Announcement • May 30
Dawnrays Pharmaceutical (Holdings) Limited Announces That the Group's Subsidiary, Fujian Dawnrays Pharmaceutical Co., Ltd. Obtains Approval for Drug Production and Registration for Trazodone Hydrochloride Tablets 50Mg and 100Mg Dawnrays Pharmaceutical (Holdings) Limited announced that the group's subsidiary, Fujian Dawnrays Pharmaceutical Co. Ltd. has obtained the approval for drug production and registration for Trazodone Hydrochloride Tablets 50mg and 100mg from the National Medical Products Administration of China, being under type 3 chemical drug and regarded as passing the consistency evaluation. This product is suitable for the treatment of depression and is suitable for patients with or without anxiety. Upcoming Dividend • May 20
Upcoming dividend of HK$0.048 per share Eligible shareholders must have bought the stock before 27 May 2026. Payment date: 12 June 2026. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (2.6%). Recent Insider Transactions Derivative • May 17
Chief Executive Officer exercised options to buy HK$1.4m worth of stock. On the 14th of May, Liwei Yu exercised options to buy 1m shares at a strike price of around HK$0.90, costing a total of HK$1.2m. As of today, Liwei currently holds no shares directly. Company insiders have collectively bought HK$1.2m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Apr 28
Full year 2025 earnings released: EPS: CN¥0.14 (vs CN¥0.38 in FY 2024) Full year 2025 results: EPS: CN¥0.14 (down from CN¥0.38 in FY 2024). Revenue: CN¥1.23b (up 16% from FY 2024). Net income: CN¥214.0m (down 62% from FY 2024). Profit margin: 17% (down from 53% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Declared Dividend • Mar 29
Final dividend of HK$0.048 announced Shareholders will receive a dividend of HK$0.048. Ex-date: 27th May 2026 Payment date: 12th June 2026 Dividend yield will be 5.6%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 69% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.9% EPS decline seen over the last 5 years. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: CN¥0.14 (vs CN¥0.38 in FY 2024) Full year 2025 results: EPS: CN¥0.14 (down from CN¥0.38 in FY 2024). Revenue: CN¥1.23b (up 16% from FY 2024). Net income: CN¥214.0m (down 62% from FY 2024). Profit margin: 17% (down from 53% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Mar 28
Dawnrays Pharmaceutical (Holdings) Limited, Annual General Meeting, May 22, 2026 Dawnrays Pharmaceutical (Holdings) Limited, Annual General Meeting, May 22, 2026. Buy Or Sell Opportunity • Mar 16
Now 23% overvalued Over the last 90 days, the stock has fallen 4.9% to HK$1.16. The fair value is estimated to be HK$0.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Earnings per share has grown by 2.8%. Announcement • Mar 14
Dawnrays Pharmaceutical (Holdings) Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Dawnrays Pharmaceutical (Holdings) Limited announced that they will report fiscal year 2025 results at 4:00 PM, China Standard Time on Mar 27, 2026 Upcoming Dividend • Sep 10
Upcoming dividend of HK$0.015 per share Eligible shareholders must have bought the stock before 16 September 2025. Payment date: 03 October 2025. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 5.1%. Lower than top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (1.8%). Declared Dividend • Aug 27
First half dividend of HK$0.015 announced Shareholders will receive a dividend of HK$0.015. Ex-date: 16th September 2025 Payment date: 3rd October 2025 Dividend yield will be 7.7%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (194% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 44% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.9% EPS decline seen over the last 5 years. Reported Earnings • Aug 24
First half 2025 earnings released: EPS: CN¥0.07 (vs CN¥0.33 in 1H 2024) First half 2025 results: EPS: CN¥0.07 (down from CN¥0.33 in 1H 2024). Revenue: CN¥630.4m (up 9.2% from 1H 2024). Net income: CN¥104.6m (down 79% from 1H 2024). Profit margin: 17% (down from 85% in 1H 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Announcement • Aug 12
Dawnrays Pharmaceutical (Holdings) Limited to Report First Half, 2025 Results on Aug 22, 2025 Dawnrays Pharmaceutical (Holdings) Limited announced that they will report first half, 2025 results on Aug 22, 2025 Recent Insider Transactions • May 29
Co-Founder & Executive Chairman recently bought HK$73k worth of stock On the 23rd of May, Kei Ling Li bought around 60k shares on-market at roughly HK$1.21 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$93k. Kei Ling has been a buyer over the last 12 months, purchasing a net total of HK$393k worth in shares. Upcoming Dividend • May 20
Upcoming dividend of HK$0.08 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 12 June 2025. Payout ratio is a comfortable 16% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (2.8%). Recent Insider Transactions • May 15
Co-Founder & Executive Chairman recently bought HK$56k worth of stock On the 9th of May, Kei Ling Li bought around 48k shares on-market at roughly HK$1.16 per share. This transaction amounted to less than 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. This was Kei Ling's only on-market trade for the last 12 months. New Risk • Apr 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risk Dividend is not well covered by cash flows (199% cash payout ratio). Declared Dividend • Mar 31
Final dividend of HK$0.08 announced Shareholders will receive a dividend of HK$0.08. Ex-date: 27th May 2025 Payment date: 12th June 2025 Dividend yield will be 7.9%, which is higher than the industry average of 3.6%. Sustainability & Growth The dividend has increased by an average of 7.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.38 (vs CN¥0.22 in FY 2023) Full year 2024 results: EPS: CN¥0.38 (up from CN¥0.22 in FY 2023). Revenue: CN¥1.06b (down 7.9% from FY 2023). Net income: CN¥564.9m (up 73% from FY 2023). Profit margin: 53% (up from 28% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Mar 29
Dawnrays Pharmaceutical (Holdings) Limited, Annual General Meeting, May 23, 2025 Dawnrays Pharmaceutical (Holdings) Limited, Annual General Meeting, May 23, 2025. Announcement • Mar 14
Dawnrays Pharmaceutical (Holdings) Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 Dawnrays Pharmaceutical (Holdings) Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.39, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 8x in the Pharmaceuticals industry in Hong Kong. Negligible returns to shareholders over past three years. New Risk • Sep 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Sep 14
Dawnrays Pharmaceutical (Holdings) Limited Appoints Yu Liwei as Chief Executive Officer The board of Dawnrays Pharmaceutical (Holdings) Limited announced that Ms. Yu Liwei (‘Ms. Yu’) has been appointed to act as the chief executive officer of the Company with effect from 13 September 2024. Ms. Yu, aged 54, is the Chief Human Resources Officer of the Group and fully responsible for the human resources management of the Group. She also holds directorship of Fujian Dawnrays Pharmaceutical Co. Ltd. (‘Fujian Dawnrays’). Ms. Yu joined the Group in November 2002. She has served as the person in charge of production of Suzhou Dawnrays Pharmaceutical Co. Ltd., and the general manager of Fujian Dawnrays respectively. Ms. Yu graduated from Jilin University with an undergraduate degree in Biological Pharmaceutics and has the Licensed Pharmacist Qualification. Announcement • Sep 11
Dawnrays Pharmaceutical (Holdings) Limited Announces Resignation of Wu Weixian as Chief Executive Officer The board of directors of Dawnrays Pharmaceutical (Holdings) Limited announced that Mr. Wu Weixian intends to focus on his other personal commitments, he has tendered his resignation as the chief executive officer of the Company. Mr. Wu's resignation will take effect on 11 September 2024 and thereafter. Upcoming Dividend • Sep 11
Upcoming dividend of HK$0.015 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 03 October 2024. Payout ratio is a comfortable 19% and the cash payout ratio is 93%. Trailing yield: 7.3%. Lower than top quartile of Hong Kong dividend payers (8.6%). Higher than average of industry peers (4.1%). Declared Dividend • Aug 28
First half dividend of HK$0.015 announced Shareholders will receive a dividend of HK$0.015. Ex-date: 16th September 2024 Payment date: 3rd October 2024 Dividend yield will be 7.0%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (19% earnings payout ratio) and cash flows (87% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 26
First half 2024 earnings released: EPS: CN¥0.33 (vs CN¥0.17 in 1H 2023) First half 2024 results: EPS: CN¥0.33 (up from CN¥0.17 in 1H 2023). Revenue: CN¥577.4m (down 11% from 1H 2023). Net income: CN¥493.0m (up 93% from 1H 2023). Profit margin: 85% (up from 39% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 23
Dawnrays Pharmaceutical (Holdings) Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on 03 October 2024, Payable on 03 October 2024 Dawnrays Pharmaceutical (Holdings) Limited announced Interim Dividend of HKD 0.015 per share for the Six Months Ended 30 June 2024. Ex-dividend date is 16 September 2024. Record date is 20 September 2024. Payment date is 03 October 2024. Announcement • Aug 12
Dawnrays Pharmaceutical (Holdings) Limited to Report First Half, 2024 Results on Aug 23, 2024 Dawnrays Pharmaceutical (Holdings) Limited announced that they will report first half, 2024 results on Aug 23, 2024 Announcement • May 25
Dawnrays Pharmaceutical (Holdings) Limited Approves to Declare A Final Dividend for the Year Ended 31 December 2023 Dawnrays Pharmaceutical (Holdings) Limited at its AGM held on May 24, 2024 approved To declare a final dividend of HKD 0.065 per share for the year ended 31 December 2023. Upcoming Dividend • May 21
Upcoming dividend of HK$0.065 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 12 June 2024. Payout ratio is a comfortable 33% and the cash payout ratio is 93%. Trailing yield: 6.7%. Lower than top quartile of Hong Kong dividend payers (7.4%). Higher than average of industry peers (3.2%). Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: CN¥0.22 (vs CN¥0.24 in FY 2022) Full year 2023 results: EPS: CN¥0.22 (down from CN¥0.24 in FY 2022). Revenue: CN¥1.15b (down 9.9% from FY 2022). Net income: CN¥326.0m (down 9.0% from FY 2022). Profit margin: 28% (in line with FY 2022). Post-clinical trial products Pre-registration: 11 Approved (during full year): 8 Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Apr 21
Dawnrays Pharmaceutical (Holdings) Limited, Annual General Meeting, May 24, 2024 Dawnrays Pharmaceutical (Holdings) Limited, Annual General Meeting, May 24, 2024, at 10:00 China Standard Time. Location: Plaza 12, Novotel Century Hong Kong Hotel, 238 Jaffe Road Wanchai Hong Kong Agenda: To consider and approve the audited consolidated financial statements and the reports of the directors and the auditors for the financial year ended 31 December 2023: to consider and approve the distribution of dividend; to consider and approve the election of Director; and to consider and approve any other matters. Announcement • Mar 27
Dawnrays Pharmaceutical (Holdings) Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 12 June 2024 Dawnrays Pharmaceutical (Holdings) Limited proposed final dividend for the year Ended 31 December 2023 of HKD 0.065 per share. The dividend will be payable on 12 June 2024 and record date of 31 May 2024 and ex-dividend date of 28 May 2024. Date of shareholders' approval of 24 May 2024. Declared Dividend • Mar 25
Final dividend of HK$0.065 announced Shareholders will receive a dividend of HK$0.065. Ex-date: 28th May 2024 Payment date: 12th June 2024 Dividend yield will be 6.8%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 2.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: CN¥0.22 (vs CN¥0.24 in FY 2022) Full year 2023 results: EPS: CN¥0.22 (down from CN¥0.24 in FY 2022). Revenue: CN¥1.15b (down 9.9% from FY 2022). Net income: CN¥326.0m (down 9.0% from FY 2022). Profit margin: 28% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 09
Dawnrays Pharmaceutical (Holdings) Limited to Report Fiscal Year 2023 Results on Mar 22, 2024 Dawnrays Pharmaceutical (Holdings) Limited announced that they will report fiscal year 2023 results on Mar 22, 2024 Upcoming Dividend • Sep 12
Upcoming dividend of HK$0.015 per share at 7.1% yield Eligible shareholders must have bought the stock before 19 September 2023. Payment date: 05 October 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 7.1%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (3.4%). Reported Earnings • Aug 28
First half 2023 earnings released: EPS: CN¥0.17 (vs CN¥0.12 in 1H 2022) First half 2023 results: EPS: CN¥0.17 (up from CN¥0.12 in 1H 2022). Revenue: CN¥649.9m (up 4.2% from 1H 2022). Net income: CN¥255.9m (up 49% from 1H 2022). Profit margin: 39% (up from 28% in 1H 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Aug 16
Dawnrays Pharmaceutical (Holdings) Limited to Report First Half, 2024 Results on Aug 25, 2023 Dawnrays Pharmaceutical (Holdings) Limited announced that they will report first half, 2024 results on Aug 25, 2023 Announcement • Jun 03
Dawnrays Pharmaceutical (Holdings) Limited Announces the National Medical Products Administration Accepts the New Drug Application for Ebronucimab Injection Dawnrays Pharmaceutical (Holdings) Limited has been informed by AD Pharmaceuticals that the National Medical Products Administration ("NMPA") of the People's Republic of China ("China") has accepted the New Drug Application ("NDA") for ebronucimab injection (anti-PCSK9 monoclonal antibody, research and development code: AK102), developed by AD Pharmaceuticals, for the treatment of two indications: (i) primary hypercholesterolemia and mixed hyperlipidemia, and (ii) heterozygous familial hypercholesterolemia ("HeFH"). The acceptance of NDA is based on the results of four pivotal registration trials, including three pivotal registration trials for the treatment of primary hypercholesterolemia and mixed hyperlipidemia, and one pivotal registration trial for the treatment of HeFH. The results showed that: For the treatment of those two indications, the lipid-lowering efficacy of 12-week treatment was maintained over 52-week long-term treatment, demonstrating ebronucimab could deliver a consistent and lasting benefit to patients. Based on the background treatment of statin drug combined with or without ezetimibe, ebronucimab significantly lower serum low-density lipoprotein cholesterol ("LDL-C") relative to the baseline levels. In each administration cycle, the maximum decrease exceeds 65%. Ebronucimab can effectively reduce total cholesterol ("TC"), non-high density lipoprotein cholesterol ("non-HDL-C") and apolipoprotein B ("ApoB"), while increase high-density lipoprotein cholesterol and apolipoprotein A-I. Ebronucimab dosage is expected to reduce the risk of cardiovascular events. Ebronucimab is safe and well tolerated. No safety signals were observed in aged population. PCSK9 is widely recognized as the safest and most effective lipid-lowering target drug after Statins. According to the estimation made by an authoritative organization, the compound annual growth rate of China's PCSK9 market size will reach 36.9% from 2023 to 2030. As a new lipid-lowering drug to effectively reduce the level of LDL-C, anti-PCSK9 monoclonal antibody has been recommended in the guidelines of lipid management in China and overseas, and is widely recognized by clinicians. Announcement • May 26
Dawnrays Pharmaceutical (Holdings) Limited Approves Final Dividend for the Year Ended 31 December 2022 Dawnrays Pharmaceutical (Holdings) Limited announced that at the AGM held on May 25, 2023 approved final dividend of HKD 0.073 per share for the year ended 31 December 2022. Upcoming Dividend • May 23
Upcoming dividend of HK$0.073 per share at 6.2% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 13 June 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (2.7%). Recent Insider Transactions • Apr 25
Chief Executive Officer recently bought HK$2.6m worth of stock On the 21st of April, Weixian Wu bought around 2m shares on-market at roughly HK$1.31 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Weixian's only on-market trade for the last 12 months. Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: CN¥0.24 (vs CN¥0.24 in FY 2021) Full year 2022 results: EPS: CN¥0.24 (in line with FY 2021). Revenue: CN¥1.28b (up 9.7% from FY 2021). Net income: CN¥358.1m (flat on FY 2021). Profit margin: 28% (down from 31% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Joan Lam was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 19
Dawnrays Pharmaceutical (Holdings) Limited(SEHK:2348) dropped from S&P Global BMI Index Dawnrays Pharmaceutical (Holdings) Limited(SEHK:2348) dropped from S&P Global BMI Index Upcoming Dividend • Sep 13
Upcoming dividend of HK$0.015 per share Eligible shareholders must have bought the stock before 20 September 2022. Payment date: 05 October 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 6.8%. Lower than top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (2.7%). Reported Earnings • Aug 28
First half 2022 earnings released: EPS: CN¥0 (vs CN¥0.11 in 1H 2021) First half 2022 results: EPS: CN¥0. Revenue: CN¥623.5m (up 2.4% from 1H 2021). Net income: CN¥171.7m (up 3.0% from 1H 2021). Profit margin: 28% (in line with 1H 2021). Announcement • Aug 27
Dawnrays Pharmaceutical (Holdings) Limited Announces Interim Semi-Annual Ordinary Dividend for the Six Months Ended 30 June 2022, Payable on 05 October 2022 Dawnrays Pharmaceutical (Holdings) Limited announced interim semi-annual ordinary dividend of HKD 0.015 per share for the six months ended 30 June 2022. Ex-dividend date is 20 September 2022. Record date is 23 September 2022. Payment date is 05 October 2022. Announcement • Aug 16
Dawnrays Pharmaceutical (Holdings) Limited to Report First Half, 2022 Results on Aug 26, 2022 Dawnrays Pharmaceutical (Holdings) Limited announced that they will report first half, 2022 results on Aug 26, 2022 Announcement • May 28
Dawnrays Pharmaceutical (Holdings) Limited Declares Final Dividend for the Year Ended December 31, 2021 Dawnrays Pharmaceutical (Holdings) Limited at its AGM held on May 27, 2022, declared a final dividend of HKD 0.065 per share for the year ended 31 December 2021. Upcoming Dividend • May 24
Upcoming dividend of HK$0.065 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 6.8%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (2.7%). Reported Earnings • Apr 27
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: CN¥0.24 (up from CN¥0.17 in FY 2020). Revenue: CN¥1.17b (up 14% from FY 2020). Net income: CN¥358.2m (up 34% from FY 2020). Profit margin: 31% (up from 26% in FY 2020). The increase in margin was driven by higher revenue. Post-clinical trial products Pre-registration: 9 Revenue missed analyst estimates by 14%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Joan Lam was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 14
Dawnrays Pharmaceutical (Holdings) Ltd Ordinary Shares Deleted from Other OTC Dawnrays Pharmaceutical (Holdings) Limited's Ordinary Shares have been deleted from other OTC effective from April13, 2022 due to Inactive Security. Reported Earnings • Mar 29
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: CN¥0.24 (up from CN¥0.17 in FY 2020). Revenue: CN¥1.17b (up 14% from FY 2020). Net income: CN¥358.2m (up 34% from FY 2020). Profit margin: 31% (up from 26% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 28
Dawnrays Pharmaceutical (Holdings) Limited Announces Final Dividend for the Year Ended 31 December 2021, Payable on 15 June 2022 Dawnrays Pharmaceutical (Holdings) Limited announced Final Dividend of HKD 0.065 per share for the Year Ended 31 December 2021, payable on 15 June 2022. Ex-dividend date is 31 May 2022, Record date is 06 June 2022. Announcement • Sep 10
Dawnrays Pharmaceutical (Holdings) Limited Announces Initiation of Phase III Clinical Trial for Primary Hypercholesterolemia Dawnrays Pharmaceutical (Holdings) Limited has been informed by AD Pharmaceuticals that approval obtained to initiate a controlled Phase III clinical trial of randomized, double-blind, placebo to evaluate the long-term efficacy and safety of Ebronucimab (AK102) in patients with primary hypercholesterolemia and mixed hyperlipidemia. Reported Earnings • Aug 30
First half 2021 earnings released: EPS CN¥0.11 (vs CN¥0.084 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: CN¥608.6m (up 25% from 1H 2020). Net income: CN¥166.6m (up 28% from 1H 2020). Profit margin: 27% (in line with 1H 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Jul 20
CEO & Executive Director recently bought HK$349k worth of stock On the 16th of July, Shaojun Chen bought around 196k shares on-market at roughly HK$1.78 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$573k. Shaojun has been a buyer over the last 12 months, purchasing a net total of HK$1.8m worth in shares. Upcoming Dividend • May 25
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 01 June 2021. Payment date: 16 June 2021. Trailing yield: 3.6%. Lower than top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥1.80, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 13x in the Pharmaceuticals industry in Hong Kong. Total loss to shareholders of 2.0% over the past three years. Recent Insider Transactions • May 05
Co-Founder & Executive Director recently bought HK$573k worth of stock On the 30th of April, Yung Lai Hung bought around 368k shares on-market at roughly HK$1.56 per share. This was the largest purchase by an insider in the last 3 months. Yung Lai has been a buyer over the last 12 months, purchasing a net total of HK$1.5m worth in shares. Reported Earnings • Apr 24
Full year 2020 earnings released: EPS CN¥0.17 (vs CN¥0.16 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥1.02b (up 7.8% from FY 2019). Net income: CN¥268.1m (up 5.0% from FY 2019). Profit margin: 26% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year. Announcement • Apr 20
Dawnrays Pharmaceutical (Holdings) Limited Recommends Special Dividend for the Year Ended 31 December 2020 Dawnrays Pharmaceutical (Holdings) Limited Recommends special dividend of HKD 0.05 Per Share for the Year Ended 31 December 2020. Recent Insider Transactions • Apr 18
Co-Founder & Executive Chairman recently bought HK$425k worth of stock On the 15th of April, Kei Ling Li bought around 288k shares on-market at roughly HK$1.48 per share. This was the largest purchase by an insider in the last 3 months. Kei Ling has been a buyer over the last 12 months, purchasing a net total of HK$950k worth in shares. Recent Insider Transactions • Apr 02
Co-Founder & Executive Chairman recently bought HK$231k worth of stock On the 31st of March, Kei Ling Li bought around 156k shares on-market at roughly HK$1.48 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$439k. Kei Ling has been a buyer over the last 12 months, purchasing a net total of HK$2.2m worth in shares. Reported Earnings • Mar 28
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥1.02b (up 7.8% from FY 2019). Net income: CN¥268.1m (up 5.0% from FY 2019). Profit margin: 26% (in line with FY 2019). Announcement • Mar 16
Dawnrays Pharmaceutical (Holdings) Limited to Report Fiscal Year 2020 Results on Mar 26, 2021 Dawnrays Pharmaceutical (Holdings) Limited announced that they will report fiscal year 2020 results on Mar 26, 2021 Recent Insider Transactions • Jan 14
Co-Founder & Executive Director recently bought HK$263k worth of stock On the 11th of January, Yung Lai Hung bought around 212k shares on-market at roughly HK$1.24 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$894k. This was Yung Lai's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥1.15, the stock is trading at a trailing P/E ratio of 6.4x, down from the previous P/E ratio of 7.7x. This compares to an average P/E of 11x in the Pharmaceuticals industry in Hong Kong. Total return to shareholders over the past three years is a loss of 39%. 