Announcement • Jun 30
Tengda Construction Group Co., Ltd. to Report First Half, 2026 Results on Aug 29, 2026 Tengda Construction Group Co., Ltd. announced that they will report first half, 2026 results on Aug 29, 2026 Reported Earnings • Apr 20
Full year 2025 earnings released: EPS: CN¥0.02 (vs CN¥0.016 in FY 2024) Full year 2025 results: EPS: CN¥0.02 (up from CN¥0.016 in FY 2024). Revenue: CN¥4.85b (up 30% from FY 2024). Net income: CN¥30.7m (up 18% from FY 2024). Profit margin: 0.6% (down from 0.7% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Apr 17
Tengda Construction Group Co., Ltd., Annual General Meeting, May 11, 2026 Tengda Construction Group Co., Ltd., Annual General Meeting, May 11, 2026, at 14:00 China Standard Time. Location: 3F, No. 1, Luqiao Avenue East, Luqiao District, Taizhou, Zhejiang China Announcement • Mar 30
Tengda Construction Group Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Tengda Construction Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Announcement • Dec 26
Tengda Construction Group Co., Ltd. to Report Fiscal Year 2025 Results on Apr 18, 2026 Tengda Construction Group Co., Ltd. announced that they will report fiscal year 2025 results on Apr 18, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.032 (vs CN¥0.032 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.032 (in line with 3Q 2024). Revenue: CN¥940.9m (up 45% from 3Q 2024). Net income: CN¥49.4m (up 4.3% from 3Q 2024). Profit margin: 5.2% (down from 7.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Tengda Construction Group Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Tengda Construction Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Reported Earnings • Aug 25
Second quarter 2025 earnings released: EPS: CN¥0.03 (vs CN¥0.004 loss in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.03 (up from CN¥0.004 loss in 2Q 2024). Revenue: CN¥910.1m (down 3.4% from 2Q 2024). Net income: CN¥49.4m (up CN¥56.2m from 2Q 2024). Profit margin: 5.4% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. 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 6% per year, which means it has not declined as severely as earnings. Announcement • Jun 30
Tengda Construction Group Co., Ltd. to Report First Half, 2025 Results on Aug 23, 2025 Tengda Construction Group Co., Ltd. announced that they will report first half, 2025 results on Aug 23, 2025 New Risk • Apr 22
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 122% The company is paying a dividend despite having no free cash flows. Dividend yield: 0.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Paying a dividend despite having no free cash flows. Earnings have declined by 35% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.7% net profit margin). Announcement • Apr 20
Tengda Construction Group Co., Ltd., Annual General Meeting, May 09, 2025 Tengda Construction Group Co., Ltd., Annual General Meeting, May 09, 2025, at 14:00 China Standard Time. Location: 3F, No. 1, Luqiao Avenue East, Luqiao District, Taizhou, Zhejiang China Reported Earnings • Apr 19
Full year 2024 earnings released: EPS: CN¥0.02 (vs CN¥0.03 in FY 2023) Full year 2024 results: EPS: CN¥0.02 (down from CN¥0.03 in FY 2023). Revenue: CN¥3.72b (down 8.5% from FY 2023). Net income: CN¥26.0m (down 45% from FY 2023). Profit margin: 0.7% (down from 1.2% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Announcement • Mar 28
Tengda Construction Group Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Tengda Construction Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Dec 27
Tengda Construction Group Co., Ltd. to Report Fiscal Year 2024 Results on Apr 19, 2025 Tengda Construction Group Co., Ltd. announced that they will report fiscal year 2024 results on Apr 19, 2025 New Risk • Nov 01
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 Risks Earnings have declined by 31% per year over the past 5 years. High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.5% net profit margin). Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.032 (vs CN¥0.05 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.032 (down from CN¥0.05 in 3Q 2023). Revenue: CN¥648.3m (down 19% from 3Q 2023). Net income: CN¥47.3m (down 45% from 3Q 2023). Profit margin: 7.3% (down from 11% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Tengda Construction Group Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Tengda Construction Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥2.32, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 20x in the Construction industry in China. Total loss to shareholders of 27% over the past three years. Reported Earnings • Aug 24
Second quarter 2024 earnings released: CN¥0.005 loss per share (vs CN¥0.045 loss in 2Q 2023) Second quarter 2024 results: CN¥0.005 loss per share (improved from CN¥0.045 loss in 2Q 2023). Revenue: CN¥942.1m (down 4.7% from 2Q 2023). Net loss: CN¥6.82m (loss narrowed 90% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Jun 28
Tengda Construction Group Co., Ltd. to Report First Half, 2024 Results on Aug 24, 2024 Tengda Construction Group Co., Ltd. announced that they will report first half, 2024 results on Aug 24, 2024 New Risk • Jun 14
New major risk - Revenue and earnings growth Earnings have declined by 22% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Paying a dividend despite having no free cash flows. Earnings have declined by 22% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Reported Earnings • Apr 18
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.03 (up from CN¥0.011 in FY 2022). Revenue: CN¥4.06b (down 30% from FY 2022). Net income: CN¥47.1m (up 185% from FY 2022). Profit margin: 1.2% (up from 0.3% in FY 2022). Revenue missed analyst estimates by 38%. Earnings per share (EPS) also missed analyst estimates by 85%. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Announcement • Apr 16
Tengda Construction Group Co., Ltd., Annual General Meeting, May 10, 2024 Tengda Construction Group Co., Ltd., Annual General Meeting, May 10, 2024, at 14:00 China Standard Time. Location: 3F, No. 1, Luqiao Avenue East, Luqiao District, Taizhou, Zhejiang China Announcement • Mar 29
Tengda Construction Group Co., Ltd. to Report Q1, 2024 Results on Apr 29, 2024 Tengda Construction Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 29, 2024 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥2.13, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Construction industry in China. Total loss to shareholders of 12% over the past three years. Announcement • Dec 29
Tengda Construction Group Co., Ltd. to Report Fiscal Year 2023 Results on Apr 16, 2024 Tengda Construction Group Co., Ltd. announced that they will report fiscal year 2023 results on Apr 16, 2024 Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: CN¥0.05 (vs CN¥0.12 loss in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.05 (up from CN¥0.12 loss in 3Q 2022). Revenue: CN¥799.7m (down 37% from 3Q 2022). Net income: CN¥85.7m (up CN¥225.1m from 3Q 2022). Profit margin: 11% (up from net loss in 3Q 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 52% 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 • Sep 30
Tengda Construction Group Co., Ltd. to Report Q3, 2023 Results on Oct 28, 2023 Tengda Construction Group Co., Ltd. announced that they will report Q3, 2023 results at 3:00 PM, China Standard Time on Oct 28, 2023 Reported Earnings • Aug 30
Second quarter 2023 earnings released: CN¥0.045 loss per share (vs CN¥0.069 profit in 2Q 2022) Second quarter 2023 results: CN¥0.045 loss per share (down from CN¥0.069 profit in 2Q 2022). Revenue: CN¥988.9m (down 42% from 2Q 2022). Net loss: CN¥69.8m (down 151% from profit in 2Q 2022). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 45% 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 • Jun 28
Tengda Construction Group Co., Ltd. to Report First Half, 2023 Results on Aug 26, 2023 Tengda Construction Group Co., Ltd. announced that they will report first half, 2023 results on Aug 26, 2023 Reported Earnings • Apr 16
Full year 2022 earnings released: EPS: CN¥0.01 (vs CN¥0.51 in FY 2021) Full year 2022 results: EPS: CN¥0.01 (down from CN¥0.51 in FY 2021). Revenue: CN¥5.84b (down 16% from FY 2021). Net income: CN¥16.5m (down 98% from FY 2021). Profit margin: 0.3% (down from 12% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. 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. 8 experienced directors. 1 highly experienced director. Chairman of Board of Supervisors Yang Xi was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 29
Third quarter 2022 earnings released: CN¥0.12 loss per share (vs CN¥0.12 profit in 3Q 2021) Third quarter 2022 results: CN¥0.12 loss per share (down from CN¥0.12 profit in 3Q 2021). Revenue: CN¥1.26b (down 5.2% from 3Q 2021). Net loss: CN¥139.4m (down 173% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 30
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: CN¥0.11 loss per share (down from CN¥0.25 profit in 1Q 2021). Revenue: CN¥1.40b (down 32% from 1Q 2021). Net loss: CN¥172.8m (down 143% from profit in 1Q 2021). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) were also behind analyst expectations. 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 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Apr 29
Now 27% undervalued Over the last 90 days, the stock is up 4.4%. The fair value is estimated to be CN¥4.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. 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. 7 experienced directors. 1 highly experienced director. Chairman of Board of Supervisors Yang Xi was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥3.54, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 20x in the Construction industry in China. Total returns to shareholders of 31% over the past three years. Buying Opportunity • Apr 21
Now 21% undervalued Over the last 90 days, the stock is up 5.4%. The fair value is estimated to be CN¥4.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 39%. Reported Earnings • Feb 22
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.51 (up from CN¥0.38 in FY 2020). Revenue: CN¥7.00b (up 19% from FY 2020). Net income: CN¥809.6m (up 33% from FY 2020). Profit margin: 12% (up from 10% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥4.21, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 23x in the Construction industry in China. Total returns to shareholders of 77% over the past three years. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.12 (vs CN¥0.15 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: CN¥1.33b (down 20% from 3Q 2020). Net income: CN¥190.1m (down 24% from 3Q 2020). Profit margin: 14% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CN¥0.12 (vs CN¥0.14 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥1.34b (up 24% from 2Q 2020). Net income: CN¥192.9m (down 26% from 2Q 2020). Profit margin: 14% (down from 24% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥3.57, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 16x in the Construction industry in China. Total returns to shareholders of 44% over the past three years. Reported Earnings • Apr 16
Full year 2020 earnings released: EPS CN¥0.38 (vs CN¥0.30 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¥5.90b (up 35% from FY 2019). Net income: CN¥607.2m (up 28% from FY 2019). Profit margin: 10% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 27
New 90-day low: CN¥2.72 The company is down 9.0% from its price of CN¥2.99 on 29 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Construction industry, which is also down 9.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: CN¥2.78 The company is down 8.0% from its price of CN¥3.02 on 13 October 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Construction industry, which is also down 8.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day low: CN¥2.89 The company is down 1.0% from its price of CN¥2.91 on 25 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 5.0% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥432.9m, down 20% from the prior year. Total revenue was CN¥5.35b over the last 12 months, up 50% from the prior year. Announcement • Jul 09
Tengda Construction Group Co., Ltd. to Report First Half, 2020 Results on Aug 24, 2020 Tengda Construction Group Co., Ltd. announced that they will report first half, 2020 results on Aug 24, 2020