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China Resources Cement Holdings

OTCPK:CJRC.F
Snowflake Description

Flawless balance sheet with outstanding track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CJRC.F
OTCPK
HK$57B
Market Cap
  1. Home
  2. US
  3. Materials
Company description

China Resources Cement Holdings Limited, an investment holding company, manufactures and sells cement, concrete, and related products and services in Mainland China and Hong Kong. The last earnings update was 4 days ago. More info.


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CJRC.F Share Price and Events
7 Day Returns
0%
OTCPK:CJRC.F
-1.1%
US Basic Materials
-1.1%
US Market
1 Year Returns
-
OTCPK:CJRC.F
-14.7%
US Basic Materials
6.4%
US Market
CJRC.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Resources Cement Holdings (CJRC.F) 0% 0% 0% - - -
US Basic Materials -1.1% -1.9% 19.5% -14.7% 9.7% 45.3%
US Market -1.1% 0.3% 16.7% 6.4% 37.9% 42.1%
1 Year Return vs Industry and Market
  • No trading data on CJRC.F.
  • No trading data on CJRC.F.
Price Volatility
CJRC.F
Industry
5yr Volatility vs Market

CJRC.F Value

 Is China Resources Cement Holdings 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 Resources Cement Holdings 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 Resources Cement Holdings.

OTCPK:CJRC.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.5%
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:CJRC.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6.7%
Basic Materials Unlevered Beta Simply Wall St/ S&P Global 0.88
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.882 (1 + (1- 25%) (22.09%))
1.019
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.019 * 6.65%)
9.51%

Discounted Cash Flow Calculation for OTCPK:CJRC.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Resources Cement Holdings 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.

OTCPK:CJRC.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 9.51%)
2019 7,858.60 Analyst x5 7,176.44
2020 8,968.60 Analyst x5 7,479.15
2021 9,733.00 Analyst x1 7,412.05
2022 9,917.26 Est @ 1.89% 6,896.79
2023 10,129.90 Est @ 2.14% 6,433.16
2024 10,364.91 Est @ 2.32% 6,011.02
2025 10,618.12 Est @ 2.44% 5,623.34
2026 10,886.65 Est @ 2.53% 5,265.08
2027 11,168.55 Est @ 2.59% 4,932.55
2028 11,462.45 Est @ 2.63% 4,622.92
Present value of next 10 years cash flows HK$61,852.50
OTCPK:CJRC.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$11,462.45 × (1 + 2.73%) ÷ (9.51% – 2.73%)
HK$173,792.07
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$173,792.07 ÷ (1 + 9.51%)10
HK$70,092.00
OTCPK:CJRC.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$61,852.50 + HK$70,092.00
HK$131,944.50
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$131,944.50 / 6,982.94
HK$18.9
OTCPK:CJRC.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:CJRC.F represents 0.10666x of SEHK:1313
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.10666x
Value per Share
(Listing Adjusted, USD)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 18.90 x 0.10666
$2.02
Value per share (USD) From above. $2.02
Current discount Discount to share price of $0.87
= -1 x ($0.87 - $2.02) / $2.02
57.1%

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

Current Discount
Amount off the current price China Resources Cement Holdings is available for.
Intrinsic value
>50%
Share price is $0.87 vs Future cash flow value of $2.02
Current Discount Checks
For China Resources Cement Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Resources Cement Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Resources Cement Holdings'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 Resources Cement Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Resources Cement Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:CJRC.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$1.18
SEHK:1313 Share Price ** SEHK (2018-12-24) in HKD HK$8.11
United States of America Basic Materials Industry PE Ratio Median Figure of 11 Publicly-Listed Basic Materials Companies 25.75x
United States of America Market PE Ratio Median Figure of 3,061 Publicly-Listed Companies 17.15x

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

** Primary Listing of China Resources Cement Holdings.

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

= SEHK:1313 Share Price ÷ EPS (both in HKD)

= 8.11 ÷ 1.18

6.88x

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

  • China Resources Cement Holdings is good value based on earnings compared to the US Basic Materials industry average.
  • China Resources Cement Holdings is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does China Resources Cement Holdings's expected growth come at a high price?
Raw Data
OTCPK:CJRC.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
-1.5%per year
United States of America Basic Materials Industry PEG Ratio Median Figure of 7 Publicly-Listed Basic Materials Companies 1.2x
United States of America Market PEG Ratio Median Figure of 2,104 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.88x ÷ -1.5%

-4.65x

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

  • China Resources Cement Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on China Resources Cement Holdings's assets?
Raw Data
OTCPK:CJRC.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$5.40
SEHK:1313 Share Price * SEHK (2018-12-24) in HKD HK$8.11
United States of America Basic Materials Industry PB Ratio Median Figure of 13 Publicly-Listed Basic Materials Companies 2.02x
United States of America Market PB Ratio Median Figure of 5,164 Publicly-Listed Companies 1.84x
OTCPK:CJRC.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1313 Share Price ÷ Book Value per Share (both in HKD)

= 8.11 ÷ 5.40

1.5x

* Primary Listing of China Resources Cement Holdings.

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

  • China Resources Cement Holdings is good value based on assets compared to the US Basic Materials industry average.
X
Value checks
We assess China Resources Cement Holdings'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 Basic Materials 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 Basic Materials industry average (and greater than 0)? (1 check)
  5. China Resources Cement Holdings has a total score of 5/6, 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.

CJRC.F Future Performance

 How is China Resources Cement Holdings expected to perform in the next 1 to 3 years based on estimates from 20 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
-1.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Resources Cement Holdings expected to grow at an attractive rate?
  • China Resources Cement Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • China Resources Cement Holdings's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • China Resources Cement Holdings's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:CJRC.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:CJRC.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts -1.5%
OTCPK:CJRC.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts -0.8%
United States of America Basic Materials Industry Earnings Growth Rate Market Cap Weighted Average 18.1%
United States of America Basic Materials Industry Revenue Growth Rate Market Cap Weighted Average 7.4%
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:CJRC.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 20 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:CJRC.F Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 37,453 9,712 7,399 8
2020-12-31 38,538 10,150 7,932 20
2019-12-31 38,393 9,365 7,864 20
OTCPK:CJRC.F Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 38,791 11,331 7,975
2018-09-30 37,151 7,061
2018-06-30 35,284 8,128 6,003
2018-03-31 32,233 4,804
2017-12-31 29,958 6,613 3,617
2017-09-30 28,515 3,136
2017-06-30 27,520 4,999 2,708
2017-03-31 26,697 1,924
2016-12-31 25,647 4,112 1,326
2016-09-30 24,504 571
2016-06-30 24,690 4,019 -258
2016-03-31 25,298 361

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Resources Cement Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • China Resources Cement Holdings's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:CJRC.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 20 Analyst Estimates (S&P Global) See Below

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

OTCPK:CJRC.F Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.08 1.36 0.78 6.00
2020-12-31 1.14 1.32 0.84 16.00
2019-12-31 1.14 1.24 0.84 16.00
OTCPK:CJRC.F Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 1.18
2018-09-30 1.06
2018-06-30 0.92
2018-03-31 0.74
2017-12-31 0.55
2017-09-30 0.48
2017-06-30 0.41
2017-03-31 0.29
2016-12-31 0.20
2016-09-30 0.09
2016-06-30 -0.04
2016-03-31 0.06

*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 Resources Cement Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess China Resources Cement Holdings'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 Resources Cement Holdings has a total score of 0/6, 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.

CJRC.F Past Performance

  How has China Resources Cement Holdings 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 Resources Cement Holdings's growth in the last year to its industry (Basic Materials).
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 Resources Cement Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • China Resources Cement Holdings's 1-year earnings growth exceeds its 5-year average (120.5% vs 12.5%)
  • China Resources Cement Holdings's earnings growth has exceeded the US Basic Materials industry average in the past year (120.5% vs -26.1%).
Earnings and Revenue History
China Resources Cement Holdings'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 Resources Cement Holdings Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CJRC.F Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 38,791.47 7,975.44 4,529.93
2018-09-30 37,151.38 7,060.65 4,408.75
2018-06-30 35,283.91 6,002.92 4,490.90
2018-03-31 32,233.43 4,803.98 4,437.09
2017-12-31 29,958.43 3,616.74 4,380.56
2017-09-30 28,514.63 3,136.17 4,046.67
2017-06-30 27,520.24 2,708.13 3,934.62
2017-03-31 26,697.42 1,923.71 3,969.18
2016-12-31 25,647.46 1,325.86 3,977.49
2016-09-30 24,504.32 571.09 3,896.11
2016-06-30 24,690.07 -257.73 4,102.06
2016-03-31 25,297.97 361.27 3,983.68
2015-12-31 26,778.67 1,014.97 4,196.24
2015-09-30 29,033.21 2,232.41 4,305.17
2015-06-30 30,912.10 3,680.65 4,315.23
2015-03-31 32,074.21 4,099.01 4,326.03
2014-12-31 32,668.91 4,206.39 4,295.97
2014-09-30 32,855.70 4,452.06 4,301.66
2014-06-30 31,643.49 4,248.70 4,173.10
2014-03-31 30,165.41 3,653.38 4,229.31
2013-12-31 29,340.62 3,338.37 4,007.40
2013-09-30 27,028.44 2,987.05 3,269.41
2013-06-30 27,169.54 2,834.78 3,278.65
2013-03-31 25,800.69 2,459.44 3,068.24
2012-12-31 25,345.33 2,324.37 3,030.93
2012-09-30 24,783.77 2,546.64 2,916.07
2012-06-30 24,222.21 2,768.92 2,801.22
2012-03-31 23,731.08 3,473.96 2,677.08

*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 Resources Cement Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • China Resources Cement Holdings used its assets more efficiently than the US Basic Materials industry average last year based on Return on Assets.
  • China Resources Cement Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess China Resources Cement Holdings'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 Basic Materials 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 Resources Cement Holdings has a total score of 6/6, 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.

CJRC.F Health

 How is China Resources Cement Holdings'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 Resources Cement Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Resources Cement Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Resources Cement Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Resources Cement Holdings'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.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.5x 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 Resources Cement Holdings Company Filings, last reported 2 months ago.

OTCPK:CJRC.F Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 37,895.16 12,512.49 12,301.50
2018-09-30 35,859.24 13,956.02 7,697.70
2018-06-30 37,232.31 15,566.17 9,704.74
2018-03-31 33,479.28 16,847.25 4,250.91
2017-12-31 30,482.44 17,151.54 5,384.09
2017-09-30 29,082.89 21,995.82 6,921.54
2017-06-30 28,204.67 19,089.24 4,302.33
2017-03-31 27,040.85 19,260.34 3,275.55
2016-12-31 26,251.87 17,860.22 3,158.68
2016-09-30 26,790.71 20,799.23 3,881.90
2016-06-30 26,403.12 19,863.82 2,276.53
2016-03-31 27,039.54 22,326.22 3,785.67
2015-12-31 26,985.68 18,979.76 1,937.71
2015-09-30 27,769.43 20,037.33 3,683.12
2015-06-30 29,543.49 19,462.81 3,057.82
2015-03-31 29,238.60 20,545.92 2,993.61
2014-12-31 28,715.15 20,338.83 4,147.80
2014-09-30 27,737.80 19,963.57 2,700.78
2014-06-30 26,715.19 20,234.31 2,555.06
2014-03-31 25,909.10 21,478.81 3,125.90
2013-12-31 25,361.75 20,497.97 2,821.78
2013-09-30
2013-06-30 23,012.54 21,819.26 2,374.00
2013-03-31 21,958.20 22,263.71 3,561.86
2012-12-31 21,958.20 22,263.71 3,561.86
2012-09-30 21,958.20 22,263.71 3,561.86
2012-06-30 20,010.66 22,788.58 2,474.91
2012-03-31 20,010.66 22,788.58 2,474.91
  • China Resources Cement Holdings's level of debt (33%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (80.8% vs 33% today).
  • Debt is well covered by operating cash flow (90.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 21.3x coverage).
X
Financial health checks
We assess China Resources Cement Holdings'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 Resources Cement Holdings has a total score of 6/6, 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.

CJRC.F Dividends

 What is China Resources Cement Holdings'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
6.76%
Current annual income from China Resources Cement Holdings dividends. Estimated to be 6.66% next year.
If you bought $2,000 of China Resources Cement Holdings shares you are expected to receive $135 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 Resources Cement Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
  • China Resources Cement Holdings's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:CJRC.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 20 Analyst Estimates (S&P Global) See Below
United States of America Basic Materials Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 1.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 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:CJRC.F Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.50 7.00
2020-12-31 0.56 18.00
2019-12-31 0.54 17.00
OTCPK:CJRC.F Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-03-08 0.548 6.945
2018-10-19 0.550 7.319
2018-08-10 0.550 6.215
2018-03-09 0.270 3.399
2017-08-04 0.190 3.702
2017-03-22 0.090 2.159
2017-03-10 0.090 2.062
2016-10-24 0.030 0.882
2016-08-17 0.030 0.968
2016-08-05 0.030 0.982
2016-05-13 0.080 3.197
2015-05-08 0.200 6.832
2014-10-24 0.140 2.886
2014-08-20 0.140 2.594
2014-08-08 0.140 2.461
2014-03-19 0.140 2.628
2014-03-07 0.140 2.535
2013-09-05 0.070 1.310
2013-03-26 0.070 1.629
2012-08-22 0.000 0.000
2012-08-10 0.000 0.000
2012-03-02 0.120 2.319
2011-08-12 0.100 1.683
2011-03-04 0.045 0.614
2010-03-31 0.000 0.000
2010-03-19 0.000 0.000

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

  • China Resources Cement Holdings 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 Resources Cement Holdings only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of China Resources Cement Holdings'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 (2.1x coverage).
X
Income/ dividend checks
We assess China Resources Cement Holdings'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 China Resources Cement Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Resources Cement Holdings 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.

CJRC.F Management

 What is the CEO of China Resources Cement Holdings'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
Youhong Ji
COMPENSATION HK$4,448,000
AGE 53
TENURE AS CEO 2.5 years
CEO Bio

Mr. Youhong Ji has been the Chief Executive Officer and Executive Director at China Resources Cement Holdings Ltd. since September 22, 2016 and served as its Regional General Manager of Guangxi since April 2012 and served as its Sales and Marketing Controller from November 2008 to December 2012 and General Manager of Concrete Business Division Dongguan Region since January 2006. Mr. Ji served as Deputy General Manager of China Resources Concrete, a subsidiary of China Resources Cement Holdings Ltd. since August 2003. He joined the CR Holdings group in 2001 and has 25 years of experience in construction material engineering. Mr. Ji graduated from Nanjing Industrial College (now renamed as Southeast University) in 1988 with a Master’s Degree in Inorganic and Non-Metallic Materials.

CEO Compensation
  • Youhong's compensation has increased by more than 20% in the past year.
  • Youhong'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 Resources Cement Holdings management team in years:

2.6
Average Tenure
50.5
Average Age
  • The tenure for the China Resources Cement Holdings management team is about average.
Management Team

LongShan Zhou

TITLE
Executive Chairman
COMPENSATION
HK$6M
AGE
57

Youhong Ji

TITLE
CEO & Executive Director
COMPENSATION
HK$4M
AGE
53
TENURE
2.5 yrs

Robert Lau

TITLE
Executive Director
COMPENSATION
HK$4M
AGE
61
TENURE
1.4 yrs

Ting Huang

TITLE
Chief Financial Officer
AGE
48
TENURE
1.4 yrs

Wei Li

TITLE
Chief Marketing Officer
AGE
50
TENURE
2.6 yrs

Junxiang Wang

TITLE
Senior Vice President
AGE
50
TENURE
2.7 yrs

Yingzhong Zhang

TITLE
Chief Safety & Environmental Protection Officer
AGE
51
TENURE
5.2 yrs

Yue Wang

TITLE
Chief Audit Officer
AGE
41
TENURE
5.2 yrs

Xiang Cai

TITLE
Chief Procurement Officer
AGE
51
TENURE
2.6 yrs

Baojun Li

TITLE
Chief Strategy Officer
AGE
49
TENURE
5.2 yrs
Board of Directors Tenure

Average tenure and age of the China Resources Cement Holdings board of directors in years:

7.1
Average Tenure
51.5
Average Age
  • The tenure for the China Resources Cement Holdings board of directors is about average.
Board of Directors

LongShan Zhou

TITLE
Executive Chairman
COMPENSATION
HK$6M
AGE
57
TENURE
7.4 yrs

Youhong Ji

TITLE
CEO & Executive Director
COMPENSATION
HK$4M
AGE
53
TENURE
2.5 yrs

Robert Lau

TITLE
Executive Director
COMPENSATION
HK$4M
AGE
61
TENURE
10.9 yrs

Nelson Lam

TITLE
Independent Non-Executive Director
COMPENSATION
HK$230K
AGE
50
TENURE
10.6 yrs

Abraham Shek

TITLE
Independent Non-Executive Director
COMPENSATION
HK$230K
AGE
72
TENURE
8.2 yrs

Xuemin Zeng

TITLE
Independent Non-Executive Director
COMPENSATION
HK$230K
AGE
74
TENURE
10.6 yrs

Ying Chen

TITLE
Non-Executive Director
AGE
48
TENURE
6.8 yrs

Yan Wang

TITLE
Non-Executive Director
AGE
46
TENURE
4.6 yrs

Sue Wan

TITLE
Non-Executive Director
AGE
41
TENURE
0.8 yrs

Shiqing Jing

TITLE
Non-Executive Director
AGE
37
TENURE
0.8 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 ($) Value ($)
15. Jun 18 Sell China Resources Company Limited Company 14. Jun 18 14. Jun 18 -450,000,000 $1.18 $-533,192,850
X
Management checks
We assess China Resources Cement Holdings'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 Resources Cement Holdings 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.

CJRC.F News

Simply Wall St News

CJRC.F Company Info

Description

China Resources Cement Holdings Limited, an investment holding company, manufactures and sells cement, concrete, and related products and services in Mainland China and Hong Kong. It operates through Cement and Concrete segments. The company engages in the excavation of limestone; and production, sale, and distribution of cement, clinker, and concrete. It offers Portland, ordinary Portland, composite Portland, and slag Portland cement under the Runfeng brand name. The company’s products are primarily used in the construction of infrastructure projects, such as railways, highways, subways, bridges, airports, ports, dams, hydroelectric and nuclear power stations, as well as high-rise buildings, and suburban and rural area development. It trades in cement, fly ash, construction materials, and mortars; provides environmental protection engineering, and concrete testing and consultancy services; and holds properties The company was founded in 2003 and is headquartered in Wanchai, Hong Kong. China Resources Cement Holdings Limited is a subsidiary of CRH (Cement) Limited.

Details
Name: China Resources Cement Holdings Limited
CJRC.F
Exchange: OTCPK
Founded: 2003
HK$7,216,941,126
6,982,937,817
Website: http://www.crcement.com
Address: China Resources Cement Holdings Limited
China Resources Building,
Room 4606-08,
Wanchai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1313 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 06. Oct 2009
OTCPK CJRC.F Ordinary Shares Pink Sheets LLC US USD 06. Oct 2009
DB C44 Ordinary Shares Deutsche Boerse AG DE EUR 06. Oct 2009
SHSC 1313 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 06. Oct 2009
SZSC 1313 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 06. Oct 2009
OTCPK CARC.Y ADR Pink Sheets LLC US USD 12. Apr 2010
Number of employees
Current staff
Staff numbers
20,301
China Resources Cement Holdings employees.
Industry
Construction Materials
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/24 00:17
End of day share price update: 2018/12/24 00:00
Last estimates confirmation: 2019/03/21
Last earnings filing: 2019/03/20
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.