Announcement • 20h
Impro Precision Industries Limited to Report First Half, 2026 Results on Aug 11, 2026 Impro Precision Industries Limited announced that they will report first half, 2026 results on Aug 11, 2026 Board Change • Jul 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Cindy Chow was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$8.40, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 9x in the Machinery industry in Hong Kong. Total returns to shareholders of 250% over the past three years. Announcement • Jun 03
Impro Precision Industries Limited has completed a Follow-on Equity Offering in the amount of HKD 546 million. Impro Precision Industries Limited has completed a Follow-on Equity Offering in the amount of HKD 546 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: HKD 9.1
Transaction Features: Subsequent Direct Listing Announcement • May 27
Impro Precision Industries Limited has filed a Follow-on Equity Offering in the amount of HKD 546 million. Impro Precision Industries Limited has filed a Follow-on Equity Offering in the amount of HKD 546 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: HKD 9.1
Transaction Features: Subsequent Direct Listing Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$10.46, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 10x in the Machinery industry in Hong Kong. Total returns to shareholders of 315% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.45 per share. Reported Earnings • Apr 21
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: HK$0.39 (up from HK$0.34 in FY 2024). Revenue: HK$5.10b (up 8.7% from FY 2024). Net income: HK$726.2m (up 13% from FY 2024). Profit margin: 14% (in line with FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$9.22, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 10x in the Machinery industry in Hong Kong. Total returns to shareholders of 269% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.43 per share. Upcoming Dividend • Apr 01
Upcoming dividend of HK$0.08 per share Eligible shareholders must have bought the stock before 08 April 2026. Payment date: 22 April 2026. Payout ratio is a comfortable 42% and the cash payout ratio is 85%. Trailing yield: 1.9%. Lower than top quartile of Hong Kong dividend payers (7.0%). Lower than average of industry peers (3.3%). New Risk • Mar 24
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 10.0% 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. Reported Earnings • Mar 11
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: HK$0.39 (up from HK$0.34 in FY 2024). Revenue: HK$5.10b (up 8.7% from FY 2024). Net income: HK$726.2m (up 13% from FY 2024). Profit margin: 14% (in line with FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 10
Impro Precision Industries Limited, Annual General Meeting, Jun 26, 2026 Impro Precision Industries Limited, Annual General Meeting, Jun 26, 2026. New Risk • Feb 28
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. This is currently the only risk that has been identified for the company. Announcement • Feb 24
Impro Precision Industries Limited to Report Fiscal Year 2025 Results on Mar 10, 2026 Impro Precision Industries Limited announced that they will report fiscal year 2025 results on Mar 10, 2026 Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$7.94, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Machinery industry in Hong Kong. Total returns to shareholders of 215% over the past three years. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$5.71, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Machinery industry in Hong Kong. Total returns to shareholders of 158% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.04 per share. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$5.52, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Machinery industry in Hong Kong. Total returns to shareholders of 194% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$5.60 per share. Buy Or Sell Opportunity • Oct 13
Now 23% undervalued Over the last 90 days, the stock has risen 40% to HK$4.36. The fair value is estimated to be HK$5.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has grown by 7.9%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Declared Dividend • Aug 14
First half dividend of HK$0.08 announced Dividend of HK$0.08 is the same as last year. Ex-date: 26th August 2025 Payment date: 10th September 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 12% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 33% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 13
First half 2025 earnings released: EPS: HK$0.18 (vs HK$0.16 in 1H 2024) First half 2025 results: EPS: HK$0.18 (up from HK$0.16 in 1H 2024). Revenue: HK$2.45b (up 2.0% from 1H 2024). Net income: HK$346.3m (up 14% from 1H 2024). Profit margin: 14% (up from 13% in 1H 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$3.56, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Machinery industry in Hong Kong. Total returns to shareholders of 65% over the past three years. Announcement • Jul 28
Impro Precision Industries Limited to Report First Half, 2025 Results on Aug 12, 2025 Impro Precision Industries Limited announced that they will report first half, 2025 results on Aug 12, 2025 Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$2.87, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Machinery industry in Hong Kong. Total returns to shareholders of 61% over the past three years. Buy Or Sell Opportunity • Jun 11
Now 22% overvalued Over the last 90 days, the stock has fallen 15% to HK$2.75. The fair value is estimated to be HK$2.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 12%. Buy Or Sell Opportunity • May 12
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to HK$2.75. The fair value is estimated to be HK$2.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Apr 18
Full year 2024 earnings released: EPS: HK$0.34 (vs HK$0.31 in FY 2023) Full year 2024 results: EPS: HK$0.34 (up from HK$0.31 in FY 2023). Revenue: HK$4.69b (up 1.8% from FY 2023). Net income: HK$644.3m (up 10% from FY 2023). Profit margin: 14% (up from 13% in FY 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to HK$2.08, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 8x in the Machinery industry in Hong Kong. Total returns to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to HK$3.44, the stock trades at a trailing P/E ratio of 10.1x. Average forward P/E is 9x in the Machinery industry in Hong Kong. Total returns to shareholders of 121% over the past three years. Declared Dividend • Mar 13
Final dividend of HK$0.08 announced Dividend of HK$0.08 is the same as last year. Ex-date: 24th March 2025 Payment date: 8th April 2025 Dividend yield will be 5.0%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 12% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 1.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Mar 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 18% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Mar 12
Now 75% overvalued after recent price rise Over the last 90 days, the stock has risen 94% to HK$4.03. The fair value is estimated to be HK$2.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 12%. Announcement • Feb 25
Impro Precision Industries Limited to Report Fiscal Year 2024 Results on Mar 11, 2025 Impro Precision Industries Limited announced that they will report fiscal year 2024 results on Mar 11, 2025 Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$2.55, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 8x in the Machinery industry in Hong Kong. Total returns to shareholders of 71% over the past three years. Announcement • Jan 02
Impro Precision Industries Limited Announces Board Changes The board of directors of Impro Precision Industries Limited announced the following changes in the Board with effect from 31 December 2024: (1) Mr. YU Kwok Kuen Harry (“Mr. YU'') has resigned as an independent non- executive Director, the chairman of the audit committee (the “Audit Committee'') and a member of the remuneration committee (the “Remuneration Committee'') of the Board due to his intention to devote more time to other business and personal commitment; and (2) Mrs. CHOW Lok Mei Ki Cindy (``Mrs. CHOW'') has been appointed as an independent non-executive Director, the chairman of the Audit Committee and a member of the Remuneration Committee. Mrs. CHOW Lok Mei Ki Cindy, aged 54, has over 30 years of experience in finance, accounting and general management. Mrs. CHOW gained her professional accounting and auditing experience during 1992 to 1997 at Arthur Andersen & Co. Thereafter, she served in various private and public companies in financial and management reporting roles. She joined Alibaba.com Limited as senior finance director in 2007. Since November 2015, Mrs. CHOW has been serving as the executive director and CEO of Alibaba Hong Kong Entrepreneurs Fund, which is a not-for-profit initiative launched by Alibaba Group and is registered as a responsible officer under the SFO for Type 9 (asset management) regulated activity. The Board announces that Mrs. CHOW has also been appointed as the chairman of the Audit Committee and a member of the Remuneration Committee with effect from 31 December 2024. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$2.18, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 8x in the Machinery industry in Hong Kong. Total returns to shareholders of 16% over the past three years. Reported Earnings • Aug 13
First half 2024 earnings released: EPS: HK$0.16 (vs HK$0.16 in 1H 2023) First half 2024 results: EPS: HK$0.16 (in line with 1H 2023). Revenue: HK$2.40b (flat on 1H 2023). Net income: HK$304.5m (flat on 1H 2023). Profit margin: 13% (in line with 1H 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 10
First half dividend of HK$0.08 announced Dividend of HK$0.08 is the same as last year. Ex-date: 21st August 2024 Payment date: 6th September 2024 Dividend yield will be 7.9%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 15% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 1.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 08
Impro Precision Industries Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable 06 September 2024 Impro Precision Industries Limited announced Interim dividend of HKD 0.08 per share for the six months ended 30 June 2024. Record date 27 August 2024. Payment date 06 September 2024. Ex-dividend date 21 August 2024. Announcement • Jul 26
Impro Precision Industries Limited to Report First Half, 2024 Results on Aug 08, 2024 Impro Precision Industries Limited announced that they will report first half, 2024 results on Aug 08, 2024 Buy Or Sell Opportunity • Jul 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.8% to HK$1.96. The fair value is estimated to be HK$2.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jun 28
Impro Precision Industries Limited Announces Retirement of Wang Hui as Executive Director, Effective June 29, 2024 The board of directors of Impro Precision Industries Limited announced that Ms. WANG Hui, Ina has tendered her resignation as an executive director of the Company with effect from 29 June 2024 due to retirement. Reported Earnings • Apr 20
Full year 2023 earnings released: EPS: HK$0.31 (vs HK$0.31 in FY 2022) Full year 2023 results: EPS: HK$0.31 (up from HK$0.31 in FY 2022). Revenue: HK$4.60b (up 5.7% from FY 2022). Net income: HK$585.1m (flat on FY 2022). Profit margin: 13% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Mar 18
Upcoming dividend of HK$0.08 per share Eligible shareholders must have bought the stock before 25 March 2024. Payment date: 11 April 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (2.4%). Declared Dividend • Mar 14
Final dividend of HK$0.08 announced Dividend of HK$0.08 is the same as last year. Ex-date: 25th March 2024 Payment date: 11th April 2024 Dividend yield will be 6.0%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 15% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 2.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 13
Impro Precision Industries Limited, Annual General Meeting, May 20, 2024 Impro Precision Industries Limited, Annual General Meeting, May 20, 2024. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: HK$0.31 (vs HK$0.31 in FY 2022) Full year 2023 results: EPS: HK$0.31 (up from HK$0.31 in FY 2022). Revenue: HK$4.60b (up 5.7% from FY 2022). Net income: HK$585.1m (flat on FY 2022). Profit margin: 13% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Impro Precision Industries Limited Announces Ordinary Second Interim Dividend for the Year Ended 31 December 2023, Payable on 11 April 2024 Impro Precision Industries Limited announced ordinary second interim dividend for the year ended 31 December 2023 of HKD 0.08 per share. Ex-dividend date is 25 March 2024. Record date is 02 April 2024. Payment date is 11 April 2024. Announcement • Feb 27
Impro Precision Industries Limited to Report Q4, 2023 Results on Mar 12, 2024 Impro Precision Industries Limited announced that they will report Q4, 2023 results on Mar 12, 2024 New Risk • Feb 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Recent Insider Transactions • Oct 30
Executive Chairman & CEO recently bought HK$83m worth of stock On the 25th of October, Ruibo Lu bought around 40m shares on-market at roughly HK$2.08 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. Ruibo has been a buyer over the last 12 months, purchasing a net total of HK$181m worth in shares. Recent Insider Transactions Derivative • Sep 15
Group VP & Executive Director exercised options to buy HK$822k worth of stock. On the 13th of September, Hui Wang exercised options to buy 300k shares at a strike price of around HK$2.40, costing a total of HK$720k. As of today, Hui currently holds no shares directly. Company insiders have collectively bought HK$174m more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Aug 14
Upcoming dividend of HK$0.08 per share at 5.8% yield Eligible shareholders must have bought the stock before 21 August 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 10
First half 2023 earnings released: EPS: HK$0.16 (vs HK$0.14 in 1H 2022) First half 2023 results: EPS: HK$0.16 (up from HK$0.14 in 1H 2022). Revenue: HK$2.40b (up 9.7% from 1H 2022). Net income: HK$303.2m (up 13% from 1H 2022). Profit margin: 13% (in line with 1H 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Aug 09
Impro Precision Industries Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable 06 September 2023 Impro Precision Industries Limited announced Interim dividend of HKD 0.08 per share for the six months ended 30 June 2023. Record date 25 August 2023. Payment date 06 September 2023. Ex-dividend date 21 August 2023. Announcement • Jul 29
Impro Precision Industries Limited to Report First Half, 2023 Results on Aug 08, 2023 Impro Precision Industries Limited announced that they will report first half, 2023 results on Aug 08, 2023 Recent Insider Transactions • Apr 21
Executive Chairman & CEO recently bought HK$58m worth of stock On the 14th of April, Ruibo Lu bought around 20m shares on-market at roughly HK$2.90 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Ruibo has been a buyer over the last 12 months, purchasing a net total of HK$173m worth in shares. Upcoming Dividend • Mar 15
Upcoming dividend of HK$0.08 per share at 5.4% yield Eligible shareholders must have bought the stock before 22 March 2023. Payment date: 06 April 2023. Trailing yield: 5.4%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: HK$0.31 (vs HK$0.20 in FY 2021) Full year 2022 results: EPS: HK$0.31 (up from HK$0.20 in FY 2021). Revenue: HK$4.35b (up 15% from FY 2021). Net income: HK$581.9m (up 52% from FY 2021). Profit margin: 13% (up from 10% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$3.09, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Machinery industry in Hong Kong. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 18% share price gain to HK$2.60, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Machinery industry in Hong Kong. Total loss to shareholders of 14% over the past three years. Announcement • Jan 10
Impro Precision Industries Limited Provides Group Earnings Guidance for the Year Ended 31 December 2022 Impro Precision Industries Limited provided group earnings guidance for the year ended 31 December 2022. The Group expects to record a net profit attributable to shareholders of the Company between HKD 550 million and HKD 600 million for the Financial Year, which represents a significant year-on-year growth between 43.6% and 56.7% as compared to a net profit attributable to shareholders of the company of HKD 383 million for the year ended 31 December 2021. The significant increase in net profit was primarily attributable to the year on year growth in the Group's revenue of approximately 15% as a result of strong revenue growth in aerospace & medical end- markets and a good revenue growth in industrial & others end-markets, which is sufficient to offset the revenue drop in passenger car end-market. Expansion of operating profit margin was mainly due to economies of scale, weakening in Renminbi against Hong Kong Dollars, and a one-off gain after tax on the disposal of a Germany plant's land, building and machinery of HKD 13 million, which was partially offset by a one-off impairment provision charge after tax of approximately HKD 73 million against net book value of building, machinery, equipment and inventories, etc. damaged in the fire incident of the Group's Nantong plant in June 2022. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 17% share price gain to HK$2.62, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Machinery industry in Hong Kong. Total returns to shareholders of 8.9% over the past three years. 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. 5 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Gordon Yen was the last independent director to join the board, commencing their role in 2019. 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 • Nov 09
Executive Chairman & CEO recently bought HK$40m worth of stock On the 3rd of November, Ruibo Lu bought around 20m shares on-market at roughly HK$2.01 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$75m. Ruibo has been a buyer over the last 12 months, purchasing a net total of HK$262m worth in shares. Buying Opportunity • Sep 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be HK$2.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has declined by 6.9%. Revenue is forecast to grow by 15% in a year. Earnings is forecast to grow by 22% in the next year. Upcoming Dividend • Aug 17
Upcoming dividend of HK$0.08 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 7.0%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (3.5%). Reported Earnings • Aug 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down HK$175.0m from profit in 1H 2021). Profit margin: (down from 9.6% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 10%, compared to a 9.3% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 27
Price target decreased to HK$2.60 Down from HK$3.00, the current price target is an average from 2 analysts. New target price is 26% above last closing price of HK$2.07. Stock is down 4.2% over the past year. The company posted earnings per share of HK$0.20 last year. 
