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CITIC Securities Company Limited (SHA:600030) Research Report Shayne Heffernan Ph.D www.livetradingnews.com PE 52W High PE 52W Low Gross Div Yld % Gross Div Yld 52W High % Gross Div Yld 52W Low % Price To Book Beta

11.80 8.65 4.01 5.38 3.10 1.38 1.44

CITIC Securities ranked No.1 in China in investment banking business as measured by the total amount of equity and debt underwritten, No.1 in sales, trading and brokerage business as measured by equity and fixed income trading turnover and No.1 in asset management business as measured by AUM. CITIC Securities is also the largest among China's investment banks as measured by total assets, total equity, total revenue and profit in 2011. CITICS maintains the leading position on business fronts such as investment banking, brokerage, asset management, investment advisory service, etc. and has already been providing diversified quality financial services and products by prioritizing the demand of clients and making the best of the powerful franchise, rich client bases and smooth market intelligence sharing. In July 2012, the company agreed to buy Credit Agricole SA CSLA unit for $1.25 billion which 19.9 percent stake or $310.3 million will be bought in the first step and the remaining 80.1 percent stake or $941.7 million will be bought later.


CITIC Securities Company Limited (SHA:600030) Research Report Shayne Heffernan Ph.D www.livetradingnews.com

Valuation Ratios P/E Ratio (TTM) P/E High - Last 5 Yrs. P/E Low - Last 5 Yrs. Beta Price to Sales (TTM) Price to Book (MRQ) Price to Tangible Book (MRQ) Price to Cash Flow (TTM) Price to Free Cash Flow (TTM) % Owned Institutions

Company 9.31 23.45 7.87 1.47 4.67 1.40 1.42 ----

Industry 29.16 218.81 19.17 1.42 8.37 1.07 1.17 17.75 1.45 --

Sector 23.81 133.42 83.21 1.22 5.56 1.78 2.80 13.01 3.02 --

Company 4.02 2.07 45.18 38.95

Industry 2.80 2.72 -16.10 21.65

Sector 2.00 1.74 7.52 27.65

Dividends Dividend Yield Dividend Yield - 5 Year Avg. Dividend 5 Year Growth Rate Payout Ratio(TTM) STOCK PERFORMANCE

Last Price (CNY) 13:59 Closing Price (CNY) 13-Nov-2012 % Change (1 Day) % Change (5 Days) % Change (Month to Date) % Change (1 Month)

10.73 10.69 +0.37 -3.59 -1.47 -7.02


CITIC Securities Company Limited (SHA:600030) Research Report Shayne Heffernan Ph.D www.livetradingnews.com % Change (3 Months) % Change (6 Months) % Change (Year to Date) % Change (1 Year) 52 wk High (CNY) (01-Jun-2012) % Change Relative to 52 wk High 52 wk Low (CNY) (06-Jan-2012) % Change Relative to 52 wk Low

DEBT STRUCTURE Name Bonds Bonds - To Be Issued Bonds (As Borrower) Bonds (As Borrower) - To Be Issued Loans Total Note: Click on a Name to see the relevant Chart

-0.74 -16.63 +10.50 -11.83 13.99 23.30 9.04 18.69

# 4 0 0 0 0 4

Amt Issued 1,847,092,836 0 0 0 0 1,847,092,836

Amt Outstanding 1,847,092,836 0 0 0 -1,847,092,836


CITIC Securities Company Limited (SHA:600030) Research Report Shayne Heffernan Ph.D www.livetradingnews.com


CITIC Securities Company Limited (SHA:600030) Research Report Shayne Heffernan Ph.D www.livetradingnews.com

Merger & Acquisition Data Total number of completed transactions Total deal value of completed transactions Number of incomplete transactions % completed vs announced (value)

10 USD 1.43B 12 55.76% (USD 2.57B


CITIC Securities Company Limited (SHA:600030) Research Report Shayne Heffernan Ph.D www.livetradingnews.com Outlook CITIC Securities Co China's biggest listed brokerage, posted an 87 percent rise in quarterly earnings amid signs of bottoming out in the stock market. Net profit during the July-September period came to 671.6 million RMB, compared with 369 million RMB a year earlier. The company was expected to post a profit of 540 million RMB based on its monthly earnings disclosures. Chinese brokerages are suffering from a sluggish stock market that has hurt trading commissions and investment returns as well as investment banking incomes. But signs are emerging that the market may be nearing a bottom. The CSI300 index of top Chinese companies fell 7 percent during the third quarter, compared with a 15 percent drop a year earlier. CITIC Securities has stepped up overseas expansion to broaden revenue streams and cut its reliance on the domestic market. The company bought a 20 percent stake in French bank Credit Agricole's CLSA brokerage unit earlier this year, and aims to buy the rest of the shares for full control. The Trend in Earnings growth is expected to continue in to 2015.

2015 Price Target 24 RMB


CITIC Securities Company Limited (SHA:600030) Research Report Shayne Heffernan Ph.D www.livetradingnews.com

Shayne Heffernan Ph.D. Economist/Hedge Fund Manager Live Trading News Thomson Reuters Knightsbridge Law Heffernan Capital Management HCMMedia Heffernan Shipping Member Chinese Society of Economists American Economic Society Linda Johnson, Business Development Director - Private Client Group, Heffernan Capital Management Sales@Heffcap.com Singapore 3 Raffles Place #07-01 Bharat Building Singapore 048617 Tel: +65 6329 6408 Fax: +65 6329 9699 Email : info@heffcap.com

New York 347 5th Avenue, Suite 1402-508 NY, NY 10016


CITIC Securities Company Limited (SHA:600030) Research ReportShayne Heffernan Ph.D