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中国船舶租赁(03877.HK):MSCI中国小型指数新增中国船舶租赁 购股权激励管理层

China Ship Leasing (03877.HK): MSCI China Small Index Adds China Ship Leasing Stock Purchase Rights Incentives Management

申萬宏源研究 ·  May 12, 2021 17:00

Event 1: according to the China Securities Exchange News, on May 12, MSCI Mingsheng released the results of the semi-annual review of global standard index stocks, MSCI China Mini Index added 45 shares, including China ship chartering, while excluding 25 shares, all changes will take effect after the close of trading on Thursday, May 27.

The attention of China's ship chartering market has increased, and the transaction volume has increased significantly. With the global resumption of work and production after the epidemic, the prosperity of the shipping industry has greatly improved. as the target of income in the industrial chain, the share price of ship leasing companies is much lower than that of other companies in the industrial chain because of low trading volume and being ignored by the market. Market attention has increased, with daily average trading volume rising from less than 1 million shares a day to 30 million shares since April 26. Trading volume is expected to rise further in the future as the MSCI China mini-index includes Chinese ship leasing.

On 2:4, China Shipcharter granted share options to the directors and certain directors of the Group and employees of the Group to subscribe for up to 143540000 new shares of HK $1.32 each. Among them, Chairman and Executive Director Zhong Jian, Executive Director Hu Kai can each subscribe for 12650000 shares, a total of 25300000 shares.

With more equity incentives, the company is optimistic about the ship leasing industry for a long time. The company has awarded a total of 143jus 540jue 000, accounting for 2.2% of the total shares, motivating employees to create better performance in the shipping business cycle. The company grants stock options to employees, and the first batch (33%), the second batch (33%) and the third batch (34%) will belong on the first trading day 24 months, 36 months and 48 months after the grant date, respectively, indicating that the company is optimistic about the ship leasing industry under the shipping business cycle for a long time.

Maintain the core recommendation logic: shipping scene demeanor improved, the main leasing industry ushered in the golden era. Ship leasing mainly includes financial leasing and operating leasing. Financial leasing benefits from active ship transactions, and the demand for financial leasing is expected to increase significantly. Operating leasing business benefits from the increase in ship rental and asset prices. Compared with financial leasing, the operating leasing term is shorter and the salvage risk is borne by the company. When the original lease expires, the rent of the new lease is expected to rise sharply. The market price of the company's ships is expected to be higher than the book value, and the benefit from disposal is expected to increase significantly.

We maintain the company's 2021-2023 net return profit of HK $1.34 million, corresponding to HK $2.00 billion for PE, 6.2 for 5.1, 4.2 for PB, 0.86 for 0.78 and 0.71 for PB. MSCI began to pay attention to the neglected Chinese ship chartering companies in the shipping business cycle, and the company's equity incentive policy will also encourage employees to create better performance for a long time. At present, 0.9x PB is lower than the industry average, and 6.7% dividend yield is higher than that of comparable companies. Considering the improvement of shipping cycle, the ROE hub of Chinese ship chartering companies is expected to be gradually improved from 12%. Maintain the buy rating.

Risk hints: the shipping cycle is not as good as expected; the price of ship assets is falling; the financial charterer is in breach of contract.

The translation is provided by third-party software.


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