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China Railway Signal & Communication

SEHK:3969
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
3969
SEHK
HK$52B
Market Cap
  1. Home
  2. HK
  3. Tech
Company description

China Railway Signal & Communication Corporation Limited, together with its subsidiaries, provides rail transportation control system solutions in the People's Republic of China and internationally. The last earnings update was 9 days ago. More info.


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3969 Share Price and Events
7 Day Returns
-6.1%
SEHK:3969
-1.4%
HK Electronic
-1.3%
HK Market
1 Year Returns
-2.8%
SEHK:3969
-23%
HK Electronic
-5.7%
HK Market
3969 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Railway Signal & Communication (3969) -6.1% -10% -3.4% -2.8% 29% -
HK Electronic -1.4% 5.9% 15.9% -23% 25.2% 48.6%
HK Market -1.3% 3.2% 9.8% -5.7% 27% 20.8%
1 Year Return vs Industry and Market
  • 3969 outperformed the Electronic industry which returned -23% over the past year.
  • 3969 outperformed the Market in Hong Kong which returned -5.7% over the past year.
Price Volatility
3969
Industry
5yr Volatility vs Market
Related Companies

Value

 Is China Railway Signal & Communication 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 Railway Signal & Communication 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 Railway Signal & Communication.

SEHK:3969 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 8.4%
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:3969
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.068 (1 + (1- 25%) (5.11%))
1.073
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.07
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.073 * 5.96%)
8.4%

Discounted Cash Flow Calculation for SEHK:3969 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Railway Signal & Communication 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:3969 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 8.4%)
2019 -939.00 Analyst x2 -866.24
2020 2,526.20 Analyst x5 2,149.88
2021 4,046.33 Analyst x3 3,176.73
2022 5,381.72 Est @ 33% 3,897.73
2023 6,657.33 Est @ 23.7% 4,447.99
2024 7,801.90 Est @ 17.19% 4,808.80
2025 8,787.73 Est @ 12.64% 4,996.73
2026 9,617.82 Est @ 9.45% 5,044.97
2027 10,311.56 Est @ 7.21% 4,989.75
2028 10,894.17 Est @ 5.65% 4,863.19
Present value of next 10 years cash flows CN¥37,509.53
SEHK:3969 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥10,894.17 × (1 + 2%) ÷ (8.4% – 2%)
CN¥173,726.01
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥173,726.01 ÷ (1 + 8.4%)10
CN¥77,551.87
SEHK:3969 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥37,509.53 + CN¥77,551.87
CN¥115,061.39
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥115,061.39 / 8,789.82
CN¥13.09
SEHK:3969 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:3969)
1.167
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥13.09 x 1.167
HK$15.27
Value per share (HKD) From above. HK$15.27
Current discount Discount to share price of HK$5.96
= -1 x (HK$5.96 - HK$15.27) / HK$15.27
61%

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

Current Discount
Amount off the current price China Railway Signal & Communication is available for.
Intrinsic value
>50%
Share price is HK$5.96 vs Future cash flow value of HK$15.27
Current Discount Checks
For China Railway Signal & Communication to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Railway Signal & Communication's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Railway Signal & Communication's share price is below the future cash flow value, and 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 China Railway Signal & Communication's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Railway Signal & Communication's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:3969 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥0.39
SEHK:3969 Share Price ** SEHK (2019-04-25) in HKD HK$5.96
SEHK:3969 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.857 CN¥5.11
Hong Kong Electronic Industry PE Ratio Median Figure of 60 Publicly-Listed Electronic Companies 11.71x
Hong Kong Market PE Ratio Median Figure of 1,476 Publicly-Listed Companies 12.09x

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

** Primary Listing of China Railway Signal & Communication.

SEHK:3969 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:3969 Share Price ÷ EPS (both in CNY)

= 5.11 ÷ 0.39

13.09x

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

  • China Railway Signal & Communication is overvalued based on earnings compared to the HK Electronic industry average.
  • China Railway Signal & Communication is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does China Railway Signal & Communication's expected growth come at a high price?
Raw Data
SEHK:3969 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
16.6%per year
Hong Kong Electronic Industry PEG Ratio Median Figure of 13 Publicly-Listed Electronic Companies 0.57x
Hong Kong Market PEG Ratio Median Figure of 465 Publicly-Listed Companies 0.86x

*Line of best fit is calculated by linear regression .

SEHK:3969 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.09x ÷ 16.6%

0.79x

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

  • China Railway Signal & Communication is good value based on expected growth next year.
Price based on value of assets
What value do investors place on China Railway Signal & Communication's assets?
Raw Data
SEHK:3969 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥3.29
SEHK:3969 Share Price * SEHK (2019-04-25) in HKD HK$5.96
SEHK:3969 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.857 CN¥5.11
Hong Kong Electronic Industry PB Ratio Median Figure of 84 Publicly-Listed Electronic Companies 1.21x
Hong Kong Market PB Ratio Median Figure of 2,150 Publicly-Listed Companies 1.02x
SEHK:3969 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:3969 Share Price ÷ Book Value per Share (both in CNY)

= 5.11 ÷ 3.29

1.55x

* Primary Listing of China Railway Signal & Communication.

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

  • China Railway Signal & Communication is overvalued based on assets compared to the HK Electronic industry average.
X
Value checks
We assess China Railway Signal & Communication'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 Electronic 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 Electronic industry average (and greater than 0)? (1 check)
  5. China Railway Signal & Communication has a total score of 3/6, 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 China Railway Signal & Communication 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
16.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Railway Signal & Communication expected to grow at an attractive rate?
  • China Railway Signal & Communication's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • China Railway Signal & Communication's earnings growth is expected to exceed the Hong Kong market average.
  • China Railway Signal & Communication's revenue growth is expected to exceed the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:3969 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:3969 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 16.6%
SEHK:3969 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 14%
Hong Kong Electronic Industry Earnings Growth Rate Market Cap Weighted Average 17.7%
Hong Kong Electronic Industry Revenue Growth Rate Market Cap Weighted Average 12%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.9%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 11.2%

*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:3969 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:3969 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 60,417 4,674 5,508 9
2020-12-31 54,950 3,756 5,174 15
2019-12-31 46,609 2,698 4,152 12
SEHK:3969 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 39,844 -1,586 3,429
2018-09-30 38,305 -1,610 3,465
2018-06-30 36,765 -1,633 3,500
2018-03-31 35,599 -1,260 3,405
2017-12-31 34,434 -886 3,310
2017-09-30 33,001 45 3,319
2017-06-30 31,569 977 3,327
2017-03-31 30,485 1,956 3,188
2016-12-31 29,402 2,935 3,049
2016-09-30 27,970 3,233 3,006
2016-06-30 26,539 3,532 2,962
2016-03-31 26,368 3,486 2,757

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Railway Signal & Communication's earnings are expected to grow by 16.6% yearly, however this is not considered high growth (20% yearly).
  • China Railway Signal & Communication's revenue is expected to grow by 14% 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:3969 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 China Railway Signal & Communication Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:3969 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.61 0.72 0.52 6.00
2020-12-31 0.57 0.66 0.46 12.00
2019-12-31 0.46 0.49 0.40 7.00
SEHK:3969 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 0.39
2018-09-30 0.39
2018-06-30 0.40
2018-03-31 0.39
2017-12-31 0.38
2017-09-30 0.38
2017-06-30 0.38
2017-03-31 0.36
2016-12-31 0.35
2016-09-30 0.35
2016-06-30 0.34
2016-03-31 0.34

*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 Railway Signal & Communication is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess China Railway Signal & Communication'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.
China Railway Signal & Communication 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.

Past Performance

  How has China Railway Signal & Communication 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 Railway Signal & Communication's growth in the last year to its industry (Electronic).
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 Railway Signal & Communication's year on year earnings growth rate has been positive over the past 5 years.
  • China Railway Signal & Communication's 1-year earnings growth is less than its 5-year average (3.6% vs 14.7%)
  • China Railway Signal & Communication's earnings growth has exceeded the HK Electronic industry average in the past year (3.6% vs -1.9%).
Earnings and Revenue History
China Railway Signal & Communication'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 Railway Signal & Communication Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:3969 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 39,844.01 3,429.18 4,689.39
2018-09-30 38,304.59 3,464.58 4,419.48
2018-06-30 36,765.18 3,499.97 4,031.84
2018-03-31 35,599.43 3,405.01 4,069.99
2017-12-31 34,433.68 3,310.05 4,225.85
2017-09-30 33,001.13 3,318.67 4,004.75
2017-06-30 31,568.57 3,327.30 3,783.65
2017-03-31 30,485.36 3,188.32 3,822.82
2016-12-31 29,402.15 3,049.34 3,861.99
2016-09-30 27,970.37 3,005.52 3,780.23
2016-06-30 26,538.59 2,961.70 3,698.46
2016-03-31 26,367.84 2,757.19 3,787.83
2015-12-31 23,951.55 2,496.40 3,473.14
2015-09-30 22,286.45 2,411.37 3,200.89
2015-06-30 20,621.34 2,326.33 2,928.63
2015-03-31 18,739.13 2,180.78 2,692.74
2014-12-31 17,328.64 2,033.47 2,616.95
2013-12-31 13,064.59 1,260.46 2,032.93
2012-12-31 10,550.91 1,067.67 1,819.24

*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 Railway Signal & Communication has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Railway Signal & Communication used its assets less efficiently than the HK Electronic industry average last year based on Return on Assets.
  • China Railway Signal & Communication has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess China Railway Signal & Communication'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 Electronic 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 Railway Signal & Communication 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.

Health

 How is China Railway Signal & Communication'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 Railway Signal & Communication's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Railway Signal & Communication is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Railway Signal & Communication's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Railway Signal & Communication'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 28.5x 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 Railway Signal & Communication Company Filings, last reported 3 months ago.

SEHK:3969 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 30,272.08 2,293.86 11,551.97
2018-09-30 30,272.08 2,293.86 11,551.97
2018-06-30 26,075.57 3,462.31 12,333.62
2018-03-31 26,075.57 3,462.31 12,333.62
2017-12-31 25,224.60 1,875.78 12,879.45
2017-09-30 25,224.60 1,875.78 12,879.45
2017-06-30 23,646.68 593.98 13,437.78
2017-03-31 23,646.68 593.98 13,437.78
2016-12-31 22,690.47 1,151.71 15,520.54
2016-09-30 22,690.47 1,151.71 15,520.54
2016-06-30 21,171.73 684.70 13,965.68
2016-03-31 21,171.73 684.70 13,965.68
2015-12-31 19,735.18 467.43 14,339.79
2015-09-30 19,735.18 467.43 14,339.79
2015-06-30 9,539.38 2,794.15 5,193.73
2015-03-31 9,807.93 294.15 5,908.25
2014-12-31 12,475.30 317.56 6,345.71
2013-12-31 9,998.88 351.45 3,973.91
2012-12-31 7,642.01 685.90 2,652.32
  • China Railway Signal & Communication's level of debt (7.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (3.5% vs 7.6% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • China Railway Signal & Communication earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess China Railway Signal & Communication'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 Railway Signal & Communication 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.

Dividends

 What is China Railway Signal & Communication'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
2.94%
Current annual income from China Railway Signal & Communication dividends. Estimated to be 3.91% next year.
If you bought HK$2,000 of China Railway Signal & Communication shares you are expected to receive HK$59 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 Railway Signal & Communication's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (1.97%).
  • China Railway Signal & Communication's dividend is below the markets top 25% of dividend payers in Hong Kong (5.39%).
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:3969 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 Electronic Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 2.6%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 966 Stocks 3.4%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.1%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

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

SEHK:3969 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.21 9.00
2020-12-31 0.20 14.00
2019-12-31 0.19 10.00
SEHK:3969 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2018-04-24 0.150 3.022
2018-03-29 0.150 3.122
2017-05-19 0.100 1.988
2016-04-27 0.025 0.510

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

  • Whilst dividend payments have been stable, China Railway Signal & Communication has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but China Railway Signal & Communication only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of China Railway Signal & Communication's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).
X
Income/ dividend checks
We assess China Railway Signal & Communication's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 Railway Signal & Communication afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Railway Signal & Communication 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 China Railway Signal & Communication'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.
  • China Railway Signal & Communication has no CEO, or we have no data on them.
Management Team Tenure

Average tenure and age of the China Railway Signal & Communication management team in years:

2.8
Average Tenure
46.5
Average Age
  • The tenure for the China Railway Signal & Communication management team is about average.
Management Team

Gang Yin

TITLE
President & Executive Director
COMPENSATION
CN¥725K
AGE
55
TENURE
3.9 yrs

Shaofeng Hu

TITLE
Chief Accountant & Joint Company Secretary
AGE
50
TENURE
2.8 yrs

Shikui Chen

TITLE
Employee Representative Supervisor & Head of the Legal Compliance Department
AGE
43
TENURE
0.8 yrs

Yongsheng Yang

TITLE
Executive Director
TENURE
0.7 yrs

Weizhong Shi

TITLE
President of CRSC Ltd and Executive Director of CRSC Ltd
COMPENSATION
CN¥368K

Wing Shan Ng

TITLE
Joint Company Secretary
AGE
41
TENURE
4.1 yrs
Board of Directors Tenure

Average tenure and age of the China Railway Signal & Communication board of directors in years:

3.9
Average Tenure
54
Average Age
  • The tenure for the China Railway Signal & Communication board of directors is about average.
Board of Directors

Zhiliang Zhou

TITLE
Chairman of the Board
COMPENSATION
CN¥786K
AGE
53
TENURE
7.3 yrs

Gang Yin

TITLE
President & Executive Director
COMPENSATION
CN¥725K
AGE
55
TENURE
3.9 yrs

Shikui Chen

TITLE
Employee Representative Supervisor & Head of the Legal Compliance Department
AGE
43
TENURE
0.7 yrs

Yongsheng Yang

TITLE
Executive Director
TENURE
0.7 yrs

Weizhong Shi

TITLE
President of CRSC Ltd and Executive Director of CRSC Ltd
COMPENSATION
CN¥368K

Jin’en Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥60K
AGE
63
TENURE
3.9 yrs

Liyan Tian

TITLE
Chairwoman of the Supervisory Committee
AGE
44
TENURE
3.9 yrs

Peter Chan

TITLE
Independent Non-Executive Director
TENURE
0.7 yrs

Jiajie Wang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥103K
AGE
67
TENURE
3.9 yrs

Guiqing Yao

TITLE
Independent Non-Executive Director
TENURE
0.7 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$) Value (HK$)
05. Mar 19 Sell National Social Security Fund Company 01. Mar 19 01. Mar 19 -300,000 HK$6.70 HK$-2,008,741
05. Mar 19 Buy BlackRock, Inc. Company 28. Feb 19 28. Feb 19 1,733,000 HK$6.50 HK$11,261,901
25. Dec 18 Buy BlackRock, Inc. Company 21. Dec 18 21. Dec 18 235,000 HK$5.63 HK$1,323,050
22. Dec 18 Sell BlackRock, Inc. Company 20. Dec 18 20. Dec 18 -4,801,015 HK$5.77 HK$-27,692,268
18. Dec 18 Buy BlackRock, Inc. Company 13. Dec 18 13. Dec 18 4,274,000 HK$5.65 HK$24,148,522
X
Management checks
We assess China Railway Signal & Communication'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 Railway Signal & Communication 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

Has China Railway Signal & Communication Corporation Limited (HKG:3969) Got Enough Cash?

Small and large cap stocks are widely popular for a variety of reasons, however, mid-cap companies such as China Railway Signal & Communication Corporation Limited (HKG:3969), with a market cap of HK$56b, often get neglected by retail investors. … Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look further. … View our latest analysis for China Railway Signal & Communication

Simply Wall St -

Is China Railway Signal & Communication Corporation Limited (HKG:3969) An Attractive Dividend Stock?

China Railway Signal & Communication Corporation Limited (HKG:3969) has paid a dividend to shareholders in the last few years. … Let's dig deeper into whether China Railway Signal & Communication should have a place in your portfolio. … Check out our latest analysis for China Railway Signal & Communication

Simply Wall St -

What Should You Know About China Railway Signal & Communication Corporation Limited's (HKG:3969) Earnings Trajectory?

The latest earnings announcement China Railway Signal & Communication Corporation Limited (HKG:3969) released in December 2018a

Simply Wall St -

Why China Railway Signal & Communication Corporation Limited’s (HKG:3969) Return On Capital Employed Is Impressive

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

A Closer Look At China Railway Signal & Communication Corporation Limited's (HKG:3969) Impressive ROE

We'll use ROE to examine China Railway Signal & Communication Corporation Limited (HKG:3969), by way of a worked example. … Our data shows China Railway Signal & Communication has a return on equity of 14% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Here's What China Railway Signal & Communication Corporation Limited's (HKG:3969) P/E Is Telling Us

We'll look at China Railway Signal & Communication Corporation Limited's (HKG:3969) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, China Railway Signal & Communication's P/E ratio is 12.96. … How Do I Calculate China Railway Signal & Communication's Price To Earnings Ratio

Simply Wall St -

How Much Of China Railway Signal & Communication Corporation Limited (HKG:3969) Do Institutions Own?

The big shareholder groups in China Railway Signal & Communication Corporation Limited (HKG:3969) have power over the company. … China Railway Signal & Communication has a market capitalization of HK$48b, so it's too big to fly under the radar. … Check out our latest analysis for China Railway Signal & Communication

Simply Wall St -

Is There An Opportunity With China Railway Signal & Communication Corporation Limited's (HKG:3969) 39.56% Undervaluation?

I am going to run you through how I calculated the intrinsic value of China Railway Signal & Communication Corporation Limited (HKG:3969). … by estimating the company's future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

China Railway Signal & Communication Corporation Limited (HKG:3969): What Are Investors Earning On Their Capital?

and want to begin learning the link between China Railway Signal & Communication Corporation Limited (HKG:3969)’s return fundamentals and stock market performance. … China Railway Signal & Communication stock represents an ownership share in the company. … Thus, to understand how your money can grow by investing in China Railway Signal & Communication, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Is China Railway Signal & Communication Corporation Limited (HKG:3969) An Attractive Dividend Stock?

China Railway Signal & Communication Corporation Limited (HKG:3969) has recently paid dividends to shareholders, and currently yields 3.0%. … Let's take a look at China Railway Signal & Communication in more detail. … View our latest analysis for China Railway Signal & Communication

Simply Wall St -

Company Info

Description

China Railway Signal & Communication Corporation Limited, together with its subsidiaries, provides rail transportation control system solutions in the People's Republic of China and internationally. The company operates through Rail Transportation Control System, Construction Contracting, and Others segments. It offers engineering design, consultancy, and system integration services for rail transportation control system projects, and integrated solutions designed to achieve functionality and performance of control system. It also manufactures and sells signal system products; communication information system products; cables, and electrical appliances and equipment; and signal automatic, electronic, and electrical equipment for railways and urban transit, as well as electric power basic equipment and devices. In addition, the company provides construction, installation, testing, and maintenance services for rail transportation control system projects; urban rail transit technical development, consultation, and related service; project investment, management, and consultation services; and construction and installation contracting services, as well as technical detection services. Further, it is involved in the provision of municipal engineering and related construction services; and import and export of goods, as well as offers survey, design, and consultation services. Additionally, it trades in equipment in communication, signal, electric power and automatic control, minerals, coal, coke, and other materials; and designs, manufactures, sells, and trades in tramcars, light rail vehicles, and pipe fittings, as well as provides industrial and civil construction contracting services. China Railway Signal & Communication Corporation Limited was founded in 1953 and is headquartered in Beijing, China. China Railway Signal & Communication Corporation Limited is a subsidiary of China Railway Signal & Communication Corporation.

Details
Name: China Railway Signal & Communication Corporation Limited
3969
Exchange: SEHK
Founded: 1953
HK$52,387,321,240
8,789,819,000
Website: http://www.crsc.cn
Address: China Railway Signal & Communication Corporation Limited
CRSC Building,
1 Compound, Automobile Museum South Road,
Beijing,
100070,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 3969 Foreign Shares-Foregin Listed The Stock Exchange of Hong Kong Ltd. HK HKD 07. Aug 2015
OTCPK CRYY.F Foreign Shares-Foregin Listed Pink Sheets LLC US USD 07. Aug 2015
DB RS3 Foreign Shares-Foregin Listed Deutsche Boerse AG DE EUR 07. Aug 2015
SHSC 3969 Foreign Shares-Foregin Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 07. Aug 2015
SZSC 3969 Foreign Shares-Foregin Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 07. Aug 2015
OTCPK CRYC.Y UNSPONSORD ADS Pink Sheets LLC US USD 25. Apr 2018
Number of employees
Current staff
Staff numbers
19,215
China Railway Signal & Communication employees.
Industry
Electronic Equipment and Instruments
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 13:51
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/24
Last earnings filing: 2019/04/16
Last earnings reported: 2018/12/31
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.