China Merchants Bank, with headquarters in Shenzhen, was founded in 1987. The bank is China's seventh-largest listed bank by assets, with the largest distribution network among China's joint-stock banks. CMB's network has been expanding rapidly. Its outlets are located mainly in China's more developed areas, including the Pearl River and Yangtze River deltas. The firm has 18% and 82% of its shares listed on the Hong Kong and Shanghai exchanges, respectively. It has no foreign strategic investors. China Merchants Group is its largest shareholder, with a 30% stake. Retail banking, corporate banking and wholesale banking accounted for 57%, 41%, and 2% of total profit before tax, respectively, and 56%, 41%, and 3% of total revenue in 2023.

Financial Strength

4/10

Name	Current	Vs Industry	Vs History
Cash-To-Debt	2.46
Equity-to-Asset	0.1
Debt-to-Equity	0.41
Debt-to-EBITDA	N/A	N/A	N/A
Interest Coverage	N/A	N/A	N/A
Piotroski F-Score	7/9	0 1 2 3 4 5 6 7 8 9
Beneish M-Score	-2.55	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

8/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	4.9
	3-Year EPS without NRI Growth Rate	14
	3-Year FCF Growth Rate	-7
	3-Year Book Growth Rate	15
	Future 3-5Y EPS without NRI Growth Rate	8.4
	Future 3-5Y Total Revenue Growth Rate	3.46

Momentum Rank

1/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	100
	9-Day RSI	99.66
	14-Day RSI	96.84
	6-1 Month Momentum %	-5.53
	12-1 Month Momentum %	-24.13

Liquidity Ratio

	Name	Current	Vs Industry		Vs History

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	6.04
	Dividend Payout Ratio	0.31
	3-Year Dividend Growth Rate	13.1
	Forward Dividend Yield %	6.04
	5-Year Yield-on-Cost %	12.58
	Shareholder Yield %	6.07

Profitability Rank

6/10

	Name	Current	Vs Industry		Vs History
	Net Margin %	43.75
	FCF Margin %	97.37
	ROE %	14.68
	ROA %	1.38
	Years of Profitability over Past 10-Year	10

GF Value Rank

6/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	5.94
	Forward PE Ratio	5.69
	PE Ratio without NRI	5.94
	Shiller PE Ratio	8.86
	Price-to-Owner-Earnings	7.43
	PEG Ratio	0.37
	PS Ratio	2.59
	PB Ratio	0.8
	Price-to-Tangible-Book	0.82
	Price-to-Free-Cash-Flow	2.8
	Price-to-Operating-Cash-Flow	2.55
	EV-to-Revenue	0.68
	EV-to-Forward-Revenue	3.34
	EV-to-FCF	0.69
	Price-to-Projected-FCF	0.22
	Price-to-DCF (Earnings Based)	0.3
	Price-to-DCF (FCF Based)	0.21
	Price-to-Median-PS-Value	0.89
	Price-to-Peter-Lynch-Fair-Value	0.37
	Price-to-Graham-Number	0.46
	FCF Yield %	39.6
	Forward Rate of Return (Yacktman) %	48.4

GF Value: $4.25

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