.9% over the past year.
  • T18 outperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
T18
Industry
5yr Volatility vs Market

T18 Value

 Is China Tianrui Group Cement 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 China Tianrui Group Cement 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 China Tianrui Group Cement.

DB:T18 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 6.7%
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:T18
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Basic Materials Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.843 (1 + (1- 25%) (53.06%))
1.12
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.12 * 6.33%)
6.7%

Discounted Cash Flow Calculation for DB:T18 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Tianrui Group Cement is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:T18 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 6.7%)
2020 3,592.10 Est @ 1.29% 3,366.59
2021 3,620.34 Est @ 0.79% 3,180.05
2022 3,636.02 Est @ 0.43% 2,993.32
2023 3,642.80 Est @ 0.19% 2,810.63
2024 3,643.29 Est @ 0.01% 2,634.54
2025 3,639.36 Est @ -0.11% 2,466.49
2026 3,632.36 Est @ -0.19% 2,307.20
2027 3,623.22 Est @ -0.25% 2,156.91
2028 3,612.60 Est @ -0.29% 2,015.58
2029 3,600.96 Est @ -0.32% 1,882.96
Present value of next 10 years cash flows CN¥25,814.00
DB:T18 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥3,600.96 × (1 + -0.39%) ÷ (6.7% – -0.39%)
CN¥50,602.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥50,602.84 ÷ (1 + 6.7%)10
CN¥26,460.43
DB:T18 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥25,814.00 + CN¥26,460.43
CN¥52,274.43
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥52,274.43 / 2,938.28
CN¥17.79
DB:T18 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:1252)
1.1
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥17.79 x 1.1
HK$19.58
Non-primary Listing Adjustment Factor 1 share in DB:T18 represents 0.11411x of SEHK:1252
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11411x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 19.58 x 0.11411
€2.23
Value per share (EUR) From above. €2.23
Current discount Discount to share price of €1.00
= -1 x (€1.00 - €2.23) / €2.23
55.5%

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

Current Discount
Amount off the current price China Tianrui Group Cement is available for.
Intrinsic value
>50%
Share price is €1 vs Future cash flow value of €2.23
Current Discount Checks
For China Tianrui Group Cement to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Tianrui Group Cement's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Tianrui Group Cement'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 China Tianrui Group Cement's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Tianrui Group Cement's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:T18 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CNY CN¥0.62
SEHK:1252 Share Price ** SEHK (2020-04-07) in HKD HK$8.72
SEHK:1252 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.909 CN¥7.92
Europe Basic Materials Industry PE Ratio Median Figure of 33 Publicly-Listed Basic Materials Companies 9.79x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

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

** Primary Listing of China Tianrui Group Cement.

DB:T18 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1252 Share Price ÷ EPS (both in CNY)

= 7.92 ÷ 0.62

12.8x

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

  • China Tianrui Group Cement is overvalued based on earnings compared to the Europe Basic Materials industry average.
  • China Tianrui Group Cement is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does China Tianrui Group Cement's expected growth come at a high price?
Raw Data
DB:T18 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.8x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Basic Materials Industry PEG Ratio Median Figure of 17 Publicly-Listed Basic Materials Companies 1.7x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for China Tianrui Group Cement, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on China Tianrui Group Cement's assets?
Raw Data
DB:T18 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CNY CN¥4.37
SEHK:1252 Share Price * SEHK (2020-04-07) in HKD HK$8.72
SEHK:1252 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.909 CN¥7.92
Europe Basic Materials Industry PB Ratio Median Figure of 39 Publicly-Listed Basic Materials Companies 0.8x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:T18 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1252 Share Price ÷ Book Value per Share (both in CNY)

= 7.92 ÷ 4.37

1.81x

* Primary Listing of China Tianrui Group Cement.

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

  • China Tianrui Group Cement is overvalued based on assets compared to the Europe Basic Materials industry average.
X
Value checks
We assess China Tianrui Group Cement'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 Basic Materials 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 Basic Materials industry average (and greater than 0)? (1 check)
  5. China Tianrui Group Cement has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

T18 Future Performance

 How is China Tianrui Group Cement expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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

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

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.9%
Expected Basic Materials industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Tianrui Group Cement expected to grow at an attractive rate?
  • Unable to compare China Tianrui Group Cement's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare China Tianrui Group Cement's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare China Tianrui Group Cement's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:T18 Future Growth Rates Data Sources
Data Point Source Value (per year)
Europe Basic Materials Industry Earnings Growth Rate Market Cap Weighted Average 4.9%
Europe Basic Materials Industry Revenue Growth Rate Market Cap Weighted Average 2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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:T18 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:T18 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
DB:T18 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-12-31 12,088 1,819
2019-09-30 11,668 1,684
2019-06-30 11,249 3,929 1,549
2019-03-31 10,655 4,016 1,381
2018-12-31 10,061 4,104 1,213
2018-09-30 9,501 2,635 1,138
2018-06-30 8,942 1,166 1,063
2018-03-31 8,681 1,155 1,032
2017-12-31 8,421 1,144 1,002
2017-09-30 7,559 2,215 805
2017-06-30 6,698 3,286 607
2017-03-31 6,353 2,806 452

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if China Tianrui Group Cement is high growth as no earnings estimate data is available.
  • Unable to determine if China Tianrui Group Cement 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:T18 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

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

DB:T18 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
DB:T18 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-12-31 0.62
2019-09-30 0.57
2019-06-30 0.53
2019-03-31 0.47
2018-12-31 0.41
2018-09-30 0.39
2018-06-30 0.39
2018-03-31 0.38
2017-12-31 0.37
2017-09-30 0.27
2017-06-30 0.23
2017-03-31 0.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if China Tianrui Group Cement will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether China Tianrui Group Cement is trading at China Tianrui Group Cement'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. China Tianrui Group Cement's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Materials companies here
  3. China Tianrui Group Cement's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess China Tianrui Group Cement'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
China Tianrui Group Cement has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

T18 Past Performance

  How has China Tianrui Group Cement 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 China Tianrui Group Cement's growth in the last year to its industry (Basic Materials).
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.
  • China Tianrui Group Cement has delivered over 20% year on year earnings growth in the past 5 years.
  • China Tianrui Group Cement's 1-year earnings growth exceeds its 5-year average (50.1% vs 35.3%)
  • China Tianrui Group Cement's earnings growth has exceeded the Europe Basic Materials industry average in the past year (50.1% vs 20.7%).
Earnings and Revenue History
China Tianrui Group Cement'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 China Tianrui Group Cement Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:T18 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 12,087.53 1,819.42 895.64
2019-09-30 11,668.11 1,684.08 846.43
2019-06-30 11,248.69 1,548.74 800.21
2019-03-31 10,654.67 1,380.64 789.02
2018-12-31 10,060.65 1,212.55 777.83
2018-09-30 9,501.30 1,137.83 770.47
2018-06-30 8,941.96 1,063.11 760.11
2018-03-31 8,681.26 1,032.44 763.36
2017-12-31 8,420.55 1,001.76 766.61
2017-09-30 7,559.44 804.50 721.35
2017-06-30 6,698.33 607.24 676.10
2017-03-31 6,353.47 451.52 676.83
2016-12-31 6,008.61 295.81 677.56
2016-09-30 5,909.52 270.57 702.83
2016-06-30 5,810.44 245.32 728.10
2016-03-31 6,002.77 279.20 718.44
2015-12-31 6,195.09 313.08 708.78
2015-09-30 7,164.65 398.21 719.46
2015-06-30 8,134.22 483.34 730.13
2015-03-31 8,542.25 524.14 751.21
2014-12-31 8,950.29 564.94 772.29
2014-09-30 9,092.68 584.02 789.46
2014-06-30 9,235.08 603.11 806.64
2014-03-31 8,948.12 581.03 779.69
2013-12-31 8,661.17 558.96 752.74
2013-09-30 8,132.94 612.04 700.09
2013-06-30 7,604.71 665.12 647.44

*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.
  • China Tianrui Group Cement has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Tianrui Group Cement used its assets more efficiently than the Europe Basic Materials industry average last year based on Return on Assets.
  • China Tianrui Group Cement has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess China Tianrui Group Cement'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 Basic Materials 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.
China Tianrui Group Cement has a total score of 5/6, 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.

T18 Health

 How is China Tianrui Group Cement'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 China Tianrui Group Cement's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Tianrui Group Cement is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Tianrui Group Cement's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Tianrui Group Cement'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.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.2x 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 China Tianrui Group Cement Company Filings, last reported 3 months ago.

DB:T18 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 12,975.59 12,315.11 1,849.15
2019-09-30 12,975.59 12,315.11 1,849.15
2019-06-30 11,965.42 9,622.96 860.82
2019-03-31 11,965.42 9,622.96 860.82
2018-12-31 11,079.12 10,394.47 1,400.41
2018-09-30 11,079.12 10,394.47 1,400.41
2018-06-30 10,501.06 10,270.79 972.41
2018-03-31 10,501.06 10,270.79 972.41
2017-12-31 9,935.77 11,897.73 830.74
2017-09-30 9,935.77 11,897.73 830.74
2017-06-30 9,278.75 12,061.98 1,148.03
2017-03-31 9,278.75 12,061.98 1,148.03
2016-12-31 7,639.69 12,300.25 726.18
2016-09-30 7,639.69 12,300.25 726.18
2016-06-30 7,580.94 12,800.00 747.91
2016-03-31 7,580.94 12,800.00 747.91
2015-12-31 7,418.06 15,023.25 722.31
2015-09-30 7,418.06 15,023.25 722.31
2015-06-30 7,139.87 13,179.45 1,253.98
2015-03-31 7,139.87 13,179.45 1,253.98
2014-12-31 7,413.31 11,863.94 973.30
2014-09-30 7,413.31 11,863.94 973.30
2014-06-30 7,189.00 11,608.85 2,662.87
2014-03-31 7,189.00 11,608.85 2,662.87
2013-12-31 6,870.50 10,575.86 1,016.30
2013-09-30 6,870.50 10,575.86 1,016.30
2013-06-30 6,734.00 10,047.39 502.33
  • China Tianrui Group Cement's level of debt (94.9%) 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 (160.3% vs 94.9% today).
  • Debt is well covered by operating cash flow (31.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.2x coverage).
X
Financial health checks
We assess China Tianrui Group Cement'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. China Tianrui Group Cement has a total score of 5/6, 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.

T18 Dividends

 What is China Tianrui Group Cement'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
0%
Current annual income from China Tianrui Group Cement dividends.
If you bought €2,000 of China Tianrui Group Cement shares you are expected to receive €0 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?
  • Unable to evaluate China Tianrui Group Cement's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate China Tianrui Group Cement's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:T18 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Europe Basic Materials Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 4.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

DB:T18 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
DB:T18 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2016-09-22 0.000 0.000
2016-08-22 0.000 0.000
2016-04-26 0.000 0.000
2016-03-15 0.000 0.000
2015-04-29 0.060 3.384

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

  • Unable to perform a dividend volatility check as China Tianrui Group Cement has not reported any payouts.
  • Unable to verify if China Tianrui Group Cement's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of China Tianrui Group Cement's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as China Tianrui Group Cement has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess China Tianrui Group Cement's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 China Tianrui Group Cement afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Tianrui Group Cement has a total score of 0/6, see the detailed checks below.


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

T18 Management

 What is the CEO of China Tianrui Group Cement'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
Jifeng Ding
COMPENSATION CN¥462,000
AGE 49
CEO Bio

Mr. Ding Jifeng serves as an Executive Director and General Manager at Tianrui Cement Group Co., Ltd. He serves as General Manager at China Tianrui Group Cement Company Limited and has been its Executive Director since May 15, 2017. Mr. Ding joined China Tianrui Group in December 2007 and has worked as Deputy General Manager of Tianrui Group Zhoukou Cement Company Limited, Deputy General Manager of Tianrui Group Zhengzhou Cement Company Limited, General Manager of Zhengzhou Tianrui Cement Company Limited, chairman and the general manager of Weihui Tianrui Cement Company Limited. He has extensive experience in the cement industry and is primarily responsible for the daily sales, administrative and human resources management of China Tianrui Group. Before joining China Tianrui Group, he served in Jiaxian Tian Guang and Pingding Shan Xingfeng Group since 1991. Mr. Ding graduated from Henan University in 1996, majoring in economic management. He has the title of Economist.

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

Average tenure and age of the China Tianrui Group Cement management team in years:

7
Average Tenure
48.5
Average Age
  • The average tenure for the China Tianrui Group Cement management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Liufa Li

TITLE
Founder & Chairman
AGE
62

Jifeng Ding

TITLE
GM & Executive Director
COMPENSATION
CN¥462K
AGE
49

Wuxue Xu

TITLE
CFO, Financial Controller & Executive Director
COMPENSATION
CN¥408K
AGE
43
TENURE
6.9 yrs

Li Fengluan

TITLE
Executive Director
COMPENSATION
CN¥476K
AGE
56

Jiangming Li

TITLE
Vice GM of Capital Operation
COMPENSATION
CN¥427K
AGE
41
TENURE
7.1 yrs

Xing Lv

TITLE
Deputy Chief Accountant & Deputy Financial Controller
AGE
40

Xianyu Jing

TITLE
Deputy General Manager
AGE
54
TENURE
12.2 yrs

Yunhong Gao

TITLE
Deputy General Manager
AGE
48

Mei Ching Ng

TITLE
Joint Company Secretary
TENURE
2.9 yrs
Board of Directors Tenure

Average tenure and age of the China Tianrui Group Cement board of directors in years:

5.8
Average Tenure
49
Average Age
  • The tenure for the China Tianrui Group Cement board of directors is about average.
Board of Directors

Liufa Li

TITLE
Founder & Chairman
AGE
62

Jifeng Ding

TITLE
GM & Executive Director
COMPENSATION
CN¥462K
AGE
49
TENURE
2.9 yrs

Wuxue Xu

TITLE
CFO, Financial Controller & Executive Director
COMPENSATION
CN¥408K
AGE
43
TENURE
6.9 yrs

Li Fengluan

TITLE
Executive Director
COMPENSATION
CN¥476K
AGE
56
TENURE
2.3 yrs

Jiangming Li

TITLE
Vice GM of Capital Operation
COMPENSATION
CN¥427K
AGE
41
TENURE
5.8 yrs

Xiangzhong Kong

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥200K
AGE
65
TENURE
7.3 yrs

Ping Wang

TITLE
Independent Non Executive Director
COMPENSATION
CN¥210K
AGE
49
TENURE
7.3 yrs

Xiaotang Du

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥210K
AGE
45
TENURE
5.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
10. Sep 19 Buy Yu Kuo Company Limited Company 04. Sep 19 04. Sep 19 57,500,000 €0.71 €40,582,416
X
Management checks
We assess China Tianrui Group Cement'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. China Tianrui Group Cement 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.

T18 News

Simply Wall St News

T18 Company Info

Description

China Tianrui Group Cement Company Limited, an investment holding company, engages in the excavation of limestone; and production, distribution, and sale of clinker and cement in the People’s Republic of China. The company offers clinker to produce various cement products; and cement products that are used in real estate construction, as well as a range of infrastructure projects, including highways, railways, tunnels, bridges, and high-rise buildings. It also provides packing bags, concrete, construction materials, and slag powder. In addition, the company exports its products. The company sells its cement products under TIANRUI brand. It serves real estate developers, concrete manufacturers, etc. The company was founded in 2000 and is headquartered in Ruzhou, the People’s Republic of China. China Tianrui Group Cement Company Limited is a subsidiary of Yu Kuo Company Limited.

Details
Name: China Tianrui Group Cement Company Limited
T18
Exchange: DB
Founded: 2000
HK$3,034,850,858
2,938,281,647
Website: http://www.trcement.com
Address: China Tianrui Group Cement Company Limited
No. 63, Guangcheng East Road,
Ruzhou,
Henan Province, 467500,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1252 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 23. Dec 2011
DB T18 Ordinary Shares Deutsche Boerse AG DE EUR 23. Dec 2011
Number of employees
Current staff
Staff numbers
7,491
China Tianrui Group Cement employees.
Industry
Construction Materials
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 06:22
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2019/03/18
Last earnings filing: 2020/03/31
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.