China Merchants Securities Co., Ltd. Class H (HK:6099)
:6099
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China Merchants Securities Co., Ltd. Class H
(6099)
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Rating:59Neutral
Price Target:
HK$14.00
â–¼(-0.64% Downside)
Action:ReiteratedDate:03/29/26
The score is driven primarily by mixed financial performance: strong profitability and a 2025 revenue rebound are offset by elevated/rising leverage and highly volatile cash flows, including a negative 2025 swing. Technical signals remain weak (below key moving averages with negative MACD), while valuation provides support through a low P/E and an attractive dividend yield.
Positive Factors
Diversified revenue streams
The firm earns from brokerage commissions, margin and securities financing interest, IB fees, proprietary trading gains and asset-management fees. This multi-stream model reduces reliance on any single market segment, supporting revenue resilience across different capital-market environments.
Negative Factors
Elevated and rising leverage
A materially higher leverage profile reduces financial flexibility and raises refinancing, funding-cost and regulatory-capital risks. Rising debt during a cyclical recovery increases vulnerability to rate shocks or trading losses and limits management's ability to pursue opportunistic investments or absorb downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue streams
The firm earns from brokerage commissions, margin and securities financing interest, IB fees, proprietary trading gains and asset-management fees. This multi-stream model reduces reliance on any single market segment, supporting revenue resilience across different capital-market environments.
Read all positive factors
China Merchants Securities Co., Ltd. Class H (6099) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$148.64B
Dividend Yield3.83%
Average Volume (3M)6.90M
Price to Earnings (P/E)9.1
Beta (1Y)2.86
Revenue Growth51.04%
EPS Growth24.56%
CountryHK
Employees13,461
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.35
Shares Outstanding1,274,521,500
10 Day Avg. Volume5,489,583
30 Day Avg. Volume6,896,753
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)0.90
Price to Sales (P/S)2.68
P/FCF Ratio-3.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$16.40Price Target Upside16.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.78
Revenue Forecast (FY)HK$32.53B
China Merchants Securities Co., Ltd. Class H Business Overview & Revenue Model
Company Description
China Merchants Securities Co., Ltd. provides securities investment and trading services to corporate, institutional, and individual clients in the People's Republic of China. The company operates through Wealth Management and Institutional Busine...
How the Company Makes Money
China Merchants Securities makes money through multiple financial-services revenue streams typical of a full-service securities company:
1) Brokerage and wealth management fees and commissions: Revenue is generated from facilitating clients’ trad...
China Merchants Securities Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
54
Neutral
Cash Flow
32
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 40.68B | 28.29B | 27.81B | 26.88B | 37.48B |
| Gross Profit | 32.34B | 19.40B | 18.28B | 17.56B | 27.83B |
| EBITDA | 18.71B | 11.91B | 9.88B | 9.07B | 14.23B |
| Net Income | 12.03B | 10.39B | 8.76B | 8.07B | 11.65B |
Balance Sheet | |||||
| Total Assets | 753.80B | 721.16B | 695.85B | 611.68B | 597.22B |
| Cash, Cash Equivalents and Short-Term Investments | 348.18B | 286.24B | 244.33B | 230.94B | 225.64B |
| Total Debt | 389.92B | 196.54B | 215.43B | 183.59B | 187.54B |
| Total Liabilities | 632.70B | 590.91B | 573.82B | 496.42B | 484.63B |
| Stockholders Equity | 121.06B | 130.18B | 121.96B | 115.17B | 112.50B |
Cash Flow | |||||
| Free Cash Flow | -36.24B | 53.96B | 26.50B | 61.94B | -41.61B |
| Operating Cash Flow | -35.54B | 54.73B | 27.10B | 62.50B | -41.19B |
| Investing Cash Flow | 3.34B | -14.26B | -24.09B | -19.13B | 13.81B |
| Financing Cash Flow | 25.89B | -10.36B | 7.70B | -21.01B | 35.72B |
China Merchants Securities Co., Ltd. Class H Technical Analysis
Negative
14.09
Price Trends
13.97
Negative
14.38
Negative
15.17
Negative
Market Momentum
-0.22
Negative
44.82
Neutral
63.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6099, the sentiment is Negative. The current price of 14.09 is above the 20-day moving average (MA) of 13.27, above the 50-day MA of 13.97, and below the 200-day MA of 15.17, indicating a bearish trend. The MACD of -0.22 indicates Negative momentum. The RSI at 44.82 is Neutral, neither overbought nor oversold. The STOCH value of 63.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:6099.
China Merchants Securities Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | HK$139.65B | 10.56 | 8.83% | 0.97% | 64.00% | 112.84% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | HK$148.64B | 9.05 | 9.55% | 3.83% | 51.04% | 24.56% | |
59 Neutral | HK$416.52B | 12.45 | 10.28% | 2.05% | 62.72% | 29.18% | |
59 Neutral | HK$125.75B | 7.38 | 8.68% | 2.89% | 61.94% | 127.55% | |
57 Neutral | HK$171.64B | 9.77 | 8.46% | 2.92% | 10.82% | 55.25% | |
53 Neutral | HK$168.58B | 9.66 | 10.70% | 2.80% | 36.57% | 77.14% |
* Financial Sector Average
HK:6099
China Merchants Securities Co., Ltd. Class H
13.18
2.19
19.94%
HK:6030
CITIC Securities Co
24.26
7.48
44.56%
HK:3908
China International Capital
17.22
5.13
42.38%
HK:6886
Huatai Securities Co
14.95
4.92
49.01%
HK:6066
CSC Financial Co., Ltd. Class H
10.29
2.40
30.47%
HK:6806
Shenwan Hongyuan Group Co., Ltd. Class H
2.72
0.91
49.94%
China Merchants Securities Co., Ltd. Class H Corporate Events
China Merchants Securities Publishes Audited 2025 Annual Results and Report Plan
Mar 27, 2026
China Merchants Securities Co., Ltd. has released its audited consolidated results for the year ended December 31, 2025, fulfilling Hong Kong listing requirements on preliminary annual disclosures. The announcement confirms that the figures have b...
China Merchants Securities Announces 2025 Final Dividend and Tax Arrangements
Mar 27, 2026
China Merchants Securities has declared a final ordinary cash dividend of RMB 4.49 per 10 shares for the financial year ended 31 December 2025, with payment scheduled for 30 August 2026, subject to shareholder approval. The dividend for H sharehol...
China Merchants Securities Relocates Hong Kong Principal Office to Central
Mar 23, 2026
China Merchants Securities Co., Ltd., a Hong Kong-listed Chinese securities and investment banking firm, has adjusted its Hong Kong footprint while maintaining its existing communication channels to ensure continuity for clients and counterparties...
China Merchants Securities Sets March 27 Board Meeting to Approve 2025 Results and Consider Final Dividend
Mar 13, 2026
China Merchants Securities Co., Ltd., a major Chinese securities firm listed in Hong Kong, has announced that its board of directors will convene on March 27, 2026 to review and approve the consolidated annual results for the year ended December 3...
China Merchants Securities Posts Double-Digit Profit Growth in 2025 Preliminary Results
Jan 27, 2026
China Merchants Securities Co., Ltd. reported strong preliminary financial results for 2025, with total operating income rising 19.19% year on year to approximately RMB 24.9 billion and net profit attributable to shareholders of the parent company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.