Market Closed -
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5-day change | 1st Jan Change | ||
3.620 HKD | +0.56% |
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-2.43% | -11.27% |
Projected Income Statement: China Southern Airlines Company Limited
Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
---|---|---|---|---|---|---|---|---|
Net sales 1 | 154,322 | 92,561 | 101,644 | 87,059 | 159,929 | 178,484 | 192,737 | 207,070 |
Change | - | -40.02% | 9.81% | -14.35% | 83.7% | 11.6% | 7.99% | 7.44% |
EBITDA 1 | 35,033 | 8,940 | 12,142 | -22,852 | 8,674 | 33,456 | 37,560 | 41,744 |
Change | - | -74.48% | 35.82% | - | - | 285.7% | 12.27% | 11.14% |
EBIT 1 | 3,202 | -16,550 | -14,696 | -32,199 | -2,142 | 5,806 | 7,283 | 11,437 |
Change | - | - | -11.2% | 119.1% | -93.35% | - | 25.43% | 57.04% |
Interest Paid 1 | -5,771 | -6,394 | -5,527 | -9,240 | -5,567 | -4,943 | -5,878 | -5,555 |
Earnings before Tax (EBT) 1 | 4,070 | -15,195 | -13,910 | -31,526 | -1,645 | 3,121 | 7,593 | 11,972 |
Change | - | - | -8.46% | 126.64% | -94.78% | - | 143.25% | 57.68% |
Net income 1 | 2,651 | -10,847 | -12,106 | -32,682 | -4,209 | -358.4 | 5,065 | 8,527 |
Change | - | - | 11.61% | 169.97% | -87.12% | 91.49% | - | 68.36% |
Announcement Date | 3/30/20 | 3/30/21 | 3/30/22 | 3/28/23 | 3/27/24 | - | - | - |
Forecast Balance Sheet: China Southern Airlines Company Limited
Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
---|---|---|---|---|---|---|---|---|
Net Debt 1 | 183,405 | 137,880 | 152,563 | 109,045 | 161,192 | 192,760 | 188,871 | 179,801 |
Change | - | -24.82% | 10.65% | -28.52% | 47.82% | 19.58% | -2.02% | -4.8% |
Announcement Date | 3/30/20 | 3/30/21 | 3/30/22 | 3/28/23 | 3/27/24 | - | - | - |
Cash Flow Forecast: China Southern Airlines Company Limited
Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
---|---|---|---|---|---|---|---|---|
CAPEX 1 | 15,622 | 11,061 | 16,147 | 6,897 | 11,369 | 13,844 | 14,932 | 15,352 |
Change | - | -29.2% | 45.98% | -57.29% | 64.84% | 21.77% | 7.86% | 2.81% |
Free Cash Flow (FCF) 1 | 15,553 | -2,012 | -2,776 | -3,432 | 22,738 | 9,836 | 22,733 | 11,864 |
Change | - | -112.94% | 37.97% | 23.63% | -762.53% | -56.74% | 131.12% | -47.81% |
Announcement Date | 3/30/20 | 3/30/21 | 3/30/22 | 3/28/23 | 3/27/24 | - | - | - |
Forecast Financial Ratios: China Southern Airlines Company Limited
Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
EBITDA Margin (%) | 22.7% | 9.66% | 11.95% | -26.25% | 5.42% | 18.74% | 19.49% | 20.16% |
EBIT Margin (%) | 2.07% | -17.88% | -14.46% | -36.99% | -1.34% | 3.25% | 3.78% | 5.52% |
EBT Margin (%) | 2.64% | -16.42% | -13.69% | -36.21% | -1.03% | 1.75% | 3.94% | 5.78% |
Net margin (%) | 1.72% | -11.72% | -11.91% | -37.54% | -2.63% | -0.2% | 2.63% | 4.12% |
FCF margin (%) | 10.08% | -2.17% | -2.73% | -3.94% | 14.22% | 13.27% | 5.41% | 10.76% |
FCF / Net Income (%) | 586.68% | 18.55% | 22.93% | 10.5% | -540.22% | -6,606.65% | 205.96% | 261.39% |
Profitability | ||||||||
ROA | 1.03% | -3.43% | -3.73% | -10.3% | -1.33% | 0.38% | 1.82% | 2.99% |
ROE | 4.08% | -14.6% | -17.62% | -62.19% | -10.64% | 1.26% | 11.75% | 16.47% |
Financial Health | ||||||||
Leverage (Debt/EBITDA) | 5.24x | 15.42x | 12.56x | -4.77x | 18.58x | 5.76x | 5.03x | 4.31x |
Debt / Free cash flow | 11.79x | -68.53x | -54.96x | -31.77x | 7.09x | 19.6x | 8.31x | 15.16x |
Capital Intensity | ||||||||
CAPEX / Current Assets (%) | 10.12% | 11.95% | 15.89% | 7.92% | 7.11% | 7.76% | 7.75% | 7.41% |
CAPEX / EBITDA (%) | 44.59% | 123.72% | 132.98% | -30.18% | 131.07% | 41.38% | 39.76% | 36.78% |
CAPEX / FCF (%) | 100.44% | -549.75% | -581.66% | -200.96% | 50% | 140.75% | 65.68% | 129.4% |
Items per share | ||||||||
Cash flow per share 1 | 2.541 | -0.4414 | 0.8284 | 0.2014 | 1.895 | 1.469 | 1.55 | 1.824 |
Change | - | -117.37% | -287.66% | -75.69% | 840.81% | -22.49% | 5.57% | 17.64% |
Dividend per Share 1 | - | - | - | - | - | - | 0.0108 | 0.0158 |
Change | - | - | - | - | - | - | - | 45.85% |
Book Value Per Share 1 | 5.226 | 4.539 | 4.188 | 2.399 | 2.03 | 2.157 | 2.441 | 2.93 |
Change | - | -13.14% | -7.74% | -42.72% | -15.39% | 6.28% | 13.15% | 20.01% |
EPS 1 | 0.22 | -0.77 | -0.75 | -1.9 | -0.23 | 0.0195 | 0.2731 | 0.4346 |
Change | - | -450% | -2.6% | 153.33% | -87.89% | -108.48% | 1,299.59% | 59.16% |
Nbr of stocks (in thousands) | 12,267,172 | 15,329,302 | 16,948,417 | 18,120,890 | 18,120,906 | 18,120,912 | 18,120,912 | 18,120,912 |
Announcement Date | 3/30/20 | 3/30/21 | 3/30/22 | 3/28/23 | 3/27/24 | - | - | - |
2024 * | 2025 * | |
---|---|---|
P/E ratio | 174x | 12.4x |
PBR | 1.57x | 1.39x |
EV / Sales | 1.61x | 1.47x |
Yield | - | 0.32% |
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield

Quarterly revenue - Rate of surprise
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