Announcement • May 30
Beijing Enterprises Holdings Limited Approves Final Dividend for the Year Ended 31 December 2025, Payable on 7 August 2026 Beijing Enterprises Holdings Limited at its Annual General Meeting held on 28 May 2026, approved the final dividend for the year ended 31 December 2025 will be paid in cash in HKD on 7 August 2026 to each Shareholder whose name appears on the register of members of the Company as at 8 June 2026. Shareholders can also make an election to receive all of the 2025 Final Dividend in Renminbi ("RMB") (the Company only arranges for Shareholders to receive all dividend in RMB, save in case of HKSCC Nominees Limited, which may elect to receive part of its entitlement in RMB). If an election is made, the 2025 Final Dividend will be converted into RMB at the exchange rate of HKD 1.0: RMB 0.87178, being the average central parity rate of HKD to RMB announced by the People's Bank of China for the five business days prior to and including the date of the AGM, and such dividend will be paid at RMB 0.6712706 per share. Upcoming Dividend • May 26
Upcoming dividend of HK$0.77 per share Eligible shareholders must have bought the stock before 02 June 2026. Payment date: 07 August 2026. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Lower than top quartile of Hong Kong dividend payers (6.9%). In line with average of industry peers (5.2%). Reported Earnings • Apr 25
First quarter 2026 earnings released First quarter 2026 results: EPS: CN¥0.29. Revenue: CN¥4.10b (up 7.1% from 1Q 2025). Net income: CN¥364.2m (up 60% from 1Q 2025). Profit margin: 8.9% (up from 5.9% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Declared Dividend • Mar 28
Final dividend of HK$0.77 announced Shareholders will receive a dividend of HK$0.77. Ex-date: 2nd June 2026 Payment date: 7th August 2026 Dividend yield will be 5.3%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥4.02 (down from CN¥4.07 in FY 2024). Revenue: CN¥87.2b (up 3.8% from FY 2024). Net income: CN¥5.06b (down 1.3% from FY 2024). Profit margin: 5.8% (down from 6.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 2.7%. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Mar 26
Beijing Enterprises Holdings Limited, Annual General Meeting, May 28, 2026 Beijing Enterprises Holdings Limited, Annual General Meeting, May 28, 2026. Announcement • Mar 12
Beijing Enterprises Holdings Limited to Report Fiscal Year 2025 Results on Mar 26, 2026 Beijing Enterprises Holdings Limited announced that they will report fiscal year 2025 results on Mar 26, 2026 Buy Or Sell Opportunity • Dec 09
Now 20% undervalued Over the last 90 days, the stock has risen 3.3% to HK$35.12. The fair value is estimated to be HK$44.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 4.6% in 2 years. Earnings are forecast to grow by 7.5% in the next 2 years. Buy Or Sell Opportunity • Nov 07
Now 20% undervalued Over the last 90 days, the stock has risen 5.8% to HK$34.82. The fair value is estimated to be HK$43.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 4.6% in 2 years. Earnings are forecast to grow by 7.5% in the next 2 years. Recent Insider Transactions • Oct 03
CEO & Executive Director recently sold HK$1.3m worth of stock On the 29th of September, Bin Xiong sold around 40k shares on-market at roughly HK$33.38 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Bin's only on-market trade for the last 12 months. Reported Earnings • Oct 01
First half 2025 earnings released: EPS: CN¥2.71 (vs CN¥2.50 in 1H 2024) First half 2025 results: EPS: CN¥2.71 (up from CN¥2.50 in 1H 2024). Revenue: CN¥44.5b (up 5.2% from 1H 2024). Net income: CN¥3.40b (up 8.1% from 1H 2024). Profit margin: 7.6% (up from 7.4% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Declared Dividend • Aug 30
First half dividend of HK$0.85 announced Shareholders will receive a dividend of HK$0.85. Ex-date: 10th September 2025 Payment date: 31st October 2025 Dividend yield will be 5.0%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 29
First half 2025 earnings released: EPS: CN¥2.71 (vs CN¥2.50 in 1H 2024) First half 2025 results: EPS: CN¥2.71 (up from CN¥2.50 in 1H 2024). Revenue: CN¥44.5b (up 5.2% from 1H 2024). Net income: CN¥3.40b (up 8.1% from 1H 2024). Profit margin: 7.6% (up from 7.4% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Aug 15
Beijing Enterprises Holdings Limited to Report First Half, 2025 Results on Aug 28, 2025 Beijing Enterprises Holdings Limited announced that they will report first half, 2025 results on Aug 28, 2025 Board Change • Jul 23
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Maggie Chan was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jun 05
Beijing Enterprises Holdings Limited Approves Final Dividend or the Year Ended 31 December 2024, Payable on August 8, 2025 Beijing Enterprises Holdings Limited at its AGM held on June 5, 2025 approved the final dividend for the year ended 31 December 2024 will be paid in cash on 8 August 2025 to each Shareholder whose name appears on the register of members of the Company as at 17 June 2025. Shareholders can also make an election to receive all of the 2024 Final Dividend in Renminbi ("RMB") (the Company only arranges for Shareholders to receive all of the 2024 Final Dividend in RMB, save in case of HKSCC Nominees Limited, which may elect to receive part of its entitlement in RMB). If an election is made, the 2024 Final Dividend will be converted into RMB at the exchange rate of HKD 1.0:RMB 0.916522, being the average benchmark exchange rate of HKD to RMB announced by the People's Bank of China for the five business days prior to and including the date of the AGM, and such dividend will be paid at RMB 0.7057219 per share. Upcoming Dividend • Jun 04
Upcoming dividend of HK$0.77 per share Eligible shareholders must have bought the stock before 11 June 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (4.8%). Reported Earnings • Apr 30
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥4.07 (down from CN¥4.36 in FY 2023). Revenue: CN¥84.1b (up 2.1% from FY 2023). Net income: CN¥5.12b (down 6.8% from FY 2023). Profit margin: 6.1% (down from 6.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Mar 30
Final dividend of HK$0.77 announced Shareholders will receive a dividend of HK$0.77. Ex-date: 11th June 2025 Payment date: 8th August 2025 Dividend yield will be 5.5%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 8.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥4.07 (down from CN¥4.36 in FY 2023). Revenue: CN¥84.1b (up 2.1% from FY 2023). Net income: CN¥5.12b (down 6.8% from FY 2023). Profit margin: 6.1% (down from 6.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Mar 13
Beijing Enterprises Holdings Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 Beijing Enterprises Holdings Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Announcement • Dec 31
Beijing Enterprises Holdings Limited Announces Change of Executive Directors, Company Secretary The board of directors of Beijing Enterprises Holdings Limited announced that as Mr. JIANG Xinhao has reached his retirement age, he has tendered his resignation as an Executive Director and the Vice Chairman of the Board of the Company and ceased to be a Member of the Investment The Board also announces that as Mr. TAM Chun Fai has reached his retirement age, he has tendered his resignation as an Executive Director and the Company Secretary of the Company. The Board further announces that Mr. TUNG Woon Cheung Eric ("Mr. Tung") has been appointed as an Executive Director and the Company Secretary of the Company and the Authorised Representative with effect from 1 January 2025. Mr. TUNG Woon Cheung Eric, aged 54, serves as an Executive Director, the Chief Financial Officer and Company Secretary of Beijing Enterprises Water Group Limited. Mr. Tung graduated from York University, Toronto, Canada with a bachelor's honours degree in administrative studies. He is a Hong Kong Certified Public Accountant and a U.S. licensed practice Certified Public Accountant. He is currently an Independent Non-executive Director of South China Financial Holdings Limited (stock code: 619), GR Life Style Company Limited (formerly known as GR Properties Limited) (stock code: 108) and Jinke Smart Services Group Co. Ltd. (stock code: 9666). Mr. Tung joined the Company in June 2000. Declared Dividend • Aug 31
First half dividend of HK$0.85 announced Shareholders will receive a dividend of HK$0.85. Ex-date: 11th September 2024 Payment date: 1st November 2024 Dividend yield will be 6.0%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 57% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 30
First half 2024 earnings released: EPS: CN¥2.50 (vs CN¥3.32 in 1H 2023) First half 2024 results: EPS: CN¥2.50 (down from CN¥3.32 in 1H 2023). Revenue: CN¥42.3b (down 2.8% from 1H 2023). Net income: CN¥3.15b (down 25% from 1H 2023). Profit margin: 7.4% (down from 9.6% in 1H 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Aug 29
Beijing Enterprises Holdings Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on 01 November 2024 Beijing Enterprises Holdings Limited announced interim dividend of HKD 0.85 per share for the six months ended 30 June 2024. Ex-dividend date is 11 September 2024. Record date is 16 September 2024. Payment date is 01 November 2024. Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥83.3b to CN¥84.1b. EPS estimate fell from CN¥5.11 to CN¥4.53 per share. Net income forecast to grow 6.9% next year vs 14% growth forecast for Gas Utilities industry in Hong Kong. Consensus price target down from HK$32.24 to HK$31.56. Share price fell 3.7% to HK$25.70 over the past week. Announcement • Aug 15
Beijing Enterprises Holdings Limited to Report First Half, 2024 Results on Aug 29, 2024 Beijing Enterprises Holdings Limited announced that they will report first half, 2024 results on Aug 29, 2024 Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥82.9b to CN¥82.0b. EPS estimate also fell from CN¥5.00 per share to CN¥4.47 per share. Net income forecast to grow 4.7% next year vs 5.8% growth forecast for Gas Utilities industry in Hong Kong. Consensus price target down from HK$32.24 to HK$31.56. Share price fell 4.3% to HK$25.80 over the past week. Announcement • Jun 08
Beijing Enterprises Holdings Limited Approves Final Cash Dividend for the Year Ended December 31, 2023, Payable on 9 August 2024 Beijing Enterprises Holdings Limited approved the final dividend of HKD 0.67 per share for the year ended 31 December 2023 (the "2023 Final Dividend") will be paid in cash in Hong Kong dollars on 9 August 2024 to each shareholder whose name appears on the register of members of the Company as at 17 June 2024, unless an election is made by such shareholder to receive all (but not part) of the 2023 Final Dividend in Renminbi ("RMB"). If an election is made, the 2023 Final Dividend will be converted into RMB at the exchange rate of HKD 1.0: RMB 0.90963, being the average benchmark exchange rate of HKD to RMB announced by the People's Bank of China for the five business days prior to and including the date of the AGM, and such dividend will be paid at RMB 0.6094521 per share. To make such election, shareholders should complete the dividend currency election form, which is expected to be despatched to shareholders on or about 25 June 2024, and return it to the share registrar of the Company, Tricor Tengis Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong, not later than 4:30 p.m. on 10 July 2024. If no election is made by a shareholder or no duly completed dividend currency election form in respect of that shareholder is received by the Company's share registrar by the deadline mentioned above, such shareholder will automatically receive the 2023 Final Dividend in HK$. Upcoming Dividend • Jun 04
Upcoming dividend of HK$0.67 per share Eligible shareholders must have bought the stock before 11 June 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (5.0%). Reported Earnings • May 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥4.36 (down from CN¥5.16 in FY 2022). Revenue: CN¥82.3b (up 3.7% from FY 2022). Net income: CN¥5.50b (down 16% from FY 2022). Profit margin: 6.7% (down from 8.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$23.90, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Gas Utilities industry in Hong Kong. Total returns to shareholders of 7.8% over the past three years. Price Target Changed • Apr 02
Price target decreased by 8.2% to HK$33.35 Down from HK$36.34, the current price target is an average from 6 analysts. New target price is 44% above last closing price of HK$23.15. Stock is down 19% over the past year. The company is forecast to post earnings per share of HK$5.66 for next year compared to HK$4.36 last year. Announcement • Mar 28
Beijing Enterprises Holdings Limited, Annual General Meeting, Jun 06, 2024 Beijing Enterprises Holdings Limited, Annual General Meeting, Jun 06, 2024. Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: HK$4.36 (down from HK$6.00 in FY 2022). Revenue: HK$82.3b (down 11% from FY 2022). Net income: HK$5.50b (down 27% from FY 2022). Profit margin: 6.7% (down from 8.2% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Announcement • Mar 28
Beijing Enterprises Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 09 August 2024 Beijing Enterprises Holdings Limited proposed the final dividend of HKD 0.67 per share for the year ended 31 December 2023. The dividend will Payable on 09 August 2024 with record date of 17 June 2024 and ex-dividend date is 11 June 2024. Date of shareholders' approval is 06 June 2024. Announcement • Mar 14
Beijing Enterprises Holdings Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 Beijing Enterprises Holdings Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 Board Change • Nov 01
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Maggie Chan was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 27
Beijing Enterprises Holdings Limited Announces Executive Changes with Effect from October 26, 2023 Beijing Enterprises Holdings Limited announced that due to the change in work arrangements, Mr. DAI Xiaofeng has tendered his resignation as Executive Director and Chairman of the Board of the Company and ceased to be Member of the Remuneration Committee, Chairman of the Nomination Committee, Chairman of the Investment Committee of the Company and an authorised representative of the Company with effect from 26 October 2023. The Board further announces that Mr. YANG Zhichang has been appointed as Executive Director and Chairman of the Board, Member of the Remuneration Committee, Chairman of the Nomination Committee and Chairman of the Investment Committee of the Company and the Authorised Representative with effect from 26 October 2023. Mr. YANG Zhichang, aged 53, also serves as Vice General Manager of Beijing Enterprises Group Company Limited. Mr. Yang graduated from the department of management engineering of Beijing University of Posts and Telecommunications with posts and telecommunications management engineering qualification in 1991 and obtains a doctorate degree in management from the department of industrial economics from Chinese Social Science Post-graduate Faculty with enterprise management qualification in 2009. He worked at Beijing University of Posts and Telecommunications from 1991 to 2001. He was a deputy general manager of the sales department of Beijing Oriental Plaza of China Southern Securities Co. from 2001 to 2002. He was a director and vice president of Beijing Zhengtong Network Communication Co. Ltd. from 2002 to 2006. He was a manager of the investment development department of Beijing Holdings Limited from 2006 to 2010. From 2010 to 2019, he was a manager of the strategic development department, a manager and an assistant to general manager of the reform and development department of BE Group. From 2019 to 2022, he was an assistant to general manager of BE Group and a director and a general manager of BHL. He has been a Vice General Manager of BE Group since 2022. Upcoming Dividend • Sep 15
Upcoming dividend of HK$0.93 per share at 7.3% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 27 October 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 7.3%. Lower than top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (5.7%). Announcement • Aug 31
Beijing Enterprises Holdings Limited Approves Interim Dividend for the Six Months Ended 30 June 2023, Payable on 27 October 2023 Beijing Enterprises Holdings Limited approved interim dividend of HKD 0.93 per share for the six months ended 30 June 2023. Ex-dividend date is 22 September 2023. Record date is 28 September 2023. Payment date is 27 October 2023. Reported Earnings • Aug 31
First half 2023 earnings released: EPS: HK$3.69 (vs HK$3.99 in 1H 2022) First half 2023 results: EPS: HK$3.69 (down from HK$3.99 in 1H 2022). Revenue: HK$48.4b (up 5.2% from 1H 2022). Net income: HK$4.65b (down 7.6% from 1H 2022). Profit margin: 9.6% (down from 11% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 6% per year. Announcement • Aug 18
Beijing Enterprises Holdings Limited to Report First Half, 2023 Results on Aug 30, 2023 Beijing Enterprises Holdings Limited announced that they will report first half, 2023 results on Aug 30, 2023 Board Change • Jul 18
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Maggie Chan was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 08
Beijing Enterprises Holdings Limited Announces Appointment of GENG Chao as Executive Director The board of directors of Beijing Enterprises Holdings Limited announced that Mr. GENG Chao has been appointed as Executive Director of the Company with effect from 8 July 2023. Mr. GENG Chao, aged 48, also serves as the chairman of and the chairman of Beijing Yanjing Brewery Co. Ltd. Mr. Geng graduated from the Liberation Army Engineer Corps Engineering Institute with construction engineering qualification in 1998 and obtain a master's degree in law from Peking University in 2009. He worked at the Policy and Regulation Division and Comprehensively Deepening the Reform of Municipal State- owned Enterprises Work Office of the State-owned Assets Supervision and Administration Commission of People's Government of Beijing Municipality from 2004 to 2018. He served as Director of the State-owned Assets Supervision and Administration Commission of People's Government of Shunyi District, Beijing Municipality from 2018 to 2020. Upcoming Dividend • Jun 23
Upcoming dividend of HK$1.10 per share at 5.5% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 24 July 2023. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (4.4%). Price Target Changed • May 05
Price target increased by 7.9% to HK$34.77 Up from HK$32.22, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of HK$34.65. Stock is up 33% over the past year. The company is forecast to post earnings per share of HK$6.89 for next year compared to HK$6.00 last year. Price Target Changed • Apr 11
Price target increased by 12% to HK$32.82 Up from HK$29.40, the current price target is an average from 6 analysts. New target price is 15% above last closing price of HK$28.55. Stock is up 10% over the past year. The company is forecast to post earnings per share of HK$7.06 for next year compared to HK$6.00 last year. Reported Earnings • Apr 01
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: HK$6.00 (down from HK$7.86 in FY 2021). Revenue: HK$92.3b (up 15% from FY 2021). Net income: HK$7.57b (down 24% from FY 2021). Profit margin: 8.2% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.4%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Sep 15
Upcoming dividend of HK$0.50 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 27 October 2022. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 5.4%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (4.0%). Reported Earnings • Sep 01
First half 2022 earnings released: EPS: HK$3.99 (vs HK$5.00 in 1H 2021) First half 2022 results: EPS: HK$3.99 (down from HK$5.00 in 1H 2021). Revenue: HK$46.0b (up 14% from 1H 2021). Net income: HK$5.03b (down 20% from 1H 2021). Profit margin: 11% (down from 16% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 6.7% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 01
Upcoming dividend of HK$0.85 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 26 July 2022. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (3.5%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Sun Say Yu was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
