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CITIC Ltd.

  • 12.28 HKD
  • -0.16
  • -1.29%
  • Hong Kong
    Nov 16, 2018
  • Ticker
    HKG(267)
  • Prev. close
    12.44
  • Market cap (HKD)
    361,883M
  • Market cap (USD)
    46,207.50M
  • Shares
    29,090.30M

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 2017 HKDUSD
Revenue450,536M57,814.26M
Gross Profit227,667M29,214.98M
Operating income137,256M17,613.14M
Income before tax69,330M8,896.65M
Net income43,902M5,633.64M
EBITDA151,427M19,431.61M
Diluted EPS1.510.19
Dividends Per Share0.360.04
Total Assets7,520.73B962,063.48M
Total liabilities6,734.97B861,546.93M
Total equity543,078M69,471.29M
Operating cash flow78,940M10,129.84M
Currency in HKDCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 409,747M 402,124M 395,310M 381,662M 450,536M
Gross Profit 169,988M 201,261M 236,964M 215,339M 227,667M
Operating income 96,703M 117,105M 146,750M 130,833M 137,256M
Income before tax 84,768M 70,086M 74,059M 65,592M 69,330M
Net income 48,430M 39,834M 40,501M 32,809M 43,902M
EBITDA 105,654M 127,082M 158,524M 143,125M 151,427M
Diluted EPS 13.27 1.60 1.57 0.93 1.51
Dividends Per Share 0.35 0.21 0.30 0.33 0.36
Total Assets 5,321.70B 5,947.83B 6,803.30B 7,239.48B 7,520.73B
Total liabilities 4,805.15B 5,372.32B 6,153.97B 6,550.68B 6,734.97B
Total equity 385,614M 431,960M 479,066M 483,129M 543,078M
Operating cash flow -161,602M 48,240M -17,655M 255,041M 78,940M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 52,825.30M 51,855.63M 50,990.81M 49,167.67M 57,814.26M
Gross Profit 21,915.15M 25,953.48M 30,565.85M 27,741.08M 29,214.98M
Operating income 12,467.12M 15,101.19M 18,929.19M 16,854.58M 17,613.14M
Income before tax 10,928.43M 9,037.89M 9,552.82M 8,449.90M 8,896.65M
Net income 6,243.68M 5,136.76M 5,224.20M 4,226.62M 5,633.64M
EBITDA 13,621.09M 16,387.77M 20,447.92M 18,438.10M 19,431.61M
Diluted EPS 1.71 0.20 0.20 0.11 0.19
Dividends Per Share 0.04 0.02 0.03 0.04 0.04
Total Assets 686,340.08M 766,982.11M 877,829.26M 933,748.07M 962,063.48M
Total liabilities 619,720.44M 692,769.58M 794,045.98M 844,906.76M 861,546.93M
Total equity 49,732.58M 55,701.91M 61,813.76M 62,313.89M 69,471.29M
Operating cash flow -20,834.01M 6,220.75M -2,277.30M 32,855.70M 10,129.84M

Valuation Measures

Dec 2017
PER7.47
ROA0.59%
ROE8.55%
Operating margin30.46%
Profit margin9.74%

Key executives

  • Vice Chairman & President: Jiong Wang
  • 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%)
  • The Vanguard Group, Inc. (0.5%)
  • BlackRock Fund Advisors (0.5%)
  • State Street Global Advisors Asia Ltd. (0.2%)
  • Tokio Marine Holdings, Inc. (0.1%)
  • Norges Bank Investment Management (0.1%)
  • BlackRock Advisors (UK) Ltd. (0.1%)
  • Dimensional Fund Advisors LP (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

  • 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.
  • New Hong Kong Tunnel Co. Ltd.
  • Macau Telecommunications Co.
  • Huaibei Guoan Electric Power Co. Ltd.
  • Silver Ascot Holdings Ltd.
  • Golden Crest Co. Ltd.

Competitors

  • Fushun Special Steel Co., Ltd. Class A
  • Georg Fischer AG
  • SUEZ SA
  • China Literature Ltd.
  • MARTINREA International Inc.
  • Superior Industries International, Inc.
  • SCHMOLZ + BICKENBACH AG
  • Outotec Oyj
Last Updated on 16 Nov, 2018

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