SSE: 600016 - China Minsheng Banking Corp., Ltd.

Yield per half year: +9.57%
Sector: Financials

Reporting China Minsheng Banking Corp., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥														141.74		162.07
Выручка, млрд ¥							119.62	155.21	144.28	156.77	180.44	184.95	168.8	142.48	140.82	140.82
Чистая прибыль, млрд ¥							46.11	47.84	49.81	50.33	53.82	34.31	34.38	35.27	35.82	35.82
EV, млрд ¥										406.87	541.33	661.62	319.99	258.34	226.53	226.53
Баланс стоимость, млрд ¥							301.22	342.59	378.97	420.07	518.85	529.54	574.28	599.93	624.6	624.6
FCF, млрд ¥									-267.3	-401.3	-93.15	-90.22	145.95	155.56	65	65
Операционный денежный поток, млрд ¥							225.12	1 028.86	-257.06	-365.45	-84.93	-82.4	155.42	-237.07	73.68	73.68
Операционная прибыль, млрд ¥	36.81	47.91	89.75	125.47	155.92	166.4	60.25	60.17	60.22	59.29
Операционные расходы, млрд ¥							59.37	53.67	49.29	51.16	52.52
CAPEX, млрд ¥							7.49	10.68	10.24	5.8	8.22	7.81	9.47	10.71	8.68	8.68

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥										36.63	37.57	34.4	33.88	36.77	34.77	34.77	34.51	34.27	32.85
Чистая прибыль, млрд ¥										13.72	10.91	9.14	1.49	14.23	9.55	9.8	2.25	13.43	9.04
EV, млрд ¥										299.86	339.49	437.62	258.34		209.48	278.44	226.53	363.6	561.74	499.6
Баланс стоимость, млрд ¥											590.16	598.54	599.93	615.34	613.42	621.07	624.6	639.2	596.14	632.89
FCF, млрд ¥										140.92	-67.23	-96.12	177.99	223.46	-118.23	12.37	-52.61	-135	-153.2
Операционный денежный поток, млрд ¥										142.2	-60.28	-94.8	-224.19	-117.34	-117.34	14.91	-49.86	-127.37	-156.48
Операционная прибыль, млрд ¥	17.77	15.81	7.47	19.21	19.25	16.79
Операционные расходы, млрд ¥	9.88	13.7	17.73	10.29	10.07	14.26	17.89	10.47
CAPEX, млрд ¥									0.218	1.28	6.95	1.32	1.16	0.885	0.885	2.53	2.75	7.64

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥							126.46	1 442.65	1 125.17	1 084.45	1 059.29	682.3	5 681.83	634.86	721.11	721.11
Short Term Investments ¥	207.57	371.46	483.11	1 140.93	1 021.59	1 240.21	779.22	276.74	185.63	242.89
Long term investments ¥							889.03	1 066.05	1 180.49	414.21	559.44	1 692.82	2 061.9	1 786.54	1 876.37
Total Receivables ¥							43.88	178.52	32.06	22.11	22.76	13.1	11.97	88.71
Total Current Assets ¥							1 434.3	1 193.18	889.84	961.64	1 063.86	902.71	789.78	1 060.82
Чистые активы, млрд ¥					21.48	33.38	37.73	43.27	45.99	48.76	60.99	60.6	62.92	72.04
Активы, млрд ¥							4 520.69	5 895.88	5 902.09	5 994.82	6 681.84	6 950.23	6 952.79	7 255.67	7 674.97	7 674.97
Short Term Debt ¥							333.69	922.23	1 066.04	1 118.65
Long Term Debt ¥	17.96	24.25	33.59	88.21	108.26	129.7	138.08	127.71	203.05	251.56
Задолженность, млрд ¥							4 210.91	5 543.85	5 512.27	5 563.82	6 151.01	6 408.99	6 366.25	6 642.86	7 037.16	7 037.16
Чистый долг, млрд ¥									262.63	156	263.75	433.95	149.24	109.48	60.16	60.16
Долг, млрд ¥							471.77	1 049.94	1 269.08	1 370.21				1 290		1 100
Interest income ¥								203.92	230.91	235.35	250.72	286.59	277.68	262.94	267.13
Расходы на обслуживание долга ¥										158.67	152.78	151.37	151.9	155.47	164.7	164.7
Чист. проц. доходы, млрд ¥								94.68	86.55	76.68	97.94	135.22	125.78	107.46	102.43	267.13
Goodwill ¥								0.006	0.192	0.201
Товарно материальные запасы ¥							13.14	12.03	11.01	10.55	9.87	6.05	4.74

	2016Q4	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q2	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥																				666.16	569.58	634.86	687.88	686.05	623.22	721.11	612.21	563.16	623.58
Short Term Investments ¥		432.19	533.61	604.98	587.91	221.9	285.98	242.89	267.19	240.19	237.41
Long term investments ¥																	1 580.14	2 061.9	28.81	2 214.98	1 762.89	1 786.54	1 860.03	1 923.55	1 858.51	1 876.37
Total Receivables ¥														14.64	56.96	15.21	97.22	11.97	73.04	14.12	63.8	88.71		8.71
Total Current Assets ¥														902.53	1 032.22	920.44	1 045.66	789.78	1 017.5	852	994.64	1 060.82		936.24
Чистые активы, млрд ¥														60.6	61.22	62.02	61.98	62.92	62.14	62.99	65.41	72.04		68.53
Активы, млрд ¥																				7 320.58	7 133.92	7 255.67	7 603.11	7 641.45	7 522.08	7 674.97	7 727.51	7 551.01	7 698.01
Short Term Debt ¥						1 019.09	584.69	1 118.65	453.33	1 069.24	273.89
Long Term Debt ¥		166.71	742.09	203.05	694.84	211.42	663.26	251.56	878.47	229.78	1 053.7
Задолженность, млрд ¥																				6 717.87	6 522.73	6 642.86	6 974.83	7 014.76	6 887.7	7 037.16	7 075.03	6 941.37	7 051.72
Чистый долг, млрд ¥																			130.86	177.93	287.01	109.48		48.8	109.88	60.16	189.78	400.62	323.59
Долг, млрд ¥						1 230.52	1 247.94	1 370.21	1 331.8	1 299.02	1 327.58
Interest income ¥																	70.35	66.6	65.37	66.35	66.15	65.06	65.48	67.61	67.31	66.74
Расходы на обслуживание долга ¥																			37.83	39.08	39.56	39.01	40.11	41.64	41.43	41.52	40.7	38.68
Чист. проц. доходы, млрд ¥																			27.55	27.28	26.59	26.06	25.37	25.97	25.87	25.22	64.97	63
Goodwill ¥	0.006	0.219		0.192		0.194		0.201		0.202
Товарно материальные запасы ¥						11.2		10.55		10.72		9.87	9.34	6.05		5.14		4.74		5.12				3.98

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
EPS	1.25	1.15	1.14	1.14	1.22	0.71	0.71	0.8056	0.8182		0.8182
Цена акции ао		9.08	8.39	5.73	6.31	5.2	3.9	3.45	3.74	4.12	4.12
Число акций ао, млн				43782.42	44113	48322	48423	43782.42	43782.42		43782.42
FCF/акцию				-9.17	-2.13	-2.06	3.33	3.55	1.48		1.48

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
EPS			0.31	0.18	0.19	0.03	0.33	0.218	0.2238	0.0513	0.3068	0.2065
Цена акции ао	4.09	3.91	3.89	3.78	3.61	3.43	3.44	3.83	3.88	3.77
FCF/акцию			3.22	-1.54	-2.2	4.07	5.1	-2.7	0.2826	-1.2	-3.08	-3.5

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
ROE, %				15.31	13.97	13.14	11.98	10.37	6.48	5.99	6.01	5.85		5.85	8.60
ROA, %				1.02	0.8115	0.844	0.8395	0.8055	0.4936	0.4945	0.4965	0.4799		0.4799	1.37
ROIC, %				7.31	4.78	4.43	3.03
ROS, %					30.82	34.52	32.1	29.83	18.55	20.37	24.75	25.44	25.44	25.44	29.82
Рентаб EBITDA, %											37.03			39.97	41.77
Чистая рентаб, %				38.55	30.82	34.52	32.1	29.83	18.55	20.37	24.75	25.44		25.44	29.82
Operation Margin, %	70.6	72.41	68.84	50.37	38.76	41.74	37.82					0	0	0	3.31

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %							2.34	1.85	1.53	0.2485	2.31	1.58	1.61	0.3649	2.16	1.45	8.60
ROA, %							0.1917	0.1491	0.1281	0.0205	0.1872	0.1252	0.1293	0.0296	0.1744	0.1184	1.37
ROIC, %	1.39	1.27	1.13	1.07	1	1.66
ROS, %							37.46	29.05	26.57	4.4	38.7	27.45	28.19	6.51	39.19	27.52	29.82
Чистая рентаб, %							37.46	29.05	26.57	4.4	38.7	27.45	28.19	6.51	39.19	27.52	29.82
Operation Margin, %	64.28	53.58	29.66	43.81	43.35	37.41											3.31

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
P/E				4.98	5.16	6.64	4.97	4.22	4.64		4.64	15.24
P/BV				0.5821	0.5229	0.4206	0.2911	0.2429	0.2609		0.2609	0.85
P/S				1.6	1.54	1.23	1.01	1.04	1.18		1.18	3.19
P/FCF									1.04	2.49	2.49	1.87
E/P									0.2176	0.221	0.221	0.15
EV/Ebit										0	0
EV/S					3	3.58	1.9	1.81	1.61	1.61	1.61	2.53
EV/FCF					-5.81	-7.33	2.19	1.66	3.49	3.49	3.49	0.01
Debt/EBITDA									0	0	0	1.38
Netdebt/Ebitda									0	0	0	0.60
Debt/Ratio	0.1044	0.1781	0.215	0.2286					0.1516	0.1433	0.1433	0.23
Debt/Equity	1.57	3.06	3.35	3.26					0	0	0	0.67
Debt/Net Income	10.23	21.95	25.48	27.23					31.19	30.71	30.71	34.20
Бета								0.33	0.6556	0.8813	0.8813	1.23
Индекс Альтмана								0	0.0532	0.0502	0.0502	1.15

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E							5.07	4.98	4.61	4.22	4.2	4.67	4.81	4.64	4.96	4.67		15.24
P/BV								0.2681	0.2464	0.2429	0.239	0.2564	0.2657	0.2609	0.2664	0.2643	0.2723	0.85
P/S							1.04	1.04	1.03	1.04	1.05	1.15	1.2	1.18	1.26	1.18		3.19
EV/S												6.03	8.01	6.56	10.61	17.1		2.53
EV/FCF												-1.77	22.51	-4.31	-2.69	-3.67		0.01
Debt/Ratio	0.203	0.2092	0.2286	0.2149	0.2049	0.2116												0.23
Debt/Equity	3.18	3.11	3.34	3.05	2.72	2.7												0.67
Debt/Net Income	83.85	95.5	179.3	84.33	82.06	95.47												34.20

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	10.39	18.7	23.22	3.83	28.5	29.9	24.8	32.17	-32.17	23.81
Дивиденд	0.1542	0.2917	0.2375	0.09	0.345	0.37	0.213	0.213	0.214	0
Див доход, ао, %	1.63	3.2	2.81	1.27	5.61	6.57	4.77	11.48	11.39	0	0.34
Дивиденды / прибыль, %	22.53	39.09	46.61	7.62	52.96	87.15	72.13	29.44	89.8	89.8	98.92

	2016Q1	2016Q2	2016Q3	2017Q3	2018Q3	2019Q3	2020Q3	2021Q2	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									2.5	13.57	13.02	13.02	13.02	13.02	3.27	13.43	1.91	5.54
Дивиденд	0.0625	0.1333	0.0958	0.2375	0.09	0.345	0.37	0.213		0.213				0.214
Див доход, ао, %	0.7141	1.46	1.03	2.85	1.51	5.76	6.58	4.5		5.64				5.58					0.34
Дивиденды / прибыль, %									18.24	124.3	142.48	873.44	91.51	136.44	33.41	597.73	14.23	61.28	98.92

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2022	2023	2024	CAGR 5
Персонал, чел	60232	60232	62615

	CAGR 5

	CAGR 5