Stock 144 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED
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Financials China Merchants Port Holdings Company Limited

Equities

144

HK0144000764

Marine Port Services

Delayed Hong Kong S.E.
Other stock markets
 11:00:57 02/05/2024 am IST 		5-day change 1st Jan Change
10.42 HKD +0.58% Intraday chart for China Merchants Port Holdings Company Limited +4.30% -2.07%
29/04 China Merchants Port Holdings Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
02/04 China Merchants Port Group's 2023 Profit Rises 7% Despite 3% Revenue Drop MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 45,457 34,744 53,756 45,799 44,667 43,491 - -
Enterprise Value (EV) 1 76,168 63,527 81,484 71,649 68,644 65,727 67,822 67,186
P/E ratio 5.32 x 6.49 x 6.46 x 5.68 x 6.94 x 6.6 x 6.33 x 5.96 x
Yield 6.07% 7.27% 6.62% 7.17% 6.58% 6.82% 7.2% 7.68%
Capitalization / Revenue 5.11 x 3.88 x 4.54 x 3.65 x 3.89 x 3.69 x 3.56 x 3.42 x
EV / Revenue 8.56 x 7.1 x 6.88 x 5.71 x 5.98 x 5.58 x 5.55 x 5.28 x
EV / EBITDA 17.8 x 14.4 x 11.5 x 12.4 x 10.6 x 10.5 x 10.2 x 9.76 x
EV / FCF 22.3 x 15.8 x 11.7 x 9.86 x - 12.7 x 13 x 12.3 x
FCF Yield 4.49% 6.35% 8.53% 10.1% - 7.89% 7.68% 8.11%
Price to Book 0.56 x 0.36 x 0.51 x 0.44 x 0.43 x 0.41 x 0.39 x 0.38 x
Nbr of stocks (in thousands) 34,48,948 36,61,088 37,85,620 40,03,383 41,98,009 41,98,009 - -
Reference price 2 13.18 9.490 14.20 11.44 10.64 10.36 10.36 10.36
Announcement Date 30/03/20 30/03/21 30/03/22 31/03/23 28/03/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,898 8,945 11,850 12,545 11,482 11,786 12,229 12,729
EBITDA 1 4,291 4,406 7,073 5,790 6,452 6,270 6,635 6,880
EBIT 1 9,243 4,225 4,787 3,417 4,243 4,176 4,341 4,558
Operating Margin 103.88% 47.23% 40.4% 27.24% 36.95% 35.43% 35.5% 35.81%
Earnings before Tax (EBT) 1 11,756 7,158 10,626 10,075 8,559 8,869 9,248 9,754
Net income 1 8,362 5,151 8,144 7,781 6,233 6,678 6,945 7,342
Net margin 93.98% 57.59% 68.73% 62.02% 54.28% 56.66% 56.79% 57.68%
EPS 2 2.478 1.462 2.199 2.015 1.532 1.569 1.637 1.738
Free Cash Flow 1 3,421 4,033 6,951 7,267 - 5,184 5,206 5,446
FCF margin 38.45% 45.09% 58.66% 57.93% - 43.99% 42.57% 42.78%
FCF Conversion (EBITDA) 79.73% 91.53% 98.28% 125.51% - 82.69% 78.47% 79.15%
FCF Conversion (Net income) 40.91% 78.3% 85.35% 93.39% - 77.63% 74.96% 74.17%
Dividend per Share 2 0.8000 0.6900 0.9400 0.8200 0.7000 0.7062 0.7456 0.7951
Announcement Date 30/03/20 30/03/21 30/03/22 31/03/23 28/03/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 Q1 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 4,434 4,077 4,868 5,663 6,187 6,508 6,037 3,694 5,805 5,677 6,260 5,807
EBITDA - - - - - - - - - - - -
EBIT - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - -
Net income 1 - 1,546 - - 3,433 4,825 - 850 - - - -
Net margin - 37.92% - - 55.49% 74.14% - 23.01% - - - -
EPS 0.5177 0.4483 1.014 1.287 - 1.275 - - - - - -
Dividend per Share - - - - - - - - - - - -
Announcement Date 30/03/20 28/08/20 30/03/21 30/08/21 30/03/22 30/08/22 31/03/23 28/04/23 18/09/23 28/03/24 - -
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 30,711 28,783 27,728 25,850 23,977 22,235 24,331 23,695
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.157 x 6.533 x 3.92 x 4.465 x 3.716 x 3.546 x 3.667 x 3.444 x
Free Cash Flow 1 3,421 4,033 6,951 7,267 - 5,185 5,207 5,446
ROE (net income / shareholders' equity) 10.8% 4.78% 8.2% 7.49% 6.03% 6.03% 6.17% 6.18%
ROA (Net income/ Total Assets) 5.78% 2.61% 4.67% 4.44% 3.62% 3.73% 3.89% 4.03%
Assets 1 1,44,671 1,97,682 1,74,379 1,75,422 1,72,235 1,79,137 1,78,547 1,82,073
Book Value Per Share 2 23.60 26.70 27.60 25.80 24.60 25.30 26.30 27.20
Cash Flow per Share 2 1.870 1.650 2.370 2.270 - 1.580 1.610 1.710
Capex 1 2,889 1,789 1,834 1,514 1,873 2,795 2,895 2,903
Capex / Sales 32.47% 20% 15.48% 12.07% 16.31% 23.71% 23.67% 22.81%
Announcement Date 30/03/20 30/03/21 30/03/22 31/03/23 28/03/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Merchants Port Holdings Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
10.36 HKD
Average target price
12.17 HKD
Spread / Average Target
+17.44%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Port Services

1st Jan change Capi.
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