SSE: 600999 - China Merchants Securities Co., Ltd.

Yield per half year: +21.81%
Dividend yield: +1.58%
Sector: Financials

Reporting China Merchants Securities Co., 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 ¥														114.18		119.59
Выручка, млрд ¥							25.2	11.07	12.51	10.4	17.83	23.24	27.83	17.56	18.28	18.28
Чистая прибыль, млрд ¥							10.91	5.4	5.79	4.42	7.28	9.49	11.65	8.07	8.76	8.76
EV, млрд ¥										116.68	146.07
Баланс стоимость, млрд ¥							48.35	59.83	79.23	80.72	85.05	105.74	112.5	115.16	121.96	121.96
FCF, млрд ¥									-42.82	33.7	9.75	-10.18	-41.61	61.94	49.14	49.14
Операционный денежный поток, млрд ¥							1.2	-23.94	-42.55	34.17	9.99	-9.81	-41.19	62.5	49.65	49.65
Операционная прибыль, млрд ¥	5.02	4.32	2.95	2.46	3.79	6.94	13.72	6.22	7.33	5.58
Операционные расходы, млрд ¥							11.48	5.24	6.21	5.76	9.82
CAPEX, млрд ¥							0.4014	0.4368	0.2689	0.4613	0.2413	0.3737	0.4128	0.5602	0.5139	0.5139

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥									6.47	4.27	3.52	4.37	5.65	3.7	4.56	3.95	4.89	4.31
Чистая прибыль, млрд ¥									2.8	1.99	1.79	2.26	2.47	1.67	2.36	2.16	2.59	2.4
Баланс стоимость, млрд ¥									111.38	113.63	115.16	117.47	118.16	119.55	121.96	124.3	124.45	125.97
FCF, млрд ¥									36.97	-32.99	36.77	24.67	-5.84	-6.46	14.13	6.58	10.71	58.8
Операционный денежный поток, млрд ¥									37.06	-32.86	37.04	-5.75	-5.75	-6.37	14.5	6.64	10.8	58.96
Операционная прибыль, млрд ¥	0.8405	1.56	1.75	2.69	1.65	1.56
Операционные расходы, млрд ¥	1.31	1.46	1.72	2.08	2.14	2.7	2.9	2.44
CAPEX, млрд ¥									0.0937	0.1384	0.0942	0.0942	0.0942	0.0918	0.3664	0.0656	0.0939	0.1542

	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 ¥							9.2	80.86	67.89	62.66	79.18	196.19	225.64	230.94	244.33	244.33
Short Term Investments ¥	1	0.356	0.869	1.37	2.58	8.7	103.63	86.75	88.65	83.07
Long term investments ¥							16.35	79.36	114.86	159.77	203.47	238.6	321.31	319.26	386.36
Total Receivables ¥							66.06	55.34	62.07	45.97	56.26	85.38	99.77	82.55
Total Current Assets ¥							248.52	209.81	241.88	243.14	313.27	430.02	536.53	529.72
Чистые активы, млрд ¥					1.09	1.3	1.52	1.78	1.83	1.63	2.73	2.75	2.73	2.72
Активы, млрд ¥							291.66	243.06	285.64	304.93	381.77	499.73	597.22	611.66	695.85	695.85
Long Term Debt ¥	4	0.000346	0.000355	0.0042	10.14	10.28	53.41	50.83	48.67	54.8
Задолженность, млрд ¥							243.22	183.14	206.31	224.14	296.64	393.9	484.63	496.42	573.82	573.82
Чистый долг, млрд ¥									34.44	28.57	24.43
Долг, млрд ¥														298.66		285.64
Interest income ¥								0.8953	1.8	8.19	8.29	9.72	11.34	10.67	10.98
Расходы на обслуживание долга ¥										6.34	6.39	7.12	9.65	9.33	9.52	9.52
Чист. проц. доходы, млрд ¥								0.8953	1.8	1.85	1.9	2.6	1.69	1.34	1.45	10.98
Goodwill ¥						0.0097	0.0097	0.0097	0.0097	0.0097	0.0097	0.0097	0.0097	0.0097	0.0097
Себестоимость, млрд ¥							9.53	4.28	5.72	5.25

	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥																			232.94	214.73	230.94	236.75	232.99	225.08	244.33	207.42	207.86	246.57
Short Term Investments ¥	47.22	28.65	62.5	41.42	98	87.64	83.07	101.09	90.23	96.35
Long term investments ¥																327.69	321.31	322.2	325.2	318.07	319.26	320.46	344.41	352.8	386.36
Total Receivables ¥													83	1.1	105.89	1.05	101.91	0.6093	86.34	1.34	82.55		83.52
Total Current Assets ¥													430.02	466.2	519.29	540.03	538.67	536.82	527.64	509.61	529.72		547.67
Чистые активы, млрд ¥													2.75	2.7	2.68	2.67	2.73	2.7	2.7	2.7	2.72		2.71
Активы, млрд ¥																			601.08	582.56	611.66	600.54	627.55	624.02	695.85	642.58	639.13	666.76
Short Term Debt ¥					10.12				15.49
Long Term Debt ¥	15.17	43.07	48.67	37.88	32.58	52.71	54.8	61.13	53.1	67
Задолженность, млрд ¥																			489.6	468.84	496.42	482.99	509.31	504.38	573.82	518.2	514.6	540.71
Чистый долг, млрд ¥											12.43	110
Долг, млрд ¥					42.69				68.59
Interest income ¥																2.98	2.83	2.64	2.56	2.77	2.69	2.74	2.68	2.73	2.83
Расходы на обслуживание долга ¥																			2.39	2.24	2.25	2.25	2.24	2.35	2.68	2.48	2.09	2.09
Чист. проц. доходы, млрд ¥																		0.1881	0.1769	0.5348	0.4419	0.488	0.4457	0.3731	0.1456	2.6	2.43
Goodwill ¥																0.0097	0.0097	0.0097	0.0097	0.0097	0.0097	0.0097	0.0097	0.0097	0.0097
Себестоимость, млрд ¥					1.17	1.46	1.38	1.97	1.77	1.98

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	1.56	0.7982	0.7802	0.46	0.85	0.98	1.24	0.9282	1.01			1.01
Цена акции ао			20.69	16.16	22.05	23.34	17.65	13.3	13.64	19.16	18.26	18.26
Число акций ао, млн				7927.19	8880	8954	9316	8696.53	8696.53			8696.53
FCF/акцию				4.25	1.23	-1.17	-4.78	7.12	5.65			5.65

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				0.31	0.21	0.14	0.24	0.2837	0.1926	0.2717	0.2481	0.2979	0.2762
Цена акции ао	18.28	17.48	16.06	13.71	13.43	13.07	13.97	14.05	14.37	14
FCF/акцию				4.25	-3.79	4.23	2.84	-0.6718	-0.7429	1.62	0.7561	1.23	6.76

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %			22.56	9.03	7.3	5.48	8.56	8.98	10.35	7.09	7.39			7.39	8.60
ROA, %			3.74	2.22	2.03	1.45	1.91	1.9	1.95	1.34	1.34			1.34	1.37
ROS, %					46.26	42.53	40.85	40.85	41.85	45.98	47.94	47.94	47.94	47.94	29.82
ROCE, %													0	0	0.00
Ebit margin, %													0	0
Рентаб EBITDA, %										47.81			0	0	6.31
Чистая рентаб, %			43.29	48.83	46.26	42.53	40.85	40.85	41.85	45.98	47.94			47.94	29.82
Operation Margin, %	52.66	56.38	54.43	56.21	58.58	53.65					0	0	0	0	3.31

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %							2.51	1.75	1.56	1.92	2.14	1.43	1.99	1.8	2.13	1.95	8.60
ROA, %							0.4656	0.342	0.293	0.3763	0.4018	0.2676	0.358	0.3223	0.4042	0.3678	1.37
ROIC, %	1.77				2.04
ROS, %							43.24	46.66	50.85	51.7	43.65	45.23	51.85	54.62	52.93	55.74	29.82
Чистая рентаб, %							43.24	46.66	50.85	51.7	43.65	45.23	51.85	54.62	52.93	55.74	29.82
Operation Margin, %	39.03	51.71	50.43	60.74	45.11	37.73											3.31

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	19.91	16.7	21.38	13.18	14.1	13.35			13.35	15.24
P/BV	1.09	1.43	1.92	1.36	0.9878	0.9585			0.9585	0.85
P/S	8.47	6.82	8.74	5.52	6.48	6.4			6.4	3.19
P/FCF						1.93	2.43	2.43	2.43	1.87
E/P						0.0675	0.0733	0.0733	0.0733	0.15
EV/EBIT							0	0	0
EV/S		8.19				0	0	0	0	2.53
EV/FCF		14.99					0	0	0	0.01
Debt/EBITDA						0	0	0	0	1.38
Netdebt/Ebitda						0	0	0	0	0.60
Debt/Ratio						0.467	0.4105	0.4105	0.4105	0.23
Debt/Equity						0	0	0	0	0.67
Debt/Net Income						35.4	32.59	32.59	32.59	34.20
Бета					0.78	0.9599	2.1	-0.5724	-0.5724	0.01
Индекс Альтмана					0	0.2818	0.2501	0.2501	0.2501	1.15

	2018Q2	2019Q2	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E			12.43	11.57	14.1	13.73	13.52	14.88	13.35	13.93	14.09	17.77	15.24
P/BV			1.14	0.9589	0.9878	1.03	0.9731	1.02	0.9585	0.9698	0.9938	1.34	0.85
P/S			5.28	5.1	6.48	6.51	6.46	7.07	6.4	6.75	7.24	9.55	3.19
Debt/Ratio	0.1432	0.1958											0.23
Debt/Equity	0.5449	0.834											0.67
Debt/Net Income	59.73	49.85											34.20

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	5.76	6.6	5.14	7.41	6.99	7.72	9.46	8.47	8.47		11.56
Дивиденд		0.3326	0.1568	0.287	0.219	0.335	0.437	0.54	0.185	0.353	0.353
Див доход, ао, %		1.62	0.7341	1.58	1.09	1.63	2.26	3.14	4.88	1.82	1.58	0.94
Дивиденды / прибыль, %	52.82	122.21	88.85	167.49	95.97	81.29	81.25	139.15	96.61		96.61	98.92

	2015Q4	2016Q2	2016Q3	2017Q3	2018Q3	2019Q3	2020Q4	2021Q3	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									2.14	6.06	0.8462	1.74	1.74	3.33	0.5874	1.52	2.06	4.37
Дивиденд	0.418	0.2049	0.1277	0.1568	0.287	0.219	0.335	0.437		0.54				0.185
Див доход, ао, %	1.64	1.03	0.6086	0.6976	1.83	1.09	1.53	2.39		4.02				1.29					0.94
Дивиденды / прибыль, %									76.35	304.25	47.23	77.01	70.54	198.79	24.87	70.39	79.38	182.06	98.92

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2022	2023	CAGR 5
Персонал, чел	12005	12005

	CAGR 5

	CAGR 5