Friday November 27, 2020 27 November 2020

NEWS BITES - BRIC

China Southern Airlines Limited - A Share (SS:600029), the 2nd largest Airline company by market cap on the Shanghai Stock Exchange (SSE), has decreased 4.0 fen (0.6%) from its previous trading session to close at CNY6.32. Compared with the SSE Composite Index which rose 38.6 points (1.1%) in the day, the relative price change was -1.8%.

There were 36,910,000 shares worth CNY233.3 million ($35.5 million) traded today. The volume was 0.5 times the average daily trading volume of 70.1 million shares.

China Southern Airlines - A Share Stock Dashboard [traded in Chinese Yuan, CNY]

CurrencyUSD 1 = CNY 6.58 P/E29.2
Nov 27 closeCNY6.32SectorAirlines
Ave Daily Volume70,064,240 sharesShares Outstanding15,329,300,000
52-Week Range4.95 - 7.49Market CapCNY96.9 billion [$14.7 billion]

INDEX

SECTION 1 Recent News

SECTION 2 Corporate Profile and Independent Ratings

SECTION 3 Today's Bearish Signals

SECTION 4 Ongoing Bearish Parameters

SECTION 5 Today's Bullish Signals

SECTION 6 Ongoing Bullish Parameters

SECTION 7 Peer Group Analysis & Ranking

SECTION 8 News Archives (Dec 2016 - Aug 2020)

SECTION 9 Currency Synopsis: Chinese Yuan Renminbi (CNY)

SECTION 10 Historical Perspective

SECTION 11 Macroeconomic Indicators

SECTION 12 Credit Rating Summary

Glossary

LINKS TO FURTHER INFORMATION ON 600029:

EXCEL TABLES ARE AVAILABLE TO EXPORT DATA AS FOLLOWS:

+ PRICE VOLUME - 5-YEAR HISTORY

http://www.buysellsignals.net/BuySellSignals/report/Shanghai/Stock/PDF/quarterly/xls/600029_Price_Volume.xls

+ PEER COMPARISON - STOCK IN AIRLINES SECTOR AND STOCK IN INDICES

http://www.buysellsignals.net/BuySellSignals/report/Shanghai/Stock/PDF/quarterly/xls/600029_SectorIndex.xls

+ NEWS ARCHIVES - 600029 PAST 4 YEARS IN HTML:

http://www.buysellsignals.net/BuySellSignals/report/Shanghai/Stock/Daily/Html/600029_Corporate_Wire.html

SECTION 1 Recent News

1.1 Financial News

Quarterly Report (Q3/2020):

Quarterly Report Analysis Q3 2020: China Southern Airlines - A Share reports 48.0% sequential rise in Quarterly Revenue

China Southern Airlines - A Share (SS:600029), announced total revenue of CNY26.4b ($3.9b) for the quarter-ended 30 September 2020 [Q3/2020], up 48% from the previous quarter [Q2/2020] and down 39.7% from the year-earlier period [Q3/2019].

Compared with the Previous Corresponding Period [PCP; Q3/2019], year-over-year [y.o.y.] Revenue was down 39.7% and Net Profit was down 70.2%.

1.2 Meetings

October 20: China Southern Airlines - A Share: Announcement on Resolutions of Directorate Meeting

The Company held the special meeting of the 8th directorate on October 13, 2020, which discussed and approved the "Proposal of Applying for Registration and Public Issuance of Short-term Corporate Bonds (to Professional Investors) of Not More Than RMB10 Billion from China Securities Regulatory Commission (Including Other Departments Needing to Perform Approval Procedures) According to Relevant Laws and Normative Documents Including 'Securities Law'" and the "Scheme of Public Issuance of Short-term Corporate Bonds (to Professional Investors)".

Source: Shanghai Stock Exchange

1.3 Press Releases

November 18: China Southern Airlines - A Share: Announcement on Major Financial Indicators in 1st Three Quarters of 2020

Basic earning per share (yuan) -0.55

Weighted average return on net assets (%) -11.20

Source: Shanghai Stock Exchange

SECTION 2 Corporate Profile and Independent Ratings

2.1 Activities

China Southern Airlines Company provides commercial airline services throughout China, Hong Kong and Macau regions, Southeast Asia and other parts of the world. The Company conducts a portion of its airline operations through its airline subsidiaries, including Xiamen Airlines, Southern Airlines (Group) Shantou Airlines Company Limited (Shantou Airlines), Zhuhai Airlines Company Limited (Zhuhai Airlines), Guizhou Airlines Company Limited (Guizhou Airlines) and Chongqing Airlines (collectively, the Airline Subsidiaries).

2.2 Contact Details

Websitehttp://www.csair.com/
Physical Address278 Ji Chang Road Guangzhou, Guangdong, 510405 China
Phone86-20-86124736
Fax86-20-86659040

2.3 Industry & Sector

Classification LevelName of Sector
Economic SectorIndustrials
Business SectorTransportation
Industry GroupPassenger Transportation Services
IndustryAirlines

2.4 Independent Ratings

+ Forbes 2000:

China Southern Airlines Limited - A Share is the 544th largest by revenue in the Forbes Global 2000.

SECTION 3 Today's Bearish Signals

3.1 Rank in the bottom 20% by Price Performance in the China market

DescriptionValueRank
PV1000 [1 yr] $1,015In Bottom 20%

3.2 Other Bearish Signals

- Total Liabilities/EBITDA of 52.8 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

3.3 Overbought/Bearish Signals:

- The Stochastic indicator of 83.2 has broken through the overbought line of 80; this indicates the price is close to its 14-day high and is likely to revert to a downtrend.

SECTION 4 Ongoing Bearish Parameters

4.1 Rank in the bottom 4% by Gearing in the China market

DescriptionValueRank
Total Debt to Equity2.9In Bottom 4%

4.2 Rank in the bottom 12% by Performance in the China market

DescriptionValueRank
Net Profit Margin %2.0In Bottom 12%
EBITDA Margin %3In Bottom 10%

4.3 Rank in the bottom 12% by Productivity in the China market

DescriptionValueRank
Return on Assets [ROA] %1In Bottom 12%
Return on Capital Employed [ROCE] %1.9In Bottom 11%

4.4 Present Value of CNY1000 Invested in the Past [1 Yr, 3 Yrs]; The Worst Periods with PVCNY1000 < 951

PVCNY1,0001 yr ago3 yrs ago
600029.SSCNY950CNY601
Airlines sectorCNY1,019CNY803
SSE Composite IndexCNY1,174CNY1,026

4.5 The Worst Periods [1 Yr, 3 Yrs] with Price Change % < -4.9

3-Year price change of -41.1% for China Southern Airlines - A Share underperformed the change of 1.6% in the SSE Composite index for a relative price change of -42.7%.

Price Change %Year3 Years
China Southern Airlines - A Share-5-41.1
Airlines sector1.4-30.1
SSE Composite index17.21.6

4.6 Moving Annual Return of -5.0% in the past year:

Moving Annual Return was -5.0% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged -0.9%. The Moving Annual Return has been negative in 4 out of 5 years.

600029Close (CNY)Dividends (CNY)Capital Gain / (Loss) %% YieldAnnual Return %
Nov 276.32-(5.0)-(5.0)
1 Yr ago6.650.05(7.5)0.7(6.8)
2 Yrs ago7.190.1(33.0)0.9(32.1)
3 Yrs ago10.730.148.81.450.2
4 Yrs ago7.210.08(11.8)1(10.8)

Close 5 years ago CNY8.18

4.7 Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Periods with TSR < -2.4%

TSR %1 yr3 yrs5 yrs10 yrs
600029.SS-5-15.5-4.2-2.5

4.8 High Debt to Equity (%) and Increasing

The debt to equity ratio of 290.1% is above a safe benchmark figure of 70%. Moreover, it has deteriorated from 194.8% a year ago.

YearsDebt to Equity (%)
Dec 2019290.08
Dec 2018194.82
Dec 2016253.41
Dec 2015244.62
Dec 2014319.25

4.9 Declining Volume, down 11% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has decreased 11.3% to 70.1 million shares.

Avg. Daily Volume Traded 12 months ended Nov 27, million shares

YearADVT
202070.1
201949.8
201896.3
201771.7
201679.0

4.10 Declining VWAP, down 17% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has decreased by 16.6% to CNY5.92. .

Past five years, 12 months ended Nov 27 (CNY)

YearHigh PriceVWAPLow Price
20207.495.924.95
20199.657.586.43
201812.699.325.48
201711.18.026.53
20168.97.15.4

4.11 Declining share turnover, down 33% in 5 years

In the past five years, average daily share turnover has decreased 33.0% to CNY360.7 million ($54.8 million). This suggests decreased liquidity.

Past five years, 12 months ended Nov 27 (CNY million)

YearAverage Daily Turnover
2020360.7
2019362.5
2018875.8
2017556.5
2016538.0

SECTION 5 Today's Bullish Signals

5.1 Momentum Up 1.8% Past Week

China Southern Airlines - A Share outperformed the SSE Composite index in 3 out of 5 days. The price ranged between a low of 6.19 on Monday, Nov 23 and a high of 6.36 on Thursday, Nov 26.

DayChina Southern Airlines - A ShareClose price [CNY]Price change %Relative change % *Comment
ThursdayAdds CNY1 billion ($187 million) (1.3%) in MCap, top heavyweight rise in Airlines sector6.361.31.1Week-high of 6.36
WednesdayDecreases6.28-0.80.4Price fall on slipping relative strength
TuesdayAdds CNY2 billion ($326 million) (2.3%) in MCap, top heavyweight rise in Airlines sector6.332.32.6Top Rise
MondayDrops on increasing volatility6.19-0.8-1.9Week-low of 6.19; Steepest Fall
FridayFalls for a second consecutive day, a two-day fall of 1.0%6.24-0.2-0.9Price fall on slipping relative strength

* Relative change is price change of stock with respect to Benchmark Index, SSE Composite index.

5.2 Rank in the top 22% by Relative Valuation in the China market

DescriptionValueRank
Price to Sales0.9In Top 22%

5.3 Rank in the top 19% by Price Performance in the China market

DescriptionValueRank
1-month Price Change %11.7In Top 17%
Price/MAP501.08In Top 19%

5.4 Uptrend

Exponential Moving Average Price of 1.1 and positive MACD:

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 6.2 minus the 26-day EMA of 6.06 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.

- The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, nine times suggesting further upside. The 50-day EMAP has increased to CNY5.96. An increase is another bullish indicator.

Relative Strength (6 months) 72 percentile:

- The stock has a 6-month relative strength of 72 in the China market of 1,741 stocks indicating it has outperformed 72% of the market.

5.5 Undervaluation

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.3. Compared with the rest of the market the stock is undervalued and ranks in the top quartile of stocks by value of Q Ratio.

Brand Value/Enterprise Value:

- Brandirectory have estimated China Southern Airlines - A Share brand value at CNY18.1 billion ($2.8 billion). The Brand Value represents 6.1% of the estimated Enterprise Value of CNY295.3 billion ($44.9 billion). Enterprise Value is defined as MCap of CNY96.9 billion plus net debt of CNY198.4 billion.

SECTION 6 Ongoing Bullish Parameters

6.1 Rank in the top 13% by Size in the China market

DescriptionValueRank
Tr 12 months RevenueCNY103 billion ($15.7 billion)In Top 5%
MCap$14.7 billionIn Top 6%
Ave daily TurnoverCNY233.3 million ($35.5 million)In Top 13%

6.2 Present Value of CNY1000 Invested in the Past 3 Months; The Best Period with PVCNY1000 > 1,122

PVCNY1,0003 mo ago
600029.SSCNY1,123
Airlines sectorCNY1,082
SSE Composite IndexCNY1,018

6.3 Past quarter: price rise of 12.3%

3-Month price change of 12.3% for China Southern Airlines - A Share outperformed the change of 0.1% in the SSE Composite index for a relative price change of 12.1%.

Price Change %Quarter
China Southern Airlines - A Share12.3
Airlines sector8.2
SSE Composite index0.1

6.4 MCap: 5-Year Increase of CNY37 billion [$6 billion]

In the past 5 years Market Capitalization has increased by CNY36.9 billion (62%) from CNY60 billion to CNY96.9 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 3 out of 5 years.

PriceMCap (CNY B)MCap ($ B)
LastCNY6.3296.914.7
1 Year agoCNY6.6581.611.6
2 Years agoCNY7.1988.812.8
3 Years agoCNY10.73110.516.8
4 Years agoCNY7.2152.37.6
5 Years agoCNY8.18609.4

6.5 Growth > 48% for Revenue:

- Revenue growth has shown signs of recovery in recent quarters. [All figures in %]

Qtr-endedRevenue GrowthNet Profit Margin
Sep 20 [Q3 vs Q2]483.5
Jun 20 [Q2 vs Q1]-15.7-19.4

6.6 Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Positive net income.

- Positive operating cashflow.

- Good quality of earnings [operating cashflow exceeds net income].

- Total shares on issue unchanged.

- Improvement in gross margin [from 10.5% to 12.1%].

SECTION 7 Peer Group Analysis & Ranking

7.1 Global Peer Group (all figures in $): Key Financials

In its Global Peer Group of 9 companies 600029 is ranked second by Total Assets, third by Revenue, fourth by Relative Str. (6 mo), fifth by MCap, sixth by PV $1000 (1 yr) and seventh by Net Profit.

Name (Code)Relative Str. (6 mo)MCapPV $1000 (1 yr)RevenueNet ProfitTotal Assets
Rank of 600029456372
China Southern Airlines - A Share (600029)6914.7B1,015.323.5B403.9M46.7B
East Japan Railway (9020)2224.8B708.628.2B1.9B81.8B
Ryanair Holdings (RY4B)7520.9B1,194.09.2B1.1B15.8B
SG Holdings (9143)9218.8B2,452.411.2B453M7.4B
Air China- A Share (601111)6517.4B989.520.7B976.3M44.8B
China Eastern Airlines - A Share (600115)6512.4B1,062.518.4B486.7M43.1B
Odakyu Electric Railway (9007)6911.3B1,225.55.1B190.8M12.7B
International Consolidated Airlines Group (IAG)5111B479.429.1B3.5B33.4B
Yamato Holdings (9064)7110.7B1,578.715.6B213.8M10.5B

Global Peer Group: Relative Value Indicators

600029 is ranked second by P/S, third by P/Book and fourth by P/E, Turnover Rate.

Name (Code)Country CodeLast PriceP/EP/SP/BookTurnover Rate (%)% Disc to 52-w Hi
Rank of 6000294234
China Southern Airlines - A Share (600029)CNCNY6.3229.40.91.696.015.1
East Japan Railway (9020)JPJPY6,721.01.2101.833.8
Ryanair Holdings (RY4B)IEEUR15.4119.93.560.28.9
SG Holdings (9143)JPJPY3,060.040.11.64.836.00.4
Air China- A Share (601111)CNCNY7.8617.61.41.399.721.7
China Eastern Airlines - A Share (600115)CNCNY4.9925.31.21.473.815.8
Odakyu Electric Railway (9007)JPJPY3,190.058.52.23.241.33.6
International Consolidated Airlines Group (IAG)ESEUR1.852.686.665.2
Yamato Holdings (9064)JPJPY2,711.048.30.72.197.54.8

7.2 BuySellSignals Fundamentals Valuation Ranking: China Southern Airlines - A Share vs Shanghai Market

Out of 1,741 stocks in the China Market, China Southern Airlines - A Share is ranked 121st by Net Profit $, 384th by Price/Net Tangible Assets, 614th by Premium to 52-Wk Low and 627th by P/Earnings.

Shanghai Avg600029RankRank 1Rank 2Rank 3Lowest Rank
Net Profit $289.3 M403 M12147.5 B Industrial and Commercial Bank of China - A Share40.5 B China Construction Bank- A Share28 B Agricultural Bank of China(874.1 M) Dr.Peng Telecom & Media
Price/Net Tangible Assets1.7x1.6x3840.1x Jinzhou Port- B Share0.1x China Petroleum Engineering - A Share0.1x Shanghai Bailian - B Share-
Premium to 52-Wk Low (%)32.327.76140.6 Greattown Holdings - A Share0.8 Shanghai Shenqi Pharmaceutical Investment and Management - A Share0.8 Long Yuan Construction Guoup - A Share398.2 Zhejiang Cfmoto Power
P/Earnings15.5x29.2x6273.3x Nanjing Iron & Steel - A Share3.5x Bestsun Energy - A Share3.7x Inner Mongolia Yitai Coal- B Share-
Discount to 52-Wk High (%)1.315.699991.3 Shangying Global - A Share79.5 Jiangsu Boxin Investing & Holdings - A Share79.4 Fujian Start - A Share0.1 China Shenhua Energy - A Share
ROE (%)8.84.8109766.2 Lotus Health - A Share61.9 Xiamen Overseas Chinese Electronic - A Share58.6 Shanghai Zhongyida - A Share-
ROA (%)1.31.01127839.9 Beijing Roborock Technology31.1 Gongniu Group29.5 Shenzhen Goodix Technology0.01 BluePark New Energy Technology - A Share
EBITDA Margin%10.22.98132278.8 Shanghai Huili Building Materials - B Share71.5 Shanghai Friendess Electronic Technology - A Share70.7 Nanjing Gaoke(86.7) Jilin Quan Yangquan - A Share
Total Debt/Equity (the lower the better)1.2x2.9x1411Sino Medical Sciences Technology - A ShareMicro-Tech Nanjing - A ShareGongniu Group11.8x Metro Land - A Share

Negative values are shown in brackets.

7.3 Market Share

China Southern Airlines - A Share vs Airlines sector [Airlines sector Total in Brackets]

Revenue of CNY154.3 billion ($23.5 billion)[27.7% of aggregate sector revenue of CNY556.4 billion; down from 28.3% in the previous year.]

EBIT of CNY4.1 billion ($618.6 million) [20.7% of aggregate sector EBIT of CNY19.7 billion; down from 52.3% in the previous year.]

7.4 Share in Index

China Southern Airlines - A Share is a constituent of the following indices. Its market capitalisation accounts for 0.5% of the combined MCap of the SSE 50 Index.

Index NameMCap of Index ($ B)MCap as % of Index
SSE 50 Index2,768 0.5
SSE 180 Index4,313 0.3
SSE New Composite Index6,325 0.2
SSE A share Index6,330 0.2
SSE Composite Index6,895 0.2

7.5 Global Rank [out of 47,947 stocks] and Rank of China Southern Airlines - A Share in the Asia Region [out of 24,255 stocks]

DescriptionValueGlobal RankIn Asia Region
MCap ($)14.7B1,212366
Total Assets ($)46.7B1,010365
Revenue ($)23.5B625209
Net Profit ($)403.9M2,237753
Return on Equity %4.820,02911,761
Net Profit Margin %2.022,72813,927
Price to Book1.619,48812,307
Price/Earnings29.415,5609,747
PV1000 (1Year) $*1,01523,86812,598
$* Change (1Year) %1.222,78112,048

* 1 year ago $1 = CNY 7.03

Nov 27, 2020: $ 1 equals CNY 6.58

7.6 Rank of China Southern Airlines - A Share in the SSE Composite Index [out of 1522 stocks], in the Total Shanghai Market [out of 1732 stocks] and in the Airlines sector [out of 7 stocks]

DescriptionValueIn SSE Composite IndexIn Total Shanghai MarketIn Airlines sector
MCap (CNY)96.9B78802
Total Assets (CNY)306.6B55551
Revenue (CNY)154.3B42421
Net Profit (CNY)2.7B1171183
Return on Equity %4.81,0181,0765
Net Profit Margin %2.01,1891,2485
Price to Book1.63863885
Price/Earnings29.26246273
PV1000 (1Year) CNY9501,1501,1503

7.7 Long-Term Fundamental Ranking: 4 out of 5 [5 is best]

China Southern Airlines - A Share is ranked number 2 out of 7 listed airline in the China with a market capitalization of CNY96.9 billion ($14.7 billion).

Within its sector it has a relatively moderate P/E of 29.2 and moderate Price/Sales of 0.9.

Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 8 News Archives (Dec 2016 - Aug 2020)

HTML PAGES ARE AVAILABLE TO EXPORT AS FOLLOWS:

http://www.buysellsignals.net/BuySellSignals/report/Shanghai/Stock/Daily/Html/600029_Corporate_Wire.html

SECTION 9 Currency Synopsis: Chinese Yuan Renminbi (CNY)

9.1 % Change of USD vs Currency Basket Period-Based

In the past year the US Dollar fell 6.5% against the Chinese Yuan; in the past three years the US Dollar fell 0.4% against the Chinese Yuan.

LastCountry1-day %1-week %1-Year %3-Yrs %
USD1=6.576CNYChina--0.1-6.5-0.4
USD1=8.524SEKSweden0.3-0.8-11.13.1
USD1=0.749GBPUnited Kingdom0.2-0.6-3.7-0.1
USD1=1.358AUDAustralia-0.1-1.0-7.83.4
USD1=8.88NOKNorway0.5-1.2-3.19.3
USD1=20.044MXNMexico0.2-0.52.58.0
USD1=104.241JPYJapan-0.10.5-4.4-6.5
USD1=1.0USDUnited States Of America0.0---
USD1=1.302CADCanada0.1-0.3-1.92.4
USD1=7.751HKDHong Kong---1.0-0.7
USD1=1,106.062KRWSouth Korea-0.1-0.7-5.81.9
USD1=0.839EUREuropean Union--0.3-7.50.2
USD1=0.907CHFSwitzerland-0.2-0.4-9.1-7.4
USD1=1.427NZDNew Zealand--1.2-8.3-1.8
USD1=1.339SGDSingapore-0.1-0.4-1.9-0.5

9.2 % Change of CNY vs Currency Basket Period-Based

In the past three years the Chinese Yuan fell 0.4% against the Hong Kong Dollar. However, in the past year the Chinese Yuan rose 5.9% against the Hong Kong Dollar.

LastCountry1-day %1-week %1-Year %3-Yrs %
CNY1=1.178HKDHong Kong-0.25.9-0.4
CNY1=168.27KRWSouth Korea--0.80.92.3
CNY1=1.297SEKSweden0.1-1.1-4.93.4
CNY1=0.138CHFSwitzerland-0.3-0.3-2.6-6.9
CNY1=0.217NZDNew Zealand-0.3-1.4-1.7-1.3
CNY1=0.114GBPUnited Kingdom--0.93.00.2
CNY1=0.204SGDSingapore-0.2-0.35.0-
CNY1=0.207AUDAustralia-0.1-1.0-1.33.9
CNY1=1.349NOKNorway--2.13.59.5
CNY1=15.853JPYJapan-0.10.52.2-6.2
CNY1=1.0CNYChina0.0---
CNY1=3.043MXNMexico0.2-1.79.78.2
CNY1=0.152USDUnited States Of America-0.26.90.3
CNY1=0.198CADCanada0.1-0.64.82.7
CNY1=0.128EUREuropean Union--0.5-1.10.5

SECTION 10 Historical Perspective

Year-on-Year Comparison USD/CNY (Trailing year - ended 26 Nov)

In the past 5 years, the USD/CNY has jumped 3% from 6.39 to 6.58, an average compound annual appreciation of the USD by 0.6%.

202020192018201720162015
Close6.587.036.946.66.926.39
% Change-6.51.35.2-4.68.35.5
Range6.38 - 6.66.32 - 6.39

USD1 buys CNY 6.58 today: Appreciation of CNY from 8.31 v/s USD twenty five years ago

Last5 Yrs ago10 Yrs ago15 Yrs ago20 Yrs ago25 Yrs ago
USD/CNY6.586.396.738.088.288.31

Present Value of CNY1000 Invested in USD 20 years ago is CNY794

PVCNY1,0005 yrs ago10 yrs ago20 yrs ago
USD/CNYCNY1,029CNY977CNY794

SECTION 11 Macroeconomic Indicators

INDICATORUNITED STATES[USD]CHINA[CNY]
GDP (Billion USD)21,42814,343
GDP growth yoy (%)-2.94.9
Interest rate (%)0.253.85
Inflation rate (%)1.20.5
Unemployment rate (%)6.95.4
Budget / (Deficit) to GDP ratio (%)(4.6)(2.8)
Current account / (Deficit) to GDP ratio (%)-2.31.0
Debt to GDP ratio (%)106.950.5

SECTION 12 Credit Rating Summary

China:

Rating AgencyLong TermForeign CurrencyDescription
Moody'sA1
S&PA+Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstances. The plus (+) sign shows relative standing within the major rating category.
FITCHA+High credit quality: 'A' ratings denote expectations of low default risk. The plus (+) sign shows relative standing within the major rating category.
DAGONGAAAHighest Credit Quality: "AAA" ratings denote the lowest expectation of default risk. It indicates that the issuer has exceptionally strong capacity for payment of financial commitments. Although the AAA debt protection factors may change, this capacity is highly unlikely to be adversely affected by any foreseeable event. 'AAA' is the highest issuer credit rating assigned by Dagong.

Glossary

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabiliites (times)

Debt/Equity: Net Debt/Net Assets %

EBIT Margin : Earnings Before Interest and Tax/Revenue (%)

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/Earnings: Share Price/Earnings Per Share (times)

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Price/Sales: Share Price/Sales Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend

Total Liabilities/Total Assets: Total Liabilities/Total Assets

Turnover Rate: value of annual trading volume as a percentage of market capitalisation

Volatility: Highest Price minus Lowest Price/Lowest Price (%)

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Created by www.buysellsignals.com