Financials CITIC Limited

Equities

267 HK0267001375

Banks

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
7.5 ^HKD	+1.21%		+8.23%	-3.85%

Apr. 26	China's CITIC Securities posts 8.5% fall in first-quarter profit	RE
Apr. 26	Chinese Financial Services Shares Gain on Consolidation Hopes	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	303,121	159,706	223,995	239,704	226,904	218,177	-	-
Enterprise Value (EV) ¹	832,134	797,229	1,208,185	1,263,315	226,904	1,330,845	1,320,031	1,145,889
P/E ratio	5.63 x	2.82 x	3.2 x	3.18 x	3.94 x	3.42 x	3.16 x	3.17 x
Yield	4.46%	8.89%	7.87%	7.9%	-	7.55%	8.13%	8.19%
Capitalization / Revenue	0.54 x	0.29 x	0.32 x	0.31 x	0.33 x	0.29 x	0.27 x	0.29 x
EV / Revenue	1.47 x	1.44 x	1.7 x	1.64 x	0.33 x	1.8 x	1.65 x	1.51 x
EV / EBITDA	3.71 x	3.73 x	5.13 x	4.72 x	1.04 x	5.05 x	4.69 x	4.01 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.51 x	0.24 x	0.3 x	0.33 x	-	0.28 x	0.26 x	0.24 x
Nbr of stocks (in thousands)	29,090,263	29,090,263	29,090,263	29,090,263	29,090,263	29,090,263	-	-
Reference price ²	10.42	5.490	7.700	8.240	7.800	7.500	7.500	7.500
Announcement Date	3/31/20	3/30/21	3/31/22	3/31/23	3/28/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	566,497	552,949	708,936	771,133	680,832	741,321	799,331	757,874
EBITDA ¹	224,006	213,457	235,463	267,580	217,493	263,313	281,418	286,107
EBIT ¹	106,454	93,109	128,538	156,175	133,627	133,434	142,399	142,820
Operating Margin	18.79%	16.84%	18.13%	20.25%	19.63%	18%	17.81%	18.84%
Earnings before Tax (EBT) ¹	96,015	97,718	121,141	147,839	123,287	131,950	140,797	138,684
Net income ¹	53,903	56,628	70,222	75,481	57,594	62,256	68,731	65,101
Net margin	9.52%	10.24%	9.91%	9.79%	8.46%	8.4%	8.6%	8.59%
EPS ²	1.850	1.950	2.410	2.590	1.980	2.194	2.374	2.364
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.4650	0.4880	0.6060	0.6510	-	0.5663	0.6095	0.6140
Announcement Date	3/31/20	3/30/21	3/31/22	3/31/23	3/28/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2
Net sales ¹	289,321	255,802	297,147	352,921	356,015	392,407	378,726	333,986	346,846
EBITDA	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-
EPS ²	0.7000	0.9300	1.020	1.520	0.8900	1.720	0.8700	1.100	0.8800
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	3/31/20	8/28/20	3/30/21	8/27/21	3/31/22	9/15/22	3/31/23	8/31/23	3/28/24

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	529,013	637,523	984,190	1,023,611	-	1,112,668	1,101,854	927,712
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.362 x	2.987 x	4.18 x	3.825 x	-	4.226 x	3.915 x	3.243 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.37%	8.9%	9.9%	10.1%	-	8.58%	8.49%	8.02%
ROA (Net income/ Total Assets)	0.68%	0.63%	1.3%	-	-	0.5%	0.5%	-
Assets ¹	7,974,996	9,015,762	5,401,692	-	-	12,451,188	13,746,278	-
Book Value Per Share ²	20.30	23.20	25.80	25.30	-	26.70	28.40	31.50
Cash Flow per Share ²	5.500	6.640	-1.400	6.670	-	5.380	5.700	6.020
Capex ¹	32,318	29,616	42,235	35,289	-	27,055	27,055	27,055
Capex / Sales	5.7%	5.36%	5.96%	4.58%	-	3.65%	3.38%	3.57%
Announcement Date	3/31/20	3/30/21	3/31/22	3/31/23	3/28/24	-	-	-

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CITIC Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.5 HKD

Average target price

8.862 HKD

Spread / Average Target

+18.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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