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600036.SS$38.67+1.23%
Fair $38.67+0.0%

600036.SS

China Merchants Bank Co., Ltd.

Financial Services / Banks - RegionalShanghai

$38.67

+0.47 (+1.23%)

Fairly Valued+0.0%Fair Value $38.67Fund rank 37/100 · Data gapFallback financials|
SA 32/D
F-Score: 5/9
Declining Revenue

Book/ROE base 3Y

n/d

n/d CAGR · P/B n/d

Book/ROE base 5Y

n/d

n/d base · n/d expected

Precio de entrada

n/d

MOS 100% · confianza 20%

Book/ROE escenarios

weak_data · book/share n/d · quality 51.0/100

Data gap 37/100
Bear 5Yn/dn/d
Base 5Yn/dn/d
Bull 5Yn/dn/d
Return 0/100Downside 20/100Model quality 83/100Data QA 20/100

Ranking barato/determinista: CAGR esperado 5Y + downside bear + calidad del modelo + balance + capital allocation + data gate. No entra en buy-candidate si la data es débil o el CAGR 5Y no compensa.

Quality + valuation scorecard

SA Score

32/100

D

Piotroski

5/9

balance/quality

Valuation

50/100

+0.0% upside

5Y CAGR

+0.0%

50/100

Data QA

16/100

SEC 0%

Latest source: unknownPeriods: 4Warnings: 1unknown: 4
No SEC-backed annual rows; valuation uses fallback financial data. Insufficient audited annual history (<3 SEC-backed years); financial Book/ROE targets are disabled until manually verified. Revenue has declined for 3 consecutive years
Thesis & Journal · 600036.SSLocal privado en este navegador · China Merchants Bank Co., Ltd.
Plantilla tipo buy-side: tesis, bull/base/bear, catalizadores, riesgos, kill criteria y fecha de revisión. Esto no gasta GPT-5.5; luego lo usamos como contexto del memo.

Sin guardar todavía.

Market Cap

$975.3B

P/E

6.8x

↓

EV/EBITDA

N/A

•

ROE

11.8%

↑

Gross Margin

N/A

•

Debt/Equity

0.32

↓
52-Week Range$39
$37$49

TradingView lightweight chart

600036.SS price, volumen y niveles de valoración

Último $38.67Periodo +812.7%
Fair value: $38.67

Price & Ratios

Absolute Values (Left Axis)

Ratios / Percentages (Right Axis)

Financial statement dashboard

Crecimiento, márgenes y provenance

2022–2025 · 3 años de histórico normalizado

Revenue CAGR

-1.0%

FCF CAGR

-7.5%

FCF margin

127.5%

FCF / Net income

2.82x

Latest source

Provider fallback

Margin decomposition

Último año: revenue $332.06B · net income $150.18B · FCF $423.32B

2022-FY → 2025-FY

Gross margin

—— pts

Operating margin

—— pts

Net margin

45.2%+4.9% pts

FCF margin

127.5%-28.9% pts
MetricTTM
2025
2024
2023
2022
Income Statement
Revenue$332.06B$332.06B$334.86B$336.65B$342.26B
Net Income$150.18B$150.18B$148.39B$146.60B$138.01B
EPS5.705.705.665.635.26
Net Margin45.2%45.2%44.3%43.5%40.3%
Balance Sheet
Debt/Equity0.320.320.380.410.47
Cash Flow
Free Cash Flow$423.32B$423.32B$412.09B$327.59B$535.25B
Returns
ROE11.8%11.8%12.1%13.6%14.6%
Valuation
P/E6.776.776.835.027.30
P/B0.800.800.830.681.07
Growth & Yield
Revenue Growth-0.8%-0.8%-0.5%-1.6%—
EPS Growth0.7%0.7%0.5%7.0%—
Dividend Yield7.9%7.9%———

Revenue, Net Income & Free Cash Flow ($B)

Margins (%)

Returns (%)

Leverage & Liquidity

Reverse DCF · market-implied EPS growthterminal P/E 15.0x · COE 10.0%

3Y implied EPS CAGR

-15.6%

fácil

EPS terminal req.

$3.43

Spread vs growth

16.3%

5Y implied EPS CAGR

-6.1%

fácil

EPS terminal req.

$4.15

Spread vs growth

6.8%

10Y implied EPS CAGR

1.6%

fácil

EPS terminal req.

$6.69

Spread vs growth

-0.9%

Qué te dice: cuánto EPS CAGR está descontando el precio si sales al múltiplo terminal indicado. Si el growth observado queda por debajo, el mercado está pidiendo una ejecución muy fina.

Return attribution · 1Y approxreconcilia total -4.0%

Total return

-4.0%

Start / end P/E

7.8x → 6.8x

EPS bridge

5.66 → 5.70

Residual

-0.1%

EPS growth+0.7%
Multiple rerating-12.5%
Dividend+7.9%
Residual / FX / buybacks / cross-term-0.1%

Simple additive decomposition: total return = EPS growth contribution + P/E multiple contribution + dividend contribution + explicit residual. The residual captures cross-terms, buybacks/share-count effects, FX, special dividends, data noise and methodology mismatch so the bridge always reconciles.