Thursday February 25, 2021 25 February 2021

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 dropped 13.0 fen (2.1%) from its previous trading session to close at CNY6.19. Compared with the SSE Composite Index which rose 21.0 points (0.6%) in the day, the relative price change was -2.6%. Today the stock traded at its seven-day low of CNY6.17.

It posted the steepest fall in MCap CNY2 billion ($308.8 million) with the most influence on the Airlines sector. Its MCap is CNY94.9 billion ($14.7 billion).

There were 98,610,000 shares worth CNY610.4 million ($94.6 million) traded today. The fall was exacerbated by firm volume of 1.4 times the average daily volume of 71.1 million shares.

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

CurrencyUSD 1 = CNY 6.45 SectorAirlines
Feb 25 closeCNY6.19Market CapCNY94.9 billion [$14.7 billion]
P/E (FY2019)28.6DPS (TTM)5 fen
Ave Daily Volume71,060,760 sharesShares Outstanding15,329,300,000
52-Week Range (In CNY)4.95 - 6.67

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 (MAR 2017 - NOV 2020)

SECTION 9 CURRENCY SYNOPSIS: CHINESE YUAN (CNY)

SECTION 10 HISTORICAL PERSPECTIVE

SECTION 11 MACROECONOMIC INDICATORS

SECTION 12 CREDIT RATING SUMMARY

GLOSSARY

DATA & ARCHIVE DOWNLOAD CENTER

600029: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:

+ PRICE VOLUME - 5-YEAR HISTORY

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

600029: LINKS IN HTML TO FURTHER INFORMATION:

+ NEWS ARCHIVES - 600029 PAST 4 YEARS IN HTML:

+ PRICE VOLUME CHARTS IN HTML

+ USD vs CNY EXCHANGE RATE CHARTS IN 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%.

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 Independent Ratings

+ Forbes 2000:

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

2.3 Contact Details

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

2.4 Industry & Sector

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

SECTION 3 TODAY'S BEARISH SIGNALS

3.1 Momentum Down 0.6% Past Week

The price ranged between a low of CNY6.31 on Feb 22 and a high of CNY6.51 on Feb 23.

FebChina Southern Airlines - A ShareClose price [CNY]Price change %Relative change % *Comment
Thu 18Hits three-month high on firm volume6.363.22.7Top Rise; VI*=1.2
Fri 19Falls 2.5% from 14-day high6.35-0.2-0.7Overbought: close to 14-day high
Mon 22Falls for a second consecutive day, a two-day fall of 0.8%6.31-0.60.8Week-low of 6.31
Tue 23Hits three-month high on robust volume6.513.23.3VI*=1.6
Wed 24Loses CNY3 billion ($451 million) (2.9%) in MCap, steepest heavyweight fall in Airlines sector6.32-2.9-0.9Steepest Fall; VI*=1.6

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

[Volume Index (VI); 1 is average]

3.2 Rank in the bottom 16% by Price Performance in the China market

DescriptionValueRank
1-week Price Change %-2.7In Bottom 16%

3.3 Downtrend

Beta < 1 combined with price fall. The Beta of the stock is 0.9.

3.4 Overvaluation

Price/Earnings of 28.6 > sector avg of 23.4:

- Price/Earnings of 28.6 versus sector average of 23.4 and market average of 16.7.

3.5 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.

SECTION 4 ONGOING BEARISH PARAMETERS

4.1 Rank in the bottom 3% by Gearing in the China market

DescriptionValueRank
Total Debt to Equity2.9In Bottom 3%

4.2 Rank in the bottom 11% by Performance in the China market

DescriptionValueRank
Net Profit Margin %2.0In Bottom 11%
EBITDA Margin %3In Bottom 9%

4.3 Rank in the bottom 23% by Productivity in the China market

DescriptionValueRank
Return on Equity [ROE] %4.8In Bottom 23%
Return on Assets [ROA] %1In Bottom 11%
Return on Capital Employed [ROCE] %1.9In Bottom 10%

4.4 Present Value of CNY1000 Invested in the Past [3 Mo, 3 Yrs]; The Worst Periods with PVCNY1000 < 987

PVCNY1,0003 mo ago3 yrs ago
600029.SSCNY986CNY524
Airlines sectorCNY959CNY617
SSE Composite IndexCNY1,066CNY1,090

4.5 The Worst Periods [3 Mo, 3 Yrs] with Price Change % < -1.3

3-Year price change of -48.6% for China Southern Airlines - A Share underperformed the change of 9% in the SSE Composite index for a relative price change of -57.6%.

Price Change %Quarter3 Years
China Southern Airlines - A Share-1.4-48.6
Airlines sector-4.1-38.3
SSE Composite index5.29

4.6 Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Periods with TSR < 2.7%

TSR %1 yr3 yrs10 yrs
600029.SS2.6-19.2-2.2

4.7 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

4.8 Declining Volume, down 9% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has decreased 8.7% to 71.1 million shares.

Avg. Daily Volume Traded 12 months ended Feb 25, million shares

YearADVT
202171.1
202051.9
201976.3
201884.0
201777.8

4.9 Declining VWAP, down 18% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has decreased by 17.8% to CNY5.77. .

Past five years, 12 months ended Feb 25 (CNY)

YearHigh PriceVWAPLow Price
20216.675.774.95
20209.657.375.34
201912.428.175.48
201812.699.57.21
20178.637.025.4

4.10 Declining share turnover, down 37% in 5 years

In the past five years, average daily share turnover has decreased 37.1% to CNY334.2 million ($51.8 million). This suggests decreased liquidity.

Past five years, 12 months ended Feb 25 (CNY million)

YearAverage Daily Turnover
2021334.2
2020368.5
2019602.8
2018768.9
2017531.0

SECTION 5 TODAY'S BULLISH SIGNALS

5.1 Rank in the top 15% by Relative Valuation in the China market

DescriptionValueRank
Price to Sales0.6In Top 15%

5.2 Rank in the top 22% by Price Performance in the China market

DescriptionValueRank
1-month Price Change %11.5In Top 14%
Rel Strength 6 mo79In Top 22%

5.3 Uptrend

Positive MACD:

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 6.18 minus the 26-day EMA of 6.0 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.

Past Quarter:

The Best 3 weeks in the past quarter

In the past quarter the week beginning Monday February 01 saw the highest weekly rise of 2.1% for a relative price increase of 1.7%.

Mon-FriChange %SSE Composite index Change %RPC %Vol Ind [1 is avg]
Feb 01-052.10.41.70.8
Nov 30-Dec 041.61.10.50.9
Nov 23-271.30.90.40.7

Relative Strength (6 months) 79 percentile:

- The stock has a 6-month relative strength of 79 in the China market of 1,752 stocks indicating it has outperformed 79% of the market.

5.4 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 CNY17.8 billion ($2.8 billion). The Brand Value represents 6.1% of the estimated Enterprise Value of CNY293.3 billion ($45.5 billion). Enterprise Value is defined as MCap of CNY94.9 billion plus net debt of CNY198.4 billion.

5.5 Other Bullish Signals

- As per the Du Pont analysis, Return on Equity is less than stellar at 4.8%. This is computed as net profit margin of 2.0% times asset turnover [sales/assets] of 0.5 times leverage factor [total assets/shareholders' equity] of 4.8.Also, this has deteriorated from 5.3% last year.

ROE (%)Profit Margin (%)Asset TurnoverEquity Multiplier
Current Year4.82.00.54.8
Previous Year5.32.40.583.8

SECTION 6 ONGOING BULLISH PARAMETERS

6.1 Rank in the top 15% by Size in the China market

DescriptionValueRank
Annual RevenueCNY154.3 billion ($23.9 billion)In Top 3%
MCap$14.7 billionIn Top 6%
Ave daily TurnoverCNY610.4 million ($94.6 million)In Top 15%

6.2 Present Value of CNY1000 Invested in the Past Year; The Best Period with PVCNY1000 > 1,026

PVCNY1,0001 yr ago
600029.SSCNY1,027
Airlines sectorCNY1,053
SSE Composite IndexCNY1,190

6.3 Moving Annual Return of 2.7% in the past year:

Moving Annual Return was 2.7% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 5%. The Moving Annual Return has been positive in 3 of the last 5 years.

600029Close (CNY)Dividends (CNY)Capital Gain / (Loss) %% YieldAnnual Return %
Feb 256.19-2.7-2.7
1 Yr ago6.030.05(22.7)0.6(22.0)
2 Yrs ago7.80.1(35.2)0.8(34.4)
3 Yrs ago12.040.156.71.358.0
4 Yrs ago7.680.0819.41.220.6

Close 5 years ago CNY6.43

6.4 MCap: 5-Year Increase of CNY48 billion [$7 billion]

In the past 5 years Market Capitalization has increased by CNY47.7 billion (101%) from CNY47.2 billion to CNY94.9 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 2 out of 5 years.

PriceMCap (CNY B)MCap ($ B)
LastCNY6.1994.914.7
1 Year agoCNY6.037410.5
2 Years agoCNY7.8096.314.3
3 Years agoCNY12.04123.919.5
4 Years agoCNY7.6855.78.1
5 Years agoCNY6.4347.27.2

6.5 Growth > 48% for Revenue:

- Net Profit margin 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
Mar 20 [Q1 vs Q4]--28.4

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 first by Revenue, Total Assets, fifth by MCap and sixth by Relative Str. (6 mo), PV $1000 (1 yr), Net Profit.

Name (Code)Relative Str. (6 mo)MCapPV $1000 (1 yr)RevenueNet ProfitTotal Assets
Rank of 600029656161
China Southern Airlines - A Share (600029)5214.7B1,119.523.9B410.3M47.5B
Norwegian Air Shuttle (NAS)1323.8B19.24.8B(171.8M)6.6B
Ryanair Holdings (RY4B)8123.4B1,444.19.3B1.1B16.1B
Air China- A Share (601111)5818.5B1,154.521.1B992M45.5B
SG Holdings (9143)4215.3B2,548.211.1B448.2M7.3B
International Consolidated Airlines Group (IAG)8413.3B553.47.9B(6.8B)
China Eastern Airlines - A Share (600115)3712.4B1,140.918.7B494.5M43.8B
West Japan Railway (9021)6612.1B880.814.3B847.1M31B
Odakyu Electric Railway (9007)6811.2B1,562.45.1B188.8M12.6B

Global Peer Group: Relative Value Indicators

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

Name (Code)Country CodeLast PriceP/EP/SP/BookTurnover Rate (%)% Disc to 52-w Hi
Rank of 6000295142
China Southern Airlines - A Share (600029)CNCNY6.1929.20.61.691.55.2
Norwegian Air Shuttle (NAS)NONOK54.4014.4
Ryanair Holdings (RY4B)IEEUR16.9921.93.855.93.2
Air China- A Share (601111)CNCNY8.2218.90.91.489.83.5
SG Holdings (9143)JPJPY2,529.033.81.44.047.920.5
International Consolidated Airlines Group (IAG)ESEUR2.201.784.052.5
China Eastern Airlines - A Share (600115)CNCNY4.8725.20.71.469.812.3
West Japan Railway (9021)JPJPY6,667.013.80.81.0128.022.3
Odakyu Electric Railway (9007)JPJPY3,220.058.22.23.246.28.0

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

Out of 1,752 stocks in the China Market, China Southern Airlines - A Share is ranked 124th by Net Profit $, 417th by Price/Net Tangible Assets, 697th by P/Earnings and 791st by Premium to 52-Wk Low.

Shanghai Avg600029RankRank 1Rank 2Rank 3Lowest Rank
Net Profit $266.8 M410.8 M12448.4 B Industrial and Commercial Bank of China - A Share41.3 B China Construction Bank- A Share28.5 B Agricultural Bank of China(891.2 M) Dr.Peng Telecom & Media
Price/Net Tangible Assets1.9x1.6x4170.1x Jinzhou Port- B Share0.1x China Petroleum Engineering - A Share0.1x Shanghai Shenqi Pharmaceutical Investment Management-
P/Earnings16.7x28.6x6972.03x China Fortune Land - A Share2.8x Furen Group Pharmaceutical - A Share3.4x Inner Mongolia Yitai Coal- B Share-
Premium to 52-Wk Low (%)38.0225.17910.3 Suzhou Medical System Technology0.5 Yunnan Jinggu Forestry- A Share3.2 Bank of China - A Share694.9 Lifan Industry
ROE (%)9.54.8124866.2 Lotus Health - A Share61.9 Xiamen Overseas Chinese Electronic - A Share58.6 Shanghai Zhongyida - A Share-
Discount to 52-Wk High (%)4.97.2133492.1 Shangying Global - A Share91.9 Eastern Gold Jade - A Share78.8 Shanghai Hile Bio Technology0.3 Shanxi Antai - A Share
ROA (%)1.41.01143039.9 Beijing Roborock Technology33.6 Touchstone International Medical Science31.1 Gongniu Group0.01 BluePark New Energy Technology - A Share
EBITDA Margin%8.22.98147778.8 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)1.2x2.9x1549Sino Medical Sciences Technology - A ShareMicro-Tech Nanjing - A ShareSansure Biotech11.8x 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 ($23.9 billion)[27.7% of aggregate sector revenue of CNY556.4 billion; down from 28.3% in the previous year.]

Net Profit of CNY2.7 billion ($410.8 million) [19.8% of aggregate sector net profit of CNY13.4 billion; down from 56.0% in the previous year.]

EBIT of CNY4.1 billion ($630.7 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 Index2,940 0.5
SSE New Composite Index6,788 0.2
SSE A share Index6,793 0.2
SSE Composite Index7,399 0.2

7.5 Global Rank [out of 47,995 stocks] and Rank of China Southern Airlines - A Share in the Asia Region [out of 24,243 stocks]

DescriptionValueGlobal RankIn Asia Region
MCap ($)14.7B1,343412
Total Assets ($)47.5B1,012363
Revenue ($)23.9B616209
Net Profit ($)410.3M2,196738
Return on Equity %4.819,94611,835
Net Profit Margin %2.022,66214,030
Price to Book1.618,18011,694
Price/Earnings29.215,0879,456
PV1000 (1Year) $*1,12023,10411,827
$* Change (1Year) %13.022,42111,524

* 1 year ago $1 = CNY 7.02

Feb 25, 2021: $ 1 equals CNY 6.45

7.6 Rank of China Southern Airlines - A Share in the SSE Composite Index [out of 1519 stocks], in the Total Shanghai Market [out of 1738 stocks] and in the Airlines sector [out of 7 stocks]

DescriptionValueIn SSE Composite IndexIn Total Shanghai MarketIn Airlines sector
MCap (CNY)94.9B83892
Total Assets (CNY)306.6B55561
Revenue (CNY)154.3B42421
Net Profit (CNY)2.7B1181203
Return on Equity %4.81,0211,1915
Net Profit Margin %2.01,1911,3645
Price to Book1.64204235
Price/Earnings28.66506963
PV1000 (1Year) CNY1,0276816814

7.7 Long-Term Fundamental Ranking: 3 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 CNY94.9 billion ($14.7 billion).

Within its sector it has a relatively moderate P/E of 28.6 and moderate Price/Sales of 0.6.

It has a low relative ROE of 4.8% and ROA of 1%.

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 (MAR 2017 - NOV 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 (CNY)

9.1 % Change of USD vs Currency Basket Period-Based

In the past three years the US Dollars rose 1.9% against the Chinese Yuan. However, in the past year the US Dollars fell 8.1% against the Chinese Yuan.

LastCountry1-day %1-week %1-Year %3-Yrs %
USD1=6.457CNYChina-0.1--8.11.9
USD1=8.275SEKSweden-0.1-0.6-15.01.3
USD1=1.319SGDSingapore-0.1-0.7-5.8-0.1
USD1=8.38NOKNorway-1.0-1.4-10.46.8
USD1=1.256AUDAustralia-0.6-2.7-17.1-1.6
USD1=105.867JPYJapan0.6--4.4-0.9
USD1=1.0USDUnited States Of America0.0---
USD1=20.389MXNMexico-0.70.87.19.9
USD1=1,107.692KRWSouth Korea-0.20.1-9.12.9
USD1=1.251CADCanada-0.6-1.5-5.8-0.9
USD1=0.822EUREuropean Union-0.2-1.0-10.91.1
USD1=7.755HKDHong Kong---0.5-0.9
USD1=0.907CHFSwitzerland0.20.9-7.4-3.1
USD1=0.707GBPUnited Kingdom-0.2-1.9-8.6-1.2
USD1=1.343NZDNew Zealand-1.4-3.5-14.9-2.1

9.2 % Change of CNY vs Currency Basket Period-Based

In the past three years the Chinese Yuan fell 1.7% against the US Dollars. However, in the past year the Chinese Yuan rose 9.1% against the US Dollars.

LastCountry1-day %1-week %1-Year %3-Yrs %
CNY1=0.155USDUnited States Of America0.20.19.1-1.7
CNY1=0.205SGDSingapore0.1-0.52.6-1.8
CNY1=3.172MXNMexico-1.01.417.08.4
CNY1=0.196AUDAustralia0.1-1.8-9.2-2.9
CNY1=16.385JPYJapan0.6-0.13.3-2.9
CNY1=171.785KRWSouth Korea-0.10.3-0.91.1
CNY1=1.0CNYChina0.0---
CNY1=1.309NOKNorway-0.3--1.75.8
CNY1=0.109GBPUnited Kingdom-0.5-1.9-0.4-3.1
CNY1=1.284SEKSweden0.1-0.2-7.7-0.4
CNY1=0.21NZDNew Zealand-0.8-2.4-6.9-3.1
CNY1=0.195CADCanada-0.1-0.93.2-2.2
CNY1=0.141CHFSwitzerland1.21.61.0-4.7
CNY1=1.203HKDHong Kong0.20.28.5-2.6
CNY1=0.127EUREuropean Union0.1-0.6-3.0-0.6

SECTION 10 HISTORICAL PERSPECTIVE

Year-on-Year Comparison USD/CNY (Trailing year - ended 24 Feb)

In the past 5 years, the CNY has appreciated against the USD at an average compound annual growth rate of 0.2%.

202120202019201820172016
Close6.467.036.716.336.876.54
% Change-8.14.76-7.75.17.9
Range6.45 - 6.566.49 - 6.58

USD1 buys CNY 6.46 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/CNY6.466.536.738.058.288.31

Present Value of CNY1000 Invested in USD 20 years ago is CNY780

PVCNY1,0005 yrs ago10 yrs ago20 yrs ago
USD/CNYCNY989CNY960CNY780

SECTION 11 MACROECONOMIC INDICATORS

INDICATORUNITED STATES[USD]CHINA[CNY]
GDP (Billion USD)21,43314,343
GDP growth yoy (%)-2.56.5
Interest rate (%)0.253.85
Inflation rate (%)1.4-0.3
Unemployment rate (%)6.35.2
Budget / (Deficit) to GDP ratio (%)(4.6)(2.8)
Current account / (Deficit) to GDP ratio (%)-2.31.0
Debt to GDP ratio (%)107.652.6

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 (%)

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

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

TTM: Trailing 12 Months

Total Liabilities/Total Assets: Total Liabilities/Total Assets

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

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