Financials COSCO SHIPPING Holdings Co., Ltd. Shanghai S.E.

Equities

601919

CNE100000601

Marine Freight & Logistics

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
11.33 ^CNY	0.00%		+3.19%	+18.27%

11:06am	Cosco Shipping Energy Transportation's Q1 Profit Jumps 13% as Revenue Grows 4%	MT
25/04	Wärtsilä Wins Order for Methanol-fueled Engines in China	MT

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	1,72,684	-	-
Enterprise Value (EV) ¹	1,33,760	1,84,255	1,73,361	-27,169	15,853	88,012	58,114	74,140
P/E ratio	5.13 x	9.66 x	2.22 x	1.04 x	-	6.8 x	9.64 x	11 x
Yield	-	-	7.06%	-	-	7.89%	5.15%	5.33%
Capitalization / Revenue	0.39 x	0.81 x	0.83 x	0.4 x	0.83 x	0.9 x	0.99 x	0.94 x
EV / Revenue	0.89 x	1.08 x	0.52 x	-0.07 x	0.09 x	0.46 x	0.33 x	0.4 x
EV / EBITDA	7.66 x	9.29 x	1.23 x	-0.16 x	0.39 x	1.98 x	1.68 x	1.43 x
EV / FCF	39 x	4.78 x	1.12 x	-0.15 x	2.07 x	2.13 x	1.46 x	1.54 x
FCF Yield	2.56%	20.9%	89.1%	-690%	48.4%	46.9%	68.3%	64.8%
Price to Book	0.98 x	2.19 x	1.48 x	-	-	0.68 x	0.65 x	0.62 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	1,59,57,587	-	-
Reference price ²	2.172	6.021	12.32	7.030	7.135	8.794	8.794	8.794
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	1,91,989	1,74,972	1,83,472
EBITDA ¹	17,452	19,828	1,41,355	1,74,944	40,860	43,136	34,514	51,972
EBIT ¹	5,387	13,931	1,28,297	1,67,264	33,114	31,771	26,556	29,342
Operating Margin	3.58%	8.13%	38.45%	42.77%	18.87%	16.55%	15.18%	15.99%
Earnings before Tax (EBT) ¹	4,059	13,948	1,27,949	1,67,097	33,077	31,319	25,856	29,285
Net income ¹	6,690	9,927	89,296	1,09,595	23,860	22,362	17,227	20,464
Net margin	4.44%	5.8%	26.76%	28.03%	13.6%	11.65%	9.85%	11.15%
EPS ²	0.4231	0.6231	5.560	6.770	-	1.294	0.9121	0.7980
Free Cash Flow ¹	3,426	38,564	1,54,423	1,87,365	7,666	41,311	39,680	48,015
FCF margin	2.28%	22.52%	46.28%	47.91%	4.37%	21.52%	22.68%	26.17%
FCF Conversion (EBITDA)	19.63%	194.5%	109.24%	107.1%	18.76%	95.77%	114.97%	92.39%
FCF Conversion (Net income)	51.21%	388.48%	172.93%	170.96%	32.13%	184.74%	230.34%	234.64%
Dividend per Share ²	-	-	0.8700	-	-	0.6935	0.4530	0.4690
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 Q3	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	1,80,274	47,353	44,489	91,843	42,714	40,891	48,241	48,241	96,482	48,241	48,241	96,482
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	26,232	75,331	9,853	-	-	-	2,539	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	35.2%	41.79%	20.81%	-	-	-	6.21%	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	5,526	-	30,492	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	29/10/21	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	-	-	-	-	-	-

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	1,29,764	84,672	1,14,571	98,544
Leverage (Debt/EBITDA)	4.658 x	2.316 x	-	-	-	-	-	-
Free Cash Flow ¹	3,426	38,564	1,54,423	1,87,365	7,666	41,311	39,680	48,015
ROE (net income / shareholders' equity)	4.65%	25%	101%	59.6%	11.8%	10.7%	6.99%	8.96%
ROA (Net income/ Total Assets)	0.55%	3.72%	26%	23.7%	-	4.14%	3.44%	4.64%
Assets ¹	12,10,550	2,67,073	3,42,797	4,63,027	-	5,40,142	5,00,589	4,41,027
Book Value Per Share ²	2.220	2.760	8.310	-	-	13.00	13.50	14.10
Cash Flow per Share ²	0.6400	2.820	10.60	-	-	4.400	-	-
Capex ¹	11,083	6,466	9,550	9,434	14,946	18,015	16,032	14,779
Capex / Sales	7.36%	3.78%	2.86%	2.41%	8.52%	9.6%	9.16%	8.15%
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

8.794 CNY

Average target price

8.726 CNY

Spread / Average Target

-0.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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SITC INTERNATIONAL HOLDINGS COMPANY LIMITED	+31.31%	5.97B

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