SHANGHAI RURAL COMMERCIAL BANK CO., LTD.

Financials Shanghai Rural Commercial Bank Co., Ltd.

Equities

601825

CNE100004QD7

Banks

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
6.94 ^CNY	+1.61%		+1.76%	+20.91%

May. 31	Shanghai Yatong Provides Guarantee to Subsidiaries Applying for 60 Million Yuan Loan	MT
May. 31	Shanghai Conant Optical Buys Wealth Management Product	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	65,100	56,709	55,359	66,932	-	-
Enterprise Value (EV) ¹	65,100	56,709	55,359	66,932	66,932	66,932
P/E ratio	6.25 x	5.16 x	4.56 x	5.35 x	4.99 x	4.68 x
Yield	-	5.82%	6.6%	5.62%	6.1%	6.56%
Capitalization / Revenue	2.69 x	2.21 x	2.1 x	2.48 x	2.37 x	2.24 x
EV / Revenue	2.69 x	2.21 x	2.1 x	2.48 x	2.37 x	2.24 x
EV / EBITDA	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	0.69 x	0.56 x	0.49 x	0.55 x	0.51 x	0.47 x
Nbr of stocks (in thousands)	9,644,444	9,644,444	9,644,444	9,644,444	-	-
Reference price ²	6.750	5.880	5.740	6.940	6.940	6.940
Announcement Date	1/20/22	1/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	24,164	25,627	26,414	26,983	28,279	29,848
EBITDA	-	-	-	-	-	-	-
EBIT ¹	-	12,168	13,675	14,264	17,419	18,515	19,236
Operating Margin	-	50.35%	53.36%	54%	64.55%	65.47%	64.45%
Earnings before Tax (EBT) ¹	-	12,178	13,669	14,886	15,203	16,319	17,080
Net income ¹	8,161	9,698	10,974	12,142	12,498	13,420	14,309
Net margin	-	40.13%	42.82%	45.97%	46.32%	47.46%	47.94%
EPS ²	0.9400	1.080	1.140	1.260	1.298	1.392	1.482
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.3420	0.3790	0.3900	0.4233	0.4550
Announcement Date	4/30/21	1/20/22	1/19/23	4/25/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2024 Q1
Net sales ¹	7,085
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	4/26/24

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	11.4%	11.2%	11.3%	10.8%	10.7%	10.6%
ROA (Net income/ Total Assets)	-	0.86%	0.9%	0.91%	0.87%	0.83%	0.84%
Assets ¹	-	1,125,003	1,219,918	1,336,778	1,432,493	1,612,060	1,703,482
Book Value Per Share ²	-	9.720	10.60	11.70	12.60	13.60	14.70
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	4/30/21	1/20/22	1/19/23	4/25/24	-	-	-

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 Shanghai Rural Commercial Bank Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.94 CNY

Average target price

8.4 CNY

Spread / Average Target

+21.04%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Commercial Banks

	1st Jan change	Capi.
SHANGHAI RURAL COMMERCIAL BANK CO., LTD.	+20.91%	9.08B
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ANZ GROUP HOLDINGS LIMITED	+14.20%	59.67B
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CRÉDIT AGRICOLE S.A.	+5.63%	44.4B
CHINA CITIC BANK CO., LTD.	+29.89%	42.77B
QATAR NATIONAL BANK (Q.P.S.C.)	-8.65%	38.31B
JAPAN POST BANK CO., LTD.	+7.10%	34.95B
INVEST BANK	-96.60%	32.24B

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