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6000

China Merchants Bank SHSE:600036 Stock Report

Last Price

CN¥38.78

Market Cap

CN¥988.7b

7D

0.7%

1Y

-33.7%

Updated

25 May, 2022

Data

Company Financials +
600036 fundamental analysis
Snowflake Score
Valuation4/6
Future Growth1/6
Past Performance5/6
Financial Health6/6
Dividends6/6

600036 Stock Overview

China Merchants Bank Co., Ltd., together with its subsidiaries, provides various banking products and services.

China Merchants Bank Competitors

Price History & Performance

Summary of all time highs, changes and price drops for China Merchants Bank
Historical stock prices
Current Share PriceCN¥38.78
52 Week HighCN¥58.92
52 Week LowCN¥35.26
Beta0.97
1 Month Change-0.13%
3 Month Change-22.47%
1 Year Change-33.71%
3 Year Change13.23%
5 Year Change72.97%
Change since IPO824.38%

Recent News & Updates

Shareholder Returns

600036CN BanksCN Market
7D0.7%-1.1%-1.0%
1Y-33.7%-25.5%-18.0%

Return vs Industry: 600036 underperformed the CN Banks industry which returned -25.5% over the past year.

Return vs Market: 600036 underperformed the CN Market which returned -18% over the past year.

Price Volatility

Is 600036's price volatile compared to industry and market?
600036 volatility
600036 Average Weekly Movement6.7%
Banks Industry Average Movement4.8%
Market Average Movement7.4%
10% most volatile stocks in CN Market10.3%
10% least volatile stocks in CN Market5.4%

Stable Share Price: 600036 is not significantly more volatile than the rest of CN stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: 600036's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1987103,669n/ahttps://www.cmbchina.com

China Merchants Bank Co., Ltd., together with its subsidiaries, provides various banking products and services. It operates through Wholesale Finance Business, Retail Finance Business, and Other Business segments. The company offers current, demand, time, call, savings, notice, and renminbi accounts.

China Merchants Bank Fundamentals Summary

How do China Merchants Bank's earnings and revenue compare to its market cap?
600036 fundamental statistics
Market CapCN¥988.67b
Earnings (TTM)CN¥120.32b
Revenue (TTM)CN¥271.54b

8.1x

P/E Ratio

1.1x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
600036 income statement (TTM)
RevenueCN¥271.54b
Cost of RevenueCN¥0
Gross ProfitCN¥271.54b
Other ExpensesCN¥151.22b
EarningsCN¥120.32b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)4.77
Gross Margin100.00%
Net Profit Margin44.31%
Debt/Equity Ratio95.1%

How did 600036 perform over the long term?

See historical performance and comparison

Dividends

3.9%

Current Dividend Yield

32%

Payout Ratio

Valuation

Is China Merchants Bank undervalued compared to its fair value and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • PE vs Industry

  • PE vs Market

  • PEG Ratio

  • PB vs Industry


>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: 600036 (CN¥38.78) is trading below our estimate of fair value (CN¥106.68)

Significantly Below Fair Value: 600036 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 600036 is poor value based on its Price-To-Earnings Ratio (8.1x) compared to the CN Banks industry average (6.5x).

PE vs Market: 600036 is good value based on its Price-To-Earnings Ratio (8.1x) compared to the CN market (30x).


Price to Earnings Growth Ratio

PEG Ratio: 600036 is good value based on its PEG Ratio (0.6x)


Price to Book Ratio

PB vs Industry: 600036 is overvalued based on its Price-To-Book Ratio (1.1x) compared to the CN Banks industry average (0.6x).


Future Growth

How is China Merchants Bank forecast to perform in the next 1 to 3 years based on estimates from 21 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


13.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 600036's forecast earnings growth (13.9% per year) is above the savings rate (3.3%).

Earnings vs Market: 600036's earnings (13.9% per year) are forecast to grow slower than the CN market (23.6% per year).

High Growth Earnings: 600036's earnings are forecast to grow, but not significantly.

Revenue vs Market: 600036's revenue (11.2% per year) is forecast to grow slower than the CN market (17.2% per year).

High Growth Revenue: 600036's revenue (11.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 600036's Return on Equity is forecast to be low in 3 years time (18.1%).


Past Performance

How has China Merchants Bank performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


11.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 600036 has high quality earnings.

Growing Profit Margin: 600036's current net profit margins (44.3%) are higher than last year (42.8%).


Past Earnings Growth Analysis

Earnings Trend: 600036's earnings have grown by 11.8% per year over the past 5 years.

Accelerating Growth: 600036's earnings growth over the past year (20.4%) exceeds its 5-year average (11.8% per year).

Earnings vs Industry: 600036 earnings growth over the past year (20.4%) exceeded the Banks industry 20.4%.


Return on Equity

High ROE: 600036's Return on Equity (13.9%) is considered low.


Financial Health

How is China Merchants Bank's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: 600036's Assets to Equity ratio (10.5x) is moderate.

Allowance for Bad Loans: 600036 has a sufficient allowance for bad loans (483%).

Low Risk Liabilities: 87% of 600036's liabilities are made up of primarily low risk sources of funding.

Loan Level: 600036 has an appropriate level of Loans to Assets ratio (59%).

Low Risk Deposits: 600036's Loans to Deposits ratio (75%) is appropriate.

Level of Bad Loans: 600036 has an appropriate level of bad loans (0.9%).


Dividend

What is China Merchants Bank current dividend yield, its reliability and sustainability?

Dividend Score

6/6

Dividend Score 6/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


3.92%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 600036's dividend (3.92%) is higher than the bottom 25% of dividend payers in the CN market (0.55%).

High Dividend: 600036's dividend (3.92%) is in the top 25% of dividend payers in the CN market (2.12%)


Stability and Growth of Payments

Stable Dividend: 600036's dividends per share have been stable in the past 10 years.

Growing Dividend: 600036's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (31.9%), 600036's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 600036's dividends in 3 years are forecast to be well covered by earnings (31.8% payout ratio).


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.1yrs

Average management tenure


CEO

China Merchants Bank has no CEO, or we have no data on them.


Leadership Team

Experienced Management: 600036's management team is considered experienced (3.1 years average tenure).


Board Members

Experienced Board: 600036's board of directors are considered experienced (3.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

China Merchants Bank Co., Ltd.'s employee growth, exchange listings and data sources


Key Information

  • Name: China Merchants Bank Co., Ltd.
  • Ticker: 600036
  • Exchange: SHSE
  • Founded: 1987
  • Industry: Diversified Banks
  • Sector: Banks
  • Implied Market Cap: CN¥988.674b
  • Shares outstanding: 25.22b
  • Website: https://www.cmbchina.com

Number of Employees


Location

  • China Merchants Bank Co., Ltd.
  • China Merchants Bank Tower
  • 19th Floor
  • Shenzhen
  • Guangdong Province
  • 518040
  • China

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/05/25 00:00
End of Day Share Price2022/05/25 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.