SSE: 600029 - China Southern Airlines Company Limited

Yield per half year: +8.95%
Dividend yield: 0.00%
Sector: Industrials

Reporting China Southern Airlines Company Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥											112.86
Выручка, млрд ¥		111.5	114.98	127.81	143.62	154.32	92.56	101.64	87.06	159.93	159.93
Чистая прибыль, млрд ¥		3.89	5.04	5.96	2.9	2.64	-10.85	-12.11	-32.7	-4.21	-4.21
EV, млрд ¥					128.94	137.41	144.18	190.23	237.61	196.16	201.41
EBIT, млрд ¥	0.847	10.01	21.23	7.96	8	10.04	-8.9	-8.62	-22.88
EBITDA, млрд ¥				22.92	21.96	34.54	-8.46	16.51	-1.28	-21.45	-1.28
Баланс стоимость, млрд ¥		39.19	43.46	49.94	65.26	64.11	69.58	67.85	41.28	36.78	36.78
FCF, млрд ¥				3.89	-8.65	15.55	-8.36	-9.45	-14.15	28.77	28.77
Операционный денежный поток, млрд ¥		25.72	26.39	21.4	19.59	38.12	9.05	13.37	3.47	40.13	40.13
Операционная прибыль, млрд ¥		10.01	12.13	8.49	8	10.44	-8.38	-8.06	-23.07	4.68	4.68
Операционные расходы, млрд ¥		101.49	102.86	119.32	135.62	143.88	100.94	109.7	110.13	155.25	155.25
CAPEX, млрд ¥		11.76	18.97	13.85	24.03	15.62	11.06	17.14	11.7	11.37	11.37

	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥							19.35	29.34	16.9	34.06	37.78	47.66	40.44	44.6	40.19	49.87
Чистая прибыль, млрд ¥							-6.99	-6.1	-15.11	-1.9	-0.979	4.2	-5.53	0.756	-1.98	3.19
EV, млрд ¥							205.58	185.25	241.05	211.46	208.19	180.33	196.16	190.86	190.08	197.39
EBIT, млрд ¥	-1.95	-3.63	0.141	-0.048	-5.09	-4.87	-6.13	-2.47	-9.42		1.68
EBITDA, млрд ¥		-3.78	1.85	-0.979	-4.83	-4.69	-7.46	0.002	-13.41	-0.586	1.79
Баланс стоимость, млрд ¥							56.38	51.6	41.28	39.16	38.35	42.31	36.78	37.54	35.48	38.68
FCF, млрд ¥							-0.235	3.75	-14.24	6.27	4.74	17.46	0.288	6.23	0.72	9.84
Операционный денежный поток, млрд ¥		-0.051	7.97	5.24	0.213	0.017	4.54	2.74	-3.84	10.97	10.97
Операционная прибыль, млрд ¥							-5.57	-4.98	-7.1	-1.7	2.77	6.55	-3.01	2.76	-0.639	5.2
Операционные расходы, млрд ¥							24.92	34.32	23.99	35.75	35	41.11	43.44	41.84	40.83	44.67
CAPEX, млрд ¥							1.87	1.9	4.49	3.28	3.28	2.69	2.87	3.55	5.21	1.31

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2004	2007	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥				5.61	4.15	6.83	6.93	1.85	25.42	21.46	19.89	9.92	9.92
Short Term Investments ¥	0.683	0.002		0.12	0.568	0.313	0.704					3.16	3.16
Long term investments ¥			0.302	3.71	4.71	4.77	7.18	7.6	6.57	6.64	7.3
Total Receivables ¥				4.18	4.3	3.72	5.27	5.56	2.54	2.89	2.66	3.32	3.32
Total Current Assets ¥				14.66	13.81	17.88	24.07	16.74	38.99	37.87	32.77	27.74	27.74
Чистые активы, млрд ¥				162.02	175.34	188.45	207.92	273.66	263.73	255.41	250.62	32.84	33.45
Активы, млрд ¥				186.5	200.44	218.72	246.95	306.93	326.38	323.21	312.25	309.23	309.23
Short Term Debt ¥				2.52	26.75	27.57	38.74	37.54	40.1	57.91	85.34	51.36	51.36
Long Term Debt ¥				15.88	18.76	20.72	15.68	13.64	38.13	38.35	34.44	50.52	50.52
Задолженность, млрд ¥				136.7	145.47	156.18	168.48	229.6	241.25	238.7	256.89	257.23	257.23
Чистый долг, млрд ¥						41.46	47.49	49.33	52.81	74.81	99.89	91.96	91.96
Долг, млрд ¥				18.4	45.5	48.29	54.42	51.18	78.23	96.27	119.78	101.88	208.85
Interest income ¥					0.089	0.089	0.125	0.074	0.322	0.675	0.457	0.361
Расходы на обслуживание долга ¥							3.22	5.86	6.73	6.18	6.01	2.33	2.33
Чист. проц. доходы, млрд ¥					-2.33	-2.64	-3.09	-5.79	-6.41	-5.51	-5.55	-2.11	0.361
Goodwill ¥					0.182	0.237	0.237	0.237	0.237	0.237	0.237
Себестоимость, млрд ¥				91.38	95.61	110.95	127.61	134.83	94.25	103.12	79.97	147.58	147.58
Товарно материальные запасы ¥				1.61	1.59	1.62	1.7	1.99	1.98	1.69	1.39	1.57	1.57

	2018Q2	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥															22.51	15.2	19.89	19.27	13.08	14.44	9.92	10.46	11.43	11.54
Short Term Investments ¥	0.313	0.426		0.025																	3.16	3.15	2.7	2.63
Long term investments ¥										6.64	6.78	6.52	6.64		7.14	6.74	7.3	7	7.27	7.17
Total Receivables ¥															5.83	6.18	4.6	3.44	6.29	4.27	3.32	4.41	4.87	4.51
Total Current Assets ¥															38.03	29.61	32.77	32.84	28.44	29.98	27.74	30.05	31.99	32.03
Чистые активы, млрд ¥										261.42	260.88	260.02	255.41	252.81	249.52	246.98	250.62	32.84	248.31
Активы, млрд ¥															321.41	309.79	312.25	308.76	305.2	306.2	309.23	313.73	314.94	315.95
Short Term Debt ¥															69.21	45	85.34	57.19	75.73	44.08	51.36	50.58	48.34	41.55
Long Term Debt ¥															39.39	42.03	34.44	37.26	36.27	37.79	50.52	48.73	48.42	48.87
Задолженность, млрд ¥															249.76	243.71	256.89	255.37	252.31	248.34	257.23	260.48	263.59	260.4
Чистый долг, млрд ¥															86.09	71.83	99.89	75.19	98.92	67.44	91.96	88.84	85.34	78.88
Долг, млрд ¥			44.49	57.46	33.87	51.18													112	81.87	101.88	99.3	96.77	90.42
Interest income ¥					0.006	0.01		0.118	0.162								0.11	0.121	0.34	-0.538	0.68
Расходы на обслуживание долга ¥															1.82	5.48	2.46	0.817	2.15	3.21	2.07	1.48	0.215	3.07
Чист. проц. доходы, млрд ¥														-1.17	-1.57	-5.73	2.92	-0.817	-1.93	-4.28	3.21	0.062	0.033
Goodwill ¥				0.237		0.237	0.237		0.237		0.237		0.237		0.237		0.237		0.237
Себестоимость, млрд ¥															11.89	31.54	24.02	33.29	19.6	39.46	41.23	39.73	38.83	42.19
Товарно материальные запасы ¥															1.91	1.75	1.39	1.54	1.57	1.79	1.57	1.8	1.79	1.99

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.3938	0.52	0.6	0.28	0.2152	-0.8676	-0.75	-1.8	-0.2323			-0.2323
Цена акции ао			11.92	6.64	7.18	5.96	6.81	7.6	5.76	6.49	6.33	6.33
Число акций ао, млн				12267.17	12267.17	15329.3	16948.44	18120.89	18120.91			18120.91
FCF/акцию				-0.7047	1.27	-0.5456	-0.5575	-0.7806	1.59			1.59

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				-0.41	-0.3522	-0.833	-0.41	-0.054	0.2315	-0.3051	0.0417	-0.1095	0.1762
Цена акции ао	5.75	6.42	6.95	6.47	6.52	7.13	7.67	6.88	6.51	5.97
FCF/акцию				-0.0139	0.2165	-0.7857	0.3461	0.2618	0.9636	0.0159	0.3436	0.0397	0.5427

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %		9.93	11.61	11.94	4.44	4.12	-15.59	-17.84	-59.93	-10.78			-10.78	9.15
ROA, %		2.09	2.52	2.73	1.17	0.8601	-3.32	-3.75	-10.29	-1.35			-1.35	3.69
ROIC, %	3.63	12.07	6.55	10.89	6.82	8.91	-3.04	-3.5	-16.3
ROS, %				4.66	2.02	1.71	-11.72	-11.91	-37.56	-2.63	-2.63	-2.63	-2.63	7.64
ROCE, %	1.91	20.1	38.62	12.73	10.2	12.99	-10.46	-10.2	-13.39					6.10
Рентаб EBITDA, %				17.93	15.29	22.38	-9.14	16.24	-1.47	-21.52			-1.47	9.67
Ebit margin, %						6.51	-9.62	-8.48	-26.28
Чистая рентаб, %		3.49	4.39	4.66	2.02	1.71	-11.72	-11.91	-37.56	-2.63			-2.63	7.64
Operation Margin, %				6.64	5.57	6.77	-9.05	-7.93	-26.49	2.92	2.92	2.92	2.92	10.43

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %												-12.41	-11.82	-36.61	-4.85	-2.18	10.12	-13.92	1.94	-5.17	8.5	9.15
ROA, %												-2.18	-1.97	-4.84	-0.6147	-0.3189	1.37	-1.8	0.2427	-0.6312	1.01	3.69
ROIC, %	4	0.6763	4.52	3.08												0.5241	4.46	-2.61	1.6	-0.3773	3.55
ROS, %												-36.15	-20.78	-89.43	-5.57	-2.59	8.8	-13.67	1.7	-4.94	6.4	7.64
ROCE, %					0.482	-2.29	-4.45	0.1528	-0.0528	-6.02		-8.55	-3.73	-17.01		0.9688						6.10
Рентаб EBITDA, %							-17.76	6.11	-3.64	-20.86	-21.82	-38.54	0.0068	-79.33	-1.72	4.74						9.67
Ebit margin, %																4.46
Чистая рентаб, %												-36.15	-20.78	-89.43	-5.57	-2.59	8.8	-13.67	1.7	-4.94	6.4	7.64
Operation Margin, %												-28.81	-16.96	-41.99	-4.98	7.34	13.74	-7.43	6.19	-1.59	10.43	10.43

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E		28.14	33.36							26.18	151.75
P/BV		1.04	1.14	1.07	1.37	2.49	2			2.1	2.61
P/S		0.5671	0.5707	0.9871	1.14	1.58	0.6515			0.6844	1.74
P/FCF							-7.98	3.92	3.92	3.92	8.29
E/P							-0.2897	-0.0373	-0.0373	-0.0373	0.06
EV/EBITDA		5.87	3.98	-17.03	11.52	-185.92	-8.69			-189.18	10.29
EV/Ebit			13.68	-16.2	-22.07	-10.39		0	0	0
EV/S			0.8904	1.56	1.87	2.73	1.23	1.26	1.26	1.26	1.96
EV/FCF			8.83	-17.24	-20.13	-16.8	6.82	7	7	7	7.07
Debt/EBITDA	2.11	2.48	1.48	-9.24	5.83	-93.72	-163.42	-163.42	-163.42	-163.42	7.95
Netdebt/Ebitda	1.81	2.16	1.43	-6.24	4.53	-78.16	-78.16	-71.96	-71.96	-71.96	-1.06
Debt/Ratio	0.2208	0.2204	0.1667	0.2397	0.2978	0.3836	0.3295	0.6754	0.6754	0.6754	0.22
Debt/Equity	0.967	0.8339	0.7984	1.12	1.42	2.9	2.77	6.24	6.24	6.24	1.26
Debt/Net Income	8.1	18.8	19.39	-7.21	-7.95	-3.66	-24.21	-49.62	-49.62	-49.62	9.96
Бета							1.85	0.7845	-1.18	-1.18	-2.73
Индекс Альтмана							0.9989	1.52	1.52	1.52	5.41

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E															-8.18		-65.52		-33.25	151.75
P/BV										1.67	1.72	2.55	2.55	2.07	1.95	2	1.92	2.04	2.13	2.61
P/S										1.72	1.56	2.07	1.33	0.9149	0.8277	0.6515	0.5984	0.6058	0.6768	1.74
EV/EBITDA										-11.45	-10.92	-9.44	-9.86	-17.07						10.29
EV/Ebit														123.63
EV/S														5.51	3.78	4.85	4.28	4.73	3.96	1.96
EV/FCF														43.89	10.33	681.09	30.66	264	20.07	7.07
Debt/EBITDA														62.5						7.95
Netdebt/Ebitda					-7.92	-10.77	30.07	-33.81	-15.5	-11.55	35912.5	-7.45	-128.31	55.2						-1.06
Debt/Ratio	0.1504	0.1912	0.1125	0.1667										0.367	0.2674	0.3295	0.3165	0.3073	0.2862	0.22
Debt/Equity	0.6923	0.9092	0.5185	0.7984										2.92	1.93	2.77	2.65	2.73	2.34	1.26
Debt/Net Income	16.79	-59.91	14.18	-35.59										-114.4	19.52	-18.43	131.35	-48.77	28.32	9.96

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2007	2008	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд						3.06	0.785	4.74	5.26	7.63	6.65	6.35	6.44	-6.44	4.4
Дивиденд	0.8703		0.2	0.05	0.04	0.04	0.08	0.1	0.1	0.05					0
Див доход, ао, %		18.13	4.67	1.56	1.39	0.4486	1.12	1.16	1.15	0.6854					0	0.13
Дивиденды / прибыль, %						78.6	15.56	79.52	181.83	288.9	-61.27	-52.49	-19.71	153.1	0	75.11

	2007Q2	2012Q3	2013Q3	2014Q3	2015Q3	2016Q3	2017Q3	2018Q3	2019Q3	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд										1.56	1.41	1.82	1.43	1.77	1.34	1.91	1.43	1.49	1.39
Дивиденд	0.8703	0.2	0.05	0.04	0.04	0.08	0.1	0.1	0.05
Див доход, ао, %	9.9	5.04	1.81	1.57	0.3919	1.04	1.19	1.45	0.712											0.13
Дивиденды / прибыль, %										-22.26	-23.19	-12.05	-75.08	-180.49	32.04	-34.51	189.55	-74.85	43.66	75.11

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	CAGR 5
Персонал, чел	97899

	CAGR 5

	CAGR 5