China Banks and Fintech Comps

(as of 18/10/19)
Ticker Company Share price (local) Market cap (US$MM) 2019E P/E 2020E P/E 2019E P/B 2020E P/B 2018 Div Yield
China Banks
1398.HK Industrial and Commercial Bank of China 中国工商银行 5.43 282,323MM 5.6x 5.4x 0.7x 0.6x 5.5%
601939.SH China Construction Bank 中国建设银行 7.36 198,519MM 6.8x 6.5x 0.9x 0.8x 4.2%
1288.HK Agricultural Bank of China 中国农业银行 3.17 175,858MM 4.8x 4.5x 0.6x 0.5x 6.5%
601988.SH Bank Of China 中国银行 3.69 141,307MM 5.7x 5.5x 0.7x 0.6x 5.0%
3968.HK China Merchants Bank 招商银行 37.60 128,341MM 9.6x 8.5x 1.5x 1.3x 3.0%
601166.SH Industrial Bank 兴业银行 19.00 54,821MM 6.0x 5.5x 0.8x 0.7x 3.6%
601328.SH Bank Of Communications 交通银行 5.69 54,337MM 5.6x 5.3x 0.6x 0.6x 5.3%
600000.SH Shanghai Pudong Development Bank 上海浦东发展银行 12.91 52,630MM 6.3x 5.7x 0.8x 0.7x 2.7%
1658.HK Postal Savings Bank of China 中国邮政储蓄银行 5.00 51,943MM 6.5x 5.9x 0.8x 0.7x 4.6%
000001.SZ Ping An Bank 平安银行 16.89 45,523MM 11.6x 10.1x 1.3x 1.2x 0.9%
601998.SH China Citic Bank 中信银行 6.28 38,123MM 6.4x 5.9x 0.7x 0.6x 3.7%
0267.HK CITIC 中国中信 10.14 37,817MM 5.5x 5.2x 0.5x 0.5x 4.0%
1988.HK China Minsheng Banking 中国民生银行 5.48 36,847MM 4.2x 4.0x 0.5x 0.4x 7.5%
600030.SH Citic Securities 中信证券 21.85 34,136MM 20.0x 17.8x 1.6x 1.5x 1.6%
6818.HK China Everbright Bank 中国光大银行 3.69 31,350MM 4.9x 4.7x 0.5x 0.5x 5.2%
601688.SH Huatai Securities 华泰证券 17.19 20,200MM 20.4x 17.5x 1.3x 1.3x 1.7%
6837.HK Haitong Securities 海通证券 8.20 19,872MM 9.5x 8.5x 0.7x 0.6x 2.2%
600015.SH Hua Xia Bank 华夏银行 7.67 16,392MM 5.5x 5.3x 0.5x 0.5x 2.3%
6099.HK China Merchants Securities 招商证券 8.93 14,820MM 9.4x 8.6x 0.8x 0.7x 3.5%
1776.HK GF Securities 广发证券 8.39 13,307MM 8.4x 7.5x 0.6x 0.6x 0.0%
601881.SH China Galaxy Securities 中国银河证券 10.48 11,287MM 24.4x 22.6x 1.5x 1.4x 0.9%
3908.HK China International Capital 中国国际金融 14.80 7,955MM 13.2x 11.2x 1.2x 1.1x 1.3%
1359.HK China Cinda Asset Management 中国信达资产管理 1.61 7,878MM 4.0x 3.6x 0.4x 0.4x 7.0%
2799.HK China Huarong Asset Management 中国华融资产管理 1.18 5,911MM 5.6x 4.3x 0.3x 0.3x 12.2%
3618.HK Chongqing Rural Commercial Bank 重庆农村商业银行 4.30 5,513MM 4.0x 3.8x 0.5x 0.5x 5.5%
3698.HK Huishang Bank 徽商银行 2.90 4,519MM 3.4x 3.1x 0.4x 0.4x 0.9%
1963.HK Bank of Chongqing 重庆银行 4.44 1,780MM 3.4x 3.4x 0.4x 0.4x 4.1%
1911.HK China Renaissance Holdings 华兴资本控股 15.38 1,065MM 17.8x 14.3x 1.3x 1.2x 0.0%
2718.HK Shanghai Dongzheng Automotive Finance 上海东正汽车金融 1.17 321MM 4.9x 4.0x 0.6x 0.5x 0.0%
Mean 8.4x 7.5x 0.8x 0.7x 3.6%
Median 6.0x 5.5x 0.7x 0.6x 3.6%
China FinTech
QD Qudian Inc. 6.67 1,983MM 3.2x 2.6x 0.9x 0.7x 0.0%
LX LexinFintech Holdings 10.63 1,883MM 5.4x 4.4x 2.0x 1.3x 0.0%
PPDF PPDAI 2.91 893MM 2.5x 2.3x 0.8x 0.6x 0.0%
YRD Yirendai 7.34 679MM 4.0x 3.7x 1.0x 0.8x 0.0%
WEI Weidai 6.26 441MM 6.4x 4.7x - - 0.0%
JT Jianpu Technology Inc. 2.12 358MM - 17.7x 1.6x 1.5x 0.0%
XYF X Financial 1.99 309MM 2.2x 1.6x 0.5x 0.4x 0.0%
Mean 3.9x 5.3x 1.1x 0.9x 0.0%
Median 3.6x 3.7x 1.0x 0.7x 0.0%