Financials CITIC Limited

Equities

267 HK0267001375

Banks

Market Closed - Hong Kong S.E. Other stock markets 01:38:05 31/05/2024 pm IST			5-day change	1st Jan Change
7.9 ^HKD	-1.00%		-4.70%	+1.28%

31/05	CITIC Financial Trust Scheme Grants 480 Million Yuan to Suning's Retail Cloud Arm	MT
31/05	CITIC Securities' Unit Issues $10 Million Bond	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,03,121	1,59,706	2,23,995	2,39,704	2,26,904	2,29,813	-	-
Enterprise Value (EV) ¹	8,32,134	7,97,229	12,08,185	12,63,315	2,26,904	13,41,593	13,26,793	11,55,140
P/E ratio	5.63 x	2.82 x	3.2 x	3.18 x	3.94 x	3.5 x	3.33 x	3.35 x
Yield	4.46%	8.89%	7.87%	7.9%	-	7.29%	7.7%	7.76%
Capitalization / Revenue	0.54 x	0.29 x	0.32 x	0.31 x	0.33 x	0.3 x	0.29 x	0.3 x
EV / Revenue	1.47 x	1.44 x	1.7 x	1.64 x	0.33 x	1.76 x	1.66 x	1.53 x
EV / EBITDA	3.71 x	3.73 x	5.13 x	4.72 x	1.04 x	4.99 x	4.74 x	4.05 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.51 x	0.24 x	0.3 x	0.33 x	-	0.3 x	0.28 x	0.25 x
Nbr of stocks (in thousands)	2,90,90,263	2,90,90,263	2,90,90,263	2,90,90,263	2,90,90,263	2,90,90,263	-	-
Reference price ²	10.42	5.490	7.700	8.240	7.800	7.900	7.900	7.900
Announcement Date	31/03/20	30/03/21	31/03/22	31/03/23	28/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,66,497	5,52,949	7,08,936	7,71,133	6,80,832	7,62,951	7,97,522	7,56,868
EBITDA ¹	2,24,006	2,13,457	2,35,463	2,67,580	2,17,493	2,68,639	2,80,197	2,85,372
EBIT ¹	1,06,454	93,109	1,28,538	1,56,175	1,33,627	1,33,434	1,42,399	1,42,820
Operating Margin	18.79%	16.84%	18.13%	20.25%	19.63%	17.49%	17.86%	18.87%
Earnings before Tax (EBT) ¹	96,015	97,718	1,21,141	1,47,839	1,23,287	1,31,950	1,40,797	1,38,684
Net income ¹	53,903	56,628	70,222	75,481	57,594	65,157	68,582	65,101
Net margin	9.52%	10.24%	9.91%	9.79%	8.46%	8.54%	8.6%	8.6%
EPS ²	1.850	1.950	2.410	2.590	1.980	2.255	2.369	2.361
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.4650	0.4880	0.6060	0.6510	-	0.5758	0.6082	0.6130
Announcement Date	31/03/20	30/03/21	31/03/22	31/03/23	28/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2
Net sales ¹	2,89,321	2,55,802	2,97,147	3,52,921	3,56,015	3,92,407	3,78,726	3,33,986	3,46,846
EBITDA	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-
EPS ²	0.7000	0.9300	1.020	1.520	0.8900	1.720	0.8700	1.100	0.8800
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	31/03/20	28/08/20	30/03/21	27/08/21	31/03/22	15/09/22	31/03/23	31/08/23	28/03/24

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,29,013	6,37,523	9,84,190	10,23,611	-	11,11,780	10,96,980	9,25,327
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.362 x	2.987 x	4.18 x	3.825 x	-	4.139 x	3.915 x	3.243 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.37%	8.9%	9.9%	10.1%	-	8.58%	8.49%	8.02%
ROA (Net income/ Total Assets)	0.68%	0.63%	1.3%	-	-	0.5%	0.5%	-
Assets ¹	79,74,996	90,15,762	54,01,692	-	-	1,30,31,480	1,37,16,360	-
Book Value Per Share ²	20.30	23.20	25.80	25.30	-	26.70	28.40	31.50
Cash Flow per Share ²	5.500	6.640	-1.400	6.670	-	5.360	5.680	6.010
Capex ¹	32,318	29,616	42,235	35,289	-	26,985	26,985	26,985
Capex / Sales	5.7%	5.36%	5.96%	4.58%	-	3.54%	3.38%	3.57%
Announcement Date	31/03/20	30/03/21	31/03/22	31/03/23	28/03/24	-	-	-

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CITIC Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.9 HKD

Average target price

9.412 HKD

Spread / Average Target

+19.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Banks

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WELLS FARGO & COMPANY	+21.74%	21TCr
CHINA CONSTRUCTION BANK CORPORATION	+19.14%	18TCr
BANK OF CHINA LIMITED	+24.16%	17TCr
HSBC HOLDINGS PLC	+9.58%	16TCr
ROYAL BANK OF CANADA	+11.18%	15TCr
HDFC BANK LIMITED	-10.40%	14TCr

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