SSE: 601800 - China Communications Construction Company Limited

Yield per half year: +17.2%
Dividend yield: 0.00%
Sector: Industrials

Reporting China Communications Construction Company Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								124.34		147.65
Выручка, млрд ¥	404.42	431.74	482.8	490.87	554.79	627.59	685.64	719.08	755.65	755.65
Чистая прибыль, млрд ¥	15.7	16.74	20.58	19.68	20.11	16.21	17.99	20.23	24.73	24.73
EV, млрд ¥				308.06	339.33	353	418.78	496.47	538.08	538.08
EBIT, млрд ¥	23.29	41.13	28.64	30.19	30.3	34.45	36.73
EBITDA, млрд ¥			46.8	45.71	52.27	53.17	58.52	63.85	51.57	63.85
Баланс стоимость, млрд ¥	147.24	159.67	181.27	197.18	230.15	245.07	260.35	282.5	301.73	301.73
FCF, млрд ¥			2	-29.72	-57.83	-78.33	-49.6	-33.59	-26.85	-26.85
Операционный денежный поток, млрд ¥	31.91	29.72	42.74	9.1	5.38	13.85	-12.64	0.4423	12.07	12.07
Операционная прибыль, млрд ¥	23.29	31.26	34.83	32.34	33.97	38.63	40.62	36	42.74	42.74
Операционные расходы, млрд ¥	381.13	400.49	447.98	458.53	520.82	588.96	645.02	683.09	712.91	712.91
CAPEX, млрд ¥	52.02	36.94	40.74	38.82	64.07	92.18	36.96	34.04	38.93	38.93

	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥							172.1	191.83	178.06	178.3	176.59	189.2	181.91	207.94	176.9	179.11
Чистая прибыль, млрд ¥							5.09	5.99	4.73	3.29	5.58	5.82	4.84	8.49	6.14	5.88
EV, млрд ¥							462.69	446.88	423.13	426.38	522.58	513.52	543.96	538.08	568.94	673.22
EBIT, млрд ¥	10.28	12.48	9.11	8.57	10.25	8.79	10.38	6.48	9.22			7.87
EBITDA, млрд ¥			10.6	13.19	12.03	11.34	12.35	14.41	12.03	12.53	12.6	15.06
Баланс стоимость, млрд ¥							266.33	273.47	281.46	281.98	287.66	290.03	289.75	301.73	309.53	309.07
FCF, млрд ¥							-43.96	-21.8	-3.1	35.26	-37.01	-28.31	-8.6	47.07	-47.91	-35.97
Операционный денежный поток, млрд ¥			-33.91	-30.7	6.09	45.88	-33.36	-12.36	3.1	-25.63	-25.63	-23.74
Операционная прибыль, млрд ¥							10.38	8.22	10.16	8.38	10.42	9.47	9.74	13.11	10.68	9.61
Операционные расходы, млрд ¥							161.71	183.61	167.89	169.92	166.17	179.73	172.17	194.83	166.22	169.5
CAPEX, млрд ¥							10.59	9.44	6.2	11.38	11.38	4.57	8.15	14.84	8.27	1.45

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	98.84	114.64	134.32	134.37	125.44	128.05	104.58	103.66	110.2	110.2
Short Term Investments ¥	5.37	0.4974	3.37	0.4042	1.19	0.7637	1.93	5.52	4.45	4.45
Long term investments ¥	35.55	40.94	60.35	68.92
Total Receivables ¥	111.98	142.72	132.42	242.49	278.19	382.8	97.56	275.98	302.19	302.19
Total Current Assets ¥	391.97	437.15	449.55	481.5	529.37	584.5	567.34	619.57	686.14	686.14
Чистые активы, млрд ¥	67.57	66.34	52.26	55.82	62.81	63.24	63.41	616.26	686.1	616.26
Активы, млрд ¥	731.05	801.46	850.24	960.48	1 120.4	1 304.17	1 390.84	1 516.71	1 684.26	1 684.26
Short Term Debt ¥	19.11	63.63	61.79	45.36	50.69	45.94	34.54	96.67	128.77	128.77
Long Term Debt ¥	166.61	183.33	188.78	232.37	286.59	317.75	350.11	371.06	397.86	397.86
Задолженность, млрд ¥	561.49	614.51	644.29	720.79	824.02	946.37	999.48	1 089.22	1 225.14	1 225.14
Чистый долг, млрд ¥			105.26	125.93	188.26	235.64	280.08	364.07	416.43	416.43
Долг, млрд ¥	185.72	246.96	250.57	277.73	337.27	363.7	384.65	467.74	526.63	485.83
Interest income ¥		3.09	3.36	5.31	8.53	10.3	14.61	21.39	24.07
Расходы на обслуживание долга ¥				10.68	13.83	15.96	18.43	20.35	21.81	21.81
Чист. проц. доходы, млрд ¥		-7.39	-9.19	-7.1	-6.51	-8.25	-5.04	-0.492	0.192	24.07
Goodwill ¥	6.02	5.21	5.43	5.16	5.37	5.52	5.12	5.18	5.46
Себестоимость, млрд ¥	343.78	367.4	415.37	424.67	484	545.85	599.79	635.39	661.12	661.12
Товарно материальные запасы ¥	125.74	131.53	130.11	46.86	62.61	72.88	73.06	78.26	88.02	88.02

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥												123.82	146.83	144.3	112.82	140.1	161.83	159.41	110.2	143.12	119.85
Short Term Investments ¥												5.61	4.59	5.31	1.31	2.37	5.05	3.69	4.45	7.08	3.33
Long term investments ¥	60.58	66.93	68.92	74.86	80.01	80.9
Total Receivables ¥												301.65	407.5	355.18	103.88	108.41	453.79	119.8	302.19	117.99	345.85
Total Current Assets ¥												617.1	680.91	701.04	616.26	686.1	762.01	768.55	686.14	768.09	791.79
Чистые активы, млрд ¥								63.77	64.63	64.97	63.41	63.45	62.8	63.21	616.26	686.1	65.5
Активы, млрд ¥												1 477.49	1 565.68	1 618.45	1 511.35	1 633.36	1 746.45	1 793.52	1 684.26	1 818.36	1 864.85
Short Term Debt ¥												61.89	60.8	54.82	36.03	77.99	91.51	101.22	128.77	127.39	200.71
Long Term Debt ¥												376.7	386.28	394.77	370.77	405.9	418.76	457.4	397.86	451.01	449.27
Задолженность, млрд ¥												1 074.95	1 149.49	1 184.9	1 085.17	1 199.16	1 308.32	1 348.39	1 225.14	1 348.34	1 395.15
Чистый долг, млрд ¥												314.77	300.26	305.29	293.98	343.79	348.44	399.21	416.43	435.28	530.13
Долг, млрд ¥				293.5	312.16	360.29	337.27									483.89	510.27	558.62	526.63	578.4	649.98
Interest income ¥										2.11	5.55	2.85	5.66	3.52	9.27	3.37	14.41	-26.05	39.08
Расходы на обслуживание долга ¥												4.31	5.33	4.44	6.28	4.1	5.94	5.24	6.53	4.7	6.21
Чист. проц. доходы, млрд ¥											-0.295	-1.96	0.9858	-0.0018	2.97	-1.07	1.04	-0.9782	1.21	3.66
Goodwill ¥										5.16	5.12	5.29	5.14	5.15	5.18	5.08	5.27	5.09	5.46
Себестоимость, млрд ¥												152.03	174.44	154.9	155.02	156.05	170.37	159.6	175.09	155.86	158.56
Товарно материальные запасы ¥												77.91	76.6	79.7	78.26	86.3	90.04	92.86	88.02	94.88	96.51

	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	0.9741	1.09	0.93	1.15	1.16	0.9	1.02	1.25	1.52			1.52
Цена акции ао			12.8	11.26	9.16	7.26	8.58	8.05	7.6	10.45	9.61	9.61
Число акций ао, млн				16174.74	17252	18006	17641	16165.71	16263.66			16263.66
FCF/акцию				-1.84	-3.58	-4.85	-3.07	-2.08	-1.65			-1.65

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
EPS			0.29	0.35	0.27	0.23	0.32	0.3579	0.2978	0.5219	0.3772	0.3613
Цена акции ао	7.36	7.65	9.54	9.72	8.16	7.86	9.57	11.2	10.43	7.91
FCF/акцию			-2.72	-1.35	-0.1915	2.18	-2.29	-1.74	-0.5286	2.89	-2.94	-2.21

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	10.66	10.49	11.35	9.98	8.74	6.61	6.91	7.45	8.47			8.47	9.15
ROA, %	2.15	2.09	2.42	2.05	1.79	1.24	1.29	1.39	1.55			1.55	3.69
ROIC, %	9.98	8.26	8.87	7.97	7.25	6.68	6.97	3.16
ROS, %			4.26	4.01	3.62	2.58	2.62	2.81	3.27	3.27	3.27	3.27	7.64
ROCE, %	13.74	22	13.91	12.6	10.22	9.63	9.38						6.10
Рентаб EBITDA, %			9.69	9.31	9.42	8.47	8.53	8.88	7.12			8.86	9.67
Чистая рентаб, %	3.88	3.88	4.26	4.01	3.62	2.58	2.62	2.81	3.27			3.27	7.64
Operation Margin, %			7.21	6.59	6.12	6.16	5.92	5.01	5.66	5.66	5.66	5.66	10.43

	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %												1.91	2.19	1.68	1.17	1.94	2.06	1.69	2.93	2.08	1.96	9.15
ROA, %												0.3447	0.3825	0.2924	0.2176	0.3418	0.3444	0.2736	0.4881	0.3506	0.3194	3.69
ROIC, %	3.12	1.59	1.44	2.29	2.21											1.32	1.56	1.76	3.17	1.21
ROS, %												2.96	3.12	2.66	1.84	3.16	3.08	2.66	4.08	3.47	3.28	7.64
ROCE, %						3.27	3.49	2.51	2.32	2.71	2.25	2.58	1.56	2.13			0.8872					6.10
Рентаб EBITDA, %								6.98	6.99	6.85	6.69	7.18	7.51	6.76	7.03	7.14	7.96					9.67
Чистая рентаб, %												2.96	3.12	2.66	1.84	3.16	3.08	2.66	4.08	3.47	3.28	7.64
Operation Margin, %												6.03	4.29	5.71	4.7	5.9	5.01	5.35	6.31	6.04	5.36	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		9.25	7.51	7.24	7.71	6.55	4.92			4.92	151.75
P/BV		0.7599	0.5097	0.328	0.3544	0.3097	0.265			0.265	2.61
P/S		0.371	0.2723	0.187	0.2023	0.1841	0.161			0.161	1.74
P/FCF							-4.4	-5.5	-5.5	-5.5	8.29
E/P							0.1294	0.1675	0.1675	0.1675	0.06
EV/EBITDA		6.74	6.49	6.64	7.16	7.78	10.05			6.69	10.29
EV/Ebit			11.2	10.25	11.4			0	0	0
EV/S			0.6116	0.5625	0.6108	0.6904	0.7121	0.7121	0.7121	0.7121	1.96
EV/FCF			-5.87	-4.51	-8.44	-14.78	-20.04	-20.04	-20.04	-20.04	7.07
Debt/EBITDA	5.35	6.08	6.45	6.84	6.57	7.33	7.61	7.61	7.61	7.61	7.95
Netdebt/Ebitda	2.25	2.76	3.6	4.43	4.79	5.7	4.6	6.52	6.52	6.52	-1.06
Debt/Ratio	0.2947	0.2892	0.301	0.2789	0.2766	0.3084	0.3127	0.2885	0.2885	0.2885	0.22
Debt/Equity	1.38	1.41	1.47	1.48	1.48	1.66	1.75	0.7884	0.7884	0.7884	1.26
Debt/Net Income	12.17	14.11	16.77	22.44	21.38	23.13	21.29	19.64	19.64	19.64	9.96
Бета						0.42	4.05	1.53	-5.94	-5.94	1.67
Индекс Альтмана						0	1.97	1.56	1.56	1.56	5.41

	2019Q1	2019Q2	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
P/E									7.88	7.6	6.25	6.93	9.13	8.46	7.39	4.91	5.28	5.64	151.75
P/BV									0.3675	0.3523	0.2718	0.3107	0.4118	0.3768	0.3252	0.265	0.2844	0.3046	2.61
P/S									0.2096	0.2068	0.1657	0.1838	0.2467	0.2276	0.1988	0.1608	0.1767	0.1918	1.74
EV/EBITDA									9.46	8.91	8.44	8.31	10.13	9.83					10.29
EV/Ebit														65.22
EV/S													2.96	2.71	2.99	2.59	3.22	3.76	1.96
EV/FCF													-14.12	-18.14	-63.27	11.43	-11.88	-18.72	7.07
Debt/EBITDA													38.4	33.88					7.95
Netdebt/Ebitda					28.58	22.93	27.63	24.7	25.49	20.84	25.37	23.47	27.28	23.14					-1.06
Debt/Ratio	0.3014	0.309	0.3371	0.301									0.2963	0.2922	0.3115	0.3127	0.3181	0.3485	0.22
Debt/Equity	1.44	1.52	1.69	1.47									1.68	1.76	1.93	1.75	1.87	2.1	1.26
Debt/Net Income	74.68	67.18	75.63	49.84									86.68	87.67	115.34	62.04	94.19	110.52	9.96

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	17.54	16.86	17.7	18.15	21.02	23.04	24.46	3.51	-3.51	26.96
Дивиденд	0.1717	0.1904	0.1944	0.2419	0.2308	0.2328	0.1809	0.2037	0.2171	0
Див доход, ао, %	1.12	1.57	1.21	1.91	2.12	2.9	2.5	4.16	1.87	0	0.13
Дивиденды / прибыль, %	111.75	100.73	86.01	92.23	104.56	142.15	135.92	133.27	14.19	14.19	75.11

	2014Q3	2015Q2	2016Q2	2017Q2	2018Q3	2019Q3	2020Q2	2021Q2	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									4.7	4.51	6.24	5.11	4.62	4.62	6.63	10.09	17.73	4.62
Дивиденд	0.1876	0.1717	0.1904	0.1944	0.2419	0.2308	0.2328	0.1809			0.2037					0.2171
Див доход, ао, %	4.64	0.8903	1.7	1.17	1.97	2.17	2.93	2.67			2.1					2.08			0.13
Дивиденды / прибыль, %									155.2	88.53	104.27	107.99	140.38	82.7	113.99	208.36	208.9	75.17	75.11

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2023	CAGR 5
Всего задолженность	479.87	526.02	582.71
ebit_margin		5.46	5.49	5.36
Персонал, чел					136506

	2023Q2	CAGR 5
ebit_margin	4.16

	CAGR 5