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Zhuzhou CRRC Times Electric

DB:ZTX
Snowflake Description

Excellent balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ZTX
DB
HK$48B
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

Zhuzhou CRRC Times Electric Co., Ltd., together with its subsidiaries, manufactures and sells train-borne electrical systems and electrical components primarily in Mainland China and internationally. The last earnings update was 31 days ago. More info.


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ZTX Share Price and Events
7 Day Returns
-1.9%
DB:ZTX
-1.6%
DE Electrical
-2.3%
DE Market
1 Year Returns
4.6%
DB:ZTX
-23.7%
DE Electrical
-11.5%
DE Market
ZTX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Zhuzhou CRRC Times Electric (ZTX) -1.9% -0% -7.7% 4.6% -5.5% 116.4%
DE Electrical -1.6% -2.5% -2.1% -23.7% -40.4% -32%
DE Market -2.3% -4.9% 0.8% -11.5% 5.7% 6.6%
1 Year Return vs Industry and Market
  • ZTX outperformed the Electrical industry which returned -23.7% over the past year.
  • ZTX outperformed the Market in Germany which returned -11.5% over the past year.
Price Volatility
ZTX
Industry
5yr Volatility vs Market
Related Companies

ZTX Value

 Is Zhuzhou CRRC Times Electric undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Zhuzhou CRRC Times Electric to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Zhuzhou CRRC Times Electric.

DB:ZTX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 17 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:ZTX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Electrical Unlevered Beta Simply Wall St/ S&P Global 1.13
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.127 (1 + (1- 25%) (0.98%))
1.091
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.09
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.091 * 5.96%)
6.73%

Discounted Cash Flow Calculation for DB:ZTX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Zhuzhou CRRC Times Electric is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:ZTX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 6.73%)
2019 1,711.00 Analyst x2 1,603.11
2020 2,135.40 Analyst x5 1,874.60
2021 2,957.33 Analyst x3 2,432.45
2022 3,204.23 Est @ 8.35% 2,469.34
2023 3,393.67 Est @ 5.91% 2,450.43
2024 3,536.45 Est @ 4.21% 2,392.51
2025 3,643.01 Est @ 3.01% 2,309.20
2026 3,722.35 Est @ 2.18% 2,210.72
2027 3,781.64 Est @ 1.59% 2,104.31
2028 3,826.39 Est @ 1.18% 1,994.96
Present value of next 10 years cash flows CN¥21,841.65
DB:ZTX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥3,826.39 × (1 + 0.23%) ÷ (6.73% – 0.23%)
CN¥58,985.90
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥58,985.90 ÷ (1 + 6.73%)10
CN¥30,753.42
DB:ZTX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥21,841.65 + CN¥30,753.42
CN¥52,595.07
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥52,595.07 / 1,175.48
CN¥398.46
DB:ZTX Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:3898)
1.138
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥44.74 x 1.138
HK$50.9
Non-primary Listing Adjustment Factor 1 share in DB:ZTX represents 0.11229x of SEHK:3898
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11229x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 50.90 x 0.11229
€5.72
Value per share (EUR) From above. €5.72
Current discount Discount to share price of €4.56
= -1 x (€4.56 - €5.72) / €5.72
20.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Zhuzhou CRRC Times Electric is available for.
Intrinsic value
20%
Share price is €4.56 vs Future cash flow value of €5.72
Current Discount Checks
For Zhuzhou CRRC Times Electric to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Zhuzhou CRRC Times Electric's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Zhuzhou CRRC Times Electric's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Zhuzhou CRRC Times Electric's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Zhuzhou CRRC Times Electric's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:ZTX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CNY CN¥2.26
SEHK:3898 Share Price ** SEHK (2019-05-24) in HKD HK$40.6
SEHK:3898 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥35.69
Germany Electrical Industry PE Ratio Median Figure of 10 Publicly-Listed Electrical Companies 35.79x
Germany Market PE Ratio Median Figure of 421 Publicly-Listed Companies 20.2x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Zhuzhou CRRC Times Electric.

DB:ZTX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:3898 Share Price ÷ EPS (both in CNY)

= 35.69 ÷ 2.26

15.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Zhuzhou CRRC Times Electric is good value based on earnings compared to the DE Electrical industry average.
  • Zhuzhou CRRC Times Electric is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Zhuzhou CRRC Times Electric's expected growth come at a high price?
Raw Data
DB:ZTX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts
12.5%per year
Germany Electrical Industry PEG Ratio Median Figure of 7 Publicly-Listed Electrical Companies 0.95x
Germany Market PEG Ratio Median Figure of 271 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

DB:ZTX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.82x ÷ 12.5%

1.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Zhuzhou CRRC Times Electric is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Zhuzhou CRRC Times Electric's assets?
Raw Data
DB:ZTX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CNY CN¥17.19
SEHK:3898 Share Price * SEHK (2019-05-24) in HKD HK$40.6
SEHK:3898 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥35.69
Germany Electrical Industry PB Ratio Median Figure of 16 Publicly-Listed Electrical Companies 2.25x
Germany Market PB Ratio Median Figure of 577 Publicly-Listed Companies 1.77x
DB:ZTX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:3898 Share Price ÷ Book Value per Share (both in CNY)

= 35.69 ÷ 17.19

2.08x

* Primary Listing of Zhuzhou CRRC Times Electric.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Zhuzhou CRRC Times Electric is good value based on assets compared to the DE Electrical industry average.
X
Value checks
We assess Zhuzhou CRRC Times Electric's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electrical industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electrical industry average (and greater than 0)? (1 check)
  5. Zhuzhou CRRC Times Electric has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

ZTX Future Performance

 How is Zhuzhou CRRC Times Electric expected to perform in the next 1 to 3 years based on estimates from 17 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Zhuzhou CRRC Times Electric expected to grow at an attractive rate?
  • Zhuzhou CRRC Times Electric's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Zhuzhou CRRC Times Electric's earnings growth is positive but not above the Germany market average.
  • Zhuzhou CRRC Times Electric's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:ZTX Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:ZTX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts 12.5%
DB:ZTX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 17 Analysts 10.6%
Germany Electrical Industry Earnings Growth Rate Market Cap Weighted Average 69.1%
Germany Electrical Industry Revenue Growth Rate Market Cap Weighted Average 10.6%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:ZTX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:ZTX Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 21,849 3,680 3,780 12
2020-12-31 20,458 3,009 3,549 17
2019-12-31 17,945 3,064 2,995 13
DB:ZTX Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-03-31 15,756 2,642
2018-12-31 15,658 3,759 2,612
2018-09-30 14,892 2,486
2018-06-30 14,948 3,221 2,443
2018-03-31 14,943 2,426
2017-12-31 15,144 1,469 2,523
2017-09-30 14,323 2,519
2017-06-30 14,465 1,676 2,732
2017-03-31 14,645 2,804
2016-12-31 14,658 1,448 2,893
2016-09-30 15,837 2,926
2016-06-30 15,787 950 3,028

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Zhuzhou CRRC Times Electric's earnings are expected to grow by 12.5% yearly, however this is not considered high growth (20% yearly).
  • Zhuzhou CRRC Times Electric's revenue is expected to grow by 10.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:ZTX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below

All data from Zhuzhou CRRC Times Electric Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ZTX Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.24 4.07 2.53 13.00
2020-12-31 3.02 3.66 2.44 18.00
2019-12-31 2.55 2.78 2.27 16.00
DB:ZTX Past Financials Data
Date (Data in CNY Millions) EPS *
2019-03-31 2.26
2018-12-31 2.22
2018-09-30 2.12
2018-06-30 2.08
2018-03-31 2.05
2017-12-31 2.15
2017-09-30 2.14
2017-06-30 2.32
2017-03-31 2.39
2016-12-31 2.46
2016-09-30 2.49
2016-06-30 2.58

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Zhuzhou CRRC Times Electric is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Zhuzhou CRRC Times Electric's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Zhuzhou CRRC Times Electric has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ZTX Past Performance

  How has Zhuzhou CRRC Times Electric performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Zhuzhou CRRC Times Electric's growth in the last year to its industry (Electrical).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Zhuzhou CRRC Times Electric's year on year earnings growth rate has been positive over the past 5 years.
  • Zhuzhou CRRC Times Electric's 1-year earnings growth exceeds its 5-year average (8.9% vs 2.7%)
  • Zhuzhou CRRC Times Electric's earnings growth has exceeded the DE Electrical industry average in the past year (8.9% vs 2.3%).
Earnings and Revenue History
Zhuzhou CRRC Times Electric's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Zhuzhou CRRC Times Electric Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ZTX Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 15,755.79 2,641.86 1,944.58 1,432.17
2018-12-31 15,657.90 2,612.49 1,940.62 1,442.97
2018-09-30 14,891.88 2,485.80 1,525.08 1,628.93
2018-06-30 14,947.76 2,443.04 1,397.27 1,566.81
2018-03-31 14,943.41 2,426.36 1,397.69 1,575.70
2017-12-31 15,143.71 2,523.47 1,605.82 1,357.31
2017-09-30 14,322.51 2,518.84 1,662.67 889.62
2017-06-30 14,464.54 2,731.56 1,896.80 600.82
2017-03-31 14,644.64 2,804.23 2,434.94
2016-12-31 14,657.82 2,893.14 2,372.12
2016-09-30 15,837.35 2,925.67 2,571.17
2016-06-30 15,786.77 3,027.73 2,570.89
2016-03-31 15,243.06 3,132.29 2,401.11
2015-12-31 14,800.04 2,965.28 2,359.15
2015-09-30 12,678.71 2,580.40 2,362.70
2015-06-30 13,218.74 2,757.19 2,411.26
2015-03-31 12,668.40 2,478.38 2,330.51
2014-12-31 12,676.20 2,394.82 2,301.09
2014-09-30 12,843.09 2,364.48 2,061.95
2014-06-30 11,411.99 1,924.30 1,858.36
2014-03-31 9,909.38 1,702.49 1,627.96
2013-12-31 8,855.96 1,467.02 1,514.20
2013-09-30 7,686.49 1,444.07 1,243.32
2013-06-30 6,673.52 1,077.87 1,111.16
2013-03-31 6,731.67 1,072.11 1,145.90
2012-12-31 7,248.86 1,223.79 1,197.43
2012-09-30 6,108.32 776.58 1,089.29
2012-06-30 6,044.12 793.32 1,172.46

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Zhuzhou CRRC Times Electric has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Zhuzhou CRRC Times Electric used its assets more efficiently than the DE Electrical industry average last year based on Return on Assets.
  • Zhuzhou CRRC Times Electric's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Zhuzhou CRRC Times Electric's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electrical industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Zhuzhou CRRC Times Electric has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ZTX Health

 How is Zhuzhou CRRC Times Electric's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Zhuzhou CRRC Times Electric's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Zhuzhou CRRC Times Electric is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Zhuzhou CRRC Times Electric's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Zhuzhou CRRC Times Electric's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 58.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Zhuzhou CRRC Times Electric Company Filings, last reported 1 month ago.

DB:ZTX Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 20,501.85 409.16 5,671.01
2018-12-31 20,123.51 405.58 8,656.48
2018-09-30 19,014.72 523.36 6,310.67
2018-06-30 18,531.86 327.52 8,445.08
2018-03-31 18,429.07 338.68 6,725.37
2017-12-31 18,056.57 304.43 6,183.96
2017-09-30 17,074.07 272.72 4,479.65
2017-06-30 16,673.14 236.19 5,716.49
2017-03-31 16,552.10 242.46 3,977.70
2016-12-31 16,070.91 262.07 5,531.64
2016-09-30 14,963.22 1,201.39 4,675.89
2016-06-30 14,366.11 1,182.66 7,100.86
2016-03-31 14,223.61 1,159.15 4,323.56
2015-12-31 14,017.47 1,466.92 6,725.91
2015-09-30 12,639.04 1,053.06 3,622.26
2015-06-30 11,925.87 996.08 6,035.87
2015-03-31 11,565.72 54.82 5,139.54
2014-12-31 11,170.77 53.19 5,699.48
2014-09-30 10,526.49 51.42 3,998.70
2014-06-30 9,655.80 87.00 4,339.10
2014-03-31 9,456.92 85.52 3,967.87
2013-12-31 9,150.12 95.54 3,742.84
2013-09-30 6,764.51 61.98 801.96
2013-06-30 6,307.40 75.20 1,582.98
2013-03-31 6,373.71 23.78 2,024.47
2012-12-31 6,318.83 69.71 2,318.92
2012-09-30 5,714.27 69.44 844.54
2012-06-30 5,617.78 63.87 1,359.88
  • Zhuzhou CRRC Times Electric's level of debt (2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0.9% vs 2% today).
  • Debt is well covered by operating cash flow (918.6%, greater than 20% of total debt).
  • Zhuzhou CRRC Times Electric earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Zhuzhou CRRC Times Electric's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Zhuzhou CRRC Times Electric has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

ZTX Dividends

 What is Zhuzhou CRRC Times Electric's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.26%
Current annual income from Zhuzhou CRRC Times Electric dividends. Estimated to be 1.63% next year.
If you bought €2,000 of Zhuzhou CRRC Times Electric shares you are expected to receive €25 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Zhuzhou CRRC Times Electric's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Zhuzhou CRRC Times Electric's dividend is below the markets top 25% of dividend payers in Germany (3.89%).
Upcoming dividend payment

Purchase Zhuzhou CRRC Times Electric before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:ZTX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
Germany Electrical Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:ZTX Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.63 12.00
2020-12-31 0.60 16.00
2019-12-31 0.52 13.00
DB:ZTX Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-26 0.450 1.245
2018-06-11 0.450 1.207
2016-04-21 0.450 1.255
2016-03-29 0.450 1.172
2015-06-25 0.400 1.032
2014-07-22 0.350 1.101
2013-06-18 0.350 1.833
2012-03-29 0.340 1.907
2011-03-25 0.305 1.865
2010-04-19 0.195 1.021

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Zhuzhou CRRC Times Electric has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Zhuzhou CRRC Times Electric only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Zhuzhou CRRC Times Electric's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5x coverage).
X
Income/ dividend checks
We assess Zhuzhou CRRC Times Electric's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Zhuzhou CRRC Times Electric afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Zhuzhou CRRC Times Electric has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ZTX Management

 What is the CEO of Zhuzhou CRRC Times Electric's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ke'an Liu
COMPENSATION CN¥1,347,508
AGE 47
TENURE AS CEO 3.3 years
CEO Bio

Mr. Ke'an Liu has been General Manager of Zhuzhou Csr Times Electric Co., Ltd. at CSR Zhuzhou Institute Co., Ltd. since February 11, 2016. Mr. Liu serves as General Manager of Zhuzhou CRRC Times Electric Co., Ltd. and has been its Executive Director since January 12, 2016. Mr. Liu served as the Chief Technology Officer of Zhuzhou CRRC Times Electric Co., Ltd. from January 20, 2010 to June 2012. He joined CSR ZELRI in August 1994 and held various positions as Engineer, Chief Engineer, Senior Engineer and Chief Designer. He served as and Vice General Manager of Zhuzhou CRRC Times Electric Co., Ltd. since June 2012 until January 2016. He served as the Chief Engineer of Zhuzhou CRRC Times Electric Co., Ltd. since June 2012 until January 2016. He served as the Head of R&D department of technology center at Zhuzhou CSR Times Electric Co., Ltd. and vice director of institute of research in the past. He served as Head of the systems project department, Head of the drive technology department and Director of the technology centre of Zhuzhou CSR Times Electric Co., Ltd. since September 2005. He also served as Supervisor at Zhuzhou CSR Times Electric Co., Ltd. from December 17, 2007 to January 2010. He joined the CSR Group in 1998 as Director of the Traction Drive Control Technology Department. He serves as the Chairman of Dynex Power Inc. Mr. Liu has been a Director of Times Equipment since November 2007. He has been a Director of Dynex Power Inc. since May 2005 and Dynex Semiconductor Ltd. since May 2010. He holds the title of professor-level senior engineer. He has been awarded number of honors including a second class prize of national science and technology progress award, a special prize of technology award from Ministry of Railway, Zhan Tianyou youth prize of Zhan Tianyou Railway Science and Technology Award and youth post expert of central enterprises. He graduated from the Department of Electrical Engineering of Tongji University with a Bachelor degree in Engineering majoring in Industrial Electrical Automation in 1994 and obtained master degree in business administration from Zhongnan University of Economics. He holds Law with a master's degree in Corporate Management in 2008 and graduated from Zhongnan University in December 2015 with a doctor's degree in transportation and communication engineering.

CEO Compensation
  • Ke'an's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ke'an's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Zhuzhou CRRC Times Electric management team in years:

3.3
Average Tenure
47.5
Average Age
  • The tenure for the Zhuzhou CRRC Times Electric management team is about average.
Management Team

Ke'an Liu

TITLE
GM & Executive Director
COMPENSATION
CN¥1M
AGE
47
TENURE
3.3 yrs

Wu Yan

TITLE
Vice GM
COMPENSATION
CN¥819K
AGE
51
TENURE
6.9 yrs

Donglin Li

TITLE
Chairman of the Board
AGE
51

Shouyi Yang

TITLE
Vice Chairman
AGE
55
TENURE
0.8 yrs

Hua Zhang

TITLE
CFO & Vice GM
AGE
42
TENURE
6 yrs

Yingjing Zang

TITLE
Head of Accounting Department

Yongneng Tan

TITLE
Chief Administrative Officer
AGE
48
TENURE
1.3 yrs

Jian Chen

TITLE
Vice General Manager
AGE
46
TENURE
6.9 yrs

Jing Shang

TITLE
Chief Engineer & Vice GM
AGE
41
TENURE
3.3 yrs
Board of Directors Tenure

Average tenure and age of the Zhuzhou CRRC Times Electric board of directors in years:

3.3
Average Tenure
52.5
Average Age
  • The tenure for the Zhuzhou CRRC Times Electric board of directors is about average.
Board of Directors

Wu Yan

TITLE
Vice GM
COMPENSATION
CN¥819K
AGE
51
TENURE
8.4 yrs

Donglin Li

TITLE
Chairman of the Board
AGE
51
TENURE
0.8 yrs

Shouyi Yang

TITLE
Vice Chairman
AGE
55
TENURE
0.8 yrs

Ping-Wing Pao

TITLE
Independent Non Executive Director
COMPENSATION
CN¥279K
AGE
71
TENURE
13.7 yrs

Ke'an Liu

TITLE
GM & Executive Director
COMPENSATION
CN¥1M
AGE
47
TENURE
3.3 yrs

Clement Chan

TITLE
Independent Non Executive Director
COMPENSATION
CN¥279K
AGE
60
TENURE
13.7 yrs

Ruihua Xiong

TITLE
Chairman of the Supervisory Committee
AGE
49

Chunru Liu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥93K
AGE
47
TENURE
10.9 yrs

Xiaoming Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥63K
AGE
55
TENURE
2.2 yrs

Xinning Zhang

TITLE
Non-Executive Director
AGE
54
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
23. Apr 19 Buy FIL Limited Company 16. Apr 19 16. Apr 19 272,100 €4.70 €1,280,099
15. Apr 19 Sell Citigroup Inc.,Banking and Securities Investments Company 10. Apr 19 10. Apr 19 -1,158,800 €5.05 €-5,850,350
22. Aug 18 Sell Schroder Investment Management (Hong Kong) Limited Company 17. Aug 18 17. Aug 18 -2,269,400 €4.95 €-11,233,852
21. Feb 19 Buy Schroder Investment Management (Hong Kong) Limited Company 19. Feb 19 19. Feb 19 436,000 €5.03 €2,192,603
15. Oct 18 Sell Citigroup Inc.,Banking and Securities Investments Company 10. Oct 18 10. Oct 18 -132,500 €4.72 €-625,321
04. Sep 18 Buy FIL Limited Company 30. Aug 18 30. Aug 18 134,400 €4.72 €634,258
11. Aug 18 Sell Invesco Ltd. Company 08. Aug 18 08. Aug 18 -704,500 €5.21 €-3,668,317
26. Jul 18 Sell Invesco Ltd. Company 24. Jul 18 24. Jul 18 -400,000 €4.68 €-1,871,468
X
Management checks
We assess Zhuzhou CRRC Times Electric's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Zhuzhou CRRC Times Electric has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ZTX News

Simply Wall St News

ZTX Company Info

Description

Zhuzhou CRRC Times Electric Co., Ltd., together with its subsidiaries, manufactures and sells train-borne electrical systems and electrical components primarily in Mainland China and internationally. The company researches, develops, manufactures, and sells locomotive train power converters, control systems, urban railway train electrical systems, and other train-borne electrical systems; and electric components for the railway industry, urban railway industry, and non-railway purposes. Its products for rolling stock and railways include EMU, locomotive, and mass transit systems; and components products consist of semiconductors, resistors, reactors, radiators, sensors, power capacitors, heatsinks, and oil dampers. The company’s energy and industrial products comprise marine engineering, electric vehicle, and inverter and converter systems, as well as railway maintenance and construction machines. The company was formerly known as Zhuzhou CSR Times Electric Co., Ltd. and changed its name to Zhuzhou CRRC Times Electric Co., Ltd. in March 2016. The company was founded in 2005 and is based in Zhuzhou, China. Zhuzhou CRRC Times Electric Co., Ltd. is a subsidiary of CRRC Zhuzhou Institute Co., Ltd.

Details
Name: Zhuzhou CRRC Times Electric Co., Ltd.
ZTX
Exchange: DB
Founded: 2005
HK$5,424,603,582
1,175,476,637
Website: http://www.timeselectric.cn
Address: Zhuzhou CRRC Times Electric Co., Ltd.
169 Times Road,
Shifeng District,
Zhuzhou,
Hunan Province, 412001,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 3898 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 20. Dec 2006
OTCPK ZHUZ.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 20. Dec 2006
DB ZTX Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 20. Dec 2006
SHSC 3898 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 20. Dec 2006
SZSC 3898 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 20. Dec 2006
OTCPK ZHUZ.Y ADR Pink Sheets LLC US USD 28. Aug 2012
Number of employees
Current staff
Staff numbers
7,905
Zhuzhou CRRC Times Electric employees.
Industry
Electrical Components and Equipment
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 21:04
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.