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1911

China Renaissance Holdings SEHK:1911 Stock Report

Last Price

HK$9.02

Market Cap

HK$5.0b

7D

3.3%

1Y

-50.4%

Updated

14 Aug, 2022

Data

Company Financials +
1911 fundamental analysis
Snowflake Score
Valuation5/6
Future Growth4/6
Past Performance5/6
Financial Health5/6
Dividends3/6

1911 Stock Overview

China Renaissance Holdings Limited, an investment holding company, engages in investment banking and investment management businesses in Mainland China, Hong Kong, and the United States.

China Renaissance Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for China Renaissance Holdings
Historical stock prices
Current Share PriceHK$9.02
52 Week HighHK$22.90
52 Week LowHK$7.94
Beta0.59
1 Month Change12.05%
3 Month Change2.85%
1 Year Change-50.39%
3 Year Change-36.48%
5 Year Changen/a
Change since IPO-63.48%

Recent News & Updates

Shareholder Returns

1911HK Capital MarketsHK Market
7D3.3%0.4%0.3%
1Y-50.4%-23.2%-21.8%

Return vs Industry: 1911 underperformed the Hong Kong Capital Markets industry which returned -23.2% over the past year.

Return vs Market: 1911 underperformed the Hong Kong Market which returned -21.8% over the past year.

Price Volatility

Is 1911's price volatile compared to industry and market?
1911 volatility
1911 Average Weekly Movement6.5%
Capital Markets Industry Average Movement7.0%
Market Average Movement6.5%
10% most volatile stocks in HK Market12.7%
10% least volatile stocks in HK Market3.2%

Stable Share Price: 1911 is not significantly more volatile than the rest of Hong Kong stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: 1911's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2005737Fan Baohttps://www.huaxing.com

China Renaissance Holdings Limited, an investment holding company, engages in investment banking and investment management businesses in Mainland China, Hong Kong, and the United States. It operates through Investment Banking, Investment Management, CR Securities, and Others segments. The Investment Banking segment offers financial advisory, and merger and acquisition advisory services; equity underwriting, sales, trading, brokerage, and research services; and structured financing services, which include exploring and developing non-equity financing services for new-economy firms.

China Renaissance Holdings Fundamentals Summary

How do China Renaissance Holdings's earnings and revenue compare to its market cap?
1911 fundamental statistics
Market CapCN¥4.31b
Earnings (TTM)CN¥1.62b
Revenue (TTM)CN¥2.35b

2.7x

P/E Ratio

1.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
1911 income statement (TTM)
RevenueCN¥2.35b
Cost of RevenueCN¥0
Gross ProfitCN¥2.35b
Other ExpensesCN¥729.57m
EarningsCN¥1.62b

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.92
Gross Margin100.00%
Net Profit Margin69.01%
Debt/Equity Ratio39.6%

How did 1911 perform over the long term?

See historical performance and comparison

Dividends

4.9%

Current Dividend Yield

12%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 1911 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1911?

Other financial metrics that can be useful for relative valuation.

1911 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.3x

Price to Earnings Ratio vs Peers

How does 1911's PE Ratio compare to its peers?

1911 PE Ratio vs Peers
The above table shows the PE ratio for 1911 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.5x
3678 Holly Futures
13.4xn/aHK$4.1b
1788 Guotai Junan International Holdings
7x12.2%HK$7.6b
1476 Hengtai Securities
20.7xn/aHK$6.7b
279 Arta TechFin
1xn/aHK$2.8b
1911 China Renaissance Holdings
2.7x10.1%HK$5.0b

Price-To-Earnings vs Peers: 1911 is good value based on its Price-To-Earnings Ratio (2.7x) compared to the peer average (10.5x).


Price to Earnings Ratio vs Industry

How does 1911's PE Ratio compare vs other companies in the HK Capital Markets Industry?

Price-To-Earnings vs Industry: 1911 is good value based on its Price-To-Earnings Ratio (2.7x) compared to the Hong Kong Capital Markets industry average (9.6x)


Price to Earnings Ratio vs Fair Ratio

What is 1911's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

1911 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio2.7x
Fair PE Ratio5.1x

Price-To-Earnings vs Fair Ratio: 1911 is good value based on its Price-To-Earnings Ratio (2.7x) compared to the estimated Fair Price-To-Earnings Ratio (5.1x).


Share Price vs Fair Value

What is the Fair Price of 1911 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1911 (HK$9.02) is trading below our estimate of fair value (HK$55.85)

Significantly Below Fair Value: 1911 is trading below fair value by more than 20%.


Analyst Price Targets

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

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is China Renaissance Holdings forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


10.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 1911's forecast earnings growth (10.1% per year) is above the savings rate (1.6%).

Earnings vs Market: 1911's earnings (10.1% per year) are forecast to grow slower than the Hong Kong market (16.8% per year).

High Growth Earnings: 1911's earnings are forecast to grow, but not significantly.

Revenue vs Market: 1911's revenue (20.3% per year) is forecast to grow faster than the Hong Kong market (10% per year).

High Growth Revenue: 1911's revenue (20.3% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 1911's Return on Equity is forecast to be high in 3 years time (20%)


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Past Performance

How has China Renaissance Holdings performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


65.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 1911 has high quality earnings.

Growing Profit Margin: 1911's current net profit margins (69%) are higher than last year (38.2%).


Past Earnings Growth Analysis

Earnings Trend: 1911's earnings have grown significantly by 65.1% per year over the past 5 years.

Accelerating Growth: 1911's earnings growth over the past year (56.5%) is below its 5-year average (65.1% per year).

Earnings vs Industry: 1911 earnings growth over the past year (56.5%) exceeded the Capital Markets industry 10.2%.


Return on Equity

High ROE: 1911's Return on Equity (20.8%) is considered high.


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Financial Health

How is China Renaissance Holdings's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 1911's short term assets (CN¥7.7B) exceed its short term liabilities (CN¥4.5B).

Long Term Liabilities: 1911's short term assets (CN¥7.7B) exceed its long term liabilities (CN¥1.8B).


Debt to Equity History and Analysis

Debt Level: 1911 has more cash than its total debt.

Reducing Debt: 1911's debt to equity ratio has reduced from 292.9% to 39.6% over the past 5 years.

Debt Coverage: 1911's debt is well covered by operating cash flow (54.2%).

Interest Coverage: Insufficient data to determine if 1911's interest payments on its debt are well covered by EBIT.


Balance Sheet


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Dividend

What is China Renaissance Holdings's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.91%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 1911's dividend (4.91%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.86%).

High Dividend: 1911's dividend (4.91%) is low compared to the top 25% of dividend payers in the Hong Kong market (8.26%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, 1911 has been paying a dividend for less than 10 years.

Growing Dividend: 1911's dividend payments have increased, but the company has only paid a dividend for 2 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (11.6%), 1911's dividend payments are thoroughly covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (12.9%), 1911's dividend payments are thoroughly covered by cash flows.


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Management

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

2.0yrs

Average board tenure


CEO

Fan Bao (52 yo)

no data

Tenure

CN¥29,161,000

Compensation

Mr. Fan Bao serves as Director at China Renaissance Securities (Hong Kong) Limited. Mr. Bao serves as the Chief Executive Officer and Chairman of China Renaissance Partners. Mr. Bao founded China Renaissan...


CEO Compensation Analysis

Compensation vs Market: Fan's total compensation ($USD4.32M) is above average for companies of similar size in the Hong Kong market ($USD547.70K).

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


Board Members

Experienced Board: 1911's board of directors are not considered experienced ( 2 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: 1911 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

Company Information

China Renaissance Holdings Limited's employee growth, exchange listings and data sources


Key Information

  • Name: China Renaissance Holdings Limited
  • Ticker: 1911
  • Exchange: SEHK
  • Founded: 2005
  • Industry: Investment Banking and Brokerage
  • Sector: Diversified Financials
  • Implied Market Cap: HK$5.014b
  • Shares outstanding: 555.83m
  • Website: https://www.huaxing.com

Number of Employees


Location

  • China Renaissance Holdings Limited
  • Pacific Century Place
  • Gate 1, Space 8
  • Beijing
  • 100027
  • China

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/14 00:00
End of Day Share Price2022/08/12 00:00
Earnings2021/12/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.