NYSE:NOAH

Stock Analysis Report

Executive Summary

Noah Holdings Limited, through its subsidiaries, operates as a wealth and asset management service provider with focus on wealth investment and asset allocation services for high net worth individuals and enterprises in the People's Republic of China.


Snowflake Analysis

Undervalued with limited growth.


Similar Companies

Share Price & News

How has Noah Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NOAH has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.7%

NOAH

0.4%

US Capital Markets

0.06%

US Market


1 Year Return

-40.1%

NOAH

17.9%

US Capital Markets

19.3%

US Market

Return vs Industry: NOAH underperformed the US Capital Markets industry which returned 17.9% over the past year.

Return vs Market: NOAH underperformed the US Market which returned 19.3% over the past year.


Shareholder returns

NOAHIndustryMarket
7 Day-3.7%0.4%0.06%
30 Day-13.0%0.7%1.7%
90 Day14.5%6.9%9.0%
1 Year-40.1%-40.1%20.2%17.9%21.8%19.3%
3 Year28.4%28.4%40.2%32.4%49.5%39.9%
5 Year42.8%42.8%84.5%67.4%73.1%54.1%

Price Volatility Vs. Market

How volatile is Noah Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Noah Holdings undervalued compared to its fair value and its price relative to the market?

37.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NOAH ($32.94) is trading below our estimate of fair value ($52.86)

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


Price To Earnings Ratio

PE vs Industry: NOAH is good value based on its PE Ratio (16x) compared to the Capital Markets industry average (35.3x).

PE vs Market: NOAH is good value based on its PE Ratio (16x) compared to the US market (18.5x).


Price to Earnings Growth Ratio

PEG Ratio: NOAH is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: NOAH is good value based on its PB Ratio (1.8x) compared to the US Capital Markets industry average (6.8x).


Next Steps

Future Growth

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

10.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NOAH's forecast earnings growth (10.6% per year) is above the savings rate (1.7%).

Earnings vs Market: NOAH's earnings (10.6% per year) are forecast to grow slower than the US market (14.2% per year).

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

Revenue vs Market: NOAH's revenue (8.9% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: NOAH's revenue (8.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NOAH's Return on Equity is forecast to be low in 3 years time (14.8%).


Next Steps

Past Performance

How has Noah Holdings performed over the past 5 years?

13.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NOAH has a high level of non-cash earnings.

Growing Profit Margin: NOAH's current net profit margins (25.7%) are higher than last year (25.5%).


Past Earnings Growth Analysis

Earnings Trend: NOAH's earnings have grown by 13.9% per year over the past 5 years.

Accelerating Growth: NOAH's earnings growth over the past year (8.2%) is below its 5-year average (13.9% per year).

Earnings vs Industry: NOAH earnings growth over the past year (8.2%) underperformed the Capital Markets industry 8.4%.


Return on Equity

High ROE: NOAH's Return on Equity (11.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Noah Holdings's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: NOAH has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if NOAH's debt is covered by short term assets.


Financial Institutions Analysis

Asset Level: NOAH's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if NOAH has a sufficient allowance for bad loans.

Low Risk Liabilities: NOAH reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if NOAH has an acceptable proportion of non-loan assets held.

Low Risk Deposits: NOAH has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if NOAH has an appropriate level of bad loans.


Next Steps

Dividend

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


Dividend Yield vs Market

company0%marketbottom25%1.4%markettop25%3.7%industryaverage1.9%forecastin3Years0%

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate NOAH's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate NOAH's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if NOAH's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if NOAH's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: NOAH is not paying a notable dividend for the US market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of NOAH's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

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

2.1yrs

Average management tenure


CEO

Jingbo Wang (47yo)

15.1yrs

Tenure

0

Ms. Jingbo Wang co-founded Noah Holdings Limited since 2005 and has been Chairman of the Board of Directors and Chief Executive Officer at Noah Holdings Limited since its inception in 2005. She serves as C ...


Leadership Team

NamePositionTenureCompensationOwnership
Jingbo Wang
Co-Founder15.1yrsno data45.04% CN¥896.5m
Yi Zhao
Group President0.9yrsno datano data
Boquan He
Co-Founder & Independent Director12.5yrsno data5.43% CN¥108.0m
Zhe Yin
Co-Founder & Director15.1yrsno data5.81% CN¥115.7m
Qing Pan
Chief Financial Officer0.2yrsno datano data
Yang Gao
Chief Operating Officer1.5yrsno datano data
Steve Zeng
Investor Relation Contact0yrsno datano data
Li Shen
Chief Legal Officer3.1yrsno datano data
Chia-Yue Chang
Executive Director & Chief Marketing Officer12.5yrsno data6.8% CN¥135.3m
Chun Xia
Managing Director of Research Center for Hong Kong Business Center2.1yrsno datano data

2.1yrs

Average Tenure

46yo

Average Age

Experienced Management: NOAH's management team is considered experienced (2.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jingbo Wang
Co-Founder15.1yrsno data45.04% CN¥896.5m
Boquan He
Co-Founder & Independent Director12.5yrsno data5.43% CN¥108.0m
Zhe Yin
Co-Founder & Director15.1yrsno data5.81% CN¥115.7m
Chia-Yue Chang
Executive Director & Chief Marketing Officer12.5yrsno data6.8% CN¥135.3m
Tze-Kaing Yang
Independent Director4.8yrsno datano data
Nanpeng Shen
Director4.1yrsno data0.67% CN¥13.3m
Zhiwu Chen
Independent Director6.1yrsno datano data
May Yihong Wu
Independent Director9.3yrsno datano data
Jinbo Yao
Independent Director5.3yrsno datano data

9.3yrs

Average Tenure

52yo

Average Age

Experienced Board: NOAH's board of directors are considered experienced (9.3 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.7%.


Top Shareholders

Company Information

Noah Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Noah Holdings Limited
  • Ticker: NOAH
  • Exchange: NYSE
  • Founded: 2005
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: US$1.991b
  • Shares outstanding: 60.43m
  • Website: https://www.noahgroup.com

Number of Employees


Location

  • Noah Holdings Limited
  • Building 2
  • No. 1687 Changyang Road
  • Shanghai
  • 200090
  • China

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NOAHNYSE (New York Stock Exchange)YesSPON ADS CL AUSUSDNov 2010
6NODB (Deutsche Boerse AG)YesSPON ADS CL ADEEURNov 2010

Biography

Noah Holdings Limited, through its subsidiaries, operates as a wealth and asset management service provider with focus on wealth investment and asset allocation services for high net worth individuals and enterprises in the People's Republic of China. The company operates through three segments: Wealth Management, Asset Management, and Other Financial Service. It offers onshore and offshore fixed income, private equity, secondary market equity, and insurance products; and value-added financial and related services, such as investor education, corporate registration and tax planning, trust, financial leasing, and philanthropy. The company also provides private equity, real estate, secondary market equity, credit, and other investments; and online wealth management, lending, and payment technology services. Noah Holdings Limited was founded in 2005 and is headquartered in Shanghai, the People’s Republic of China. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/21 00:49
End of Day Share Price2020/02/20 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.