Xiamen International AirportLtd (SHSE:600897) - Share price, News & Analysis

Q: What is the Fair Price of 600897 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

600897 (CN¥15.14) is trading below our estimate of [[fair value]] (CN¥19.84)

600897 fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	5/6
Past Performance	0/6
Financial Health	5/6
Dividends	4/6

600897 Stock Overview

Xiamen International Airport Co.,Ltd engages in the airport operations in the China.

Rewards

Trading at 23.7% below our estimate of its fair value

Earnings are forecast to grow 64.97% per year

Risk Analysis

Unstable dividend track record

Large one-off items impacting financial results

Profit margins (8.5%) are lower than last year (16.5%)

Xiamen International AirportLtd Competitors

Sichuan Haite High-tech

SZSE:002023

CN¥8.1b

Heilongjiang Transport Development

SHSE:601188

CN¥3.8b

Guangxi Wuzhou Communications

SHSE:600368

CN¥4.2b

Chongqing road & bridgeltd

SHSE:600106

CN¥6.4b

Price History & Performance

Summary of all time highs, changes and price drops for Xiamen International AirportLtd
Historical stock prices
Current Share Price	CN¥15.14
52 Week High	CN¥18.50
52 Week Low	CN¥13.99
Beta	0.34
1 Month Change	-1.94%
3 Month Change	2.57%
1 Year Change	-0.79%
3 Year Change	-30.26%
5 Year Change	-37.95%
Change since IPO	163.76%

Shareholder Returns

	600897	CN Infrastructure	CN Market
7D	-0.9%	-0.8%	-0.5%
1Y	-0.8%	12.7%	-10.4%

Return vs Industry: 600897 underperformed the CN Infrastructure industry which returned 12.7% over the past year.

Return vs Market: 600897 exceeded the CN Market which returned -10.4% over the past year.

Price Volatility

Is 600897's price volatile compared to industry and market?
600897 volatility
600897 Average Weekly Movement	2.9%
Infrastructure Industry Average Movement	4.6%
Market Average Movement	6.1%
10% most volatile stocks in CN Market	9.2%
10% least volatile stocks in CN Market	3.9%

Stable Share Price: 600897 is less volatile than 75% of CN stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: 600897's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1983	3,270	Zhao Zhu	https://www.xiamenairport.com.cn

Xiamen International Airport Co.,Ltd engages in the airport operations in the China. The company’s route network covers various cities in Southeast Asia, Northeast Asia, Hong Kong, Macao, Taiwan, Europe, the United States, and Australia. It also provides air cargo terminal, office leasing, automobile, aviation, logistics, e-commerce, bidding agency, and advertising media services; and resident units.

Xiamen International AirportLtd Fundamentals Summary

How do Xiamen International AirportLtd's earnings and revenue compare to its market cap?
600897 fundamental statistics
Market Cap	CN¥4.49b
Earnings (TTM)	CN¥100.80m
Revenue (TTM)	CN¥1.19b

44.7x

P/E Ratio

3.8x

P/S Ratio

Is 600897 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
600897 income statement (TTM)
Revenue	CN¥1.19b
Cost of Revenue	CN¥1.06b
Gross Profit	CN¥125.19m
Other Expenses	CN¥24.39m
Earnings	CN¥100.80m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.34
Gross Margin	10.52%
Net Profit Margin	8.47%
Debt/Equity Ratio	0%

How did 600897 perform over the long term?

See historical performance and comparison

Dividends

0.9%

Current Dividend Yield

42%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 600897 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings 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 600897?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 600897. This is calculated by dividing 600897's market cap by their current preferred multiple.
What is 600897's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥4.49b

600897 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	2.7x
Enterprise Value/EBITDA	13.3x
PEG Ratio	0.7x

Price to Earnings Ratio vs Peers

How does 600897's PE Ratio compare to its peers?

600897 PE Ratio vs Peers

The above table shows the PE ratio for 600897 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	18.5x
002023 Sichuan Haite High-tech	10.8x	n/a	CN¥8.1b
601188 Heilongjiang Transport Development	22.4x	n/a	CN¥3.8b
600368 Guangxi Wuzhou Communications	6.1x	n/a	CN¥4.2b
600106 Chongqing road & bridgeltd	34.7x	n/a	CN¥6.4b
600897 Xiamen International AirportLtd	44.7x	65.0%	CN¥4.5b

Price-To-Earnings vs Peers: 600897 is expensive based on its Price-To-Earnings Ratio (44.7x) compared to the peer average (18.5x).

Price to Earnings Ratio vs Industry

How does 600897's PE Ratio compare vs other companies in the CN Infrastructure Industry?

Price-To-Earnings vs Industry: 600897 is expensive based on its Price-To-Earnings Ratio (44.7x) compared to the CN Infrastructure industry average (13.4x)

Price to Earnings Ratio vs Fair Ratio

What is 600897's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

600897 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	44.7x
Fair PE Ratio	52.9x

Price-To-Earnings vs Fair Ratio: 600897 is good value based on its Price-To-Earnings Ratio (44.7x) compared to the estimated Fair Price-To-Earnings Ratio (52.9x).

Share Price vs Fair Value

What is the Fair Price of 600897 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 600897 (CN¥15.14) is trading below our estimate of fair value (CN¥19.84)

Significantly Below Fair Value: 600897 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 less than 20% higher than the current share price.

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Future Growth

How is Xiamen International AirportLtd forecast to perform in the next 1 to 3 years based on estimates from 2 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

65.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 600897's forecast earnings growth (65% per year) is above the savings rate (3.2%).

Earnings vs Market: 600897's earnings (65% per year) are forecast to grow faster than the CN market (24.5% per year).

High Growth Earnings: 600897's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 600897's revenue (21.2% per year) is forecast to grow faster than the CN market (17.8% per year).

High Growth Revenue: 600897's revenue (21.2% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if 600897's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Xiamen International AirportLtd 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

-17.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 600897 has a large one-off gain of CN¥60.0M impacting its March 31 2022 financial results.

Growing Profit Margin: 600897's current net profit margins (8.5%) are lower than last year (16.5%).

Past Earnings Growth Analysis

Earnings Trend: 600897's earnings have declined by 17.2% per year over the past 5 years.

Accelerating Growth: 600897's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 600897 had negative earnings growth (-53.2%) over the past year, making it difficult to compare to the Infrastructure industry average (6.3%).

Return on Equity

High ROE: 600897's Return on Equity (2.9%) is considered low.

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Financial Health

How is Xiamen International AirportLtd's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

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

Financial Position Analysis

Short Term Liabilities: 600897's short term assets (CN¥1.8B) exceed its short term liabilities (CN¥685.0M).

Long Term Liabilities: 600897's short term assets (CN¥1.8B) exceed its long term liabilities (CN¥80.8M).

Debt to Equity History and Analysis

Debt Level: 600897 has more cash than its total debt.

Reducing Debt: Insufficient data to determine if 600897's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: 600897's debt is well covered by operating cash flow (4450652040%).

Interest Coverage: 600897 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Xiamen International AirportLtd current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

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

0.94%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 600897's dividend (0.94%) is higher than the bottom 25% of dividend payers in the CN market (0.47%).

High Dividend: 600897's dividend (0.94%) is low compared to the top 25% of dividend payers in the CN market (1.93%).

Stability and Growth of Payments

Stable Dividend: 600897's dividend payments have been volatile in the past 10 years.

Growing Dividend: 600897's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (42.2%), 600897's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (12.9%), 600897's dividend payments are thoroughly covered by cash flows.

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Management

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

2.3yrs

Average management tenure

CEO

Zhao Zhu (47 yo)

no data

Tenure

CN¥565,300

Compensation

Mr. Zhao Zhu serves as General Manager at Xiamen International Airport Co.,Ltd and serves as its Director since May 09, 2020. Mr. Zhu served as Deputy General Manager and Secretary of the Board at Xiamen I...

Leadership Team

Experienced Management: 600897's management team is considered experienced (2.3 years average tenure).

Board Members

Experienced Board: 600897's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.

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	2022/08/08 00:00
End of Day Share Price	2022/08/08 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31