Financials Xiamen International Airport Co.,Ltd

Equities

600897

CNE000000K33

Airport Services

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
13.94 ^CNY	-3.53%		-1.69%	+11.61%

29/04	Xiamen International Airport Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
08/02	Xiamen International Airport's Passenger Throughput Jumps 35.5% in January	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	6,653	4,950	4,935	4,988	5,208	5,812	-
Enterprise Value (EV) ¹	6,423	4,674	4,736	4,980	5,208	3,489	3,364
P/E ratio	12.8 x	28.9 x	34.8 x	186 x	14.7 x	11.7 x	11.9 x
Yield	2.34%	1.04%	0.86%	0.51%	2.08%	3.52%	4.02%
Capitalization / Revenue	3.73 x	4.04 x	3.96 x	4.96 x	3.07 x	3.01 x	2.73 x
EV / Revenue	3.6 x	3.82 x	3.8 x	4.95 x	3.07 x	1.81 x	1.58 x
EV / EBITDA	6.92 x	10.1 x	11.4 x	20 x	7.4 x	3.86 x	3.66 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	1.78 x	1.32 x	1.29 x	1.31 x	1.26 x	1.27 x	1.18 x
Nbr of stocks (in thousands)	4,16,934	4,16,934	4,16,934	4,16,934	4,16,934	4,16,934	-
Reference price ²	15.96	11.87	11.84	11.96	12.49	13.94	13.94
Announcement Date	16/04/20	29/04/21	28/04/22	27/04/23	29/04/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,785	1,225	1,247	1,006	1,695	1,930	2,128
EBITDA ¹	927.6	463.2	417.2	249.3	703.3	905	920.4
EBIT ¹	712.7	252.1	210.6	53.43	511.1	724	696.3
Operating Margin	39.92%	20.58%	16.89%	5.31%	30.15%	37.52%	32.71%
Earnings before Tax (EBT) ¹	715.8	252.5	220	56.34	512.8	726	738.8
Net income ¹	518.3	171.4	141.7	28.1	354	497	486.4
Net margin	29.03%	13.99%	11.36%	2.79%	20.88%	25.76%	22.86%
EPS ²	1.243	0.4111	0.3399	0.0643	0.8500	1.190	1.169
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	0.3736	0.1236	0.1021	0.0614	0.2600	0.4900	0.5609
Announcement Date	16/04/20	29/04/21	28/04/22	27/04/23	29/04/24	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2022 Q1	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	-	-	447.8	456.2	539	548	482
EBITDA	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	260.2	6.332	-	-	-	-	-
Net margin	-	-	-	-	-	-	-
EPS ²	-	0.0152	0.2100	0.2900	0.2400	0.2800	0.1300
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	29/08/19	28/04/22	29/04/24	29/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	230	275	199	8.75	-	2,323	2,448
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	14.1%	4.58%	3.73%	0.73%	8.88%	11.5%	10.4%
ROA (Net income/ Total Assets)	11.3%	3.69%	2.94%	-	-	8.8%	6.3%
Assets ¹	4,592	4,646	4,829	-	-	5,648	7,721
Book Value Per Share ²	8.960	8.990	9.200	9.160	9.950	11.00	11.80
Cash Flow per Share ²	1.760	1.130	1.080	0.4000	1.470	1.570	1.720
Capex ¹	224	69.4	77.9	85.7	51.9	167	244
Capex / Sales	12.56%	5.66%	6.25%	8.52%	3.06%	8.65%	11.44%
Announcement Date	16/04/20	29/04/21	28/04/22	27/04/23	29/04/24	-	-

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 Xiamen International Airport Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

13.94 CNY

Average target price

13.25 CNY

Spread / Average Target

-4.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Airport Operators