Shanghai International Airport (SHSE:600009) - Share price, News & Analysis

Q: What is the Fair Price of 600009 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

600009 (CN¥57.49) is trading below our estimate of [[fair value]] (CN¥92.87)

600009 fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	5/6
Past Performance	0/6
Financial Health	3/6
Dividends	0/6

600009 Stock Overview

Shanghai International Airport Co., Ltd. provides airport services in China.

Rewards

Trading at 38.1% below our estimate of its fair value

Earnings are forecast to grow 112.42% per year

Risk Analysis

No risks detected for 600009 from our risk checks.

Shanghai International Airport Competitors

Guangzhou Baiyun International Airport

SHSE:600004

CN¥31.9b

Shenzhen Airport

SZSE:000089

CN¥14.1b

Xiamen International AirportLtd

SHSE:600897

CN¥4.5b

Sichuan Haite High-tech

SZSE:002023

CN¥7.7b

Price History & Performance

Summary of all time highs, changes and price drops for Shanghai International Airport
Historical stock prices
Current Share Price	CN¥57.49
52 Week High	CN¥59.08
52 Week Low	CN¥38.50
Beta	0.71
1 Month Change	12.22%
3 Month Change	22.97%
1 Year Change	43.26%
3 Year Change	-32.37%
5 Year Change	54.05%
Change since IPO	1,173.93%

Shareholder Returns

	600009	CN Infrastructure	CN Market
7D	2.9%	1.1%	1.3%
1Y	43.3%	12.6%	-7.2%

Return vs Industry: 600009 exceeded the CN Infrastructure industry which returned 12.6% over the past year.

Return vs Market: 600009 exceeded the CN Market which returned -7.2% over the past year.

Price Volatility

Is 600009's price volatile compared to industry and market?
600009 volatility
600009 Average Weekly Movement	4.9%
Infrastructure Industry Average Movement	4.4%
Market Average Movement	6.0%
10% most volatile stocks in CN Market	9.2%
10% least volatile stocks in CN Market	3.8%

Stable Share Price: 600009 is not significantly more volatile than the rest of CN stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 600009's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
n/a	8,122	Zhi Hong Hu	https://www.shairport.com

Shanghai International Airport Co., Ltd. provides airport services in China. It offers customs inspection, security inspection, inspection and quarantine, flight delay, visa, and smoking control instruction services, as well as entry and exit frontier inspection services. The company also provides air cargo, VIP, advertising, aircraft fueling, ground agent, and business aviation services.

Shanghai International Airport Fundamentals Summary

How do Shanghai International Airport's earnings and revenue compare to its market cap?
600009 fundamental statistics
Market Cap	CN¥110.78b
Earnings (TTM)	-CN¥1.78b
Revenue (TTM)	CN¥3.70b

29.9x

P/S Ratio

-62.1x

P/E Ratio

Is 600009 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
600009 income statement (TTM)
Revenue	CN¥3.70b
Cost of Revenue	CN¥5.97b
Gross Profit	-CN¥2.26b
Other Expenses	-CN¥479.94m
Earnings	-CN¥1.78b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.93
Gross Margin	-61.12%
Net Profit Margin	-48.16%
Debt/Equity Ratio	7.4%

How did 600009 perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is 600009 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 600009?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 600009. This is calculated by dividing 600009's market cap by their current preferred multiple.
What is 600009's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥110.78b

600009 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	33x
Enterprise Value/EBITDA	-94.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 600009's PS Ratio compare to its peers?

600009 PS Ratio vs Peers

The above table shows the PS ratio for 600009 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	5.7x
600004 Guangzhou Baiyun International Airport	6.1x	23.1%	CN¥31.9b
000089 Shenzhen Airport	4.5x	18.8%	CN¥14.1b
600897 Xiamen International AirportLtd	3.8x	15.4%	CN¥4.5b
002023 Sichuan Haite High-tech	8.5x	n/a	CN¥7.7b
600009 Shanghai International Airport	29.9x	33.9%	CN¥110.8b

Price-To-Sales vs Peers: 600009 is expensive based on its Price-To-Sales Ratio (29.9x) compared to the peer average (5.7x).

Price to Earnings Ratio vs Industry

How does 600009's PE Ratio compare vs other companies in the CN Infrastructure Industry?

Price-To-Sales vs Industry: 600009 is expensive based on its Price-To-Sales Ratio (29.9x) compared to the CN Infrastructure industry average (2.5x)

Price to Sales Ratio vs Fair Ratio

What is 600009's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

600009 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	29.9x
Fair PS Ratio	0.7x

Price-To-Sales vs Fair Ratio: 600009 is expensive based on its Price-To-Sales Ratio (29.9x) compared to the estimated Fair Price-To-Sales Ratio (0.7x).

Share Price vs Fair Value

What is the Fair Price of 600009 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 600009 (CN¥57.49) is trading below our estimate of fair value (CN¥92.87)

Significantly Below Fair Value: 600009 is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is lower than the current share price.

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Future Growth

How is Shanghai International Airport forecast to perform in the next 1 to 3 years based on estimates from 16 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

112.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 600009 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.2%).

Earnings vs Market: 600009 is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: 600009 is expected to become profitable in the next 3 years.

Revenue vs Market: 600009's revenue (33.9% per year) is forecast to grow faster than the CN market (17.8% per year).

High Growth Revenue: 600009's revenue (33.9% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 600009's Return on Equity is forecast to be low in 3 years time (7.4%).

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Past Performance

How has Shanghai International Airport performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-42.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 600009 is currently unprofitable.

Growing Profit Margin: 600009 is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: 600009 is unprofitable, and losses have increased over the past 5 years at a rate of 42.6% per year.

Accelerating Growth: Unable to compare 600009's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: 600009 is unprofitable, making it difficult to compare its past year earnings growth to the Infrastructure industry (6.3%).

Return on Equity

High ROE: 600009 has a negative Return on Equity (-6.22%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is Shanghai International Airport's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: 600009's short term assets (CN¥9.3B) exceed its short term liabilities (CN¥6.0B).

Long Term Liabilities: 600009's short term assets (CN¥9.3B) do not cover its long term liabilities (CN¥15.7B).

Debt to Equity History and Analysis

Debt Level: 600009 has more cash than its total debt.

Reducing Debt: 600009's debt to equity ratio has reduced from 10.7% to 7.4% over the past 5 years.

Debt Coverage: 600009's debt is not well covered by operating cash flow (4.6%).

Interest Coverage: Insufficient data to determine if 600009's interest payments on its debt are well covered by EBIT.

Balance Sheet

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Dividend

What is Shanghai International Airport current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

0.46%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate 600009's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate 600009's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if 600009's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if 600009's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: 600009 is not paying a notable dividend for the CN market.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as 600009 has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

6.8yrs

Average management tenure

CEO

Zhi Hong Hu (55 yo)

4.67yrs

Tenure

CN¥888,400

Compensation

Mr. Zhi Hong Hu served as Deputy General Manager and Party Secretary of Shanghai International Airport Co., Ltd. and serves as its Director since June 28, 2018 and General Manager since December 15, 2017....

Leadership Team

Experienced Management: 600009's management team is seasoned and experienced (6.8 years average tenure).

Board Members

Experienced Board: 600009's board of directors are considered experienced (4.2 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/17 00:00
End of Day Share Price	2022/08/17 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31