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China Galaxy Securities

OTCPK:CGXY.Y
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CGXY.Y
OTCPK
HK$107B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

China Galaxy Securities Co., Ltd. provides various financial services in the People’s Republic of China. The last earnings update was 203 days ago. More info.


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CGXY.Y Share Price and Events
7 Day Returns
0%
OTCPK:CGXY.Y
2.4%
US Capital Markets
1.2%
US Market
1 Year Returns
-2.8%
OTCPK:CGXY.Y
-11.9%
US Capital Markets
3%
US Market
CGXY.Y Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Galaxy Securities (CGXY.Y) 0% - - -2.8% - -
US Capital Markets 2.4% 0.6% 12.7% -11.9% 57% 59.3%
US Market 1.2% 2.1% 14.6% 3% 39% 43.5%
1 Year Return vs Industry and Market
  • CGXY.Y outperformed the Capital Markets industry which returned -11.9% over the past year.
  • CGXY.Y underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
CGXY.Y
Industry
5yr Volatility vs Market

CGXY.Y Value

 Is China Galaxy 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 China Galaxy 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 China Galaxy Securities.

OTCPK:CGXY.Y Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 7 analysts.
= Stable Book Value * Return on Equity
= CN¥7.04 * 5%
CN¥0.35
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. CN¥7.04
Discount Rate (Cost of Equity) See below 10.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:CGXY.Y
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.728 (1 + (1- 25%) (136.84%))
1.318
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.32
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.318 * 5.96%)
10.59%

Discounted Cash Flow Calculation for OTCPK:CGXY.Y using Excess Returns Model Model

The calculations below outline how an intrinsic value for China Galaxy 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.

OTCPK:CGXY.Y Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (5% – 10.59%) * CN¥7.04)
CN¥-0.39
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥-0.39 / (10.59% - 2.73%)
CN¥-5.00
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥7.04 + CN¥-5.00
CN¥2.04
OTCPK:CGXY.Y Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:6881)
1.173
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥2.04 x 1.173
HK$2.39
Non-primary Listing Adjustment Factor 1 share in OTCPK:CGXY.Y represents 0.13118x of SEHK:6881
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.13118x
Value per Share
(Listing Adjusted, USD)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 2.39 x 0.13118
$0.31
Value per share (USD) From above. $0.31
Current discount Discount to share price of $0.69
= -1 x ($0.69 - $0.31) / $0.31
-119.7%

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

  • The current share price of China Galaxy 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 China Galaxy Securities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Galaxy Securities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:CGXY.Y PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in CNY CN¥0.31
SEHK:6881 Share Price ** SEHK (2019-03-01) in HKD HK$5.26
SEHK:6881 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.853 CN¥4.49
United States of America Capital Markets Industry PE Ratio Median Figure of 76 Publicly-Listed Capital Markets Companies 25.13x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.69x

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

** Primary Listing of China Galaxy Securities.

OTCPK:CGXY.Y PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:6881 Share Price ÷ EPS (both in CNY)

= 4.49 ÷ 0.31

14.3x

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

  • China Galaxy Securities is good value based on earnings compared to the US Capital Markets industry average.
  • China Galaxy Securities is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does China Galaxy Securities's expected growth come at a high price?
Raw Data
OTCPK:CGXY.Y PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
7.7%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 33 Publicly-Listed Capital Markets Companies 2.17x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

OTCPK:CGXY.Y PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.3x ÷ 7.7%

1.86x

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

  • China Galaxy Securities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on China Galaxy Securities's assets?
Raw Data
OTCPK:CGXY.Y PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in CNY CN¥6.37
SEHK:6881 Share Price * SEHK (2019-03-01) in HKD HK$5.26
SEHK:6881 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.853 CN¥4.49
United States of America Capital Markets Industry PB Ratio Median Figure of 149 Publicly-Listed Capital Markets Companies 4.83x
United States of America Market PB Ratio Median Figure of 5,156 Publicly-Listed Companies 1.89x
OTCPK:CGXY.Y PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:6881 Share Price ÷ Book Value per Share (both in CNY)

= 4.49 ÷ 6.37

0.7x

* Primary Listing of China Galaxy Securities.

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

  • China Galaxy Securities is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess China Galaxy 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. China Galaxy Securities 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.

CGXY.Y Future Performance

 How is China Galaxy Securities expected to perform in the next 1 to 3 years based on estimates from 9 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
7.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Galaxy Securities expected to grow at an attractive rate?
  • China Galaxy Securities's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • China Galaxy Securities's earnings growth is positive but not above the United States of America market average.
  • China Galaxy Securities's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:CGXY.Y Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:CGXY.Y Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 7.7%
OTCPK:CGXY.Y Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 10.8%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.4%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*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
OTCPK:CGXY.Y Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:CGXY.Y Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 11,732 3,518 6
2019-12-31 9,688 3,451 2
2018-12-31 8,976 2,527 3
OTCPK:CGXY.Y Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-06-30 10,252 -21,793 3,180
2018-03-31 10,941 -26,167 3,580
2017-12-31 11,629 -30,540 3,981
2017-09-30 12,191 -22,440 4,496
2017-06-30 12,753 -14,339 5,010
2017-03-31 13,145 1,001 5,082
2016-12-31 13,538 16,342 5,154
2016-09-30 16,098 33,331 5,801
2016-06-30 18,658 50,321 6,448
2016-03-31 22,562 10,002 8,142
2015-12-31 26,466 -30,317 9,836
2015-09-30 24,056 -55,044 8,951

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Galaxy Securities's earnings are expected to grow by 7.7% yearly, however this is not considered high growth (20% yearly).
  • China Galaxy Securities's revenue is expected to grow by 10.8% 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
OTCPK:CGXY.Y Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from China Galaxy Securities Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CGXY.Y Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.34 0.40 0.31 5.00
2019-12-31 0.32 0.35 0.27 6.00
2018-12-31 0.25 0.27 0.23 6.00
OTCPK:CGXY.Y Past Financials Data
Date (Data in CNY Millions) EPS *
2018-06-30 0.31
2018-03-31 0.35
2017-12-31 0.39
2017-09-30 0.45
2017-06-30 0.51
2017-03-31 0.53
2016-12-31 0.54
2016-09-30 0.61
2016-06-30 0.68
2016-03-31 0.89
2015-12-31 1.11
2015-09-30 1.07

*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 Galaxy Securities is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess China Galaxy 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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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 Galaxy Securities has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

CGXY.Y Past Performance

  How has China Galaxy Securities performed over the past 5 years?

  • China Galaxy Securities's last earnings update was 203 days ago.
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 Galaxy 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.
  • China Galaxy Securities's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • China Galaxy Securities's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • China Galaxy Securities's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
China Galaxy 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 China Galaxy Securities Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CGXY.Y Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 10,252.32 3,179.56 4,340.66
2018-03-31 10,940.52 3,580.15 4,483.11
2017-12-31 11,628.72 3,980.73 4,625.56
2017-09-30 12,190.92 4,495.51 4,582.56
2017-06-30 12,753.11 5,010.30 4,539.57
2017-03-31 13,145.40 5,081.92 4,726.76
2016-12-31 13,537.68 5,153.55 4,913.95
2016-09-30 16,097.85 5,800.86 6,206.55
2016-06-30 18,658.01 6,448.17 7,499.15
2016-03-31 22,561.89 8,141.84 8,760.15
2015-12-31 26,465.78 9,835.51 10,021.14
2015-09-30 24,056.02 8,951.24 9,027.12
2015-06-30 21,646.27 8,066.97 8,033.11
2015-03-31 16,619.34 5,918.85 6,331.69
2014-12-31 11,592.41 3,770.73 4,630.28
2014-09-30 10,057.86 3,142.43 3,988.09
2014-06-30 8,523.30 2,514.12 3,345.89
2014-03-31 8,015.17 2,186.15 3,105.41
2013-12-31 7,718.74 2,135.25 2,890.10
2013-09-30 6,966.54 1,828.48 2,647.04
2013-06-30 6,214.33 1,521.72 2,403.99
2013-03-31 6,057.28 1,611.52 2,348.95
2012-12-31 5,646.46 1,419.78 2,242.74

*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 Galaxy Securities has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Galaxy Securities used its assets less efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if China Galaxy 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 China Galaxy 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.
China Galaxy 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.

CGXY.Y Health

 How is China Galaxy 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 China Galaxy Securities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Galaxy Securities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Galaxy Securities's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Galaxy 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 1.9x 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 Galaxy Securities Company Filings, last reported 8 months ago.

OTCPK:CGXY.Y Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 64,922.55 124,806.71 156,855.74
2018-03-31 64,922.55 124,806.71 156,855.74
2017-12-31 64,886.43 118,909.50 127,031.06
2017-09-30 64,886.43 118,909.50 127,031.06
2017-06-30 63,025.46 85,592.87 112,880.71
2017-03-31 63,025.46 85,592.87 112,880.71
2016-12-31 58,353.90 91,851.57 110,542.03
2016-09-30 58,353.90 91,851.57 110,542.03
2016-06-30 55,080.65 85,650.78 135,210.69
2016-03-31 55,080.65 85,650.78 135,210.69
2015-12-31 57,249.42 125,150.67 163,319.65
2015-09-30 57,249.42 125,150.67 163,319.65
2015-06-30 53,100.19 164,914.70 211,799.88
2015-03-31 53,100.19 164,914.70 211,799.88
2014-12-31 29,335.92 72,899.55 66,185.24
2014-09-30 29,335.92 72,899.55 66,185.24
2014-06-30 26,592.63 19,131.42 45,068.83
2014-03-31 26,592.63 19,131.42 45,068.83
2013-12-31 25,421.67 14,860.60 40,231.98
2013-09-30 25,421.67 14,860.60 40,231.98
2013-06-30 25,038.65 17,909.80 55,194.49
2013-03-31 18,263.31 11,772.92 44,698.86
2012-12-31 17,558.85 6,287.37 42,699.83
  • China Galaxy Securities's level of debt (192.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (71.4% vs 192.2% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Unable to confirm if the interest payments on China Galaxy Securities's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess China Galaxy 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. China Galaxy Securities has a total score of 2/6, 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.

CGXY.Y Dividends

 What is China Galaxy 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
2.72%
Current annual income from China Galaxy Securities dividends. Estimated to be 2.24% next year.
If you bought $2,000 of China Galaxy Securities shares you are expected to receive $54 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 Galaxy Securities's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • China Galaxy Securities's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
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
OTCPK:CGXY.Y 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 9 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

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

OTCPK:CGXY.Y Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.11 9.00
2019-12-31 0.10 10.00
2018-12-31 0.08 11.00
OTCPK:CGXY.Y Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2018-06-26 0.122 3.627
2018-03-28 0.120 3.012
2017-06-22 0.142 2.787
2017-03-30 0.155 2.485
2016-05-26 0.328 5.177
2015-03-30 0.160 2.692
2014-05-29 0.062 1.171

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

  • China Galaxy 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 China Galaxy Securities only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of China Galaxy Securities'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 (3.4x coverage).
X
Income/ dividend checks
We assess China Galaxy Securities's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Galaxy Securities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Galaxy Securities 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.

CGXY.Y Management

 What is the CEO of China Galaxy 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
Gongyan Chen
COMPENSATION CN¥3,122,000
AGE 56
TENURE AS CEO 0 years
CEO Bio

Mr. Gongyan Chen serves as an Executive Chairman of the Board of China Galaxy Securities Company Limited since October 2016 and serves as its Acting President since March 14, 2019. Mr. Chen served as Advisory Researcher and the Deputy Researcher of Development Research Center of the State Council from February 1988 to May 1993 and a teacher of Tongling County Party School of Anhui Province from August 1982 to August 1985. Mr. Chen served as Chairman of China Securities Investor Protection Fund Corporation Limited from July 2005 to September 2011. Mr. Chen served various positions in China Securities Association of China since June 2011 and the Chairman of the Board of Directors at China Galaxy Financial Holdings Company Limited since May 2016. He served as Director and the Vice President of Beijing Commodity Exchange from May 1993 to February 1998. Mr. Chen served as the Securities Regulatory Commission from February 1998 to July 2005, including the person in charge of the Information Center from February 1998 to October 1998, an Assistant Inspector of the Policy Research Office from October 1998 to October 2000, the Deputy Director of the Institution Regulatory Department from October 2000 to November 2004 and the Director of the Risk Management Office for Securities Companies and the Deputy Director of the Institution Regulatory Department from November 2004 to July 2005. Mr. Chen graduated from the Department of Economics of Peking University with a master's degree in foreign history of economic thoughts and from the School of Economics and Management of Tongji University with a doctorate degree in technical economics and management.

CEO Compensation
  • Gongyan's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Gongyan's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the China Galaxy Securities management team in years:

1.1
Average Tenure
48
Average Age
  • The average tenure for the China Galaxy Securities management team is less than 2 years, this suggests a new team.
Management Team

Gongyan Chen

TITLE
Acting President & Executive Chairman of the Board
COMPENSATION
CN¥3M
AGE
56

Weiguo Gu

TITLE
Executive Director
COMPENSATION
CN¥3M
AGE
59

Chengming Wu

TITLE
Secretary to the Board
COMPENSATION
CN¥3M
AGE
55
TENURE
6.6 yrs

Ruimin Zhu

TITLE
Chief Financial Officer
AGE
48
TENURE
6.9 yrs

Liming Luo

TITLE
Chief Business Officer
AGE
42
TENURE
1.8 yrs

Guofang Wu

TITLE
Chief Business Officer
AGE
47
TENURE
0.3 yrs

Kenneth Lee

TITLE
Joint Company Secretary
TENURE
0.4 yrs

Jianhui Wu

TITLE
Business Director
AGE
48
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the China Galaxy Securities board of directors in years:

1.3
Average Tenure
56
Average Age
  • The average tenure for the China Galaxy Securities board of directors is less than 3 years, this suggests a new board.
Board of Directors

Weiguo Gu

TITLE
Executive Director
COMPENSATION
CN¥3M
AGE
59
TENURE
8.9 yrs

Jing Chen

TITLE
Chairman of the Board of Supervisors
AGE
55
TENURE
2 yrs

Gongyan Chen

TITLE
Acting President & Executive Chairman of the Board
COMPENSATION
CN¥3M
AGE
56
TENURE
2.4 yrs

Ruizhong Liu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥60K
AGE
65
TENURE
1.5 yrs

Dingping Liu

TITLE
Non-Executive Director
AGE
56
TENURE
1.1 yrs

Chun Liu

TITLE
Independent Director
AGE
55
TENURE
0.1 yrs

Yuwu Wu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥240K
AGE
57
TENURE
6.2 yrs

Zhenjun Wang

TITLE
Independent Non-Executive Director
AGE
61
TENURE
1.1 yrs

Lihong Xiao

TITLE
Non Executive Director
AGE
53
TENURE
0.1 yrs

Tianli Zhang

TITLE
Non-Executive Director
AGE
56
TENURE
0.1 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 ($) Value ($)
X
Management checks
We assess China Galaxy 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. China Galaxy 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.

CGXY.Y News

Simply Wall St News

CGXY.Y Company Info

Description

China Galaxy Securities Co., Ltd. provides various financial services in the People’s Republic of China. Its Securities Brokerage segment offers securities dealing and broking; margin financing to margin clients; and securities lending services. The Company’s Futures Brokerage segment is involved in futures dealing and broking, futures information consulting, and training activities. Its Proprietary Trading and Other Securities Trading Services segment engages in trading equities, bonds, funds, derivatives, and other financial products. The Company’s Investment Banking segment provides corporate finance services, including equity and debt securities underwriting, and financial advisory services to institutional clients. Its Asset Management segment offers portfolio management and maintenance, investment advisory, and transaction execution services. The Company’s Private Equity Investment segment makes direct equity investments in private companies. Its Hong Kong Business segment provides securities brokerage, futures brokerage, securities research, investment banking, margin financing, money lending, asset management, and insurance brokerage services in Hong Kong. The company serves various individual and institutional clients comprising multinational corporations, medium and small-sized enterprises, high-net-worth clients, and retail clients. It operates 36 branch offices and 470 securities branches. The company was founded in 2007 and is headquartered in Beijing, the People’s Republic of China. China Galaxy Securities Co., Ltd. is a subsidiary of China Galaxy Financial Holdings Company Limited.

Details
Name: China Galaxy Securities Co., Ltd.
CGXY.Y
Exchange: OTCPK
Founded: 2007
HK$13,623,658,374
10,137,258,757
Website: http://www.chinastock.com.cn
Address: China Galaxy Securities Co., Ltd.
Tower C, Corporate Square,
2-6 Floor,
Beijing,
100033,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 6881 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 22. May 2013
OTCPK CGXY.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 22. May 2013
DB CGL Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 22. May 2013
SHSC 6881 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 22. May 2013
SZSC 6881 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 22. May 2013
OTCPK CGXY.Y ADR Pink Sheets LLC US USD 16. Aug 2013
SHSE 601881 Domestic Shares Shanghai Stock Exchange CN CNY 23. Jan 2017
XSSC 601881 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 23. Jan 2017
Number of employees
Current staff
Staff numbers
9,774
China Galaxy Securities employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/21 00:44
End of day share price update: 2019/03/01 00:00
Last estimates confirmation: 2019/02/28
Last earnings filing: 2018/08/30
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


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.