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CITIC Securities

OTCPK:CIIH.F
Snowflake Description

Average dividend payer with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CIIH.F
OTCPK
CN¥260B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

CITIC Securities Company Limited provides various financial products and services in Mainland China and internationally. The last earnings update was 7 days ago. More info.


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CIIH.F Share Price and Events
7 Day Returns
0%
OTCPK:CIIH.F
-3.1%
US Capital Markets
-0.7%
US Market
1 Year Returns
-
OTCPK:CIIH.F
-10%
US Capital Markets
6.5%
US Market
CIIH.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CITIC Securities (CIIH.F) 0% 0% 0% - - -
US Capital Markets -3.1% -3.6% 8.5% -10% 52.3% 53.4%
US Market -0.7% 0.4% 14.7% 6.5% 37.2% 40.6%
1 Year Return vs Industry and Market
  • No trading data on CIIH.F.
  • No trading data on CIIH.F.
Price Volatility
CIIH.F
Industry
5yr Volatility vs Market

Value

 Is CITIC 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 CITIC 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 CITIC Securities.

OTCPK:CIIH.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 11 analysts.
= Stable Book Value * Return on Equity
= CN¥14.32 * 9%
CN¥1.29
Book Value of Equity per Share Weighted future Book Value estimates from 11 analysts. CN¥14.32
Discount Rate (Cost of Equity) See below 10%
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:CIIH.F
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 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.72 (1 + (1- 25%) (112.43%))
1.219
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.22
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.219 * 5.96%)
9.99%

Discounted Cash Flow Calculation for OTCPK:CIIH.F using Excess Returns Model Model

The calculations below outline how an intrinsic value for CITIC 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:CIIH.F Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9% – 9.99%) * CN¥14.32)
CN¥-0.14
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥-0.14 / (9.99% - 2.73%)
CN¥-1.97
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥14.32 + CN¥-1.97
CN¥12.35
OTCPK:CIIH.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:CIIH.F represents 0.07314x of SHSE:600030
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.07314x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CNY) x Listing Adjustment Factor
= CN¥ 12.35 x 0.07314
$0.90
Value per share (USD) From above. $0.90
Current discount Discount to share price of $1.68
= -1 x ($1.68 - $0.90) / $0.90
-86%

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

  • The current share price of CITIC 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 CITIC Securities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CITIC Securities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:CIIH.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥0.77
SHSE:600030 Share Price ** SHSE (2018-12-28) in CNY CN¥22.97
United States of America Capital Markets Industry PE Ratio Median Figure of 79 Publicly-Listed Capital Markets Companies 26.03x
United States of America Market PE Ratio Median Figure of 3,063 Publicly-Listed Companies 17.28x

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

** Primary Listing of CITIC Securities.

OTCPK:CIIH.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SHSE:600030 Share Price ÷ EPS (both in CNY)

= 22.97 ÷ 0.77

29.64x

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

  • CITIC Securities is overvalued based on earnings compared to the US Capital Markets industry average.
  • CITIC Securities is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does CITIC Securities's expected growth come at a high price?
Raw Data
OTCPK:CIIH.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
19.5%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 33 Publicly-Listed Capital Markets Companies 1.88x
United States of America Market PEG Ratio Median Figure of 2,101 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

OTCPK:CIIH.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 29.64x ÷ 19.5%

1.52x

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

  • CITIC Securities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CITIC Securities's assets?
Raw Data
OTCPK:CIIH.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥12.64
SHSE:600030 Share Price * SHSE (2018-12-28) in CNY CN¥22.97
United States of America Capital Markets Industry PB Ratio Median Figure of 153 Publicly-Listed Capital Markets Companies 4.97x
United States of America Market PB Ratio Median Figure of 5,167 Publicly-Listed Companies 1.87x
OTCPK:CIIH.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SHSE:600030 Share Price ÷ Book Value per Share (both in CNY)

= 22.97 ÷ 12.64

1.82x

* Primary Listing of CITIC Securities.

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

  • CITIC Securities is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess CITIC 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. CITIC Securities has a total score of 1/6, 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 CITIC Securities expected to perform in the next 1 to 3 years based on estimates from 11 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
19.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CITIC Securities expected to grow at an attractive rate?
  • CITIC Securities's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • CITIC Securities's earnings growth is expected to exceed the United States of America market average.
  • CITIC Securities's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:CIIH.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:CIIH.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 19.5%
OTCPK:CIIH.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 6.8%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.6%
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 14.2%
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:CIIH.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:CIIH.F Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 58,442 18,410 6
2020-12-31 60,143 13,987 11
2019-12-31 64,023 12,905 10
OTCPK:CIIH.F Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 34,076 57,654 9,390
2018-09-30 39,516 16,676 10,821
2018-06-30 43,069 -19,177 12,072
2018-03-31 44,075 -51,138 11,822
2017-12-31 42,845 -104,193 11,433
2017-09-30 39,250 -69,490 10,351
2017-06-30 38,428 -56,998 10,050
2017-03-31 38,688 -72,833 11,025
2016-12-31 37,711 -49,392 10,365
2016-09-30 40,374 -63,256 11,755
2016-06-30 42,632 -91,180 12,572
2016-03-31 53,391 51,885 17,624

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CITIC Securities's earnings are expected to grow by 19.5% yearly, however this is not considered high growth (20% yearly).
  • CITIC Securities's revenue is expected to grow by 6.8% 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:CIIH.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from CITIC Securities Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CIIH.F Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.49 1.74 1.18 6.00
2020-12-31 1.21 1.50 1.00 13.00
2019-12-31 1.05 1.38 0.90 13.00
OTCPK:CIIH.F Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 0.77
2018-09-30 0.89
2018-06-30 1.00
2018-03-31 0.97
2017-12-31 0.94
2017-09-30 0.85
2017-06-30 0.83
2017-03-31 0.90
2016-12-31 0.86
2016-09-30 0.98
2016-06-30 1.02
2016-03-31 1.49

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

Past Performance

  How has CITIC 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 CITIC 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.
  • CITIC Securities's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • CITIC Securities's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CITIC Securities's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
CITIC 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 CITIC Securities Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CIIH.F 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 34,075.57 9,389.90 1,046.50
2018-09-30 39,515.87 10,820.83 1,161.73
2018-06-30 43,069.40 12,071.91 1,031.31
2018-03-31 44,075.28 11,822.22 1,161.73
2017-12-31 42,845.01 11,433.26 1,161.73
2017-09-30 39,250.40 10,351.25 1,436.11
2017-06-30 38,428.50 10,049.55 1,436.11
2017-03-31 38,687.98 11,024.64 1,436.11
2016-12-31 37,711.33 10,365.17 1,436.11
2016-09-30 40,373.85 11,754.78 1,320.71
2016-06-30 42,631.74 12,571.65 1,320.71
2016-03-31 53,391.27 17,624.06 1,320.71
2015-12-31 55,722.86 19,799.79 1,320.71
2015-09-30 54,184.26 20,958.34 850.22
2015-06-30 49,871.62 19,731.85 850.22
2015-03-31 34,459.67 13,843.88 850.22
2014-12-31 29,259.51 11,337.19 850.22
2014-09-30 23,148.35 7,912.03 482.71
2014-06-30 20,616.31 7,209.86 339.63
2014-03-31 18,011.27 5,578.95 482.71
2013-12-31 16,171.05 5,243.92 482.71
2013-09-30 14,061.75 5,013.72 263.30
2013-06-30 12,095.19 4,098.34 406.38
2013-03-31 12,260.14 4,349.49 263.30
2012-12-31 11,672.60 4,237.42 263.30
2012-09-30 23,696.38 12,163.48 329.75
2012-06-30 23,305.75 11,851.82 146.21
2012-03-31 24,011.60 12,082.54 329.75

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

Health

 How is CITIC 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 CITIC Securities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CITIC Securities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CITIC Securities's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CITIC 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 CITIC Securities Company Filings, last reported 2 months ago.

OTCPK:CIIH.F Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 156,831.50 292,093.45 445,920.79
2018-09-30 156,362.93 239,538.59 400,375.90
2018-06-30 153,455.43 262,614.98 414,392.93
2018-03-31 155,159.08 285,701.44 467,961.93
2017-12-31 153,142.56 281,627.30 397,462.61
2017-09-30 150,513.03 275,597.87 382,620.40
2017-06-30 147,043.89 243,682.35 358,716.37
2017-03-31 148,877.75 261,480.71 374,355.39
2016-12-31 145,788.67 240,039.90 355,431.06
2016-09-30 142,419.32 190,688.68 294,108.98
2016-06-30 138,978.85 196,449.65 319,045.62
2016-03-31 141,821.57 217,328.69 335,367.31
2015-12-31 141,737.10 244,048.15 364,476.35
2015-09-30 136,355.48 246,280.55 395,626.46
2015-06-30 132,750.57 290,087.79 495,269.84
2015-03-31 106,187.35 244,638.13 328,502.78
2014-12-31 101,131.49 215,135.36 286,090.64
2014-09-30 94,601.28 154,651.24 231,963.77
2014-06-30 91,438.74 147,782.73 208,860.31
2014-03-31 89,991.64 136,781.83 184,205.25
2013-12-31 89,402.10 103,007.87 154,161.00
2013-09-30 88,383.84 90,527.74 149,719.05
2013-06-30 84,583.29 67,762.91 116,885.91
2013-03-31 87,467.32 44,611.90 111,974.55
2012-12-31 86,684.30 40,870.45 92,196.62
2012-09-30 84,722.55 18,289.52 86,574.34
2012-06-30 84,507.04 17,408.27 79,252.10
2012-03-31 87,856.55 16,192.68 82,253.66
  • CITIC Securities's level of debt (186.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (115.6% vs 186.2% today).
  • Debt is not well covered by operating cash flow (19.7%, less than 20% of total debt).
  • Unable to confirm if the interest payments on CITIC Securities's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess CITIC 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. CITIC 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.

Dividends

 What is CITIC 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
1.52%
Current annual income from CITIC Securities dividends. Estimated to be 1.95% next year.
If you bought $2,000 of CITIC Securities shares you are expected to receive $30 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?
  • CITIC Securities's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.48%).
  • CITIC Securities's dividend is below the markets top 25% of dividend payers in United States of America (3.68%).
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:CIIH.F 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 11 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 2.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2001 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.9%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

OTCPK:CIIH.F Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.40 1.00
2020-12-31 0.47 10.00
2019-12-31 0.43 10.00
OTCPK:CIIH.F Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-21 0.350 1.469
2018-08-16 0.400 2.264
2017-05-04 0.350 1.962
2016-06-28 0.500 3.024
2015-04-29 0.310 1.689
2014-08-07 0.150 0.763
2013-06-14 0.300 2.613
2012-06-21 0.430 3.558
2011-04-14 0.500 4.153
2010-04-01 0.333 2.476
2010-01-14 0.333 1.789
2009-04-30 0.333 1.732
2009-03-30 0.167 0.982

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CITIC Securities's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3x coverage).
X
Income/ dividend checks
We assess CITIC Securities's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 CITIC Securities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CITIC Securities has a total score of 4/6, 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 CITIC 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
Minghui Yang
COMPENSATION CN¥6,906,000
AGE 54
TENURE AS CEO 2.8 years
CEO Bio

Mr. Minghui Yang has been President of CITIC Securities Company Limited since June 27, 2016 and has been its Director since January 19, 2016. Mr. Yang joined CITIC Securities Company Limited in 1995. He served as Managing Director of CITIC Securities Company Limited until June 27, 2016. Mr. Yang's previous experiences include an Engineer and Deputy Division Head at Beijing Textile Machinery Research Institute, a Project Manager in textile division at CITIC Industrial Investment Trust Co., a Project Manager of Securities Department at China International Trust & Investment Corporation, an Assistant General Manager and Vice President at CITIC Securities Ltd, Vice General Manager of CITIC Securities Beijing Branch. He serves as the Chairman of Huaxia Fund Management Co., Ltd and China AMC. Mr. Yang has been the Chairman and Director of China Asset Management (Hong Kong) Limited since September 24, 2013. He served as Chairman of CITIC-Prudential Fund Management Co., Ltd. from 2005 to 2007. He has been Executive Director of CITIC Securities Company Limited since January 19, 2016. Mr. Yang served as a Director, Assistant Manager and Deputy General Manager of CITIC Securities Company Limited. Mr. Yang served as Director and Executive Vice-President of CITIC Holdings and a Director of CITIC Trust from 2002 to 2005; He served as an Executive Director and the president of China Jianyin InvestmentSecurities Company Limited from 2005 to 2011. Mr. Yang was granted the title of senior economist by China International Trust and Investment Corporation, the predecessor of CITIC Group, in October 1996. Mr. Yang obtained a Master’s degree in engineering (majoring in textile machinery) from the Department of Mechanical Engineering of East China Institute of Textile Science and Technology in 1985. Mr. Yang obtained a Bachelor’s degree in engineering (majoring in mechanical manufacturing technology and equipment) from the Department of Mechanical Engineering of East China Institute of Textile Science and Technology in 1982.

CEO Compensation
  • Minghui's compensation has been consistent with company performance over the past year.
  • Minghui'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 CITIC Securities management team in years:

1.8
Average Tenure
48
Average Age
  • The average tenure for the CITIC Securities management team is less than 2 years, this suggests a new team.
Management Team

Youjun Zhang

TITLE
Chairman of the Board
COMPENSATION
CN¥6M
AGE
53

Minghui Yang

TITLE
President & Executive Director
COMPENSATION
CN¥7M
AGE
54
TENURE
2.8 yrs

Xiaobo Ge

TITLE
CFO & Chief Risk Officer
COMPENSATION
CN¥4M
AGE
48
TENURE
2 yrs

Yao Ma

TITLE
Director of Investment Banking Management Committee
COMPENSATION
CN¥3M
AGE
46

Guoming Zhang

TITLE
Compliance Officer & Administrative Head of the Compliance Dept
COMPENSATION
CN¥3M
AGE
53

Hao Zhang

TITLE
Chief Marketing Officer
COMPENSATION
CN¥2M
AGE
48
TENURE
1.4 yrs

Yongjin Li

TITLE
Head of Brokerage Development & Management Committee and GM of Zhejiang Regional Office
COMPENSATION
CN¥998K
AGE
47

Qunli Song

TITLE
Chief Engineer
COMPENSATION
CN¥1M
AGE
52
TENURE
1.5 yrs

Chunbo Li

TITLE
Chief Executive of the Research Department
COMPENSATION
CN¥2M
AGE
42

Bing Yang

TITLE
Chief Executive of the Asset Management Business
COMPENSATION
CN¥2M
AGE
45
Board of Directors Tenure

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

3.2
Average Tenure
56.5
Average Age
  • The tenure for the CITIC Securities board of directors is about average.
Board of Directors

Youjun Zhang

TITLE
Chairman of the Board
COMPENSATION
CN¥6M
AGE
53
TENURE
3.2 yrs

Minghui Yang

TITLE
President & Executive Director
COMPENSATION
CN¥7M
AGE
54
TENURE
3.2 yrs

Zhenyu Yang

TITLE
Deputy GM of Beijing Branch Office & Employee Representative Supervisor
COMPENSATION
CN¥1M
AGE
47
TENURE
13.3 yrs

Ke Liu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥162K
AGE
59
TENURE
3.2 yrs

Jia He

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥162K
AGE
63
TENURE
3.2 yrs

Charles Chan

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥159K
AGE
64
TENURE
3.2 yrs

Hao Liu

TITLE
Chairman of Supervisory Committee
AGE
59

Tao Kuang

TITLE
Non Executive Director
AGE
44
TENURE
0.5 yrs

Zhao Guo

TITLE
Supervisor
COMPENSATION
CN¥100K
AGE
61
TENURE
19.5 yrs

Yong Lei

TITLE
Supervisor
COMPENSATION
CN¥3M
AGE
50
TENURE
16.8 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 ($) Value ($)
13. Mar 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 08. Mar 19 08. Mar 19 -14,140,916 $2.34 $-33,020,241
05. Mar 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 28. Feb 19 28. Feb 19 -16,386,854 $2.42 $-39,604,830
05. Mar 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 28. Feb 19 28. Feb 19 466,500 $2.42 $1,127,468
05. Mar 19 Sell Highbridge Capital Management, LLC Company 28. Feb 19 28. Feb 19 -65,500 $2.42 $-158,305
01. Mar 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Feb 19 26. Feb 19 15,763,862 $2.53 $39,895,308
26. Feb 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 21. Feb 19 21. Feb 19 -2,548,437 $2.33 $-5,932,731
20. Feb 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 15. Feb 19 15. Feb 19 742,634 $2.16 $1,607,289
14. Feb 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 11. Feb 19 11. Feb 19 -13,808,422 $2.14 $-29,578,800
08. Feb 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 04. Feb 19 04. Feb 19 6,420,148 $2.16 $13,891,736
25. Jan 19 Buy Citigroup Inc.,Banking and Securities Investments Company 22. Jan 19 22. Jan 19 2,831,800 $1.94 $5,486,293
28. Nov 18 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 23. Nov 18 23. Nov 18 -3,982,137 $1.85 $-7,370,151
26. Nov 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 21. Nov 18 21. Nov 18 3,572,805 $1.89 $6,741,569
20. Nov 18 Sell GIC Pte. Ltd. Company 19. Nov 18 19. Nov 18 -2,115,500 $1.94 $-4,107,148
01. Nov 18 Buy GIC Pte. Ltd. Company 30. Oct 18 30. Oct 18 389,000 $1.76 $683,184
03. Sep 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 29. Aug 18 29. Aug 18 -374,091 $1.83 $-684,022
03. Aug 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 31. Jul 18 31. Jul 18 -143,878 $1.99 $-286,053
07. Aug 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 02. Aug 18 02. Aug 18 1,738,299 $1.91 $3,313,992
19. Jul 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 16. Jul 18 16. Jul 18 -2,721,571 $1.93 $-5,265,217
13. Jun 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 08. Jun 18 08. Jun 18 -246,880 $2.45 $-606,075
11. Jul 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 06. Jul 18 06. Jul 18 750,290 $1.90 $1,428,010
12. Jun 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 07. Jun 18 07. Jun 18 560,500 $2.51 $1,409,279
07. Jun 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 04. Jun 18 04. Jun 18 973,500 $2.54 $2,470,304
X
Management checks
We assess CITIC 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. CITIC 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.

News

Simply Wall St News

Company Info

Description

CITIC Securities Company Limited provides various financial products and services in Mainland China and internationally. It operates through Investment Banking, Brokerage, Trading, Asset Management, and Others segments. The company offers investment banking services, including equity and debt financing, and asset-backed securitization; and fund raising and financial advisory services to a range of enterprises and other institutional clients. It also engages in trading and market-making of equity products, fixed income products and derivatives, margin financing and securities lending business, alternative investment, and commodities business; brokerage of securities and futures; and distribution of financial products. In addition, the company offers asset management services, including CAM, TAM, SAM, fund management, and other investment accounts management services; and custody and research services, as well as engages in private equity investment and other businesses. Further, it provides institutional brokerage, investment banking, fixed income, and alternative investment services; investment advisory and management, investment consultancy, fiduciary management, fund, real estate, business training, and financial product investment services. Additionally, the company offers trade and trade agency, storage, and equipment leasing services; catering, accommodation, convention, and exhibition services; micro financing; computer hardware and software technology development, technical consulting, system integration and sales, and data processing services; finance outsourcing services; offshore hedge and investment funds; and bond issuance services. It also provides research development and consulting services for financial products; fund investment and distribution services; leveraged foreign exchange and other transactions; and property management and leasing services. The company was founded in 1995 and is based in Shenzhen, the People’s Republic of China.

Details
Name: CITIC Securities Company Limited
CIIH.F
Exchange: OTCPK
Founded: 1995
CN¥38,627,807,017
12,116,908,400
Website: http://www.cs.ecitic.com
Address: CITIC Securities Company Limited
CITIC Securities Tower,
No. 8 Zhong Xin San Road,
Shenzhen,
Guangdong Province, 518048,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SHSE 600030 Domestic Shares Shanghai Stock Exchange CN CNY 06. Jan 2003
XSSC 600030 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 06. Jan 2003
OTCPK CIIH.Y ADR Pink Sheets LLC US USD 17. Dec 2012
SEHK 6030 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 06. Oct 2011
OTCPK CIIH.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 06. Oct 2011
DB CI9 Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 06. Oct 2011
SHSC 6030 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 06. Oct 2011
SZSC 6030 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 06. Oct 2011
Number of employees
Current staff
Staff numbers
15,842
CITIC Securities employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/28 00:41
End of day share price update: 2018/12/28 00:00
Last estimates confirmation: 2019/03/26
Last earnings filing: 2019/03/21
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.