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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 0.9x - 1.0x | 1.0x |
| Historical Pb Multiple | 0.7x - 1.1x | 0.9x |
| Fair Value | $1.34 - $1.48 | $1.41 |
| Upside | -2.3% - 7.9% | 2.8% |
| Benchmarks | - | Full Ticker |
| China Merchants Securities Co., Ltd. | 60,099,900.0% | SHSE:600999 |
| China Galaxy Securities Co., Ltd. | 60,188,100.0% | SHSE:601881 |
| GF Securities Co., Ltd. | 77,600.0% | SZSE:000776 |
| Guosen Securities Co., Ltd. | 273,600.0% | SZSE:002736 |
| CITIC Securities Company Limited | 60,003,000.0% | SHSE:600030 |
| Guotai Haitong Securities Co., Ltd. | - | OTCPK:GUOS.F |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| 600999 | 601881 | 776 | 2736 | 600030 | GUOS.F | |||
| SHSE:600999 | SHSE:601881 | SZSE:000776 | SZSE:002736 | SHSE:600030 | OTCPK:GUOS.F | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 8.7% | 11.0% | 3.0% | 7.2% | 10.6% | 9.0% | ||
| 3Y CAGR | -3.3% | -3.7% | -7.0% | -11.8% | -3.1% | -5.6% | ||
| Latest Twelve Months | 23.2% | 60.8% | 75.3% | 36.6% | 20.0% | 172.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 42.9% | 26.5% | 38.1% | 38.7% | 33.8% | 33.8% | ||
| Prior Fiscal Year | 41.6% | 20.1% | 28.4% | 37.1% | 32.5% | 24.7% | ||
| Latest Fiscal Year | 47.1% | 24.1% | 33.5% | 34.5% | 34.8% | 29.1% | ||
| Latest Twelve Months | 46.8% | 27.6% | 35.1% | 36.5% | 34.7% | 48.2% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 8.1% | 8.0% | 7.9% | 7.9% | 8.8% | 7.6% | ||
| Prior Fiscal Year | 6.9% | 6.0% | 4.9% | 5.9% | 7.4% | 5.3% | ||
| Latest Twelve Months | 7.8% | 7.4% | 6.9% | 6.9% | 7.7% | 9.0% | ||
| Next Fiscal Year | 8.4% | 7.8% | 7.1% | 6.1% | 8.6% | 10.8% | ||
| Two Fiscal Years Forward | 7.5% | 6.6% | 7.2% | 6.6% | 9.6% | 10.4% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 7.4x | 4.6x | 5.2x | 6.2x | 6.7x | 7.3x | ||
| Price / LTM EPS | 15.8x | 16.7x | 14.7x | 16.9x | 19.4x | 15.2x | ||
| Price / Book | 1.2x | 1.2x | 1.0x | 1.1x | 1.4x | 1.0x | ||
| Price / Fwd Book | 1.2x | 1.1x | 1.0x | 1.1x | 1.5x | 1.7x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 1.0x | 1.2x | 1.4x | |||||
| Historical P/B Ratio | 0.7x | 0.9x | 1.1x | |||||
| Selected P/B Multiple | 0.9x | 1.0x | 1.0x | |||||
| (x) Book Value | 321,695 | 321,695 | 321,695 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600999 | 601881 | 776 | 2736 | 600030 | GUOS.F | |
| Value of Common Equity | 160,973 | 159,283 | 152,649 | 135,728 | 445,209 | 298,929 | |
| (/) Shares Outstanding | 8,696.5 | 8,858.9 | 7,605.8 | 9,612.4 | 14,820.5 | 30,458.1 | |
| Implied Stock Price | 18.51 | 17.98 | 20.07 | 14.12 | 30.04 | 9.81 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.16 | |
| Implied Stock Price (Trading Cur) | 18.51 | 17.98 | 20.07 | 14.12 | 30.04 | 1.37 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.16 | |