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CSG Holding SZSE:200012 Stock Report

Last Price


Market Cap







02 Oct, 2022


Company Financials +
200012 fundamental analysis
Snowflake Score
Future Growth3/6
Past Performance1/6
Financial Health6/6

200012 Stock Overview

CSG Holding Co., Ltd., together with its subsidiaries, researches, develops, manufactures, and sells glass products in Mainland and internationally.

CSG Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for CSG Holding
Historical stock prices
Current Share PriceHK$3.01
52 Week HighHK$3.85
52 Week LowHK$2.72
1 Month Change0.67%
3 Month Change5.24%
1 Year Change-20.37%
3 Year Change21.37%
5 Year Change-21.17%
Change since IPO357.31%

Recent News & Updates

Shareholder Returns

200012CN Basic MaterialsCN Market

Return vs Industry: 200012 exceeded the CN Basic Materials industry which returned -26.8% over the past year.

Return vs Market: 200012 underperformed the CN Market which returned -19.2% over the past year.

Price Volatility

Is 200012's price volatile compared to industry and market?
200012 volatility
200012 Average Weekly Movement3.8%
Basic Materials Industry Average Movement4.7%
Market Average Movement5.8%
10% most volatile stocks in CN Market9.2%
10% least volatile stocks in CN Market3.8%

Stable Share Price: 200012 is less volatile than 75% of CN stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: 200012's weekly volatility (4%) has been stable over the past year.

About the Company

198411,910Jian Wang

CSG Holding Co., Ltd., together with its subsidiaries, researches, develops, manufactures, and sells glass products in Mainland and internationally. It operates through Glass, Solar Energy, and Solar and Other segments. The Glass segment engages in the production and sale of float and engineering glass products; and silica for the production of float and engineering glass products.

CSG Holding Fundamentals Summary

How do CSG Holding's earnings and revenue compare to its market cap?
200012 fundamental statistics
Market CapHK$18.36b
Earnings (TTM)HK$1.30b
Revenue (TTM)HK$14.93b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
200012 income statement (TTM)
Cost of RevenueCN¥9.36b
Gross ProfitCN¥4.17b
Other ExpensesCN¥2.99b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)0.38
Gross Margin30.80%
Net Profit Margin8.70%
Debt/Equity Ratio48.6%

How did 200012 perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is 200012 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 200012?

Other financial metrics that can be useful for relative valuation.

200012 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/Revenue1.4x
Enterprise Value/EBITDA5.8x
PEG Ratio0.3x

Price to Earnings Ratio vs Peers

How does 200012's PE Ratio compare to its peers?

200012 PE Ratio vs Peers
The above table shows the PE ratio for 200012 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average45.7x
600586 Shandong Jinjing Science and Technology Stock
000672 Gansu Shangfeng CementLtd
000401 Tangshan Jidong CementLtd
300767 QuakeSafe Technologies
200012 CSG Holding

Price-To-Earnings vs Peers: 200012 is good value based on its Price-To-Earnings Ratio (7.1x) compared to the peer average (45.7x).

Price to Earnings Ratio vs Industry

How does 200012's PE Ratio compare vs other companies in the CN Basic Materials Industry?

Price-To-Earnings vs Industry: 200012 is good value based on its Price-To-Earnings Ratio (7.1x) compared to the CN Basic Materials industry average (15.7x)

Price to Earnings Ratio vs Fair Ratio

What is 200012'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.

200012 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.1x
Fair PE Ratio25.2x

Price-To-Earnings vs Fair Ratio: 200012 is good value based on its Price-To-Earnings Ratio (7.1x) compared to the estimated Fair Price-To-Earnings Ratio (25.2x).

Share Price vs Fair Value

What is the Fair Price of 200012 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 200012 (HK$3.01) is trading below our estimate of fair value (HK$20.46)

Significantly Below Fair Value: 200012 is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is CSG Holding forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score


Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 200012's forecast earnings growth (28.4% per year) is above the savings rate (3.2%).

Earnings vs Market: 200012's earnings (28.4% per year) are forecast to grow faster than the CN market (25.8% per year).

High Growth Earnings: 200012's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 200012's revenue (17.3% per year) is forecast to grow slower than the CN market (18.1% per year).

High Growth Revenue: 200012's revenue (17.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 200012's Return on Equity is forecast to be low in 3 years time (18.9%).

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Past Performance

How has CSG Holding performed over the past 5 years?

Past Performance Score


Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 200012 has a large one-off loss of CN¥763.7M impacting its June 30 2022 financial results.

Growing Profit Margin: 200012's current net profit margins (8.7%) are lower than last year (13.5%).

Past Earnings Growth Analysis

Earnings Trend: 200012's earnings have grown by 19.1% per year over the past 5 years.

Accelerating Growth: 200012's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 200012 had negative earnings growth (-32.3%) over the past year, making it difficult to compare to the Basic Materials industry average (-22.4%).

Return on Equity

High ROE: 200012's Return on Equity (9.8%) is considered low.

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Financial Health

How is CSG Holding's financial position?

Financial Health Score


Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 200012's short term assets (CN¥7.8B) exceed its short term liabilities (CN¥6.3B).

Long Term Liabilities: 200012's short term assets (CN¥7.8B) exceed its long term liabilities (CN¥3.9B).

Debt to Equity History and Analysis

Debt Level: 200012's net debt to equity ratio (15.4%) is considered satisfactory.

Reducing Debt: 200012's debt to equity ratio has reduced from 78.2% to 48.6% over the past 5 years.

Debt Coverage: 200012's debt is well covered by operating cash flow (52.1%).

Interest Coverage: 200012's interest payments on its debt are well covered by EBIT (24.7x coverage).

Balance Sheet

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What is CSG Holding current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

CSG Holding Dividend Yield vs Market
How does CSG Holding dividend yield compare to the market?
SegmentDividend Yield
Company (CSG Holding)7.3%
Market Bottom 25% (CN)0.5%
Market Top 25% (CN)2.2%
Industry Average (Basic Materials)3.6%
Analyst forecast in 3 Years (CSG Holding)n/a

Notable Dividend: 200012's dividend (7.33%) is higher than the bottom 25% of dividend payers in the CN market (0.55%).

High Dividend: 200012's dividend (7.33%) is in the top 25% of dividend payers in the CN market (2.16%)

Stability and Growth of Payments

Stable Dividend: 200012's dividend payments have been volatile in the past 10 years.

Growing Dividend: 200012's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (51.8%), 200012's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (159.4%), 200012's dividend payments are not well covered by cash flows.

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


Average management tenure


Jian Wang (58 yo)





Mr. Jian Wang has been the Chief Executive Officer of CSG Holding Co., Ltd., since July 02, 2018. Mr. Wang serves as General Manager of investment and operation department at China North Industrial Corpora...

Leadership Team

Experienced Management: 200012's management team is considered experienced (4.5 years average tenure).

Board Members

Experienced Board: 200012's board of directors are considered experienced (3.5 years average tenure).


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

What is the ownership structure of 200012?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders6,064,3950.2%
Private Companies634,916,42820.7%
General Public1,927,621,68862.8%

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

Top Shareholders

Top 25 shareholders own 27.52% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Qian Hai Life Insurance Co.,Ltd.
584,811,881CN¥1.8b0%no data
Zhongshan Runtian Investment Co., Ltd.
50,104,547CN¥150.8m-42.16%no data
Galaxy Asset Management Company Limited
National Council for Social Security Fund
Morgan Stanley, Investment Banking and Brokerage Investments
25,979,236CN¥78.2m0%no data
The Vanguard Group, Inc.
23,413,020CN¥70.5m0%no data
Huatai-PineBridge Fund Management Company Limited
China Universal Asset Management Company Ltd.
China Southern Asset Management Co., Ltd.
GF Fund Management Co., Ltd.
Yinhua Fund Management Co. Ltd.
Norges Bank Investment Management
4,262,216CN¥12.8m0%no data
Franklin Templeton Sealand Fund Management Co., Ltd.
China Asset Management Co., Ltd.
ICBC Credit Suisse Asset Management Co., Ltd.
State Street Global Advisors, Inc.
2,916,612CN¥8.8m79.81%no data
Shanghai Orient Securities Asset Management Co., Ltd.
Rongtong Fund Management Co., Ltd.
Guotai Asset Management Co., Ltd.
SWS MU Fund Management Co., Ltd.
CCB Principal Asset Management Co., Ltd.
Lin Chen
1,623,065CN¥4.9m0%no data
Caisse de dépôt et placement du Québec
1,502,100CN¥4.5m0%no data
Fullgoal Fund Management Co., Ltd.
1,389,810CN¥4.2m0%no data
Charles Schwab Investment Management, Inc.
1,262,431CN¥3.8m0.74%no data

Company Information

CSG Holding Co., Ltd.'s employee growth, exchange listings and data sources

Key Information

  • Name: CSG Holding Co., Ltd.
  • Ticker: 200012
  • Exchange: SZSE
  • Founded: 1984
  • Industry: Construction Materials
  • Sector: Materials
  • Implied Market Cap: HK$18.358b
  • Shares outstanding: 3.07b
  • Website:

Number of Employees


  • CSG Holding Co., Ltd.
  • CSG Building
  • No.1, 6th Industrial Road
  • Shenzhen
  • Guangdong Province
  • 518067
  • China


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
200012SZSE (Shenzhen Stock Exchange)YesForeign Shares-Domestically ListedCNHKDMar 1992
12SZSE (Shenzhen Stock Exchange)Domestic SharesCNCNYMar 1994
12XSEC (Shenzhen Stock Exchange - Shenzhen-Hong Kong Stock Connect)Domestic SharesCNCNYMar 1994

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
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.