CITIC Securities (600030.SS)
Financials · Shanghai · China
Fundamentals
Valuation and ratings
CITIC Securities trades at CN¥28.12, which is 122% below the CN¥62.48 our discounted cash flow model puts on the business. On that measure alone it screens as undervalued, though a DCF is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 74 out of 100, which is a wide moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 12.9 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About CITIC Securities
CITIC Securities Company Limited, together with its subsidiaries, provides various financial products and services in China and internationally. It operates through five segments: Brokerage, Asset Management, Securities Investment, Securities Underwriting, and Other. The company offers investment banking, including equity, bonds, asset-backed securitization, and merger and acquisition; asset management for active, passive, and cross-border investments, as well as alternative businesses; and equity sales and trading services, such as research, equity project sales, equity product marketing, equity trading, transaction execution, and algo trading services. It also provides margin trading, short selling, securities borrowing and lending, and stock repo and financing; wealth management comprising trade service, investment management, and asset allocation and succession; and FICC business, which includes sales, trading, investment advisory, and structured products and derivatives. In addition, the company offers research services; and custody, fund administration, and interbank market client clearing services. It serves corporate, institutional, and retail clients. The company was incorporated in 1995 and is based in Beijing, China.
600030.SS passes 6 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Common questions
Is CITIC Securities (600030.SS) undervalued?
Against our discounted cash flow estimate of CN¥62.48, 600030.SS at CN¥28.12 is 122% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
What is 600030.SS's P/E ratio?
600030.SS trades at 12.9 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.