Financials COSCO SHIPPING Holdings Co., Ltd. OTC Markets

Equities

CICOY

US22112X1063

Marine Freight & Logistics

Market Closed - OTC Markets Other stock markets 01:22:45 29/06/2024 am IST			5-day change	1st Jan Change
8.67 ^USD	+2.42%		-4.41%	+69.01%

04:47am	China, Peru completed 'substantial negotiations' to upgrade FTA	RE
21/06	COSCO SHIPPING Holdings Co., Ltd. Announces Change of Deputy General Managers	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,281	1,38,325	2,77,974	1,54,473	1,45,618	2,38,343	-	-
Enterprise Value (EV) ¹	1,33,760	1,84,255	1,73,361	-27,169	-343.1	1,15,046	1,08,345	96,972
P/E ratio	5.13 x	9.66 x	2.22 x	1.04 x	4.82 x	6.46 x	9.89 x	12.1 x
Yield	-	-	7.06%	-	10.4%	7.4%	4.86%	4.14%
Capitalization / Revenue	0.39 x	0.81 x	0.83 x	0.4 x	0.83 x	1.11 x	1.27 x	1.23 x
EV / Revenue	0.89 x	1.08 x	0.52 x	-0.07 x	-0 x	0.54 x	0.58 x	0.5 x
EV / EBITDA	7.66 x	9.29 x	1.23 x	-0.16 x	-0.01 x	2.17 x	3.21 x	2.68 x
EV / FCF	39 x	4.78 x	1.12 x	-0.15 x	-0.05 x	1.53 x	1.81 x	2.42 x
FCF Yield	2.56%	20.9%	89.1%	-690%	-2,125%	65.2%	55.2%	41.3%
Price to Book	0.98 x	2.19 x	1.48 x	-	0.46 x	0.95 x	0.92 x	0.9 x
Nbr of stocks (in thousands)	1,59,37,388	1,59,37,388	1,60,14,126	1,60,94,678	1,60,14,576	1,59,60,543	-	-
Reference price ²	2.172	6.021	12.32	7.030	7.135	12.71	12.71	12.71
Announcement Date	30/03/20	08/03/21	10/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,50,541	1,71,259	3,33,694	3,91,058	1,75,448	2,14,907	1,95,152	1,90,089
EBITDA ¹	17,452	19,828	1,41,355	1,74,944	44,127	52,903	33,716	36,129
EBIT ¹	5,387	13,931	1,28,297	1,67,264	24,640	38,494	30,018	31,281
Operating Margin	3.58%	8.13%	38.45%	42.77%	14.04%	17.91%	15.38%	16.46%
Earnings before Tax (EBT) ¹	4,059	13,948	1,27,949	1,67,097	33,077	42,822	30,474	29,022
Net income ¹	6,690	9,927	89,296	1,09,595	23,860	31,190	19,339	19,546
Net margin	4.44%	5.8%	26.76%	28.03%	13.6%	14.51%	9.91%	10.28%
EPS ²	0.4231	0.6231	5.560	6.770	1.480	1.968	1.285	1.048
Free Cash Flow ¹	3,426	38,564	1,54,423	1,87,365	7,291	75,009	59,770	40,002
FCF margin	2.28%	22.52%	46.28%	47.91%	4.16%	34.9%	30.63%	21.04%
FCF Conversion (EBITDA)	19.63%	194.5%	109.24%	107.1%	16.52%	141.79%	177.27%	110.72%
FCF Conversion (Net income)	51.21%	388.48%	172.93%	170.96%	30.56%	240.49%	309.07%	204.66%
Dividend per Share ²	-	-	0.8700	-	0.7400	0.9408	0.6172	0.5263
Announcement Date	30/03/20	08/03/21	10/03/22	30/03/23	28/03/24	-	-	-

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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	78,778	74,053	-	-	-	-	-	-	74,518	1,80,274	47,353	44,489	91,843	42,714	40,891	83,605	48,270	52,122	1,04,244	52,122	52,122	1,04,244
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	30/03/20	28/08/20	10/03/22	10/03/22	29/04/22	30/08/22	30/08/22	28/10/22	30/03/23	30/03/23	28/04/23	29/08/23	29/08/23	30/10/23	28/03/24	28/03/24	29/04/24	-	-	-	-	-

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	-	-	1,04,613	1,81,642	1,45,961	1,23,297	1,29,998	1,41,371
Leverage (Debt/EBITDA)	4.658 x	2.316 x	-	-	-	-	-	-
Free Cash Flow ¹	3,426	38,564	1,54,423	1,87,365	7,291	75,009	59,770	40,002
ROE (net income / shareholders' equity)	4.65%	25%	101%	59.6%	12%	16.6%	8.93%	8.38%
ROA (Net income/ Total Assets)	0.55%	3.72%	26%	23.7%	4.9%	7.59%	4.09%	4.82%
Assets ¹	12,10,550	2,67,073	3,42,797	4,63,027	4,87,183	4,10,792	4,73,062	4,05,888
Book Value Per Share ²	2.220	2.760	8.310	-	15.40	13.40	13.70	14.10
Cash Flow per Share ²	0.6400	2.820	10.60	-	1.400	2.180	1.180	1.430
Capex ¹	11,083	6,466	9,550	9,434	15,321	17,748	16,810	14,734
Capex / Sales	7.36%	3.78%	2.86%	2.41%	8.73%	8.45%	8.61%	7.62%
Announcement Date	30/03/20	08/03/21	10/03/22	30/03/23	28/03/24	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

12.71 CNY

Average target price

13.16 CNY

Spread / Average Target

+3.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

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Other Marine Freight & Logistics