Stock 600036 CHINA MERCHANTS BANK CO., LTD.
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Financials China Merchants Bank Co., Ltd.

Equities

600036

CNE000001B33

Banks

End-of-day quote Shanghai S.E.
Other stock markets
 03:30:00 26/04/2024 am IST 		5-day change 1st Jan Change
34.48 CNY +0.23% Intraday chart for China Merchants Bank Co., Ltd. +2.56% +23.94%
11:29am China Merchants Bank Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
19/04 Nomura Adjusts China Merchants Bank’s Price Target to HK$40.01 From HK$36.44, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,39,598 10,96,062 12,31,298 9,45,895 6,87,245 8,56,625 - -
Enterprise Value (EV) 1 9,39,598 10,96,062 12,31,298 9,45,895 6,87,245 8,56,625 8,56,625 8,56,625
P/E ratio 10.4 x 11.6 x 10.6 x 7.08 x 4.94 x 5.76 x 5.34 x 5.07 x
Yield 3.19% 2.85% 3.12% 4.66% 7.09% 5.88% 6.29% 6.94%
Capitalization / Revenue 3.48 x 3.77 x 3.72 x 2.74 x 2.03 x 2.58 x 2.4 x 2.23 x
EV / Revenue 3.48 x 3.77 x 3.72 x 2.74 x 2.03 x 2.58 x 2.4 x 2.23 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.64 x 1.73 x 1.43 x 1.14 x 0.76 x 0.83 x 0.75 x 0.68 x
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 - -
Reference price 2 37.58 43.95 48.71 37.26 27.82 34.48 34.48 34.48
Announcement Date 17/01/20 14/01/21 14/01/22 13/01/23 19/01/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,69,703 2,90,482 3,31,253 3,44,784 3,39,123 3,32,414 3,57,649 3,84,892
EBITDA - - - - - - - -
EBIT 1 1,17,047 1,22,643 2,14,135 2,20,154 2,15,611 2,12,680 2,34,261 2,49,613
Operating Margin 43.4% 42.22% 64.64% 63.85% 63.58% 63.98% 65.5% 64.85%
Earnings before Tax (EBT) 1 1,17,132 1,22,440 1,48,173 1,65,092 1,76,606 1,82,065 1,96,801 2,10,928
Net income 1 92,867 97,342 1,19,922 1,38,012 1,46,602 1,48,993 1,61,838 1,72,142
Net margin 34.43% 33.51% 36.2% 40.03% 43.23% 44.82% 45.25% 44.72%
EPS 2 3.620 3.790 4.610 5.260 5.630 5.988 6.460 6.806
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.200 1.253 1.522 1.738 1.972 2.026 2.168 2.392
Announcement Date 17/01/20 14/01/21 14/01/22 13/01/23 19/01/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2
Net sales 1 1,46,981 1,66,645 82,661 79,843 - 86,206 1,77,621 89,832 87,077 - 73,226 80,990 - 85,169 83,195 - 81,731 78,012 -
EBITDA - - - - - - - - - - - - - - - - - - -
EBIT 1 1,02,099 1,16,033 54,725 37,205 - 58,339 1,23,645 62,509 58,028 - 44,447 42,629 - 58,568 56,638 - 54,032 43,419 -
Operating Margin 69.46% 69.63% 66.2% 46.6% - 67.67% 69.61% 69.58% 66.64% - 60.7% 52.63% - 68.77% 68.08% - 66.11% 55.66% -
Earnings before Tax (EBT) 1 - - - - - - - - 44,003 - 44,301 - - 47,158 - - - - -
Net income 1 - 61,150 32,465 - 36,022 - - - 36,913 - 38,138 32,712 - 39,032 - - - - -
Net margin - 36.69% 39.27% - - - - - 42.39% - 52.08% 40.39% - 45.83% - - - - -
EPS 2 - - 1.270 0.9900 1.430 - - 1.540 1.390 2.930 1.510 1.190 2.700 1.580 1.510 3.130 1.570 1.370 2.910
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 28/08/20 13/08/21 22/10/21 14/01/22 22/04/22 19/08/22 19/08/22 26/04/23 25/08/23 25/08/23 27/10/23 19/01/24 19/01/24 - - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 16.8% 15.7% 17% 17.1% 16.2% 15% 14.6% 14.2%
ROA (Net income/ Total Assets) 1.3% 1.23% 1.36% 1.42% 1.39% 1.31% 1.33% 1.31%
Assets 1 71,34,286 79,13,984 88,17,794 97,19,155 1,05,46,906 1,13,50,213 1,21,94,060 1,31,16,785
Book Value Per Share 2 22.90 25.40 34.10 32.70 36.70 41.60 46.10 51.10
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 17/01/20 14/01/21 14/01/22 13/01/23 19/01/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Merchants Bank Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
31
Last Close Price
34.48 CNY
Average target price
38.45 CNY
Spread / Average Target
+11.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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