COSCO SHIPPING International (Hong Kong) Co., Ltd. (0517.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
600017.SS	46	Rizhao Port Co., L	1,113	17.29	18.15	11.96	11.56	18.56	27.49
000582.SZ	47	Beibu Gulf Port Co	1,084	18.27	18.30	9.82	9.55	15.11	16.64
QGTS.QA	48	Qatar Gas Transpor	1,023	16.48	15.09	12.63	11.85	22.90	23.95
005880.KS	49	Korea Line Corpora	1,007	3.46	2.79	5.45	5.29	13.74	7.14
GSL	50	Global Ship Lease,	1,004	2.31	1.44	2.18	1.68	3.11	2.20
601326.SS	51	Qinhuangdao Port C	995	11.72	10.72	6.58	6.74	11.05	8.73
601083.SS	52	Shanghai Jinjiang	977	9.99	9.99	4.03	4.03	4.51	4.78
0517.HK	53	COSCO SHIPPING Int	936	5.56	4.77	9.34	8.25	8.10	22.70
CCEC	54	Capital Clean Ener	903	3.98	2.33	5.58	4.36	7.15	5.99
TALLINK.HE	55	AS Tallink Grupp	892	-	-	11.48	12.21	15.88	25.49
GOGL	56	Golden Ocean Group	864	14.00	14.00	8.49	5.63	-	13.98
9119.T	57	Iino Kaiun Kaisha,	858	7.19	6.20	7.12	6.34	24.04	13.17
QNNS.QA	58	Qatar Navigation Q	822	10.89	9.30	8.34	7.65	22.62	19.76
601000.SS	59	TangShan Port Grou	785	12.64	12.77	6.33	6.61	6.74	6.59
SFL	60	SFL Corporation Lt	774	-	-	8.67	7.57	19.34	15.68
CMDB	61	Costamare Bulkers	769	-	-	41.61	41.61	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.44	9.64	7.12	6.61	13.74	10.95
Full Range Median Multiple	11.30	10.35	8.34	6.74	15.11	13.57
Industry Multiple	10.68	10.09	10.02	9.51	14.21	13.68
Market Implied Multiple	6.48	5.55	10.88	9.61	9.43	26.43
Company (0517.HK) Multiple	5.56	4.77	9.34	8.25	8.10	22.70
(*) Net Income / EBITDA / Revenue	187	218	112	126	129	46
Winsorized Enterprise Value	N/A	N/A	795	834	1,769	503
Full Range Median Enterprise Value	N/A	N/A	930	852	1,945	623
(-) Net Debt	2	2	2	2	2	2
Winsorized Equity Value	1,951	2,105	793	832	1,767	501
Full Range Median Equity Value	2,112	2,260	928	850	1,943	621
(/) Shares Outstanding	188	188	188	188	188	188
Winsorized Fair Value	$10.35	$11.17	$4.21	$4.42	$9.38	$2.66
Full Range Median Fair Value	$11.21	$11.99	$4.93	$4.51	$10.31	$3.30
Current Price	$6.43	$6.43	$6.43	$6.43	$6.43	$6.43
Upside / Downside	61.01%	73.72%	-34.54%	-31.29%	45.82%	-58.67%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.25	$7.82	$2.95	$3.09	$6.56	$1.86
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	BUY	Don’t Buy