SSE: 601872 - China Merchants Energy Shipping Co., Ltd.

Yield per half year: -26.27%
Sector: Energy

Reporting China Merchants Energy Shipping Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥										46.81
Выручка, млрд ¥	6.16	6.03	6.1	10.93	14.56	18.07	24.41	29.71	25.88	25.88
Чистая прибыль, млрд ¥	1.15	1.73	0.6144	1.17	1.61	2.78	3.61	5.09	4.84	4.84
EV, млрд ¥				33.92	56.65	48.35	44.19	58.45	59.82	59.82
EBIT, млрд ¥		3.55	1.61	1.49	2.97	4.14	3.66	5.48
EBITDA, млрд ¥			2.55	3.42	4.55	5.75	7.38	9.18	6.72	9.18
Баланс стоимость, млрд ¥	13.7	15.97	15.22	20.26	25.32	25.56	26.4	33.05	36.89	36.89
FCF, млрд ¥			-0.4128	-2.23	0.6958	6.2	4.08	4.3	4.43	4.43
Операционный денежный поток, млрд ¥	2.29	3.51	3.49	4.12	4.68	8.07	6.51	7	8.92	8.92
Операционная прибыль, млрд ¥	2.19	1.98	0.9203	0.901	1.83	3.8	3.68	5.55	5.65	5.65
Операционные расходы, млрд ¥		3.86	4.9	9.41	11.85	14.28	20.74	24.16	20.23	20.23
CAPEX, млрд ¥	6.76	4.2	3.52	6.36	3.93	1.42	2.43	2.7	4.49	4.49

	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥							7.63	7.85	8.13	5.88	7.11	6.03	6.86	6.25	6.98	6.06
Чистая прибыль, млрд ¥							1.58	0.9761	1.22	1.12	1.65	0.9875	1.08	1.38	1.12	0.8722
EV, млрд ¥							62.29	77.54	59.18	68.98	61.39	66.05	59.82	75.74	83.27	81.15
EBIT, млрд ¥	-0.1095	0.3585	0.5171	0.5113	2.28	1.43	1.41	1.24	1.41		1.7
EBITDA, млрд ¥		0.5518	0.7457	0.8121	2.82	1.59	1.97	1.6	1.64	1.52	2.08
Баланс стоимость, млрд ¥							29.62	32.1	33.05	33.84	35.32	36.27	36.89	38.36	37.7	37.31
FCF, млрд ¥							0.9471	0.7824	1.85	1.34	1.39	0.9155	0.777	0.7291	-0.2148	-0.5547
Операционный денежный поток, млрд ¥		0.746	0.922	1.22	3.62	1.05	2.03	1.51	2.4	2.21	2.21
Операционная прибыль, млрд ¥							1.41	1.23	1.47	1.34	1.71	1.07	1.53	1.53	1.56	1.19
Операционные расходы, млрд ¥							6.22	6.62	6.66	4.55	5.39	4.96	5.33	4.73	5.42	4.87
CAPEX, млрд ¥							1.09	0.7301	0.5436	0.8165	0.8165	1.32	1.46	1.07	2.51	2.86

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2007	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥			3.79	3.93	4.76	4.08	6	9.32	10.67	11.23	4.95	4.95
Short Term Investments ¥	0.00069
Total Receivables ¥			1.13	3.99	2.51	3.39	5.89	1.27	1.17	1.18	1.16	1.16
Total Current Assets ¥				8.41	8.68	8.96	14.11	17.53	16.73	17.92	11.08	11.08
Чистые активы, млрд ¥			24.22	28.13	31.8	38.13	44.5	40.97	39.37	41.97	13.87	17.92
Активы, млрд ¥			31.24	38.62	37.79	49.96	54.82	58.63	60.14	65.47	62.39	62.39
Short Term Debt ¥				1.95	2.58	6.51	4.54	3.47	3.52	2.02	4.99	4.99
Long Term Debt ¥			10.29	13.56	12.77	12.83	17.86	22.46	18.09	22.23	12.14	12.14
Задолженность, млрд ¥			12.98	17.64	18.52	29.63	29.07	32.63	33.25	31.97	25.06	25.06
Чистый долг, млрд ¥					10.59	15.27	16.41	16.61	10.94	13.02	12.18	12.18
Долг, млрд ¥				15.51	15.35	19.35	22.41	25.93	21.61	24.25	17.13	22.39
Interest income ¥				0.0554	0.1429	0.1683	0.1512	0.2165	0.2004	0.1641	0.1941
Расходы на обслуживание долга ¥						0.7889	1.03	0.6756	0.5863	0.8584	1.28	1.28
Чист. проц. доходы, млрд ¥				-0.1945	-0.278	-0.636	-0.8993	-0.5201	-0.4083	-0.7264	-1.09	0.1941
Goodwill ¥		0.0371	0.0394	0.0421	0.0396	0.0416	0.0423	0.0396	0.0386	0.0423	0.043
Себестоимость, млрд ¥			2.92	3.67	4.64	8.99	11.27	13.47	19.84	23.2	19.18	19.18
Товарно материальные запасы ¥			0.3259	0.3433	0.5191	1.02	1.21	1.17	1.34	1.42	1.31	1.31

	2019Q1	2019Q2	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥										11.59	10.43	11.23	7.13	5.11	4.84	4.95	4.66	6.24	4.03
Total Receivables ¥										5	5.45	4.89	1.85	4.71	1.7	1.16	1.54	1.47	1.25
Total Current Assets ¥										19.23	18.33	17.92	13.87	11.73	11.13	11.08	11.42	12.67	9.49
Чистые активы, млрд ¥					39.89	39.08	38.77	39.37	39.09	40.52	42.71	41.97	13.87	43.51
Активы, млрд ¥										64.32	66.16	65.47	61.25	61.4	61.49	62.39	63.57	67.32	65.91
Short Term Debt ¥										2.36	2.23	2.02	2.07	3.34	4.5	4.99	5.81	8.88	8.82
Long Term Debt ¥										23.77	22.85	22.23	17.07	16.1	14.01	12.14	11.88	11.65	10.88
Задолженность, млрд ¥										34.22	33.57	31.97	26.94	25.61	24.72	25.06	24.49	28.87	27.83
Чистый долг, млрд ¥										14.54	14.65	13.02	12.02	14.34	13.68	12.18	13.04	14.29	15.67
Долг, млрд ¥	22	22.18	23.98	22.41										19.45	18.52	17.13	17.69	20.53	19.7
Interest income ¥							0.0458	0.0552	0.0273	0.0337	0.0384	0.2635	0.0516	0.158	0.2553	0.343
Расходы на обслуживание долга ¥										0.1661	0.2454	0.3232	0.3214	0.3207	0.3056	0.3282	0.2853	0.2954	0.3248
Чист. проц. доходы, млрд ¥								-0.1148	-0.1229	-0.1238	0.0561	-0.5358	-0.3175	-0.2221	-0.1905	-0.3606	0.0329
Goodwill ¥							0.0392	0.0386	0.0387	0.0406	0.0429	0.0423	0.0417	0.0437	0.0435	0.043
Себестоимость, млрд ¥										5.98	6.38	6.39	4.33	5.14	4.66	5.05	4.46	5.14	4.58
Товарно материальные запасы ¥										1.79	1.62	1.42	1.18	1.19	1.19	1.31	1.35	1.38	1.24

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2014	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.0354	0.2397	0.3888	0.1924	0.2659	0.47	0.55	0.6259	0.5939			0.5939
Цена акции ао			4.39	3.69	8.26	5.65	4.1	5.59	5.88	6.41	6.26	6.26
Число акций ао, млн				6066.61	6066.61	6740.12	8107.84	8126.25	8143.81			8143.81
FCF/акцию				-0.3682	0.1147	0.9201	0.5031	0.529	0.5438			0.5438

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				0.2	0.12	0.13	0.14	0.2029	0.1213	0.1325	0.1689	0.1377	0.1071
Цена акции ао	4.45	4.37	4.21	5.63	7.03	6.89	6.89	6.22	6.23	6.13
FCF/акцию				0.1168	0.0963	0.2279	0.1654	0.1713	0.1124	0.0954	0.0895	-0.0264	-0.0681

	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, %	8.42	10.83	4.04	5.76	6.37	10.87	13.67	17.11	13.83			13.83	16.31
ROA, %	3.69	4.48	1.63	2.34	2.94	4.74	6	8.1	7.57			7.57	6.96
ROIC, %		7.46	5.75	5.22	6.11	7.95	11.02	13.79
ROS, %			10.08	10.68	11.08	15.37	14.78	17.12	18.69	18.69	18.69	18.69	18.11
ROCE, %		16.94	8.33	7.33	11.53	15.9	13.63	9.7
Рентаб EBITDA, %			41.81	31.27	31.24	31.81	30.23	30.91	22.79			30.91	45.92
Чистая рентаб, %	18.74	28.71	10.08	10.68	11.08	15.37	14.78	17.12	18.69			18.69	18.11
Operation Margin, %			15.1	8.24	12.55	21	15.06	18.67	21.83	21.83	21.83	21.83	29.40

	2019Q1	2019Q4	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %									5.35	3.04	3.69	3.31	5.02	2.9	3.07	3.8	3.03	2.33	16.31
ROA, %									2.46	1.48	1.86	1.83	2.69	1.61	1.74	2.18	1.71	1.31	6.96
ROIC, %	1.18	2.33											6.47	2.34	2.58	2.96	2.44	5.43
ROS, %									20.76	12.43	15.01	19.06	23.21	16.37	15.73	21.99	16.07	14.39	18.11
ROCE, %			-0.4211	1.36	1.99	1.92	8.47	5.06	4.67	3.82	4.21		3.13
Рентаб EBITDA, %				15.34	16.63	16.31	24.84	26.04	25.76	20.38	20.16	25.76	29.23						45.92
Чистая рентаб, %									20.76	12.43	15.01	19.06	23.21	16.37	15.73	21.99	16.07	14.39	18.11
Operation Margin, %									18.52	15.73	18.09	22.69	24.09	17.8	22.28	24.4	22.34	19.68	29.40

	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		15.99	24.95	11.43	9.21	8.93	9.85			9.85	12.28
P/BV		0.9177	1.56	1.22	1.24	1.36	1.28			1.28	1.31
P/S		1.71	2.76	1.76	1.36	1.53	1.84			1.84	1.98
P/FCF							10.89	10.57	10.57	10.57	-7.77
E/P							0.1087	0.1033	0.1033	0.1033	0.15
EV/EBITDA		9.92	12.46	8.41	5.99	6.37	8.75			6.44	6.30
EV/Ebit			19.08	11.69	12.06	10.66		0	0	0
EV/S			3.89	2.68	1.81	1.97	2.31	2.31	2.31	2.31	3.09
EV/FCF			81.42	7.8	10.83	13.6	13.51	13.51	13.51	13.51	-20.72
Debt/EBITDA	6.02	5.66	4.93	4.51	2.93	2.64	2.44	2.44	2.44	2.44	2.49
Netdebt/Ebitda	4.15	4.47	3.61	2.89	1.48	1.42	1.42	1.33	1.33	1.33	1.75
Debt/Ratio	0.4062	0.3873	0.4088	0.4422	0.3594	0.3705	0.2745	0.3588	0.3588	0.3588	0.26
Debt/Equity	1.01	0.9549	0.885	1.01	0.8186	0.7339	0.4643	1.25	1.25	1.25	1.10
Debt/Net Income	24.98	16.58	13.89	9.34	5.99	4.77	3.54	4.63	4.63	4.63	7.02
Бета							0.9283	-0.4567	-0.1698	-0.1698	0.18
Индекс Альтмана							2.42	2.55	2.55	2.55	1.90

	2019Q1	2019Q2	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E										8.61	10.65	9.06	11.61	9.47	10.5	9.84	12.31	15.12	14.72	12.28
P/BV										1.59	1.93	1.38	1.66	1.31	1.42	1.28	1.6	1.79	1.72	1.31
P/S										1.59	1.91	1.55	1.93	1.62	1.93	1.84	2.39	2.64	2.5	1.98
EV/EBITDA									8.85	8.67	9.73	8.71	10.26	8.98						6.30
EV/Ebit														36.16
EV/S														8.64	10.95	8.72	12.11	11.93	13.39	3.09
EV/FCF														44.11	72.14	76.99	103.89	-387.6	-146.29	-20.72
Debt/EBITDA														9.36						2.49
Netdebt/Ebitda					25.42	15.84	13.63	3.88	8.04	7.39	9.16	7.95	7.93	6.9						1.75
Debt/Ratio	0.4258	0.4239	0.4506	0.4088										0.3167	0.3012	0.2745	0.2783	0.3049	0.2989	0.26
Debt/Equity	1.09	1.09	1.13	0.885										0.5505	0.5106	0.4643	0.4612	0.5445	0.528	1.10
Debt/Net Income	78.16	115.21	96.44	25.16										11.79	18.75	15.88	12.87	18.3	22.59	7.02

	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	0.3289	0.6179	1.14	0.9022	1.3	1.24	1.32	2.82	2.82	1.88
Дивиденд	0.0108	0.055	0.0833	0.0292	0.0483	0.0833	0.124	0.11	0.19	0
Див доход, ао, %	0.1404	1.06	1.64	0.7632	0.989	1.35	2.57	2.2	5.18	0	1.93
Дивиденды / прибыль, %	28.51	35.72	186.11	77.31	80.89	44.66	36.44	33.12	58.25	58.25	75.09

	2013Q3	2015Q2	2016Q2	2017Q3	2018Q3	2019Q3	2020Q2	2021Q2	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									0.1372	1.12	0.3089	1.89	1.89	0.2919	0.3149	0.2841	0.2969	2.22
Дивиденд	0.005	0.0108	0.055	0.0833	0.0292	0.0483	0.0833	0.124		0.11			0.19
Див доход, ао, %	0.2289	0.116	1.1	1.62	0.8475	1.09	1.32	2.4		1.56			3.06						1.93
Дивиденды / прибыль, %									8.66	114.33	25.31	168.68	114.71	29.56	29.19	20.66	26.47	254.68	75.09

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	CAGR 5
ebit_margin	20.4	22.88	15.01	18.45
Персонал, чел					4577	4926

	2023Q2	CAGR 5
ebit_margin	23.89

	CAGR 5