Projected Income Statement: China Merchants Bank Co., Ltd.

Forecast Balance Sheet: China Merchants Bank Co., Ltd.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt - - - - - - - -
Change - - - - - - - -
Announcement Date 14/01/22 13/01/23 19/01/24 14/01/25 23/01/26 - - -
Estimates

Cash Flow Forecast: China Merchants Bank Co., Ltd.

Fiscal Period: December 2020 2021 2022 2023 2024 2025
CAPEX 1 19,125 24,160 34,892 30,161 34,930 28,141
Change - 26.33% 44.42% -13.56% 15.81% -19.44%
Free Cash Flow (FCF) 1 - - - - - -
Change - - - - - -
Announcement Date 19/03/21 18/03/22 24/03/23 25/03/25 25/03/25 27/03/26
1CNY in Million
Estimates

Forecast Financial Ratios: China Merchants Bank Co., Ltd.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

         
EBITDA Margin (%) - - - - - - - - -
EBIT Margin (%) - 64.64% 63.85% 63.58% 64.24% 64.28% 64.74% 66.04% 65.88%
EBT Margin (%) - 44.73% 47.88% 52.08% 52.93% 53.95% 53.24% 52.49% 52.9%
Net margin (%) - 36.2% 40.03% 43.23% 43.96% 45.26% 44.24% 43.31% 43.89%
FCF margin (%) - - - - - - - - -
FCF / Net Income (%) - - - - - - - - -

Profitability

         
ROA - 1.36% 1.42% 1.39% 1.28% 1.19% 1.11% 1.11% 1.08%
ROE - 16.96% 17.06% 16.22% 14.49% 13.44% 12.87% 12.35% 12.23%

Financial Health

         
Leverage (Debt/EBITDA) - - - - - - - - -
Debt / Free cash flow - - - - - - - - -

Capital Intensity

         
CAPEX / Current Assets (%) - - - - - - - - -
CAPEX / EBITDA (%) - - - - - - - - -
CAPEX / FCF (%) - - - - - - - - -

Items per share

         
Cash flow per share 1 - - - - - - - - -
Change - - - - - - - - -
Dividend per Share 1 - 1.522 1.738 1.972 2 - 2.09 2.154 2.283
Change - - 14.19% 13.46% 1.42% - - 3.04% 6.02%
Book Value Per Share 1 - 34.05 32.71 36.71 41.46 43.43 47.17 51.77 55.51
Change - - -3.94% 12.23% 12.94% 4.75% 8.61% 9.75% 7.23%
EPS 1 - 4.61 5.26 5.63 5.66 5.7 6.019 6.334 6.639
Change - - 14.1% 7.03% 0.53% 0.71% 5.6% 5.22% 4.82%
Nbr of stocks (in thousands) - 2,52,19,846 2,52,19,846 2,52,19,846 2,52,19,846 2,52,19,846 2,52,19,846 2,52,19,846 2,52,19,846
Announcement Date - 14/01/22 13/01/23 19/01/24 14/01/25 23/01/26 - - -
1CNY
Estimates
2026 *2027 *
P/E ratio 6.3x 5.98x
PBR 0.8x 0.73x
EV / Sales 2.79x 2.61x
Yield 5.51% 5.68%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
-
Global
-
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
25
Last Close Price
37.90CNY
Average target price
52.20CNY
Spread / Average Target
+37.73%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. 600036 Stock
  4. Financials China Merchants Bank Co., Ltd.