Financials Orient Securities Company Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
8.35 ^CNY	-1.65%		-0.36%	-4.02%

Apr. 29	Orient Securities Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 28	DFZQ’s Profit Drops 8.5% in 2023	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	68,690	74,113	93,520	70,175	67,910	65,296	-	-
Enterprise Value (EV) ¹	68,690	74,113	93,520	70,175	67,910	65,296	65,296	65,296
P/E ratio	30.7 x	30.6 x	20.2 x	25.5 x	-	22.4 x	20.2 x	20.4 x
Yield	1.39%	2.15%	1.63%	1.68%	1.72%	2.4%	2.73%	-
Capitalization / Revenue	3.61 x	3.2 x	3.84 x	3.75 x	-	3.6 x	3.35 x	3.41 x
EV / Revenue	3.61 x	3.2 x	3.84 x	3.75 x	-	3.6 x	3.35 x	3.41 x
EV / EBITDA	22,651,935 x	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.39 x	1.47 x	1.61 x	0.98 x	0.94 x	0.9 x	0.86 x	0.89 x
Nbr of stocks (in thousands)	6,993,656	6,993,656	6,993,656	8,496,645	8,463,159	8,461,802	-	-
Reference price ²	10.76	11.63	14.74	8.940	8.700	8.350	8.350	8.350
Announcement Date	2/14/20	2/5/21	2/9/22	2/17/23	1/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,052	23,134	24,373	18,729	-	18,156	19,468	19,175
EBITDA	3,032	-	-	-	-	-	-	-
EBIT ¹	2,751	2,697	6,231	3,178	-	3,106	3,494	3,849
Operating Margin	14.44%	11.66%	25.56%	16.97%	-	17.11%	17.95%	20.07%
Earnings before Tax (EBT) ¹	2,855	2,786	6,307	3,378	-	3,279	3,634	3,912
Net income ¹	2,435	2,723	5,372	3,011	-	2,881	3,455	3,484
Net margin	12.78%	11.77%	22.04%	16.07%	-	15.87%	17.75%	18.17%
EPS ²	0.3500	0.3800	0.7300	0.3500	-	0.3728	0.4138	0.4083
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1500	0.2500	0.2400	0.1500	0.1500	0.2004	0.2283	-
Announcement Date	2/14/20	2/5/21	2/9/22	2/17/23	1/27/24	-	-	-

¹CNY in Million²CNY

Estimates

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)	4.61%	4.85%	9.02%	4.16%	3.45%	3.47%	3.99%	4.06%
ROA (Net income/ Total Assets)	0.99%	0.98%	1.74%	-	-	0.85%	0.94%	1.03%
Assets ¹	244,978	277,008	308,849	-	-	338,891	367,546	338,204
Book Value Per Share ²	7.720	7.890	9.170	9.110	9.300	9.290	9.760	9.430
Cash Flow per Share	-	-	-1.510	2.540	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/14/20	2/5/21	2/9/22	2/17/23	1/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.35 CNY

Average target price

9.753 CNY

Spread / Average Target

+16.81%

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