Financials Orient Securities Company Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-11 pm EDT			5-day change	1st Jan Change
7.97 ^CNY	-0.25%		-1.36%	-8.39%

May. 22	China Eagle Electronic Technology Gets Nod to End Plan to Issue Shares	MT
May. 10	Orient Securities Company Limited Approves Final Cash Dividend, Payable on June 28, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	68,690	74,113	93,520	70,175	67,910	62,385	-	-
Enterprise Value (EV) ¹	68,690	74,113	93,520	70,175	67,910	62,385	62,385	62,385
P/E ratio	30.7 x	30.6 x	20.2 x	25.5 x	29 x	24.5 x	19.3 x	19.5 x
Yield	1.39%	2.15%	1.63%	1.68%	1.72%	2.51%	2.86%	-
Capitalization / Revenue	3.61 x	3.2 x	3.84 x	3.75 x	3.97 x	4.01 x	3.2 x	3.25 x
EV / Revenue	3.61 x	3.2 x	3.84 x	3.75 x	3.97 x	4.01 x	3.2 x	3.25 x
EV / EBITDA	22,651,935 x	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.39 x	1.47 x	1.61 x	0.98 x	0.94 x	0.9 x	0.82 x	0.84 x
Nbr of stocks (in thousands)	6,993,656	6,993,656	6,993,656	8,496,645	8,463,159	8,461,802	-	-
Reference price ²	10.76	11.63	14.74	8.940	8.700	7.970	7.970	7.970
Announcement Date	2/14/20	2/5/21	2/9/22	2/17/23	1/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,052	23,134	24,373	18,729	17,090	15,546	19,468	19,175
EBITDA	3,032	-	-	-	-	-	-	-
EBIT ¹	2,751	2,697	6,231	3,178	2,746	2,941	3,494	3,849
Operating Margin	14.44%	11.66%	25.56%	16.97%	16.07%	18.92%	17.95%	20.07%
Earnings before Tax (EBT) ¹	2,855	2,786	6,307	3,378	2,919	3,027	3,634	3,912
Net income ¹	2,435	2,723	5,372	3,011	2,754	2,818	3,455	3,484
Net margin	12.78%	11.77%	22.04%	16.07%	16.11%	18.12%	17.75%	18.17%
EPS ²	0.3500	0.3800	0.7300	0.3500	0.3000	0.3254	0.4138	0.4083
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1500	0.2500	0.2400	0.1500	0.1500	0.2004	0.2283	-
Announcement Date	2/14/20	2/5/21	2/9/22	2/17/23	1/27/24	-	-	-

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)	4.61%	4.85%	9.02%	4.16%	3.45%	3.22%	3.62%	3.85%
ROA (Net income/ Total Assets)	0.99%	0.98%	1.74%	-	0.72%	0.85%	0.94%	1.03%
Assets ¹	244,978	277,008	308,849	-	383,692	331,471	367,546	338,204
Book Value Per Share ²	7.720	7.890	9.170	9.110	9.300	8.890	9.760	9.430
Cash Flow per Share	-	-	-1.510	2.540	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/14/20	2/5/21	2/9/22	2/17/23	1/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.97 CNY

Average target price

9.753 CNY

Spread / Average Target

+22.38%

	1st Jan change	Capi.
ORIENT SECURITIES COMPANY LIMITED	-8.39%	8.61B
EAST MONEY INFORMATION CO.,LTD.	-13.25%	26.4B
GUOTAI JUNAN SECURITIES CO., LTD.	-8.33%	15.43B
CHINA GALAXY SECURITIES CO., LTD.	+1.21%	13.33B
INTERACTIVE BROKERS GROUP, INC.	+46.01%	13.21B
XP INC.	-29.86%	10.22B
CINDA SECURITIES CO., LTD.	-15.73%	6.56B
ZHESHANG SECURITIES CO., LTD.	+5.08%	5.85B
SDIC CAPITAL CO.,LTD	-11.42%	5.29B
SINOLINK SECURITIES CO., LTD.	-12.78%	4.02B