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Ship leasing and shipping-related financial-services arm linked to China State Shipbuilding Corporation.
Ship leasing and shipping-related financial-services arm linked to China State Shipbuilding Corporation.
In one line: A Chinese shipbuilder-linked vessel leasing company.
Moat: narrow (scale, customer relationships). Ties to China's largest shipbuilder (CSSC) provide access to newbuild vessels for leasing.
Headquarters: Hong Kong · Employees: 77
Size CSSC (Hong Kong) Shipping (3877.HK) is a Hong Kong Industrials company (Marine Shipping) with a market value of $1.85B, the 437th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$2.34 on 6 Nov 2026.
Performance Over six months the shares fell 4.1%, against +3.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 9.5% over the last twelve months (peer median +10.3%); the operating margin is 60.3% (peer median 16.4%).
Valuation It trades at 7.2× forward earnings against a peer median of 8.7× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points below its cost of capital (5.3% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$3.80B | HK$3.95B | HK$4.34B | HK$3.79B | HK$3.36B |
| Revenue growth | — | -9% | +15% | +13% | — |
| Gross profit | HK$2.70B | HK$2.90B | HK$3.37B | HK$2.98B | HK$2.58B |
| EBITDA | HK$3.03B | HK$3.34B | HK$3.26B | HK$3.17B | HK$2.68B |
| Net income | HK$1.96B | HK$1.85B | HK$2.11B | HK$1.90B | HK$1.68B |
| Free cash flow | HK$4.67B | HK$4.21B | HK$5.95B | -HK$3.04B | HK$1.86B |
| Capital expenditure | HK$264M | HK$236M | HK$1.03B | HK$2.63B | HK$1.99B |
| Total debt | n/a | HK$26.8B | HK$27.9B | HK$31.4B | HK$27.8B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CSSC (Hong Kong) Shipping 3877.HK | $1.85B | -4% | -10% | 60% | 7.2× | -3.2% |
| COSCO SHIPPING Development 2866.HK | $3.84B | -22% | -2% | 13% | 3.6× | 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 | 3877.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.9% | -9.3% | 2nd highest of 21 |
| 6-month return | -4.1% | +3.9% | 10th lowest of 21 |
| Distance from 52-week high | -10.3% | -17.1% | 3rd highest of 21 |
| Revenue growth (TTM) | -9.5% | +10.3% | 2nd lowest of 20 |
| Operating margin | 60.3% | 16.4% | highest of 21 |
| Forward P/E | 7.2× | 8.7× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -3.2% | -2.5% | 8th least demanding of 16 |
| Growth delivered (Del g) | +14.9% | +10.1% | 4th highest of 16 |
| Hurdle (Req g minus delivered) | -18.1 pp | -14.0 pp | 4th least demanding of 16 |
| ROIC minus cost of capital | -0.2 pp | +1.9 pp | 6th lowest of 21 |
| EV / EBITDA | 12.1× | 5.6× | 2nd most expensive of 17 |
| Net debt / EBITDA | 7.2× | 1.3× | 2nd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CSSC (Hong Kong) Shipping 3877.HK | Hong Kong | $1.85B | -4% | -10% | 60% | 7.2× | -3.2% | +14.9% |
| Sumitomo Warehouse 9303.T | Japan | $1.87B | +4% | +2% | 6% | 16.3× | 11.3% | +0.4% |
| Stolt-Nielsen SNI.OL | Norway | $1.82B | +4% | -5% | 11% | 8.8× | -4.5% | +9.5% |
| Clarkson CKN.L | United Kingdom | $1.90B | -5% | +15% | 14% | 13.9× | 5.2% | +12.0% |
| PanOcean 028670.KS | South Korea | $1.91B | -12% | +24% | 9% | 5.0× | n/a | n/a |
| U-Ming Marine Transport 2606.TW | Taiwan | $1.70B | +6% | +13% | 29% | 8.7× | -3.8% | +12.8% |
| Wisdom Marine Lines 2637.TW | Taiwan | $2.13B | +28% | +10% | 33% | 9.1× | -1.8% | +7.2% |
| Great Eastern Shipping GESHIP.NS | India | $2.16B | -8% | +24% | 42% | 5.1× | 8.2% | +10.1% |
| Ningbo Ocean Shipping 601022.SS | China | $1.58B | -7% | +13% | 11% | n/a | n/a | n/a |
| NS United Kaiun Kaisha,Ltd 9110.T | Japan | $1.58B | +39% | +11% | 11% | n/a | -5.0% | +10.7% |
| Pacific Basin Shipping 2343.HK | Hong Kong | $2.22B | +6% | -6% | 6% | 9.0× | 7.9% | +7.3% |
| Costamare CMRE | United States | $1.54B | -28% | -42% | 44% | 5.2× | -6.9% | +13.0% |
| MITSUI-SOKO 9302.T | Japan | $1.52B | -22% | +6% | 7% | 17.8× | -1.6% | +3.4% |
| Dampskibsselskabet NORDEN A/S DNORD.CO | Denmark | $1.46B | +15% | +7% | 3% | 9.6× | n/a | n/a |
| Navios Maritime Partners LP NMM | United States | $2.42B | +14% | +19% | 39% | 3.9× | n/a | n/a |
| Global Ship Lease GSL | United States | $1.41B | -8% | +6% | 48% | 4.1× | -15.2% | +22.1% |
| T.S. Lines 2510.HK | Hong Kong | $2.48B | +38% | -4% | 19% | 5.8× | -6.9% | +9.8% |
| Nanjing Tanker 601975.SS | China | $2.50B | -21% | +12% | 26% | 9.0× | -8.4% | +7.6% |
| Solstad Maritime SOMA.OL | Norway | $1.36B | -6% | +17% | 40% | 5.5× | -2.5% | +22.7% |
| Capital Tankers CAPT.OL | Norway | $2.57B | +45% | n/a | 37% | 7.3× | n/a | n/a |
| Dfds A/s DFDS.CO | Denmark | $1.33B | +8% | +3% | 3% | 17.0× | 4.6% | +17.2% |