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China International Capital

DB:CIM
Snowflake Description

Good value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CIM
DB
HK$71B
Market Cap
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Last updated 2019/03/25 21:54
Company description

China International Capital Corporation Limited provides financial services in the People’s Republic of China and internationally. The last earnings update was 130 days ago. More info.

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CIM Share Price and Events
7 Day Returns
-7.4%
DB:CIM
-2.7%
DE Capital Markets
-1.8%
DE Market
1 Year Returns
15.4%
DB:CIM
-16.6%
DE Capital Markets
-7.3%
DE Market
CIM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China International Capital (CIM) -7.4% -9.2% 22.2% 15.4% 46.1% -
DE Capital Markets -2.7% 0.7% 7.6% -16.6% -20% -51.5%
DE Market -1.8% -0.3% 6.8% -7.3% 7.5% 6.9%
1 Year Return vs Industry and Market
  • CIM outperformed the Capital Markets industry which returned -16.6% over the past year.
  • CIM outperformed the Market in Germany which returned -7.3% over the past year.
Price Volatility
CIM
Industry
5yr Volatility vs Market

CIM Value

 Is China International Capital 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 China International Capital 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 China International Capital.

DB:CIM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= CN¥10.96 * 10.3% 		CN¥1.13
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. CN¥10.96
Discount Rate (Cost of Equity) See below 9.4%
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:CIM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.725 (1 + (1- 25%) (199.4%)) 		1.542
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.54
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.542 * 5.96%) 		9.42%

Discounted Cash Flow Calculation for DB:CIM using Excess Returns Model Model

The calculations below outline how an intrinsic value for China International Capital is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:CIM Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.3% – 9.42%) * CN¥10.96) 		CN¥0.10
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥0.10 / (9.42% - 0.23%) 		CN¥1.08
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥10.96 + CN¥1.08 		CN¥12.04
DB:CIM Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:3908) 		1.17
Value per Share
(HKD)		 = Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥12.04 x 1.17 		HK$14.08
Non-primary Listing Adjustment Factor 1 share in DB:CIM represents 0.11x of SEHK:3908
(This could be a different class, a depositary receipt, a different currency, or all of these things.) 		0.11x
Value per Share
(Listing Adjusted, EUR)		 = Value per Share (HKD) x Listing Adjustment Factor
= HK$ 14.08 x 0.11 		€1.55
Value per share (EUR) From above. €1.55
Current discount Discount to share price of €1.87
= -1 x (€1.87 - €1.55) / €1.55 		-20.7%

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

  • The current share price of China International Capital is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 China International Capital's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China International Capital's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CIM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in CNY CN¥0.85
SEHK:3908 Share Price ** SEHK (2019-03-25) in HKD HK$17
SEHK:3908 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.855 CN¥14.53
Germany Capital Markets Industry PE Ratio Median Figure of 18 Publicly-Listed Capital Markets Companies 18.4x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 18.2x

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

** Primary Listing of China International Capital.

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

= SEHK:3908 Share Price ÷ EPS (both in CNY)

= 14.53 ÷ 0.85

 17.09x

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

  • China International Capital is good value based on earnings compared to the DE Capital Markets industry average.
  • China International Capital is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does China International Capital's expected growth come at a high price?
Raw Data
DB:CIM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts		 17.4%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.61x
Germany Market PEG Ratio Median Figure of 275 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.09x ÷ 17.4%

 0.98x

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

  • China International Capital is good value based on expected growth next year.
Price based on value of assets
What value do investors place on China International Capital's assets?
Raw Data
DB:CIM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in CNY CN¥9.86
SEHK:3908 Share Price * SEHK (2019-03-25) in HKD HK$17
SEHK:3908 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.855 CN¥14.53
Germany Capital Markets Industry PB Ratio Median Figure of 30 Publicly-Listed Capital Markets Companies 1.93x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.78x
DB:CIM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:3908 Share Price ÷ Book Value per Share (both in CNY)

= 14.53 ÷ 9.86

 1.47x

* Primary Listing of China International Capital.

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

  • China International Capital is good value based on assets compared to the DE Capital Markets industry average.
Show me more potentially undervalued companies in the Capital Markets industry
X
Value checks
We assess China International Capital'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
    5. China International Capital 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.

CIM Future Performance

 How is China International Capital expected to perform in the next 1 to 3 years based on estimates from 8 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
17.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China International Capital expected to grow at an attractive rate?
  • China International Capital's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • China International Capital's earnings growth is expected to exceed the Germany market average.
  • China International Capital's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CIM Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CIM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 17.4%
DB:CIM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 13.1%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 28.4%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.8%

*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:CIM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CIM Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 17,834 -12,239 5,000 4
2019-12-31 15,444 -1,405 4,204 4
2018-12-31 13,578 -12,319 3,547 5
DB:CIM Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-09-30 14,088 -22,233 3,477
2018-06-30 13,677 -29,204 3,229
2018-03-31 13,215 -34,578 3,021
2017-12-31 12,003 -30,485 2,709
2017-09-30 10,771 -17,510 2,597
2017-06-30 9,599 -15,159 2,299
2017-03-31 7,841 -6,285 1,890
2016-12-31 7,545 -10,098 1,763
2016-09-30 6,421 -13,833 1,513
2016-06-30 6,579 -3,202 1,334
2016-03-31 7,482 -4,214 1,627
2015-12-31 8,384 -5,227 1,919

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China International Capital's earnings are expected to grow by 17.4% yearly, however this is not considered high growth (20% yearly).
  • China International Capital's revenue is expected to grow by 13.1% 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:CIM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from China International Capital Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CIM Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 1.19 1.35 1.10 4.00
2019-12-31 1.00 1.08 0.90 5.00
2018-12-31 0.84 0.91 0.79 6.00
DB:CIM Past Financials Data
Date (Data in CNY Millions) EPS *
2018-09-30 0.85
2018-06-30 0.80
2018-03-31 0.76
2017-12-31 0.76
2017-09-30 0.83
2017-06-30 0.84
2017-03-31 0.82
2016-12-31 0.76
2016-09-30 0.68
2016-06-30 0.65
2016-03-31 0.86
2015-12-31 1.12

*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.
  • China International Capital is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Show me more growth companies in the Capital Markets industry
X
Future performance checks
We assess China International Capital'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.
China International Capital has a total score of 3/6, 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.

CIM Past Performance

  How has China International Capital 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 China International Capital's growth in the last year to its industry (Capital Markets).
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.
  • China International Capital has delivered over 20% year on year earnings growth in the past 5 years.
  • China International Capital's 1-year earnings growth exceeds its 5-year average (33.9% vs 31.6%)
  • China International Capital's earnings growth has exceeded the DE Capital Markets industry average in the past year (33.9% vs 20.3%).
Earnings and Revenue History
China International Capital'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 China International Capital Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CIM Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 14,087.94 3,476.85 6,423.22
2018-06-30 13,677.41 3,229.46 7,077.62
2018-03-31 13,215.24 3,020.73 6,398.00
2017-12-31 12,002.74 2,709.35 6,398.00
2017-09-30 10,771.32 2,597.14 4,298.28
2017-06-30 9,598.56 2,299.28 5,351.40
2017-03-31 7,841.44 1,890.18 3,607.09
2016-12-31 7,545.37 1,763.26 4,298.28
2016-09-30 6,421.23 1,513.22 1,134.47
2016-06-30 6,579.15 1,334.30 3,651.31
2016-03-31 7,481.56 1,626.53 4,125.39
2015-12-31 8,383.96 1,918.76 4,599.48
2015-09-30 8,060.40 1,900.51 4,415.54
2015-06-30 7,736.84 1,882.26 4,231.61
2015-03-31 6,561.61 1,500.36 3,660.12
2014-12-31 5,386.38 1,118.45 3,088.63
2014-09-30 4,695.91 833.82 4,303.17
2014-06-30 3,887.07 549.18 3,356.03
2014-03-31 3,634.74 459.65 2,762.24
2013-12-31 3,382.42 370.11 2,168.46
2012-12-31 3,537.16 307.74 2,303.87

*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.
  • China International Capital has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China International Capital used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if China International Capital improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess China International Capital'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 Capital Markets 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.
China International Capital has a total score of 3/6, 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.

CIM Health

 How is China International Capital'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 China International Capital's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China International Capital is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China International Capital's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China International Capital'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.8x 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 China International Capital Company Filings, last reported 5 months ago.

DB:CIM Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 41,541.27 121,500.71 180,194.64
2018-06-30 40,134.42 115,911.22 214,303.13
2018-03-31 39,666.09 110,830.19 192,956.49
2017-12-31 36,892.44 104,956.04 177,254.97
2017-09-30 36,328.50 91,229.37 143,093.34
2017-06-30 35,579.80 73,129.28 151,936.14
2017-03-31 18,496.76 32,293.33 88,038.40
2016-12-31 18,496.76 32,293.33 88,038.40
2016-09-30
2016-06-30 17,067.88 37,015.18 95,094.18
2016-03-31 17,067.88 37,015.18 95,094.18
2015-12-31 16,442.00 26,129.15 80,487.56
2015-09-30 16,442.00 26,129.15 80,487.56
2015-06-30 10,156.50 22,524.98 75,904.46
2015-03-31 10,156.50 22,524.98 75,904.46
2014-12-31 7,992.25 15,540.51 38,511.30
2014-09-30 7,992.25 15,540.51 38,511.30
2014-06-30 7,277.47 15,773.82 28,268.32
2014-03-31 7,277.47 15,773.82 28,268.32
2013-12-31 6,866.82 14,158.54 25,140.38
2012-12-31 6,546.84 10,705.14 23,698.02
  • China International Capital's level of debt (292.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (195.9% vs 292.5% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Unable to confirm if the interest payments on China International Capital's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess China International Capital'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. China International Capital has a total score of 2/6, 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.

CIM Dividends

 What is China International Capital'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
1.1%
Current annual income from China International Capital dividends. Estimated to be 1.91% next year.
If you bought €2,000 of China International Capital shares you are expected to receive €22 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?
  • China International Capital's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.52%).
  • China International Capital's dividend is below the markets top 25% of dividend payers in Germany (3.9%).
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:CIM 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 8 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 2.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
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:CIM Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.32 5.00
2019-12-31 0.25 6.00
2018-12-31 0.21 7.00
DB:CIM Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2018-03-23 0.160 1.244
2017-06-12 0.160 1.280

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

  • Whilst dividend payments have been stable, China International Capital has been paying a dividend for less than 10 years.
  • China International Capital has only been paying a dividend for 2 years, and since then there has been no growth.
Current Payout to shareholders
What portion of China International Capital's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.8x coverage).
X
Income/ dividend checks
We assess China International Capital's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 China International Capital afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. China International Capital 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.

CIM Management

 What is the CEO of China International Capital'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
Mingjian Bi
COMPENSATION CN¥5,002,333
AGE 63
TENURE AS CEO 4 years
CEO Bio

Mr. Mingjian Bi has been the Chief Executive Officer and Executive Director at China International Capital Corporation Limited since March 2015 and May 2015 respectively and also serves as Chairman of the Board since March 1, 2017. Mr. Bi served as Acting Chief Executive Officer at China International Capital Corporation Limited since March 16, 2015. He was a Managing Partner and Partner at HOPU Jinghua (Beijing) Investment Consultancy Co., Ltd. Previously, Mr. Bi was the Founder and Founding Member of China International Capital Corporation Limited till 2005. He serves as a Non-Executive Director of China Investment Securities Company Limited since March 2017. He joined the China International Capita Group in August 1995 and participated in the establishment of CICC. He held several positions in the Group, including Deputy Chief Executive Officer, member and Acting Chairman of the Management Committee, Co-Chief Operating Officer and Co-Head of the Investment Banking Department from August 1995 to February 2006. He served as a senior advisor to CICC from March 2006 to November 2012. He served as a managing partner of HOPU Investment Management Co., Ltd. from November 2012 to March 2015. Prior to August 1995, he served as the deputy division chief of the State Farms and Reclamation Bureau of the Ministry of Agriculture from January 1984 to December 1985, operation officer of the World Bank China Office from December 1985 to June 1988, deputy director of the project office of China Rural Trust and Investment Corporation from June 1988 to October 1988 and project economist and advisor of the World Bank from October 1988 to January 1994. Mr. Bi obtained a diploma in English from East China Normal University in December 1982 and a Master of business administration degree from George Mason University, the United States, in January 1993. He serves as a director of a number of the subsidiaries of China International Capital Corporation Ltd.

CEO Compensation
  • Mingjian's compensation has been consistent with company performance over the past year.
  • Mingjian's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the China International Capital management team in years:

3.9
Average Tenure
54
Average Age
  • The tenure for the China International Capital management team is about average.
Management Team

Mingjian Bi

TITLE
Chairman & CEO
COMPENSATION
CN¥5M
AGE
63
TENURE
4 yrs

King Fung Wong

TITLE
Chief Financial Officer
AGE
49
TENURE
2.1 yrs

Gang Chu

TITLE
Chief Operating Officer
AGE
54
TENURE
3.9 yrs

Ding Wei

TITLE
MD & Head of Private Equity Investment Business
AGE
58

Zhaohui Huang

TITLE
Head of the Investment Banking Department
AGE
54
TENURE
5.9 yrs

Xu Lu

TITLE
CTO & Head of Information Technology Department
AGE
64
TENURE
3.9 yrs

Gang Chen

TITLE
Chief Compliance Officer & Head of the Risk Management Department
AGE
46
TENURE
2.6 yrs

Bo Wu

TITLE
Head of Wealth Management Department
AGE
41
TENURE
3.8 yrs

Haizhou Huang

TITLE
Head of the Equities Department
AGE
55
TENURE
5.8 yrs

Hong Liang

TITLE
Chief Economist & Head of the Research Department
AGE
49
TENURE
5.8 yrs
Board of Directors Tenure

Average tenure and age of the China International Capital board of directors in years:

3.8
Average Tenure
63
Average Age
  • The tenure for the China International Capital board of directors is about average.
Board of Directors

Mingjian Bi

TITLE
Chairman & CEO
COMPENSATION
CN¥5M
AGE
63
TENURE
2 yrs

Edwin Roca Lim

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥525K
AGE
77
TENURE
3.8 yrs

Francis Siu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥550K
AGE
64
TENURE
3.8 yrs

Sheng Lin Ben

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥521K
AGE
52
TENURE
3.8 yrs

Li Liu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥532K
AGE
63
TENURE
2.8 yrs

Tao Gao

TITLE
Chairman of the Supervisory Committee & Employee Representative Supervisor
AGE
53
TENURE
1.8 yrs

Johnson Cha

TITLE
Non-Executive Director
AGE
66
TENURE
16.4 yrs

Haiying Zhao

TITLE
Non-Executive Director
AGE
53
TENURE
7.6 yrs

David Bonderman

TITLE
Non-Executive Director
AGE
76
TENURE
8.3 yrs

David Liu

TITLE
Non-Executive Director
AGE
48
TENURE
4.1 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 (€)
13. Mar 19 Buy J.P. Morgan Asset Management, Inc. Company 08. Mar 19 08. Mar 19 3,335,414 €2.06 €6,859,386
08. Mar 19 Sell J.P. Morgan Asset Management, Inc. Company 05. Mar 19 05. Mar 19 -2,211,991 €2.17 €-4,793,131
06. Mar 19 Buy J.P. Morgan Asset Management, Inc. Company 01. Mar 19 01. Mar 19 4,263,091 €2.12 €9,055,790
19. Feb 19 Buy Alibaba Group Holding Limited Company 14. Feb 19 14. Feb 19 117,085,435 €1.75 €205,109,175
15. Feb 19 Sell GIC Pte. Ltd. Company 14. Feb 19 14. Feb 19 -117,085,435 €1.75 €-205,109,175
04. Feb 19 Sell GIC Pte. Ltd. Company 01. Feb 19 01. Feb 19 -2,470,000 €1.75 €-4,321,036
21. Jan 19 Sell GIC Pte. Ltd. Company 18. Jan 19 18. Jan 19 -1,970,400 €1.70 €-3,346,631
18. Jan 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 15. Jan 19 15. Jan 19 333,185 €1.73 €575,670
31. Dec 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 24. Dec 18 24. Dec 18 189,200 €1.56 €296,086
31. Dec 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 27. Dec 18 27. Dec 18 -1,109,203 €1.59 €-1,763,518
26. Dec 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 21. Dec 18 21. Dec 18 -343,206 €1.55 €-531,975
21. Dec 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 19. Dec 18 19. Dec 18 876,508 €1.59 €1,396,961
21. Dec 18 Buy Mingjian Bi Individual 19. Dec 18 19. Dec 18 532,103 €1.58 €839,128
19. Dec 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 14. Dec 18 14. Dec 18 -721,847 €1.72 €-1,239,388
19. Dec 18 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 14. Dec 18 14. Dec 18 -101,200 €1.72 €-173,757
19. Dec 18 Sell J.P. Morgan Asset Management, Inc. Company 14. Dec 18 14. Dec 18 -2,000 €1.72 €-3,434
18. Dec 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 13. Dec 18 13. Dec 18 748,387 €1.73 €1,292,317
04. Dec 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 29. Nov 18 29. Nov 18 -653,901 €1.65 €-1,081,529
03. Dec 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 28. Nov 18 28. Nov 18 1,744,849 €1.67 €2,913,269
16. Nov 18 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 14. Nov 18 14. Nov 18 -4,778,457 €1.58 €-7,537,268
15. Nov 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 13. Nov 18 13. Nov 18 5,261,376 €1.60 €8,420,070
12. Oct 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 09. Oct 18 09. Oct 18 3,053,331 €1.45 €4,440,999
15. Oct 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 10. Oct 18 10. Oct 18 -1,175,864 €1.44 €-1,687,730
10. Sep 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 05. Sep 18 05. Sep 18 -227,455 €1.57 €-357,984
06. Sep 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 03. Sep 18 03. Sep 18 1,556,311 €1.58 €2,461,183
05. Sep 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 31. Aug 18 31. Aug 18 -808,083 €1.57 €-1,270,537
30. Aug 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 27. Aug 18 27. Aug 18 2,088,535 €1.54 €3,209,185
25. Jul 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 20. Jul 18 20. Jul 18 -2,984,400 €1.42 €-4,233,989
09. May 18 Sell UBS Asset Management Company 04. May 18 04. May 18 -586,800 €1.90 €-1,116,636
13. Apr 18 Buy Mingjian Bi Individual 12. Apr 18 12. Apr 18 1,036,252 €1.83 €1,895,961
05. Jul 18 Buy Haifeng Liu Individual 03. Jul 18 03. Jul 18 56,000 €1.41 €78,978
05. Jul 18 Buy Haifeng Liu Individual 04. Jul 18 04. Jul 18 54,000 €1.40 €75,688
28. Jun 18 Buy Haifeng Liu Individual 25. Jun 18 25. Jun 18 550,000 €1.55 €850,520
28. Jun 18 Buy Haifeng Liu Individual 28. Jun 18 28. Jun 18 103,600 €1.45 €150,202
28. Jun 18 Buy Haifeng Liu Individual 27. Jun 18 27. Jun 18 16,000 €1.45 €23,214
29. Mar 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Mar 18 26. Mar 18 -103,600 €1.66 €-172,311
07. Jun 18 Sell UBS Asset Management Company 04. Jun 18 04. Jun 18 -7,900,400 €1.80 €-14,246,703
06. Jun 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 01. Jun 18 01. Jun 18 3,368,392 €1.80 €6,047,350
01. Jun 18 Buy GIC Pte. Ltd. Company 31. May 18 31. May 18 4,932,400 €1.81 €8,919,568
15. May 18 Sell GIC Pte. Ltd. Company 14. May 18 14. May 18 -35,500,000 €1.82 €-64,463,439
X
Management checks
We assess China International Capital'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. China International Capital 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.

CIM News

Simply Wall St News

CIM Company Info

Description

China International Capital Corporation Limited provides financial services in the People’s Republic of China and internationally. The company operates in six segments: Investment Banking; Equities; Fixed Income, Commodities, and Currencies; Wealth Management; Investment Management; and CISC. The Investment Banking segment offers investment banking services, including equity financing, debt and structured financing, and financial advisory services, as well as National Equities Exchange and Quotations services. The Equity segment provides a range of equity sales and trading services, such as brokerage, capital-based intermediary, and product services to financial institutions, corporations, governmental entities, and other investors. The Fixed Income, Commodities, and Currencies segment trades in financial products comprising fixed-income, equities, currencies, and commodities product; and offers product structuring, fixed income distribution, and futures brokerage services. The Wealth Management segment provides a range of advisory, transactional, capital-based intermediary, and product services to high-net-worth individuals, family offices, and corporate clients. The Investment Management segment designs and offers a range of asset management products and services for domestic and overseas investors; and manages mutual and private equity funds, as well as funds of funds. The CISC segment is involved in the securities brokerage, investment consulting, financial advisory, securities underwriting and sponsorship, securities proprietary trading, asset management, margin financing and securities lending, distribution of financial products, and other business activities. China International Capital Corporation Limited was founded in 1995 and is headquartered in Beijing, the People’s Republic of China.

Details
Name: China International Capital Corporation Limited
CIM
Exchange: DB
Founded: 1995
HK$8,028,817,613
4,192,667,868
Website: http://www.cicc.com
Address: China International Capital Corporation Limited
China World Office 2,
27th and 28th Floor,
Beijing,
100004,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 3908 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 09. Nov 2015
DB CIM Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 09. Nov 2015
SHSC 3908 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 09. Nov 2015
SZSC 3908 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 09. Nov 2015
Number of employees
Current staff
Staff numbers
7,184
China International Capital employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/25 21:54
End of day share price update: 2019/03/25 00:00
Last estimates confirmation: 2019/03/18
Last earnings filing: 2018/11/15
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


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.

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