CITIC Securities (SHSE:600030) - Share price, News & Analysis

600030 fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	1/6
Past Performance	5/6
Financial Health	4/6
Dividends	5/6

600030 Stock Overview

CITIC Securities Company Limited provides various financial products and services in Mainland China and internationally.

Rewards

Price-To-Earnings ratio (13.9x) is below the CN market (33.9x)

Earnings are forecast to grow 15.68% per year

Earnings grew by 43.9% over the past year

Risk Analysis

Unstable dividend track record

Shareholders have been diluted in the past year

CITIC Securities Competitors

Price History & Performance

Summary of all time highs, changes and price drops for CITIC Securities
Historical stock prices
Current Share Price	CN¥21.63
52 Week High	CN¥28.23
52 Week Low	CN¥18.01
Beta	1.06
1 Month Change	10.25%
3 Month Change	6.19%
1 Year Change	-15.21%
3 Year Change	-9.16%
5 Year Change	27.09%
Change since IPO	1,195.21%

Shareholder Returns

	600030	CN Capital Markets	CN Market
7D	3.9%	0.2%	2.1%
1Y	-15.2%	-14.6%	-10.1%

Return vs Industry: 600030 matched the CN Capital Markets industry which returned -14.6% over the past year.

Return vs Market: 600030 underperformed the CN Market which returned -10.1% over the past year.

Price Volatility

Is 600030's price volatile compared to industry and market?
600030 volatility
600030 Average Weekly Movement	4.8%
Capital Markets Industry Average Movement	5.9%
Market Average Movement	7.2%
10% most volatile stocks in CN Market	10.1%
10% least volatile stocks in CN Market	5.1%

Stable Share Price: 600030 is less volatile than 75% of CN stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 600030's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1995	23,696	Minghui Yang	https://www.cs.ecitic.com

CITIC Securities Company Limited provides various financial products and services in Mainland China and internationally. It operates through Investment Banking, Brokerage, Trading, Asset Management, and Others segments. The company offers investment banking services, including equity and debt financing, as well as fundraising and financial advisory services to a range of enterprises and other institutional clients.

CITIC Securities Fundamentals Summary

How do CITIC Securities's earnings and revenue compare to its market cap?
600030 fundamental statistics
Market Cap	CN¥303.86b
Earnings (TTM)	CN¥23.01b
Revenue (TTM)	CN¥73.75b

13.9x

P/E Ratio

4.3x

P/S Ratio

Is 600030 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
600030 income statement (TTM)
Revenue	CN¥73.75b
Cost of Revenue	CN¥27.64b
Gross Profit	CN¥46.11b
Other Expenses	CN¥23.10b
Earnings	CN¥23.01b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	1.55
Gross Margin	62.52%
Net Profit Margin	31.19%
Debt/Equity Ratio	206.4%

How did 600030 perform over the long term?

See historical performance and comparison

Dividends

2.5%

Current Dividend Yield

31%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 600030 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 600030?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 600030. This is calculated by dividing 600030's market cap by their current preferred multiple.
What is 600030's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥303.86b

600030 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	0.9x

Price to Earnings Ratio vs Peers

How does 600030's PE Ratio compare to its peers?

600030 PE Ratio vs Peers

The above table shows the PE ratio for 600030 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	12.3x

Forward PE

Price-To-Earnings vs Peers: 600030 is expensive based on its Price-To-Earnings Ratio (13.9x) compared to the peer average (12.3x).

Price to Earnings Ratio vs Industry

How does 600030's PE Ratio compare vs other companies in the Chinese Capital Markets Industry?

Price-To-Earnings vs Industry: 600030 is good value based on its Price-To-Earnings Ratio (13.9x) compared to the CN Capital Markets industry average (20.7x)

Price to Earnings Ratio vs Fair Ratio

What is 600030's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

600030 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	13.9x
Fair PE Ratio	21.6x

Price-To-Earnings vs Fair Ratio: 600030 is good value based on its Price-To-Earnings Ratio (13.9x) compared to the estimated Fair Price-To-Earnings Ratio (21.6x).

Share Price vs Fair Value

What is the Fair Price of 600030 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 600030 (CN¥21.63) is trading above our estimate of fair value (CN¥19.35)

Significantly Below Fair Value: 600030 is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: 600030 is good value based on its PEG Ratio (0.9x)

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Future Growth

How is CITIC Securities forecast to perform in the next 1 to 3 years based on estimates from 17 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

15.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 600030's forecast earnings growth (15.7% per year) is above the savings rate (3.3%).

Earnings vs Market: 600030's earnings (15.7% per year) are forecast to grow slower than the CN market (24.1% per year).

High Growth Earnings: 600030's earnings are forecast to grow, but not significantly.

Revenue vs Market: 600030's revenue (12.9% per year) is forecast to grow slower than the CN market (17.6% per year).

High Growth Revenue: 600030's revenue (12.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 600030's Return on Equity is forecast to be low in 3 years time (11.8%).

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Past Performance

How has CITIC Securities 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

16.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 600030 has high quality earnings.

Growing Profit Margin: 600030's current net profit margins (31.2%) are higher than last year (28%).

Past Earnings Growth Analysis

Earnings Trend: 600030's earnings have grown by 16.7% per year over the past 5 years.

Accelerating Growth: 600030's earnings growth over the past year (43.9%) exceeds its 5-year average (16.7% per year).

Earnings vs Industry: 600030 earnings growth over the past year (43.9%) exceeded the Capital Markets industry 2.4%.

Return on Equity

High ROE: 600030's Return on Equity (9.7%) is considered low.

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Financial Health

How is CITIC Securities's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: 600030's short term assets (CN¥1,251.7B) exceed its short term liabilities (CN¥690.5B).

Long Term Liabilities: 600030's short term assets (CN¥1,251.7B) exceed its long term liabilities (CN¥422.9B).

Debt to Equity History and Analysis

Debt Level: 600030 has more cash than its total debt.

Reducing Debt: 600030's debt to equity ratio has increased from 175.5% to 206.4% over the past 5 years.

Debt Coverage: 600030's debt is well covered by operating cash flow (24.1%).

Interest Coverage: Insufficient data to determine if 600030's interest payments on its debt are well covered by EBIT.

Balance Sheet

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Dividend

What is CITIC Securities's current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.50%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 600030's dividend (2.5%) is higher than the bottom 25% of dividend payers in the CN market (0.48%).

High Dividend: 600030's dividend (2.5%) is in the top 25% of dividend payers in the CN market (1.93%)

Stability and Growth of Payments

Stable Dividend: 600030's dividend payments have been volatile in the past 10 years.

Growing Dividend: 600030's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (31.3%), 600030's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (6.5%), 600030's dividend payments are thoroughly covered by cash flows.

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Management

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

4.3yrs

Average management tenure

CEO

Minghui Yang (57 yo)

6yrs

Tenure

CN¥9,986,000

Compensation

Mr. Minghui Yang is President and General manager Company Limited since June 27, 2016 and is its Director since January 19, 2016. Mr. Yang joined CITIC Securities Company Limited in 1995. He is Managing Di...

CEO Compensation Analysis

Compensation vs Market: Minghui's total compensation ($USD1.49M) is above average for companies of similar size in the CN market ($USD361.31K).

Compensation vs Earnings: Minghui's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: 600030's management team is considered experienced (4.3 years average tenure).

Board Members

Experienced Board: 600030's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.

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.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.7%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/25 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31