Upcoming Dividend • May 26
Upcoming dividend of HK$0.38 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (5.0%). Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: CN¥0.69 (vs CN¥0.69 in FY 2024) Full year 2025 results: EPS: CN¥0.69 (down from CN¥0.69 in FY 2024). Revenue: CN¥558.2m (up 10% from FY 2024). Net income: CN¥171.0m (flat on FY 2024). Profit margin: 31% (down from 34% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 28
Carpenter Tan Holdings Limited, Annual General Meeting, May 22, 2026 Carpenter Tan Holdings Limited, Annual General Meeting, May 22, 2026. Announcement • Mar 16
Carpenter Tan Holdings Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Carpenter Tan Holdings Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Reported Earnings • Aug 31
First half 2025 earnings released: EPS: CN¥0.44 (vs CN¥0.39 in 1H 2024) First half 2025 results: EPS: CN¥0.44 (up from CN¥0.39 in 1H 2024). Revenue: CN¥287.9m (up 9.4% from 1H 2024). Net income: CN¥109.0m (up 13% from 1H 2024). Profit margin: 38% (up from 37% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 15
Carpenter Tan Holdings Limited to Report First Half, 2025 Results on Aug 28, 2025 Carpenter Tan Holdings Limited announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • May 23
Carpenter Tan Holdings Limited Declares Final Dividend for the Year Ended 31 December 2024 Carpenter Tan Holdings Limited at its annual general meeting held on May 23, 2025, declare a final dividend for the year ended 31 December 2024 of HK 36.63 cents per share to the Shareholders whose name appear on the register of the members of the Company on Friday, 6 June 2025. Upcoming Dividend • May 23
Upcoming dividend of HK$0.37 per share Eligible shareholders must have bought the stock before 30 May 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 50% and the cash payout ratio is 76%. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (3.3%). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.69 (vs CN¥0.70 in FY 2023) Full year 2024 results: EPS: CN¥0.69 (down from CN¥0.70 in FY 2023). Revenue: CN¥505.4m (up 1.2% from FY 2023). Net income: CN¥171.4m (down 1.4% from FY 2023). Profit margin: 34% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 20% per year. Announcement • Mar 27
Carpenter Tan Holdings Limited, Annual General Meeting, May 23, 2025 Carpenter Tan Holdings Limited, Annual General Meeting, May 23, 2025. Announcement • Mar 14
Carpenter Tan Holdings Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 Carpenter Tan Holdings Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Board Change • Feb 02
Less than half of directors are independent Following Executive Director Lizi Tan's arrival on 01 February 2025, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Tiannan Yang 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 • Jan 28
Carpenter Tan Holdings Limited Approves Board Appointments, Effective 1 February 2025 Carpenter Tan Holdings Limited announced that it has approved the appointments of Mr. Tan Lizi (Mr. Tan) and Ms. Liu Kejia (Ms. Liu), both as an executive director of the company with effect from 1 February 2025. Mr. Tan, aged 35, is a consultant of the Company. Mr. Tan is (i) the son of Mr. Tan Chuan Hua, the Chairman, an executive Director and a substantial shareholder of the Company, and Ms. Fan Cheng Qin, a substantial shareholder of the Company and the quality controller of the Group and (ii) the younger brother of Mr. Tan Di Fu, an executive Director. Mr. Tan joined the Group in September 2012, was appointed as an executive Director on 15 September 2017 and as the chief executive officer of the Company on 1 January 2019, and resigned as an executive Director and the chief executive officer of the Company on 1 May 2022. Ms. Liu, aged 41, is the deputy chief executive officer and sales controller of the Group. Ms. Liu joined the Group in October 2009 and is responsible for the sales management and business development of the Group. Ms. Liu held a bachelor degree in business administration awarded by Chongqing University of Posts and Telecommunications and was engaged in the project management of Singapore Certis CISCO before joining the Group. Buy Or Sell Opportunity • Jan 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.8% to HK$6.20. The fair value is estimated to be HK$5.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 21%. Reported Earnings • Sep 22
First half 2024 earnings released: EPS: CN¥0.39 (vs CN¥0.38 in 1H 2023) First half 2024 results: EPS: CN¥0.39 (up from CN¥0.38 in 1H 2023). Revenue: CN¥263.1m (up 2.5% from 1H 2023). Net income: CN¥96.3m (up 2.6% from 1H 2023). Profit margin: 37% (in line with 1H 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Aug 15
Carpenter Tan Holdings Limited to Report First Half, 2024 Results on Aug 30, 2024 Carpenter Tan Holdings Limited announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • May 24
Carpenter Tan Holdings Limited Approves Final Dividend for the Year Ended 31 December 2023 Carpenter Tan Holdings Limited announced that at the AGM held on 23 May 2024 approved a final dividend for the year ended 31 December 2023 of HK 38.64 cents per share to the Shareholders whose name appear on the register of the members of the Company on 6 June 2024. Upcoming Dividend • May 22
Upcoming dividend of HK$0.39 per share Eligible shareholders must have bought the stock before 29 May 2024. Payment date: 30 June 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 6.8%. Lower than top quartile of Hong Kong dividend payers (7.4%). Higher than average of industry peers (3.1%). New Risk • Apr 01
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 7.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.70 (vs CN¥0.43 in FY 2022) Full year 2023 results: EPS: CN¥0.70 (up from CN¥0.43 in FY 2022). Revenue: CN¥499.7m (up 44% from FY 2022). Net income: CN¥173.7m (up 62% from FY 2022). Profit margin: 35% (up from 31% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 29
Dividend of HK$0.39 announced Shareholders will receive a dividend of HK$0.39. Ex-date: 29th May 2024 Payment date: 30th June 2024 Dividend yield will be 7.5%, which is higher than the industry average of 3.3%. Announcement • Mar 16
Carpenter Tan Holdings Limited to Report Q4, 2023 Results on Mar 27, 2024 Carpenter Tan Holdings Limited announced that they will report Q4, 2023 results on Mar 27, 2024 Reported Earnings • Sep 04
First half 2023 earnings released: EPS: CN¥0.38 (vs CN¥0.22 in 1H 2022) First half 2023 results: EPS: CN¥0.38 (up from CN¥0.22 in 1H 2022). Revenue: CN¥256.8m (up 54% from 1H 2022). Net income: CN¥93.9m (up 71% from 1H 2022). Profit margin: 37% (up from 33% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$4.45, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 10x in the Luxury industry in Hong Kong. Total returns to shareholders of 41% over the past three years. Announcement • May 24
Carpenter Tan Holdings Limited Declares Final Dividend for the Year Ended 31 December 2022 Carpenter Tan Holdings Limited at its AGM held on May 23, 2022 declare a final dividend for the year ended 31 December 2022 of HK 25.03 cents per share to the Shareholders whose name appear on the register of the members of the Company on 6 June 2023. Upcoming Dividend • May 23
Upcoming dividend of HK$0.25 per share at 9.7% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 30 June 2023. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 9.7%. Within top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (2.5%). Reported Earnings • Sep 02
First half 2022 earnings released: EPS: CN¥0.22 (vs CN¥0.23 in 1H 2021) First half 2022 results: EPS: CN¥0.22 (down from CN¥0.23 in 1H 2021). Revenue: CN¥167.1m (down 1.5% from 1H 2021). Net income: CN¥55.0m (down 3.2% from 1H 2021). Profit margin: 33% (in line with 1H 2021). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 02
Upcoming dividend of HK$0.13 per share Eligible shareholders must have bought the stock before 09 September 2022. Payment date: 31 October 2022. Payout ratio is a comfortable 51% and the cash payout ratio is 91%. Trailing yield: 7.9%. Lower than top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (2.4%). Announcement • Aug 31
Carpenter Tan Holdings Limited Declares Interim Dividend for the Six Months Ended 30 June 2022, Payable on or Around 31 October 2022 Carpenter Tan Holdings Limited resolved to declare an interim dividend of HK 12.96 cents per share for the six months ended 30 June 2022 (six months ended 30 June 2021: nil) to be payable on or around 31 October 2022 to the shareholders of the Company whose names appear on the register of members of the Company on 19 September 2022, amounting to an aggregate of approximately HKD 32,233,000 (equivalent to approximately RMB 27,508,000).The register of members of the Company will be closed from 14 September 2022 to 19 September 2022, both dates inclusive, during which period no transfer of shares will be registered. Announcement • Aug 19
Carpenter Tan Holdings Limited to Report First Half, 2022 Results on Aug 30, 2022 Carpenter Tan Holdings Limited announced that they will report first half, 2022 results on Aug 30, 2022 Board Change • Jul 31
High number of new directors Independent Non-Executive Director Tiannan Yang was the last director to join the board, commencing their role in 2022. Announcement • Jun 21
Carpenter Tan Holdings Limited Approves the Appointment of Yang Tiannan as an Independent Non-Executive Director and A Member of Audit Committee, Remuneration Committee, Nomination Committee The board of directors of Carpenter Tan Holdings Limited announced that it has approved the appointment of Mr. Yang Tiannan (" Mr. Yang ") as an independent non-executive Director and a member of each of the auditcommittee of the Company (the " Audit Committee "), the remuneration committee of the Company (the " Remuneration Committee ") and the nomination committee of the Company (the " Nomination Committee ") with effect from 20 June 2022. Mr. Yang, aged 53, has about 30 years of experience in the financial and securities market. Prior to joining the Company, Mr. Yang served as a manager of the financial and securities department of Beijing Vantone Holdings Co., Limited from January 1993 to August 1999. Subsequently, Mr. Yang served as the associate vice president of the customer department of Merrill Lynch in California, the United States from September 1999 to December 2001. From March 2002 to August 2005, Mr. Yang served as the investment consultant of Manulife Financial Corporation. Since September 2007, Mr. Yang has been the chief executiveofficer of Beijing Golden Stone Asset Management Co., Limited. Mr. Yang is currently the visiting professor of College of Management and Economics of Beijing Institute of Technology, Zhongnan University of Economics and Law and Northeast Normal University. Mr. Yang obtained a Master degree of Business Administration from University of San Diego in the United States in May 2001. Announcement • Jun 14
Carpenter Tan Holdings Limited Announces Resignation of Yang Yang as Independent Non-Executive Director and Member of Each of the Audit Committee, Remuneration Committee and Nomination Committee The board of directors (the Directors) of Carpenter Tan Holdings Limited (the Company) announced that Mr. Yang Yang (Mr. Yang) has tendered his resignation as an independent non-executive Director of the Company with effect from 12 June 2022 due to his intention to focus on other business engagements (the Resignation). Following the Resignation, Mr. Yang has ceased to be a member of each of the audit committee of the Company (the Audit Committee), the remuneration committee of the Company (the Remuneration Committee) and the nomination committee of the Company (the Nomination Committee). Announcement • May 21
Carpenter Tan Holdings Limited Declares Final Dividend for the Year Ended 31 December 2021 Carpenter Tan Holdings Limited announced that at the AGM was held on 20 May 2022, the company declared the final dividend for the year ended 31 December 2021 of 27.15 HK cents per share to the Shareholders whose name appear on the register of the members of the Company on 31 May 2022. Upcoming Dividend • May 18
Upcoming dividend of HK$0.27 per share Eligible shareholders must have bought the stock before 25 May 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 51% and the cash payout ratio is 91%. Trailing yield: 7.5%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (2.2%). Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. CEO & Executive Director Lizi Tan was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: CN¥0.43 (vs CN¥0.32 in FY 2020) Full year 2021 results: EPS: CN¥0.43 (up from CN¥0.32 in FY 2020). Revenue: CN¥330.9m (up 19% from FY 2020). Net income: CN¥107.7m (up 36% from FY 2020). Profit margin: 33% (up from 28% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • Sep 05
First half 2021 earnings released: EPS CN¥0.23 (vs CN¥0.11 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥169.6m (up 57% from 1H 2020). Net income: CN¥56.9m (up 112% from 1H 2020). Profit margin: 34% (up from 25% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 8% per year. Executive Departure • Jun 10
Non-Executive Director Zuoan Huang has left the company On the 1st of June, Zuoan Huang's tenure as Non-Executive Director ended after 7.0 years in the role. We don't have any record of a personal shareholding under Zuoan's name. A total of 2 executives have left over the last 12 months. Announcement • May 21
Carpenter Tan Holdings Limited Approves to Declare Final Dividend for the Year Ended 31 December 2020 Carpenter Tan Holdings Limited announced that at the Annual General Meeting held on 20 May 2021, approved to declare a final dividend for the year ended 31 December 2020 of 19.58 cents per share to the Shareholders whose name appear on the register of the members of the Company on 31 May 2021. Upcoming Dividend • May 18
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 30 June 2021. Trailing yield: 5.0%. Lower than top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (1.1%). Executive Departure • Apr 20
Non-Executive Director has left the company On the 12th of April, Yinan Tan's tenure as Non-Executive Director ended after 5.3 years in the role. We don't have any record of a personal shareholding under Yinan's name. Yinan is the only executive to leave the company over the last 12 months. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS CN¥0.32 (vs CN¥0.49 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥277.3m (down 18% from FY 2019). Net income: CN¥79.1m (down 36% from FY 2019). Profit margin: 28% (down from 36% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year and the company’s share price has also fallen by 14% per year. Announcement • Mar 18
Carpenter Tan Holdings Limited to Report Fiscal Year 2020 Results on Mar 30, 2021 Carpenter Tan Holdings Limited announced that they will report fiscal year 2020 results on Mar 30, 2021 Is New 90 Day High Low • Mar 09
New 90-day low: HK$4.10 The company is down 6.0% from its price of HK$4.34 on 09 December 2020. The Hong Kong market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: HK$4.34 The company is up 11% from its price of HK$3.92 on 10 September 2020. The Hong Kong market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 29% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: HK$4.25 The company is up 5.0% from its price of HK$4.05 on 18 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 20% over the same period. Announcement • Aug 22
Carpenter Tan Holdings Limited to Report First Half, 2020 Results on Aug 31, 2020 Carpenter Tan Holdings Limited announced that they will report first half, 2020 results on Aug 31, 2020 
