China Merchants Port Holdings Company Limited (0144.HK)

Industry: Marine Shipping Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
028670.KS	16	Pan Ocean Co., Ltd	3,820	6.80	5.93	10.05	8.35	11.41	10.13
SNI.OL	17	Stolt-Nielsen Limi	3,742	4.50	2.46	4.58	3.98	9.40	7.45
3382.HK	18	Tianjin Port Devel	3,586	3.10	3.29	0.25	0.25	0.36	0.47
010620.KS	19	Hd Hyundai Mipo Co	3,483	24.53	16.56	12.54	9.37	9.68	14.04
MATX	20	Matson, Inc.	3,383	7.23	5.63	4.49	3.85	6.15	6.16
KEX	21	Kirby Corporation	3,315	16.14	16.14	8.83	8.83	12.15	14.83
600026.SS	22	COSCO SHIPPING Ene	3,294	17.29	17.11	13.07	12.95	22.84	20.22
0144.HK	23	China Merchants Po	3,082	4.18	3.85	4.11	3.37	7.83	8.74
600428.SS	24	COSCO SHIPPING Spe	3,030	11.04	6.16	7.47	5.93	8.27	6.89
000905.SZ	25	Xiamen Port Develo	2,947	29.58	25.74	20.41	21.94	27.37	28.23
BWLP	26	BW LPG Limited	2,811	8.24	8.24	4.59	4.59	10.41	7.94
601298.SS	27	Qingdao Port Inter	2,725	9.92	9.21	6.59	6.07	8.55	5.94
0316.HK	28	Orient Overseas (I	2,491	2.98	2.04	1.32	1.02	1.43	0.97
4030.SR	29	The National Shipp	2,419	11.74	11.29	7.30	6.78	15.68	14.63
ZIM	30	ZIM Integrated Shi	2,341	1.93	1.33	2.23	1.62	6.57	3.27
HAFN	31	Hafnia Limited	2,222	9.64	9.64	6.61	6.61	9.26	10.66

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.24	6.16	6.59	5.93	9.26	7.45
Full Range Median Multiple	9.64	8.24	6.61	6.07	9.40	7.94
Industry Multiple	10.98	9.38	7.35	6.81	10.64	10.12
Market Implied Multiple	4.40	4.06	4.28	3.50	8.14	9.08
Company (0144.HK) Multiple	4.18	3.85	4.11	3.37	7.83	8.74
(*) Net Income / EBITDA / Revenue	1,861	2,021	2,563	3,129	1,346	1,207
Winsorized Enterprise Value	N/A	N/A	16,882	18,549	12,466	8,992
Full Range Median Enterprise Value	N/A	N/A	16,944	18,981	12,658	9,585
(-) Net Debt	2,764	2,764	2,764	2,764	2,764	2,764
Winsorized Equity Value	15,340	12,445	14,118	15,785	9,702	6,228
Full Range Median Equity Value	17,932	16,658	14,181	16,217	9,894	6,821
(/) Shares Outstanding	544	544	544	544	544	544
Winsorized Fair Value	$28.19	$22.87	$25.95	$29.01	$17.83	$11.45
Full Range Median Fair Value	$32.96	$30.62	$26.06	$29.81	$18.18	$12.54
Current Price	$15.06	$15.06	$15.06	$15.06	$15.06	$15.06
Upside / Downside	87.21%	51.88%	72.30%	92.64%	18.40%	-23.99%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$19.74	$16.01	$18.16	$20.31	$12.48	$8.01
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	Don’t Buy