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China Merchants Securities Co., Ltd. Class H
(6099)
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Rating:68Neutral
Price Target:
HK$17.00
â–²(20.65% Upside)
Action:Reiterated
Date:08/27/26
The score is driven primarily by strong recent profitability and revenue momentum, tempered by negative operating/free cash flow and meaningful leverage risk. Valuation is attractive (low P/E with a solid dividend), while technical indicators are only moderately positive due to a slightly negative MACD.
Positive Factors
Strong Revenue and Profit Growth
The sharp expansion in revenue and earnings shows strong recent operating momentum. If supported by sustained capital-market activity and client demand, this larger earnings base can strengthen the firm’s ability to invest and compete.
Negative Factors
Negative Operating and Free Cash Flow
Negative cash conversion despite strong reported earnings raises questions about working-capital and balance-sheet funding needs. Persistent shortfalls could increase reliance on external financing and constrain flexibility during weaker market periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue and Profit Growth
The sharp expansion in revenue and earnings shows strong recent operating momentum. If supported by sustained capital-market activity and client demand, this larger earnings base can strengthen the firm’s ability to invest and compete.
Read all positive factors
China Merchants Securities Co., Ltd. Class H (6099) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$176.27B
Dividend Yield4.83%
Average Volume (3M)4.94M
Price to Earnings (P/E)8.7
Beta (1Y)2.94
Revenue Growth97.85%
EPS Growth74.02%
CountryHK
Employees12,792
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.71
Shares Outstanding1,274,521,500
10 Day Avg. Volume4,424,973
30 Day Avg. Volume4,939,438
Financial Highlights & Ratios
PEG Ratio0.56
Price to Book (P/B)0.90
Price to Sales (P/S)2.68
P/FCF Ratio-3.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$18.67Price Target Upside32.48% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)3.05
Revenue Forecast (FY)HK$51.16B
China Merchants Securities Co., Ltd. Class H Business Overview & Revenue Model
Company Description
China Merchants Securities Co., Ltd. is a prominent financial services firm operating across the People's Republic of China, catering to a diverse clientele including corporate entities, institutional investors, and individual clients. The company...
How the Company Makes Money
China Merchants Securities primarily makes money through a mix of fee- and commission-based income and interest/spread income, alongside investment gains from its own capital. Key revenue streams typically include: (1) Brokerage and wealth managem...
China Merchants Securities Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
62
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 84.01B | 40.68B | 28.29B | 27.81B | 26.88B | 37.48B |
| Gross Profit | 72.25B | 32.34B | 19.40B | 18.28B | 17.56B | 27.83B |
| EBITDA | 29.35B | 18.71B | 11.91B | 9.88B | 9.07B | 14.23B |
| Net Income | 24.45B | 12.03B | 10.39B | 8.76B | 8.07B | 11.65B |
Balance Sheet | ||||||
| Total Assets | 871.25B | 753.80B | 721.16B | 695.85B | 611.68B | 597.22B |
| Cash, Cash Equivalents and Short-Term Investments | 355.33B | 348.18B | 286.24B | 244.33B | 230.94B | 225.64B |
| Total Debt | 378.76B | 389.92B | 196.54B | 215.43B | 183.59B | 187.54B |
| Total Liabilities | 745.44B | 632.70B | 590.91B | 573.82B | 496.42B | 484.63B |
| Stockholders Equity | 125.76B | 121.06B | 130.18B | 121.96B | 115.17B | 112.50B |
Cash Flow | ||||||
| Free Cash Flow | -33.90B | -36.24B | 53.96B | 26.50B | 61.94B | -41.61B |
| Operating Cash Flow | -32.80B | -35.54B | 54.73B | 27.10B | 62.50B | -41.19B |
| Investing Cash Flow | -50.85B | 3.34B | -14.26B | -24.09B | -19.13B | 13.81B |
| Financing Cash Flow | 119.00B | 25.89B | -10.36B | 7.70B | -21.01B | 35.72B |
China Merchants Securities Co., Ltd. Class H Technical Analysis
Negative
14.09
Price Trends
15.17
Negative
14.86
Negative
14.24
Positive
Market Momentum
<0.01
Positive
43.18
Neutral
15.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6099, the sentiment is Negative. The current price of 14.09 is below the 20-day moving average (MA) of 15.12, below the 50-day MA of 15.17, and below the 200-day MA of 14.24, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 43.18 is Neutral, neither overbought nor oversold. The STOCH value of 15.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:6099.
China Merchants Securities Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$343.04B | 9.07 | 10.01% | 5.06% | 37.61% | -2.94% | |
68 Neutral | HK$176.27B | 8.66 | 13.66% | 4.83% | 97.85% | 74.02% | |
68 Neutral | HK$482.31B | 10.08 | 13.81% | 3.13% | 101.98% | 67.41% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | HK$195.99B | 8.41 | 10.67% | 3.90% | 123.03% | 20.90% | |
63 Neutral | HK$150.00B | 11.64 | 11.77% | 1.80% | 20.32% | 82.47% | |
57 Neutral | HK$200.53B | 14.76 | 14.85% | 3.31% | 5.66% | 47.31% |
* Financial Sector Average
HK:6099
China Merchants Securities Co., Ltd. Class H
14.68
-2.19
-12.98%
HK:6030
CITIC Securities Co
25.22
-3.22
-11.33%
HK:3908
China International Capital
20.12
-0.86
-4.12%
HK:6886
Huatai Securities Co
17.14
-1.62
-8.63%
HK:6066
CSC Financial Co., Ltd. Class H
11.53
-2.10
-15.38%
HK:2611
Guotai Junan Securities Co., Ltd. Class H
14.75
-1.15
-7.23%
China Merchants Securities Co., Ltd. Class H Corporate Events
China Merchants Securities Revamps Governance Roles and Gains Listing Rules Waiver
Aug 25, 2026
China Merchants Securities Co., Ltd., a major Chinese securities firm with brokerage, finance and strategic development capabilities, operates primarily in mainland China with international arms in Hong Kong. Its governance framework blends intern...
China Merchants Securities Details Board and Committee Structure
Aug 25, 2026
China Merchants Securities has announced the current composition of its board of directors, led by Executive Director and Chairman Zhu Jiangtao, who is also acting as President, alongside a slate of non-executive and independent non-executive dire...
China Merchants Securities Declares Interim Dividend with Detailed Cross-Border Tax Rules
Aug 25, 2026
China Merchants Securities Co., Ltd., a Hong Kong-listed securities firm, offers brokerage and capital markets services to both domestic and overseas investors through its H shares. The stock is accessible via Shanghai-Hong Kong Stock Connect and ...
China Merchants Securities Publishes 2026 Interim Results and Report
Aug 25, 2026
China Merchants Securities Co., Ltd. has released its unaudited interim results for the six months ended 30 June 2026, complying with Hong Kong listing requirements for preliminary interim disclosures. The announcement confirms that the full inter...
China Merchants Securities Sets 2026 Interim Dividend and Tax Terms for H Shareholders
Aug 25, 2026
China Merchants Securities has declared a 2026 interim cash dividend of RMB1.67 per ten shares for the six months ended June 30, 2026, payable on October 16, 2026 to holders of H shares. The dividend will be paid in RMB to A shareholders and conve...
China Merchants Securities Raises Caps on Intra-Group Procurement Deals
Aug 25, 2026
China Merchants Securities Co., Ltd., a major Chinese brokerage and investment banking firm with H shares traded in Hong Kong, relies on China Merchants Group for certain administrative and office-related services that underpin its financial opera...
China Merchants Securities Sets August Board Meeting to Approve Interim Results
Aug 11, 2026
China Merchants Securities has scheduled a board meeting for August 25, 2026 to review and approve the interim results for the six months ended June 30, 2026, and to authorize their publication. The board will also consider whether to recommend an...
China Merchants Securities Non-Executive Director Li Delin Resigns
Aug 10, 2026
China Merchants Securities announced the resignation of non-executive director Li Delin, who also served on the strategy and sustainability committee, chaired the risk management committee and sat on the remuneration and appraisal committee, effec...
China Merchants Securities Updates Board and Committee Line-Up
Aug 10, 2026
China Merchants Securities has released an updated list of its board of directors, detailing the mix of executive, non-executive, independent non-executive and employee representative directors who oversee the securities firm. The announcement und...
China Merchants Securities Sets Up Strategy and Sustainability Committee to Bolster Governance
Jul 13, 2026
China Merchants Securities has established a Strategy and Sustainability Committee under its board of directors to guide the firm’s medium- and long-term development, major investment decisions and sustainability-related matters. The committ...
China Merchants Securities Sets Formal Mandate for Board Risk Management Committee
Jul 13, 2026
China Merchants Securities Co., Ltd., a Hong Kong-listed Chinese securities firm, provides brokerage, investment banking and asset management services under a regulatory regime spanning both mainland and Hong Kong markets. Its business model is cl...
China Merchants Securities Revamps Key Board Committees
Jul 13, 2026
China Merchants Securities has reshuffled the membership of several key board committees, signaling a fine-tuning of its governance framework. The firm appointed director Tao Wu to both the audit committee and the remuneration and appraisal commit...
China Merchants Securities Details Board and Committee Structure
Jul 13, 2026
China Merchants Securities Co., Ltd. has updated the market on the composition of its board of directors, detailing executive, non-executive, independent non-executive and employee representative members, with Chairman Zhu Jiangtao also acting as ...
China Merchants Securities Tightens Audit Committee Mandate to Bolster Governance
Jul 13, 2026
China Merchants Securities has formalized updated terms of reference for its board-level Audit Committee to strengthen corporate governance and internal controls. The committee, accountable to the board, is tasked with assuming certain statutory s...
China Merchants Securities Tightens Governance With New Remuneration Committee Rules
Jul 13, 2026
China Merchants Securities has formalized detailed terms of reference for a Remuneration and Appraisal Committee under its board of directors to enhance governance over pay and performance of directors and senior officers. The committee is mandate...
China Merchants Securities Sets Up Nomination Committee to Strengthen Governance
Jul 13, 2026
China Merchants Securities Co., Ltd. has established a Nomination Committee under its board of directors to improve corporate governance and standardize the appointment of directors and senior management. The committee is tasked with setting selec...
China Merchants Securities Forecasts Near-Doubling of First-Half 2026 Profit
Jul 7, 2026
China Merchants Securities Co., Ltd., a leading Chinese securities firm and investment bank, is deepening its presence in technology, green, inclusive, pension and digital finance. The group is emphasizing intensive, digital, comprehensive and int...
China Merchants Securities Shareholders Back Dividend, Charter Changes and New Directors at 2025 AGM
Jun 26, 2026
China Merchants Securities Co., Ltd. held its 2025 annual general meeting in Shenzhen on June 26, 2026, with all 14 directors present and shareholder voting conducted through a combination of on-site and online channels. Legal advisers confirmed t...
China Merchants Securities Details Board and Committee Structure
Jun 26, 2026
China Merchants Securities has announced the current composition of its board of directors, detailing the mix of executive, non-executive, independent non-executive and employee representative directors, with Chairman Zhu Jiangtao also acting as p...
China Merchants Securities Updates Final 2025 Dividend and Tax Arrangements
Jun 26, 2026
China Merchants Securities Co., Ltd. has updated details of its final cash dividend for the year ended December 31, 2025, confirming a payout of RMB 4.49 per 10 shares, equivalent to HKD 5.16 per 10 shares for H-shareholders. The dividend, approve...
China Merchants Securities Updates 2025 Final Dividend and Tax Arrangements
Jun 4, 2026
China Merchants Securities Co., Ltd. has updated details of its proposed final dividend for the financial year ended 31 December 2025, confirming a payout of RMB 4.49 per 10 shares, subject to shareholder approval on 26 June 2026. The dividend, to...
China Merchants Securities Moves to Tighten Governance With Charter, Meeting Rule Changes
Jun 4, 2026
China Merchants Securities has approved board resolutions to revise its Articles of Association and the rules governing shareholders’ general meetings, aligning its corporate governance framework with updated regulatory requirements in Shang...
China Merchants Securities Revamps Hong Kong Company Secretarial Team
Jun 4, 2026
China Merchants Securities has announced a change in its senior corporate governance roles in Hong Kong, with joint company secretary and alternate authorized representative Ms. Wong Wai Yee Ella set to step down effective June 4, 2026. She will b...
China Merchants Securities Sets 2025 AGM to Refresh Capital and Governance Mandates
Jun 4, 2026
China Merchants Securities Co., Ltd. has called its 2025 annual general meeting for 26 June 2026 in Shenzhen, where shareholders will review the 2025 board and independent director reports, the annual report and profit distribution plan, and autho...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.