Financials Founder Securities Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
8.9 ^CNY	+10.01%		+16.19%	+10.42%

Apr. 26	Chinese Financial Services Shares Gain on Consolidation Hopes	DJ
Apr. 22	Founder Securities Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	71,276	85,367	64,540	52,521	66,351	73,266	-	-
Enterprise Value (EV) ¹	71,276	85,367	64,540	52,521	66,351	73,266	73,266	73,266
P/E ratio	72.3 x	-	35.6 x	-	-	32.2 x	29.7 x	27.2 x
Yield	-	-	-	-	0.29%	1.12%	1.24%	-
Capitalization / Revenue	10.8 x	11.3 x	7.43 x	6.75 x	-	9.38 x	8.51 x	8.23 x
EV / Revenue	10.8 x	11.3 x	7.43 x	6.75 x	-	9.38 x	8.51 x	8.23 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.85 x	2.15 x	-	-	1.47 x	1.53 x	1.46 x	1.38 x
Nbr of stocks (in thousands)	8,220,986	8,232,101	8,232,101	8,232,101	8,232,101	8,232,101	-	-
Reference price ²	8.670	10.37	7.840	6.380	8.060	8.900	8.900	8.900
Announcement Date	4/15/20	4/19/21	2/22/22	2/27/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,595	7,542	8,685	7,777	-	7,810	8,609	8,897
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	-	-	2,523	2,756	2,963
Operating Margin	-	-	-	-	-	32.31%	32.02%	33.3%
Earnings before Tax (EBT) ¹	-	-	-	-	-	2,726	3,014	3,222
Net income ¹	1,008	1,096	1,841	2,148	-	2,292	2,605	2,685
Net margin	15.28%	14.54%	21.2%	27.62%	-	29.35%	30.26%	30.18%
EPS ²	0.1200	-	0.2200	-	-	0.2767	0.3000	0.3267
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	0.0230	0.1000	0.1100	-
Announcement Date	4/15/20	4/19/21	2/22/22	2/27/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

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)	2.65%	2.81%	4.55%	5.09%	4.88%	4.38%	4.36%	4.57%
ROA (Net income/ Total Assets)	0.71%	0.84%	1.24%	-	-	1.12%	1.11%	1.18%
Assets ¹	142,408	129,916	147,944	-	-	204,674	234,678	227,569
Book Value Per Share ²	4.680	4.810	-	-	5.500	5.820	6.090	6.430
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	4/15/20	4/19/21	2/22/22	2/27/23	3/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.9 CNY

Average target price

8.5 CNY

Spread / Average Target

-4.49%

	1st Jan change	Capi.
FOUNDER SECURITIES CO., LTD.	+10.42%	10.11B
MORGAN STANLEY	-0.45%	151B
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CHARLES SCHWAB	+9.00%	137B
CITIGROUP INC.	+21.81%	120B
CITIC SECURITIES COMPANY LIMITED	-5.94%	36.38B
RAYMOND JAMES FINANCIAL, INC.	+9.29%	25.26B
CSC FINANCIAL CO., LTD.	-9.42%	21.24B
LPL FINANCIAL HOLDINGS INC.	+17.00%	19.89B
NOMURA HOLDINGS, INC.	+43.36%	17.26B