Financials COSCO SHIPPING Holdings Co., Ltd. OTC Markets

Equities

CICOY

US22112X1063

Marine Freight & Logistics

Delayed OTC Markets Other stock markets 03:33:09 2024-07-12 pm EDT			5-day change	1st Jan Change
7.25 ^USD	-3.91%		-15.20%	+41.33%

Jul. 08	Chinese Shipping Shares Drop on Reports of Gaza Cease-Fire Progress	DJ
Jul. 08	Cosco Shipping Appoints Chairman	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,281	138,325	277,974	154,473	145,618	206,950	-	-
Enterprise Value (EV) ¹	133,760	184,255	173,361	-27,169	-343.1	83,654	78,899	68,522
P/E ratio	5.13 x	9.66 x	2.22 x	1.04 x	4.82 x	5.19 x	8.69 x	11.2 x
Yield	-	-	7.06%	-	10.4%	9.59%	5.15%	4.2%
Capitalization / Revenue	0.39 x	0.81 x	0.83 x	0.4 x	0.83 x	0.96 x	1.07 x	1.1 x
EV / Revenue	0.89 x	1.08 x	0.52 x	-0.07 x	-0 x	0.39 x	0.41 x	0.36 x
EV / EBITDA	7.66 x	9.29 x	1.23 x	-0.16 x	-0.01 x	1.45 x	2.29 x	2.18 x
EV / FCF	39 x	4.78 x	1.12 x	-0.15 x	-0.05 x	1.12 x	1.32 x	1.71 x
FCF Yield	2.56%	20.9%	89.1%	-690%	-2,125%	89.7%	75.8%	58.4%
Price to Book	0.98 x	2.19 x	1.48 x	-	0.46 x	0.8 x	0.78 x	0.76 x
Nbr of stocks (in thousands)	15,937,388	15,937,388	16,014,126	16,094,678	16,014,576	15,960,606	-	-
Reference price ²	2.172	6.021	12.32	7.030	7.135	10.68	10.68	10.68
Announcement Date	3/30/20	3/8/21	3/10/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	150,541	171,259	333,694	391,058	175,448	216,130	193,566	188,009
EBITDA ¹	17,452	19,828	141,355	174,944	44,127	57,639	34,412	31,386
EBIT ¹	5,387	13,931	128,297	167,264	24,640	52,779	27,512	20,353
Operating Margin	3.58%	8.13%	38.45%	42.77%	14.04%	24.42%	14.21%	10.83%
Earnings before Tax (EBT) ¹	4,059	13,948	127,949	167,097	33,077	41,863	30,382	23,024
Net income ¹	6,690	9,927	89,296	109,595	23,860	34,643	28,176	20,382
Net margin	4.44%	5.8%	26.76%	28.03%	13.6%	16.03%	14.56%	10.84%
EPS ²	0.4231	0.6231	5.560	6.770	1.480	2.059	1.229	0.9551
Free Cash Flow ¹	3,426	38,564	154,423	187,365	7,291	75,009	59,770	40,002
FCF margin	2.28%	22.52%	46.28%	47.91%	4.16%	34.71%	30.88%	21.28%
FCF Conversion (EBITDA)	19.63%	194.5%	109.24%	107.1%	16.52%	130.14%	173.69%	127.45%
FCF Conversion (Net income)	51.21%	388.48%	172.93%	170.96%	30.56%	216.52%	212.13%	196.26%
Dividend per Share ²	-	-	0.8700	-	0.7400	1.024	0.5502	0.4490
Announcement Date	3/30/20	3/8/21	3/10/22	3/30/23	3/28/24	-	-	-

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	180,274	47,353	44,489	91,843	42,714	40,891	83,605	48,270	52,122	104,244	52,122	52,122	104,244
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	3/30/20	8/28/20	3/10/22	3/10/22	4/29/22	8/30/22	8/30/22	10/28/22	3/30/23	3/30/23	4/28/23	8/29/23	8/29/23	10/30/23	3/28/24	3/28/24	4/29/24	-	-	-	-	-

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	-	-	104,613	181,642	145,961	123,297	128,051	138,429
Leverage (Debt/EBITDA)	4.658 x	2.316 x	-	-	-	-	-	-
Free Cash Flow ¹	3,426	38,564	154,423	187,365	7,291	75,009	59,770	40,002
ROE (net income / shareholders' equity)	4.65%	25%	101%	59.6%	12%	16%	8.99%	7.67%
ROA (Net income/ Total Assets)	0.55%	3.72%	26%	23.7%	4.9%	6.84%	3.67%	3.68%
Assets ¹	1,210,550	267,073	342,797	463,027	487,183	506,352	768,160	553,448
Book Value Per Share ²	2.220	2.760	8.310	-	15.40	13.40	13.70	14.00
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	20,112	16,810	14,734
Capex / Sales	7.36%	3.78%	2.86%	2.41%	8.73%	9.31%	8.68%	7.84%
Announcement Date	3/30/20	3/8/21	3/10/22	3/30/23	3/28/24	-	-	-

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

10.68 CNY

Average target price

13.13 CNY

Spread / Average Target

+22.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+36.22%	9.28B
ADNOC LOGISTICS & SERVICES PLC	+13.84%	8.82B

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