COSCO SHIPPING Ports Ltd CSPKY

IndustrialsTransport InfrastructureHong Kong

Last close 8.02 USD on Nov 1, 2026, +17.1% year to date

Quant rating

Quant rating A Rank 29 of 418 in Industrials

Growth B 163 of 418
Valuation C 277 of 418
Quality B 125 of 418
Revisions A 12 of 418
Momentum A 20 of 418

Wall Street consensus Buy (1.80)Average target 0.87 USD −89.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.2B
Enterprise value: 6.8B
52-week range: 5.46 – 8.02
3-year range: 4.76 – 8.02
Dividend yield: 4.56%
Beta (5 years): –
Shares outstanding: 4,017M
Next earnings: Mar 16, 2027

About the company

COSCO SHIPPING Ports Ltd is an investment holding company principally engaged in the terminal businesses. The Company operates its business through two segments. The Terminal and Related Business segment is engaged in the operation of terminals, the handling, transportation and storage of containers, the leasing, management and sales of containers, as well as other related businesses. The Company's terminal portfolio covers the five main port regions in Mainland China, Southeast Asia, the Middle East, Europe, South America and the Mediterranean. The Other segment is engaged in company-level activities such as investment properties and inter-segment loans.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,669	1,503	1,454	1,441	1,208	–
Revenue growth	11.0%	3.3%	0.9%	19.3%	20.7%	10.8%
EPS (basic, normalized)	0.08	0.09	0.09	0.09	0.11	–
EPS growth	−4.7%	−8.6%	2.2%	−17.3%	–	–
Gross margin	24.9%	27.7%	28.9%	29.8%	26.9%	27.7%
Net margin	18.7%	20.5%	22.3%	21.3%	29.4%	22.4%
ROE	5.1%	5.3%	5.7%	5.4%	6.2%	5.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,408
Current ratio	0.87x
Long-term debt (mil)	2,843
Net debt (mil)	3,558
Total equity (mil)	6,817
Net debt / equity	0.52x
Net debt / EBITDA	6.99x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,669	+11.0%	4.1x	509	+1.8%	13.3x	0.08	−4.7%	99.0x
2026	1,803	+8.1%	3.8x	603	+18.4%	11.3x	0.10	+19.7%	82.7x
2027	1,889	+4.8%	3.6x	623	+3.4%	10.9x	0.10	0.0%	82.7x
2028	1,989	+5.3%	3.4x	579	−7.0%	11.7x	0.11	+9.8%	75.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,803	+3.0%	+4.4%	+5.5%	0.10	+5.4%	+21.0%	+11.0%
2027	1,889	+2.8%	+4.3%	+5.0%	0.10	+6.2%	+10.1%	+3.1%
2028	1,989	+3.7%	+6.5%	+6.5%	0.11	+8.1%	+15.9%	+15.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	333	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Transport Infrastructure

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CSPKY COSCO SHIPPING Ports Ltd	3.2B	6.99x	18.7%	0.47x	82.7x	82.7x	11.3x	10.9x
CAAP Corporacion America Airports SA	3.9B	0.54x	12.6%	3.02x	12.1x	9.8x	5.7x	5.2x
JTTRY Japan Airport Terminal Co., Ltd.	3.4B	1.81x	10.1%	2.50x	9.4x	9.1x	8.4x	8.2x
PTAUY Port of Tauranga Ltd	3.2B	–	32.1%	2.42x	91.6x	84.6x	19.8x	18.2x
SHZNY Shenzhen Expressway Corp Ltd	2.9B	6.38x	11.4%	0.78x	385.4x	438.1x	9.5x	9.8x
SEGSY SIA Engineering Company Ltd	2.6B	–	11.9%	1.88x	207.8x	180.8x	27.9x	24.4x
Mean		3.93x	16.1%	1.84x	131.5x	134.2x	13.8x	12.8x
Median		4.09x	12.2%	2.15x	87.2x	83.6x	10.4x	10.4x

Technical analysis

1M+8.5%
3M+32.9%
1Y+20.2%
3Y+73.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, COSCO SHIPPING Ports Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,669	1,503	1,454	1,441	1,208	1,001
Cost of revenue	1,253	1,086	1,033	1,012	883	768
Gross profit	416	417	421	430	325	233
Selling, general & administrative expenses	185	169	165	167	139	97.0
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	–	–	–	–	23.2
Interest expense (income), operating	−4.8	−5.3	−5.5	−2.8	−26.0	−28.3
Unusual expense (income)	−0.1	−28.0	−0.1	−1.4	−22.0	−81.5
Other operating expenses	11.0	14.3	−13.0	5.1	−36.9	−13.5
Operating income	225	267	275	261	271	236
Net interest income (expense)	215	198	156	201	232	175
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−2.0	−1.2	−1.7	−1.8	−2.4	−2.5
Net income before taxes	438	464	429	460	500	409
Provision for taxes	51.6	73.1	35.2	69.4	94.7	35.0
Minority interest	−74.1	−82.1	−69.7	−84.1	−51.1	−26.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	312	309	325	307	355	347
Extraordinary items	–	–	–	–	–	–
Net income	312	309	325	307	355	347
EBIT, normalized	233	236	270	261	226	129
EBITDA, normalized	517	492	521	510	452	330
Basic EPS, normalized	0.08	0.09	0.09	0.09	0.11	–

Balance sheet in millions of USD, fiscal years

Balance sheet, COSCO SHIPPING Ports Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,332	1,007	1,163	1,069	1,227	1,310
Receivables	223	197	286	213	241	298
Total inventory	22.9	19.8	19.8	19.4	20.1	14.9
Prepaid expenses	19.3	22.0	22.1	16.0	–	–
Other current assets	12.4	21.8	47.8	49.6	33.2	31.2
Total current assets	1,610	1,268	1,538	1,367	1,522	1,655
Property, plant & equipment	5,419	5,343	5,148	4,854	5,041	4,337
Goodwill	194	179	187	165	173	182
Intangibles	241	180	208	219	253	293
Long-term investments	5,075	4,772	4,687	4,501	4,811	4,503
Note receivable	130	117	32.2	100	131	142
Other long-term assets	116	162	132	119	103	113
Total assets	12,783	12,021	11,932	11,326	12,033	11,224
Liabilities
Accounts payable	102	85.4	90.6	96.1	120	62.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	94.2	73.3	68.1	53.3	35.6	34.3
Short-term debt	294	195	363	363	317	72.8
Current portion of long-term debt	633	128	727	522	708	342
Other current liabilities	711	648	359	310	352	402
Total current liabilities	1,834	1,130	1,607	1,344	1,532	914
Long-term debt	3,221	3,640	3,038	2,926	3,125	3,533
Minority interest	1,132	1,115	1,072	1,107	1,123	827
Other liabilities	185	205	444	416	435	400
Total liabilities	6,372	6,091	6,161	5,794	6,215	5,674
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	50.8	48.3	45.7	44.2	42.6	42.6
Additional paid-in capital	2,300	2,183	2,076	2,002	1,917	1,917
Retained earnings (accumulated deficit)	4,404	4,247	4,130	3,959	3,809	3,577
Treasury stock	–	–	–	–	–	–
Other equity	−343	−548	−482	−473	49.3	13.0
Total equity	6,412	5,931	5,771	5,532	5,818	5,550
Total liabilities & shareholders' equity	12,783	12,021	11,932	11,326	12,033	11,224

Cash flow statement in millions of USD, fiscal years

Cash flow statement, COSCO SHIPPING Ports Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	438	464	429	460	500	409
Depreciation, depletion & amortization	284	255	251	249	226	200
Deferred taxes	–	–	–	–	–	–
Non-cash items	−194	−220	−158	−197	−273	−261
Changes in working capital	83.6	−90.7	−40.9	−44.9	−44.8	−22.0
Cash from operations	612	409	482	468	409	326
Investing activities
Capital expenditures	−198	−435	−346	−326	−376	−224
Other investing cash flows	145	210	134	249	−20.8	379
Cash from investing	−53.4	−225	−213	−76.3	−397	154
Financing activities
Financing cash flow items	−259	−188	−354	−194	−123	−13.6
Cash dividends paid	−24.1	−18.7	−36.1	−57.5	−145	−50.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	10.1	−118	214	−239	178	−51.1
Cash from financing	−273	−325	−176	−490	−90.2	−115
Foreign exchange effects	39.9	−14.1	−0.2	−58.6	−5.7	7.2
Net change in cash	325	−156	93.6	−158	−83.4	372
Free cash flow	413	−26.5	136	142	33.2	102

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.