Financials Offshore Oil Engineering Co.,Ltd

Equities

600583

CNE0000019T2

Construction & Engineering

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
6.53 ^CNY	+1.24%		-5.09%	+9.93%

Apr. 24	Offshore Oil Engineering Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 19	Offshore Oil Engineering's 2023 Profit Rises But Revenue Misses Estimates; Shares Fall 10%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,630	19,852	20,382	26,793	26,263	28,871	-	-
Enterprise Value (EV) ¹	31,117	18,949	19,852	25,457	22,216	25,018	20,002	28,871
P/E ratio	738 x	56.1 x	57.6 x	18.4 x	16.1 x	15.9 x	13.5 x	10.8 x
Yield	0.81%	1.56%	1.74%	1.65%	2.47%	2.26%	2.61%	3.14%
Capitalization / Revenue	2.22 x	1.11 x	1.03 x	0.91 x	0.85 x	0.86 x	0.76 x	0.69 x
EV / Revenue	2.12 x	1.06 x	1 x	0.87 x	0.72 x	0.74 x	0.53 x	0.69 x
EV / EBITDA	25.9 x	12.5 x	12.6 x	9.02 x	6.78 x	6.9 x	5 x	6.33 x
EV / FCF	-78.8 x	-	10.4 x	8.94 x	5.19 x	15.8 x	-9.29 x	-
FCF Yield	-1.27%	-	9.66%	11.2%	19.3%	6.32%	-10.8%	-
Price to Book	1.44 x	0.88 x	0.9 x	1.13 x	1.06 x	1.11 x	1.05 x	0.99 x
Nbr of stocks (in thousands)	4,421,355	4,421,355	4,421,355	4,421,355	4,421,355	4,421,355	-	-
Reference price ²	7.380	4.490	4.610	6.060	5.940	6.530	6.530	6.530
Announcement Date	3/23/20	3/22/21	3/21/22	3/20/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,710	17,863	19,795	29,358	30,752	33,594	37,908	41,616
EBITDA ¹	1,202	1,511	1,578	2,822	3,277	3,625	4,003	4,558
EBIT ¹	179	517.3	560.2	1,713	1,903	2,419	2,744	3,199
Operating Margin	1.22%	2.9%	2.83%	5.83%	6.19%	7.2%	7.24%	7.69%
Earnings before Tax (EBT) ¹	208.7	539.4	572.5	1,762	1,912	2,392	2,716	3,210
Net income ¹	27.93	363.3	369.8	1,457	1,621	1,821	2,142	2,661
Net margin	0.19%	2.03%	1.87%	4.96%	5.27%	5.42%	5.65%	6.39%
EPS ²	0.0100	0.0800	0.0800	0.3300	0.3700	0.4112	0.4849	0.6025
Free Cash Flow ¹	-395	-	1,917	2,847	4,278	1,581	-2,154	-
FCF margin	-2.69%	-	9.68%	9.7%	13.91%	4.71%	-5.68%	-
FCF Conversion (EBITDA)	-	-	121.43%	100.86%	130.52%	43.61%	-	-
FCF Conversion (Net income)	-	-	518.34%	195.32%	263.98%	86.81%	-	-
Dividend per Share ²	0.0600	0.0700	0.0800	0.1000	0.1470	0.1473	0.1705	0.2050
Announcement Date	3/23/20	3/22/21	3/21/22	3/20/23	3/18/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 Q4	2022 Q1	2023 Q2
Net sales ¹	10,151	7,847	-	8,045
EBITDA	-	-	-	-
EBIT ¹	928.7	-123	-	652.4
Operating Margin	9.15%	-1.57%	-	8.11%
Earnings before Tax (EBT) ¹	953.1	-	-	654.1
Net income ¹	742	-	-	535
Net margin	7.31%	-	-	6.65%
EPS ²	-	-0.0400	0.0300	0.1200
Dividend per Share	-	0.0800	-	-
Announcement Date	3/23/20	3/21/22	4/28/22	8/20/23

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,512	902	531	1,336	4,047	3,854	8,869	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-395	-	1,917	2,847	4,278	1,581	-2,154	-
ROE (net income / shareholders' equity)	0.12%	1.61%	1.64%	6.3%	6.67%	7.08%	7.75%	9.15%
ROA (Net income/ Total Assets)	0.09%	1.12%	1.09%	3.77%	-	4.46%	4.6%	4.71%
Assets ¹	31,030	32,583	33,967	38,647	-	40,820	46,525	56,529
Book Value Per Share ²	5.130	5.120	5.140	5.360	5.610	5.900	6.210	6.580
Cash Flow per Share ²	-0.0200	0.4600	0.6600	0.7500	1.160	0.5800	0.8100	0.9400
Capex ¹	320	658	1,116	467	847	1,143	1,177	1,390
Capex / Sales	2.18%	3.68%	5.64%	1.59%	2.75%	3.4%	3.1%	3.34%
Announcement Date	3/23/20	3/22/21	3/21/22	3/20/23	3/18/24	-	-	-

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 Offshore Oil Engineering Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.53 CNY

Average target price

6.34 CNY

Spread / Average Target

-2.91%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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