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COSCO SHIPPING Ports

SEHK:1199
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1199
SEHK
HK$20B
Market Cap
  1. Home
  2. HK
  3. Transportation
Company description

COSCO SHIPPING Ports Limited, an investment holding company, engages in managing and operating terminals and related other businesses in Mainland China, Southeast Asia, the Middle East, Europe, and the Mediterranean. The last earnings update was 37 days ago. More info.


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1199 Share Price and Events
7 Day Returns
-1.9%
SEHK:1199
-1.1%
HK Infrastructure
-2.7%
HK Market
1 Year Returns
-17.7%
SEHK:1199
-5.7%
HK Infrastructure
-5.6%
HK Market
1199 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
COSCO SHIPPING Ports (1199) -1.9% -1.1% -8.1% -17.7% -21.3% -40.8%
HK Infrastructure -1.1% -1.1% 1.7% -5.7% -10% -16.8%
HK Market -2.7% -4.6% -1% -5.6% 4.1% -4%
1 Year Return vs Industry and Market
  • 1199 underperformed the Infrastructure industry which returned -5.7% over the past year.
  • 1199 underperformed the Market in Hong Kong which returned -5.6% over the past year.
Price Volatility
1199
Industry
5yr Volatility vs Market

Value

 Is COSCO SHIPPING Ports 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 COSCO SHIPPING Ports 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 COSCO SHIPPING Ports.

SEHK:1199 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-09-30) in USD $ 0.04375037037037
Payout Ratio Company Filings (2019-09-30) 1766.5%
Discount Rate (Cost of Equity) See below 9.6%
Perpetual Growth Rate 10-Year HK Government Bond Rate 1.6%

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 SEHK:1199
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 1.6%
Equity Risk Premium S&P Global 6.1%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.897 (1 + (1- 25%) (144.73%))
1.332
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.33
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.55% + (1.332 * 6.07%)
9.64%

Discounted Cash Flow Calculation for SEHK:1199 using Dividend Discount Model Model

The calculations below outline how an intrinsic value for COSCO SHIPPING Ports is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

SEHK:1199 Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= $0.04 / (9.64% - 1.55%)
$4.24
SEHK:1199 Discount to Share Price
Calculation Result
Exchange Rate USD/HKD
(Reporting currency to currency of SEHK:1199)
7.829
Value per Share
(HKD)
= Value per Share in USD x Exchange Rate (USD/HKD)
= $0.54 x 7.829
HK$4.24
Value per share (HKD) From above. HK$4.24
Current discount Discount to share price of HK$6.23
= -1 x (HK$6.23 - HK$4.24) / HK$4.24
-47.1%

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

  • The current share price of COSCO SHIPPING Ports is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 COSCO SHIPPING Ports's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are COSCO SHIPPING Ports's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1199 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $0.10
SEHK:1199 Share Price ** SEHK (2019-12-05) in HKD HK$6.23
SEHK:1199 Share Price converted to USD reporting currency Exchange rate (HKD/ USD) 0.128 $0.8
Hong Kong Infrastructure Industry PE Ratio Median Figure of 25 Publicly-Listed Infrastructure Companies 8.37x
Hong Kong Market PE Ratio Median Figure of 1,469 Publicly-Listed Companies 10.13x

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

** Primary Listing of COSCO SHIPPING Ports.

SEHK:1199 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1199 Share Price ÷ EPS (both in USD)

= 0.8 ÷ 0.10

8.27x

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

  • COSCO SHIPPING Ports is good value based on earnings compared to the HK Infrastructure industry average.
  • COSCO SHIPPING Ports is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does COSCO SHIPPING Ports's expected growth come at a high price?
Raw Data
SEHK:1199 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.27x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
5.7%per year
Hong Kong Infrastructure Industry PEG Ratio Median Figure of 12 Publicly-Listed Infrastructure Companies 1.09x
Hong Kong Market PEG Ratio Median Figure of 480 Publicly-Listed Companies 0.72x

*Line of best fit is calculated by linear regression .

SEHK:1199 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.27x ÷ 5.7%

1.44x

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

  • COSCO SHIPPING Ports is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on COSCO SHIPPING Ports's assets?
Raw Data
SEHK:1199 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $1.54
SEHK:1199 Share Price * SEHK (2019-12-05) in HKD HK$6.23
SEHK:1199 Share Price converted to USD reporting currency Exchange rate (HKD/ USD) 0.128 $0.8
Hong Kong Infrastructure Industry PB Ratio Median Figure of 28 Publicly-Listed Infrastructure Companies 0.67x
Hong Kong Market PB Ratio Median Figure of 2,202 Publicly-Listed Companies 0.81x
SEHK:1199 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1199 Share Price ÷ Book Value per Share (both in USD)

= 0.8 ÷ 1.54

0.52x

* Primary Listing of COSCO SHIPPING Ports.

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

  • COSCO SHIPPING Ports is good value based on assets compared to the HK Infrastructure industry average.
X
Value checks
We assess COSCO SHIPPING Ports'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. COSCO SHIPPING Ports has a total score of 3/6, 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 COSCO SHIPPING Ports expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

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
5.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is COSCO SHIPPING Ports expected to grow at an attractive rate?
  • COSCO SHIPPING Ports's earnings growth is expected to exceed the low risk savings rate of 1.6%.
Growth vs Market Checks
  • COSCO SHIPPING Ports's earnings growth is positive but not above the Hong Kong market average.
  • COSCO SHIPPING Ports's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:1199 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1199 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 5.7%
SEHK:1199 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 8.6%
Hong Kong Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 3.4%
Hong Kong Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 8.5%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 9.8%

*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
SEHK:1199 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1199 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,251 385 366 7
2020-12-31 1,156 409 346 10
2019-12-31 1,059 434 331 9
2019-12-05
SEHK:1199 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 1,025 300
2019-06-30 1,023 286 303
2019-03-31 1,010 305
2018-12-31 1,000 266 325
2018-09-30 952 305
2018-06-30 854 268 297
2018-03-31 745 544
2017-12-31 635 253 512
2017-09-30 569 483
2017-06-30 557 203 460
2017-03-31 556 176
2016-12-31 556 301 180

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • COSCO SHIPPING Ports's earnings are expected to grow by 5.7% yearly, however this is not considered high growth (20% yearly).
  • COSCO SHIPPING Ports's revenue is expected to grow by 8.6% yearly, however this is not considered high growth (20% yearly).
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
SEHK:1199 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from COSCO SHIPPING Ports Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1199 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.12 0.13 0.11 6.00
2020-12-31 0.11 0.12 0.10 8.00
2019-12-31 0.11 0.12 0.09 8.00
2019-12-05
SEHK:1199 Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 0.10
2019-06-30 0.10
2019-03-31 0.10
2018-12-31 0.11
2018-09-30 0.10
2018-06-30 0.10
2018-03-31 0.18
2017-12-31 0.17
2017-09-30 0.16
2017-06-30 0.15
2017-03-31 0.06
2016-12-31 0.06

*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.
  • COSCO SHIPPING Ports is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess COSCO SHIPPING Ports'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 Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong 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.
COSCO SHIPPING Ports has a total score of 1/6, 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 COSCO SHIPPING Ports 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 COSCO SHIPPING Ports'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.
  • COSCO SHIPPING Ports's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • COSCO SHIPPING Ports's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • COSCO SHIPPING Ports's 1-year earnings growth is negative, it can't be compared to the HK Infrastructure industry average.
Earnings and Revenue History
COSCO SHIPPING Ports'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 COSCO SHIPPING Ports Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1199 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 1,024.52 300.11 114.12
2019-06-30 1,022.81 303.39 107.56
2019-03-31 1,010.12 305.28 112.99
2018-12-31 1,000.35 324.58 110.87
2018-09-30 951.79 304.64 132.47
2018-06-30 854.39 296.73 133.82
2018-03-31 744.82 544.12 122.64
2017-12-31 634.71 512.45 111.70
2017-09-30 568.63 483.08 95.47
2017-06-30 557.17 459.80 81.86
2017-03-31 555.54 175.53 83.07
2016-12-31 556.38 180.48 84.87
2016-09-30 801.28 245.82 83.99
2016-06-30 548.66 234.22 73.86
2016-03-31 795.16 287.55 82.04
2015-12-31 550.22 265.29 66.22
2015-09-30 818.02 297.93 90.42
2015-06-30 706.47 282.44 83.67
2015-03-31 852.45 305.41 93.03
2014-12-31 870.09 292.76 93.20
2014-09-30 856.61 295.96 92.52
2014-06-30 843.59 289.17 92.44
2014-03-31 819.98 290.17 88.19
2013-12-31 798.63 286.21 90.06
2013-09-30 783.54 340.44 91.21
2013-06-30 763.34 274.95 91.14
2013-03-31 752.59 331.10 90.78
2012-12-31 735.50 280.30 91.92

*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.
  • COSCO SHIPPING Ports has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • COSCO SHIPPING Ports used its assets less efficiently than the HK Infrastructure industry average last year based on Return on Assets.
  • COSCO SHIPPING Ports's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess COSCO SHIPPING Ports'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.
COSCO SHIPPING Ports has a total score of 1/6, 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 COSCO SHIPPING Ports'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 COSCO SHIPPING Ports's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • COSCO SHIPPING Ports is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • COSCO SHIPPING Ports's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of COSCO SHIPPING Ports'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.5x debt.
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 COSCO SHIPPING Ports Company Filings, last reported 2 months ago.

SEHK:1199 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 5,615.64 2,941.57 1,081.53
2019-06-30 5,726.55 2,710.80 577.51
2019-03-31 5,864.99 2,538.90 562.86
2018-12-31 5,819.65 2,676.91 551.77
2018-09-30 5,725.69 2,433.83 671.92
2018-06-30 5,880.61 2,540.45 582.03
2018-03-31 6,100.86 2,428.97 552.98
2017-12-31 5,845.37 2,564.75 573.36
2017-09-30 5,568.35 1,959.69 800.80
2017-06-30 5,414.10 1,633.16 344.77
2017-03-31 4,918.37 1,432.02 717.14
2016-12-31 4,765.80 1,710.91 847.68
2016-09-30 4,819.33 1,665.44 837.69
2016-06-30 4,838.21 1,616.43 942.93
2016-03-31 4,940.55 1,501.87 1,135.83
2015-12-31 6,267.08 2,271.31 989.27
2015-09-30 5,047.08 1,787.57 975.61
2015-06-30 5,159.45 2,001.73 1,052.85
2015-03-31 5,107.85 1,887.07 1,014.63
2014-12-31 5,058.66 2,098.09 1,131.71
2014-09-30 4,986.69 2,077.64 1,141.06
2014-06-30 4,931.30 2,216.74 929.16
2014-03-31 4,894.95 2,104.18 940.02
2013-12-31 4,843.49 2,277.10 1,237.40
2013-09-30 4,602.76 2,590.98 1,805.96
2013-06-30 4,696.75 3,099.75 1,680.51
2013-03-31 4,297.58 3,068.90 1,102.45
2012-12-31 4,217.39 2,844.17 856.99
  • COSCO SHIPPING Ports's level of debt (52.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (41.7% vs 52.4% today).
  • Debt is not well covered by operating cash flow (9.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.6x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess COSCO SHIPPING Ports'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. COSCO SHIPPING Ports has a total score of 1/6, 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 COSCO SHIPPING Ports'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
5.32%
Current annual income from COSCO SHIPPING Ports dividends. Estimated to be 5.5% next year.
If you bought HK$2,000 of COSCO SHIPPING Ports shares you are expected to receive HK$106 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?
  • COSCO SHIPPING Ports's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.26%).
  • COSCO SHIPPING Ports's dividend is below the markets top 25% of dividend payers in Hong Kong (6.35%).
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
SEHK:1199 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 10 Analyst Estimates (S&P Global) See Below
Hong Kong Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 5.3%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 963 Stocks 3.8%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.3%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.3%
Hong Kong Top 25% Dividend Yield 75th Percentile 6.3%

Industry and Market average data is calculated daily.

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

SEHK:1199 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.05 7.00
2020-12-31 0.04 10.00
2019-12-31 0.04 10.00
2019-12-05
SEHK:1199 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-28 0.042 4.738
2018-10-29 0.044 4.346
2018-08-27 0.044 4.296
2018-05-17 0.030 3.265
2018-04-13 0.030 3.491
2018-03-26 0.030 3.489
2017-04-12 0.033 3.060
2017-03-28 0.033 3.033
2016-04-14 0.052 4.985
2016-03-29 0.052 4.260
2015-03-24 0.040 3.198
2014-09-26 0.039 2.842
2014-04-08 0.043 3.100
2014-03-25 0.043 3.333
2013-04-16 0.050 3.606
2013-03-26 0.050 3.604
2012-09-14 0.026 1.782
2012-04-16 0.057 4.382
2012-03-27 0.057 3.923
2011-10-26 0.070 5.261
2011-09-14 0.070 5.962
2011-08-24 0.070 5.467
2011-04-08 0.042 2.458
2011-03-23 0.042 2.240
2010-09-13 0.030 1.735
2010-03-30 0.031 2.345
2009-04-09 0.049 3.584

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of COSCO SHIPPING Ports's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess COSCO SHIPPING Ports's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 COSCO SHIPPING Ports afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. COSCO SHIPPING Ports has a total score of 3/6, 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 COSCO SHIPPING Ports'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
Dayu Zhang
AGE 46
TENURE AS CEO 0.3 years
CEO Bio

Mr. Dayu Zhang serves as Executive Director and Managing Director of COSCO SHIPPING Ports Limited since September 13, 2019. Mr. Zhang was the Deputy Managing Director of COSCO SHIPPING Ports Limited from April 2016 until September 2019. Mr. Zhang serves as a Deputy General Manager of China Shipping Ports Development Co., Ltd. He was the Managing Director of China Shipping Malta Agency Co., Ltd. and the Managing Director of China Shipping Egypt Co., Ltd., the Deputy General Manager of Container Control Division of China Shipping Container Lines Company Limited and General Manager of Overseas Business Department and Assistant General Manager of China Shipping Ports Development Co., Ltd. Mr. Zhang graduated from Shanghai Maritime University with Marine Navigation major.

CEO Compensation
  • Insufficient data for Dayu to compare compensation growth.
  • Insufficient data for Dayu to establish whether their remuneration is reasonable compared to companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the COSCO SHIPPING Ports management team in years:

3.9
Average Tenure
57
Average Age
  • The tenure for the COSCO SHIPPING Ports management team is about average.
Management Team

Kelvin Wong

TITLE
Deputy MD & Executive Director
COMPENSATION
$487K
AGE
59
TENURE
23.4 yrs

Huangjun Deng

TITLE
Deputy MD & Executive Director
COMPENSATION
$377K
AGE
55
TENURE
4.2 yrs

Boming Feng

TITLE
Chairman of the Board
COMPENSATION
$4K
AGE
50
TENURE
0.3 yrs

Dayu Zhang

TITLE
MD & Executive Director
AGE
46
TENURE
0.3 yrs

Michelle Hung

TITLE
General Counsel & Company Secretary
AGE
49
TENURE
23.1 yrs

Fusheng Zhang

TITLE
EVP - China Ocean Shipping (Group) Company and Director of COSCO Container Lines Company Ltd
COMPENSATION
$8K
AGE
68

Xiaomin Zeng

TITLE
Deputy Managing Director
AGE
59
TENURE
3.7 yrs

Futian Wang

TITLE
President of COSCO Hong Kong
COMPENSATION
$8K
AGE
68
Board of Directors Tenure

Average tenure and age of the COSCO SHIPPING Ports board of directors in years:

6.3
Average Tenure
57
Average Age
  • The tenure for the COSCO SHIPPING Ports board of directors is about average.
Board of Directors

Kelvin Wong

TITLE
Deputy MD & Executive Director
COMPENSATION
$487K
AGE
59
TENURE
23.4 yrs

Huangjun Deng

TITLE
Deputy MD & Executive Director
COMPENSATION
$377K
AGE
55
TENURE
4.2 yrs

Boming Feng

TITLE
Chairman of the Board
COMPENSATION
$4K
AGE
50
TENURE
0.3 yrs

Dayu Zhang

TITLE
MD & Executive Director
AGE
46
TENURE
0.3 yrs

Fusheng Zhang

TITLE
EVP - China Ocean Shipping (Group) Company and Director of COSCO Container Lines Company Ltd
COMPENSATION
$8K
AGE
68

Rita Fan

TITLE
Independent Non Executive Director
COMPENSATION
$50K
AGE
73
TENURE
10.9 yrs

Adrian David Li

TITLE
Independent Non-Executive Director
COMPENSATION
$56K
AGE
46
TENURE
7.6 yrs

Haimin Wang

TITLE
Non-Executive Director
COMPENSATION
$15K
AGE
46
TENURE
9.2 yrs

Ergang Fan

TITLE
Independent Non-Executive Director
COMPENSATION
$33K
AGE
64
TENURE
6.3 yrs

Yiu Kin Lam

TITLE
Independent Non-Executive Director
COMPENSATION
$40K
AGE
64
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by COSCO SHIPPING Ports individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
21. Oct 19 Buy Tin Yau Wong Individual 17. Oct 19 17. Oct 19 10,919 HK$6.46 HK$70,580
04. Oct 19 Buy Silchester International Investors LLP Company 04. Oct 19 04. Oct 19 860,000 HK$6.11 HK$5,253,567
08. Aug 19 Sell Hermes Investment Management Limited Company 07. Aug 19 07. Aug 19 -414,000 HK$6.78 HK$-2,806,175
17. Jul 19 Buy COSCO SHIPPING Holdings Co., Ltd. Company 15. Jul 19 15. Jul 19 322,000 HK$7.39 HK$2,378,936
10. Jul 19 Buy Wei Zhang Individual 09. Jul 19 09. Jul 19 6,505 HK$7.45 HK$48,488
10. Jul 19 Buy Huangjun Deng Individual 05. Jul 19 05. Jul 19 1,059 HK$7.45 HK$7,894
10. Jul 19 Buy Tin Yau Wong Individual 08. Jul 19 08. Jul 19 9,902 HK$7.45 HK$73,810
X
Management checks
We assess COSCO SHIPPING Ports'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. COSCO SHIPPING Ports 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

Who Has Been Buying COSCO SHIPPING Ports Limited (HKG:1199) Shares?

As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for COSCO SHIPPING Ports The Last 12 Months Of Insider Transactions At COSCO SHIPPING Ports While there weren't any large insider transactions in the last twelve months, it's still worth looking at the trading. … In the last twelve months COSCO SHIPPING Ports insiders were buying shares, but not selling. … We would certainly prefer see higher levels of insider ownership but analysis of the insider transactions suggests that COSCO SHIPPING Ports insiders are expecting a bright future.

Simply Wall St -

Is COSCO SHIPPING Ports Limited (HKG:1199) At Risk Of Cutting Its Dividend?

With COSCO SHIPPING Ports yielding 5.1% and having paid a dividend for over 10 years, many investors likely find the company quite interesting. … Click the interactive chart for our full dividend analysis SEHK:1199 Historical Dividend Yield, August 16th 2019 Payout ratios Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. Looking at the data, we can see that 43% of COSCO SHIPPING Ports's profits were paid out as dividends in the last 12 months. A medium payout ratio strikes a good balance between paying dividends, and keeping enough back to invest in the business. Plus, there is room to increase the payout ratio over time. Another important check we do is to see if the free cash flow generated is sufficient to pay the dividend. Last year, COSCO SHIPPING Ports paid a dividend while reporting negative free cash flow. While there may be an explanation, we think this behaviour is generally not sustainable. Is COSCO SHIPPING Ports's Balance Sheet Risky? As COSCO SHIPPING Ports has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. … Net interest cover can be calculated by dividing earnings before interest and tax (EBIT) by the company's net interest expense. Interest cover of 3.26 times its interest expense is starting to become a concern for COSCO SHIPPING Ports, and be aware that lenders may place additional restrictions on the company as well. Low interest cover and high debt can create problems right when the investor least needs them, and we're reluctant to rely on the dividend of companies with these traits. Dividend Volatility Before buying a stock for its income, we want to see if the dividends have been stable in the past, and if the company has a track record of maintaining its dividend. For the purpose of this article, we only scrutinise the last decade of COSCO SHIPPING Ports's dividend payments. Its dividend payments have fallen by 20% or more on at least one occasion over the past ten years. During the past ten-year period, the first annual payment was US$0.049 in 2009, compared to US$0.042 last year. The dividend has shrunk at around 1.4% a year during that period. COSCO SHIPPING Ports's dividend hasn't shrunk linearly at 1.4% per annum, but the CAGR is a useful estimate of the historical rate of change. We struggle to make a case for buying COSCO SHIPPING Ports for its dividend, given that payments have shrunk over the past ten years. Dividend Growth Potential Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. COSCO SHIPPING Ports's EPS are effectively flat over the past five years. Over the long term, steady earnings per share is a risk as the value of the dividends can be reduced by inflation. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

If You Had Bought COSCO SHIPPING Ports (HKG:1199) Stock Five Years Ago, You'd Be Sitting On A 40% Loss, Today

At this point some shareholders may be questioning their investment in COSCO SHIPPING Ports Limited (HKG:1199), since the last five years saw the share price fall 40%. … Looking back five years, both COSCO SHIPPING Ports's share price and EPS declined; the latter at a rate of 0.6% per year. … A Different Perspective While it's never nice to take a loss, COSCO SHIPPING Ports shareholders can take comfort that, including dividends, their trailing twelve month loss of 1.2% wasn't as bad as the market loss of around 7.7%.

Simply Wall St -

Is COSCO SHIPPING Ports (HKG:1199) Using Too Much Debt?

SEHK:1199 Historical Debt, July 26th 2019 How Healthy Is COSCO SHIPPING Ports's Balance Sheet? … Our View To be frank both COSCO SHIPPING Ports's conversion of EBIT to free cash flow and its track record of managing its debt, based on its EBITDA, make us rather uncomfortable with its debt levels. … Looking at the balance sheet and taking into account all these factors, we do believe that debt is making COSCO SHIPPING Ports stock a bit risky.

Simply Wall St -

Does COSCO SHIPPING Ports Limited's (HKG:1199) CEO Pay Compare Well With Peers?

View our latest analysis for COSCO SHIPPING Ports How Does Wei Zhang 's Compensation Compare With Similar Sized Companies? … COSCO SHIPPING Ports Limited has generated a total shareholder return of 9.3% over three years, so most shareholders wouldn't be too disappointed. … We compared the total CEO remuneration paid by COSCO SHIPPING Ports Limited, and compared it to remuneration at a group of similar sized companies.

Simply Wall St -

Is COSCO SHIPPING Ports Limited (HKG:1199) Undervalued After Accounting For Its Future Growth?

COSCO SHIPPING Ports Limited (HKG:1199) is considered a high growth stock. … COSCO SHIPPING Ports is available at a price-to-earnings ratio of 9.5x, showing us it is undervalued relative to the current HK market average of 10.89x , and overvalued based on current earnings compared to the Infrastructure industry average of 8.71x. … But, seeing as COSCO SHIPPING Ports is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio.

Simply Wall St -

Estimating The Intrinsic Value Of COSCO SHIPPING Ports Limited (HKG:1199)

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of COSCO SHIPPING Ports Limited (HKG:1199) as an investment opportunity by projecting its future cash flows and then discounting them to today's value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $-407.00 $241.00 $306.50 $359.71 $405.59 $444.23 $476.53 $503.65 $526.74 $546.80 Growth Rate Estimate Source Analyst x2 Analyst x3 Analyst x2 Est @ 17.36% Est @ 12.75% Est @ 9.53% Est @ 7.27% Est @ 5.69% Est @ 4.58% Est @ 3.81% Present Value ($, Millions) Discounted @ 11.77% $-364.14 $192.91 $219.50 $230.48 $232.51 $227.84 $218.67 $206.77 $193.48 $179.69 Present Value of 10-year Cash Flow (PVCF)= $1.54b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = US$547m × (1 + 2%) ÷ (11.8% – 2%) = US$5.7b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = $US$5.7b ÷ ( 1 + 11.8%)10 = $1.88b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is $3.41b.

Simply Wall St -

Does COSCO SHIPPING Ports Limited (HKG:1199) Have A Place In Your Dividend Stock Portfolio?

Is COSCO SHIPPING Ports Limited (HKG:1199) a good dividend stock? … Looking at the last decade of data, we can see that COSCO SHIPPING Ports paid its first dividend at least nine years ago. … Dividend Growth Potential With a relatively unstable dividend, it's even more important to evaluate if earnings per share (EPS) are growing - it's not worth taking the risk on a dividend getting cut, unless you might be rewarded with larger dividends in future. COSCO SHIPPING Ports's earnings per share have been essentially flat over the past five years. Flat earnings per share are acceptable for a time, but over the long term, the purchasing power of the company's dividends could be eroded by inflation. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Here’s why COSCO SHIPPING Ports Limited’s (HKG:1199) Returns On Capital Matters So Much

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

What Does COSCO SHIPPING Ports Limited's (HKG:1199) Balance Sheet Tell Us About It?

While small-cap stocks, such as COSCO SHIPPING Ports Limited (HKG:1199) with its market cap of HK$28b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … since poor capital management may bring about bankruptcies, … The following basic checks can help you get a picture of the company's balance sheet strength.

Simply Wall St -

Company Info

Description

COSCO SHIPPING Ports Limited, an investment holding company, engages in managing and operating terminals and related other businesses in Mainland China, Southeast Asia, the Middle East, Europe, and the Mediterranean. The company offers container handling, transportation, and storage and stevedoring services; depot handling, storage, and container repairing servicing; and financing, treasury, management, and consultancy services. It also operates container freight stations, terminals, container terminals, and rail terminals. As of December 31, 2018, the company operated and managed 283 berths at 36 ports with a combined annual handling capacity of approximately 106 million TEU. The company was formerly known as COSCO Pacific Limited and changed its name to COSCO SHIPPING Ports Limited in July 2016. COSCO SHIPPING Ports Limited was incorporated in 1994 and is headquartered in Central, Hong Kong.

Details
Name: COSCO SHIPPING Ports Limited
1199
Exchange: SEHK
Founded: 1994
HK$19,951,960,217
3,161,958,830
Website: http://ports.coscoshipping.com
Address: COSCO SHIPPING Ports Limited
COSCO Tower,
49th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1199 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 30. Dec 1994
OTCPK CSPK.F Ordinary Shares Pink Sheets LLC US USD 30. Dec 1994
DB CTH Ordinary Shares Deutsche Boerse AG DE EUR 30. Dec 1994
SHSC 1199 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 30. Dec 1994
SZSC 1199 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 30. Dec 1994
OTCPK CSPK.Y UNSPONSORD ADR Pink Sheets LLC US USD 22. Oct 2008
Number of employees
Current staff
Staff numbers
3,379
COSCO SHIPPING Ports employees.
Industry
Marine Ports and Services
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/05 12:38
End of day share price update: 2019/12/05 00:00
Last estimates confirmation: 2019/11/29
Last earnings filing: 2019/10/29
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


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.