Stock 600036 CHINA MERCHANTS BANK CO., LTD.
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Financials China Merchants Bank Co., Ltd.

Equities

600036

CNE000001B33

Banks

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
34.48 CNY +0.23% Intraday chart for China Merchants Bank Co., Ltd. +2.56% +23.94%
Apr. 19 Nomura Adjusts China Merchants Bank’s Price Target to HK$40.01 From HK$36.44, Keeps at Buy MT
Apr. 16 360 Ludashi Invests 40 Million Yuan in Structured Deposit MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 939,598 1,096,062 1,231,298 945,895 687,245 856,625 - -
Enterprise Value (EV) 1 939,598 1,096,062 1,231,298 945,895 687,245 856,625 856,625 856,625
P/E ratio 10.4 x 11.6 x 10.6 x 7.08 x 4.94 x 5.76 x 5.34 x 5.07 x
Yield 3.19% 2.85% 3.12% 4.66% 7.09% 5.88% 6.29% 6.94%
Capitalization / Revenue 3.48 x 3.77 x 3.72 x 2.74 x 2.03 x 2.58 x 2.4 x 2.23 x
EV / Revenue 3.48 x 3.77 x 3.72 x 2.74 x 2.03 x 2.58 x 2.4 x 2.23 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.64 x 1.73 x 1.43 x 1.14 x 0.76 x 0.83 x 0.75 x 0.68 x
Nbr of stocks (in thousands) 25,219,846 25,219,846 25,219,846 25,219,846 25,219,846 25,219,846 - -
Reference price 2 37.58 43.95 48.71 37.26 27.82 34.48 34.48 34.48
Announcement Date 1/17/20 1/14/21 1/14/22 1/13/23 1/19/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 269,703 290,482 331,253 344,784 339,123 332,414 357,649 384,892
EBITDA - - - - - - - -
EBIT 1 117,047 122,643 214,135 220,154 215,611 212,680 234,261 249,613
Operating Margin 43.4% 42.22% 64.64% 63.85% 63.58% 63.98% 65.5% 64.85%
Earnings before Tax (EBT) 1 117,132 122,440 148,173 165,092 176,606 182,065 196,801 210,928
Net income 1 92,867 97,342 119,922 138,012 146,602 148,993 161,838 172,142
Net margin 34.43% 33.51% 36.2% 40.03% 43.23% 44.82% 45.25% 44.72%
EPS 2 3.620 3.790 4.610 5.260 5.630 5.988 6.460 6.806
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.200 1.253 1.522 1.738 1.972 2.026 2.168 2.392
Announcement Date 1/17/20 1/14/21 1/14/22 1/13/23 1/19/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2
Net sales 1 146,981 166,645 82,661 79,843 - 86,206 177,621 89,832 87,077 - 73,226 80,990 - 85,169 83,195 - 81,731 78,012 -
EBITDA - - - - - - - - - - - - - - - - - - -
EBIT 1 102,099 116,033 54,725 37,205 - 58,339 123,645 62,509 58,028 - 44,447 42,629 - 58,568 56,638 - 54,032 43,419 -
Operating Margin 69.46% 69.63% 66.2% 46.6% - 67.67% 69.61% 69.58% 66.64% - 60.7% 52.63% - 68.77% 68.08% - 66.11% 55.66% -
Earnings before Tax (EBT) 1 - - - - - - - - 44,003 - 44,301 - - 47,158 - - - - -
Net income 1 - 61,150 32,465 - 36,022 - - - 36,913 - 38,138 32,712 - 39,032 - - - - -
Net margin - 36.69% 39.27% - - - - - 42.39% - 52.08% 40.39% - 45.83% - - - - -
EPS 2 - - 1.270 0.9900 1.430 - - 1.540 1.390 2.930 1.510 1.190 2.700 1.580 1.510 3.130 1.570 1.370 2.910
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 8/28/20 8/13/21 10/22/21 1/14/22 4/22/22 8/19/22 8/19/22 4/26/23 8/25/23 8/25/23 10/27/23 1/19/24 1/19/24 - - - - - -
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) 16.8% 15.7% 17% 17.1% 16.2% 15% 14.6% 14.2%
ROA (Net income/ Total Assets) 1.3% 1.23% 1.36% 1.42% 1.39% 1.31% 1.33% 1.31%
Assets 1 7,134,286 7,913,984 8,817,794 9,719,155 10,546,906 11,350,213 12,194,060 13,116,785
Book Value Per Share 2 22.90 25.40 34.10 32.70 36.70 41.60 46.10 51.10
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 1/17/20 1/14/21 1/14/22 1/13/23 1/19/24 - - -
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 China Merchants Bank Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
31
Last Close Price
34.48 CNY
Average target price
38.45 CNY
Spread / Average Target
+11.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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