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Bohai Capital

Bohai Capital

Strong confidence in Bohai Capital’s promising future and true investment value, the SMT of HNA shall Increase its Holdings

On December 13th 2017, Bohai Capital (000415.SZ) released three announcements that all the directors of the HNA Group, including Mr. Chen Feng and Mr. Wang Jian, and the executive team of HNA Capital, the controlling shareholder of Bohai Capital, and Bohai itself shall increase its holdings of Bohai Capital by 86.7 million RMB through secondary market in the next three months.

According to Bohai’s announcements, the decision is based on the strong belief of the true investment value and promising future of the company. The SMT of HNA and Bohai Capital believe the action will promote the sustainable, stable and healthy development of the company.

This is the first time that the HNA’s senior management team proposed to directly increase its shareholding of HNA’s listed company. “This action highlighted the importance of Bohai to HNA” an analyst said.
Since Nov 13th, Bohai’s share price has experienced a lasting drop to the lowest point of 5.69 per share. As the world’s 2rd largest container leasing company and world’s 3rd aircrafts leasing company, the total market value of Bohai Capital is 3.52 billion RMB with the PB of 1.13 and PE of 13, both of which are significantly lower than average industry standards in China’s A-share market. The SMT of HNA and Bohai Capital believe that the company is undervalued.

Bohai Capital is a leading global leasing company listed on the Shenzhen Stock Exchange (SLE: 000415) and is the largest leasing company in China’s A-share market. Bohai Capital owns a portfolio of market leading transportation and infrastructure asset leasing companies principally focused on aircraft and container leasing.

Along with the recovery of the aviation industry since 2008, the aircraft leasing industry also experienced a strong increase. Based on the forecast of Boeing, in the following 20 years, 39,620 new aircrafts will pour into the market, which will create enormous opportunities for the aircraft leasing industry. According to the prediction of the IATA, the aircraft owned by the leasing company will make up 50% of the global aircraft in service. The high proportion of operating leasing indicates the trend that the air transportation companies prefer to lease, instead of purchasing, aircraft to relieve the pressure on capital.

As the Baltic Dry Index hit a record high over the last four years, the demand from the container business has grown significantly. The price of the 20’’ dry container has risen from $1,250 /TEU to $2,250/TEU. There are signs that the container leasing business is starting to recover. According to the public disclosure information of Bohai Capital, its container utilisation rate has risen to above 96% at the end of third quarter 2017. As of September 30, 2017, the total assets of Bohai Capital reached RMB 31.08 billion, representing an increase of 43.5% over the end of last year. Operating Income of RMB 2.815 billion, increased by 61.4% compared to the same period last year. Net Profit attributable to shareholders was RMB 1.873 billion, an increase of 30% compared with the same period last year. Net asset value per share was 5.05 RMB.

Over the last three years, the compound growth rate of total revenues of Bohai Capital reached 88% and the net income attributed to the shareholder hit 58%.

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    Angela Teoh

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    After graduating with a Banking & Finance degree from University of Monash, Australia, Angela started her career in 1995 as a Credit Analyst in one of the largest banks in Singapore, DBS Bank. Having spent 9 years in the banking industry, Angela moved on to semiconductors industry and worked for Flextronics, a NASDAQ-listed company for 5 years. 
     
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    Mark started with GE Capital Genstar in 1990 as Technical Coordinator, and rose through to Director of Operations, Asia Pacific in 1997. When GE SeaCo was formed in 1998, he was transferred to the new joint venture, continuing his responsibility as General Manager, Operations. In 2008, he was promoted to Global Director of Operations, and to his current position in 2012. Integrity is the corner stone in everything he does, as well as for his team.
     
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    Dominic graduated from Oxford Brookes University with a degree in Law and Politics.  His interests include opera, wine, self-sufficiency and country sports, and when not in London or travelling he can be found in the Sussex countryside listening to Mozart, sipping a Burgundy and playing strategy games with his children.

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    Eng Eng Chen

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    Eng Eng rejoined Seaco as Senior VP Products in June 2021. Eng Eng was appointed as Seaco’s Vice President, Sales – Asia in January 2013, after serving as the General Manager for China. Based in Shanghai, prior to joining Seaco she ran her own Chinese domestic leasing and trading company for three years. Eng Eng has a strong history within the industry, working with DVB Group Merchant Bank as the Senior Vice President of the Container Box Group and Vice President, Business Development for TTL Equipment Management. She spent 10 years working for Transamerica Leasing as a Global Sales Director between 1996 and 2006. This role included postings in Shanghai, New York and San Francisco. Eng Eng’s first Industry appointment came in 1992 when she became the Area Manager for China for Genstar Container Corporation for four years. Eng Eng holds a B.Sc. from the National University of Singapore.

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    Rohit joined Seaco in September 2008 as FP&A Manager in London, relocated to Singapore in late 2009 and promoted to the role of Deputy CFO in September 2015 until April 2016.  During this period, Rohit was responsible for company performance, corporate finance, budgeting & expense control, cash management and financial risk management.

    Prior to joining Seaco, Rohit worked for Genstar – GE’s container leasing arm. Prior to that Rohit worked with a US based IT sourcing company. He qualified as an Indian Chartered Accountant in 1999 and has 15 years of financial and leasing industry experience.

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    Jeremy qualified as a Canadian Chartered Accountant in 1991. He worked at Price Waterhouse (now PricewaterhouseCoopers) in Vancouver, London and Amsterdam in both the Audit and Corporate Finance Departments. He left PwC in 1997 as a Senior Manager and joined AT&T Unisource in Amsterdam as its European Controller. In 1999, he moved to Mackie Designs as its European CFO. Jeremy joined GE in 2003 as the European Controller and became the Director of Financial Planning and Analysis of the Equipment Services Division. He was then the CFO of the European Modular Space and Plant Hire businesses of GE prior to becoming the CFO of Seaco.

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    Chris Jin
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    Chris Jin, based in Beijing, joined Seaco in October 2012. He started his Seaco career as Chief Financial Officer in January 2013 and promoted as Deputy CEO in April 2016. In July 2017, Mr Jin was nominated as chairman of board. Now, he is also the Chief Executive Officer of HNA Capital Co., Ltd and the Director of Bohai Capital Holding Co., Ltd.

    Prior to joining Seaco, Mr Jin was the President and Chairman of Hong Kong International Aviation Leasing, also an HNA company, for 2 years. Before that, Mr Jin worked for East West Bank in Los Angeles for 8 years, and Bank of China (at its Beijing Headquarters and New York Branch) for 14 years. Mr Jin holds a Bachelor’s degree in Economics from Fudan University, Shanghai and an MBA in Finance from Fordham University of New York.