Upcoming Dividend • May 20
Upcoming dividend of CN¥0.01 per share Eligible shareholders must have bought the stock before 27 May 2026. Payment date: 09 June 2026. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Hong Kong dividend payers (6.8%). Lower than average of industry peers (4.0%). New Risk • Apr 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Price Target Changed • Apr 13
Price target decreased by 7.4% to HK$0.98 Down from HK$1.06, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of HK$0.94. Stock is down 43% over the past year. The company is forecast to post earnings per share of CN¥0.11 for next year compared to CN¥0.066 last year. Major Estimate Revision • Apr 01
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥7.32b to CN¥6.64b. EPS estimate also fell from CN¥0.144 per share to CN¥0.11 per share. Net income forecast to grow 4.5% next year vs 35% growth forecast for Real Estate industry in Hong Kong. Consensus price target down from HK$1.46 to HK$1.06. Share price fell 27% to HK$0.85 over the past week. Declared Dividend • Mar 27
Dividend of CN¥0.01 announced Shareholders will receive a dividend of CN¥0.01. Ex-date: 27th May 2026 Payment date: 9th June 2026 Dividend yield will be 1.0%, which is lower than the industry average of 6.6%. Sustainability & Growth Dividend is not covered by earnings (306% earnings payout ratio) and 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 19% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 240% to bring the payout ratio under control. EPS is expected to grow by 58% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.07 (up from CN¥0.15 loss in FY 2024). Revenue: CN¥6.82b (down 2.2% from FY 2024). Net income: CN¥202.7m (up CN¥653.9m from FY 2024). Profit margin: 3.0% (up from net loss in FY 2024). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Announcement • Mar 26
Sunac Services Holdings Limited, Annual General Meeting, May 22, 2026 Sunac Services Holdings Limited, Annual General Meeting, May 22, 2026. Price Target Changed • Mar 20
Price target decreased by 9.1% to HK$1.36 Down from HK$1.49, the current price target is an average from 6 analysts. New target price is 22% above last closing price of HK$1.11. Stock is down 32% over the past year. The company is forecast to post earnings per share of CN¥0.076 next year compared to a net loss per share of CN¥0.15 last year. Announcement • Mar 13
Sunac Services Holdings Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 Sunac Services Holdings Limited announced that they will report fiscal year 2025 results on Mar 25, 2026 Reported Earnings • Sep 30
First half 2025 earnings released: EPS: CN¥0.04 (vs CN¥0.15 loss in 1H 2024) First half 2025 results: EPS: CN¥0.04 (up from CN¥0.15 loss in 1H 2024). Revenue: CN¥3.55b (up 1.8% from 1H 2024). Net income: CN¥121.9m (up CN¥594.1m from 1H 2024). Profit margin: 3.4% (up from net loss in 1H 2024). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Sep 06
Guangxi Laozhangjia Property Services Co., Ltd. completed the acquisition of 80% stake in Guangxi Zhangtai Property Services Group Co., Ltd from Sunac Services Holdings Limited (SEHK:1516). Guangxi Laozhangjia Property Services Co., Ltd. agreed to acquire 80% stake in Guangxi Zhangtai Property Services Group Co., Ltd from Sunac Services Holdings Limited (SEHK:1516) for approximately CNY 830 million on April 29, 2025. A cash consideration of CNY 826.62 million will be paid by Guangxi Laozhangjia Property Services Co., Ltd. As part of consideration, CNY 826.62 million is paid towards common equity of Guangxi Zhangtai Property Services Group Co., Ltd. Board of Sunac Services Holdings Limited has approved the transaction.
For the period ending December 31, 2024, Guangxi Zhangtai Property Services Group Co., Ltd reported net income of CNY 8.54 million and reported total common equity of CNY 185 million.
The expected completion of the transaction is June 15, 2025. As of July 18, 2025, the expected completion of the transaction is August 31, 2025
Guangxi Laozhangjia Property Services Co., Ltd. completed the acquisition of 80% stake in Guangxi Zhangtai Property Services Group Co., Ltd from Sunac Services Holdings Limited (SEHK:1516) on September 4, 2025. Price Target Changed • Sep 02
Price target decreased by 8.7% to HK$1.60 Down from HK$1.76, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of HK$1.63. The company is forecast to post earnings per share of CN¥0.078 next year compared to a net loss per share of CN¥0.15 last year. Reported Earnings • Aug 26
First half 2025 earnings released: EPS: CN¥0.04 (vs CN¥0.15 loss in 1H 2024) First half 2025 results: EPS: CN¥0.04 (up from CN¥0.15 loss in 1H 2024). Revenue: CN¥3.55b (up 1.8% from 1H 2024). Net income: CN¥121.9m (up CN¥594.1m from 1H 2024). Profit margin: 3.4% (up from net loss in 1H 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
Sunac Services Holdings Limited to Report First Half, 2025 Results on Aug 25, 2025 Sunac Services Holdings Limited announced that they will report first half, 2025 results on Aug 25, 2025 Recent Insider Transactions • Jul 08
Senior VP recently sold HK$175k worth of stock On the 2nd of July, Man Yang sold around 99k shares on-market at roughly HK$1.77 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. Man has been a net seller over the last 12 months, reducing personal holdings by HK$379k. Announcement • May 22
Sunac Services Holdings Limited Declares Final Dividend for the Year Ended December 31, 2024, Payable on 06 June 2025 Sunac Services Holdings Limited declared a final dividend of CNY 14.3 cents per ordinary share for the year ended December 31, 2024. Ex-dividend date is 27 May 2025. Record date is 02 June 2025. Payment date is 06 June 2025. Upcoming Dividend • May 20
Upcoming dividend of CN¥0.14 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 06 June 2025. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 8.6%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (5.2%). Reported Earnings • May 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: CN¥0.15 loss per share (further deteriorated from CN¥0.14 loss in FY 2023). Revenue: CN¥6.97b (flat on FY 2023). Net loss: CN¥451.2m (loss widened 3.7% from FY 2023). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
Guangxi Laozhangjia Property Services Co., Ltd. agreed to acquire 80% stake in Guangxi Zhangtai Property Services Group Co., Ltd from Sunac Services Holdings Limited (SEHK:1516) for approximately CNY 830 million. Guangxi Laozhangjia Property Services Co., Ltd. agreed to acquire 80% stake in Guangxi Zhangtai Property Services Group Co., Ltd from Sunac Services Holdings Limited (SEHK:1516) for approximately CNY 830 million on April 29, 2025. A cash consideration of CNY 826.62 million will be paid by Guangxi Laozhangjia Property Services Co., Ltd. As part of consideration, CNY 826.62 million is paid towards common equity of Guangxi Zhangtai Property Services Group Co., Ltd. Board of Sunac Services Holdings Limited has approved the transaction.
For the period ending December 31, 2024, Guangxi Zhangtai Property Services Group Co., Ltd reported net income of CNY 8.54 million and reported total common equity of CNY 185 million.
The expected completion of the transaction is June 15, 2025. Declared Dividend • Mar 27
Dividend of CN¥0.14 announced Shareholders will receive a dividend of CN¥0.14. Ex-date: 27th May 2025 Payment date: 6th June 2025 Dividend yield will be 8.3%, which is higher than the industry average of 6.6%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (134% cash payout ratio). The dividend has increased by an average of 25% per year over the past 4 years and payments have been stable during that time. Reported Earnings • Mar 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: CN¥0.15 loss per share (further deteriorated from CN¥0.14 loss in FY 2023). Revenue: CN¥6.97b (flat on FY 2023). Net loss: CN¥451.2m (loss widened 3.7% from FY 2023). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Announcement • Mar 12
Sunac Services Holdings Limited to Report Fiscal Year 2024 Results on Mar 24, 2025 Sunac Services Holdings Limited announced that they will report fiscal year 2024 results on Mar 24, 2025 Price Target Changed • Jan 16
Price target decreased by 8.3% to HK$1.91 Down from HK$2.08, the current price target is an average from 7 analysts. New target price is 22% above last closing price of HK$1.56. Stock is down 4.3% over the past year. The company is forecast to post earnings per share of CN¥0.27 next year compared to a net loss per share of CN¥0.14 last year. Recent Insider Transactions • Dec 08
Senior VP recently sold HK$204k worth of stock On the 4th of December, Man Yang sold around 112k shares on-market at roughly HK$1.82 per share. This transaction amounted to 53% 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 Man's only on-market trade for the last 12 months. Price Target Changed • Oct 23
Price target increased by 13% to HK$2.06 Up from HK$1.83, the current price target is an average from 8 analysts. New target price is 5.5% above last closing price of HK$1.95. Stock is down 10% over the past year. The company is forecast to post earnings per share of CN¥0.27 next year compared to a net loss per share of CN¥0.14 last year. New Risk • Oct 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 134% Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). New Risk • Sep 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 134% Dividend yield: 7.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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. Buy Or Sell Opportunity • Sep 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to HK$1.62. The fair value is estimated to be HK$2.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 28
First half 2024 earnings: EPS misses analyst expectations First half 2024 results: CN¥0.15 loss per share (down from CN¥0.11 profit in 1H 2023). Revenue: CN¥3.48b (up 2.6% from 1H 2023). Net loss: CN¥472.2m (down 239% from profit in 1H 2023). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Announcement • Aug 22
Sunac Services Holdings Limited Provides Earnings Guidance for the Six Months Ended 30 June 2024 The board of directors of Sunac Services Holdings Limited informed the shareholders and potential investors of the Company that, based on the preliminary review of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2024 and the information currently available, the Group is expected to record an unaudited loss attributable to owners of the Company of not more than RMB500 million for the Period, and such loss is primarily due to increase of the impairment provision made by the Group for the amounts due from related parties, which mainly arose from transactions in the past years. The Group's total amounts due from related parties did not increase further as compared to that of 31 December 2023. Excluding factors including impact of impairment provision made for the amounts due from related parties, the Group is expected that the core net profit attributable to the owners of the Company (Note) for the Period would be not less than that for the same period last year. Announcement • Aug 15
Sunac Services Holdings Limited to Report First Half, 2024 Results on Aug 26, 2024 Sunac Services Holdings Limited announced that they will report first half, 2024 results on Aug 26, 2024 Upcoming Dividend • May 16
Upcoming dividend of CN¥0.14 per share Eligible shareholders must have bought the stock before 23 May 2024. Payment date: 04 June 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 7.2%. Lower than top quartile of Hong Kong dividend payers (7.5%). Higher than average of industry peers (5.4%). Reported Earnings • May 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CN¥0.14 loss per share (improved from CN¥0.16 loss in FY 2022). Revenue: CN¥7.01b (down 1.6% from FY 2022). Net loss: CN¥435.1m (loss narrowed 9.7% from FY 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 20 percentage points per year, which is a significant difference in performance. Announcement • May 01
Sunac Services Holdings Limited, Annual General Meeting, May 21, 2024 Sunac Services Holdings Limited, Annual General Meeting, May 21, 2024. Buy Or Sell Opportunity • Apr 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.4% to HK$1.74. The fair value is estimated to be HK$2.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Mar 28
Final dividend of CN¥0.14 announced Shareholders will receive a dividend of CN¥0.14. Ex-date: 23rd May 2024 Payment date: 4th June 2024 Dividend yield will be 20%, which is higher than the industry average of 6.6%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not adequately covered by cash flows (91% cash payout ratio). The dividend has increased by an average of 35% per year over the past 3 years and payments have been stable during that time. Price Target Changed • Mar 27
Price target decreased by 12% to HK$1.86 Down from HK$2.12, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of HK$1.87. Stock is down 43% over the past year. The company is forecast to post earnings per share of CN¥0.26 next year compared to a net loss per share of CN¥0.14 last year. Reported Earnings • Mar 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CN¥0.14 loss per share (improved from CN¥0.16 loss in FY 2022). Revenue: CN¥7.01b (down 1.6% from FY 2022). Net loss: CN¥435.1m (loss narrowed 9.7% from FY 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 19 percentage points per year, which is a significant difference in performance. Announcement • Mar 18
Sunac Services Holdings Limited(SEHK:1516) dropped from FTSE All-World Index (USD) Sunac Services Holdings Limited(SEHK:1516) dropped from FTSE All-World Index (USD) Announcement • Mar 14
Sunac Services Holdings Limited to Report Fiscal Year 2023 Results on Mar 25, 2024 Sunac Services Holdings Limited announced that they will report fiscal year 2023 results on Mar 25, 2024 Buy Or Sell Opportunity • Feb 22
Now 22% overvalued Over the last 90 days, the stock has fallen 27% to HK$1.84. The fair value is estimated to be HK$1.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Buy Or Sell Opportunity • Jan 25
Now 23% overvalued Over the last 90 days, the stock has fallen 21% to HK$1.72. The fair value is estimated to be HK$1.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$1.49, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total loss to shareholders of 92% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$1.44 per share. Announcement • Dec 28
Sunac Services Holdings Limited Announces Establishment of ESG Committee and Executive Changes Sunac Services Holdings Limited announced that to further improve the governance structure and enhance the management level of the environmental, social and governance of the Company, the ESG Committee has been established with effect from 28 December 2023. The members of the ESG Committee are Ms. Cao Hongling, Ms. Yang Man, Ms. Wang Lihong, Mr. Yao Ning and Mr. Zhao Zhonghua, while Ms. Cao Hongling has been appointed as the chairperson of the ESG Committee. The Company has obtained the consent letter from the Stock Exchange in respect of Mr. Zhang Xiaoming qualifying to serve as the company secretary of the Company independently. Therefore, Ms. Leung Shui Bing has resigned as a joint company secretary of the Company and ceased to serve as the alternate to authorized representative, with effect from 28 December 2023, and Mr. Zhang Xiaoming will serve as the sole company secretary of the Company and continue to serve as the authorized representative of the Company. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$2.60, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Real Estate industry in Hong Kong. Total loss to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$1.53 per share. Price Target Changed • Oct 31
Price target decreased by 12% to HK$2.28 Down from HK$2.59, the current price target is an average from 9 analysts. New target price is 9.6% above last closing price of HK$2.08. Stock is up 46% over the past year. The company is forecast to post earnings per share of CN¥0.23 next year compared to a net loss per share of CN¥0.16 last year. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to HK$3.33, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 7x in the Real Estate industry in Hong Kong. Total returns to shareholders of 70% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$1.93 per share. Upcoming Dividend • Sep 20
Upcoming dividend of HK$0.23 per share at 6.0% yield Eligible shareholders must have bought the stock before 27 September 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (8.0%). In line with average of industry peers (5.5%). Announcement • Sep 15
Sunac Services Holdings Limited Approves the Declaration and Payment of Special Dividend, Payable on or About 13 October 2023 Sunac Services Holdings Limited announced that, the Board has approved the declaration and payment of a special dividend in the amount of HKD 0.235 per share at the Board meeting held on 14 September 2023. Such Special Dividend will be paid on or about 13 October 2023 to Shareholders whose names appear on the register of members of the Company on 6 October 2023. For the purpose of determining the eligibility of the Shareholders to receive the Special Dividend, the register of members of the Company will be closed from 29 September 2023 to 6 October 2023 (both days inclusive), during which period no transfer of shares will be registered. Announcement • Sep 05
Sunac Services Holdings Limited Proposes Payment of Special Dividend Sunac Services Holdings Limited proposed payment of special dividend in the amount of not more than HKD 0.235 per share (the "Special Dividend") to the shareholders of the Company (the "Shareholders") whose names registered on the register of members of the Company on the relevant record date at its board meeting to be held on 14 September 2023. Price Target Changed • Aug 25
Price target decreased by 8.5% to HK$2.59 Down from HK$2.83, the current price target is an average from 11 analysts. New target price is 7.8% above last closing price of HK$2.40. Stock is down 11% over the past year. The company is forecast to post earnings per share of CN¥0.24 next year compared to a net loss per share of CN¥0.16 last year. Reported Earnings • Aug 22
First half 2023 earnings released: EPS: CN¥0.11 (vs CN¥0.24 loss in 1H 2022) First half 2023 results: EPS: CN¥0.11 (up from CN¥0.24 loss in 1H 2022). Revenue: CN¥3.40b (down 15% from 1H 2022). Net income: CN¥339.9m (up CN¥1.09b from 1H 2022). Profit margin: 10.0% (up from net loss in 1H 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Real Estate industry in Hong Kong. Buying Opportunity • Aug 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.7%. The fair value is estimated to be HK$2.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company became loss making. Announcement • Aug 10
Sunac Services Holdings Limited to Report Q2, 2023 Results on Aug 21, 2023 Sunac Services Holdings Limited announced that they will report Q2, 2023 results on Aug 21, 2023 New Risk • Jul 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 7.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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. Buying Opportunity • Jul 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be HK$2.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (9.6% average weekly change). Announcement • Jun 01
Sunac Services Holdings Limited Approves Final Dividend for the Year Ended 31 December 2022, Payable on 15 June 2023 Sunac Services Holdings Limited announced that at the AGM was held on 31 May 2023, the company approved the final dividend of RMB 0.137 per share for the year ended 31 December 2022. Ex-dividend date is 02 June 2023. Record date is 12 June 2023. Payment date is 15 June 2023. Upcoming Dividend • May 26
Upcoming dividend of CN¥0.14 per share at 6.9% yield Eligible shareholders must have bought the stock before 02 June 2023. Payment date: 15 June 2023. Trailing yield: 6.9%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (5.4%). Price Target Changed • Mar 22
Price target decreased by 34% to HK$2.93 Down from HK$4.44, the current price target is an average from 10 analysts. New target price is 9.4% below last closing price of HK$3.23. Stock is down 38% over the past year. The company is forecast to post earnings per share of CN¥0.27 next year compared to a net loss per share of CN¥0.16 last year. Reported Earnings • Mar 21
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: CN¥0.16 loss per share (down from CN¥0.41 profit in FY 2021). Revenue: CN¥7.13b (down 9.8% from FY 2021). Net loss: CN¥481.9m (down 138% from profit in FY 2021). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Real Estate industry in Hong Kong. Buying Opportunity • Jan 30
Now 26% undervalued Over the last 90 days, the stock is up 180%. The fair value is estimated to be HK$5.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last year. Meanwhile, the company became loss making. Buying Opportunity • Jan 09
Now 21% undervalued Over the last 90 days, the stock is up 130%. The fair value is estimated to be HK$5.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last year. Meanwhile, the company became loss making. Price Target Changed • Dec 19
Price target increased to HK$4.35 Up from HK$4.05, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of HK$4.28. Stock is down 44% over the past year. The company is forecast to post earnings per share of CN¥0.012 for next year compared to CN¥0.41 last year. Buying Opportunity • Dec 07
Now 26% undervalued Over the last 90 days, the stock is up 85%. The fair value is estimated to be HK$5.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last year. Meanwhile, the company became loss making. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Lihong Wang was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Price Target Changed • Oct 27
Price target decreased to HK$4.34 Down from HK$5.15, the current price target is an average from 12 analysts. New target price is 189% above last closing price of HK$1.50. Stock is down 91% over the past year. The company is forecast to post a net loss per share of CN¥0.18 compared to earnings per share of CN¥0.41 last year. Reported Earnings • Oct 02
First half 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First half 2022 results: CN¥0.24 loss per share (down from CN¥0.20 profit in 1H 2021). Revenue: CN¥3.99b (up 19% from 1H 2021). Net loss: CN¥750.8m (down 219% from profit in 1H 2021). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Real Estate industry in Hong Kong. Price Target Changed • Sep 08
Price target decreased to HK$5.34 Down from HK$5.99, the current price target is an average from 19 analysts. New target price is 136% above last closing price of HK$2.26. Stock is down 87% over the past year. The company is forecast to post a net loss per share of CN¥0.13 compared to earnings per share of CN¥0.41 last year. Recent Insider Transactions • Sep 07
Independent Non-Executive Director recently bought HK$113k worth of stock On the 2nd of September, Lihong Wang bought around 50k shares on-market at roughly HK$2.25 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$633k more in shares than they have sold in the last 12 months. Reported Earnings • Sep 01
First half 2022 earnings released: CN¥0.24 loss per share (vs CN¥0.20 profit in 1H 2021) First half 2022 results: CN¥0.24 loss per share (down from CN¥0.20 profit in 1H 2021). Revenue: CN¥3.99b (up 20% from 1H 2021). Net loss: CN¥750.8m (down 224% from profit in 1H 2021). Over the next year, revenue is forecast to grow 33%, compared to a 12% growth forecast for the Real Estate industry in Hong Kong. Price Target Changed • Aug 31
Price target decreased to HK$5.99 Down from HK$6.94, the current price target is an average from 19 analysts. New target price is 152% above last closing price of HK$2.38. Stock is down 88% over the past year. The company is forecast to post earnings per share of CN¥0.59 for next year compared to CN¥0.41 last year. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorated over the past week After last week's 15% share price decline to HK$2.67, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total loss to shareholders of 87% over the past year. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$3.10, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total loss to shareholders of 84% over the past year. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$4.03, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total loss to shareholders of 85% over the past year. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improved over the past week After last week's 19% share price gain to HK$4.73, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total loss to shareholders of 80% over the past year. Upcoming Dividend • Jun 06
Upcoming dividend of CN¥0.12 per share Eligible shareholders must have bought the stock before 13 June 2022. Payment date: 27 June 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (5.7%). Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$3.65, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total loss to shareholders of 84% over the past year. Reported Earnings • May 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CN¥0.41 (up from CN¥0.25 in FY 2020). Revenue: CN¥7.90b (up 71% from FY 2020). Net income: CN¥1.28b (up 114% from FY 2020). Profit margin: 16% (up from 13% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 31%, compared to a 16% growth forecast for the industry in Hong Kong. Price Target Changed • Apr 27
Price target decreased to HK$7.37 Down from HK$8.28, the current price target is an average from 19 analysts. New target price is 87% above last closing price of HK$3.94. Stock is down 84% over the past year. The company is forecast to post earnings per share of CN¥0.55 for next year compared to CN¥0.41 last year. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (5 non-independent directors). CEO & Executive Director Hongling Cao is the most experienced director on the board, commencing their role in 2019. Independent Non-Executive Director Lihong Wang was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Price Target Changed • Apr 20
Price target decreased to HK$7.37 Down from HK$8.88, the current price target is an average from 19 analysts. New target price is 74% above last closing price of HK$4.24. Stock is down 83% over the past year. The company is forecast to post earnings per share of CN¥0.55 for next year compared to CN¥0.41 last year. 
