Financials CSSC (Hong Kong) Shipping Company Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:22 2024-05-10 am EDT			5-day change	1st Jan Change
1.47 ^HKD	+3.52%		+5.00%	-0.68%

Mar. 26	CSSC (Hong Kong) Shipping Company Limited Announces Final Ordinary Dividend for the Financial Year End 31 December 2023, Payable on July 31, 2024	CI
Mar. 26	CSSC (Hong Kong) Shipping Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	8,038	6,688	6,688	7,118	9,028	9,028	-
Enterprise Value (EV) ¹	23,958	6,688	35,186	33,525	9,083	40,368	42,413
P/E ratio	8.04 x	6.02 x	4.95 x	4.22 x	4.77 x	4.26 x	3.82 x
Yield	6.11%	-	8.26%	8.62%	8.11%	9.33%	10.3%
Capitalization / Revenue	3.5 x	-	2.71 x	2.22 x	2.5 x	2.23 x	1.9 x
EV / Revenue	3.5 x	-	2.71 x	2.22 x	2.5 x	2.23 x	1.9 x
EV / EBITDA	7.4 x	-	-	2.7 x	2.91 x	3.35 x	3.03 x
EV / FCF	8,570,627 x	-	-643,418 x	-	-	-	-
FCF Yield	0%	-	-0%	-	-	-	-
Price to Book	0.85 x	-	-	0.62 x	0.71 x	0.64 x	0.59 x
Nbr of stocks (in thousands)	6,136,066	6,136,066	6,136,066	6,136,066	6,141,808	6,141,808	-
Reference price ²	1.310	1.090	1.090	1.160	1.470	1.470	1.470
Announcement Date	3/29/20	3/31/21	3/25/22	3/24/23	3/26/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,294	-	2,470	3,208	3,626	4,043	4,746
EBITDA ¹	1,086	-	-	2,634	3,121	2,693	2,978
EBIT	847.6	-	-	1,432	-	1,711	2,036
Operating Margin	36.94%	-	-	44.62%	-	42.32%	42.9%
Earnings before Tax (EBT) ¹	904.2	-	1,401	1,756	1,944	2,148	2,370
Net income ¹	883.1	1,109	1,352	1,685	1,902	2,102	2,318
Net margin	38.49%	-	54.72%	52.52%	52.44%	51.99%	48.85%
EPS ²	0.1630	0.1810	0.2200	0.2750	0.3100	0.3450	0.3850
Free Cash Flow	937.9	-	-10,395	-	-	-	-
FCF margin	40.88%	-	-420.85%	-	-	-	-
FCF Conversion (EBITDA)	86.37%	-	-	-	-	-	-
FCF Conversion (Net income)	106.21%	-	-	-	-	-	-
Dividend per Share ²	0.0800	-	0.0900	0.1000	0.1200	0.1371	0.1517
Announcement Date	3/29/20	3/31/21	3/25/22	3/24/23	3/26/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	15,920	-	28,497	26,407	-	31,340	33,385
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	14.66 x	-	-	10.02 x	-	11.64 x	11.21 x
Free Cash Flow	938	-	-10,395	-	-	-	-
ROE (net income / shareholders' equity)	12.5%	-	14.2%	15.6%	15.7%	15.3%	16%
ROA (Net income/ Total Assets)	3.1%	-	3.79%	4.14%	4.5%	4.43%	4.48%
Assets ¹	28,487	-	35,707	40,698	42,258	47,503	51,810
Book Value Per Share ²	1.550	-	-	1.880	2.090	2.280	2.500
Cash Flow per Share	0.6200	-	-0.8200	0.6300	-	0.3600	0.4200
Capex ¹	2,439	-	5,376	1,990	2,626	2,447	3,250
Capex / Sales	106.3%	-	217.63%	62.04%	72.42%	60.51%	68.47%
Announcement Date	3/29/20	3/31/21	3/25/22	3/24/23	3/26/24	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.47 HKD

Average target price

2.08 HKD

Spread / Average Target

+41.50%

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