Upcoming Dividend • May 19
Upcoming dividend of HK$0.026 per share Eligible shareholders must have bought the stock before 26 May 2026. Payment date: 18 June 2026. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (3.3%). Reported Earnings • Apr 28
Full year 2025 earnings released: EPS: HK$0.16 (vs HK$0.11 in FY 2024) Full year 2025 results: EPS: HK$0.16 (up from HK$0.11 in FY 2024). Revenue: HK$932.8m (up 17% from FY 2024). Net income: HK$104.4m (up 51% from FY 2024). Profit margin: 11% (up from 8.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 27
Final dividend of HK$0.026 announced Shareholders will receive a dividend of HK$0.026. Ex-date: 26th May 2026 Payment date: 18th June 2026 Dividend yield will be 5.4%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (22% 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 14% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 76% to shift the payout ratio to a potentially unsustainable range, which is more than the 14% EPS decline seen over the last 5 years. Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: HK$0.16 (vs HK$0.11 in FY 2024) Full year 2025 results: EPS: HK$0.16 (up from HK$0.11 in FY 2024). Revenue: HK$932.8m (up 17% from FY 2024). Net income: HK$104.4m (up 51% from FY 2024). Profit margin: 11% (up from 8.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Mar 25
Vincent Medical Holdings Limited, Annual General Meeting, May 20, 2026 Vincent Medical Holdings Limited, Annual General Meeting, May 20, 2026. New Risk • Mar 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 22% per year over the past 5 years. High level of non-cash earnings (28% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (HK$613.1m market cap, or US$78.3m). Announcement • Mar 10
Vincent Medical Holdings Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 Vincent Medical Holdings Limited announced that they will report fiscal year 2025 results on Mar 25, 2026 Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$1.02, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 19x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 111% over the past three years. Declared Dividend • Aug 22
First half dividend increased to HK$0.024 Dividend of HK$0.024 is 50% higher than last year. Ex-date: 2nd September 2025 Payment date: 26th September 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (30% 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 16% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to HK$1.11, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 26x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 170% over the past three years. New Risk • Jul 25
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 Risks Earnings have declined by 19% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (HK$542.3m market cap, or US$69.1m). Announcement • May 21
Vincent Medical Holdings Limited Approves Final Dividend for the Year Ended 31 December 2024 Vincent Medical Holdings Limited at its AGM held on April 24, 2025, approved the declaration of a final dividend of HKD 1.7 cents per Share for the year ended 31 December 2024. Upcoming Dividend • May 20
Upcoming dividend of HK$0.017 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 8.3%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (2.8%). Reported Earnings • Apr 25
Full year 2024 earnings released: EPS: HK$0.11 (vs HK$0.089 in FY 2023) Full year 2024 results: EPS: HK$0.11 (up from HK$0.089 in FY 2023). Revenue: HK$801.0m (up 12% from FY 2023). Net income: HK$69.2m (up 21% from FY 2023). Profit margin: 8.6% (up from 8.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Mar 22
Vincent Medical Holdings Limited Proposes Final Ordinary Dividend for the Financial Year End 31 December 2024, Payable on June 20, 2025 Vincent Medical Holdings Limited proposed final ordinary dividend of HKD 0.017 per share for the financial year end 31 December 2024. Ex-dividend date 27 May 2025, Record date 02 June 2025 and Payment date 20 June 2025. Declared Dividend • Mar 21
Final dividend increased to HK$0.017 Dividend of HK$0.017 is 13% higher than last year. Ex-date: 27th May 2025 Payment date: 20th June 2025 Dividend yield will be 6.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 11% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: HK$0.11 (vs HK$0.089 in FY 2023) Full year 2024 results: EPS: HK$0.11 (up from HK$0.089 in FY 2023). Revenue: HK$801.0m (up 12% from FY 2023). Net income: HK$69.2m (up 21% from FY 2023). Profit margin: 8.6% (up from 8.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Mar 19
Vincent Medical Holdings Limited, Annual General Meeting, May 21, 2025 Vincent Medical Holdings Limited, Annual General Meeting, May 21, 2025. Announcement • Mar 04
Vincent Medical Holdings Limited to Report Fiscal Year 2024 Results on Mar 19, 2025 Vincent Medical Holdings Limited announced that they will report fiscal year 2024 results on Mar 19, 2025 New Risk • Dec 13
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (HK$261.3m market cap, or US$33.6m). Reported Earnings • Aug 25
First half 2024 earnings released: EPS: HK$0.052 (vs HK$0.041 in 1H 2023) First half 2024 results: EPS: HK$0.052 (up from HK$0.041 in 1H 2023). Revenue: HK$380.7m (up 5.4% from 1H 2023). Net income: HK$33.3m (up 25% from 1H 2023). Profit margin: 8.7% (up from 7.4% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Declared Dividend • Aug 23
First half dividend increased to HK$0.016 Dividend of HK$0.016 is 28% higher than last year. Ex-date: 3rd September 2024 Payment date: 27th September 2024 Dividend yield will be 7.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 10% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 21
Vincent Medical Holdings Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on 27 September 2024 Vincent Medical Holdings Limited announced Interim Dividend for the Six Months Ended 30 June 2024 of HKD 0.016 per share, payable on 27 September 2024, Ex-dividend date 03 September 2024 and Record date 09 September 2024. Announcement • Aug 06
Vincent Medical Holdings Limited to Report First Half, 2024 Results on Aug 21, 2024 Vincent Medical Holdings Limited announced that they will report first half, 2024 results on Aug 21, 2024 Upcoming Dividend • May 21
Upcoming dividend of HK$0.015 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Hong Kong dividend payers (7.4%). Higher than average of industry peers (3.0%). Reported Earnings • Apr 20
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: HK$0.089 (up from HK$0.027 loss in FY 2022). Revenue: HK$718.0m (up 14% from FY 2022). Net income: HK$57.3m (up HK$74.7m from FY 2022). Profit margin: 8.0% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 9.5%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Medical Equipment 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 31 percentage points per year, which is a significant difference in performance. Announcement • Mar 21
Vincent Medical Holdings Limited, Annual General Meeting, May 22, 2024 Vincent Medical Holdings Limited, Annual General Meeting, May 22, 2024. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: HK$0.089 (vs HK$0.027 loss in FY 2022) Full year 2023 results: EPS: HK$0.089 (up from HK$0.027 loss in FY 2022). Revenue: HK$718.0m (up 14% from FY 2022). Net income: HK$57.3m (up HK$74.7m from FY 2022). Profit margin: 8.0% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Medical Equipment 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 35 percentage points per year, which is a significant difference in performance. Announcement • Mar 21
Vincent Medical Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 21 June 2024 Vincent Medical Holdings Limited proposed final dividend of HKD 0.015 per share for the Year Ended 31 December 2023. Ex-dividend date is 28 May 2024. Record date is 03 June 2024. Payment date is 21 June 2024. Date of shareholders' approval is 22 May 2024. Announcement • Mar 06
Vincent Medical Holdings Limited to Report Fiscal Year 2023 Results on Mar 20, 2024 Vincent Medical Holdings Limited announced that they will report fiscal year 2023 results on Mar 20, 2024 Announcement • Jan 27
Vincent Medical Holdings Limited Provides Consolidated Earnings Guidance for the Year Ended 31 December 2023 Vincent Medical Holdings Limited provided consolidated earnings guidance for the year ended 31 December 2023. The group is expected to record consolidated profit attributable to owners of the company of not less than HKD 52.0 million for the year ended 31 December 2023, as compared to an audited consolidated loss attributable to owners of the company of approximately HKD 17.4 million for the year ended 31 December 2022. Recent Insider Transactions • Dec 27
Executive Chairman recently bought HK$239k worth of stock On the 20th of December, Man Shing Choi bought around 640k shares on-market at roughly HK$0.37 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Man Shing has been a buyer over the last 12 months, purchasing a net total of HK$659k worth in shares. Recent Insider Transactions • Sep 07
CEO & Executive Director recently bought HK$120k worth of stock On the 31st of August, Cheung Tai Choi bought around 286k shares on-market at roughly HK$0.42 per share. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Cheung Tai has been a buyer over the last 12 months, purchasing a net total of HK$180k worth in shares. Upcoming Dividend • Aug 29
Upcoming dividend of HK$0.013 per share at 6.0% yield Eligible shareholders must have bought the stock before 05 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (2.2%). Reported Earnings • Aug 25
First half 2023 earnings released: EPS: HK$0.041 (vs HK$0.068 loss in 1H 2022) First half 2023 results: EPS: HK$0.041 (up from HK$0.068 loss in 1H 2022). Revenue: HK$361.2m (up 29% from 1H 2022). Net income: HK$26.6m (up HK$71.0m from 1H 2022). Profit margin: 7.4% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Medical Equipment 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 35 percentage points per year, which is a significant difference in performance. New Risk • Aug 25
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 6.3% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (HK$258.1m market cap, or US$32.9m). Announcement • Aug 24
Vincent Medical Holdings Limited Announces Interim Dividend for the Six Months Ended June 30, 2023, Payable on September 29, 2023 Vincent Medical Holdings Limited announced interim dividend of HKD 0.0125 per share for the six months ended June 30, 2023. Ex-dividend date is September 5, 2023. Record date is September 11, 2023. Payment date is September 29, 2023. New Risk • Aug 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 29% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (HK$245.0m market cap, or US$31.2m). Announcement • Aug 09
Vincent Medical Holdings Limited to Report First Half, 2023 Results on Aug 23, 2023 Vincent Medical Holdings Limited announced that they will report first half, 2023 results on Aug 23, 2023 Announcement • Jul 26
Vincent Medical Holdings Limited Appoints Leung Ming Chu as Non-Executive Director The board of directors of Vincent Medical Holdings Limited announced that Dr. Leung Ming Chu (Dr. Leung) has been appointed as a non-executive director with effect from 25 July 2023. Dr. Leung Ming Chu, aged 65, has extensive experience in commercial sales and marketing, management and operation. Dr. Leung is a consultant at Besteam Consultants Limited (Besteam) since September 2020. Besteam has provided consultancy services to Vincent Medical Manufacturing Co., Limited, an indirect wholly-owned subsidiary of the Company, in respect of operational improvements since July 2019. Besteam is wholly owned by Mr. Chan Ling Ming, the spouse of Dr. Leung and a former independent non-executive Director from 24 June 2016 to 13 June 2019. From January 1986 to August 1997, Dr. Leung worked at Caltex Oil Hong Kong Ltd., where her last position was the manager of commercial business unit. From August 1997 to January 2009, Dr. Leung worked as a principal lecturer of the Technical College of the Vocational Training Council. From January 2009 to January 2018, Dr. Leung worked as an assistant executive director of the Vocational Training Council. Dr. Leung obtained a degree of bachelor of arts through distance learning from The Open University, the United Kingdom in December 1982, a degree of master of business administration through distance learning from The University of Warwick, the United Kingdom in July 1990 and a degree of doctor of business administration through distance learning from Macquarie University, Australia in April 2009. Dr. Leung is a Certified Professional Marketer (Asia) of the Asia Marketing Federation. Recent Insider Transactions • Jun 04
Executive Chairman recently bought HK$103k worth of stock On the 1st of June, Man Shing Choi bought around 308k shares on-market at roughly HK$0.33 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Man Shing has been a buyer over the last 12 months, purchasing a net total of HK$520k worth in shares. Announcement • May 19
Vincent Medical Holdings Limited Announces Retirement of Guo Pengcheng as Non-Executive Director Vincent Medical Holdings Limited announced retirement of Mr. Guo Pengcheng ("Mr. Guo") at the AGM. Mr. Guo did not offer himself for re-election as a non-executive Director at the AGM, due to his intention to focus on other business engagements and personal commitments. Therefore, Mr. Guo retired as a non-executive Director with effect from the conclusionof the AGM. Reported Earnings • Mar 23
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: HK$0.027 (down from HK$0.093 in FY 2021). Revenue: HK$629.2m (down 19% from FY 2021). Net loss: HK$17.4m (down 129% from profit in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 32% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Feb 14
Vincent Medical Holdings Limited Provides Consolidated Earnings Guidance for the Year Ended 31 December 2022 Vincent Medical Holdings Limited provided consolidated earnings guidance for the year ended 31 December 2022. For the year, the company is expected to record an unaudited consolidated net loss attributable to owners of the Company within the range of HKD 15.0 million to HKD 20.0 million, as compared to an audited consolidated profit attributable to owners of the Company of approximately HKD 60.7 million for the year ended 31 December 2021. Announcement • Jan 04
Vincent Medical Holdings Limited Announces FDA 510(K) Clearance of the Inspired Vhb20 Heated Humidifier Vincent Medical Holdings Limited announce that, the Group has recently been granted the 510(k) clearance from the United States Food and Drug Administration (the "FDA") for its inspired TM VHB20 heated humidifier (the "Humidifier"). The Humidifier is the first FDA 510(k) cleared electronic device of the inspiredTM brand. It is a respiratory humidifier that provides a heat source and temperature control to warm and humidify cold and dry medical gases. Warmed and humidified medical gas is then delivered to patients requiring mechanical ventilation or positive pressure breathing assistance. The Humidifier is an active humidification system that can automatically maintain temperature and relative humidity settings as selected by healthcare professionals, and is adopted for infant to adult patients within a hospital environment. It can be used for treatment of multiple patients after the replacement of consumables for each treatment cycle for each individual patient. Earlier in October 2022, at the 35 th Annual Congress of The European Society of Intensive Care Medicine, Dr. François Lellouche, a critical care physician at the Institut Universitaire de Cardiologie et de Pneumologie de Québec and associate professor at the Faculté de médecine at Université Laval, presented his findings at a poster presentation and stated that based on the preliminary data from bench testing in a specialised laboratory, the humidification performance of the Humidifier appears to outperform other comparable heated humidifiers used in the evaluation. Buying Opportunity • Nov 22
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be HK$0.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company became loss making. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Kai Leung Yung was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Sep 25
Executive Chairman recently bought HK$417k worth of stock On the 21st of September, Man Shing Choi bought around 1m shares on-market at roughly HK$0.42 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Man Shing has been a buyer over the last 12 months, purchasing a net total of HK$2.2m worth in shares. Upcoming Dividend • Aug 30
Upcoming dividend of HK$0.025 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 30 September 2022. The company last paid an ordinary dividend in March 2017. The average dividend yield among industry peers is 1.7%. Announcement • Aug 24
Vincent Medical Holdings Limited Announces Special Dividend for the Six Months Ended June 30, 2022, Payable on September 30, 2022 Vincent Medical Holdings Limited announced special dividend of HKD 0.025 per share for the six months ended June 30, 2022, payable on September 30, 2022. Record date to be September 13, 2022. Ex-dividend date to be September 6, 2022. Reported Earnings • Aug 24
First half 2022 earnings released: HK$0.068 loss per share (vs HK$0.064 profit in 1H 2021) First half 2022 results: HK$0.068 loss per share (down from HK$0.064 profit in 1H 2021). Revenue: HK$280.7m (down 24% from 1H 2021). Net loss: HK$44.4m (down 206% from profit in 1H 2021). Over the next year, revenue is expected to shrink by 14% compared to a 563% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 06
Consensus revenue estimates fall by 18% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from HK$694.0m to HK$566.0m. Forecast loss of -HK$0.02, down from profit of HK$0.09 per share profit previously. Medical Equipment industry in Hong Kong expected to see average net income growth of 17% next year. Consensus price target down from HK$1.30 to HK$0.62. Share price fell 16% to HK$0.56 over the past week. Announcement • Aug 05
Vincent Medical Holdings Limited Provides Unaudited Consolidated Earnings Guidance for the Six Months Ended 30 June 2022 Vincent Medical Holdings Limited provided unaudited consolidated earnings guidance for the six months ended 30 June 2022. For the six months, Company is expected that the Group is likely to record an unaudited consolidated net loss attributable to owners of the Company within the range of HKD 40.0 million to HKD 45.0 million. Recent Insider Transactions • Jun 21
VP of Engineering & Executive Director recently bought HK$58k worth of stock On the 16th of June, Kwok Fu Fu bought around 86k shares on-market at roughly HK$0.67 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$385k. Insiders have collectively bought HK$3.8m more in shares than they have sold in the last 12 months. Announcement • May 25
Vincent Medical Holdings Limited Approves Final Dividend for the Year Ended 31 December 2021 Vincent Medical Holdings Limited at its AGM held on May 24, 2022 approved final dividend of 2.5 HK cents per Share for the year ended 31 December 2021. Upcoming Dividend • May 20
Upcoming dividend of HK$0.025 per share Eligible shareholders must have bought the stock before 27 May 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 49% and the cash payout ratio is 91%. Trailing yield: 6.8%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (2.1%). Price Target Changed • Apr 27
Price target decreased to HK$1.30 Down from HK$1.85, the current price target is provided by 1 analyst. New target price is 65% above last closing price of HK$0.79. Stock is down 59% over the past year. The company is forecast to post earnings per share of HK$0.087 for next year compared to HK$0.093 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Kai Leung Yung was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Apr 02
Executive Chairman recently bought HK$211k worth of stock On the 30th of March, Man Shing Choi bought around 270k shares on-market at roughly HK$0.78 per share. This was the largest purchase by an insider in the last 3 months. Man Shing has been a buyer over the last 12 months, purchasing a net total of HK$3.2m worth in shares. Major Estimate Revision • Mar 30
Consensus revenue estimates fall by 22% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from HK$886.0m to HK$694.0m. EPS estimate fell from HK$0.13 to HK$0.09 per share. Net income forecast to shrink 4.4% next year vs 20% growth forecast for Medical Equipment industry in Hong Kong . Consensus price target down from HK$1.85 to HK$1.30. Share price rose 2.6% to HK$0.78 over the past week. Announcement • Mar 06
Vincent Medical Holdings Limited to Report Fiscal Year 2021 Results on Mar 23, 2022 Vincent Medical Holdings Limited announced that they will report fiscal year 2021 results on Mar 23, 2022 Announcement • Jan 28
Vincent Medical Holdings Limited Provides Earnings Guidance for the Year Ended 31 December 2021 Vincent Medical Holdings Limited provided earnings guidance for the year ended 31 December 2021. The Group's unaudited consolidated management accounts for the year ended 31 December 2021 (the "Year"), as well as the information currently available to the Company, the profit attributable to owners of the Company for the Year is expected to decrease by not more than 75%, as compared to HKD 216.9 million for the year ended 31 December 2020. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improved over the past week After last week's 35% share price gain to HK$1.16, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 143% over the past three years. Recent Insider Transactions • Nov 03
VP of Engineering & Executive Director recently bought HK$53k worth of stock On the 29th of October, Kwok Fu Fu bought around 60k shares on-market at roughly HK$0.88 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$718k. Insiders have collectively bought HK$3.0m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 29
Executive Chairman recently bought HK$70k worth of stock On the 27th of September, Man Shing Choi bought around 70k shares on-market at roughly HK$1.00 per share. In the last 3 months, they made an even bigger purchase worth HK$718k. Man Shing has been a buyer over the last 12 months, purchasing a net total of HK$2.0m worth in shares. Recent Insider Transactions • Sep 07
Executive Chairman recently bought HK$240k worth of stock On the 3rd of September, Man Shing Choi bought around 200k shares on-market at roughly HK$1.20 per share. In the last 3 months, they made an even bigger purchase worth HK$718k. Man Shing has been a buyer over the last 12 months, purchasing a net total of HK$1.2m worth in shares. Recent Insider Transactions • Aug 31
Executive Chairman recently bought HK$237k worth of stock On the 26th of August, Man Shing Choi bought around 200k shares on-market at roughly HK$1.18 per share. This was the largest purchase by an insider in the last 3 months. This was Man Shing's only on-market trade for the last 12 months. Upcoming Dividend • Aug 31
Upcoming dividend of HK$0.02 per share Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 30 September 2021. Trailing yield: 3.4%. Lower than top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (0.6%). Reported Earnings • Aug 26
First half 2021 earnings released: EPS HK$0.064 (vs HK$0.14 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: HK$370.7m (down 26% from 1H 2020). Net income: HK$41.9m (down 54% from 1H 2020). Profit margin: 11% (down from 18% in 1H 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$1.01, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 22x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 94% over the past three years.