JIANGSU CHANGSHU RURAL COMMERCIAL BANK CO., LTD.

Financials Jiangsu Changshu Rural Commercial Bank Co., Ltd.

Equities

601128

CNE100002RJ6

Banks

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
7.95 ^CNY	+6.00%		+5.16%	+24.41%

Mar. 04	Jiangsu Changshu Rural Commercial Bank Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Jiangsu Changshu Rural Commercial Bank Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,969	20,228	18,117	20,693	17,514	21,790	-	-
Enterprise Value (EV) ¹	24,969	20,228	18,117	20,693	17,514	21,790	21,790	21,790
P/E ratio	13.2 x	11.2 x	8.26 x	7.55 x	5.33 x	5.69 x	4.99 x	4.19 x
Yield	2.2%	2.71%	3.03%	3.31%	3.91%	3.79%	4.62%	5.44%
Capitalization / Revenue	3.87 x	3.07 x	2.37 x	2.35 x	1.77 x	1.99 x	1.79 x	1.58 x
EV / Revenue	3.87 x	3.07 x	2.37 x	2.35 x	1.77 x	1.99 x	1.79 x	1.58 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.47 x	1.13 x	0.92 x	0.92 x	0.69 x	0.78 x	0.69 x	0.61 x
Nbr of stocks (in thousands)	2,740,856	2,740,856	2,740,856	2,740,856	2,740,883	2,740,884	-	-
Reference price ²	9.110	7.380	6.610	7.550	6.390	7.950	7.950	7.950
Announcement Date	1/10/20	1/25/21	1/11/22	1/13/23	3/4/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,453	6,582	7,653	8,808	9,870	10,926	12,168	13,754
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	3,940	2,231	2,705	3,372	4,053	6,721	7,665	8,962
Operating Margin	61.06%	33.9%	35.35%	38.28%	41.06%	61.51%	63%	65.16%
Earnings before Tax (EBT) ¹	-	2,246	2,696	3,372	4,047	4,758	5,497	6,519
Net income ¹	1,793	1,803	2,184	2,744	3,282	3,836	4,466	5,209
Net margin	27.79%	27.39%	28.54%	31.15%	33.25%	35.1%	36.71%	37.87%
EPS ²	0.6900	0.6600	0.8000	1.000	1.200	1.398	1.594	1.899
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2000	0.2000	0.2000	0.2500	0.2500	0.3012	0.3673	0.4327
Announcement Date	1/10/20	1/25/21	1/11/22	1/13/23	3/4/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	3,417	3,680	2,246	-	2,308	2,410	4,914	4,956	5,593	6,133
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	1,278	668.9	1,522	1,091	1,018	-	-	-	-
Net income ¹	-	1,001	541.4	1,201	878.9	794.9	1,450	-	-	-
Net margin	-	27.2%	24.1%	-	38.08%	32.98%	29.51%	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/21/20	8/16/21	8/15/22	8/15/22	10/27/22	4/20/23	8/14/23	3/4/24	-	-

¹CNY in Million

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)	11.5%	10.4%	11.6%	13.1%	13.7%	14.5%	14.6%	15.8%
ROA (Net income/ Total Assets)	1.08%	0.92%	1.03%	1.1%	-	1.1%	1.1%	1.17%
Assets ¹	166,019	196,834	212,039	249,455	-	348,695	406,550	444,745
Book Value Per Share ²	6.180	6.540	7.220	8.240	9.250	10.20	11.50	13.10
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/10/20	1/25/21	1/11/22	1/13/23	3/4/24	-	-	-

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 Jiangsu Changshu Rural Commercial Bank Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.95 CNY

Average target price

8.977 CNY

Spread / Average Target

+12.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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