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Guotai Junan Securities

SEHK:2611
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2611
SEHK
CN¥140B
Market Cap
  1. Home
  2. HK
  3. Diversified Financials
Company description

Guotai Junan Securities Co., Ltd. operates as a securities company in the People’s Republic of China. The last earnings update was 24 days ago. More info.


Add to Portfolio Compare Print
  • Guotai Junan Securities has significant price volatility in the past 3 months.
2611 Share Price and Events
7 Day Returns
-5.7%
SEHK:2611
-3.2%
HK Capital Markets
-2.5%
HK Market
1 Year Returns
-25.1%
SEHK:2611
-22%
HK Capital Markets
-15.9%
HK Market
2611 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Guotai Junan Securities (2611) -5.7% -13% -20.3% -25.1% - -
HK Capital Markets -3.2% -14.2% -8.8% -22% -16.2% 6.5%
HK Market -2.5% -8.6% -3.6% -15.9% 25.4% 7.8%
1 Year Return vs Industry and Market
  • 2611 underperformed the Capital Markets industry which returned -22% over the past year.
  • 2611 underperformed the Market in Hong Kong which returned -15.9% over the past year.
Price Volatility
2611
Industry
5yr Volatility vs Market
Related Companies

2611 Value

 Is Guotai Junan Securities 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 Guotai Junan Securities 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 Guotai Junan Securities.

SEHK:2611 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= CN¥15.19 * 7.8%
CN¥1.18
Book Value of Equity per Share Weighted future Book Value estimates from 8 analysts. CN¥15.19
Discount Rate (Cost of Equity) See below 9.5%
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:2611
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.7
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.701 (1 + (1- 25%) (129.16%))
1.255
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.25
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.255 * 5.96%)
9.48%

Discounted Cash Flow Calculation for SEHK:2611 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Guotai Junan Securities 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.

SEHK:2611 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.8% – 9.48%) * CN¥15.19)
CN¥-0.26
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥-0.26 / (9.48% - 2%)
CN¥-3.43
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥15.19 + CN¥-3.43
CN¥11.76
SEHK:2611 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in SEHK:2611 represents 0.8773x of SHSE:601211
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.8773x
Value per Share
(Listing Adjusted, HKD)
= Value per Share (CNY) x Listing Adjustment Factor
= CN¥ 11.76 x 0.8773
HK$10.32
Value per share (HKD) From above. HK$10.32
Current discount Discount to share price of HK$14.30
= -1 x (HK$14.30 - HK$10.32) / HK$10.32
-38.6%

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

  • The current share price of Guotai Junan Securities 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 Guotai Junan Securities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Guotai Junan Securities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:2611 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CNY CN¥0.78
SHSE:601211 Share Price ** SHSE (2019-05-20) in CNY CN¥16.3
Hong Kong Capital Markets Industry PE Ratio Median Figure of 43 Publicly-Listed Capital Markets Companies 15.56x
Hong Kong Market PE Ratio Median Figure of 1,476 Publicly-Listed Companies 11.17x

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

** Primary Listing of Guotai Junan Securities.

SEHK:2611 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SHSE:601211 Share Price ÷ EPS (both in CNY)

= 16.3 ÷ 0.78

20.94x

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

  • Guotai Junan Securities is overvalued based on earnings compared to the HK Capital Markets industry average.
  • Guotai Junan Securities is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Guotai Junan Securities's expected growth come at a high price?
Raw Data
SEHK:2611 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
16%per year
Hong Kong Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 0.78x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.79x

*Line of best fit is calculated by linear regression .

SEHK:2611 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.94x ÷ 16%

1.31x

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

  • Guotai Junan Securities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Guotai Junan Securities's assets?
Raw Data
SEHK:2611 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CNY CN¥14.62
SHSE:601211 Share Price * SHSE (2019-05-20) in CNY CN¥16.3
Hong Kong Capital Markets Industry PB Ratio Median Figure of 71 Publicly-Listed Capital Markets Companies 0.67x
Hong Kong Market PB Ratio Median Figure of 2,155 Publicly-Listed Companies 0.97x
SEHK:2611 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SHSE:601211 Share Price ÷ Book Value per Share (both in CNY)

= 16.3 ÷ 14.62

1.12x

* Primary Listing of Guotai Junan Securities.

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

  • Guotai Junan Securities is overvalued based on assets compared to the HK Capital Markets industry average.
X
Value checks
We assess Guotai Junan Securities'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. Guotai Junan Securities has a total score of 0/6, 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.

2611 Future Performance

 How is Guotai Junan Securities expected to perform in the next 1 to 3 years based on estimates from 7 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
16%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Guotai Junan Securities expected to grow at an attractive rate?
  • Guotai Junan Securities's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Guotai Junan Securities's earnings growth is expected to exceed the Hong Kong market average.
  • Guotai Junan Securities's revenue growth is expected to exceed the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:2611 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:2611 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 16%
SEHK:2611 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 15.2%
Hong Kong Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 15.6%
Hong Kong Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 14.3%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.4%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.7%

*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:2611 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:2611 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 35,790 11,848 7
2020-12-31 31,402 10,465 4
2019-12-31 28,177 9,352 1
SEHK:2611 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-03-31 22,551 55,970 6,864
2018-12-31 21,707 73,572 6,118
2018-09-30 21,724 23,541 7,768
2018-06-30 22,219 -3,554 8,544
2018-03-30 23,338 -7,315 8,988
2017-12-31 23,152 -63,794 9,292
2017-09-30 22,466 -48,272 8,640
2017-06-30 23,190 -68,539 8,988
2017-03-31 23,254 -81,786 9,440
2016-12-31 25,716 -58,816 9,251
2016-09-30 28,590 -101,964 10,886
2016-06-30 29,041 -102,578 10,583

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Guotai Junan Securities's earnings are expected to grow by 16% yearly, however this is not considered high growth (20% yearly).
  • Guotai Junan Securities's revenue is expected to grow by 15.2% 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:2611 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Guotai Junan Securities Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:2611 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.36 1.57 1.18 8.00
2020-12-31 1.23 1.42 1.10 10.00
2019-12-31 1.08 1.24 0.99 9.00
SEHK:2611 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-03-31 0.78
2018-12-31 0.70
2018-09-30 0.88
2018-06-30 0.99
2018-03-30 1.06
2017-12-31 1.11
2017-09-30 1.06
2017-06-30 1.13
2017-03-31 1.25
2016-12-31 1.21
2016-09-30 1.38
2016-06-30 1.40

*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.
  • Guotai Junan Securities is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Guotai Junan Securities'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.
Guotai Junan Securities 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.

2611 Past Performance

  How has Guotai Junan Securities 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 Guotai Junan Securities'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.
  • Guotai Junan Securities's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Guotai Junan Securities's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Guotai Junan Securities's 1-year earnings growth is negative, it can't be compared to the HK Capital Markets industry average.
Earnings and Revenue History
Guotai Junan Securities'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 Guotai Junan Securities Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:2611 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 22,551.30 6,864.41 997.16
2018-12-31 21,707.11 6,118.12 989.53
2018-09-30 21,723.97 7,768.47 -3,045.51
2018-06-30 22,219.01 8,544.28 -3,255.28
2018-03-30 23,338.07 8,987.70 1,528.59
2017-12-31 23,152.34 9,291.54 1,013.16
2017-09-30 22,466.37 8,640.18 224.08
2017-06-30 23,189.92 8,987.52 338.00
2017-03-31 23,253.87 9,439.89 278.19
2016-12-31 25,716.37 9,251.42 781.69
2016-09-30 28,589.79 10,886.08 8,175.78
2016-06-30 29,040.74 10,583.19 5,790.99
2016-03-31 38,264.77 14,740.16 3,347.21
2015-12-31 37,639.02 15,200.65 664.22
2015-09-30 36,072.40 14,785.52 460.20
2015-06-30 33,937.91 14,245.32 460.20
2015-03-31 22,705.53 8,641.33 456.89
2014-12-31 17,645.58 6,757.91 460.20
2014-09-30 12,698.58 4,564.62 182.13
2014-06-30 10,147.67 3,402.99 364.27
2014-03-31 9,186.40 3,017.81 364.27
2013-12-31 9,006.83 2,878.97 364.27
2013-09-30 8,565.64 2,587.15 358.67
2013-06-30 8,139.91 2,304.80 353.07
2013-03-31 7,969.23 2,397.38 353.07
2012-12-31 7,798.55 2,489.97 353.07
2012-09-30 7,763.45 2,715.36 -47.79
2012-06-30 7,728.35 2,940.75 275.00

*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.
  • Guotai Junan Securities has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Guotai Junan Securities used its assets less efficiently than the HK Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Guotai Junan Securities 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 Guotai Junan Securities'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.
Guotai Junan Securities has a total score of 1/6, 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.

2611 Health

 How is Guotai Junan Securities'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 Guotai Junan Securities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Guotai Junan Securities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Guotai Junan Securities's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Guotai Junan Securities'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 2.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

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

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

All data from Guotai Junan Securities Company Filings, last reported 1 month ago.

SEHK:2611 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 137,716.52 181,239.37 325,973.52
2018-12-31 133,673.39 164,559.81 287,593.65
2018-09-30 133,876.79 153,381.20 281,695.17
2018-06-30 132,390.53 169,643.77 264,785.24
2018-03-30 136,771.12 171,580.28 340,071.62
2017-12-31 133,695.22 190,004.44 254,154.29
2017-09-30 131,579.64 151,716.06 274,013.06
2017-06-30 127,765.05 149,857.89 229,354.46
2017-03-31 110,273.00 141,148.61 250,125.65
2016-12-31 110,751.72 149,009.39 232,632.50
2016-09-30 108,313.77 127,585.73 243,041.55
2016-06-30 102,840.75 145,118.65 229,213.68
2016-03-31 103,632.11 148,161.30 290,705.46
2015-12-31 101,636.72 162,294.51 253,960.66
2015-09-30 98,365.58 180,538.47 340,739.72
2015-06-30 97,365.62 217,868.70 397,515.79
2015-03-31 55,484.38 153,612.92 222,614.94
2014-12-31 47,298.67 139,563.58 177,462.85
2014-09-30
2014-06-30 37,468.37 64,851.55 108,031.52
2014-03-31 35,002.15 58,114.99 98,880.84
2013-12-31 35,002.15 58,114.99 98,880.84
2013-09-30 35,002.15 56,387.49 77,511.32
2013-06-30 33,704.21 27,148.17 80,443.62
2013-03-31 33,704.21 27,148.17 80,443.62
2012-12-31 32,552.62 28,749.25 74,370.54
2012-09-30 32,552.62 23,605.83 74,370.54
2012-06-30 31,060.63 10,618.54 67,849.92
  • Guotai Junan Securities's level of debt (131.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (166.1% vs 131.6% today).
  • Debt is well covered by operating cash flow (30.9%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Guotai Junan Securities's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Guotai Junan Securities'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. Guotai Junan Securities has a total score of 4/6, 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.

2611 Dividends

 What is Guotai Junan Securities'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
1.69%
Current annual income from Guotai Junan Securities dividends. Estimated to be 2.94% next year.
If you bought HK$2,000 of Guotai Junan Securities shares you are expected to receive HK$34 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?
  • Guotai Junan Securities's pays a lower dividend yield than the bottom 25% of dividend payers in Hong Kong (2.07%).
  • Guotai Junan Securities's dividend is below the markets top 25% of dividend payers in Hong Kong (5.72%).
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:2611 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 7 Analyst Estimates (S&P Global) See Below
Hong Kong Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 2.9%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 968 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:2611 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.54 4.00
2020-12-31 0.48 7.00
2019-12-31 0.44 6.00
SEHK:2611 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-20 0.275 1.445
2018-05-18 0.400 2.537
2017-03-21 0.390 2.023
2016-10-28 0.000 0.000
2016-05-31 0.620 3.448
2015-10-29 0.200 1.009
2015-10-14 0.200 0.953

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

  • Guotai Junan Securities has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Guotai Junan Securities only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of Guotai Junan Securities'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 Guotai Junan Securities'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 Guotai Junan Securities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Guotai Junan Securities 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.

2611 Management

 What is the CEO of Guotai Junan Securities'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
Wang Song
COMPENSATION CN¥1,636,000
AGE 54
TENURE AS CEO 3.8 years
CEO Bio

Mr. Song Wang has been President at Guotai Junan Securities Co.,Ltd. since August 21, 2015 and serves as its Chief Executive Officer. Mr. Wang has been Vice Chairman at Guotai Junan Securities Co.,Ltd. since November 2016 and has been its Executive Director since September 08, 2015, and served as its Vice President from November 22, 2002 to August 2015. Mr. Wang obtained a bachelor’s degree in engineering and a postgraduate diploma in industrial management engineering from the Central China Industry College (currently known as Huazhong University of Science and Technology) in Wuhan in July 1985 and July 1987, respectively.

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

Average tenure and age of the Guotai Junan Securities management team in years:

2.5
Average Tenure
52.5
Average Age
  • The tenure for the Guotai Junan Securities management team is about average.
Management Team

Dehong Yang

TITLE
Chairman of the Board
COMPENSATION
CN¥1M
AGE
52

Wang Song

TITLE
Vice Chairman of the Board
COMPENSATION
CN¥2M
AGE
54
TENURE
3.8 yrs

Lebin Xie

TITLE
CFO, Chief Risk Officer & Head of Accounting
AGE
50
TENURE
2.5 yrs

Zhihong Zhang

TITLE
Chief Compliance Officer
AGE
49
TENURE
0.6 yrs

Jian Yu

TITLE
Head of the Office of the Board
COMPENSATION
CN¥6M
AGE
53
TENURE
9.9 yrs

Yvonne Kwong

TITLE
Joint Company Secretary
AGE
63
TENURE
2.1 yrs
Board of Directors Tenure

Average tenure and age of the Guotai Junan Securities board of directors in years:

3.9
Average Tenure
53.5
Average Age
  • The tenure for the Guotai Junan Securities board of directors is about average.
Board of Directors

Dehong Yang

TITLE
Chairman of the Board
COMPENSATION
CN¥1M
AGE
52
TENURE
3.8 yrs

Wang Song

TITLE
Vice Chairman of the Board
COMPENSATION
CN¥2M
AGE
54
TENURE
2.5 yrs

Jian Yu

TITLE
Head of the Office of the Board
COMPENSATION
CN¥6M
AGE
53
TENURE
3 yrs

Fan Fu

TITLE
Non-Executive Director
AGE
53
TENURE
4.3 yrs

Dawei Xia

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
65
TENURE
3 yrs

Guogang Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
59
TENURE
6.3 yrs

Hongbo Shang

TITLE
Chairman of Supervisory Committee
AGE
59
TENURE
3.6 yrs

Maojun Zhong

TITLE
Non-Executive Director
AGE
48
TENURE
4 yrs

Lei Zhou

TITLE
Non-Executive Director
AGE
40
TENURE
4 yrs

Derong Shi

TITLE
Independent Non-Executive Director
AGE
70
TENURE
6.3 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 (HK$) Value (HK$)
11. May 19 Buy Matthews International Capital Management, LLC Company 09. May 19 09. May 19 997,800 HK$15.07 HK$15,037,343
25. Apr 19 Buy New China Asset Management (Hong Kong) Limited Company 17. Apr 19 17. Apr 19 62,178,000 HK$16.34 HK$1,015,988,616
16. Apr 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 11. Apr 19 11. Apr 19 -19,299,800 HK$16.43 HK$-317,004,933
12. Apr 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 09. Apr 19 09. Apr 19 44,450,201 HK$17.68 HK$785,861,766
18. Mar 19 Sell National Social Security Fund Company 14. Mar 19 14. Mar 19 -200,000 HK$17.46 HK$-3,492,160
02. Mar 19 Buy Matthews International Capital Management, LLC Company 28. Feb 19 28. Feb 19 3,060,000 HK$17.47 HK$53,469,227
13. Feb 19 Buy Matthews International Capital Management, LLC Company 11. Feb 19 11. Feb 19 200,000 HK$17.37 HK$3,473,339
01. Jun 18 Buy Shenzhen Energy Group Co., Ltd. Company 31. May 18 31. May 18 100,000,000 HK$17.99 HK$1,798,999,756
01. Jun 18 Sell Shenzhen Energy Group Co., Ltd. Company 31. May 18 31. May 18 -100,000,000 HK$17.99 HK$-1,798,999,756
X
Management checks
We assess Guotai Junan Securities'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. Guotai Junan Securities 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.

2611 News

Simply Wall St News

2611 Company Info

Description

Guotai Junan Securities Co., Ltd. operates as a securities company in the People’s Republic of China. It operates through six segments: Institutional Finance-Institutional Investor Services, Institutional Finance-Investment Banking, Personal Finance, Investment Management, International Business, and Other. The company offers prime brokerage, stock-pledged financing, and securities repurchase services; and market-making and proprietary trading services, as well as research services for institutional clients. It also provides listing sponsorship, equity underwriting, debt underwriting, structured debt financing, and mergers and acquisitions financial advisory services, as well as various corporate solutions to corporate and government clients; and securities and futures brokerage, margin financing, securities lending, wealth management, and financial planning services to retail clients through online and offline channels. In addition, the company offers asset management, fund management, and direct investment management services to institutions and individuals. Further, it is involved in the brokerage, corporate finance, and investment businesses; and provision of alternative investment, securities investment consultation, futures investment consultation, equity investment, venture capital, investment consultation, and other services. Additionally, the company engages in the financial advisory business relating to securities trading and securities investment; and agency sale of securities investment funds, as well as financial products. Guotai Junan Securities Co., Ltd. was founded in 1992 and is based in Shanghai, the People’s Republic of China.

Details
Name: Guotai Junan Securities Co., Ltd.
2611
Exchange: SEHK
Founded: 1992
CN¥159,228,931,408
8,907,947,954
Website: http://www.gtja.com
Address: Guotai Junan Securities Co., Ltd.
Bank of Shanghai Mansion,
29th Floor,
Shanghai,
200120,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SHSE 601211 Domestic Shares Shanghai Stock Exchange CN CNY 26. Jun 2015
XSSC 601211 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 26. Jun 2015
SEHK 2611 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 11. Apr 2017
SZSC 2611 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 11. Apr 2017
Number of employees
Current staff
Staff numbers
15,257
Guotai Junan Securities employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 13:05
End of day share price update: 2019/05/20 00:00
Last estimates confirmation: 2019/05/10
Last earnings filing: 2019/04/26
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.