Financials Bank of Changsha Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
8.59 ^CNY	+0.94%		+3.87%	+25.95%

05-02	Changsha Bank Issues 9 Billion Yuan Fixed-Rate Bonds	MT
04-26	Bank of Changsha Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,033	32,573	31,408	27,186	27,427	34,545	-	-
Enterprise Value (EV) ¹	31,033	32,573	31,408	27,186	27,427	34,545	34,545	34,545
P/E ratio	-	-	5.04 x	4.2 x	3.83 x	4.33 x	3.9 x	3.59 x
Yield	-	3.36%	4.48%	-	5.57%	5.26%	5.84%	6.52%
Capitalization / Revenue	1.82 x	1.81 x	1.51 x	1.19 x	1.11 x	1.31 x	1.19 x	1.12 x
EV / Revenue	1.82 x	1.81 x	1.51 x	1.19 x	1.11 x	1.31 x	1.19 x	1.12 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.9 x	0.85 x	0.64 x	0.5 x	0.46 x	0.52 x	0.47 x	0.42 x
Nbr of stocks (in thousands)	3,421,554	3,421,554	4,021,554	4,021,554	4,021,554	4,021,554	-	-
Reference price ²	9.070	9.520	7.810	6.760	6.820	8.590	8.590	8.590
Announcement Date	1/19/20	1/25/21	1/19/22	1/15/23	1/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,017	18,022	20,868	22,868	24,803	26,354	28,987	30,844
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	6,484	6,795	8,046	8,724	9,407	14,436	16,782	17,274
Operating Margin	38.1%	37.7%	38.56%	38.15%	37.93%	54.78%	57.9%	56%
Earnings before Tax (EBT) ¹	-	-	8,009	8,686	9,388	10,158	11,269	12,114
Net income ¹	-	-	6,304	6,811	7,463	8,058	8,870	9,657
Net margin	-	-	30.21%	29.79%	30.09%	30.58%	30.6%	31.31%
EPS ²	-	-	1.550	1.610	1.780	1.983	2.204	2.390
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	0.3200	0.3500	-	0.3800	0.4520	0.5020	0.5600
Announcement Date	1/19/20	1/25/21	1/19/22	1/15/23	1/19/24	-	-	-

¹CNY in Million²CNY

Estimates

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)	15.6%	13.8%	13.3%	12.6%	12.5%	12.8%	12.8%	12.6%
ROA (Net income/ Total Assets)	0.9%	0.82%	0.84%	0.8%	0.78%	0.77%	0.77%	0.75%
Assets ¹	-	-	750,164	850,440	962,961	1,048,768	1,158,402	1,293,387
Book Value Per Share ²	10.10	11.20	12.20	13.50	15.00	16.60	18.40	20.30
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/19/20	1/25/21	1/19/22	1/15/23	1/19/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.59 CNY

Average target price

9.888 CNY

Spread / Average Target

+15.10%

	1st Jan change	Capi.
BANK OF CHANGSHA CO., LTD.	+25.95%	4.78B
AGRICULTURAL BANK OF CHINA LIMITED	+26.58%	209B
PT BANK CENTRAL ASIA TBK	+3.72%	75.33B
ANZ GROUP HOLDINGS LIMITED	+8.53%	56.48B
CRÉDIT AGRICOLE S.A.	+23.25%	52.09B
INDUSTRIAL BANK CO., LTD.	+9.19%	50.92B
CHINA CITIC BANK CO., LTD.	+37.50%	47.15B
JAPAN POST BANK CO., LTD.	+7.21%	35.82B
QATAR NATIONAL BANK (Q.P.S.C.)	-15.43%	35.47B
INVEST BANK	-96.60%	32.24B