Reported Earnings • Apr 01
Full year 2025 earnings released: EPS: CN¥0.18 (vs CN¥0.14 in FY 2024) Full year 2025 results: EPS: CN¥0.18 (up from CN¥0.14 in FY 2024). Revenue: CN¥11.5b (down 3.9% from FY 2024). Net income: CN¥340.4m (up 27% from FY 2024). Profit margin: 3.0% (up from 2.3% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Mar 31
Xingda International Holdings Limited, Annual General Meeting, Jun 05, 2026 Xingda International Holdings Limited, Annual General Meeting, Jun 05, 2026. Announcement • Mar 13
Xingda International Holdings Limited to Report Fiscal Year 2025 Results on Mar 30, 2026 Xingda International Holdings Limited announced that they will report fiscal year 2025 results at 12:30 PM, China Standard Time on Mar 30, 2026 Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$1.29, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 12x in the Auto Components industry in Hong Kong. Total returns to shareholders of 23% over the past three years. Announcement • Feb 11
Xingda International Holdings Limited Approves Special Dividend Xingda International Holdings Limited at the Extraordinary General Meeting held on 10 February 2026 the declaration and payment of a one-off special dividend of HKD 0.25 per ordinary share out of the retained earnings of the Company and its subsidiaries (the Special Dividend) to the shareholders of the Company whose names appear on the register of members of the Company on the record date fixed by the Board for determining the entitlements to the Special Dividend be and is hereby approved. Upcoming Dividend • Feb 05
Upcoming dividend of HK$0.25 per share Eligible shareholders must have bought the stock before 12 February 2026. Payment date: 06 March 2026. Payout ratio is a comfortable 60% and this is well supported by cash flows. The company last paid an ordinary dividend in March 2015. The average dividend yield among industry peers is 1.9%. Declared Dividend • Jan 22
Dividend of HK$0.25 announced Shareholders will receive a dividend of HK$0.25. Ex-date: 12th February 2026 Payment date: 6th March 2026 Dividend yield will be 16%, which is higher than the industry average of 4.6%. Sustainability & Growth The company's earnings per share (EPS) would need to decline by 33% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.4% EPS decline seen over the last 5 years. Announcement • Jan 20
Xingda International Holdings Limited Proposes Special Dividend, Payable on March 6, 2026 Xingda International Holdings Limited proposed special dividend, payable on March 6, 2026. For the period, the company reported dividend of HKD 0.25 per share with Record date of February 20, 2026. Ex-dividend date is 12 February 2026. New Risk • Sep 02
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 12% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (0% cash payout ratio). Profit margins are more than 30% lower than last year (2.4% net profit margin). Reported Earnings • Sep 02
First half 2025 earnings released: EPS: CN¥0.10 (vs CN¥0.10 in 1H 2024) First half 2025 results: EPS: CN¥0.10 (up from CN¥0.10 in 1H 2024). Revenue: CN¥5.66b (down 8.1% from 1H 2024). Net income: CN¥198.9m (up 3.5% from 1H 2024). Profit margin: 3.5% (up from 3.1% in 1H 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Announcement • Aug 15
Xingda International Holdings Limited to Report First Half, 2025 Results on Aug 29, 2025 Xingda International Holdings Limited announced that they will report first half, 2025 results on Aug 29, 2025 Reported Earnings • May 03
Full year 2024 earnings released: EPS: CN¥0.14 (vs CN¥0.27 in FY 2023) Full year 2024 results: EPS: CN¥0.14 (down from CN¥0.27 in FY 2023). Revenue: CN¥11.9b (up 3.9% from FY 2023). Net income: CN¥269.0m (down 40% from FY 2023). Profit margin: 2.3% (down from 3.9% in FY 2023). The decrease in margin was driven by higher 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 6% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2024 earnings released: EPS: CN¥0.14 (vs CN¥0.27 in FY 2023) Full year 2024 results: EPS: CN¥0.14 (down from CN¥0.27 in FY 2023). Revenue: CN¥11.9b (up 3.9% from FY 2023). Net income: CN¥269.0m (down 40% from FY 2023). Profit margin: 2.3% (down from 3.9% in FY 2023). The decrease in margin was driven by higher 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 5% per year, which means it is significantly lagging earnings. Announcement • Apr 01
Xingda International Holdings Limited, Annual General Meeting, Jun 05, 2025 Xingda International Holdings Limited, Annual General Meeting, Jun 05, 2025. Announcement • Mar 15
Xingda International Holdings Limited to Report Fiscal Year 2024 Results on Mar 31, 2025 Xingda International Holdings Limited announced that they will report fiscal year 2024 results on Mar 31, 2025 Buy Or Sell Opportunity • Feb 04
Now 28% undervalued Over the last 90 days, the stock has risen 3.1% to HK$1.32. The fair value is estimated to be HK$1.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 32%. Upcoming Dividend • Jan 28
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 04 February 2025. Payment date: 21 February 2025. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 8.5%. Within top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (4.3%). Announcement • Jan 27
Xingda International Holdings Limited Approves the Declaration and Payment of A One-Off Special Dividend Xingda International Holdings Limited at its EGM held on 27 January 2025 approved the declaration and payment of a one-off special dividend of HKD 0.15 per ordinary share out of the retained earnings of the Company and its subsidiaries (the "Special Dividend") to the shareholders of the Company whose names appear on the register of members of the Company on the record date fixed by the Board for determining the entitlements to the Special Dividend be and is hereby approved; and any one Director be and is hereby authorised to take such action, do such things and execute such further documents as the Director may at his/her absolute discretion consider necessary or desirable for the purpose of or in connection with the implementation of the payment of the Special Dividend. Buy Or Sell Opportunity • Jan 13
Now 21% undervalued Over the last 90 days, the stock has risen 8.5% to HK$1.41. The fair value is estimated to be HK$1.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 32%. Announcement • Jan 02
Xingda International Holdings Limited Recommends One-Off Special Dividend, Payable on or About 21 February 2025 Xingda International Holdings Limited announced that at a meeting of the Board held on 2 January 2025, the Board has recommended the declaration and payment of a one-off special dividend of HKD 0.15 per Share out of the Retained Earnings. Subject to the fulfilment of the above condition, it is expected that the Special Dividend will be paid in cash on or about 21 February 2025 to those Shareholders whose names appear on the register of members of the Company on 7 February 2025, being the record date for determination of entitlements to the Special Dividend. Ex-dividend date 04 February 2025. Buy Or Sell Opportunity • Nov 26
Now 20% undervalued Over the last 90 days, the stock has risen 2.4% to HK$1.30. The fair value is estimated to be HK$1.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 32%. Reported Earnings • Sep 30
First half 2024 earnings released: EPS: CN¥0.10 (vs CN¥0.12 in 1H 2023) First half 2024 results: EPS: CN¥0.10. Revenue: CN¥6.17b (up 14% from 1H 2023). Net income: CN¥192.2m (flat on 1H 2023). Profit margin: 3.1% (down from 3.5% in 1H 2023). The decrease in margin was driven by higher expenses. Announcement • Sep 26
Liu Jinlan proposed to acquire an additional 62.97% stake in Xingda International Holdings Limited (SEHK:1899) for HKD 1.6 billion. Liu Jinlan proposed to acquire an additional 62.97% stake in Xingda International Holdings Limited (SEHK:1899) for HKD 1.6 billion on September 4, 2024. A cash consideration valued at HKD 1.3 per share will be paid by the buyer.
The Board of Directors of Xingda International Holdings Limited formed a special committee for the transaction.
BaoQiao Partners Capital Limited acted as financial advisor for Xingda International Holdings Limited. Shenwan Hongyuan Capital (H.K.) Limited acted as financial advisor to Liu Jinlan. Announcement • Sep 06
Xingda International Holdings Limited Appoints Zhang Guoyun as Independent Non-Executive Director and a Member of Audit Committee and the Remuneration and Management Development Committee The board of directors of Xingda International Holdings Limited announced that Ms. Zhang Guoyun (‘Ms. Zhang’) is appointed as an independent non-executive Director; and a member of each of the audit committee of the Company and the remuneration and management development committee of the Company with effect from 6 September 2024. Ms. Zhang, aged 60, graduated from the Correspondence Institute of the Party School of the Central Committee of the Communist Party of China majoring in economic management. She is a certified public accountant and a senior accountant. She has over 35 years of experience in finance and accounting. Ms. Zhang served as the director of the domestic business department of Taizhou Jingwei Accounting Firm from September 1988 to January 2001; a senior staff member and the section chief of Taizhou Treasury Centralized Collection and Payment Centre from January 2002 to March 2012; a principal staff member of the Economic Construction Department of Taizhou Finance Bureau from March 2012 to October 2012; the director of the Budget Review Centre of Taizhou Finance Bureau from October 2012 to October 2018; and the chief accountant of Taizhou Urban Construction Investment Group Co. Ltd. from September 2002 to August 2019. Reported Earnings • Aug 30
First half 2024 earnings released: EPS: CN¥0.10 (vs CN¥0.12 in 1H 2023) First half 2024 results: EPS: CN¥0.10. Revenue: CN¥6.17b (up 14% from 1H 2023). Net income: CN¥192.2m (flat on 1H 2023). Profit margin: 3.1% (down from 3.5% in 1H 2023). The decrease in margin was driven by higher expenses. Announcement • Aug 14
Xingda International Holdings Limited to Report First Half, 2024 Results on Aug 27, 2024 Xingda International Holdings Limited announced that they will report first half, 2024 results on Aug 27, 2024 Announcement • May 29
Xingda International Holdings Limited Announces Resignation of Zhang Yuxiao as Executive Director The board ("Board") of directors of Xingda International Holdings Limited announces the following changes: Mr. Zhang Yuxiao ("Mr. Zhang") has resigned as an executive Director, the chief financial officer of the Company (the "Chief Financial Officer"), an authorised representative of the Company ("Authorised Representative") for the purpose of Rule 3.05 of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the chairman of each of the executive committee and the investment and international development committee of the Company with effect from 28 May 2024 in order to devote more time to his personal and other business commitments. Upcoming Dividend • May 27
Upcoming dividend of HK$0.13 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 8.4%. Within top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (4.0%). Announcement • Apr 28
Xingda International Holdings Limited, Annual General Meeting, May 29, 2024 Xingda International Holdings Limited, Annual General Meeting, May 29, 2024, at 10:00 China Standard Time. Location: 2nd Floor, Main Building, No. 88 West Renmin Road, Dainan Town, Xinghua City Jiangsu Province China Agenda: To consider and adopt the audited consolidated financial statements of the Company and its subsidiaries and the reports of the directors of the Company ("Directors") and the auditors for the year ended 31 December 2023; to consider and declare a final dividend of 13.0 HK cents per share of the Company for the year ended 31 December 2023; to Each as a separate resolution, to re-elect the retiring Directors (namely, Mr. Zhang Yuxiao, Mr. Hang Youming, Mr. Wang Jin and Ms. Wang Yu as the executive Directors and Mr. Koo Fook Sun Louis and Ms. Xu Chunhua as independent non-executive Directors) and to authorize the Board of Directors to fix the Directors' remuneration; to re-appoint the auditors of the Company and to authorize the Board of Directors to fix their remuneration; and to discuss other matters. Announcement • Apr 27
Xingda International Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023 Xingda International Holdings Limited at its AGM to be held on 29 May 2024 declared a final dividend of 13.0 HK cents per share of the Company for the year ended 31 December 2023. Announcement • Mar 26
Xingda International Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 26 July 2024 Xingda International Holdings Limited proposes final dividend of HKD 0.13 per share for the year ended 31 December 2023. Date of shareholders' approval 29 May 2024, Ex-dividend date: 3 June 2024. Record date: 6 June 2024. Payment date: 26 July 2024. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: CN¥0.27 (vs CN¥0.21 in FY 2022) Full year 2023 results: EPS: CN¥0.27 (up from CN¥0.21 in FY 2022). Revenue: CN¥11.5b (up 6.3% from FY 2022). Net income: CN¥449.4m (up 29% from FY 2022). Profit margin: 3.9% (up from 3.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Mar 11
Xingda International Holdings Limited to Report Fiscal Year 2023 Results on Mar 25, 2024 Xingda International Holdings Limited announced that they will report fiscal year 2023 results on Mar 25, 2024 New Risk • Feb 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (16% increase in shares outstanding). Significant insider selling over the past 3 months (HK$178m sold). Buy Or Sell Opportunity • Jan 26
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to HK$1.60. The fair value is estimated to be HK$1.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 23%. Board Change • Jan 23
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. 6 non-independent directors. Independent Non-Executive Director Tiejun Luo was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 16
Xingda International Holdings Limited Announces Appointment of Executive Directors The board (the ‘Board’) of directors (the ‘Director(s)’) of Xingda International Holdings Limited announced that with effect from 15 January 2024: Mr. Hang Youming (‘Mr. Hang’) has been appointed as an executive Director; Mr. Wang Jin (‘Mr. Wang’) has been appointed as an executive Director; and Ms. Wang Yu (‘Ms. Wang’) has been appointed as an executive Director. Mr. Hang Youming, aged 55, is serving as the vice president of Jiangsu Xingda Steel Tyre Cord Co. Ltd. (‘Jiangsu Xingda’), being responsible for sales and marketing of the Group. He joined Jiangsu Xingda Steel Cord Group Company, the predecessor of Jiangsu Xingda, in May 1994, holding a sales management position, and has been working for Jiangsu Xingda since its establishment in 1998. Mr. Hang has more than 20 years of experience in radial tire steel cord manufacturing. As at the date of this announcement, Mr. Hang is the son-in-law of Mr. Liu Jinlan, an executive Director, and the brother-in-law of Mr. Liu Xiang, an executive Director, and Mr. Liu Tao. As at the date of this announcement, Mr. Hang is a controlling shareholder and a party acting in concert with Mr. Liu Jinlan, Mr. Liu Xiang, Mr. Tao Jinxiang and Mr. Zhang Yuxiao pursuant to a five parties' agreement dated 29 August 2005, as supplemented by supplemental agreements dated 15 November 2005 and 29 November 2022 (the ‘Five Parties' Agreement’), and also a party acting in concert with Great Trade Limited, In-Plus Limited, Perfect Sino Limited, Power Aim Limited, Wise Creative Limited, Widen Success Holdings Limited and Mr. Liu Tao pursuant to an agreement dated 29 November 2022 (the ‘AIC Agreement’). Mr. Wang, aged 44, is a senior economist and has joined the Group since 2004. He graduated from Jilin University in January 2016, majoring in finance. He worked as an accounting supervisor in Xinghua Dainan sub-branch of China Construction Bank Corporation from August 2001 to February 2004. He later joined Jiangsu Xingda and served as (i) an accounting supervisor from March 2004 to December 2004; (ii) a financial supervisor from January 2005 to June 2006; and (iii) has been the director of the finance department since 2006. Mr. Wang has engaged in financial and accounting management work for more than 20 years, with rich experiences in national finance, tax laws and regulations. Ms. Wang Yu, aged 42, has obtained a master's degree in Public Administration and Management from National University of Singapore. Ms. Wang joined the Group in March 2023 and is currently serving as the general manager of the international sales headquarters of Jiangsu Xingda, responsible for management and coordination of international sales. Ms. Wang was elected as a member of the Guangzhou Municipal Committee of the China Democratic League in July 2016, a member of the 13th Guangzhou Municipal Committee of the Chinese People's Political Consultative Conference in January 2017. Ms. Wang has many years of experience in the automotive and tire industries. Prior to joining the Group, Ms. Wang worked in Guangzhou Automobile Group Co. Ltd. and Guangzhou Wanli Group, holding management and senior executive positions. Reported Earnings • Sep 01
First half 2023 earnings released: EPS: CN¥0.12 (vs CN¥0.099 in 1H 2022) First half 2023 results: EPS: CN¥0.12 (up from CN¥0.099 in 1H 2022). Revenue: CN¥5.42b (down 2.2% from 1H 2022). Net income: CN¥192.0m (up 17% from 1H 2022). Profit margin: 3.5% (up from 3.0% in 1H 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Aug 16
Xingda International Holdings Limited to Report First Half, 2023 Results on Aug 30, 2023 Xingda International Holdings Limited announced that they will report first half, 2023 results on Aug 30, 2023 Upcoming Dividend • Jun 06
Upcoming dividend of HK$0.15 per share at 9.0% yield Eligible shareholders must have bought the stock before 13 June 2023. Payment date: 04 August 2023. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 9.0%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (3.4%). Reported Earnings • May 03
Full year 2022 earnings released: EPS: CN¥0.21 (vs CN¥0.14 in FY 2021) Full year 2022 results: EPS: CN¥0.21 (up from CN¥0.14 in FY 2021). Revenue: CN¥10.8b (up 1.6% from FY 2021). Net income: CN¥348.4m (up 59% from FY 2021). Profit margin: 3.2% (up from 2.1% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. 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. No experienced directors. 7 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Vice Chairman William John Sharp was the last independent director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 01
First half 2022 earnings released: EPS: CN¥0.099 (vs CN¥0.13 in 1H 2021) First half 2022 results: EPS: CN¥0.099 (down from CN¥0.13 in 1H 2021). Revenue: CN¥5.54b (up 5.0% from 1H 2021). Net income: CN¥164.8m (down 23% from 1H 2021). Profit margin: 3.0% (down from 4.1% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jun 14
Now 23% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be HK$1.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 21%. Upcoming Dividend • Jun 07
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 11 July 2022. Payout ratio is on the higher end at 91% but the company is not cash flow positive. Trailing yield: 9.7%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (2.8%). Buying Opportunity • May 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be HK$1.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 21%. Reported Earnings • May 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.14 (up from CN¥0.074 in FY 2020). Revenue: CN¥10.6b (up 39% from FY 2020). Net income: CN¥218.9m (up 90% from FY 2020). Profit margin: 2.1% (up from 1.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 63%. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 17% per 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. No experienced directors. 7 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Vice Chairman William John Sharp was the last independent director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be HK$1.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 22%. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.14 (up from CN¥0.074 in FY 2020). Revenue: CN¥10.6b (up 39% from FY 2020). Net income: CN¥218.9m (up 90% from FY 2020). Profit margin: 2.1% (up from 1.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 63%. 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 16% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 18% share price decline to HK$1.11, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 10x in the Auto Components industry in Hong Kong. Total loss to shareholders of 43% over the past three years. Buying Opportunity • Feb 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be CN¥1.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% per annum over the last 3 years. Earnings per share has declined by 15% per annum over the last 3 years. Recent Insider Transactions • Jan 12
Executive Chairman recently bought HK$2.5m worth of stock On the 6th of January, Jinlan Liu bought around 1m shares on-market at roughly HK$1.74 per share. In the last 3 months, they made an even bigger purchase worth HK$7.9m. Jinlan has been a buyer over the last 12 months, purchasing a net total of HK$42m worth in shares. Recent Insider Transactions • Dec 18
Executive Chairman recently bought HK$1.7m worth of stock On the 13th of December, Jinlan Liu bought around 1m shares on-market at roughly HK$1.70 per share. In the last 3 months, they made an even bigger purchase worth HK$7.9m. Jinlan has been a buyer over the last 12 months, purchasing a net total of HK$37m worth in shares. Recent Insider Transactions • Nov 30
Insider recently bought HK$1.7m worth of stock On the 24th of November, Youming Hang bought around 1m shares on-market at roughly HK$1.66 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$7.9m. Insiders have collectively bought HK$47m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 14
Executive Chairman recently bought HK$7.9m worth of stock On the 9th of November, Jinlan Liu bought around 4m shares on-market at roughly HK$1.87 per share. This was the largest purchase by an insider in the last 3 months. Jinlan has been a buyer over the last 12 months, purchasing a net total of HK$39m worth in shares. Recent Insider Transactions • Oct 16
Insider recently bought HK$738k worth of stock On the 12th of October, Youming Hang bought around 422k shares on-market at roughly HK$1.75 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$5.3m. Insiders have collectively bought HK$49m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 07
Executive Chairman recently bought HK$5.3m worth of stock On the 2nd of September, Jinlan Liu bought around 3m shares on-market at roughly HK$1.89 per share. This was the largest purchase by an insider in the last 3 months. Jinlan has been a buyer over the last 12 months, purchasing a net total of HK$39m worth in shares. Reported Earnings • Sep 01
First half 2021 earnings released: EPS CN¥0.13 (vs CN¥0.068 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥5.28b (up 66% from 1H 2020). Net income: CN¥214.0m (up 106% from 1H 2020). Profit margin: 4.1% (up from 3.3% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 05
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 11 June 2021. Payment date: 30 July 2021. Trailing yield: 7.2%. Within top quartile of Hong Kong dividend payers (5.9%). Higher than average of industry peers (2.0%). Recent Insider Transactions • Apr 25
Executive Chairman recently bought HK$5.6m worth of stock On the 16th of April, Jinlan Liu bought around 3m shares on-market at roughly HK$2.13 per share. This was the largest purchase by an insider in the last 3 months. Jinlan has been a buyer over the last 12 months, purchasing a net total of HK$25m worth in shares. Reported Earnings • Apr 20
Full year 2020 earnings released: EPS CN¥0.074 (vs CN¥0.19 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥7.68b (up 1.3% from FY 2019). Net income: CN¥115.0m (down 60% from FY 2019). Profit margin: 1.5% (down from 3.8% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Is New 90 Day High Low • Dec 29
New 90-day high: HK$2.29 The company is up 20% from its price of HK$1.91 on 30 September 2020. The Hong Kong market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Auto Components industry, which is up 34% over the same period. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 25% share price gain to CN¥2.29, the stock is trading at a trailing P/E ratio of 12.7x, up from the previous P/E ratio of 10.1x. This compares to an average P/E of 16x in the Auto Components industry in Hong Kong. Total returns to shareholders over the past three years are 1.7%. Recent Insider Transactions • Dec 13
Executive Chairman recently bought HK$5.5m worth of stock On the 9th of December, Jinlan Liu bought around 3m shares on-market at roughly HK$1.85 per share. In the last 3 months, they made an even bigger purchase worth HK$6.4m. Jinlan has been a buyer over the last 12 months, purchasing a net total of HK$18m worth in shares. Is New 90 Day High Low • Dec 04
New 90-day low: HK$1.84 The company is down 7.0% from its price of HK$1.98 on 04 September 2020. The Hong Kong market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 22% over the same period. Recent Insider Transactions • Nov 06
Executive Chairman recently bought HK$6.4m worth of stock On the 2nd of November, Jinlan Liu bought around 3m shares on-market at roughly HK$2.13 per share. This was the largest purchase by an insider in the last 3 months. Jinlan has been a buyer over the last 12 months, purchasing a net total of HK$13m worth in shares. Recent Insider Transactions • Oct 28
Insider recently bought HK$1.1m worth of stock On the 22nd of October, Youming Hang bought around 489k shares on-market at roughly HK$2.18 per share. In the last 3 months, they made an even bigger purchase worth HK$2.8m. Insiders have collectively bought HK$28m more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Oct 08
New 90-day high: HK$2.07 The company is up 25% from its price of HK$1.65 on 10 July 2020. The Hong Kong market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 21% over the same period. Recent Insider Transactions • Oct 06
Insider recently bought HK$1.6m worth of stock On the 29th of September, Youming Hang bought around 820k shares on-market at roughly HK$1.91 per share. In the last 3 months, they made an even bigger purchase worth HK$2.0m. Insiders have collectively bought HK$18m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 29
Insider recently bought HK$292k worth of stock On the 24th of September, Youming Hang bought around 155k shares on-market at roughly HK$1.89 per share. In the last 3 months, they made an even bigger purchase worth HK$2.0m. Insiders have collectively bought HK$14m more in shares than they have sold in the last 12 months. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total profits of CN¥233.1m, down 21% from the prior year. Total revenue was CN¥6.99b over the last 12 months, down 8.6% from the prior year. 
