Financials Postal Savings Bank of China Co., Ltd. Shanghai S.E.

Equities

601658

CNE100003PZ4

Banks

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 07/06/2024 am IST			5-day change	1st Jan Change
5.05 ^CNY	+1.20%		+0.40%	+16.09%

07/06	Postal Savings Bank of China Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 08 August 2024	CI
31/05	PSBC to Sell Beneficial Interest in Funds, Asset Management Plan	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,82,727	3,93,896	4,58,454	4,19,607	4,12,748	4,84,667	-	-
Enterprise Value (EV) ¹	4,82,727	3,93,896	4,58,454	4,19,607	4,12,748	4,84,667	4,84,667	4,84,667
P/E ratio	6.58 x	5.19 x	5.71 x	5.04 x	4.08 x	5.13 x	4.8 x	4.54 x
Yield	4.44%	5.66%	5.55%	-	7.7%	6.13%	6.4%	6.74%
Capitalization / Revenue	1.74 x	1.38 x	1.44 x	1.25 x	1.2 x	1.38 x	1.28 x	1.18 x
EV / Revenue	1.74 x	1.38 x	1.44 x	1.25 x	1.2 x	1.38 x	1.28 x	1.18 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.82 x	0.59 x	0.52 x	-	0.35 x	0.48 x	0.45 x	0.41 x
Nbr of stocks (in thousands)	8,62,02,738	8,69,78,562	9,23,83,968	9,23,83,968	9,91,61,076	9,91,61,076	-	-
Reference price ²	4.736	3.686	4.457	4.283	3.390	4.239	4.239	4.239
Announcement Date	25/03/20	29/03/21	30/03/22	30/03/23	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	2,76,809	2,86,202	3,18,762	3,34,956	3,42,912	3,51,962	3,78,164	4,09,963
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,17,772	67,757	81,405	91,184	1,17,770	1,16,207	1,26,621	1,44,738
Operating Margin	42.55%	23.67%	25.54%	27.22%	34.34%	33.02%	33.48%	35.31%
Earnings before Tax (EBT) ¹	63,745	68,136	81,454	91,364	91,599	92,358	99,305	1,03,405
Net income ¹	60,933	64,199	76,170	85,224	86,270	83,084	90,198	93,497
Net margin	22.01%	22.43%	23.9%	25.44%	25.16%	23.61%	23.85%	22.81%
EPS ²	0.7200	0.7100	0.7800	0.8500	0.8300	0.8270	0.8837	0.9330
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2102	0.2085	0.2474	-	0.2610	0.2600	0.2713	0.2859
Announcement Date	25/03/20	29/03/21	30/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	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 ¹	1,35,412	1,46,485	1,40,052	1,57,653	80,404	1,61,454	-	88,379	1,73,635	-	-	88,242	88,813	-	83,146	82,790	-	89,430	84,545	-	85,679	80,808	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	50,658	69,821	-	-	9,101	52,899	-	39,408	79,801	-	12,660	38,085	25,226	74,048	28,123	13,781	-	35,689	34,193	-	30,873	13,107	-	-	-
Operating Margin	37.41%	47.66%	-	-	11.32%	32.76%	-	44.59%	45.96%	-	-	43.16%	28.4%	-	33.82%	16.65%	-	39.91%	40.44%	-	36.03%	16.22%	-	-	-
Earnings before Tax (EBT)	22,959	36,227	-	-	-	-	-	23,900	52,693	-	8,786	-	25,267	-	28,109	8,759	-	28,760	-	-	-	-	-	-	-
Net income	23,552	33,658	-	41,010	-	-	24,977	22,137	47,114	26,735	11,375	-	23,284	-	26,091	10,615	-	25,926	-	-	-	-	-	-	-
Net margin	17.39%	22.98%	-	26.01%	-	-	-	25.05%	27.13%	-	-	-	26.22%	-	31.38%	12.82%	-	28.99%	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	0.2600	-	-	0.2900	0.1200	-	0.1900	0.4600	-	-	0.3700	0.2500	-	0.4900	-	-	0.3800	0.5100	0.3900
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	25/03/20	30/08/20	29/03/21	27/08/21	30/03/22	30/03/22	29/04/22	22/08/22	22/08/22	26/10/22	30/03/23	27/04/23	30/08/23	30/08/23	27/10/23	28/03/24	28/03/24	29/04/24	-	-	-	-	-	-	-

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)	13.1%	11.8%	10.4%	11.9%	10.9%	9.87%	10.1%	9.69%
ROA (Net income/ Total Assets)	0.62%	0.6%	0.64%	0.64%	0.58%	0.5%	0.5%	0.48%
Assets ¹	98,27,903	1,06,99,833	1,19,70,769	1,33,26,661	1,48,74,138	1,64,80,287	1,80,99,001	1,95,76,411
Book Value Per Share ²	5.750	6.250	8.600	-	9.630	8.830	9.460	10.30
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	25/03/20	29/03/21	30/03/22	30/03/23	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 Postal Savings Bank of China Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.239 CNY

Average target price

4.619 CNY

Spread / Average Target

+8.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Banks

	1st Jan change	Capi.
JPMORGAN CHASE & CO.	+17.55%	574B
BANK OF AMERICA CORPORATION	+18.15%	311B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+15.71%	254B
WELLS FARGO & COMPANY	+18.57%	203B
CHINA CONSTRUCTION BANK CORPORATION	+21.72%	184B
BANK OF CHINA LIMITED	+27.18%	172B
HSBC HOLDINGS PLC	+9.30%	163B
ROYAL BANK OF CANADA	+9.22%	150B
HDFC BANK LIMITED	-7.95%	143B

Other Banks