Financials Hua Xia Bank Co., Limited

Equities

600015

CNE000001FW7

Banks

End-of-day quote Shanghai S.E. 06:00:00 2024-05-19 pm EDT 5-day change 1st Jan Change
6.87 CNY -1.01% Intraday chart for Hua Xia Bank Co., Limited +2.38% +22.24%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 118,020 96,170 86,168 82,598 89,442 110,450 - -
Enterprise Value (EV) 1 118,020 96,170 86,168 82,598 89,442 110,450 110,450 110,450
P/E ratio 5.6 x 5.21 x 4.15 x 3.63 x 3.8 x 4.64 x 4.25 x 4.08 x
Yield 3.25% 4.82% 6.04% 7.38% 6.83% 5.33% 5.91% -
Capitalization / Revenue 1.39 x 1.01 x 0.9 x 0.88 x 0.96 x 1.25 x 1.21 x 1.18 x
EV / Revenue 1.39 x 1.01 x 0.9 x 0.88 x 0.96 x 1.25 x 1.21 x 1.18 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.57 x 0.44 x 0.36 x 0.32 x 0.32 x 0.36 x 0.37 x 0.66 x
Nbr of stocks (in thousands) 15,387,224 15,387,224 15,387,224 15,914,928 15,914,928 15,914,928 - -
Reference price 2 7.670 6.250 5.600 5.190 5.620 6.940 6.940 6.940
Announcement Date 3/10/20 2/21/21 2/22/22 2/23/23 2/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 84,734 95,309 95,870 93,808 93,207 88,368 91,339 93,950
EBITDA - - - - - - - -
EBIT 1 27,497 27,151 66,736 64,428 61,410 59,582 61,053 64,883
Operating Margin 32.45% 28.49% 69.61% 68.68% 65.89% 67.42% 66.84% 69.06%
Earnings before Tax (EBT) 1 27,563 27,153 31,493 33,583 35,439 35,346 36,349 38,968
Net income 1 21,905 21,275 23,535 25,035 26,363 26,258 26,873 28,942
Net margin 25.85% 22.32% 24.55% 26.69% 28.28% 29.71% 29.42% 30.81%
EPS 2 1.370 1.200 1.350 1.430 1.480 1.495 1.633 1.700
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.2490 0.3010 0.3380 0.3830 0.3840 0.3700 0.4104 -
Announcement Date 3/10/20 2/21/21 2/22/22 2/23/23 2/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 47,581 23,377 24,000 24,452 48,452 24,511 20,845 23,117 24,525 23,461 22,098 22,114 22,997 22,004 21,262 20,955 20,955
EBITDA - - - - - - - - - - - - - - - - -
EBIT 35,242 14,990 - 17,445 34,360 - - - 16,979 7,980 12,957 14,639 - - - - -
Operating Margin 74.07% 64.12% - 71.34% 70.92% - - - 69.23% 34.01% 58.63% 66.2% - - - - -
Earnings before Tax (EBT) 1 12,060 9,837 7,546 7,957 15,503 7,470 10,610 7,865 8,545 7,946 11,083 7,929 5,923 10,819 10,819 5,156 5,156
Net income - 7,340 5,626 5,904 11,530 5,546 7,959 5,854 6,260 5,841 8,408 5,890 - - - 3,945 3,945
Net margin - 31.4% 23.44% 24.15% 23.8% 22.63% 38.18% 25.32% 25.52% 24.9% 38.05% 26.63% - - - 18.83% 18.83%
EPS 2 - 0.4800 0.3000 0.2600 - 0.3600 0.5100 0.3100 0.2700 0.3700 0.5300 0.3700 0.4300 0.3700 - 0.2479 0.2479
Dividend per Share 2 - 0.3380 - - - - 0.3830 - - - 0.3840 - - 0.2026 0.2026 - -
Announcement Date 8/30/20 2/22/22 4/29/22 8/26/22 8/26/22 10/28/22 2/23/23 4/27/23 8/25/23 10/28/23 2/22/24 4/29/24 - - - - -
1CNY in Million2CNY
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) 10.6% 8.64% 9.04% 9% 8.71% 7.9% 8.1% -
ROA (Net income/ Total Assets) 0.77% 0.66% 0.67% 0.67% 0.66% 0.6% 0.59% -
Assets 1 2,852,214 3,208,899 3,538,034 3,736,567 3,994,394 4,376,333 4,570,218 -
Book Value Per Share 2 13.50 14.30 15.50 16.40 17.50 19.50 18.60 10.60
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/10/20 2/21/21 2/22/22 2/23/23 2/22/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
6
Last Close Price
6.94 CNY
Average target price
5.527 CNY
Spread / Average Target
-20.36%
Consensus
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