financial analysis - china communications construction company ltd. is a transportation...

19.03.2013

Ticker: China Communications Construct Benchmark:

Currency: Hong Kong: 1800, Currency: HKD HANG SENG INDEX (HSI)

Sector: Industrials Industry: Construction & Engineering Year:

Telephone 86-10-82016655 Revenue (M) Business Segments in HKD Sales (M) Geographic Segments in HKD Sales (M)

Website www.ccccltd.com.cn No of Employees Construction 270695 China 315763

Address 85 Deshengmenwai Street Xicheng District Beijing, 100088 China Dredging 37083 Other Countries 38729

Share Price Performance in HKD Heavy Machinery Manufacturing 21717 Sales Tax

Price 6.69 1M Return -10.7% Design 16979 Hong Kong & Macau

52 Week High 8.43 6M Return 3.9% Other Construction Projects 8019 Other Operating Revenue

52 Week Low 5.75 52 Wk Return -5.8% Sales Tax

52 Wk Beta 1.26 YTD Return -10.6% Other Operating Revenue

Credit Ratings

Bloomberg -

S&P - Date - Outlook -

Moody's - Date - Outlook -

Fitch - Date - Outlook -

Valuation Ratios

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

P/E 21.0x 13.4x 8.9x 6.2x 7.5x 6.8x 5.9x

EV/EBIT 16.8x 12.4x 11.0x 9.7x - - -

EV/EBITDA 12.1x 9.0x 7.6x 6.7x 6.3x 5.5x 4.9x

P/S 0.7x 0.4x 0.3x 0.2x 0.3x 0.2x 0.2x

P/B 2.8x 1.8x 1.4x 1.0x 1.0x 0.9x 0.8x

Div Yield - 1.8% 2.8% 3.6% 3.3% 3.6% 4.0%

Profitability Ratios %

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Gross Margin 10.1 9.6 8.5 9.5 10.4 10.7 11.1

EBITDA Margin 7.6 7.1 6.7 7.3 8.3 8.5 8.6

Operating Margin 5.5 5.2 4.6 5.1 5.8 5.8 5.9

Profit Margin 3.3 3.2 3.5 4.0 3.8 4.0 4.0

Return on Assets 3.0 3.0 3.3 3.5 3.1 3.3 3.5

Return on Equity 13.0 14.4 16.3 17.7 15.0 14.7 14.6

Leverage and Coverage Ratios

12/08 12/09 12/10 12/11

Current Ratio 1.0 1.1 1.0 1.0 Current Capitalization in HKD

Quick Ratio 0.5 0.5 0.5 0.4 Common Shares Outstanding (M) 14825.0

EBIT/Interest 3.3 5.0 4.2 3.3 Market Capitalization (M) 97972.1

Tot Debt/Capital 0.5 0.5 0.5 0.6 Cash and ST Investments (M) 95006.6

Tot Debt/Equity 1.1 1.1 1.1 1.3 Total Debt (M) 176803.5

Eff Tax Rate % 18.5 22.4 20.2 20.3 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 11898.7

Enterprise Value (M) 191667.7

China Communications Construction Company Ltd. is a transportation infrastructure

group. The Company is involved in infrastructure construction, infrastructure design,

dredging, and port machinery manufacturing. China Communications has operations

worldwide.

1800 HK

354'492

90'674

Company Analysis - Overview

77%

10%

6%5% 2%

9lkpqorVqflk

Aobadfkd

EbTsv JTVefkbov JTkrcTVqrofkd

Abpfdk

Kqebo 9lkpqorVqflk LolgbVqp

89%

11%

9efkT Kqebo 9lrkqofbp

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.ccccltd.com.cn

China Communications Construct

Target price in HKD

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

/5!CbY!.0 35% 0/% -% .6!JXo!.0 3%36 5%3. RL8 HXu EfXk J7NH ML Yru 6%6. 4!JXo!.00.!GXk!.0 32% 02% -% .5!JXo!.0 3%36 5%3. AbrqpZeb 8Xkg MEVIIFO T7KD Yru 6%10 /5!CbY!.00.!AbZ!./ 40% /4% -% .2!JXo!.0 3%45 5%3. JlodXk OqXkhbu HBSFK IRL Lsbotq,7qqoXZqfsb 5%6- 0.!GXk!.00-!Kls!./ 40% /4% -% .1!JXo!.0 3%6. 5%3. EO89 7KABNOLK 9ELT kbrqoXh 5%2- 0.!GXk!.00.!LZq!./ 44% /0% -% .0!JXo!.0 3%51 5%3. DlhaiXk OXZep PF7K IR kbrqoXh,kbrqoXh 5%0- /-!GXk!.0/5!Obm!./ 5-% /-% -% ./!JXo!.0 4%-5 5%3. BS7 Afibkpflkp 9N7FD OPBNIFKD elha .2!GXk!.00.!7rd!./ 42% /-% 2% ..!JXo!.0 4%/5 5%3. JXZnrXofb O7FVF EB lrqmbocloi 6%.- ..!GXk!.00.!Grh!./ 43% .5% 3% 5!JXo!.0 4%0. 5%3. GMJlodXk H7NBK IF lsbotbfdeq 6%-- 6!GXk!.0/6!Grk!./ 43% .5% 3% 4!JXo!.0 4%05 5%3. 8Xkg lc 9efkX FkqbokXqflkXh IF M7K Yru 2%0- /-!AbZ!./0.!JXu!./ 4.% /1% 3% 3!JXo!.0 4%1- 5%10 DrlqXf GrkXk D7NV TLKD kbrqoXh 4%/2 /4!Kls!./0-!7mo!./ 36% /2% 3% 2!JXo!.0 4%/3 5%10 A8O SfZgbop N79EBI JFR Yru 5%0- 0.!LZq!./0-!JXo!./ 46% /.% -% 1!JXo!.0 4%/2 5%10 AXftX ObZrofqfbp 9l% Iqa% GLOBME EL elha 4%/. 0.!LZq!./

.!JXo!.0 4%/3 5%10 9efkX FkqbokXqflkXh 9XmfqXh 9lom TR ERFJFK XZZrirhXqb 4%2- 0.!LZq!.//5!CbY!.0 4%01 5%10 998 FkqbokXqflkXh ObZrofqfbp Iqa BIFW7 IFR lrqmbocloi .4!LZq!.//4!CbY!.0 4%/. 5%.. 8XoZhXup M7PNF9H UR lsbotbfdeq 6%12 ./!LZq!.//3!CbY!.0 4%.2 5%.. 7JPA CfkXkZfXh MhXkkfkd Ififqba HBKKV P7KD OFKD EFKD Yru 3%6- 1!LZq!.//2!CbY!.0 4%03 5%.. Gbccbofbp GRIF7K 8R elha 4%.- 2!Obm!.///!CbY!.0 4%03 5%.. 9fqfZ ObZrofqfbp 9l% Iqa 87L NLKDCR Yru 0-!7rd!.//.!CbY!.0 4%1/ 5%.. OfklMXZ SFSF7K IFR Yru 6%1- .3!JXu!.//-!CbY!.0 4%24 5%/1 9obafq Orfppb FKDNFA TBF kbrqoXh 4%15 0.!GXk!./.6!CbY!.0 4%16 5%/1.5!CbY!.0 4%23 5%/1.2!CbY!.0 4%3- 5%/1.1!CbY!.0 4%3. 5%/1.0!CbY!.0 4%23 5%/1./!CbY!.0 4%23 5%/1..!CbY!.0 4%23 5%/15!CbY!.0 4%23 5%/24!CbY!.0 4%3- 5%/23!CbY!.0 4%31 5%/2

Company Analysis - Analysts Ratings

7rt RkT Bagg 9aSliiakTRodlkn sn 8mdSa RkT PRmcao 8mdSa

46%36% 4%% 43% 43% 42% 5!% 44% 40% 40%

32% 35%

'%%'2% '1% %5% %5% '!%

'!% '0% '4% '4%02% 0'%

!% 3% 3% 3% 3% 2% !% !% !% !% !% !%

%%

.%%

1%%

3%%

5%%

,%%%

jTop!,. Tso!,. jTf!,. grfk!,. grfi!,. Tlxq!,. pbmq!,. lVq!,. kls!,. awV!,. gTks!,0 cwso!,0

8ol

hbo M

bVlj

jbk

aTqfl

k

%

,

.

0

1

2

3

4

5

6

,% LofV

b

8rv Elia Obii LofVb PTodbq LofVb

7mleamn PRmcao 8mdSa

%

.

1

3

5

,%

,.

RK

8 H

Tv E

fTk

Abr

qpVe

b 8

Tkh

Jlo

dTk

OqT

kibv

EO

89

Dli

ajTk

OTV

ep

BS

7 A

fjbk

pflk

p

JTV

nrTo

fb

GLJ

lodT

k

8Tk

h lc

9ef

kT Fk

qbok

Tqfl

kTi

Drl

qTf G

rkTk

A8

O S

fVhb

op

ATf

tT

ObV

rofqf

bp 9

l! I

qa!

9ef

kT Fk

qbok

Tqfl

kTi 9

TmfqT

i9

lom

99

8 Fk

qbok

Tqfl

kTi O

bVro

fqfbp

Iqa

8To

ViTv

p

7J

PA C

fkTk

VfTi

LiT

kkfk

dIf

jfqb

a

Gbccb

ofbp

9fqf

V O

bVro

fqfbp

9l!

Iqa

Ofk

lLTV

9ob

afq O

rfpp

b


19.03.2013


Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 14825.0 United States 53.95%

Float 100.0% Hong Kong 25.42%

Short Interest (M) Luxembourg 8.82%

Short Interest as % of Float Ireland 2.37%

Days to Cover Shorts Britain 2.04%

Institutional Ownership 51.63% Japan 1.18%

Retail Ownership 48.37% China 1.11%

Insider Ownership 0.00% Others 5.12%

Institutional Ownership Distribution

Investment Advisor 91.05%

Mutual Fund Manager 8.52%

Hedge Fund Manager 0.35%

Insurance Company 0.08%

Pricing data is in HKD Others 0.00%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

MERRILL LYNCH FAR EA 525'000'000 0 3'512'250'000 11.86% 30.06.2011 Co File HONG KONG

BLACKROCK 359'848'731 -331'000 2'407'388'010 8.13% 15.03.2013 ULT-AGG UNITED STATES

JP MORGAN 309'007'233 -20'000 2'067'258'389 6.98% 01.03.2013 ULT-AGG

VANGUARD GROUP INC 232'938'376 191'800 1'558'357'735 5.26% 31.12.2012 MF-AGG UNITED STATES

DIMENSIONAL FUND ADV 80'069'714 0 535'666'387 1.81% 31.07.2012 MF-AGG UNITED STATES

ROBECO INVESTOR SERV 58'783'095 26'862'723 393'258'906 1.33% 31.01.2013 MF-AGG LUXEMBOURG

GRANTHAM MAYO VAN OT 49'328'150 0 330'005'324 1.11% 31.05.2012 MF-AGG UNITED STATES

FMR LLC 41'568'068 -36'263'488 278'090'375 0.94% 31.01.2013 ULT-AGG UNITED STATES

HANG SENG INVESTMENT 37'826'652 0 253'060'302 0.85% 30.06.2012 MF-AGG HONG KONG

INVESCO LTD 35'189'000 -1'421'000 235'414'410 0.79% 18.03.2013 MF-AGG UNITED STATES

AMERIPRISE FINANCIAL 28'495'560 -10'000 190'635'296 0.64% 31.01.2013 MF-AGG UNITED STATES

HARVEST FUND MANAGEM 23'262'000 2'339'000 155'622'780 0.53% 30.06.2012 MF-AGG CHINA

DWS INVESTMENT SA 21'329'800 70'000 142'696'362 0.48% 31.01.2013 MF-AGG LUXEMBOURG

BANK OF NEW YORK MEL 20'180'300 -414'000 135'006'207 0.46% 15.03.2013 MF-AGG UNITED STATES

AMUNDI LUXEMBOURG SA 17'855'251 -2'430'000 119'451'629 0.40% 31.10.2012 MF-AGG LUXEMBOURG

ALLIANZ ASSET MANAGE 17'401'000 -1'805'000 116'412'690 0.39% 28.02.2013 ULT-AGG GERMANY

INSTITUTIONAL CAPITA 15'990'000 0 106'973'100 0.36% 31.01.2013 MF-AGG UNITED STATES

PRINCIPAL FINANCIAL 14'275'693 -10'302'000 95'504'386 0.32% 31.01.2013 ULT-AGG UNITED STATES

F&C FUND MANAGEMENT 14'142'000 746'000 94'609'980 0.32% 31.12.2012 MF-AGG BRITAIN

PUTNAM INVESTMENT MA 13'925'000 9'581'000 93'158'250 0.31% 31.12.2012 MF-AGG UNITED STATES

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

Company Analysis - Ownership

Ownership Type

52%48%

0%

FkpqfqrqflkTi Ktkbopefm MbqTfi Ktkbopefm Fkpfabo Ktkbopefm

Geographic Ownership

55%

5%

9%

2%

2%

1% 1%

25%

Rkfqba OqTqbp Elkd Hlkd IrubjUlrod FobiTka8ofqTfk GTmTk 9efkT Kqebop

Institutional Ownership

91%

0% 0%0%

9%

Fksbpqjbkq 7asfplo JrqrTi Crka JTkTdbo Ebadb Crka JTkTdboFkproTkVb 9ljmTkv Kqebop

TOP 20 ALL



Financial information is in HKD (M)

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Income Statement

Revenue 45'612 62'025 79'056 111'952 154'510 197'312 257'480 313'085 354'492 368'339 411'626 454'073

- Cost of Goods Sold 41'035 56'065 71'313 100'439 138'538 177'481 232'852 286'398 320'875

Gross Income 4'577 5'960 7'743 11'514 15'972 19'831 24'628 26'686 33'617 38'274 44'159 50'211

- Selling, General & Admin Expenses 3'580 4'247 5'222 6'583 7'612 8'978 13'188 13'527 17'109

(Research & Dev Costs) 39 41 54 286 1'218 1'971 1'808 2'787

Operating Income 1'429 2'221 3'269 5'857 9'436 10'853 13'283 14'505 18'037 21'448 23'971 26'774

- Interest Expense 562 648 906 1'276 1'536 2'679 2'636 2'505 3'752

- Foreign Exchange Losses (Gains) 266 168 -625 -36 19 -83 -158 -320 -558

- Net Non-Operating Losses (Gains) -328 -341 -395 -756 -1'992 -2'291 -899 -1'547 -3'262

Pretax Income 930 1'745 3'383 5'373 9'873 10'548 11'703 13'868 18'104 17'927 20'751 23'176

- Income Tax Expense 340 430 562 1'197 2'102 1'956 2'621 2'804 3'669

Income Before XO Items 590 1'315 2'821 4'177 7'771 8'592 9'082 11'064 14'435

- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0

- Minority Interests 181 307 737 1'059 1'582 2'007 912 45 260

Diluted EPS Before XO Items 0.56 0.75 0.95

Net Income Adjusted* 409 1'008 2'084 3'117 6'189 6'809 8'170 11'322 14'175 14'115 16'439 18'364

EPS Adjusted 0.00 0.00 0.00 0.28 0.42 0.46 0.56 0.77 0.95 0.89 0.99 1.13

Dividends Per Share 0.00 0.00 0.00 0.00 0.09 0.13 0.18 0.22 0.22 0.24 0.27

Payout Ratio % 0.0 0.0 0.0 17.8 21.6 23.9 24.7 24.7 0.24 0.25 0.24

Total Shares Outstanding 14'825 14'825 14'825 14'825 14'825 14'825

Diluted Shares Outstanding 10'968 14'825 14'825 14'825 14'825

EBITDA 2'651 3'662 5'108 8'006 11'952 15'054 18'293 21'104 25'857 30'646 34'934 39'187

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Balance Sheet

Total Current Assets 30727.2233 40224.4415 51744.8168 88745.3873 109823.194 166896.525 186781.86 225374.28 275276.206

+ Cash & Near Cash Items 6'390 9'385 10'374 30'690 23'858 30'590 37'181 45'731 54'847

+ Short Term Investments 229 117 113 0 333 9'728 1'315 145 841

+ Accounts & Notes Receivable 8'079 10'184 13'119 19'224 26'344 39'213 42'514 55'661 62'757

+ Inventories 8'880 11'968 17'108 24'857 36'716 62'270 68'911 76'653 94'762

+ Other Current Assets 7'149 8'570 11'031 13'974 22'572 25'096 36'861 47'184 62'069

Total Long-Term Assets 18'070 20'247 24'214 37'784 69'099 84'976 113'103 141'029 167'047

+ Long Term Investments 2'990 2'715 3'131 9'974 26'444 13'388 37'241 44'840 52'052

Gross Fixed Assets 20'815 23'460 27'295 32'772 46'670 80'579 103'706 117'644

Accumulated Depreciation 9'405 10'035 11'220 12'322 15'558 22'237 32'517 39'658

+ Net Fixed Assets 11'410 13'425 16'075 20'451 31'112 43'281 58'342 71'189 77'985

+ Other Long Term Assets 3'669 4'107 5'008 7'359 11'543 28'306 17'520 25'000 37'009

Total Current Liabilities 33'815 43'038 54'978 75'713 100'029 159'364 176'807 225'429 269'956

+ Accounts Payable 9'998 12'665 17'542 25'770 39'389 49'536 66'889 92'676 117'965

+ Short Term Borrowings 11'237 13'775 16'785 22'024 23'331 47'987 40'933 50'437 66'930

+ Other Short Term Liabilities 12'580 16'599 20'651 27'919 37'309 61'840 68'985 82'315 85'061

Total Long Term Liabilities 8'518 8'747 9'022 14'212 21'216 28'445 47'863 53'782 72'573

+ Long Term Borrowings 4'156 4'563 4'785 8'562 13'503 22'704 39'401 45'494 63'808

+ Other Long Term Borrowings 4'362 4'184 4'237 5'649 7'713 5'741 8'462 8'289 8'766

Total Liabilities 42'333 51'786 64'000 89'924 121'245 187'808 224'670 279'211 342'530

+ Long Preferred Equity 0 0 0 0 0 0 0 0

+ Minority Interest 1'519 2'542 3'368 4'886 9'424 12'579 13'191 12'894 13'240

+ Share Capital & APIC 28'582 30'652 16'833 32'569 33'827 35'356

+ Retained Earnings & Other Equity 4'945 6'144 8'591 3'137 17'601 34'651 29'455 40'472 51'198

Total Shareholders Equity 6'464 8'686 11'959 36'605 57'677 64'064 75'215 87'193 99'793

Total Liabilities & Equity 48'797 60'472 75'958 126'529 178'922 251'872 299'885 366'403 442'323

Book Value Per Share 2.14 3.25 3.47 4.18 5.01 5.84 6.46 7.30 8.15

Tangible Book Value Per Share 1.99 2.90 2.52 3.41 3.75 3.85

Company Analysis - Financials II/IV


Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Cash Flows

Net Income 409 1'008 2'084 3'117 6'189 6'585 8'170 11'019 14'175 14'130 16'401 18'271

+ Depreciation & Amortization 1'222 1'441 1'839 2'149 2'517 4'201 5'011 6'598 7'820

+ Other Non-Cash Adjustments 1'248 1'377 735 2'080 1'648 276 1'179 -2'477 -3'560

+ Changes in Non-Cash Capital -302 -1'587 -1'690 -3'371 -8'016 -13'014 2'813 86 -20'202

Cash From Operating Activities 2'578 2'239 2'968 3'975 2'337 -1'953 17'172 15'226 -1'767

+ Disposal of Fixed Assets 933 553 286 367 667 1'037 467 1'103 999

+ Capital Expenditures -3'502 -4'022 -4'336 -6'947 -11'952 -19'449 -16'191 -10'865 -9'726 -20'529 -22'191 -21'616

+ Increase in Investments -66 -33 -69 -54 -225 -2'625 -898 -1'915 -143

+ Decrease in Investments 122 120 25 27 169 878 125 629 266

+ Other Investing Activities 50 -139 -798 -1'790 -5'318 758 -3'421 -7'318 -9'725

Cash From Investing Activities -2'462 -3'520 -4'893 -8'396 -16'658 -19'402 -19'917 -18'366 -18'329

+ Dividends Paid 0 0 0 0 -76 -1'649 -1'974 -2'857

+ Change in Short Term Borrowings

+ Increase in Long Term Borrowings 10'743 13'306 17'707 28'303 29'880 61'526 88'031 63'761 89'903

+ Decrease in Long Term Borrowings -9'562 -10'065 -15'005 -20'028 -25'674 -35'383 -75'142 -52'752 -59'180

+ Increase in Capital Stocks 0 0 0 17'422 0 0 0

+ Decrease in Capital Stocks 0 0 0 0 0 0 0

+ Other Financing Activities 19 1'034 -13 -1'789 1'656 -523 -87 -145 -187

Cash From Financing Activities 1'200 4'275 2'689 23'908 5'785 25'620 11'154 8'890 27'679

Net Changes in Cash 1'315 2'993 763 19'486 -8'536 4'265 8'409 5'750 7'583

Free Cash Flow (CFO-CAPEX) -924 -1'783 -1'368 -2'972 -9'615 -21'402 981 4'361 -11'493 -9'173 -2'696 -1'809

Free Cash Flow To Firm -567 -1'295 -613 -1'981 -8'406 -19'220 3'027 6'359 -8'501

Free Cash Flow To Equity 2'011 1'620 5'670 -4'743 16'473 20'229

Free Cash Flow per Share -0.27 -0.65 -1.46 0.07 0.29 -0.78

Company Analysis - Financials III/IV


Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Ratio Analysis

Valuation Ratios

Price Earnings 26.6x 46.7x 21.0x 13.4x 8.9x 6.2x 7.5x 6.8x 5.9x

EV to EBIT 19.8x 33.1x 16.8x 12.4x 11.0x 9.7x

EV to EBITDA 14.5x 26.1x 12.1x 9.0x 7.6x 6.7x 6.3x 5.5x 4.9x

Price to Sales 0.7x 1.9x 0.7x 0.4x 0.3x 0.2x 0.3x 0.2x 0.2x

Price to Book 3.6x 6.3x 2.8x 1.8x 1.4x 1.0x 1.0x 0.9x 0.8x

Dividend Yield 0.1% 0.5% 1.8% 2.8% 3.6% 3.3% 3.6% 4.0%

Profitability Ratios

Gross Margin 10.0% 9.6% 9.8% 10.3% 10.3% 10.1% 9.6% 8.5% 9.5% 10.4% 10.7% 11.1%

EBITDA Margin 5.8% 5.9% 6.5% 7.2% 7.7% 7.6% 7.1% 6.7% 7.3% 8.3% 8.5% 8.6%

Operating Margin 3.1% 3.6% 4.1% 5.2% 6.1% 5.5% 5.2% 4.6% 5.1% 5.8% 5.8% 5.9%

Profit Margin 0.9% 1.6% 2.6% 2.8% 4.0% 3.3% 3.2% 3.5% 4.0% 3.8% 4.0% 4.0%

Return on Assets 1.8% 3.1% 3.1% 4.1% 3.0% 3.0% 3.3% 3.5% 3.1% 3.3% 3.5%

Return on Equity 18.1% 28.4% 15.7% 15.7% 13.0% 14.4% 16.3% 17.7% 15.0% 14.7% 14.6%

Leverage & Coverage Ratios

Current Ratio 0.91 0.93 0.94 1.17 1.10 1.05 1.06 1.00 1.02

Quick Ratio 0.43 0.46 0.43 0.66 0.51 0.50 0.46 0.45 0.44

Interest Coverage Ratio (EBIT/I) 2.54 3.43 3.61 4.59 6.14 3.25 5.04 4.16 3.33

Tot Debt/Capital 0.70 0.68 0.64 0.46 0.39 0.52 0.52 0.52 0.57

Tot Debt/Equity 2.38 2.11 1.80 0.84 0.64 1.10 1.07 1.10 1.31

Others

Asset Turnover 1.13 1.16 1.12 1.02 0.90 0.93 0.95 0.88

Accounts Receivable Turnover 6.78 6.80 6.97 6.86 5.95 6.31 6.45 6.00

Accounts Payable Turnover 5.21 5.05 5.00 4.61 4.44 4.12 3.69 3.19

Inventory Turnover 5.36 4.92 4.82 4.55 3.55 3.55 3.97 3.76

Effective Tax Rate 36.5% 24.6% 16.6% 22.3% 21.3% 18.5% 22.4% 20.2% 20.3%

Company Analysis - Financials IV/IV


CHINA COM CONS-

HCHINA RAIL GR-H CHINA RAIL CN-H VINCI SA SKANSKA AB-B CHINA STATE -A ZHEJIANG EXPRESS SHANG CONSTR-A ZHUZHOU CSR CSR CORP LTD -A

12/2011 12/2011 12/2011 12/2012 12/2012 12/2011 12/2012 12/2011 12/2011 12/2011

8.43 4.98 9.54 40.68 120.00 4.18 7.00 9.65 30.25 5.24

23.01.2013 10.01.2013 15.01.2013 19.03.2012 19.03.2012 18.02.2013 11.01.2013 08.05.2012 02.01.2013 05.02.2013

5.75 2.48 4.81 31.23 93.30 2.90 4.80 5.21 16.38 3.75

05.09.2012 30.03.2012 30.03.2012 01.06.2012 01.06.2012 24.09.2012 18.05.2012 23.03.2012 26.07.2012 27.09.2012

12'782'070 16'696'500 7'563'500 364'393 686'094 96'668'255 2'266'259 6'843'197 4'094'776 22'807'447

6.69 3.88 7.26 35.45 116.20 3.41 6.47 7.27 22.90 4.34

-20.6% -22.1% -23.9% -12.8% -3.2% -18.4% -7.6% -24.6% -24.3% -17.2%

16.3% 56.5% 50.9% 13.5% 24.5% 17.6% 34.8% 39.5% 39.8% 15.7%

14'825.0 21'299.9 12'337.5 536.2 411.8 30'000.0 4'343.1 2'312.7 1'084.3 11'840.0

97'973 77'363 80'930 20'547 51'400 102'300 28'100 16'813 24'829 60'085

106'045.0 130'576.0 100'663.6 20'193.8 11'103.0 133'022.5 1'462.6 9'707.0 647.9 27'040.8

- - - - - - - - - -

10'739.0 9'330.0 970.4 735.4 166.0 29'331.8 3'420.6 987.2 121.0 5'526.3

45'170.0 60'314.0 80'520.6 6'516.1 5'770.0 94'380.3 6'908.5 19'677.6 2'158.8 23'104.3

154'416 183'799 75'857 34'960 56'899 210'983 19'899 12'443 19'909 78'612

LFY 294'281.0 442'216.0 443'319.3 39'183.2 129'350.0 463'876.8 6'700.3 80'743.4 7'079.1 79'517.0

LTM 280'093.0 418'599.0 417'448.9 38'633.6 129'350.0 463'876.8 6'700.3 87'206.6 7'079.1 81'803.7

CY+1 295'062.1 459'520.7 467'694.0 38'898.6 129'702.9 576'124.5 7'104.4 - 6'545.9 88'279.7

CY+2 329'738.3 502'956.7 508'533.0 39'687.3 132'874.7 671'681.0 7'330.8 - 8'114.9 102'099.0

LFY 0.6x 0.4x 0.2x 0.9x 0.4x 0.3x 2.3x 0.2x 1.9x 1.0x

LTM 0.6x 0.4x 0.2x 0.9x 0.4x 0.3x 2.3x 0.2x 1.9x 1.0x

CY+1 0.6x 0.3x 0.2x 0.9x 0.4x - 3.0x - 2.9x 0.6x

CY+2 0.5x 0.3x 0.2x 0.8x 0.4x - 2.8x - 2.3x 0.5x

LFY 21'465.0 18'977.0 21'822.9 5'507.8 4'462.0 28'914.4 3'511.9 2'352.8 1'402.0 7'310.0

LTM 22'252.0 19'609.0 22'290.2 5'453.4 4'462.0 28'914.4 3'454.4 - 1'402.0 7'352.0

CY+1 24'549.0 18'794.1 22'322.3 5'534.1 6'151.7 - 3'523.8 - 1'253.8 7'279.8

CY+2 27'984.5 20'996.6 24'268.5 5'693.7 6'526.5 - 3'591.9 - 1'604.2 8'766.7

LFY 7.7x 8.5x 3.7x 6.1x 11.0x 5.4x 4.4x 6.5x 9.7x 11.0x

LTM 7.4x 8.2x 3.6x 6.2x 11.0x 5.4x 4.5x - 9.7x 11.0x

CY+1 6.6x 8.2x 3.8x 6.1x 8.7x - 6.0x - 14.9x 7.6x

CY+2 6.3x 7.5x 3.7x 5.7x 8.2x - 5.7x - 11.5x 6.4x

LFY 0.76 0.32 0.68 3.52 - 0.43 0.42 0.40 1.09 0.33

LTM 0.72 0.31 0.61 3.58 6.93 0.45 0.39 0.66 1.09 0.31

CY+1 0.71 0.33 0.67 3.51 8.35 0.52 0.42 0.69 0.89 0.29

CY+2 0.79 0.38 0.74 3.72 8.94 0.61 0.41 0.77 1.18 0.35

LFY 7.4x 10.1x 9.5x 9.9x 16.8x 7.6x 13.3x 11.0x 16.8x 14.2x

LTM 7.8x 9.8x - 10.0x - 7.9x 12.5x - 16.8x -

CY+1 7.5x 9.4x 8.7x 10.1x 13.9x 6.6x 12.4x 10.5x 20.5x 14.8x

CY+2 6.8x 8.3x 7.9x 9.5x 13.0x 5.6x 12.5x 9.4x 15.5x 12.5x

1 Year 7.9% (3.1%) (2.8%) 4.1% 8.9% 30.5% (1.2%) 10.2% 21.4% 24.0%

5 Year 17.3% 23.0% - 4.3% (1.1%) 29.4% (0.8%) 37.8% 42.8% 28.5%

1 Year 16.8% 20.9% 51.3% 1.1% (8.3%) 38.9% - 26.9% 10.7% 47.9%

5 Year 21.2% 26.7% 34.4% 3.7% (6.6%) 40.4% 0.8% 36.9% 33.9% 36.6%

LTM 7.9% 4.7% 5.3% 14.1% 3.4% 6.2% 51.0% - 19.8% 9.0%

CY+1 8.3% 4.1% 4.8% 14.2% 4.7% - 49.6% - 19.2% 8.2%

CY+2 8.5% 4.2% 4.8% 14.3% 4.9% - 49.0% - 19.8% 8.6%

Total Debt / Equity % 151.0% 181.7% 155.5% 151.4% 57.9% 149.3% 9.6% 93.2% 12.2% 119.9% FALSE FALSE FALSE FALSE FALSE

Total Debt / Capital % 56.7% 61.7% 60.5% 58.9% 36.5% 52.9% 7.3% 46.0% 10.6% 49.1% FALSE FALSE FALSE FALSE FALSE

Total Debt / EBITDA 5.938x 7.676x 4.627x 3.703x 2.488x 4.601x 0.304x - 0.462x 3.136x FALSE FALSE FALSE FALSE FALSE

Net Debt / EBITDA 3.353x 4.897x 1.024x 2.508x 1.195x 1.336x -1.749x - -1.078x 1.478x FALSE FALSE FALSE FALSE FALSE

EBITDA / Int. Expense 4.776x 2.989x 5.926x 7.578x 9.637x 5.620x 43.875x 5.859x 42.973x 6.888x FALSE FALSE FALSE FALSE FALSE

S&P LT Credit Rating - BBB+ - BBB+ - - - - - - FALSE FALSE FALSE FALSE FALSE

S&P LT Credit Rating Date - 23.01.2013 - 29.03.2007 - - - - - - FALSE FALSE FALSE FALSE FALSE

Moody's LT Credit Rating - - - Baa1 - - - - - - FALSE FALSE FALSE FALSE FALSE

Moody's LT Credit Rating Date - - - 23.07.2002 - - - - - - FALSE FALSE FALSE FALSE FALSE

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (3/dd/yy)

52-Week High % Change

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

Company Analysis - Peers Comparision


financial analysis - china communications construction company ltd. is a transportation...

Economy & Finance

infrastructure construction

wk return

date outlook

employees construction

ytd return

operating margin

hkd sales mwebsite

construction engineering