Financials China Merchants Bank Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 19/09/2024			5-day change	1st Jan Change
30.82 ^CNY	-0.93%		+2.46%	+10.78%

13/09	Jiangsu Expressway to Issue 400 Million Yuan in 126-Day Debts	MT
10/09	China Merchants Bank Seeks Debt Payment of 1.09 Billion Yuan From Orient Group in Lawsuit; Orient's Shares Drop 10%	MT

Fiscal Period: Dicembre	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	3,32,663	3,47,098	3,70,186
Change	-	7.7%	14.04%	4.08%	-1.64%	-1.9%	4.34%	6.65%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	1,17,047	1,22,643	2,14,135	2,20,154	2,15,611	2,15,519	2,25,264	2,41,750
Change	-	4.78%	74.6%	2.81%	-2.06%	-0.04%	4.52%	7.32%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,17,132	1,22,440	1,48,173	1,65,092	1,76,606	1,77,564	1,86,887	1,99,878
Change	-	4.53%	21.02%	11.42%	6.97%	0.54%	5.25%	6.95%
Net income ¹	92,867	97,342	1,19,922	1,38,012	1,46,602	1,46,986	1,54,869	1,65,265
Change	-	4.82%	23.2%	15.08%	6.22%	0.26%	5.36%	6.71%
Announcement Date	17/01/20	14/01/21	14/01/22	13/01/23	19/01/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	68,967	61,973	76,603	71,750	72,454	69,052	84,190	83,998	82,661	79,843	-	86,206	89,832	87,077	73,226	80,990	85,674	86,528	80,703	76,937
Change	-	-10.14%	23.61%	-6.34%	0.98%	-4.7%	21.92%	-0.23%	-1.59%	-3.41%	-100%	-	4.21%	-3.07%	-15.91%	10.6%	5.78%	1%	-6.73%	-4.67%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	45,234	-	-	27,894	-	-	59,984	36,242	54,725	37,205	-	58,339	62,509	58,028	44,447	42,629	58,709	57,148	53,352	42,815
Change	-	-100%	-	-	-100%	-	-	-39.58%	51%	-32.01%	-100%	-	7.15%	-7.17%	-23.4%	-4.09%	37.72%	-2.66%	-6.64%	-19.75%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	27,935	-	-	-	36,230	-	-	-	-	-	44,003	44,301	-	45,188	-	-	-
Change	-	-	-	-	-100%	-	-	-	-100%	-	-	-	-	-	0.68%	-100%	-	-100%	-	-
Net income	-	-	-	21,993	-	-	32,015	29,135	32,465	-	36,022	-	-	36,913	38,138	32,712	38,077	-	-	-
Change	-	-	-	-	-100%	-	-	-9%	11.43%	-100%	-	-100%	-	-	3.32%	-14.23%	16.4%	-100%	-	-
Announcement Date	30/10/19	17/01/20	29/04/20	28/08/20	30/10/20	14/01/21	23/04/21	13/08/21	22/10/21	14/01/22	22/04/22	19/08/22	26/04/23	25/08/23	27/10/23	19/01/24	29/04/24	29/08/24	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 S1	2021 S1	2022 S1
Net sales ¹	1,46,981	1,66,645	1,77,621
Change	-	13.38%	6.59%
EBITDA	-	-	-
Change	-	-	-
EBIT ¹	1,02,099	1,16,033	1,23,645
Change	-	13.65%	6.56%
Charge d'intérêts	-	-	-
Earnings before Tax (EBT)	-	-	-
Change	-	-	-
Net income	-	61,150	-
Change	-	-	-100%
Announcement Date	28/08/20	13/08/21	19/08/22

¹CNY in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	17/01/20	14/01/21	14/01/22	13/01/23	19/01/24	-	-	-

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023
CAPEX ¹	17,492	23,964	19,125	24,160	34,892	30,161
Change	-	37%	-20.19%	26.33%	44.42%	-13.56%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	22/03/19	30/04/20	19/03/21	18/03/22	24/03/23	25/03/24

¹CNY in Million

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	43.4%	42.22%	64.64%	63.85%	63.58%	64.79%	64.9%	65.31%
EBT Margin (%)	-	43.43%	42.15%	44.73%	47.88%	52.08%	53.38%	53.84%	53.99%
Net margin (%)	-	34.43%	33.51%	36.2%	40.03%	43.23%	44.18%	44.62%	44.64%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	1.3%	1.23%	1.36%	1.42%	1.39%	1.29%	1.26%	1.24%
ROE	-	16.84%	15.73%	16.96%	17.06%	16.22%	14.55%	13.93%	13.53%
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	-	1.2	1.253	1.522	1.738	1.972	2.016	2.11	2.287
Change	-	-	4.42%	21.47%	14.19%	13.46%	2.25%	4.64%	8.38%
Book Value Per Share ¹	-	22.89	25.36	34.05	32.71	36.71	40.66	44.92	49.45
Change	-	-	10.81%	34.24%	-3.94%	12.23%	10.75%	10.5%	10.08%
EPS ¹	-	3.62	3.79	4.61	5.26	5.63	5.813	6.104	6.514
Change	-	-	4.7%	21.64%	14.1%	7.03%	3.25%	5.01%	6.72%
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	-	17/01/20	14/01/21	14/01/22	13/01/23	19/01/24	-	-	-