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CITIC Ltd.

  • 10.76 HKD
  • +0.06
  • +0.56%
  • Hong Kong
    May 23, 2019
  • Ticker
    HKG(267)
  • Prev. close
    10.70
  • Market cap (HKD)
    311,265.81M
  • Market cap (USD)
    39,652.20M
  • Shares
    29,090.26M

Company Background

Citic is China's largest state-run conglomerate. It is engaged in a wide variety of businesses, from property development to heavy industry to resources, though its primary focus is the financial sector, including banking and securities. It is affiliated with Japanese trading house Itochu and Thai conglomerate Charoen Pokphand Group.

Subsidiaries Citic Securities, China's largest securities company, and China Citic Bank, a second-tier bank, generate steady revenues.

One group business that has been struggling is Citic's iron ore mine development project in Western Australia.

In 2014, Citic transferred its assets, including shares in group companies, from its unlisted intermediary holding company to its Hong Kong-based listed company as part of reforms of state-run companies. State-run investment funds, such as Qatar Holding and Singapore's Temasek Holdings, invested in the Hong Kong company.

Citic got its start as China International Trust and Investment Corp., which was established in 1979 with the backing of Deng Xiaoping.

Citic founder Rong Yiren was dubbed the "Red Capitalist" and later served as vice president of China. Citic Chairman Chang Zhenming is known to have close ties with Chinese President Xi Jinping.

Business Summary

CITIC Ltd. is an investment holding company, which engages in finance, energy, engineering, manufacturing, and real estate businesses. It operates through the following segments: Financial Services, Resources and Energy, Manufacturing, Engineering Contracting, Real Estate, and Other Businesses. The Financial Services spans the banking, trust, asset management, securities and insurance services. The Resources and Energy segment comprises of the exploration, processing, and trading of resources and energy products, including crude oil, coal, and iron ore. The Manufacturing segment includes manufacturing of special steels, heavy machineries, aluminium wheels, and other products. The Engineering Contracting segment involves contracting and design services for infrastructure, real estate, and industrial projects, etc. The Real Estate segment manages the development, sale and holding of properties. The Other Businesses segment focuses on investment and operation of infrastructures, telecommunication services, motor and food and consumer products business, commercial aviation services, publication services, and others. The company was founded in 1979 and is headquartered in Hong Kong.

Financial Highlights

Dec 2018 HKDUSD
Revenue533,285M68,042.35M
Gross Profit262,422M33,482.67M
Operating income144,084M18,383.81M
Income before tax83,269M10,624.37M
Net income50,239M6,410.04M
EBITDA159,175M20,309.29M
Diluted EPS1.720.22
Dividends Per Share0.410.05
Total Assets7,660.71B978,460.95M
Total liabilities6,850.05B874,919.78M
Total equity558,545M71,339.89M
Operating cash flow82,403M10,513.87M
Currency in HKDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 402,124M 395,310M 381,662M 450,536M 533,285M
Gross Profit 201,261M 236,964M 215,339M 227,667M 262,422M
Operating income 117,105M 146,750M 130,833M 137,256M 144,084M
Income before tax 70,086M 74,059M 65,592M 69,330M 83,269M
Net income 39,834M 40,501M 32,809M 43,902M 50,239M
EBITDA 127,082M 158,524M 143,125M 151,427M 159,175M
Diluted EPS 1.60 1.57 0.93 1.51 1.72
Dividends Per Share 0.21 0.30 0.33 0.36 0.41
Total Assets 5,947.83B 6,803.30B 7,239.48B 7,520.73B 7,660.71B
Total liabilities 5,372.32B 6,153.97B 6,550.68B 6,734.97B 6,850.05B
Total equity 431,960M 479,066M 483,129M 543,078M 558,545M
Operating cash flow -186,553M -51,024M 237,974M -74,070M 82,403M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 51,855.63M 50,990.81M 49,167.67M 57,814.26M 68,042.35M
Gross Profit 25,953.48M 30,565.85M 27,741.08M 29,214.98M 33,482.67M
Operating income 15,101.19M 18,929.19M 16,854.58M 17,613.14M 18,383.81M
Income before tax 9,037.89M 9,552.82M 8,449.90M 8,896.65M 10,624.37M
Net income 5,136.76M 5,224.20M 4,226.62M 5,633.64M 6,410.04M
EBITDA 16,387.77M 20,447.92M 18,438.10M 19,431.61M 20,309.29M
Diluted EPS 0.20 0.20 0.11 0.19 0.22
Dividends Per Share 0.02 0.03 0.04 0.04 0.05
Total Assets 766,982.11M 877,829.26M 933,748.07M 962,063.48M 978,460.95M
Total liabilities 692,769.58M 794,045.98M 844,906.76M 861,546.93M 874,919.78M
Total equity 55,701.91M 61,813.76M 62,313.89M 69,471.29M 71,339.89M
Operating cash flow -24,056.82M -6,581.55M 30,657.04M -9,504.90M 10,513.87M

Valuation Measures

Dec 2018
PER7.11
ROA0.66%
ROE9.12%
Operating margin27.01%
Profit margin9.42%

Key executives

  • Vice Chairman & President: Jiong Wang
  • Vice President & Member of the Executive Committee: Zhu Gaoming
  • Assistant President: Ning Luo
  • Joint Secretary: Wing Kay Choy
  • Joint Secretary: Kang Wang

Shareholders

  • Government of China (58.1%)
  • Chia Tai Bright Investment Co. Ltd. (20%)
  • Youngor Group Co., Ltd. (5%)
  • BlackRock Fund Advisors (0.6%)
  • The Vanguard Group, Inc. (0.5%)
  • Hang Seng Investment Management Ltd. (0.2%)
  • Tokio Marine Holdings, Inc. (0.1%)
  • Norges Bank Investment Management (0.1%)
  • BlackRock Japan Co., Ltd. (0.1%)
  • State Street Global Advisors Asia Ltd. (0.1%)

Contact Details

  • Website:http://www.citic.com
  • Address: 32nd floor, CITIC Tower, 1 Tim Mei Avenue Central, Hong Kong, Hong Kong
  • Phone: +852.2820.2111

Related Companies

  • Dynasty One Investments Ltd.
  • CITIC Pacific Trading Co. Ltd.
  • CITIC Dicastal (Europe) Investment Holdings GmbH & Co. KG
  • Pacific Resources Trading Pte Ltd.
  • Transshipment Leasing Pte Ltd.
  • CITIC Pacific Finance (2005) Ltd.
  • CITIC Construction Fund Management Co., Ltd.
  • CITIC (Jiangyin) Terminal Co., Ltd.
  • Affluent East Investments Ltd.
  • Talisgold Ltd.
  • Metal Link Ltd.
  • CITIC Pacific Ltd. (British Virgin Islands)
  • Goldon Investment Ltd.
  • Loreto Maritime Pte Ltd.
  • Palesto Holdings, Inc.
  • Cheng Xin Chartering Pte Ltd.
  • Citic Environment Investment Group Co. Ltd.
  • China CITIC Ltd.
  • CITIC Pacific Special Steel International Trading Co. Ltd.
  • Harmony Glory Investment Ltd.
  • Newmarket Holdings Ltd.
  • Bao Tai Co. Ltd.
  • Lycopodium Asset Management Pty Ltd.
  • CITIC Corp. Ltd.
  • CITIC Pacific Special Steel Co., Ltd.
  • Way Trend Investments Ltd.
  • CITIC Press Corp.
  • Jiangyin Ligang Electric Power Co. Ltd.
  • CITIC Heavy Industries Co., Ltd.
  • CITIC Pacific Mining Management Pty Ltd.

Competitors

  • Companhia Siderurgica Nacional
  • Fushun Special Steel Co., Ltd. Class A
  • Shiloh Industries, Inc.
  • MARTINREA International Inc.
  • Superior Industries International, Inc.
  • Vilmorin & Cie SA
  • SCHMOLZ + BICKENBACH AG
  • Auryn Resources Inc.
  • Hudbay Minerals Inc
  • Outotec Oyj
Last Updated on 23 May, 2019

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