Loading…
Port operator managing container, bulk and oil terminals in Liaoning province, including Dalian and Yingkou ports.
Port operator managing container, bulk and oil terminals in Liaoning province, including Dalian and Yingkou ports.
Charges shipping lines and cargo owners fees per container or tonne handled, plus storage and loading fees, so income follows trade volumes through its northeast Chinese ports. This is the Hong Kong listing of the company that trades in Shanghai as 601880.SS; its 2022 merger put Dalian and Yingkou ports under one operator.
In one line: A regional Chinese port operator.
Moat: narrow (regulatory licence, installed base). Strategic, government-backed port infrastructure serving Northeast China's trade, consolidated from Dalian and Yingkou ports.
Headquarters: Dalian, Liaoning, China · Employees: 10,561
Size Liaoning Port (2880.HK) is a Hong Kong Industrials company (Other Transportation) with a market value of $4.53B, the 273rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$0.68 on 6 Nov 2026.
Performance Over six months the shares fell 26.1%, against -0.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 1.3% over the last twelve months (peer median +8.3%); the operating margin is 20.9% (peer median 15.4%).
Valuation It trades at 3.2× enterprise value to sales against a peer median of 3.7× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points above its cost of capital (6.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$12.6B | HK$12.3B | HK$12.0B | HK$13.5B | HK$14.2B |
| Revenue growth | — | +3% | -11% | -5% | — |
| Gross profit | HK$5.65B | HK$3.46B | HK$2.52B | HK$3.69B | HK$3.68B |
| EBITDA | n/a | HK$5.31B | HK$4.57B | HK$5.02B | HK$5.07B |
| Net income | HK$1.59B | HK$1.42B | HK$1.24B | HK$1.48B | HK$1.53B |
| Free cash flow | HK$5.81B | HK$5.82B | HK$4.19B | HK$3.19B | HK$372M |
| Capital expenditure | HK$614M | HK$532M | HK$692M | HK$738M | HK$3.97B |
| Total debt | HK$11.7B | HK$11.4B | HK$13.8B | HK$12.0B | HK$14.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Liaoning Port 2880.HK | $4.53B | -26% | +1% | 21% | 3.2× | -9.0% |
| COSCO SHIPPING Ports 1199.HK | $3.32B | +18% | +12% | 14% | 3.8× | 8.7% |
| Qinhuangdao Port 3369.HK | $2.77B | +5% | +7% | 23% | 3.0× | -13.2% |
| Tianjin Port 600717.SS | $1.89B | -2% | -8% | 18% | 1.5× | -14.6% |
| Tangshan Port 601000.SS | $4.27B | +3% | +10% | 39% | 3.7× | -11.0% |
| Qingdao Port International 601298.SS | $8.98B | +10% | +4% | 31% | 2.6× | -12.0% |
| Rizhao Port 600017.SS | $1.26B | -7% | +3% | 13% | 3.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2880.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.6% | +2.1% | 8th highest of 21 |
| 6-month return | -26.1% | -0.5% | 2nd lowest of 21 |
| Distance from 52-week high | -37.0% | -18.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +1.3% | +8.3% | 5th lowest of 21 |
| Operating margin | 20.9% | 15.4% | 9th highest of 21 |
| EV / Sales | 3.2× | 3.7× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -9.0% | -2.3% | 3rd least demanding of 16 |
| Growth delivered (Del g) | -2.0% | +11.0% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | -7.0 pp | -21.3 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | +0.7 pp | +0.5 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Liaoning Port 2880.HK | Hong Kong | $4.53B | -26% | +1% | 21% | 3.2× | -9.0% | -2.0% |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 10.2× | n/a | n/a |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 7.1× | 0.8% | +6.9% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 1.4× | -0.2% | +45.6% |
| Anhui Expressway 600012.SS | China | $4.29B | +13% | -14% | 42% | 6.5× | -5.4% | +18.0% |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 3.7× | -11.0% | -6.2% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 1.0× | n/a | n/a |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 3.7× | n/a | n/a |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 2.0× | -6.3% | +26.4% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 6.0× | -5.1% | +27.2% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 2.8× | 6.2% | +11.0% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 3.9× | 4.8% | +7.4% |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 43.6× | -3.5% | +8.9% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | 3.4× | n/a | n/a |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 2.3× | -2.3% | +40.7% |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 3.8× | 8.7% | +10.9% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 3.0× | 13.8% | +6.0% |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 1.7× | -12.5% | +8.8% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 0.9× | -6.1% | +21.7% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 4.2× | n/a | n/a |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | 9.3× | 6.7% | +28.5% |