Zhuhai Winbase International Chemical Tank Terminal Co.,Ltd engages in the terminal loading and unloading, warehousing, barge transfer, and pipeline transportation and bonded activities for bulk liquid petrochemicals in China. The company was founded in 2000 and is based in Zhuhai, China.

China

Zhuhai Winbase International Chemical Tank Terminal Co.,Ltd

Energy

The company pays dividends most of the time. It has paid dividends in almost every one of the past ten years. Dividend per share (DPS) has grown yearly, but the dynamics are unclear. In the past 12 months, the dividend yield has barely been above zero and was substantially below that of its peers. On average, the company pays dividends annually. 

002492.SZ reported revenue of CNY 333mn in the last 12 months, down 3% from FY24. At the same time, the dynamics of cash flow, as measured by free cash flow (FCF), were drastically different. EPS fell 6% from FY24 to CNY 0.15.

Over the last six months, the stock performance has varied, with an increase following a drop. The stock's price trend wasn't definitive when matched against its global counterparts from the same sector and industry (as depicted above). Over the past six months the stock has exceeded the performance of this peer group by 10ppts and its growth decelerated by 6ppts in the past month. This is equally valid for peers from the same country and industry. Given the stock's valuation versus its peers, its total price movement is neither favourable nor unfavourable.

The company has reported strong EBITDA margins compared to its global peers in recent years. EBITDA margin amounted to 30.7% in the last 12 months, a decline from 51.2% in FY23. 

Historically, 002492.SZ has reported very strong net margins compared to its global peers. Specifically, in the last 12 months, this metric equalled 18.4%, down from 29.4% in FY23. 

Zhuhai Winbase International Chemical Tank Terminal Co.,Ltd reported a return on equity (RoE) of 3.6% in the last 12 months, down from 7.0% in FY23. 

In the last 12 months, the return on capital employed (RoCE) declined to 3.2%, below the peers. 

Another important profitability metric, return on assets (RoA), amounted to 2.9% in the last 12 months, a decrease from 5.8% in FY23. 

The ratio of return on invested capital (RoIC) to the weighted average cost of capital (WACC) has been 0.9 in the past several years. This ratio implies a poor shareholder value creation. 

The institutional, legal, and compliance risks associated with the company's country are close to minimal. In combination with rigorous business standards, shareholder rights are well protected.

002492.SZ has above average trading liquidity. The average private investor can sell his common position in the stock almost immediately. Liquidity is usually stable and remains extremely favourable on the days with the lowest activity. The trading volume mostly stays the same even under highly turbulent market conditions. The stock has a small market capitalisation, which usually makes its trading liquidity erratic and unpredictable. 

No other major risks have been identified.

The risk of default is moderate. We note robust profitability, strong debt servicing capacity, adequate interest coverage, and an favourable capital structure, among the positive credit factors. Among the negative credit factors, we point to weak positions in its industry, slow historical revenue growth, negligible return on capital, excessive margin volatility, and poor working capital management.

In highly turbulent market conditions, 002492.SZ is volatile. In other words, the stock will fall much more than the index in times of extreme market volatility or shocking company news. Standalone, the worst-day losses (less than 1% of the time) will likely be large. 

In normal market circumstances, 002492.SZ is moderately volatile. Put differently, without outstanding market volatility or shocking company news, the stock's price will move slightly wider than the index. The stock's losses on its worst days (less than 1-5% of the time) will range from low to mild. 

From both historical and forecast perspectives, the stock is considerably overpriced compared to similar stocks. In particular, the stock is overpriced on P/E, 'expensive' on EV/EBITDA, overvalued on P/FCF. 

Zhuhai Winbase International Chemical Tank Terminal Co.,Ltd

CN¥ 5.66

4

Zhuhai Winbase International Chemical Tank Terminal Co.,Ltd

CN¥ 5.66

4

Risk factor

Profitability factor

Risk / Profitability

Risk factor

Profitability factor

CN¥ 5.66

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