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CRRC

SEHK:1766
Snowflake Description

Flawless balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1766
SEHK
CN¥216B
Market Cap
  1. Home
  2. HK
  3. Capital Goods
Company description

CRRC Corporation Limited, together with its subsidiaries, engages in the research, design, development, manufacture, sale, refurbishment, service, and lease of locomotives, metro cars, engineering machinery, mechanical and electric equipment, electronic equipment, environmental protection equipment, and related components in Mainland China and internationally. The last earnings update was 77 days ago. More info.


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1766 Share Price and Events
7 Day Returns
-2%
SEHK:1766
-3.7%
HK Machinery
-1.1%
HK Market
1 Year Returns
5.1%
SEHK:1766
6.4%
HK Machinery
-6.5%
HK Market
1766 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CRRC (1766) -2% -4.6% -12.6% 5.1% -10.7% -4.8%
HK Machinery -3.7% 0.4% -12% 6.4% 57.5% 42.2%
HK Market -1.1% 3.4% -7.7% -6.5% 17.4% 4.2%
1 Year Return vs Industry and Market
  • 1766 underperformed the Machinery industry which returned 6.4% over the past year.
  • 1766 outperformed the Market in Hong Kong which returned -6.5% over the past year.
Price Volatility
1766
Industry
5yr Volatility vs Market

Value

 Is CRRC 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 CRRC 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 CRRC.

SEHK:1766 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.7%
Perpetual Growth Rate 10-Year HK Government Bond Rate 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 SEHK:1766
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.09
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.086 (1 + (1- 25%) (11.73%))
1.122
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.122 * 5.96%)
8.69%

Discounted Cash Flow Calculation for SEHK:1766 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CRRC 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.

SEHK:1766 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 8.69%)
2020 17,156.00 Analyst x5 15,784.54
2021 19,625.82 Analyst x1 16,613.45
2022 21,589.95 Est @ 10.01% 16,815.11
2023 23,232.16 Est @ 7.61% 16,647.68
2024 24,608.76 Est @ 5.93% 16,224.44
2025 25,777.34 Est @ 4.75% 15,636.31
2026 26,789.09 Est @ 3.92% 14,951.00
2027 27,686.09 Est @ 3.35% 14,216.41
2028 28,501.38 Est @ 2.94% 13,465.12
2029 29,260.16 Est @ 2.66% 12,718.53
Present value of next 10 years cash flows CN¥153,072.59
SEHK:1766 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥29,260.16 × (1 + 2%) ÷ (8.69% – 2%)
CN¥446,425.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥446,425.98 ÷ (1 + 8.69%)10
CN¥194,048.23
SEHK:1766 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥153,072.59 + CN¥194,048.23
CN¥347,120.81
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥347,120.81 / 28,698.86
CN¥12.1
SEHK:1766 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in SEHK:1766 represents 0.80711x of SHSE:601766
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.80711x
Value per Share
(Listing Adjusted, HKD)
= Value per Share (CNY) x Listing Adjustment Factor
= CN¥ 12.10 x 0.80711
HK$9.76
Value per share (HKD) From above. HK$9.76
Current discount Discount to share price of HK$6.36
= -1 x (HK$6.36 - HK$9.76) / HK$9.76
34.9%

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

Current Discount
Amount off the current price CRRC is available for.
Intrinsic value
35%
Share price is HK$6.36 vs Future cash flow value of HK$9.76
Current Discount Checks
For CRRC to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CRRC's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CRRC'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 CRRC's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CRRC's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1766 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CNY CN¥0.42
SHSE:601766 Share Price ** SHSE (2019-07-15) in CNY CN¥7.88
Hong Kong Machinery Industry PE Ratio Median Figure of 37 Publicly-Listed Machinery Companies 9.2x
Hong Kong Market PE Ratio Median Figure of 1,503 Publicly-Listed Companies 10.71x

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

** Primary Listing of CRRC.

SEHK:1766 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SHSE:601766 Share Price ÷ EPS (both in CNY)

= 7.88 ÷ 0.42

18.79x

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

  • CRRC is overvalued based on earnings compared to the HK Machinery industry average.
  • CRRC is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does CRRC's expected growth come at a high price?
Raw Data
SEHK:1766 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.79x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
11.8%per year
Hong Kong Machinery Industry PEG Ratio Median Figure of 12 Publicly-Listed Machinery Companies 0.68x
Hong Kong Market PEG Ratio Median Figure of 477 Publicly-Listed Companies 0.79x

*Line of best fit is calculated by linear regression .

SEHK:1766 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.79x ÷ 11.8%

1.59x

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

  • CRRC is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CRRC's assets?
Raw Data
SEHK:1766 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CNY CN¥4.55
SHSE:601766 Share Price * SHSE (2019-07-15) in CNY CN¥7.88
Hong Kong Machinery Industry PB Ratio Median Figure of 50 Publicly-Listed Machinery Companies 0.96x
Hong Kong Market PB Ratio Median Figure of 2,190 Publicly-Listed Companies 0.92x
SEHK:1766 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SHSE:601766 Share Price ÷ Book Value per Share (both in CNY)

= 7.88 ÷ 4.55

1.73x

* Primary Listing of CRRC.

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

  • CRRC is overvalued based on assets compared to the HK Machinery industry average.
X
Value checks
We assess CRRC'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 Machinery 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 Machinery industry average (and greater than 0)? (1 check)
  5. CRRC has a total score of 1/6, 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.

Future Performance

 How is CRRC expected to perform in the next 1 to 3 years based on estimates from 15 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
11.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CRRC expected to grow at an attractive rate?
  • CRRC's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • CRRC's earnings growth is expected to exceed the Hong Kong market average.
  • CRRC's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:1766 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1766 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 11.8%
SEHK:1766 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 5.5%
Hong Kong Machinery Industry Earnings Growth Rate Market Cap Weighted Average 12.8%
Hong Kong Machinery Industry Revenue Growth Rate Market Cap Weighted Average 10.4%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.2%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.2%

*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
SEHK:1766 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1766 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 272,136 26,575 16,992 13
2020-12-31 263,092 25,176 15,679 15
2019-12-31 245,945 22,780 13,658 13
SEHK:1766 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-03-31 225,828 23,815 11,816
2018-12-31 219,083 18,869 11,305
2018-09-30 205,713 24,931 11,513
2018-06-30 208,587 23,140 11,237
2018-03-31 210,344 22,311 10,909
2017-12-31 211,013 16,184 10,791
2017-09-30 223,091 8,140 10,584
2017-06-30 223,996 11,588 10,168
2017-03-31 222,745 10,082 10,454
2016-12-31 229,484 20,979 11,290
2016-09-30 239,983 28,507 11,373
2016-06-30 242,447 17,643 11,912

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CRRC's earnings are expected to grow by 11.8% yearly, however this is not considered high growth (20% yearly).
  • CRRC's revenue is expected to grow by 5.5% 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
SEHK:1766 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from CRRC Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1766 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.57 0.76 0.45 13.00
2020-12-31 0.53 0.68 0.45 15.00
2019-12-31 0.47 0.55 0.45 14.00
SEHK:1766 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-03-31 0.42
2018-12-31 0.39
2018-09-30 0.40
2018-06-30 0.39
2018-03-31 0.37
2017-12-31 0.38
2017-09-30 0.37
2017-06-30 0.36
2017-03-31 0.38
2016-12-31 0.41
2016-09-30 0.42
2016-06-30 0.44

*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.
  • CRRC is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CRRC'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 Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong 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.
CRRC 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.

Past Performance

  How has CRRC 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 CRRC's growth in the last year to its industry (Machinery).
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.
  • CRRC's year on year earnings growth rate has been positive over the past 5 years.
  • CRRC's 1-year earnings growth exceeds its 5-year average (8.3% vs 5.7%)
  • CRRC's earnings growth has not exceeded the HK Machinery industry average in the past year (8.3% vs 18%).
Earnings and Revenue History
CRRC'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 CRRC Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1766 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 225,827.51 11,815.56 22,363.27 11,161.25
2018-12-31 219,082.64 11,305.04 21,952.50 10,896.92
2018-09-30 205,712.68 11,512.72 22,466.42 11,287.62
2018-06-30 208,586.82 11,236.58 22,485.36 11,322.00
2018-03-31 210,343.52 10,909.44 21,727.90 11,581.56
2017-12-31 211,012.94 10,791.35 23,425.07 9,977.45
2017-09-30 223,090.53 10,583.91 23,419.69 6,673.41
2017-06-30 223,995.79 10,168.33 25,372.50 4,286.21
2017-03-31 222,745.07 10,453.79 29,464.83
2016-12-31 229,483.71 11,290.14 30,032.51
2016-09-30 239,982.60 11,373.06 31,533.98
2016-06-30 242,447.02 11,912.46 31,593.85
2016-03-31 241,341.40 11,854.60 31,282.41
2015-12-31 241,478.16 11,818.40 31,276.72
2015-09-30 222,182.22 10,830.87 31,635.56
2015-06-30 226,613.48 11,116.78 31,654.90
2015-03-31 243,392.39 12,001.30 32,912.61
2014-12-31 221,650.12 10,815.47 28,925.79
2014-09-30 190,788.48 9,600.01 22,228.24
2014-06-30 150,630.16 7,101.12 17,592.77
2014-03-31 98,215.96 4,119.00 11,744.71
2013-12-31 99,286.03 4,164.96 11,836.76
2013-09-30 83,450.14 3,667.34 10,376.68
2013-06-30 84,927.79 3,552.24 10,209.76
2013-03-31 91,045.07 3,749.70 10,965.73
2012-12-31 90,452.84 4,009.46 11,014.03
2012-09-30 85,568.99 3,899.43 11,160.12

*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.
  • CRRC has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CRRC used its assets less efficiently than the HK Machinery industry average last year based on Return on Assets.
  • CRRC's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CRRC'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 Machinery 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.
CRRC has a total score of 2/6, 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.

Health

 How is CRRC'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 CRRC's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CRRC is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CRRC's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CRRC'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 10.1x 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 CRRC Company Filings, last reported 3 months ago.

SEHK:1766 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 152,628.12 24,771.66 45,437.29
2018-12-31 149,684.63 24,583.95 51,985.75
2018-09-30 145,866.22 33,395.76 56,807.93
2018-06-30 141,793.25 39,261.46 57,325.71
2018-03-31 143,317.06 38,342.69 50,601.63
2017-12-31 141,919.62 47,628.59 66,699.74
2017-09-30 137,721.92 45,622.59 38,212.12
2017-06-30 133,916.96 42,866.75 37,393.88
2017-03-31 137,490.94 34,802.88 35,909.07
2016-12-31 123,815.58 41,655.44 50,426.10
2016-09-30 118,287.38 41,105.22 39,461.82
2016-06-30 114,938.25 44,186.56 38,472.13
2016-03-31 115,772.80 33,777.99 34,571.46
2015-12-31 113,574.57 29,575.84 44,380.13
2015-09-30 112,306.61 43,316.13 37,973.59
2015-06-30 108,918.99 40,148.75 37,790.78
2015-03-31 54,310.37 12,822.14 22,193.11
2014-12-31 102,177.23 39,591.07 53,744.55
2014-09-30 49,898.19 17,387.35 16,884.99
2014-06-30 47,256.72 21,670.96 20,896.83
2014-03-31 47,156.53 9,433.47 19,298.77
2013-12-31 46,782.72 11,214.80 17,303.33
2013-09-30 41,339.94 11,023.21 12,864.81
2013-06-30 40,689.42 11,840.98 13,895.34
2013-03-31 40,548.50 5,702.54 12,832.86
2012-12-31 39,509.86 9,322.97 15,266.04
2012-09-30 37,700.60 5,917.09 10,165.92
  • CRRC's level of debt (16.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (20.3% vs 16.2% today).
  • Debt is well covered by operating cash flow (96.1%, greater than 20% of total debt).
  • CRRC earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess CRRC'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. CRRC has a total score of 6/6, 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.

Dividends

 What is CRRC'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
1.9%
Current annual income from CRRC dividends. Estimated to be 2.53% next year.
If you bought HK$2,000 of CRRC shares you are expected to receive HK$38 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?
  • CRRC's pays a lower dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • CRRC's dividend is below the markets top 25% of dividend payers in Hong Kong (5.73%).
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
SEHK:1766 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 15 Analyst Estimates (S&P Global) See Below
Hong Kong Machinery Industry Average Dividend Yield Market Cap Weighted Average of 26 Stocks 3.2%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 978 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

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

SEHK:1766 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.22 10.00
2020-12-31 0.20 12.00
2019-12-31 0.18 13.00
SEHK:1766 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-05-06 0.150 1.864
2018-05-31 0.150 1.746
2017-08-03 0.210 2.003
2016-04-27 0.150 1.534
2015-04-29 0.000 0.000
2015-04-07 0.120 0.428
2014-07-22 0.090 1.263
2013-05-30 0.090 2.067
2012-07-02 0.180 4.068
2011-05-31 0.040 0.790
2010-08-11 0.040 0.585
2010-04-22 0.040 0.782
2009-04-23 0.032 0.624

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CRRC's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess CRRC's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 CRRC afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CRRC has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of CRRC'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
Yongcai Sun
COMPENSATION CN¥965,000
AGE 55
TENURE AS CEO 1.8 years
CEO Bio

Mr. Yongcai Sun has been President since October 12, 2017 at CRRC Corporation Limited since and has been its Executive Director since June 20, 2017. Mr. Sun served as Vice President of CRRC Corporation Limited from June 2015 to May 2017. Mr. Sun has been Vice President of China CNR Corporation Limited since December 7, 2010. Mr. Sun obtained a bachelor's degree in engineering from Dalian Railway Institute in July 1987 and a doctoral degree in engineering from Dalian Jiaotong University in June 2011.

CEO Compensation
  • Yongcai's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Yongcai's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team Tenure

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

3.1
Average Tenure
56
Average Age
  • The tenure for the CRRC management team is about average.
Management Team

Hualong Liu

TITLE
Executive Chairman
AGE
57

Yongcai Sun

TITLE
President & Executive Director
COMPENSATION
CN¥965K
AGE
55
TENURE
1.8 yrs

Yanjing Zhan

TITLE
VP & CFO
COMPENSATION
CN¥926K
AGE
56
TENURE
4.1 yrs

Zongxiang Xu

TITLE
Executive Director
COMPENSATION
CN¥917K
AGE
56
TENURE
2.1 yrs

Jilong Xie

TITLE
Secretary to the Board & Joint Company Secretary
COMPENSATION
CN¥884K
AGE
53
TENURE
4.1 yrs

Jian Wang

TITLE
Head of Accounting Department
Board of Directors Tenure

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

4.1
Average Tenure
60
Average Age
  • The tenure for the CRRC board of directors is about average.
Board of Directors

Hualong Liu

TITLE
Executive Chairman
AGE
57
TENURE
2.6 yrs

Yongcai Sun

TITLE
President & Executive Director
COMPENSATION
CN¥965K
AGE
55
TENURE
2.1 yrs

Zongxiang Xu

TITLE
Executive Director
COMPENSATION
CN¥917K
AGE
56
TENURE
2.1 yrs

Jun Wan

TITLE
Chairman of Supervisory Committee
AGE
56
TENURE
4.1 yrs

Guo'an Li

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥60K
AGE
67
TENURE
5.1 yrs

Zhuo Wu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥60K
AGE
69
TENURE
5.1 yrs

Patrick Sun

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥150K
AGE
61
TENURE
4.2 yrs

Zhiyong Liu

TITLE
Non-Executive Director
AGE
62
TENURE
5.1 yrs

Wei Qiu

TITLE
Employee Representative Supervisor
COMPENSATION
CN¥651K
AGE
60
TENURE
9.6 yrs

Zhenhan Chen

TITLE
Shareholder Representative Supervisor
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
27. Jun 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 24. Jun 19 24. Jun 19 3,783 HK$6.71 HK$25,370
27. Jun 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 24. Jun 19 24. Jun 19 5,202,123 HK$6.71 HK$34,887,008
27. Jun 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 24. Jun 19 24. Jun 19 -43,161,087 HK$6.71 HK$-289,451,288
27. Jun 19 Sell J.P. Morgan Asset Management, Inc. Company 24. Jun 19 24. Jun 19 -7,000 HK$6.71 HK$-46,944
26. Jun 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 21. Jun 19 21. Jun 19 38,202,569 HK$6.70 HK$255,934,352
05. Apr 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 02. Apr 19 02. Apr 19 -17,847,294 HK$7.29 HK$-130,047,946
03. Apr 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 29. Mar 19 29. Mar 19 21,221,881 HK$7.32 HK$155,426,962
06. Mar 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 01. Mar 19 01. Mar 19 1,070,849 HK$8.38 HK$8,976,174
13. Feb 19 Sell J.P. Morgan Asset Management, Inc. Company 08. Feb 19 08. Feb 19 -16,128,279 HK$7.80 HK$-125,874,794
08. Feb 19 Buy J.P. Morgan Asset Management, Inc. Company 01. Feb 19 01. Feb 19 1,258,217 HK$7.81 HK$9,832,585
04. Feb 19 Sell J.P. Morgan Asset Management, Inc. Company 31. Jan 19 31. Jan 19 -6,164,254 HK$7.88 HK$-48,579,273
30. Jan 19 Sell J.P. Morgan Asset Management, Inc. Company 25. Jan 19 25. Jan 19 -2,706,333 HK$7.83 HK$-21,195,190
25. Jan 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 22. Jan 19 22. Jan 19 12,567,674 HK$7.76 HK$97,541,527
23. Jan 19 Sell J.P. Morgan Asset Management, Inc. Company 18. Jan 19 18. Jan 19 -13,034,950 HK$7.72 HK$-100,687,152
21. Jan 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 16. Jan 19 16. Jan 19 6,741,458 HK$7.93 HK$53,430,095
17. Jan 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 14. Jan 19 14. Jan 19 -1,648,342 HK$7.90 HK$-13,020,413
10. Jan 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 07. Jan 19 07. Jan 19 -7,369,557 HK$7.86 HK$-57,912,212
10. Jan 19 Sell China International Fund Management Company Limited Company 07. Jan 19 07. Jan 19 -169,000 HK$7.86 HK$-1,328,053
09. Jan 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 04. Jan 19 04. Jan 19 11,799,745 HK$7.72 HK$91,143,560
14. Nov 18 Buy J.P. Morgan Asset Management, Inc. Company 09. Nov 18 09. Nov 18 6,923,649 HK$7.06 HK$48,884,405
08. Nov 18 Sell J.P. Morgan Asset Management, Inc. Company 05. Nov 18 05. Nov 18 -3,342,591 HK$7.05 HK$-23,564,594
30. Oct 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 25. Oct 18 25. Oct 18 1,266,387 HK$6.77 HK$8,573,694
05. Nov 18 Buy J.P. Morgan Asset Management, Inc. Company 01. Nov 18 01. Nov 18 987,499 HK$6.93 HK$6,848,005
05. Nov 18 Buy Citigroup Inc.,Banking and Securities Investments Company 31. Oct 18 31. Oct 18 444,800 HK$6.88 HK$3,061,958
31. Oct 18 Sell J.P. Morgan Asset Management, Inc. Company 26. Oct 18 26. Oct 18 -3,440,691 HK$6.78 HK$-23,331,660
16. Oct 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 11. Oct 18 11. Oct 18 3,720,795 HK$6.79 HK$25,266,814
18. Oct 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 15. Oct 18 15. Oct 18 -9,669,676 HK$6.76 HK$-65,405,692
08. Oct 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 03. Oct 18 03. Oct 18 11,126,349 HK$7.15 HK$79,552,282
11. Oct 18 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 08. Oct 18 08. Oct 18 -12,958,787 HK$7.04 HK$-91,292,086
03. Oct 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 27. Sep 18 27. Sep 18 22,382,905 HK$7.10 HK$159,023,750
03. Oct 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 28. Sep 18 28. Sep 18 -19,365,664 HK$7.13 HK$-138,110,128
31. Jul 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Jul 18 26. Jul 18 -17,928,597 HK$6.44 HK$-115,453,026
02. Aug 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 25. Jul 18 25. Jul 18 4,619,268 HK$6.45 HK$29,813,690
X
Management checks
We assess CRRC'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. CRRC 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.

News

Simply Wall St News

Company Info

Description

CRRC Corporation Limited, together with its subsidiaries, engages in the research, design, development, manufacture, sale, refurbishment, service, and lease of locomotives, metro cars, engineering machinery, mechanical and electric equipment, electronic equipment, environmental protection equipment, and related components in Mainland China and internationally. It also offers passenger carriages and coaches, freight wagons, MUs, and rapid transit vehicles. In addition, the company is involved in other businesses that utilize proprietary rolling stock technologies; research and development of electric traction and control technologies, as well as sale of applicant services and related products; international freight agency activities; and trading of raw materials. Further, it engages in information consultation; industry investment and management; asset management; finance leasing; import and export; the sale of machinery and construction materials; the sale and leasing of machinery equipment; accepting deposits and providing entrusted loans; the manufacture, sale, and repair of rolling stock; project management contracting; and the provision of logistics and after-sale maintaining services. Additionally, the company manufactures and sells wind turbines and electric motors; train bore systems and components; and polymer compounds, etc., as well as provides computer technology, basic software related, applicant software related, computer systematic, and data processing services. The company was formerly known as CSR Corporation Limited and changed its name to CRRC Corporation Limited in June 2015. The company was incorporated in 2007 and is headquartered in Beijing, the People’s Republic of China.

Details
Name: CRRC Corporation Limited
1766
Exchange: SEHK
Founded: 2007
CN¥245,868,634,338
28,698,864,088
Website: http://www.crrcgc.cc
Address: CRRC Corporation Limited
No. 16 Central West Fourth Ring Road,
Haidian District,
Beijing,
100036,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SHSE 601766 Domestic Shares Shanghai Stock Exchange CN CNY 19. Aug 2008
XSSC 601766 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 19. Aug 2008
SEHK 1766 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 15. Aug 2008
OTCPK CRRR.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 15. Aug 2008
DB C2L Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 15. Aug 2008
SHSC 1766 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 15. Aug 2008
SZSC 1766 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 15. Aug 2008
Number of employees
Current staff
Staff numbers
168,600
CRRC employees.
Industry
Construction Machinery and Heavy Trucks
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 13:04
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/07/12
Last earnings filing: 2019/04/29
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.