Financials China CSSC Holdings Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
37.44 ^CNY	+1.05%		-4.25%	+27.17%

26/04	China CSSC Holdings Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
16/01	China’s Shipbuilding Output Rises 12% in 2023	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,988	79,117	1,10,872	99,646	1,31,668	1,63,825	-	-
Enterprise Value (EV) ¹	22,968	79,117	1,10,872	99,646	1,31,668	1,63,825	1,63,825	1,63,825
P/E ratio	75 x	253 x	496 x	557 x	44.6 x	31.2 x	17.5 x	14.2 x
Yield	-	-	-	0.09%	0.68%	0.05%	0.05%	-
Capitalization / Revenue	1.3 x	1.43 x	-	1.67 x	1.76 x	1.84 x	1.68 x	1.41 x
EV / Revenue	1.3 x	1.43 x	-	1.67 x	1.76 x	1.84 x	1.68 x	1.41 x
EV / EBITDA	22.3 x	-	-	36.2 x	24.5 x	19.4 x	11.7 x	9.25 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.95 x	-	-	2.17 x	2.72 x	3.12 x	2.63 x	2.39 x
Nbr of stocks (in thousands)	13,78,118	44,72,429	44,72,429	44,72,429	44,72,429	44,72,429	-	-
Reference price ²	21.76	17.69	24.79	22.28	29.44	37.44	37.44	37.44
Announcement Date	17/04/20	28/04/21	28/04/22	27/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,136	55,244	-	59,558	74,839	89,182	97,760	1,16,590
EBITDA ¹	1,342	-	-	2,751	5,384	8,461	14,024	17,717
EBIT ¹	612.1	-	-	412	2,994	10,914	14,222	13,890
Operating Margin	2.65%	-	-	0.69%	4%	12.24%	14.55%	11.91%
Earnings before Tax (EBT) ¹	559.5	-	-	2,173	3,022	14,048	14,689	13,930
Net income ¹	404.8	-	213.8	171.9	2,957	5,357	9,581	11,746
Net margin	1.75%	-	-	0.29%	3.95%	6.01%	9.8%	10.07%
EPS ²	0.2900	0.0700	0.0500	0.0400	0.6600	1.200	2.140	2.630
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.0200	0.2000	0.0200	0.0200	-
Announcement Date	17/04/20	28/04/21	28/04/22	27/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	7,019	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	2.66%	-	0.47%	0.37%	6.29%	10.5%	15.5%	17.7%
ROA (Net income/ Total Assets)	-	-	-	0.11%	-	3.6%	4.05%	-
Assets ¹	-	-	-	1,61,414	-	1,48,806	2,36,576	-
Book Value Per Share ²	11.20	-	-	10.30	10.80	12.00	14.20	15.70
Cash Flow per Share ²	0.2400	-	-	-0.0100	4.070	3.250	4.900	1.650
Capex ¹	498	-	-	1,204	2,412	6,555	8,451	5,978
Capex / Sales	2.15%	-	-	2.02%	3.22%	7.35%	8.64%	5.13%
Announcement Date	17/04/20	28/04/21	28/04/22	27/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

37.44 CNY

Average target price

39.3 CNY

Spread / Average Target

+4.97%

	1st Jan change	Capi.
CHINA CSSC HOLDINGS LIMITED	+27.17%	23.11B
CHINA SHIPBUILDING INDUSTRY COMPANY LIMITED	+19.61%	15.54B
HANWHA OCEAN CO., LTD.	+29.48%	7.23B
HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.	+6.70%	6.63B
SAMSUNG HEAVY INDUSTRIES CO., LTD.	+27.10%	6.11B
YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.	+15.44%	5.04B
SEATRIUM LIMITED	-21.19%	4.46B
COCHIN SHIPYARD LIMITED	+97.64%	4.27B
CSSC OFFSHORE & MARINE ENGINEERING (GROUP) COMPANY LIMITED	+9.40%	3.72B
HD HYUNDAI MIPO CO.,LTD.	-13.43%	2.13B