Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to HK$13.79, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 88% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$17.58 per share. Buy Or Sell Opportunity • Jun 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to HK$13.83. The fair value is estimated to be HK$17.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 6.4%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 76% in the next 2 years. Announcement • Jun 30
COSCO SHIPPING Energy Transportation Co., Ltd. to Report First Half, 2026 Results on Aug 29, 2026 COSCO SHIPPING Energy Transportation Co., Ltd. announced that they will report first half, 2026 results on Aug 29, 2026 New Risk • Jun 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to HK$16.95, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 142% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$17.91 per share. Declared Dividend • Jun 05
Dividend of CN¥0.38 announced Shareholders will receive a dividend of CN¥0.38. Ex-date: 17th July 2026 Payment date: 28th August 2026 Dividend yield will be 2.7%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (183% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 03
COSCO SHIPPING Energy Transportation Co., Ltd., Annual General Meeting, Jun 26, 2026 COSCO SHIPPING Energy Transportation Co., Ltd., Annual General Meeting, Jun 26, 2026, at 14:00 China Standard Time. Location: 3F, No. 1171, Dongdaming Road, Hongkou District, Shanghai China Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$15.99, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 162% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$14.54 per share. Reported Earnings • Apr 28
First quarter 2026 earnings released: EPS: CN¥0.40 (vs CN¥0.15 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.40 (up from CN¥0.15 in 1Q 2025). Revenue: CN¥7.30b (up 27% from 1Q 2025). Net income: CN¥2.17b (up 207% from 1Q 2025). Profit margin: 30% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 20
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 51% to HK$19.29. The fair value is estimated to be HK$15.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 8.6%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Apr 01
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 100% to HK$19.20. The fair value is estimated to be HK$15.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 8.6%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Announcement • Mar 30
COSCO SHIPPING Energy Transportation Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 COSCO SHIPPING Energy Transportation Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.83. Revenue: CN¥23.9b (up 2.8% from FY 2024). Net income: CN¥4.04b (flat on FY 2024). Profit margin: 17% (in line with FY 2024). Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in Hong Kong. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$21.24, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 193% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$17.37, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 113% over the past three years. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$17.60, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 156% over the past three years. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$11.47, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 91% over the past three years. Announcement • Dec 26
COSCO SHIPPING Energy Transportation Co., Ltd. to Report Fiscal Year 2025 Results on Mar 27, 2026 COSCO SHIPPING Energy Transportation Co., Ltd. announced that they will report fiscal year 2025 results on Mar 27, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.18 (vs CN¥0.17 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.18 (up from CN¥0.17 in 3Q 2024). Revenue: CN¥5.47b (flat on 3Q 2024). Net income: CN¥853.4m (up 5.6% from 3Q 2024). Profit margin: 16% (in line with 3Q 2024). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 20
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 52% to HK$10.09. The fair value is estimated to be HK$8.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 67% in the next 2 years. Announcement • Sep 30
COSCO SHIPPING Energy Transportation Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 COSCO SHIPPING Energy Transportation Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Board Change • Sep 26
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Zuwen Wang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$8.47, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$16.74 per share. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CN¥0.25 (vs CN¥0.29 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.25 (down from CN¥0.29 in 2Q 2024). Revenue: CN¥5.82b (flat on 2Q 2024). Net income: CN¥1.19b (down 13% from 2Q 2024). Profit margin: 20% (down from 24% in 2Q 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jun 24
COSCO SHIPPING Energy Transportation Co., Ltd.(SHSE:600026) dropped from Shanghai Stock Exchange 180 Value Index COSCO SHIPPING Energy Transportation Co., Ltd. removed from Shanghai Stock Exchange 180 Value Index. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$6.85, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 75% over the past three years. Declared Dividend • Jun 09
Dividend of CN¥0.21 announced Shareholders will receive a dividend of CN¥0.21. Ex-date: 17th July 2025 Payment date: 29th August 2025 Dividend yield will be 7.5%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by earnings (59% earnings payout ratio) but not covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 06
COSCO SHIPPING Energy Transportation Co., Ltd., Annual General Meeting, Jun 30, 2025 COSCO SHIPPING Energy Transportation Co., Ltd., Annual General Meeting, Jun 30, 2025, at 10:00 China Standard Time. Location: 3rd floor, ocean hotel, no. 1171 dongdaming road, hongkou district, shanghai China Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: CN¥0.15 (vs CN¥0.26 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.15 (down from CN¥0.26 in 1Q 2024). Revenue: CN¥5.75b (down 1.5% from 1Q 2024). Net income: CN¥707.7m (down 43% from 1Q 2024). Profit margin: 12% (down from 21% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$5.26, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 47% over the past three years. Major Estimate Revision • Apr 05
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥0.848 to CN¥1.02. Revenue forecast steady at CN¥25.0b. Net income forecast to grow 4.2% next year vs 4.2% growth forecast for Oil and Gas industry in Hong Kong. Consensus price target broadly unchanged at HK$8.97. Share price fell 7.0% to HK$5.99 over the past week. Announcement • Mar 28
COSCO SHIPPING Energy Transportation Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 COSCO SHIPPING Energy Transportation Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 27
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: CN¥0.85 (up from CN¥0.70 in FY 2023). Revenue: CN¥23.2b (up 5.2% from FY 2023). Net income: CN¥4.04b (up 21% from FY 2023). Profit margin: 17% (up from 15% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 3.9%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Mar 27
COSCO SHIPPING Energy Transportation Co., Ltd. Proposes Ordinary Final Cash Dividend for the Year Ended 31 December 2024 COSCO SHIPPING Energy Transportation Co., Ltd. proposed ordinary final cash dividend of RMB 0.21 per share for the year ended 31 December 2024. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$7.25, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 154% over the past three years. Announcement • Jan 09
COSCO Shipping Energy Transportation Co., Ltd. Provides Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2024 COSCO SHIPPING Energy Transportation Co., Ltd. provided unaudited consolidated earnings guidance for the year ended 31 December 2024. For the year, the company expects a net profit attributable to the equity holders of the Company for the year ended 31 December 2024 of approximately RMB 3.96 billion (equivalent to approximately HKD 4.21 billion), representing a period-on-period increase of approximately RMB 580 million or approximately 17.2% as compared to a net profit attributable to the equity holders of the Company of approximately RMB 3.38 billion (restated) (equivalent to approximately HKD 3.60 billion) for the year ended 31 December 2023. Before the restatement, the Group achieved a net profit attributable to the equity holders of the Company of approximately RMB 3.35 billion (equivalent to approximately HKD 3.56 billion) for the year ended 31 December 2023. In 2024, the Group completed the transaction of acquisition of equity interests in chemical supply chain related companies from the indirect controlling shareholder of the Company and its subsidiaries, further details of which are set out in the announcements of the Company dated 15 October 2024 and 8 November 2024. In accordance with the accounting standards and periodic report requirements, the Group restated the figures for the corresponding period of the year ended 31 December 2023. After the restatement, the Group achieved a net profit attributable to the equity holders of the Company of approximately RMB3.38 billion (equivalent to approximately HKD 3.60 billion) for the year ended 31 December 2023. The expected increase in the net profit attributable to the equity holders of the Company for the year ended 31 December 2024 as compared to the corresponding period of 2023 was mainly attributable to the following factors: 1. In 2024, the international oil shipping market as a whole continued to show a relatively prosperous trend, with the seasonal characteristics becoming less pronounced. Reference to the data from the Baltic Exchange, the average time-charter equivalent (TCE) of very large crude carriers (VLCCs) on the Middle East-China route (TD3C), for example, was USD 34,896 per day in 2024, representing a decrease of approximately 3% as compared to the corresponding period of 2023. In the first half of 2024, small- and medium-sized tankers chose to detour due to the Red Sea crisis, and the freight rates of product oil tankers experienced a phased high level; while in the second half of 2024, as some crude oil shipping capacities shifted to the product oil tanker sector, the freight rates of product oil tankers dropped rapidly and continued to decline. The Group accurately assessed market trends and deployed shipping capacity in a stable manner, ensuring that the overall operation of the tanker fleet maintained a good performance: the first aspect is to firmly grasp the core domestic transportation business and actively follow the transshipment needs of foreign trade customers, strengthening the competitiveness and stable efficiency in the domestic market; the second aspect is to dynamically implement the linkage of domestic and foreign markets, as well as crude and product segments, and pay attention to the different trends in various niche markets, ensuring the maximization of fleet profits through reasonable allocation of shipping capacity; the third aspect is to deepen the global layout and increase the participation in emerging markets. The Group focuses on the planning of shipping capacity for key routes and regions, actively participates in pipeline ancillary transportation projects, and obtains diversified operating income. In 2024, the Group's net profit from non-recurring profit and loss items such as disposal of vessels, government subsidies and estimated losses was approximately RMB 0.01 billion, as compared to the net loss from non-recurring profit and loss items of approximately RMB 0.75 billion (restated) for the corresponding period of 2023. Announcement • Dec 30
Cosco Shipping Energy Transportation Co., Ltd. Announces Board Changes COSCO SHIPPING Energy Transportation Co., Ltd. announced that at its EGM held on December 30, 2024, The Board announced that the Shareholders have duly approved the proposed appointment of Mr. Wang Shuqing as a non-executive Director at the EGM. The term of office of Mr. Wang Shuqing will commence from the date of passing of relevant resolution at the general meeting of the Company until the end of the term of the eleventh session of the Board. The Board further announced that Mr. Wang Shuqing has been appointed as a member of the Strategy Committee of the Board with effect from the approval by the Board. The company approved the appointment of Mr. Sun Xiaobin as a shareholder representative Supervisor and the term of his appointment. Announcement • Dec 27
COSCO SHIPPING Energy Transportation Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 COSCO SHIPPING Energy Transportation Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Upcoming Dividend • Nov 11
Upcoming dividend of HK$0.24 per share Eligible shareholders must have bought the stock before 18 November 2024. Payment date: 13 December 2024. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 5.6%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (7.8%). Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.17 (vs CN¥0.19 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.17 (down from CN¥0.19 in 3Q 2023). Revenue: CN¥5.49b (up 11% from 3Q 2023). Net income: CN¥808.5m (down 11% from 3Q 2023). Profit margin: 15% (down from 18% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Oct 15
COSCO SHIPPING Energy Transportation Co., Ltd. Announces an Interim Dividend for the Six Months Ended 30 June 2024, Payable on 13 December 2024 COSCO SHIPPING Energy Transportation Co., Ltd. announced an Interim dividend of RMB 0.22 per share for the six months ended 30 June 2024.
Ex-dividend date is 18 November 2024. Record date is 25 November 2024. Payment date is 13 December 2024. Announcement • Sep 30
COSCO SHIPPING Energy Transportation Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 COSCO SHIPPING Energy Transportation Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$8.45, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 135% over the past three years. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$7.43, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 136% over the past three years. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.29 (vs CN¥0.36 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.29 (down from CN¥0.36 in 2Q 2023). Revenue: CN¥5.81b (down 2.2% from 2Q 2023). Net income: CN¥1.37b (down 20% from 2Q 2023). Profit margin: 24% (down from 29% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 10
Upcoming dividend of HK$0.38 per share Eligible shareholders must have bought the stock before 17 July 2024. Payment date: 27 August 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Hong Kong dividend payers (8.0%). Lower than average of industry peers (6.1%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$9.81, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 197% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$16.10 per share. Declared Dividend • Jun 08
Dividend of CN¥0.35 announced Shareholders will receive a dividend of CN¥0.35. Ex-date: 17th July 2024 Payment date: 27th August 2024 Dividend yield will be 3.0%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 31% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 93% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 08
COSCO SHIPPING Energy Transportation Co., Ltd., Annual General Meeting, Jun 28, 2024 COSCO SHIPPING Energy Transportation Co., Ltd., Annual General Meeting, Jun 28, 2024, at 10:00 China Standard Time. Location: 3rd floor, ocean hotel, no. 1171 dongdaming road, hongkou district, shanghai China Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: CN¥0.26 (vs CN¥0.23 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.26 (up from CN¥0.23 in 1Q 2023). Revenue: CN¥5.84b (up 3.7% from 1Q 2023). Net income: CN¥1.24b (up 13% from 1Q 2023). Profit margin: 21% (up from 20% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Board Change • Apr 22
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Employee Supervisor Zhenming Wang was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 29
COSCO SHIPPING Energy Transportation Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 COSCO SHIPPING Energy Transportation Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Reported Earnings • Mar 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.70 (up from CN¥0.31 in FY 2022). Revenue: CN¥21.9b (up 17% from FY 2022). Net income: CN¥3.35b (up 130% from FY 2022). Profit margin: 15% (up from 7.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 34% per year. Announcement • Mar 28
COSCO SHIPPING Energy Transportation Co., Ltd. Proposes Ordinary Final Dividend for the Year Ended 31 December 2023 COSCO SHIPPING Energy Transportation Co., Ltd. proposed ordinary final dividend of RMB 0.35 per share for the year ended 31 December 2023. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$7.41, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 135% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$6.87 per share. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$6.62, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 135% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$6.56 per share. Announcement • Jan 24
Cosco Shipping Energy Transportation Co., Ltd. Provides Earnings Guidance for Year Ended 31 December 2023 COSCO SHIPPING Energy Transportation Co., Ltd. expected to record a net profit attributable to the equity holders of the Company for the year ended 31 December 2023 of approximately RMB 3.10 billion to RMB 3.90 billion (equivalent to approximately HKD 3.407 billion to HKD 4.286 billion), representing a period-on-period increase of approximately RMB 1.639 billion to RMB 2.439 billion or approximately 112.18% to 166.94% as compared to a net profit attributable to the equity holders of the Company of approximately RMB 1.461 billion (restated) (equivalent to approximately HKD 1.605 billion) for the year ended 31 December 2022. Announcement • Dec 29
COSCO SHIPPING Energy Transportation Co., Ltd. to Report Fiscal Year 2023 Results on Mar 29, 2024 COSCO SHIPPING Energy Transportation Co., Ltd. announced that they will report fiscal year 2023 results on Mar 29, 2024 Buying Opportunity • Dec 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.8%. The fair value is estimated to be HK$9.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 26% in 2 years. Earnings is forecast to grow by 59% in the next 2 years. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.19 (vs CN¥0.10 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.19 (up from CN¥0.10 in 3Q 2022). Revenue: CN¥4.96b (up 1.5% from 3Q 2022). Net income: CN¥907.6m (up 89% from 3Q 2022). Profit margin: 18% (up from 9.8% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: CN¥0.36 (vs CN¥0.028 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.36 (up from CN¥0.028 in 2Q 2022). Revenue: CN¥5.94b (up 47% from 2Q 2022). Net income: CN¥1.71b (up CN¥1.58b from 2Q 2022). Profit margin: 29% (up from 3.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. 
