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China Resources and Transportation Group

DB:ZP3C
Snowflake Description

Slightly overvalued with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ZP3C
DB
HK$74M
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

China Resources and Transportation Group Limited, an investment holding company, operates toll expressway in the People's Republic of China. The last earnings update was 94 days ago. More info.


Add to Portfolio Compare Print
  • China Resources and Transportation Group has significant price volatility in the past 3 months.
ZP3C Share Price and Events
7 Day Returns
0%
DB:ZP3C
6.6%
DE Infrastructure
7.3%
DE Market
1 Year Returns
0%
DB:ZP3C
-42.7%
DE Infrastructure
-17.7%
DE Market
ZP3C Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Resources and Transportation Group (ZP3C) 0% 0% 0% 0% -93.3% -99.5%
DE Infrastructure 6.6% -32.4% -48.6% -42.7% -41.2% -17.3%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • ZP3C outperformed the Infrastructure industry which returned -42.7% over the past year.
  • ZP3C outperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
ZP3C
Industry
5yr Volatility vs Market

Value

 Is China Resources and Transportation Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of China Resources and Transportation Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for China Resources and Transportation Group.

DB:ZP3C Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 11.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:ZP3C
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.728 (1 + (1- 25%) (21709.25%))
80.289
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 6.07%)
11.75%

Discounted Cash Flow Calculation for DB:ZP3C using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Resources and Transportation Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:ZP3C DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 11.75%)
2020 381.01 Est @ -13.87% 340.95
2021 343.58 Est @ -9.82% 275.13
2022 319.55 Est @ -6.99% 228.98
2023 303.53 Est @ -5.01% 194.63
2024 292.53 Est @ -3.63% 167.85
2025 284.76 Est @ -2.66% 146.21
2026 279.13 Est @ -1.98% 128.26
2027 274.95 Est @ -1.5% 113.05
2028 271.74 Est @ -1.17% 99.98
2029 269.20 Est @ -0.93% 88.63
Present value of next 10 years cash flows HK$1,783.00
DB:ZP3C DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= HK$269.20 × (1 + -0.39%) ÷ (11.75% – -0.39%)
HK$2,208.81
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$2,208.81 ÷ (1 + 11.75%)10
HK$727.25
DB:ZP3C Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$1,783.00 + HK$727.25
HK$2,510.25
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$2,510.25 / 7,442.40
HK$0.34
DB:ZP3C Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:ZP3C represents 0.1x of SEHK:269
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.1x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 0.34 x 0.1
€0.03
Value per share (EUR) From above. €0.03
Current discount Discount to share price of €0.00
= -1 x (€0.00 - €0.03) / €0.03
97%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price China Resources and Transportation Group is available for.
Intrinsic value
>50%
Share price is €0.001 vs Future cash flow value of €0.03373
Current Discount Checks
For China Resources and Transportation Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Resources and Transportation Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Resources and Transportation Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for China Resources and Transportation Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Resources and Transportation Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:ZP3C PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in HKD HK$-0.14
SEHK:269 Share Price ** SEHK (2020-02-18) in HKD HK$0.01
Europe Infrastructure Industry PE Ratio Median Figure of 38 Publicly-Listed Infrastructure Companies 11.07x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of China Resources and Transportation Group.

DB:ZP3C PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:269 Share Price ÷ EPS (both in HKD)

= 0.01 ÷ -0.14

-0.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Resources and Transportation Group is loss making, we can't compare its value to the Europe Infrastructure industry average.
  • China Resources and Transportation Group is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does China Resources and Transportation Group's expected growth come at a high price?
Raw Data
DB:ZP3C PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -0.07x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Infrastructure Industry PEG Ratio Median Figure of 18 Publicly-Listed Infrastructure Companies 1.18x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for China Resources and Transportation Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on China Resources and Transportation Group's assets?
Raw Data
DB:ZP3C PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in HKD HK$-0.61
SEHK:269 Share Price * SEHK (2020-02-18) in HKD HK$0.01
Germany Infrastructure Industry PB Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 0.96x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:ZP3C PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:269 Share Price ÷ Book Value per Share (both in HKD)

= 0.01 ÷ -0.61

-0.02x

* Primary Listing of China Resources and Transportation Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Resources and Transportation Group has negative assets, we can't compare the value of its assets to the DE Infrastructure industry average.
X
Value checks
We assess China Resources and Transportation Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. China Resources and Transportation Group has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is China Resources and Transportation Group expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as China Resources and Transportation Group has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.7%
Expected Infrastructure industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Resources and Transportation Group expected to grow at an attractive rate?
  • Unable to compare China Resources and Transportation Group's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare China Resources and Transportation Group's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare China Resources and Transportation Group's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:ZP3C Future Growth Rates Data Sources
Data Point Source Value (per year)
Europe Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 4.7%
Europe Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:ZP3C Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:ZP3C Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2019-09-30 808 538 -1,052
2019-06-30 837 587 -1,062
2019-03-31 867 636 -1,072
2018-12-31 868 585 -1,227
2018-09-30 868 533 -1,382
2018-06-30 845 559 -1,333
2018-03-31 822 584 -1,285
2017-12-31 752 653 -1,416
2017-09-30 682 721 -1,546
2017-06-30 705 561 -1,611
2017-03-31 728 402 -1,676
2016-12-31 933 386 -2,485

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if China Resources and Transportation Group is high growth as no earnings estimate data is available.
  • Unable to determine if China Resources and Transportation Group is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:ZP3C Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from China Resources and Transportation Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ZP3C Past Financials Data
Date (Data in HKD Millions) EPS *
2019-09-30 -0.14
2019-06-30 -0.14
2019-03-31 -0.14
2018-12-31 -0.17
2018-09-30 -0.19
2018-06-30 -0.18
2018-03-31 -0.17
2017-12-31 -0.20
2017-09-30 -0.22
2017-06-30 -0.23
2017-03-31 -0.25
2016-12-31 -0.40

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if China Resources and Transportation Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Take a look at our analysis of ZP3C’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. China Resources and Transportation Group's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Transportation companies here
  3. China Resources and Transportation Group's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess China Resources and Transportation Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
China Resources and Transportation Group has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has China Resources and Transportation Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare China Resources and Transportation Group's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • China Resources and Transportation Group does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare China Resources and Transportation Group's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare China Resources and Transportation Group's 1-year growth to the Europe Infrastructure industry average as it is not currently profitable.
Earnings and Revenue History
China Resources and Transportation Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from China Resources and Transportation Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ZP3C Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 807.51 -1,051.90 238.93
2019-06-30 837.44 -1,062.16 217.29
2019-03-31 867.38 -1,072.41 195.65
2018-12-31 867.82 -1,227.14 248.20
2018-09-30 868.25 -1,381.86 300.76
2018-06-30 845.17 -1,333.40 304.85
2018-03-31 822.09 -1,284.93 308.94
2017-12-31 751.81 -1,415.60 285.25
2017-09-30 681.54 -1,546.27 261.56
2017-06-30 704.58 -1,611.23 263.30
2017-03-31 727.62 -1,676.20 265.03
2016-12-31 933.29 -2,484.67 219.72
2016-09-30 1,138.96 -3,293.13 174.40
2016-06-30 1,680.26 -3,374.57 222.44
2016-03-31 2,221.56 -3,456.01 270.48
2015-12-31 3,177.80 -2,653.69 281.61
2015-09-30 4,134.04 -1,851.79 292.75
2015-06-30 4,575.30 -1,808.85 274.43
2015-03-31 5,016.55 -1,765.90 256.11
2014-12-31 4,947.59 -1,500.82 274.46
2014-09-30 4,878.62 -1,235.74 292.81
2014-06-30 6,732.17 -954.18 278.09
2014-03-31 8,585.72 -672.63 263.37
2013-12-31 8,353.65 -454.79 187.56
2013-09-30 8,121.59 -236.95 111.75
2013-06-30 6,345.58 -236.18 138.01
2013-03-31 4,569.57 -235.40 164.28

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if China Resources and Transportation Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
  • It is difficult to establish if China Resources and Transportation Group has efficiently used its assets last year compared to the Europe Infrastructure industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if China Resources and Transportation Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess China Resources and Transportation Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
China Resources and Transportation Group has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is China Resources and Transportation Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up China Resources and Transportation Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Resources and Transportation Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • China Resources and Transportation Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of China Resources and Transportation Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • China Resources and Transportation Group has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from China Resources and Transportation Group Company Filings, last reported 6 months ago.

DB:ZP3C Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 -4,602.20 16,132.47 62.08
2019-06-30 -4,602.20 16,132.47 62.08
2019-03-31 -3,912.83 16,492.10 44.48
2018-12-31 -3,912.83 16,492.10 44.48
2018-09-30 -3,102.98 16,216.74 63.47
2018-06-30 -3,102.98 16,216.74 63.47
2018-03-31 -2,576.62 17,363.27 39.47
2017-12-31 -2,576.62 17,363.27 39.47
2017-09-30 -1,930.23 16,662.79 63.07
2017-06-30 -1,930.23 16,662.79 63.07
2017-03-31 -1,596.43 16,323.21 53.74
2016-12-31 -1,596.43 16,323.21 53.74
2016-09-30 -460.91 16,537.46 109.06
2016-06-30 -460.91 16,537.46 109.06
2016-03-31 209.78 16,617.73 116.23
2015-12-31 210.32 16,617.73 116.23
2015-09-30 2,266.69 17,625.33 81.49
2015-06-30 2,266.69 17,625.33 81.49
2015-03-31 3,123.02 18,693.48 361.69
2014-12-31 3,123.02 18,693.48 361.69
2014-09-30 4,299.50 18,227.10 942.21
2014-06-30 4,299.50 18,227.10 942.21
2014-03-31 5,110.88 17,203.72 1,765.43
2013-12-31 5,110.88 17,203.72 1,765.43
2013-09-30 5,093.06 15,582.78 2,904.15
2013-06-30 5,093.06 15,582.78 2,904.15
2013-03-31 5,114.40 9,625.82 2,039.22
  • China Resources and Transportation Group has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
  • Irrelevant to check if China Resources and Transportation Group's debt level has increased considering it has negative shareholder equity.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making China Resources and Transportation Group has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making China Resources and Transportation Group has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -72.9% per year.
X
Financial health checks
We assess China Resources and Transportation Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. China Resources and Transportation Group has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is China Resources and Transportation Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from China Resources and Transportation Group dividends.
If you bought €2,000 of China Resources and Transportation Group shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate China Resources and Transportation Group's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate China Resources and Transportation Group's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:ZP3C Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Europe Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 6.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:ZP3C Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2009-12-30 0.000 0.000
2009-07-17 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as China Resources and Transportation Group has not reported any payouts.
  • Unable to verify if China Resources and Transportation Group's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of China Resources and Transportation Group's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as China Resources and Transportation Group has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess China Resources and Transportation Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can China Resources and Transportation Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Resources and Transportation Group has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of China Resources and Transportation Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Zhiping Gao
COMPENSATION HK$786,000
AGE 57
TENURE AS CEO 0.3 years
CEO Bio

Mr. Zhiping Gao serves as Chief Executive Officer at China Resources and Transportation Group Limited since December 13, 2019. He served as General Manager at Inner Mongolia Zhunxing Heavy Haul Expressway Company Limited since October 2010 until February 2014. Since February 2014, he has served as the chairman of the board of directors of Zhunxing. Mr. Gao served in various departments in the local administrative office of Nanyang Prefecture in Henan as Secretary of Finance office as well as the Chief Officer of the Finance office of Nanyang city government from 1979 to 1994. From October 1980 to December 1994, he served various departments in the government. He was Deputy General Manager from September 2008 to April 2010 and the secretary of party committee from October 2008 to March 2010 of Nanyang Yahekou Electricity Company Limited. He was positioned as the Deputy General Manager and the Secretary of the party committees of Nanyang YaHeKou Electricity Company Limited and Nanyang Tianyi Power Generation Co., Ltd from 1994 to 2009. He served as the Deputy General Manager of Tianjin Hangfa (Jinji) Expressway Company Limited and the Chairman of Nan Yang WDX Expressway Construction Co., Ltd. in 2010. He has been an Executive Director of China Resources and Transportation Group Limited since June 17, 2013. Mr. Gao has graduated from China Europe International Business School with a Master of Business Administration in November 2004 and and was accredited as a senior economist by the Technology Committee of Henan Province in December 1998 and by the State Grid Corporation of China in December 2005. He has received the awards of Distinctive Young Enterprise Management Personnel from Henan Provincial Young Entrepreneurs Association in April 1999, Distinctive Pilot Project Construction Personnel of Henan Province and Model Worker of Henan Province from the People’s Government of Henan Province in February 2008 and April 2009, respectively.

CEO Compensation
  • Zhiping's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Zhiping's remuneration is lower than average for companies of similar size in Germany.
Management Team

Zhong Cao

TITLE
Chairman
COMPENSATION
HK$68K
AGE
59

Zhiping Gao

TITLE
CEO & Executive Director
COMPENSATION
HK$786K
AGE
57
TENURE
0.3 yrs

Tsun Pong Fung

TITLE
Vice Chairman
COMPENSATION
HK$1M
AGE
59

David Tsang

TITLE
Finance Director & Executive Director
COMPENSATION
HK$3M
AGE
62

Jingquan Duan

TITLE
Executive Director
COMPENSATION
HK$18K
AGE
63

Tao Jiang

TITLE
Executive Director
COMPENSATION
HK$18K
AGE
39
TENURE
0.3 yrs

Sharon Ngan

TITLE
Company Secretary

Jin Mei Feng

TITLE
Chief Executive Officer of Jaling Forest Industries Inc
Board of Directors Tenure

Average tenure and age of the China Resources and Transportation Group board of directors in years:

8.8
Average Tenure
58.5
Average Age
  • The tenure for the China Resources and Transportation Group board of directors is about average.
Board of Directors

Zhong Cao

TITLE
Chairman
COMPENSATION
HK$68K
AGE
59
TENURE
9.3 yrs

Zhiping Gao

TITLE
CEO & Executive Director
COMPENSATION
HK$786K
AGE
57
TENURE
6.8 yrs

Tsun Pong Fung

TITLE
Vice Chairman
COMPENSATION
HK$1M
AGE
59
TENURE
9.3 yrs

David Tsang

TITLE
Finance Director & Executive Director
COMPENSATION
HK$3M
AGE
62
TENURE
16 yrs

Jingquan Duan

TITLE
Executive Director
COMPENSATION
HK$18K
AGE
63
TENURE
8.3 yrs

Tao Jiang

TITLE
Executive Director
COMPENSATION
HK$18K
AGE
39
TENURE
3.6 yrs

Chu Hoi Chan

TITLE
Independent Non Executive Director
AGE
58
TENURE
0.3 yrs

Baoli Jing

TITLE
Independent & Non-Executive Director
COMPENSATION
HK$120K
AGE
54
TENURE
14 yrs

Liang Ming Bao

TITLE
Independent & Non-Executive Director
COMPENSATION
HK$120K
AGE
63
TENURE
13 yrs

Stephen Suo

TITLE
Non-Executive Director
COMPENSATION
HK$120K
AGE
47
TENURE
5.7 yrs
Who owns this company?
Recent Insider Trading
  • China Resources and Transportation Group individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
24. Jan 20 Sell Zhong Cao Individual 21. Jan 20 21. Jan 20 -11,015,000 €0.00 €-13,282
20. Jan 20 Sell Tsun Pong Fung Individual 20. Jan 20 20. Jan 20 -248,472,488 €0.00 €-306,029
17. Jan 20 Sell Tsun Pong Fung Individual 17. Jan 20 17. Jan 20 -11,620,000 €0.00 €-17,400
16. Jan 20 Sell Tsun Pong Fung Individual 16. Jan 20 16. Jan 20 -114,200,000 €0.00 €-176,858
15. Jan 20 Sell Tsun Pong Fung Individual 14. Jan 20 14. Jan 20 -9,000,000 €0.00 €-20,808
13. Jan 20 Sell Tsun Pong Fung Individual 10. Jan 20 10. Jan 20 -53,765,000 €0.00 €-252,234
10. Jan 20 Sell Tsun Pong Fung Individual 09. Jan 20 09. Jan 20 -23,380,000 €0.00 €-90,591
09. Jan 20 Sell Tsun Pong Fung Individual 08. Jan 20 08. Jan 20 -11,760,000 €0.00 €-39,876
08. Jan 20 Sell Tsun Pong Fung Individual 07. Jan 20 07. Jan 20 -21,460,000 €0.00 €-62,193
07. Jan 20 Sell Tsun Pong Fung Individual 06. Jan 20 06. Jan 20 -19,500,000 €0.00 €-56,326
03. Jan 20 Sell Tsun Pong Fung Individual 03. Jan 20 03. Jan 20 -10,000,000 €0.00 €-31,182
02. Jan 20 Sell Tsun Pong Fung Individual 02. Jan 20 02. Jan 20 -3,800,000 €0.00 €-12,041
31. Dec 19 Sell Tsun Pong Fung Individual 31. Dec 19 31. Dec 19 -18,630,000 €0.00 €-58,187
31. Dec 19 Sell Tsun Pong Fung Individual 30. Dec 19 30. Dec 19 -4,000,000 €0.00 €-13,740
09. Dec 19 Sell Tsun Pong Fung Individual 09. Dec 19 09. Dec 19 -6,100,000 €0.00 €-21,112
04. Dec 19 Sell Tsun Pong Fung Individual 04. Dec 19 04. Dec 19 -5,000,000 €0.00 €-17,278
05. Dec 19 Sell Tsun Pong Fung Individual 05. Dec 19 05. Dec 19 -6,000,000 €0.00 €-20,707
28. Nov 19 Sell Tsun Pong Fung Individual 28. Nov 19 28. Nov 19 -1,500,000 €0.00 €-5,399
27. Nov 19 Sell Tsun Pong Fung Individual 27. Nov 19 27. Nov 19 -13,020,000 €0.00 €-46,135
26. Nov 19 Sell Tsun Pong Fung Individual 26. Nov 19 26. Nov 19 -13,620,000 €0.00 €-54,168
25. Nov 19 Sell Tsun Pong Fung Individual 25. Nov 19 25. Nov 19 -15,390,000 €0.00 €-59,486
22. Nov 19 Sell Tsun Pong Fung Individual 22. Nov 19 22. Nov 19 -4,260,000 €0.00 €-17,329
21. Nov 19 Sell Tsun Pong Fung Individual 21. Nov 19 21. Nov 19 -4,850,000 €0.00 €-19,331
01. Aug 19 Buy Siu Hang Mak Individual 29. Jul 19 29. Jul 19 230,000,000 €0.00 €977,456
29. Jul 19 Sell Chung Kiu Cheung Individual 29. Jul 19 29. Jul 19 -230,000,000 €0.00 €-977,456
03. Jul 19 Buy Tsun Pong Fung Individual 03. Jul 19 03. Jul 19 155,000 €0.00 €705
02. Jul 19 Sell Tsun Pong Fung Individual 02. Jul 19 02. Jul 19 -115,000 €0.00 €-522
28. Jun 19 Sell Tsun Pong Fung Individual 28. Jun 19 28. Jun 19 -345,000 €0.00 €-1,557
27. Jun 19 Sell Tsun Pong Fung Individual 27. Jun 19 27. Jun 19 -2,000,000 €0.00 €-9,007
25. Jun 19 Sell Tsun Pong Fung Individual 25. Jun 19 25. Jun 19 -3,700,000 €0.00 €-16,686
26. Jun 19 Sell Tsun Pong Fung Individual 26. Jun 19 26. Jun 19 -1,750,000 €0.00 €-7,878
24. Jun 19 Sell Tsun Pong Fung Individual 24. Jun 19 24. Jun 19 -400,000 €0.00 €-1,797
21. Jun 19 Sell Tsun Pong Fung Individual 21. Jun 19 21. Jun 19 -340,000 €0.00 €-1,538
20. Jun 19 Sell Tsun Pong Fung Individual 20. Jun 19 20. Jun 19 -3,735,000 €0.00 €-16,999
30. Apr 19 Sell Tsun Pong Fung Individual 30. Apr 19 30. Apr 19 -1,350,000 €0.00 €-6,142
29. Apr 19 Sell Tsun Pong Fung Individual 29. Apr 19 29. Apr 19 -1,950,000 €0.00 €-9,015
29. Apr 19 Sell Tsun Pong Fung Individual 26. Apr 19 26. Apr 19 -1,000,000 €0.00 €-4,569
26. Apr 19 Sell Tsun Pong Fung Individual 25. Apr 19 25. Apr 19 -6,505,000 €0.00 €-29,855
25. Apr 19 Sell Tsun Pong Fung Individual 24. Apr 19 24. Apr 19 -3,520,000 €0.00 €-16,163
24. Apr 19 Sell Tsun Pong Fung Individual 23. Apr 19 23. Apr 19 -6,500,000 €0.00 €-29,728
23. Apr 19 Sell Tsun Pong Fung Individual 18. Apr 19 18. Apr 19 -5,100,000 €0.00 €-23,247
10. Apr 19 Sell Tsun Pong Fung Individual 09. Apr 19 09. Apr 19 -1,750,000 €0.01 €-8,930
X
Management checks
We assess China Resources and Transportation Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. China Resources and Transportation Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

China Resources and Transportation Group Limited, an investment holding company, operates toll expressway in the People's Republic of China. The company operates through three segments: Expressway Operations, Petroleum Business, and Others. It operates heavy haul toll expressway designed primarily for coal transportation in the Inner Mongolia Province that runs from the Jungar Banner to Xinghe County. The Expressway Operations segment is involved in the operation, management, maintenance, and auxiliary facility investment of Zhunxing Expressway. The Petroleum Business segment trades in petroleum and related products; and constructs and operates compressed natural gas stations. The Others segment engages in the plantation and sale of timber logs from tree plantation area and outside suppliers; plantation and trade of seedlings; production and sale of refined plant oil; growing and sale of agricultural and forage products; and operation of solar power station. The company also offers investment and asset management, timber logging, tree plantation, and cold storage warehouse leasing services; and sells furniture and handicrafts. China Resources and Transportation Group Limited is headquartered in Kwun Tong, Hong Kong.

Details
Name: China Resources and Transportation Group Limited
ZP3C
Exchange: DB
Founded:
HK$8,659,352
7,442,395,970
Website: http://www.crtg.com.hk
Address: China Resources and Transportation Group Limited
Tower 1,
Unit Nos. 11-12, Level 10,
Kwun Tong,
Kowloon, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 269 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 02. Jan 1992
DB ZP3C Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
494
China Resources and Transportation Group employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 22:39
End of day share price update: 2020/02/18 00:00
Last earnings filing: 2019/12/27
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.