Financials China Reinsurance (Group) Corporation

Equities

Delayed Hong Kong S.E. Other stock markets 11:59:41 2024-04-28 pm EDT			5-day change	1st Jan Change
0.56 ^HKD	+3.70%		+7.69%	+23.08%

Apr. 23	China Reinsurance's Q1 Premium Income Reach 15 Billion Yuan	MT
Mar. 28	China Reinsurance Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	59,681	48,593	28,603	25,960	18,571	21,234	21,234	-
Enterprise Value (EV) ¹	59,681	49,818	44,134	50,849	54,728	17,568	21,234	21,234
P/E ratio	15.6 x	8.17 x	5.18 x	4.07 x	14.6 x	3.18 x	4.17 x	3.62 x
Yield	3.42%	3.85%	6.09%	7.36%	-	6.46%	9.63%	9.79%
Capitalization / Revenue	0.5 x	0.34 x	0.17 x	0.16 x	0.11 x	0.16 x	0.17 x	0.12 x
EV / Revenue	0.5 x	0.34 x	0.17 x	0.16 x	0.11 x	0.16 x	0.17 x	0.12 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.76 x	0.56 x	0.31 x	0.28 x	0.22 x	0.24 x	0.23 x	0.22 x
Nbr of stocks (in thousands)	42,479,808	42,479,808	42,479,808	42,479,808	42,479,808	42,479,808	42,479,808	-
Reference price ²	1.405	1.144	0.6733	0.6111	0.4372	0.4999	0.4999	0.4999
Announcement Date	3/28/19	3/30/20	3/29/21	3/28/22	3/28/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	119,924	142,634	168,195	163,974	167,936	109,395	122,245	171,811
EBITDA	-	-	-	-	-	-	-	-
EBIT	4,511	7,467	5,201	5,274	2,261	4,365	-	-
Operating Margin	3.76%	5.24%	3.09%	3.22%	1.35%	3.99%	-	-
Earnings before Tax (EBT)	5,085	8,068	7,298	7,569	799.3	6,325	-	-
Net income ¹	3,730	6,049	5,711	6,363	1,871	5,652	6,338	6,348
Net margin	3.11%	4.24%	3.4%	3.88%	1.11%	5.17%	5.18%	3.7%
EPS ²	0.0900	0.1400	0.1300	0.1500	0.0300	0.1300	0.1200	0.1379
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0480	0.0440	0.0410	0.0450	-	0.0323	0.0482	0.0490
Announcement Date	3/28/19	3/30/20	3/29/21	3/28/22	3/28/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	1,225	15,531	24,889	36,157	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	4.89%	7.31%	6.34%	6.84%	3.07%	7.51%	6.85%	7.52%
ROA (Net income/ Total Assets)	1.28%	1.64%	1.34%	1.33%	0.54%	-	1.4%	1.54%
Assets ¹	291,854	368,863	425,207	476,970	348,088	-	452,714	412,240
Book Value Per Share ²	1.840	2.050	2.190	2.190	2.020	2.120	2.170	2.310
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/28/19	3/30/20	3/29/21	3/28/22	3/28/23	3/28/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.4999 CNY

Average target price

0.5885 CNY

Spread / Average Target

+17.73%

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