Financials Sinotrans Limited

Equities

598

CNE1000004F1

Air Freight & Logistics

Market Closed - Hong Kong S.E. 09:08:13 24/06/2024 BST 5-day change 1st Jan Change
3.73 HKD -1.84% Intraday chart for Sinotrans Limited -0.80% +14.07%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 27,463 28,206 27,920 24,561 33,377 36,034 - -
Enterprise Value (EV) 1 26,636 29,847 26,768 21,406 29,588 32,761 27,701 28,261
P/E ratio 6.23 x 6.41 x 4.07 x - 5.1 x 5.81 x 5.53 x 5.21 x
Yield 5.07% 5.06% 8.84% - 9.76% 7.61% 7.9% 8.96%
Capitalization / Revenue 0.35 x 0.33 x 0.22 x 0.23 x 0.33 x 0.31 x 0.31 x 0.29 x
EV / Revenue 0.34 x 0.35 x 0.22 x 0.2 x 0.29 x 0.28 x 0.24 x 0.23 x
EV / EBITDA 5.1 x 5.46 x 3.8 x 2.85 x 4.17 x 5.84 x 3.85 x 3.49 x
EV / FCF 19 x 13.1 x 9.1 x - - 7.75 x 8.1 x 6.87 x
FCF Yield 5.25% 7.63% 11% - - 12.9% 12.3% 14.6%
Price to Book 0.62 x 0.58 x 0.46 x - 0.57 x 0.62 x 0.6 x 0.57 x
Nbr of stocks (in thousands) 7,400,804 7,400,804 7,400,804 7,256,523 7,244,937 7,265,954 - -
Reference price 2 2.368 2.373 2.037 2.243 2.972 3.535 3.535 3.535
Announcement Date 31/03/20 30/03/21 29/03/22 27/03/23 22/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 77,650 84,537 124,346 108,817 101,705 117,454 117,494 122,926
EBITDA 1 5,218 5,464 7,041 7,514 7,096 5,607 7,190 8,100
EBIT 1 3,372 3,379 4,867 5,204 5,473 4,581 5,424 6,674
Operating Margin 4.34% 4% 3.91% 4.78% 5.38% 3.9% 4.62% 5.43%
Earnings before Tax (EBT) 1 3,326 3,536 4,732 5,198 5,510 5,719 6,154 6,688
Net income 1 2,803 2,754 3,713 4,068 4,222 4,414 4,708 5,191
Net margin 3.61% 3.26% 2.99% 3.74% 4.15% 3.76% 4.01% 4.22%
EPS 2 0.3800 0.3700 0.5000 - 0.5822 0.6081 0.6393 0.6788
Free Cash Flow 1 1,399 2,277 2,943 - - 4,229 3,419 4,116
FCF margin 1.8% 2.69% 2.37% - - 3.6% 2.91% 3.35%
FCF Conversion (EBITDA) 26.82% 41.67% 41.79% - - 75.42% 47.55% 50.82%
FCF Conversion (Net income) 49.91% 82.68% 79.24% - - 95.81% 72.63% 79.3%
Dividend per Share 2 0.1200 0.1200 0.1800 - 0.2900 0.2692 0.2794 0.3166
Announcement Date 31/03/20 30/03/21 29/03/22 27/03/23 22/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 Q4 2021 S2 2022 Q1 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 39,930 39,691 44,843 26,530 62,669 - 55,191 25,202 28,424 53,625 22,361 47,837 24,936 28,932 53,868 24,287 27,082 26,520 30,769
EBITDA 1 - - - - - - - 1,218 - - 1,243 - - - - - 1,418 1,456 1,593
EBIT - - - 939.1 2,167 - 2,758 1,457 1,276 710.6 1,217 - 1,285 1,378 1,378 1,015 - - -
Operating Margin - - - 3.54% 3.46% - 5% 5.78% 4.49% 1.33% 5.44% - 5.15% 4.76% 2.56% 4.18% - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - - - - - - -
Net income - 1,215 - 634.2 1,551 982.5 - - - - 960.9 - - - - - - - -
Net margin - 3.06% - 2.39% 2.47% - - - - - 4.3% - - - - - - - -
EPS - - - - - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 31/03/20 27/08/20 30/03/21 29/03/22 29/03/22 27/04/22 25/08/22 26/10/22 27/03/23 27/03/23 28/04/23 07/09/23 27/10/23 22/03/24 22/03/24 29/04/24 - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 1,641 - - - - - -
Net Cash position 1 827 - 1,152 3,154 3,788 6,855 8,333 8,653
Leverage (Debt/EBITDA) - 0.3003 x - - - - - -
Free Cash Flow 1 1,399 2,277 2,943 - - 4,229 3,419 4,117
ROE (net income / shareholders' equity) 10.9% 9.35% 11.7% 11.9% 11.6% 11.1% 11.1% 11.2%
ROA (Net income/ Total Assets) 4.54% 4.31% 5.3% - 5.47% 5.65% 5.73% 5.7%
Assets 1 61,690 63,863 70,060 - 77,194 78,120 82,157 91,070
Book Value Per Share 2 3.840 4.110 4.470 - 5.180 5.660 5.880 6.240
Cash Flow per Share 2 0.4500 0.5300 0.5600 - 0.5300 0.9100 0.7600 1.070
Capex 1 1,921 1,679 1,222 1,283 1,223 2,150 1,712 1,708
Capex / Sales 2.47% 1.99% 0.98% 1.18% 1.2% 1.83% 1.46% 1.39%
Announcement Date 31/03/20 30/03/21 29/03/22 27/03/23 22/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
3.535 CNY
Average target price
4.053 CNY
Spread / Average Target
+14.64%
Consensus

Quarterly revenue - Rate of surprise

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