Financials China Minsheng Banking Corp., Ltd. Hong Kong S.E.

Equities

1988

CNE100000HF9

Banks

Delayed Hong Kong S.E. Other stock markets 10:52:00 09/05/2024 am IST			5-day change	1st Jan Change
2.86 ^HKD	+0.70%		+2.14%	+7.92%

02/05	China Minsheng Bank Gets Regulatory Clearance for President Appointment	MT
01/05	China Minsheng Banking Issues 30 Billion Yuan of Tier-II Capital Bonds	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,67,574	2,15,370	1,58,502	1,42,216	1,52,642	1,59,437	-	-
Enterprise Value (EV) ¹	2,67,574	2,15,370	1,58,502	1,42,216	1,52,642	1,59,437	1,59,437	1,59,437
P/E ratio	5.17 x	7.32 x	5.49 x	4.86 x	5.19 x	5.25 x	4.89 x	4.72 x
Yield	5.86%	4.1%	5.46%	6.2%	5.78%	5.73%	6%	6.02%
Capitalization / Revenue	1.51 x	1.18 x	0.96 x	1.02 x	1.11 x	1.24 x	1.12 x	1.08 x
EV / Revenue	1.51 x	1.18 x	0.96 x	1.02 x	1.11 x	1.24 x	1.12 x	1.08 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.62 x	0.5 x	0.35 x	0.3 x	0.31 x	0.3 x	0.29 x	0.28 x
Nbr of stocks (in thousands)	4,37,82,419	4,37,82,419	4,37,82,419	4,37,82,419	4,37,82,419	4,37,82,419	-	-
Reference price ²	6.310	5.200	3.900	3.450	3.740	3.880	3.880	3.880
Announcement Date	30/03/20	30/03/21	29/03/22	27/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,77,745	1,81,807	1,65,554	1,39,219	1,37,391	1,28,398	1,42,018	1,48,153
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,27,729	1,31,322	1,14,373	86,617	84,584	83,617	87,459	88,948
Operating Margin	71.86%	72.23%	69.09%	62.22%	61.56%	65.12%	61.58%	60.04%
Earnings before Tax (EBT) ¹	64,738	36,706	35,600	37,170	37,358	37,626	39,537	41,364
Net income ¹	53,819	34,309	34,381	35,269	35,823	35,148	35,937	36,821
Net margin	30.28%	18.87%	20.77%	25.33%	26.07%	27.37%	25.3%	24.85%
EPS ²	1.220	0.7100	0.7100	0.7100	0.7200	0.7386	0.7932	0.8218
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.3700	0.2130	0.2130	0.2140	0.2160	0.2223	0.2329	0.2334
Announcement Date	30/03/20	30/03/21	29/03/22	27/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales	90,662	96,759	-	-	36,102	74,199	-	-	-	33,095	-	34,765	31,087	-	34,273	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	59,870	76,100	19,060	-	24,581	53,135	-	-	-	22,193	-	20,436	16,459	-	15,236	-	-	-	-	-	-	-
Operating Margin	66.04%	78.65%	-	-	68.09%	71.61%	-	-	-	67.06%	-	58.78%	52.94%	-	44.45%	-	-	-	-	-	-	-
Earnings before Tax (EBT)	26,315	33,083	-	-	-	-	-	-	-	8,708	-	10,886	1,725	-	-	-	-	-	-	-	-	-
Net income	22,196	28,453	-	-	-	-	-	-	-	9,545	-	9,800	2,246	-	-	-	-	-	-	-	-	-
Net margin	24.48%	29.41%	-	-	-	-	-	-	-	28.84%	-	28.19%	7.22%	-	-	-	-	-	-	-	-	-
EPS ¹	-	-	-0.0400	0.3100	0.1800	-	0.1900	0.0300	0.3300	-	0.4600	0.2100	0.0500	0.2600	0.3100	0.2400	0.5400	0.2500	-0.0600	0.3000	0.5600	0.3200
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	30/03/20	28/08/20	29/03/22	29/04/22	26/08/22	26/08/22	28/10/22	27/03/23	28/04/23	30/08/23	30/08/23	30/10/23	28/03/24	28/03/24	29/04/24	-	-	-	-	-	-	-

¹CNY

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)	12.4%	6.81%	6.23%	6.31%	6.1%	5.79%	5.8%	5.72%
ROA (Net income/ Total Assets)	0.87%	0.51%	0.5%	0.5%	0.48%	0.46%	0.45%	0.43%
Assets ¹	61,86,092	67,27,255	69,45,657	70,53,800	74,63,125	76,96,360	79,17,235	85,43,213
Book Value Per Share ²	10.30	10.50	11.10	11.50	12.10	12.80	13.30	14.00
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	30/03/20	30/03/21	29/03/22	27/03/23	28/03/24	-	-	-

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 Minsheng Banking Corp., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3.88 CNY

Average target price

3.789 CNY

Spread / Average Target

-2.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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