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Chinese freight-forwarding and international logistics services provider.
Chinese freight-forwarding and international logistics services provider.
Moat: none (distribution). Asset-light freight forwarder competing mainly on service network and pricing.
Headquarters: China · Employees: 3,942
Size CTS International Logistics (603128.SS) is a China Industrials company (Other Transportation) with a market value of $1.02B, the 2259th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.29 on 6 Nov 2026.
Performance Over six months the shares fell 5.2%, against -11.8% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 14.6% over the last twelve months (peer median +5.6%); the operating margin is 3.3% (peer median 17.1%).
Valuation It trades at 15.0× forward earnings against a peer median of 12.9× (5th most expensive of 11).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.6 points above its cost of capital (5.3% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥19.3B | CN¥18.0B | CN¥17.5B | CN¥14.6B | CN¥22.1B |
| Revenue growth | — | +2% | +20% | -34% | — |
| Gross profit | CN¥1.88B | CN¥1.53B | CN¥1.79B | CN¥1.85B | CN¥2.26B |
| EBITDA | n/a | CN¥693M | CN¥736M | CN¥816M | CN¥1.21B |
| Net income | CN¥496M | CN¥488M | CN¥539M | CN¥617M | CN¥888M |
| Free cash flow | CN¥362M | CN¥265M | CN¥120M | CN¥263M | CN¥1.43B |
| Capital expenditure | CN¥101M | CN¥152M | CN¥55.7M | CN¥73.1M | CN¥31.3M |
| Total debt | CN¥3.22B | CN¥2.96B | CN¥1.53B | CN¥921M | CN¥1.38B |
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 |
|---|---|---|---|---|---|---|
| CTS International Logistics 603128.SS | $1.02B | -5% | +15% | 3% | 15.0× | -5.1% |
| Sinotrans 601598.SS | $6.74B | +18% | -1% | 0% | 14.8× | 4.3% |
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 | 603128.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -0.4% | 8th lowest of 21 |
| 6-month return | -5.2% | -11.8% | 10th highest of 21 |
| Distance from 52-week high | -18.6% | -28.4% | 7th highest of 21 |
| Revenue growth (TTM) | +14.6% | +5.6% | 2nd highest of 21 |
| Operating margin | 3.3% | 17.1% | 5th lowest of 21 |
| Forward P/E | 15.0× | 12.9× | 5th most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | -5.1% | 1.2% | 5th least demanding of 17 |
| Growth delivered (Del g) | +5.0% | +8.4% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | -10.1 pp | -7.0 pp | 6th least demanding of 17 |
| ROIC minus cost of capital | +2.6 pp | -1.6 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CTS International Logistics 603128.SS | China | $1.02B | -5% | +15% | 3% | 15.0× | -5.1% | +5.0% |
| Dazhong Transportation (Group) 600611.SS | China | $1.02B | -12% | -12% | -9% | n/a | 5.8% | -3.3% |
| Guangxi Wuzhou Communications 600368.SS | China | $1.01B | +8% | -40% | 48% | n/a | n/a | n/a |
| Shanxi Hi-speed 000755.SZ | China | $1.07B | -3% | +3% | 47% | n/a | -7.2% | +8.4% |
| StorageVault Canada SVI.TO | Canada | $1.09B | -4% | +9% | 23% | n/a | 21.9% | +16.6% |
| Sichuan Haite High-Tech 002023.SZ | China | $948M | -31% | +14% | -28% | n/a | 31.4% | +10.4% |
| Jiangsu Tongxingbao Intelligent Transportation Tech 301339.SZ | China | $948M | -17% | +9% | 20% | 13.8× | -4.9% | +17.9% |
| Beijing Capital International Airport 0694.HK | Hong Kong | $914M | -21% | +6% | 0% | 183.1× | 40.5% | +8.7% |
| Xiamen International Airport 600897.SS | China | $892M | -12% | +33% | 28% | 12.1× | -16.5% | +11.4% |
| SBS Transit S61.SI | Singapore | $866M | -2% | +2% | 4% | 19.0× | -10.6% | +4.3% |
| Xizang Tianlu 600326.SS | China | $1.24B | -35% | -8% | 0% | 26.3× | 24.9% | -13.0% |
| Jilin Expressway 601518.SS | China | $822M | -1% | -13% | 48% | n/a | -20.5% | +10.0% |
| Xiandai Investment 000900.SZ | China | $822M | -14% | -6% | 20% | n/a | 2.8% | -14.7% |
| Ningxia Western Venture Industrial 000557.SZ | China | $807M | -21% | +7% | 9% | n/a | 0.2% | +8.3% |
| Jiangsu Lianyungang Port 601008.SS | China | $765M | -13% | +5% | 15% | n/a | 1.9% | +9.7% |
| Nishi-Nippon Railroad 9031.T | Japan | $1.37B | 0% | +10% | 7% | 9.0× | n/a | n/a |
| AZ-COM Maruwa 9090.T | Japan | $760M | -1% | +9% | 5% | 15.2× | n/a | n/a |
| Heilongjiang Transport Development 601188.SS | China | $746M | +13% | -4% | 27% | n/a | 0.4% | +7.0% |
| Henan Zhongyuan Expressway 600020.SS | China | $1.43B | +5% | -11% | 20% | 9.4× | 5.9% | +5.4% |
| Shenzhen International 0152.HK | Hong Kong | $1.49B | -35% | +15% | 11% | 6.1× | n/a | n/a |
| Yuexiu Transport Infrastructure 1052.HK | Hong Kong | $699M | -19% | +9% | 36% | 6.2× | 0.1% | +7.4% |