This report includes aggregates earnings growth and valuation for the overall A shares market, as well as detailed breakdown of performance for 84 industries. Other highlights:
- Stock market trading volume and turnover
- Shanghai, Shenzhen volume and valuation
- Avg estimates for 2013 and 2014 earnings
- Total A share 1Q equity fundraising
- Sector index performance
- P/E, P/B, EPS, EPS growth, ROE, net margin for 84 industries
1. CapitalVue Research Analytics
China A Shares Recap and Sector Performance – 1Q2013
A Shares 1Q13 recap
Stock market trading volume and turnover
Major index performance
Shanghai, Shenzhen volume and valuation
Aggregate earnings and valuation of A share companies
Avg estimates for 2013 and 2014 earnings
Total A share 1Q equity fundraising
Sector index performance
1Q13 performance broken down by 84 industries
P/E, P/B, EPS, EPS growth, ROE, net margin for 84 industries
Key Data : CSRC, SSE, SZSE, CapitalVue, broker estimates
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A select sample brought to you
by Analytics@CapitalVue.com
Authors: Sean Li, Han Xu
2. 5/7/2013 Analytics@CapitalVue.com 2
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31-Dec 14-Jan 23-Jan 1-Feb 19-Feb 28-Feb 11-Mar 20-Mar 29-Mar
Major Index Performance
CSI 300 SSE Composite SZSE Component
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A share Monthly Trading Volume and Turnover
Turnover Value Trading Volume (right) Average Daily Turnover
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Turnover & Valuation
Average Daily Turnover (Shanghai) Average Daily Turnover (Shenzhen)
Average P/E (Shanghai) Average P/E (Shenzhen)
1Q13 Chg from 4Q12 Chg from 1Q12
Trading Volume, Mn shares 1,178,648 43.78% 35.49%
Turnover, RMB Mn 11,226,514 66.28% 26.25%
Avg Daily Turnover, RMB Mn 602,607 81.40% 34.89%
Avg PE, Shanghai 12.19 -0.89% -12.05
Avg PE, Shenzhen 23.9 8.54% 7.56%
Trading volume and turnover increased in the first quarter,
while valuations declined in Shanghai but recovered in
Shenzhen.
The benchmark CSI 300 Index declined 1.1% in 1Q. The
Shanghai Composite Index fell 1.43%, and the Shenzhen
Component Index fell 2.49%.
Sources: CSRC, SSE, SZSE, CapitalVue
A Shares Market Recap
3. 1Q13 A Shares Profits Up 10.5%
5/7/2013 Analytics@CapitalVue.com 3
Notes:
1. Avg P/E, net margin EPS, and EPS growth are arithmetic means.
3. Consensus estimates cover all estimates made during 1Q2013. EPS estimates for
2013 covered 1,703 companies and 2014 estimates cover 1,517 companies. 2012
earnings data and 2013 estimates are not comparable as the sample size of companies
is significantly different.
4. Two companies that recorded no revenue in 2012 and 6 companies with zero
revenue in 1Q13 were not included in net margin calculation.
5. 600769had net margin of -575204% in 1Q13 and was excluded from our calculation.
Aggregate Performance of A Shares
-5.06%
-5.59%
-0.77%
0.98%
-1.23%
22.54%
-1.68%
13.82%
14.60%
9.74%
-1.10%
-1.43%
-10% 0% 10% 20% 30%
CSI Energy
CSI Materials
CSI Industrials
CSI Consumer Discretionary
CSI Consumer Staples
CSI Health Care
CSI Financials
CSI IT
CSI Telecom Services
CSI Utilities
CSI 300 Index
SSE Composite Index
1Q Sector Index Performance
Source: CapitalVue
Aggregate earnings for all A shares companies rose 10.5% in 1Q13 after flat growth in 2012. Total equity fundraising through the public
markets totaled 104.75 billion yuan in the first quarter, almost triple the 36.1 billion yuan raised in 4Q12 and up even from 99 billion yuan
raised in 1Q12 when the IPO market was still active, as companies take advantage of the recovery to tap the markets for funding.
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Jan/11 Apr/11 Jul/11 Oct/11 Jan/12 Apr/12 Jul/12 Oct/12 Jan/13
Total Equity Fundraising (A Shares)
IPO Fundraising (A Share) Additional Public Offering (A Share)
Private Placement (Cash) Right Issue
FY12 1Q13
Net Profit Growth, y/y 0.01% 10.49%
Avg P/E 14.25× 14.42×
Avg Net Margin 15.83% -1.02%
Avg EPS, RMB 0.363 0.076
Avg EPS growth, y/y -25.04% -11.62%
Share Capital Growth, y/y 5.97% 5.70%
Avg Consensus EPS Estimate, 2013, RMB 0.678
Avg Consensus EPS Estimate, 2014, RMB 0.882
4. Sector CO.(#) CHG(%) GAINERS DECLINERS TOTAL CAP PE PB NET MARGIN (%) ROE (%) Total EPS EPS Growth %
Consumer Discretionary 428 2.85% 256 161 2,448,014,966,784 18.95 2.1 4.64 10.19 160.2994 -19.39%
Automobiles & Components 100 5.23% 63 35 879,412,641,792 15.6 1.91 5.06 11.71 40.1444 -21.10%
Auto Components 72 5.25% 49 22 314,447,200,256 19.08 2.05 5.9 9.54 27.1657 -28.96%
Automobiles 28 5.23% 14 13 564,965,408,768 14.17 1.84 4.81 12.78 12.9787 2.66%
Consumer Durables & Apparel 184 4.23% 118 60 833,720,025,088 19.96 2.11 4.38 8.88 60.9035 -27.67%
Household Durables 66 4.70% 46 16 392,615,985,152 16.53 2.2 3.74 10.47 24.7903 -24.48%
Leisure Equipment & Products 18 6.44% 12 5 54,674,829,312 45.4 3.54 7.19 7.04 5.0469 -6.61%
Textiles, Apparel & Luxury Goods 100 3.45% 60 39 386,429,157,376 22.98 1.92 5.31 7.65 31.0663 -32.42%
Consumer Services 34 0.24% 24 9 182,696,034,304 22.22 3.02 10.34 12.52 12.708 4.05%
Hotels, Restaurants & Leisure 30 1.63% 22 7 158,757,109,760 21.28 3.02 11.42 13.19 11.4648 11.49%
Diversified Consumer Services 4 -8.09% 2 2 23,938,920,448 30.24 3 4.95 7.91 1.2432 -35.60%
Media 30 6.86% 20 10 219,904,720,896 28.92 2.51 10.98 8.7 14.2204 -10.00%
Retailing 80 -6.81% 31 47 332,281,610,240 21.4 2.02 2.75 9.05 32.3231 -9.61%
Distributors 20 -2.18% 8 11 84,984,446,976 23.19 1.9 1.99 7.24 4.8388 -30.95%
Multiline Retail 45 -13.86% 16 28 138,033,561,600 18.66 2.27 3.69 11.95 23.5258 7.38%
Specialty Retail 15 -0.15% 7 8 109,263,593,472 25.3 1.82 2.25 6.99 3.9585 -42.15%
5/7/2013 Analytics@CapitalVue.com 4
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31-Dec 17-Jan 31-Jan 21-Feb 7-Mar 21-Mar
Consumer Discretionary Index Performance
CSI Consumer Discretionary CSI 300 SSE Composite
Notes to sector performance tables:
1. Sub-industries are shown indented from their parent industry.
2. Total Cap and Total EPS are in RMB.
3. Stock market performance is for 1Q13. PE and PB are based on 2012 earnings and 1Q closing stock price. Net margin, ROE, EPS and EPS growth are based on 2012 earnings.
4. Total EPS is aggregated EPS of all companies in the grouping.
The CSI Consumer Discretionary Index rose
0.98% in 1Q13. The best performing
subsector was Media, while retailers
performed poorly, losing 6.81% for the
quarter in aggregate.
Consumer Discretionary
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CSI 300 Index: link
Shanghai Composite Index: link
Shenzhen Component Index: link
A shares trading volume: link
A shares turnover: link
Average daily A shares turnover: link
Average daily turnover (Shanghai): link
Average P/E (Shanghai): link
Average daily turnover (Shenzhen): link
Average P/E (Shenzhen): link
Total A shares market cap: link
IPO fundraising: link
Follow-on fundraising: link
Private placement fundraising: link
Sector summary pages:
Consumer Discretionary: link
Consumer Staples: link
Energy: link
Financials: link
Health Care: link
Industrials: link
Information Technology: link
Materials: link
Telecommunication Services: link
Utilities: link