Financials China Reinsurance (Group) Corporation

Equities

Market Closed - Hong Kong S.E. Other stock markets 01:39:00 03/05/2024 pm IST			5-day change	1st Jan Change
0.57 ^HKD	+1.79%		+5.56%	+25.27%

23/04	China Reinsurance's Q1 Premium Income Reach 15 Billion Yuan	MT
28/03	China Reinsurance Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	48,593	28,603	25,960	18,571	17,568	22,432	-	-
Enterprise Value (EV) ¹	49,818	44,134	50,849	54,728	17,568	22,432	22,432	22,432
P/E ratio	8.17 x	5.18 x	4.07 x	14.6 x	3.18 x	4.4 x	3.83 x	-
Yield	3.85%	6.09%	7.36%	-	-	9.12%	9.27%	11.2%
Capitalization / Revenue	0.34 x	0.17 x	0.16 x	0.11 x	0.16 x	0.18 x	0.13 x	0.15 x
EV / Revenue	0.34 x	0.17 x	0.16 x	0.11 x	0.16 x	0.18 x	0.13 x	0.15 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.56 x	0.31 x	0.28 x	0.22 x	-	0.24 x	0.23 x	0.22 x
Nbr of stocks (in thousands)	4,24,79,808	4,24,79,808	4,24,79,808	4,24,79,808	4,24,79,808	4,24,79,808	-	-
Reference price ²	1.144	0.6733	0.6111	0.4372	0.4136	0.5281	0.5281	0.5281
Announcement Date	30/03/20	29/03/21	28/03/22	28/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,42,634	1,68,195	1,63,974	1,67,936	1,09,395	1,22,245	1,71,811	1,53,466
EBITDA	-	-	-	-	-	-	-	-
EBIT	7,467	5,201	5,274	2,261	4,365	-	-	-
Operating Margin	5.24%	3.09%	3.22%	1.35%	3.99%	-	-	-
Earnings before Tax (EBT)	8,068	7,298	7,569	799.3	6,325	-	-	-
Net income ¹	6,049	5,711	6,363	1,871	5,652	6,338	6,348	8,458
Net margin	4.24%	3.4%	3.88%	1.11%	5.17%	5.18%	3.7%	5.51%
EPS ²	0.1400	0.1300	0.1500	0.0300	0.1300	0.1200	0.1379	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0440	0.0410	0.0450	-	-	0.0482	0.0490	0.0592
Announcement Date	30/03/20	29/03/21	28/03/22	28/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	1,225	15,531	24,889	36,157	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.31%	6.34%	6.84%	3.07%	-	6.85%	7.52%	8.1%
ROA (Net income/ Total Assets)	1.64%	1.34%	1.33%	0.54%	-	1.4%	1.54%	1.63%
Assets ¹	3,68,863	4,25,207	4,76,970	3,48,088	-	4,52,714	4,12,240	5,18,896
Book Value Per Share ²	2.050	2.190	2.190	2.020	-	2.170	2.310	2.450
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	30/03/20	29/03/21	28/03/22	28/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.5281 CNY

Average target price

0.5885 CNY

Spread / Average Target

+11.44%

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