Financials China Merchants Bank Co., Ltd.

Equities

600036

CNE000001B33

Banks

End-of-day quote Shanghai S.E. 06:00:00 2024-06-13 pm EDT 5-day change 1st Jan Change
33.81 CNY +3.02% Intraday chart for China Merchants Bank Co., Ltd. -0.53% +21.53%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 939,598 1,096,062 1,231,298 945,895 687,245 841,379 - -
Enterprise Value (EV) 1 939,598 1,096,062 1,231,298 945,895 687,245 841,379 841,379 841,379
P/E ratio 10.4 x 11.6 x 10.6 x 7.08 x 4.94 x 5.75 x 5.35 x 5.08 x
Yield 3.19% 2.85% 3.12% 4.66% 7.09% 6% 6.35% 6.89%
Capitalization / Revenue 3.48 x 3.77 x 3.72 x 2.74 x 2.03 x 2.53 x 2.37 x 2.23 x
EV / Revenue 3.48 x 3.77 x 3.72 x 2.74 x 2.03 x 2.53 x 2.37 x 2.23 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.64 x 1.73 x 1.43 x 1.14 x 0.76 x 0.83 x 0.75 x 0.68 x
Nbr of stocks (in thousands) 25,219,846 25,219,846 25,219,846 25,219,846 25,219,846 25,219,846 - -
Reference price 2 37.58 43.95 48.71 37.26 27.82 33.81 33.81 33.81
Announcement Date 1/17/20 1/14/21 1/14/22 1/13/23 1/19/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 269,703 290,482 331,253 344,784 339,123 332,791 357,417 381,972
EBITDA - - - - - - - -
EBIT 1 117,047 122,643 214,135 220,154 215,611 215,579 233,717 248,840
Operating Margin 43.4% 42.22% 64.64% 63.85% 63.58% 64.78% 65.39% 65.15%
Earnings before Tax (EBT) 1 117,132 122,440 148,173 165,092 176,606 180,120 193,969 207,219
Net income 1 92,867 97,342 119,922 138,012 146,602 147,962 158,401 169,131
Net margin 34.43% 33.51% 36.2% 40.03% 43.23% 44.46% 44.32% 44.28%
EPS 2 3.620 3.790 4.610 5.260 5.630 5.879 6.316 6.658
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.200 1.253 1.522 1.738 1.972 2.028 2.146 2.331
Announcement Date 1/17/20 1/14/21 1/14/22 1/13/23 1/19/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2
Net sales 1 146,981 166,645 79,843 - 86,206 177,621 89,832 87,077 - 73,226 80,990 - 85,674 82,320 - 81,886 78,547 -
EBITDA - - - - - - - - - - - - - - - - - -
EBIT 1 102,099 116,033 37,205 - 58,339 123,645 62,509 58,028 - 44,447 42,629 - 58,709 56,779 - 54,134 43,737 -
Operating Margin 69.46% 69.63% 46.6% - 67.67% 69.61% 69.58% 66.64% - 60.7% 52.63% - 68.53% 68.97% - 66.11% 55.68% -
Earnings before Tax (EBT) - - - - - - - 44,003 - 44,301 - - 45,188 - - - - -
Net income - 61,150 - 36,022 - - - 36,913 - 38,138 32,712 - 38,077 - - - - -
Net margin - 36.69% - - - - - 42.39% - 52.08% 40.39% - 44.44% - - - - -
EPS 2 - - 0.9900 1.430 - - 1.540 1.390 2.930 1.510 1.190 2.700 1.510 1.480 3.020 1.570 1.340 2.930
Dividend per Share - - - - - - - - - - - - - - - - - -
Announcement Date 8/28/20 8/13/21 1/14/22 4/22/22 8/19/22 8/19/22 4/26/23 8/25/23 8/25/23 10/27/23 1/19/24 1/19/24 4/29/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 16.8% 15.7% 17% 17.1% 16.2% 14.9% 14.3% 13.9%
ROA (Net income/ Total Assets) 1.3% 1.23% 1.36% 1.42% 1.39% 1.31% 1.29% 1.26%
Assets 1 7,134,286 7,913,984 8,817,794 9,719,155 10,546,906 11,290,913 12,258,818 13,412,590
Book Value Per Share 2 22.90 25.40 34.10 32.70 36.70 40.60 45.10 49.60
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 1/17/20 1/14/21 1/14/22 1/13/23 1/19/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
30
Last Close Price
33.81 CNY
Average target price
40.48 CNY
Spread / Average Target
+19.73%
Consensus
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  4. Financials China Merchants Bank Co., Ltd.