SITC International Holdings Company Limited Overview
| Field | Detail |
|---|---|
| Legal name | SITC International Holdings Company Limited |
| Chinese name | 海豐國際控股有限公司 |
| Former names | None identified for the listed holding company; operating predecessor was SITC Corp (founded 1991) |
| Founding year (group) | 1991 (May 1991, SITC Corp founded by Yang Shaopeng — per Bloomberg Billionaires profile) |
| Listed holding company formed | 2010 (Cayman Islands holding company formed for the IPO) |
| Incorporation jurisdiction | Cayman Islands, with limited liability (per HKEX filings) |
| Headquarters | Hong Kong (principal place of business); key operating centres in Shanghai and Qingdao, Mainland China. Exact registered street address not re-verified in this cycle |
| Primary listing | Hong Kong Stock Exchange Main Board, stock code 1308 |
| Other trading lines | OTC Pink: SITIY (ADR, 10 shares per ADR), SITIF; Frankfurt/Stuttgart: 7S8 |
| ISIN | KYG8187G1055 (ordinary shares); ADR ISIN US78429L1026 |
| CUSIP | Not publicly disclosed for ordinary shares (non-US issuer); ADR CUSIP implied 78429L102 from ADR ISIN |
| Fiscal year end | 31 December |
| Employees | Approximately 2,200 (aggregator, Multiples.vc, 2026). 3-year trend: not publicly disclosed in sources retrieved |
| Auditor | Ernst & Young, Hong Kong (named auditor in prior SITC annual reports; FY2025 re-appointment not re-verified in this cycle) |
| Shares outstanding | Approximately 2,700 million (FY2025, aggregator StockAnalysis) |
| Market capitalisation | Approximately HK$105.9bn / US$13.6bn at HK$39.22 (last verified quote, 23 July 2026; derived = price × 2,700m shares). |
| Website | www.sitc.com |
| Controlling shareholder | Founder Yang Shaopeng's family trust, approximately 41% (per Bloomberg, citing the 2025 annual report) |
The entity profiled is the Hong Kong-listed holding company of the SITC shipping group. The identification details supplied (Hong Kong / HKEX / 1308.HK / sitc.com) match the current listed entity; no name change or listing migration has occurred. Note for automation users: the abbreviation "SITC" is also used by Shandong International Trust Co., Ltd. (a separate HKEX-listed trust company) and by the Society for Immunotherapy of Cancer; neither is related to this entity.
SITC International is the most profitable pure-play intra-Asia container carrier listed globally, operating a fleet of roughly 120 small and mid-sized containerships (about 185,000 TEU) on some 80 service loops linking Mainland China, Japan, Korea, Taiwan, Southeast Asia and, increasingly, the Indian subcontinent. Unlike the global alliance carriers, SITC deliberately avoids long-haul East–West trades, concentrating instead on high-frequency, short-sea "feeder-plus" services where scheduling density, port-call breadth and door-to-door logistics integration matter more than vessel scale. The model combines a predominantly owned fleet (99 of 119 vessels at end-2025), a net-cash balance sheet, and an integrated logistics arm (freight forwarding, shipping agency, depots, warehousing). This structure has delivered gross margins of 37–48% in every year since 2021 except the 2023 trough, and net margins consistently well above global peers. Founder-family control (about 41%) underpins a high-payout dividend policy, recently around 80–85% of earnings.
What the company does
SITC International is a shipping-logistics group whose core activity is the provision of container transportation and integrated logistics services within Asia. Its business comprises two reportable segments: (i) Container Shipping and Logistics, covering container transport, freight forwarding, shipping agency, container depot and warehousing services; and (ii) Dry Bulk and Others, covering dry bulk vessel leasing, land leasing, air-freight forwarding and other ancillary services (segment descriptions per company profile data reproduced by YCharts and Multiples.vc from SITC filings).
Company's own characterisation
In its results announcements, SITC repeatedly describes itself as an Asian shipping logistics company that focuses exclusively on the intra-Asia market, on the thesis that intra-Asian trade will continue to grow healthily. In its FY2025 results commentary, management attributed growth to robust Asian demand supported by Red Sea disruption and port congestion, and stated that it would pursue market potential through "refined management" in 2026 while continuing to purchase container vessels and invest in logistics projects as appropriate (Baird Maritime summary of FY2025 results, March 2026). In its H1 2025 commentary, the company emphasised that a more fragmented global trade landscape is making regional trade more frequent and raising demand for flexible, efficient small containerships — the vessel class SITC specialises in.
Business model and revenue model
| Revenue stream | Nature | Approx. share of FY2025 revenue (derived) |
|---|---|---|
| Container ocean freight (excl. slot exchange) | Per-TEU freight charges on liner services | ~85% (derived: 3,847,539 TEU × US$753.3 ≈ US$2,898m vs ~US$3,413m revenue) |
| Logistics & other container services | Freight forwarding, agency, depot, warehousing, slot exchange, other | ~15% (derived residual, includes Dry Bulk and Others) |
| Dry bulk vessel leasing / land leasing / air forwarding | Leasing and ancillary | Not separately verified; small |
SITC's revenue model is overwhelmingly service-based, volume × rate. Revenue is earned per container moved (freight), plus logistics service fees (forwarding, agency, depot, warehousing, trucking), plus minor leasing income (dry bulk vessels, land). There is no meaningful product, subscription or licensing revenue.
Value-chain position
SITC sits in the carriage and logistics layer of the container value chain: it owns and charters ships, sells slots directly to shippers and forwarders, and extends upstream/downstream with forwarding, depots and warehousing. It does not own container terminals of scale (no verified port-concession portfolio) and does not build ships (vessels are ordered from Chinese yards such as Huanghai Shipbuilding). The owned-fleet strategy is an explicit lever to reduce exposure to charter-market spikes — a company representative told Container News that fleet ownership was being expanded to manage high charter costs.
Customer types and end-markets
Customers are shippers (manufacturers, traders, retailers) and freight forwarders moving containerised cargo within Asia. End-markets are the industrial and consumer supply chains of intra-Asia trade: China–Japan, China–Korea, China–Southeast Asia (Vietnam, Thailand, Malaysia, Indonesia, Philippines, Cambodia, Myanmar, Brunei, Singapore), and China/SE Asia–India and Bangladesh. Specific customer concentration figures are not publicly disclosed in sources retrieved; the business is characterised by a fragmented customer base typical of regional liner trades.
Independent characterisation
Analytically, SITC is best understood as a low-cost, high-density regional liner network with an owned-asset base and a net-cash balance sheet. Its economic moat is not vessel scale but network density (dozens of loops and port pairs, many with weekly or more frequent sailings), schedule reliability, and the operational flexibility of small 1,000–2,700 TEU ships that can call at secondary ports large carriers bypass. Its exposure to the freight cycle is real (FY2023 profit fell 72.5%), but its trough margins (gross margin 25.7% in FY2023) remain far above those of global carriers, and its volume growth has been steadily positive (+10.7% in FY2024, +7.8% in FY2025, +7.8% in H1 2026).
Strategy
Stated strategy (themes from recent results announcements)
-
Intra-Asia focus, exclusively. SITC continues to define itself by the intra-Asia market and argues that a more regionalised global trade pattern favours flexible small-ship networks.
-
Network density and expansion. Continuous addition and re-routing of loops — most visibly the India push (2024–2025) and the 2026 China–Southeast Asia optimisation.
-
Owned-fleet renewal and expansion. Steady ordering of 1,800 TEU and 2,700 TEU vessels at Huanghai Shipbuilding to replace ageing and chartered tonnage and to cut exposure to charter costs; average fleet age has fallen from 11.5 years (mid-2021) to 9.4 years (end-2025).
-
Integrated logistics. Continued investment in logistics projects "as appropriate", extending into door-to-door services (e.g., inland India destinations such as Bengaluru, Jaipur and Nepal via FIE1).
-
"Refined management" in 2026. Management's stated 2026 theme: extracting value through operational efficiency and cost discipline rather than aggressive capacity growth.
-
Low-cost, differentiated positioning. The company frames itself as a quality service provider able to command rate premiums, as cited in the January 2026 profit alert explanation.
Initiatives in the last 24 months
| Initiative | Date | Description |
|---|---|---|
| India network build-out | Sep 2024 – Sep 2025 | FIE1 and FIE services; Chennai, Visakhapatnam, Haldia, Kolkata calls |
| Fleet newbuild programme | Jun 2024 – Jan 2026 | 1,800 TEU and 2,700 TEU series at Huanghai; total tally reported at 18 vessels |
| Intra-SE Asia network optimisation | Jul 2026 | CVM, CVM2, CMI2 revisions |
| CBX2 expansion | 2,026 | Re-adds Tianjin and Yangon, adds northbound Ho Chi Minh City |
| Special dividends | Nov 2024; FY2025 | HK$0.40 (2024) and HK$0.70 (FY2025) specials |
Medium-term targets
SITC does not publish quantitative medium-term financial targets or formal guidance; its only quantitative forward communications are profit alerts (e.g., 27 Jan 2026). Sustainability-linked targets and cost-programme targets: not publicly disclosed in sources retrieved.
Products & Services
SITC does not sell products; its "catalogue" is its network of liner services and logistics offerings. The company does not publish a complete loop list in its financial filings; the following is compiled from verified trade-press announcements.
Container Shipping and Logistics — liner services (selected, verified)
| Service code | Description / rotation | Target customers | Launch / latest revision | Source |
|---|---|---|---|---|
| FIE (Far East–India Express) | Tianjin (Xingang) – Qingdao – Shanghai – Ningbo – Shekou – Chennai – Visakhapatnam – Haldia – Yangon – Ho Chi Minh City – Incheon – North China; 6 vessels, 42-day rotation | China/Korea–India east coast and Bangladesh/Myanmar shippers | Launched Sep 2025 (SITC CAGAYAN maiden Chennai call 25 Sep 2025) | India Seatrade News |
| FIE1 (Far East–India East Coast 1) | Qingdao – Shanghai – Ningbo – Shekou – Chennai – Visakhapatnam – Port Klang (West); weekly; also serves inland Bengaluru, Jaipur, Nepal | China–India east coast; inland India | Launched 10 Sep 2024 | India Seatrade News |
| CVM | Nansha – Shekou – Ho Chi Minh City – Batam – Kuching – Phuoc An – Qinzhou – Nansha | South China–Vietnam–Indonesia–East Malaysia | Revised Jul 2026 (Qinzhou added) | India Seatrade News |
| CVM2 | Nansha – Shekou – Kota Kinabalu – Muara – Nansha | South China–Sabah–Brunei | Revised Jul 2026 | India Seatrade News |
| CMI2 | Yangpu – Qinzhou – Phuoc An – Jakarta – Bintulu – Ho Chi Minh City – Yangpu | Hainan/Beibu Gulf–Vietnam–Indonesia–Sarawak | Revised Jul 2026 | India Seatrade News |
| CBX2 | Incheon – Tianjin – Qingdao – Shanghai – Ho Chi Minh City – Port Klang – Chittagong – Yangon – Port Klang – Ho Chi Minh City – Xiamen – Incheon | Korea/North China–SE Asia–Bangladesh/Myanmar | Expanded 2026 (Tianjin, Yangon re-added) | Container News |
| FEM2 (West Malaysia) | Shanghai/Xiamen – Port Klang – Pasir Gudang; Shekou–Busan express | China–West Malaysia | Launched November (reported as SITC's 4th West Malaysia route) | Logistics Manager |
| MMS (Myanmar) | China–Myanmar | China–Myanmar trade | First Myanmar entry | Logistics Manager |
| SE Asia express | Jakarta – Haiphong – Laem Chabang direct; Qinzhou international link | Indonesia–Vietnam–Thailand–Beibu Gulf | Historical | PortNews |
Network scale. In 2024 the company described its network as 72 service routes covering 77 major ports across 16 markets (Mainland China, Japan, Korea, Taiwan, Hong Kong, Vietnam, Thailand, Philippines, Cambodia, Indonesia, Singapore, Brunei, Malaysia, Bangladesh, Myanmar and India). A 2026 freight-platform profile lists 82 service routes and 84 ports. Bloomberg describes the network as about 80 ports. Pricing is not publicly disclosed; freight is sold on spot and contract terms, with the realised average at US$753.3/TEU in FY2025 and US$807.2/TEU in H1 2026.
Container fleet (the "production platform")
| Metric | 30 Jun 2021 | 31 Dec 2021 | 31 Dec 2025 | 30 Jun 2026 |
|---|---|---|---|---|
| Container vessels operated | 95 | 96 | 119 | 120 |
| Total capacity (TEU) | 142,085 | — | 184,961 | 185,365 |
| Self-owned vessels | 66 | — | 99 | — |
| Chartered vessels | 29 | — | 20 | — |
| Average age (years) | 11.5 | — | 9.4 | — |
Typical vessel classes: ~1,000 TEU feeders, 1,800 TEU (24,000 dwt) and 2,433–2,700 TEU intra-Asia "handy" ships. Flagship named vessels include SITC CAGAYAN (2,433 TEU, 188.8m LOA), SITC Shanghai, SITC Davao, SITC Ulsan, SITC Hebei.
Newbuild order book (verified announcements)
| Contract | Vessel type | Units | Value (USD Mn) | Announced | Expected delivery |
|---|---|---|---|---|---|
| Huanghai firm order | 1,800 TEU / 24,000 dwt | 4 | — | Jun 2024 | — |
| Huanghai options (1st) | 1,800 TEU | 2 | — | Oct 2024 | — |
| Huanghai options (2nd) | 1,800 TEU | 2 | 57.96 | 29 Apr (2025, inferred) | By 31 Mar 2028 and 31 May 2028 (Baird Maritime reports Q4 2027 — discrepancy noted) |
| Huanghai contracts 1–4 | Container vessels (2,700 TEU class per Container News) | 4 | up to 152.7 | Aug 2025 | Dec 2027, Mar 2028, May 2028, Jul 2028 |
| Huanghai options 5–6 | 2,700 TEU | 2 | up to 76.36 | 31 Oct 2025 | By 30 Sep 2028 and 30 Nov 2028 |
| Huanghai options 7–8 | 2,700 TEU | 2 | up to 76.36 | 30 Jan 2026 | By 31 Jan 2029 (another source: 30 Nov 2028) and 31 Mar 2029 |
Logistics services
| Service | Description | Disclosure |
|---|---|---|
| Freight forwarding | Door-to-door arrangement of ocean and multimodal transport | Part of Container Shipping and Logistics; revenue not separately verified |
| Shipping agency | Port agency for own and third-party vessels | As above |
| Container depot | Empty/laden container yards | As above |
| Warehousing | Warehouse operations (e.g., Qingdao) | As above |
| Air-freight forwarding | Air cargo forwarding | Within Dry Bulk and Others |
| Digital tracking | SITC online container tracking platform | Not monetised separately |
Financial Narrative
Income statement: notes and sources
Sources: SITC annual results announcements FY2021 (7 Mar 2022), FY2022 (7 Mar 2023), FY2023 (7 Mar 2024), FY2024 (10 Mar 2025); FY2025 from Reuters (attributable profit US$1,230.4m), RTTNews (EPS US$0.45, revenue US$3.41bn) and Baird Maritime (revenue +11.6%, gross margin 38.4%). Attributable profit FY2022–FY2024 per Stoxray aggregator from filings. FY2022 and FY2023 total HKD DPS not fully verified (finals were HK$1.60 and HK$0.50 respectively).
Margins and growth
Revenue CAGR FY2021–FY2025 (4 years, derived): +3.2%. Revenue CAGR FY2020–FY2025 (5 years, from US$1,685.2m): +15.2%. Attributable profit CAGR FY2020–FY2025 (from US$351.6m): +28.5%.
Interim comparison (latest)
Source: SITC H1 2025 and H1 2026 interim results announcements (HKEX, 15 Aug 2025 and 19 Aug 2026). H1 2025 cost of sales derived as revenue minus gross profit.
Cash flow
FY2025 capex of US$133.1m comprised mainly vessel purchases (~US$60m) and containers (~US$46m) (Baird Maritime, FY2025 results). H1 2026 capex was US$77.4m, primarily vessel purchases. No share buyback programme was identified; the share count has drifted up slightly (2,682m in FY2021 to 2,700m in FY2025), consistent with share-based awards/options.
Ratios (derived unless noted)
Notes: FY2021 ROE uses an FY2020 equity base of ~US$1,200m (aggregator TipRanks, total equity) and ROA an FY2020 asset base of US$2,040m. given net cash of US$649m and equity of US$2.48bn, ROIC would be materially above ROE-adjusted levels and comfortably above 40% in FY2025.
Commentary on trends, inflections and drivers
The cycle, in three acts. SITC's five-year record is a textbook freight-cycle profile overlaid on a steady structural volume uptrend. Act one (FY2021–FY2022) was the pandemic super-cycle: revenue rose from US$1,685m in FY2020 to US$4,113m in FY2022, and profit peaked at US$1,950m with a 48.1% gross margin. Act two (FY2023) was normalisation: revenue fell 40.9% and profit 72.5% as rates collapsed, yet SITC remained solidly profitable with a 25.7% gross margin and a 21.9% net margin — a trough margin that many global carriers would regard as a peak. Act three (FY2024–H1 2026) is a re-acceleration driven first by Red Sea diversions that tightened global capacity (FY2024 rate +15.7%, volume +10.7%) and then by sustained volume growth with stable rates (FY2025 volume +7.8%, rate +4.5%; H1 2026 volume +7.8%, rate +4.0%).
Operating leverage is moderating. H1 2026 shows the first sign of margin plateau: revenue grew 10.7% but cost of sales grew 11.4% (higher volumes and bunker prices), so gross margin slipped 0.4pt to 39.8% and profit growth (+7.4%) lagged revenue growth. FY2025 administrative expenses rose 6.7% to US$153.6m on staff bonuses, still only ~4.5% of revenue.
Balance sheet is fortress-grade. Net cash has been positive in every year of the series and reached ~US$649m at end-FY2025 despite payouts of roughly 84% of profit. Debt/equity has fallen from 0.36x to 0.13x. Goodwill is negligible (US$1.6m), so book value is almost entirely ships, containers and cash.
Cash conversion is high. Operating cash flow exceeded reported profit in FY2021, FY2022, FY2023 and FY2024 (ratio 1.03–1.27x), reflecting depreciation add-backs on a capex-light, mostly-depreciated owned fleet and a negative cash conversion cycle.
Shareholder returns dominate capital allocation. FY2025 dividends of HK$3.00/share (interim HK$1.30 + special HK$0.70 + final HK$1.00) equate to roughly US$1.04bn, or ~84% of attributable profit (derived). The H1 2026 interim of HK$1.50 (US$518.7m) is ~77% of H1 attributable profit.
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Segment Overview
| Segment | What it contains | Products / services |
|---|---|---|
Container Shipping and Logistics | The core liner business and integrated logistics | Container transportation (owned and chartered fleet), freight forwarding, shipping agency, container depot, warehousing, slot exchange with other carriers |
Dry Bulk and Others | Non-container assets and ancillary activities | Dry bulk vessel leasing (6 dry bulk vessels, 439,039 dwt, as at mid-2021), land leasing, air-freight forwarding, other services |
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Total revenue (USD Mn, FY2025 derived from +11.6% growth) | 3,058.1 | 3,412.8 |
Container shipping volume (thousand TEU, FY2024 derived from +7.8%) | 3,569.2 | 3,847.5 |
Average freight rate excl. slot exchange (USD per TEU, FY2024 derived from +4.5%) | 720.9 | 753.3 |
Container freight revenue (USD Mn, derived) | 2,573.0 | 2,898.4 |
Other revenue incl. logistics and Dry Bulk and Others (USD Mn, derived residual) | 485.1 | 514.4 |
Container freight share of revenue (%, derived) | 84.1 | 84.9 |
Revenue by Segment and Revenue by Segment (USD)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Total revenue (USD Mn) | 1,664.5 | 1,842.1 |
Container shipping volume (thousand TEU) | 1,829.7 | 1,971.9 |
Average freight rate (USD per TEU) | 776.4 | 807.2 |
Container freight revenue (USD Mn, derived) | 1,420.6 | 1,591.7 |
Other revenue (USD Mn, derived residual) | 243.9 | 250.4 |
Container freight share of revenue (%, derived) | 85.3 | 86.4 |
Income Statement
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 3,012.4 | 4,113.0 | 2,429.0 | 3,058.1 | 3,412.8 |
Gross profit (USD Mn; FY2025 derived from 38.4% margin) | 1,319.4 | 1,979.1 | 623.0 | 1,142.8 | 1,310.5 |
EBIT / operating income (USD Mn, aggregator MarketScreener) | 1,184.0 | 1,968.0 | 552.4 | 1,043.0 | — |
EBITDA (USD Mn, aggregator MarketScreener) | 1,264.0 | 2,057.0 | 652.3 | 1,154.0 | — |
Profit before tax (USD Mn) | 1,184.7 | 1,973.0 | 553.4 | 1,053.6 | — |
Profit for the year (USD Mn) | 1,167.2 | 1,949.8 | 536.2 | 1,034.3 | — |
Profit attributable to shareholders (USD Mn) | 1,162.7 | 1,944.4 | 531.4 | 1,028.3 | 1,230.4 |
Basic EPS (USD; FY2021-22 derived from attributable profit / shares) | 0.43 | 0.72 | 0.20 | 0.39 | 0.45 |
Dividends per share declared (HKD, interim+special+final where verified) | 2.40 | — | — | 2.52 | 3.00 |
Dividends per share (USD, aggregator MarketScreener; FY2025 derived at 7.8) | 0.41 | 0.51 | 0.14 | 0.27 | 0.38 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 43.8 | 48.1 | 25.7 | 37.4 | 38.4 |
Operating (EBIT) margin (%, derived) | 39.3 | 47.8 | 22.7 | 34.1 | — |
EBITDA margin (%, derived) | 42.0 | 50.0 | 26.9 | 37.7 | — |
Net margin, attributable (%, derived) | 38.6 | 47.3 | 21.9 | 33.6 | 36.1 |
Revenue growth YoY (%) | 78.8 | 36.5 | -40.9 | 25.9 | 11.6 |
Attributable profit growth YoY (%) | 230.7 | 67.2 | -72.7 | 93.5 | 19.6 |
Income Statement and Margin Analysis (%)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Revenue (USD Mn) | 1,664.5 | 1,842.1 |
Cost of sales (USD Mn) | 995.1 | 1,108.8 |
Gross profit (USD Mn) | 669.4 | 733.2 |
Gross margin (%) | 40.2 | 39.8 |
Profit before tax (USD Mn) | 643.6 | 692.4 |
Profit for the period (USD Mn) | 633.4 | 680.5 |
Profit attributable to shareholders (USD Mn) | 630.0 | 676.5 |
Basic EPS (USD) | 0.24 | 0.25 |
Interim dividend (HKD per share) | 1.30 | 1.50 |
Capex (USD Mn) | — | 77.4 |
Total assets, period end (USD Mn) | 3,339.9 | 3,623.5 |
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| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 2,716 | 3,083 | 2,652 | 3,198 | 3,478 |
Cash and short-term investments (USD Mn) | 965.8 | 1,022.0 | 453.0 | 769.4 | 973.2 |
Cash and equivalents, narrow definition (USD Mn) | 919.5 | 981.5 | 416.3 | 136.1 | 243.6 |
Total debt incl. leases (USD Mn) | 544.1 | 516.0 | 370.7 | 388.8 | 324.3 |
Net cash (USD Mn; positive = net cash) | 421.7 | 506.4 | 82.3 | 380.6 | 648.9 |
Total common equity (USD Mn) | 1,502 | 2,151 | 1,915 | 2,404 | 2,479 |
Goodwill and intangibles (USD Mn) | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 |
Current assets (USD Mn) | 1,185 | 1,229 | 626.6 | 1,024 | 1,223 |
Current liabilities (USD Mn) | 785.3 | 488.4 | 503.0 | 544.8 | 725.1 |
Working capital (USD Mn, derived) | 399.7 | 740.6 | 123.6 | 479.2 | 497.9 |
Total liabilities (USD Mn) | 1,201 | 917.9 | 721.4 | 776.6 | 976.4 |
Cash Flow and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn, aggregator Stoxray) | 1,335.2 | 2,002.6 | 672.2 | 1,158.3 | — |
Capital expenditure (USD Mn, company) | — | — | — | — | 133.1 |
Free cash flow (USD Mn, derived from aggregator FCF/net income ratio) | 1,094.0 | 1,514.3 | 363.1 | 897.3 | — |
FCF / net income (%, aggregator MarketScreener) | 94.1 | 77.9 | 68.3 | 87.3 | — |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%, attributable profit / average common equity) | 86.1 | 106.4 | 26.1 | 47.6 | 50.4 |
ROA (%, profit / average total assets) | 49.1 | 67.2 | 18.7 | 35.4 | 36.9 |
Current ratio (x) | 1.51 | 2.52 | 1.25 | 1.88 | 1.69 |
Debt / equity (x) | 0.36 | 0.24 | 0.19 | 0.16 | 0.13 |
Net debt / EBITDA (x; negative = net cash) | -0.33 | -0.25 | -0.13 | -0.33 | — |
Interest coverage (EBIT / interest paid, x) | 75.6 | 112.5 | 29.5 | 66.4 | — |
Asset turnover (revenue / average total assets, x) | 1.27 | 1.42 | 0.85 | 1.05 | 1.02 |
Days sales outstanding (days) | 19.0 | 12.3 | 17.0 | 20.8 | 19.7 |
Days payables outstanding (days) | — | — | — | 44.5 | 40.8 |
Cash conversion cycle (days; shipping has negligible inventory) | — | — | — | -23.7 | -21.1 |
Revenue by Region
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total revenue (USD Mn) | 2,429.0 | 3,058.1 | 3,412.8 |
Share Price & Returns
| Reference point | Price (HKD) | Source |
|---|---|---|
Start of 2026 (derived from YTD figures) | ~27.86 | MarketScreener |
~30 Jan 2026 | 30.24 | MarketScreener |
10 Mar 2026 (FY2025 results day) | 33.82 | RTTNews |
Mid-Mar 2026 | 35.78 | MarketScreener |
23 Jul 2026 (latest verified) | 39.22 | StockAnalysis |
Valuation Multiples
| Multiple | SITC | Basis |
|---|---|---|
Market cap (USD Bn) | 13.6 | 2,700m shares × HK$39.22 / 7.8 |
P/E trailing (x) | 10.6 | TTM attributable profit US$1,276.9m (FY2025 − H1 2025 + H1 2026) |
P/E FY2026 consensus (x) | 11.4 | MarketScreener (Mar 2026 price basis) |
EV / Sales trailing (x) | 3.6 | EV ≈ US$12.9bn (net cash US$649m deducted); TTM revenue US$3,590.6m |
P / B (x) | 5.5 | FY2025 common equity US$2,479m |
Dividend yield trailing (%) | 7.6 | FY2025 HK$3.00 / HK$39.22 |
Dividend yield FY2026 consensus (%) | 6.95 | MarketScreener (Mar 2026 price basis) |
Capital Markets
| Item | Value | Source |
|---|---|---|
Average 12-month target (HKD) | 35.77 | Alpha Spread (date of snapshot not specified) |
Low / high target (HKD) | 30.40 / 43.68 | Alpha Spread |
Consensus FY2026 revenue (USD Mn) | 3,206 | MarketScreener (Jan 2026) |
Consensus FY2026 net income (USD Mn) | 977.4 | MarketScreener (Jan 2026) |
Consensus FY2027 net income (USD Mn) | 963.7 | MarketScreener (Jan 2026) |
Dividends & Capital Returns (HKD) and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Interim dividend (HKD) | 1.00 | — | — | 0.72 | 1.30 |
Special dividend (HKD) | — | — | — | 0.40 | 0.70 |
Final dividend (HKD) | 1.40 | 1.60 | 0.50 | 1.40 | 1.00 |
Total declared, verified components (HKD) | 2.40 | 1.60 | 0.50 | 2.52 | 3.00 |
Total DPS (USD, aggregator; FY2025 derived) | 0.41 | 0.51 | 0.14 | 0.27 | 0.38 |
Payout ratio (%, derived) | — | — | — | 84 | 84 |
Capital Markets — Buyback authorisation
| Item | Status |
|---|---|
Buyback authorisation | General repurchase mandate typically sought at AGMs (standard HK practice); no executed buyback programme identified |
Moody's / S&P / Fitch ratings | No public credit rating identified |
Debt maturity profile | Not publicly disclosed in sources retrieved; total debt incl. leases ~US$324m vs cash and short-term investments ~US$973m (FY2025) |
Analyst Conclusions
Management guidance
SITC gives no numerical guidance. Its stated 2026 posture is: focus on intra-Asia demand, apply "refined management" to capture market potential, continue buying container vessels and investing in logistics projects as appropriate (FY2025 results), and continue expanding the Asian service network (H1 2025 commentary).
Consensus growth expectations
The January 2026 consensus (MarketScreener) called for FY2026 revenue of US$3,206m (−4.6%) and net income of US$977m (−20%), with FY2027 broadly flat. H1 2026 delivered revenue +10.7% and profit +7.4%, implying upside risk to those dated estimates unless H2 2026 rates fall sharply.
Bull case
-
Structural volume growth is intact: Volume has grown 7–11% annually for three consecutive periods, with India and SE Asia still early in their build-out.
-
Margin and balance-sheet quality justify a premium: A trough gross margin of 25.7% and ~US$649m net cash make SITC the lowest-risk way to own intra-Asia trade.
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Yield support: A ~7–8% trailing yield with ~80%+ payout gives shareholders a cash return that cushions rate volatility.
Bear case
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Red Sea normalisation: SITC explicitly credited Red Sea disruption for FY2025 strength; a reopening could release global capacity and compress intra-Asia rates.
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Margin plateau is visible: H1 2026 cost growth (11.4%) outpaced revenue growth (10.7%), and profit growth slowed to 7.4%.
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Valuation has run ahead: At HK$39.22, the shares traded above the average analyst target (HK$35.77) and at ~5.5x book, leaving little margin for a cyclical downturn like FY2023.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| Ongoing | Monthly/quarterly intra-Asia spot rates and SITC's average freight rate trend vs H1 2026 US$807.2/TEU |
| Ongoing | Red Sea and Suez routing status |
| Ongoing | Bunker price trajectory |
| Jan 2027 (if pattern holds) | FY2026 profit alert |
| Mar 2027 | FY2026 results and final/special dividend decision |
| 2,027 | First deliveries of the 1,800 TEU Huanghai series (Q4 2027 per one source; 2028 per another) |
| Ongoing | Further India/South Asia loop launches; any logistics-asset investments |
| Ongoing | Board refresh and independence; family succession signals |
Analyst verdict
SITC International is the highest-quality operator in a structurally attractive but cyclical niche. The evidence is unambiguous on quality: across the full 2021–2025 cycle, gross margins ranged from 25.7% to 48.1%, net cash was maintained throughout, operating cash flow consistently exceeded profit, and volumes grew steadily even as rates swung violently. The H1 2025 benchmark shows a net margin of 38.1% against 10–20% for Evergreen, Yang Ming and Wan Hai — a gap explained by focus, owned tonnage, network density and cost discipline rather than luck.
The growth vector is also credible. Intra-Asia trade is being reshaped by production diversification out of China, and SITC is positioned on precisely the lanes that benefit — China–Vietnam, China–Indonesia/Malaysia, and since 2024 China/SE Asia–India. The 18-ship newbuild programme, funded from cash, extends this runway into 2029 at contracted prices, while the fleet's falling average age supports both cost and regulatory resilience.
The issues are cyclical, not structural. Management itself attributes part of the FY2025 strength to Red Sea disruption and port congestion, and the first hint of margin plateau appeared in H1 2026, when costs outgrew revenue. At the last verified price (HK$39.22), the stock discounts much of the good news: ~10.6x trailing earnings, ~5.5x book and above the cited average analyst target. A Red Sea reopening or global capacity cascade could push earnings back toward the FY2023 trough, as the 72.5% profit decline that year demonstrates.
On balance, SITC merits a constructive but valuation-disciplined stance: a core holding for investors seeking Asian trade exposure with a high, well-covered dividend, but one best accumulated on cyclical weakness rather than chased after a ~40% year-to-date rerating. The key monitorables are the average freight rate versus the H1 2026 level of US$807/TEU, bunker costs, and Red Sea routing — together they will determine whether FY2026 surprises consensus to the upside again or marks the cyclical peak.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Tenure (as reported) | Background | Age | Compensation (latest available, USD) |
|---|---|---|---|---|---|
Yang Xianxiang | Executive Chairman | Chairman since 7 Mar 2024; director ~17 years; formerly Vice Chairman and CEO | Long-serving SITC executive; previously ran the group as CEO | — | 5.54m (Simply Wall St, latest FY disclosed, likely FY2024) |
Xue Mingyuan | CEO and Executive Director | CEO since 7 Mar 2024; director ~12 years | Former President of SITC Container Lines and President of SITC Shipping Group | ~50 (Simply Wall St) | 3.90m (13.4% salary, 86.6% bonus/equity) |
Yang Xin | Non-executive Vice Chairman | Vice Chairman since 7 Mar 2024; director since ~2021 | Daughter of founder; founded her own fashion-trading businesses (Bloomberg) | — | 0.476m |
Yang Shaopeng | Founder; Honorary Life Chairman (retired as Chairman and executive director 7 Mar 2024) | Chairman Apr 2006–Mar 2024 | Founded SITC Corp 1991; ex-deputy manager, Shandong Foreign Trade Corporation; MBA (Macau, 2000) | 70 (Bloomberg) | Not applicable |
Liu Kecheng | Executive Director | — | — | — | — |
Lai Zhiyong | Executive Director | — | — | — | — |
Dr. Liu Ka Ying, Rebecca | Independent Non-executive Director; Audit Committee chair (Dec 2022) | — | — | — | — |
Tse Siu Ngan | Independent Non-executive Director; chair of Disclosure and Risk Management Committees (Dec 2022) | — | — | — | — |
Dr. Hu Mantian (Mandy) | Independent Non-executive Director | — | — | — | — |
Xue Peng | Company Secretary | Since May 2013 | Former finance manager roles at SITC Container Lines, SITC Shipping Agency (HK), SITC Japan, SITC Group; BA Renmin University; MBA CEIBS | — | — |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
7 Mar 2024 | Yang Shaopeng retires as Chairman and executive director; becomes Honorary Life Chairman | Retirement after ~18 years as Chairman; succession within long-tenured team |
7 Mar 2024 | Yang Xianxiang redesignated Chairman | From Vice Chairman/CEO |
7 Mar 2024 | Xue Mingyuan appointed CEO | Promotion of liner-operations head |
7 Mar 2024 | Yang Xin appointed Vice Chairman | Next-generation family representation |
Major Shareholders
| Holder | Stake | Source |
|---|---|---|
Yang Shaopeng family trust | ~41% | Bloomberg, citing 2025 annual report |
Yang Xianxiang | ~9.02% | Simply Wall St |
Xue Mingyuan | ~0.17% | Simply Wall St |
Free float | ~47.9% | MarketScreener |
Top 10 institutional holders with stakes | Not publicly disclosed in sources retrieved (HKEX disclosure-of-interest filings would identify any >5% holders) | — |
Competitive Landscape
Key Competitors
| Competitor | Home market | Overlap with SITC | Relative positioning |
|---|---|---|---|
Wan Hai Lines | Taiwan | Intra-Asia core; also expanding into long-haul | Larger fleet; heavier newbuild programme (32–33 ships, ~355–368k TEU on order in 2025) |
Evergreen Marine | Taiwan | Intra-Asia feeders within global network | Global carrier; far larger revenue, lower margin |
Yang Ming Marine Transport | Taiwan | Intra-Asia services within global network | Global carrier; lower margins |
TS Lines | Taiwan | Intra-Asia and India specialist | — |
COSCO Shipping Lines / OOCL | China / HK | Intra-Asia within global network | State-backed scale; figures not separately disclosed for intra-Asia |
Sinokor Merchant Marine | Korea | NE Asia–SE Asia | — |
KMTC (Korea Marine Transport Co.) | Korea | NE Asia–SE Asia–India | — |
Regional Container Lines (RCL) | Thailand | SE Asia–India | — |
Ocean Network Express (ONE) | Japan/Singapore | Intra-Asia within global network | Global carrier |
Sealand Asia (MaeINR K) / CNC (CMA CGM) | Denmark / France | Intra-Asia subsidiaries of global majors | Big-carrier regional arms |
Zhonggu Logistics; Antong Holdings | China | Chinese coastal/feeder | — |
Peer Comparison FY2025
| Company | Revenue (USD Mn) | Revenue growth YoY (%) | Net profit (USD Mn) | Net margin (%) |
|---|---|---|---|---|
SITC International | 1,664.5 | 28.0 | 633.4 | 38.1 |
Wan Hai Lines | ~2400 (NT$71.94bn) | 9.4 | ~328 (NT$9.81bn) | 13.6 |
Evergreen Marine | ~6564 (NT$196.45bn) | 0.8 | ~1280 (NT$38.32bn) | 19.5 |
Yang Ming Marine | ~2808 (NT$84.17bn) | -12.7 | ~292 (NT$8.76bn) | 10.4 |
Recent Developments
Entries total 19 verified items. Litigation, regulatory actions, layoffs or guidance revisions: none identified in the period.
