Financials Orient Securities Company Limited

Equities

End-of-day quote Shanghai Stock Exchange Other stock markets 06:00:00 2023-12-07 pm EST			5-day change	1st Jan Change
8.68 ^CNY	-1.14%		-1.48%	-2.91%

Nov. 03	China Robotics Companies Gain as Government Signals Industry Support	DJ
Oct. 31	Orient Securities' Q3 Attributable Profit Declines 29.5%	MT

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	51 982	68 690	74 113	93 520	70 175	67 752	-	-
Enterprise Value (EV) ¹	51 982	68 690	74 113	93 520	70 175	67 752	67 752	67 752
P/E ratio	44,3x	30,7x	30,6x	20,2x	25,5x	17,7x	15,4x	13,0x
Yield	1,25%	1,39%	2,15%	1,63%	1,68%	2,26%	2,47%	3,46%
Capitalization / Revenue	5,05x	3,61x	3,20x	3,84x	3,75x	3,22x	2,90x	2,63x
EV / Revenue	5,05x	3,61x	3,20x	3,84x	3,75x	3,22x	2,90x	2,63x
EV / EBITDA	35 496 545x	22 651 935x	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1,08x	1,39x	1,47x	1,61x	0,98x	0,93x	0,88x	0,82x
Nbr of stocks (in thousands)	6 993 656	6 993 656	6 993 656	6 993 656	8 496 645	8 465 801	-	-
Reference price ²	7,97	10,8	11,6	14,7	8,94	8,68	8,68	8,68
Announcement Date	1/25/19	2/14/20	2/5/21	2/9/22	2/17/23	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	10 303	19 052	23 134	24 373	18 729	21 059	23 330	25 800
EBITDA	1 464	3 032	-	-	-	-	-	-
EBIT ¹	1 258	2 751	2 697	6 231	3 178	4 768	5 428	6 572
Operating Margin	12,2%	14,4%	11,7%	25,6%	17,0%	22,6%	23,3%	25,5%
Earnings before Tax (EBT) ¹	1 331	2 855	2 786	6 307	3 378	4 797	5 460	6 549
Net income ¹	1 231	2 435	2 723	5 372	3 011	4 056	4 636	5 559
Net margin	11,9%	12,8%	11,8%	22,0%	16,1%	19,3%	19,9%	21,5%
EPS ²	0,18	0,35	0,38	0,73	0,35	0,49	0,56	0,67
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0,10	0,15	0,25	0,24	0,15	0,20	0,21	0,30
Announcement Date	1/25/19	2/14/20	2/5/21	2/9/22	2/17/23	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	2,37%	4,61%	4,85%	9,02%	4,16%	5,08%	5,73%	6,31%
Shareholders' equity ¹	51 941	52 822	56 144	59 551	72 369	79 917	80 941	88 164
ROA (Net income/ Total Assets)	0,54%	0,99%	0,98%	1,74%	-	-	-	-
Assets ¹	227 881	244 978	277 008	308 849	-	-	-	-
Book Value Per Share ²	7,40	7,72	7,89	9,17	9,11	9,31	9,86	10,6
Cash Flow per Share	-	-	-	-1,51	2,54	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/25/19	2/14/20	2/5/21	2/9/22	2/17/23	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating :

Investor Rating :

ESG Refinitiv :

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.68CNY

Average target price

10.66CNY

Spread / Average Target

+22.76%

	1st Jan change	Capi.
ORIENT SECURITIES COMPANY LIMITED	-2.91%	9 458 M $
EAST MONEY INFORMATION CO.,LTD.	-11.11%	31 791 M $
GUOTAI JUNAN SECURITIES CO., LTD.	+8.46%	16 899 M $
CHINA GALAXY SECURITIES CO., LTD.	+6.04%	15 053 M $
GF SECURITIES CO., LTD.	-8.20%	13 826 M $
XP INC.	+55.35%	13 061 M $
CINDA SECURITIES CO., LTD.	0.00%	9 190 M $
INTERACTIVE BROKERS GROUP, INC.	+14.93%	8 898 M $
SDIC CAPITAL CO.,LTD	+7.51%	6 162 M $
ZHESHANG SECURITIES CO., LTD.	+4.83%	5 582 M $