Financials COSCO SHIPPING Holdings Co., Ltd.

Equities

1919

CNE1000002J7

Marine Freight & Logistics

Delayed Hong Kong S.E. Other stock markets 04:08:06 2024-04-30 am EDT			5-day change	1st Jan Change
10.16 ^HKD	+6.61%		+11.53%	+29.43%

Apr. 29	COSCO SHIPPING Holdings Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 29	COSCO SHIPPING Holdings Co., Ltd. Announces Resignation of Zhang Wei as an Executive Director, A Member of the Strategic Development Committee of the Board	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,281	138,325	277,974	154,473	145,618	180,245	-	-
Enterprise Value (EV) ¹	133,760	184,255	173,361	-27,169	15,853	52,131	60,082	30,077
P/E ratio	5.13 x	9.66 x	2.22 x	1.04 x	-	7.5 x	9.89 x	9.45 x
Yield	-	-	7.06%	-	-	6.65%	5.44%	5.89%
Capitalization / Revenue	0.39 x	0.81 x	0.83 x	0.4 x	0.83 x	0.94 x	1.02 x	0.98 x
EV / Revenue	0.89 x	1.08 x	0.52 x	-0.07 x	0.09 x	0.27 x	0.34 x	0.16 x
EV / EBITDA	7.66 x	9.29 x	1.23 x	-0.16 x	0.39 x	1.15 x	1.78 x	0.73 x
EV / FCF	39 x	4.78 x	1.12 x	-0.15 x	2.07 x	0.81 x	1.43 x	0.74 x
FCF Yield	2.56%	20.9%	89.1%	-690%	48.4%	124%	70%	136%
Price to Book	0.98 x	2.19 x	1.48 x	-	-	0.74 x	0.71 x	0.67 x
Nbr of stocks (in thousands)	15,937,388	15,937,388	16,014,126	16,094,678	16,014,576	15,957,587	-	-
Reference price ²	2.172	6.021	12.32	7.030	7.135	9.403	9.403	9.403
Announcement Date	3/30/20	3/8/21	3/10/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	150,541	171,259	333,694	391,058	175,448	191,627	176,446	183,396
EBITDA ¹	17,452	19,828	141,355	174,944	40,860	45,256	33,778	41,206
EBIT ¹	5,387	13,931	128,297	167,264	33,114	31,807	22,537	30,723
Operating Margin	3.58%	8.13%	38.45%	42.77%	18.87%	16.6%	12.77%	16.75%
Earnings before Tax (EBT) ¹	4,059	13,948	127,949	167,097	33,077	31,035	23,284	30,372
Net income ¹	6,690	9,927	89,296	109,595	23,860	20,666	16,756	19,972
Net margin	4.44%	5.8%	26.76%	28.03%	13.6%	10.78%	9.5%	10.89%
EPS ²	0.4231	0.6231	5.560	6.770	-	1.254	0.9502	0.9947
Free Cash Flow ¹	3,426	38,564	154,423	187,365	7,666	64,586	42,070	40,916
FCF margin	2.28%	22.52%	46.28%	47.91%	4.37%	33.7%	23.84%	22.31%
FCF Conversion (EBITDA)	19.63%	194.5%	109.24%	107.1%	18.76%	142.71%	124.55%	99.3%
FCF Conversion (Net income)	51.21%	388.48%	172.93%	170.96%	32.13%	312.52%	251.08%	204.87%
Dividend per Share ²	-	-	0.8700	-	-	0.6254	0.5116	0.5536
Announcement Date	3/30/20	3/8/21	3/10/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	78,778	74,053	-	-	-	-	-	-	74,518	180,274	47,353	44,489	91,843	42,714	40,891	48,270	48,241	96,482	48,241	48,241	96,482
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	26,232	75,331	9,853	-	-	-	2,539	9,160	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	35.2%	41.79%	20.81%	-	-	-	6.21%	18.98%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	5,526	-	21,706	52,198	27,617	37,094	64,722	32,493	-	-	7,127	9,433	16,561	5,510	-	-	-	-	-	-	-
Net margin	7.01%	-	-	-	-	-	-	-	-	-	15.05%	21.2%	18.03%	12.9%	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/30/20	8/28/20	3/10/22	3/10/22	4/29/22	8/30/22	8/30/22	10/28/22	3/30/23	3/30/23	4/28/23	8/29/23	8/29/23	10/30/23	3/28/24	4/29/24	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	81,288	45,931	-	-	-	-	-	-
Net Cash position ¹	-	-	104,613	181,642	129,764	128,115	120,164	150,169
Leverage (Debt/EBITDA)	4.658 x	2.316 x	-	-	-	-	-	-
Free Cash Flow ¹	3,426	38,564	154,423	187,365	7,666	64,586	42,070	40,916
ROE (net income / shareholders' equity)	4.65%	25%	101%	59.6%	11.8%	10.3%	7.33%	8.86%
ROA (Net income/ Total Assets)	0.55%	3.72%	26%	23.7%	-	4.9%	3.61%	4.88%
Assets ¹	1,210,550	267,073	342,797	463,027	-	421,667	464,487	408,967
Book Value Per Share ²	2.220	2.760	8.310	-	-	12.70	13.30	13.90
Cash Flow per Share ²	0.6400	2.820	10.60	-	-	4.400	1.190	1.430
Capex ¹	11,083	6,466	9,550	9,434	14,946	15,390	18,156	15,648
Capex / Sales	7.36%	3.78%	2.86%	2.41%	8.52%	8.03%	10.29%	8.53%
Announcement Date	3/30/20	3/8/21	3/10/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for COSCO SHIPPING Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.403 CNY

Average target price

8.946 CNY

Spread / Average Target

-4.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
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NIPPON YUSEN KABUSHIKI KAISHA	-1.28%	12.32B
MITSUI O.S.K. LINES LTD	+5.69%	10.9B
KAWASAKI KISEN KAISHA, LTD.	+4.93%	9.44B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+45.07%	9.31B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+4.86%	9.17B
ADNOC LOGISTICS & SERVICES PLC	+4.44%	8.04B
HMM CO.,LTD	-19.05%	8.02B

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