JIANGSU CHANGSHU RURAL COMMERCIAL BANK CO., LTD.

Financials Jiangsu Changshu Rural Commercial Bank Co., Ltd.

Equities

601128

CNE100002RJ6

Banks

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
8.34 ^CNY	+0.97%		+5.97%	+30.52%

29/04	Jiangsu Changshu Rural Commercial Bank Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04/03	Jiangsu Changshu Rural Commercial Bank Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,969	20,228	18,117	20,693	17,514	22,859	-	-
Enterprise Value (EV) ¹	24,969	20,228	18,117	20,693	17,514	22,859	22,859	22,859
P/E ratio	13.2 x	11.2 x	8.26 x	7.55 x	5.33 x	6.02 x	5.16 x	4.38 x
Yield	2.2%	2.71%	3.03%	3.31%	3.91%	3.6%	4.2%	4.9%
Capitalization / Revenue	3.87 x	3.07 x	2.37 x	2.35 x	1.77 x	2.09 x	1.88 x	1.66 x
EV / Revenue	3.87 x	3.07 x	2.37 x	2.35 x	1.77 x	2.09 x	1.88 x	1.66 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.47 x	1.13 x	0.92 x	0.92 x	0.69 x	0.81 x	0.72 x	0.63 x
Nbr of stocks (in thousands)	27,40,856	27,40,856	27,40,856	27,40,856	27,40,883	27,40,884	-	-
Reference price ²	9.110	7.380	6.610	7.550	6.390	8.340	8.340	8.340
Announcement Date	10/01/20	25/01/21	11/01/22	13/01/23	04/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,453	6,582	7,653	8,808	9,870	10,936	12,191	13,747
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	3,940	2,231	2,705	3,372	4,053	6,480	7,405	8,547
Operating Margin	61.06%	33.9%	35.35%	38.28%	41.06%	59.25%	60.74%	62.18%
Earnings before Tax (EBT) ¹	-	2,246	2,696	3,372	4,047	4,759	5,535	6,535
Net income ¹	1,793	1,803	2,184	2,744	3,282	3,851	4,491	5,320
Net margin	27.79%	27.39%	28.54%	31.15%	33.25%	35.21%	36.84%	38.7%
EPS ²	0.6900	0.6600	0.8000	1.000	1.200	1.385	1.616	1.904
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2000	0.2000	0.2000	0.2500	0.2500	0.3002	0.3502	0.4090
Announcement Date	10/01/20	25/01/21	11/01/22	13/01/23	04/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	3,417	3,680	2,246	-	2,308	2,410	4,914	4,956	5,276	5,637	5,970	6,324
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	1,278	668.9	1,522	1,091	1,018	-	-	-	-	-	-
Net income ¹	-	1,001	541.4	1,201	878.9	794.9	1,450	-	-	-	-	-
Net margin	-	27.2%	24.1%	-	38.08%	32.98%	29.51%	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21/08/20	16/08/21	15/08/22	15/08/22	27/10/22	20/04/23	14/08/23	04/03/24	-	-	-	-

¹CNY in Million

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)	11.5%	10.4%	11.6%	13.1%	13.7%	14.5%	15%	15.8%
ROA (Net income/ Total Assets)	1.08%	0.92%	1.03%	1.1%	-	1.11%	1.14%	1.2%
Assets ¹	1,66,019	1,96,834	2,12,039	2,49,455	-	3,46,103	3,93,741	4,43,919
Book Value Per Share ²	6.180	6.540	7.220	8.240	9.250	10.20	11.60	13.30
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	10/01/20	25/01/21	11/01/22	13/01/23	04/03/24	-	-	-

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 Jiangsu Changshu Rural Commercial Bank Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.34 CNY

Average target price

9.301 CNY

Spread / Average Target

+11.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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