COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.

Financials COSCO SHIPPING Specialized Carriers Co.,Ltd.

Equities

600428

CNE000001B58

Marine Freight & Logistics

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
6.33 ^CNY	-0.63%		-3.80%	+18.10%

Mar. 27	COSCO SHIPPING Specialized Carriers Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	COSCO SHIPPING Specialized Carriers Co.,Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,028	9,767	10,819	12,794	11,506	13,588	-	-
Enterprise Value (EV) ¹	8,028	9,767	10,819	12,794	11,506	13,588	13,588	13,588
P/E ratio	79.6 x	78.4 x	36 x	15.6 x	10.8 x	9.96 x	8.13 x	8.67 x
Yield	-	-	-	2.68%	4.63%	4.09%	5.42%	-
Capitalization / Revenue	0.97 x	1.39 x	1.24 x	1.05 x	0.96 x	1.01 x	0.92 x	0.85 x
EV / Revenue	0.97 x	1.39 x	1.24 x	1.05 x	0.96 x	1.01 x	0.92 x	0.85 x
EV / EBITDA	6.57 x	10.2 x	8.36 x	6.46 x	5.95 x	4.95 x	4.18 x	4.2 x
EV / FCF	-	-	-	-	12.1 x	6.74 x	5.07 x	-
FCF Yield	-	-	-	-	8.3%	14.8%	19.7%	-
Price to Book	0.83 x	1.02 x	1.12 x	1.2 x	1 x	1.06 x	0.96 x	0.96 x
Nbr of stocks (in thousands)	2,146,651	2,146,651	2,146,651	2,146,651	2,146,651	2,146,651	-	-
Reference price ²	3.740	4.550	5.040	5.960	5.360	6.330	6.330	6.330
Announcement Date	4/28/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,266	7,040	8,753	12,207	12,007	13,446	14,785	16,008
EBITDA ¹	1,223	961.2	1,293	1,982	1,934	2,744	3,249	3,234
EBIT ¹	307.2	84.25	452.6	1,096	1,020	1,474	1,860	1,699
Operating Margin	3.72%	1.2%	5.17%	8.98%	8.5%	10.96%	12.58%	10.61%
Earnings before Tax (EBT) ¹	200.5	151.4	466.3	1,068	1,192	1,578	2,024	1,818
Net income ¹	100.9	125.5	300.3	820.7	1,064	1,344	1,668	1,565
Net margin	1.22%	1.78%	3.43%	6.72%	8.86%	10%	11.28%	9.78%
EPS ²	0.0470	0.0580	0.1400	0.3820	0.4960	0.6357	0.7790	0.7300
Free Cash Flow ¹	-	-	-	-	954.5	2,016	2,678	-
FCF margin	-	-	-	-	7.95%	14.99%	18.11%	-
FCF Conversion (EBITDA)	-	-	-	-	49.36%	73.47%	82.43%	-
FCF Conversion (Net income)	-	-	-	-	89.69%	150%	160.55%	-
Dividend per Share ²	-	-	-	0.1600	0.2480	0.2590	0.3430	-
Announcement Date	4/28/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q3	2021 Q4	2022 Q1
Net sales	-	-	-	-
EBITDA	-	-	-	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income ¹	146.2	267.5	-113.4	315.9
Net margin	-	-	-	-
EPS	-	-	-	-
Dividend per Share	-	-	-	-
Announcement Date	8/26/21	10/28/21	3/30/22	4/28/22

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-	955	2,016	2,678	-
ROE (net income / shareholders' equity)	1.05%	1.31%	3.13%	8.08%	9.63%	10.9%	12.1%	11.1%
ROA (Net income/ Total Assets)	0.46%	-	-	-	-	-	-	-
Assets ¹	21,989	-	-	-	-	-	-	-
Book Value Per Share ²	4.490	4.450	4.490	4.980	5.380	5.950	6.610	6.580
Cash Flow per Share ²	0.5900	0.6100	0.7900	1.110	1.380	0.7100	1.520	0.7600
Capex ¹	1,106	139	703	864	2,013	2,157	989	1,959
Capex / Sales	13.39%	1.97%	8.04%	7.08%	16.77%	16.04%	6.69%	12.24%
Announcement Date	4/28/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

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 Specialized Carriers Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.33 CNY

Average target price

6.75 CNY

Spread / Average Target

+6.64%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+18.10%	1.88B
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+30.31%	12.25B
WALLENIUS WILHELMSEN ASA	+21.24%	4.13B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+36.60%	4B
STAR BULK CARRIERS CORP.	+16.23%	2.8B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-15.05%	1.89B
HÖEGH AUTOLINERS ASA	+16.21%	1.85B
GULF NAVIGATION HOLDING	+0.95%	1.66B
WISDOM MARINE LINES CO., LIMITED (CAYMAN)	+32.12%	1.57B
DANAOS CORPORATION	+1.55%	1.46B

Deep Sea Freight