德翔海运：港股新股招股详解

一、公司概况

德翔海运有限公司是一家专注于亚太地区的货柜航运公司，2001年成立于中国台湾。按船队规模计，截至2024年1月1日，该公司在全球货柜航运公司中排名第21，市场份额为0.3%；并于2023年12月在专注于亚太地区的货柜航运公司中排名第六，市场份额为2.3%。截至2024年4月30日，该公司的货柜航运网络覆盖全球21个国家及地区及56个主要港口，在亚太地区经营覆盖16个国家及地区的航线服务。

德翔海运在亚太地区专注于提供由中国大湾区出发的频繁航线服务。截至2024年4月30日，公司经营九条独立航线服务、22条联营航线服务、15条通过舱位互换安排经营的航线服务及两条通过舱位租赁安排经营的航线服务。公司拥有合共46艘船舶（不包括公司出租的任何船舶），包括36艘自有船舶及10艘租用船舶，总运力为111011 TEU。

二、招股信息

1. 招股时间与定价

根据德翔海运在港交所发布的公告，该公司拟于2024年10月24日至10月29日进行招股，预期定价日为10月30日。股份预计于2024年11月1日上午9时开始在港交所买卖。本次全球发售约2.51亿股，其中中国香港发售股份为2509.4万股，国际发售股份约2.26亿股。

2. 发行价格与股份分配

德翔海运的发售价区间为每股3.5-4.5港元，每手买卖单位为1000股。摩根大通及招商证券国际为联席保荐人。在股份分配方面，该公司已与6名基石投资者签订协议，合共认购约6387万美元（约4.96亿港元）股份，约占发售股份的49.45%（按中间价计算）。

3. 集资用途

德翔海运此次集资所得将主要用于以下几个方面：约75%用于在2024年4月订购的两艘7000 TEU新船舶及订立的船舶租赁合约；约15%用于租用货柜；约10%用作营运资金及其他一般公司用途。

三、财务状况与业绩

1. 收入与利润

德翔海运的财务数据显示，2021至2023年公司收入分别为18.3亿、24.4亿、8.74亿美元，年复合增速约为-31.01%；2024年前四个月收入为3.18亿美元。2021至2023年公司毛利分别为9.31亿、10.9亿、-0.34亿美元，毛利率约为50.69%、44.66%、-3.86%；2024年前四个月毛利为696万美元，毛利率为2.19%。2021至2023年公司净利分别为10.7亿、10.7亿、0.2亿美元，净利率约为58.65%、43.97%、2.33%；2024年前四个月净利为981万美元，净利率为3.09%。

四、市场前景与投资策略

德翔海运作为亚太地区知名的货柜航运公司，其市场份额和航线覆盖范围均表现出较强的竞争力。然而，航运业受市场波动影响较大，运费波动可能导致公司业绩出现大幅波动。投资者在考虑投资德翔海运时，应密切关注航运市场的动态以及公司的财务状况和经营策略。

I. Company profile

Tak Cheung Shipping Co., Ltd. is a container shipping company specializing in the Asia Pacific region, established in 2001 in Taiwan, China. In terms of fleet size, as of January 1, 2024, the company ranked 21st among container shipping companies in the world with a market share of 0.3%; In December 2023, it ranked sixth among container shipping lines focused on the Asia Pacific region with a market share of 2.3%. As of April 30, 2024, the company's container shipping network covers 21 countries and regions and 56 major ports worldwide, and it operates routes covering 16 countries and regions in the Asia Pacific region.

In the Asia Pacific region, Tesham Shipping is focused on providing frequent services from the Greater Bay Area in China. As of April 30, 2024, the Company operated nine independent route services, 22 associated route services, 15 route services operated through slot exchange arrangements and two route services operated through slot leasing arrangements. The Company has a total fleet of 46 vessels (excluding any vessels chartered by the Company), consisting of 36 owned vessels and 10 chartered vessels, with a total capacity of 111,011 TEU.

2. Offering information

1. Offering time and pricing

According to the announcement issued by Desxiang Shipping on the Hong Kong Stock Exchange, the company intends to conduct the offering from October 24 to October 29, 2024, with an expected pricing date of October 30. The shares are expected to begin trading on the HKEX at 9:00 am on November 1, 2024. Approximately 251 million shares were offered globally, of which 250.94 million shares were offered in Hong Kong, China and approximately 226 million shares were offered internationally.

2. Issue price and share allocation

The offering price range for Teshang is HK $3.5-4.5 per share, with 1,000 units traded per lot. Jpmorgan and China Merchants Securities International are co-sponsors. In respect of share allocation, the Company has entered into agreements with six cornerstone investors to subscribe for a total of approximately US $63.87 million (approximately HK $496 million) of shares, representing approximately 49.45% of the offering Shares (at the midpoint price).

3. Fund-raising purposes

The proceeds will be used for the following purposes: approximately 75% will be used for the two new 7,000 TEU vessels ordered in April 2024 and the vessel charter agreement; About 15% is used for rental of containers; About 10% is used for working capital and other general corporate purposes.

Iii. Financial position and performance

1. Revenue and profit

According to the financial data of Dexiang Shipping, the company's revenue from 2021 to 2023 will be 1.83 billion, 2.44 billion and 874 million US dollars, respectively, with a compound annual growth rate of about -31.01%; Revenue for the first four months of 2024 was $318 million. From 2021 to 2023, the company's gross profit will be 931 million, 1.09 billion and minus 34 million US dollars, respectively, and the gross profit margin will be about 50.69%, 44.66% and -3.86%. Gross profit for the first four months of 2024 was $6.96 million and gross margin was 2.19%. From 2021 to 2023, the company's net profit is 1.07 billion, 1.07 billion and 20 million US dollars respectively, and the net interest rate is about 58.65%, 43.97% and 2.33%. Net income for the first four months of 2024 was $9.81 million with a net interest rate of 3.09%.

4. Market prospects and investment strategies

As a well-known container shipping company in the Asia-Pacific region, Tesham Shipping has shown strong competitiveness in market share and route coverage. However, the shipping industry is highly affected by market fluctuations, and fluctuations in freight rates may lead to significant fluctuations in the company's performance. Investors should pay close attention to the dynamics of the shipping market as well as the company's financial position and business strategy when considering investing in Desxiang Shipping.