Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$1.89, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 96% over the past three years. Announcement • Jun 24
Professor Xu Hongxi to Retire as a Non-Executive Director of JBM (Healthcare) Limited The board of directors of JBM (Healthcare) Limited announced that Professor Xu Hongxi ("Professor Xu") will retire from the office as a non-executive director of the Company (the "NED") at the conclusion of the forthcoming annual general meeting of the Company to be held on 10 August 2026 (the "2026 AGM"). Professor Xu has informed the Board that he will not offer himself for re-election at the 2026 AGM to pursue other business commitments. Professor Xu will therefore retire as a NED at the conclusion of the 2026 AGM. Professor Xu has confirmed that he has no disagreement with the Board and there are no other matters relating to his retirement that need to be brought to the attention of The Stock Exchange of Hong Kong Limited and/or the shareholders of the Company. Reported Earnings • Jun 23
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: HK$0.25 (up from HK$0.22 in FY 2025). Revenue: HK$834.6m (up 6.7% from FY 2025). Net income: HK$201.1m (up 1.9% from FY 2025). Profit margin: 24% (down from 25% in FY 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.0%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jun 23
JBM (Healthcare) Limited, Annual General Meeting, Aug 10, 2026 JBM (Healthcare) Limited, Annual General Meeting, Aug 10, 2026. Announcement • Jun 05
JBM (Healthcare) Limited to Report Fiscal Year 2026 Final Results on Jun 22, 2026 JBM (Healthcare) Limited announced that they will report fiscal year 2026 final results on Jun 22, 2026 Price Target Changed • Apr 22
Price target decreased by 9.2% to HK$3.15 Down from HK$3.47, the current price target is provided by 1 analyst. New target price is 22% above last closing price of HK$2.59. Stock is up 21% over the past year. The company is forecast to post earnings per share of HK$0.26 for next year compared to HK$0.22 last year. Announcement • Jan 31
JBM (Healthcare) Limited Announces CEO Changes, Effective April 30, 2026 JBM (Healthcare) Limited announced that Mr. Wong Yat Wai, Patrick will resign as the chief executive officer of the Company with effect from April 30, 2026 to pursue other career opportunities. The Board further announces that with effect from April 30, 2026, Mr. Sum Kwong Yip, Derek, an executive Director of the Company and the chairman of the Board, will be appointed as the new CEO. Mr. Sum, aged 63, has served as the Chairman, the chairman of the nomination committee of the Company, and the chairman of the executive committee of the Company. He is also a director of substantial Shareholder and controlling Shareholder of the Company, namely Lincoln’s Hill Development Limited. With extensive experience in the pharmaceutical industry, Mr. Sum is responsible for overall strategic planning and direction of the Group. He has over 38 years of strategic and corporate management experience in the pharmaceutical industry. Mr. Sum is the chairman of the board of directors, the chief executive officer and an executive director of Jacobson Pharma Corporation Limited. Mr. Sum was registered as a pharmaceutical chemist and accredited as a member of The Royal Pharmaceutical Society of Great Britain (formerly known as the Pharmaceutical Society of Great Britain) in August 1987. He was admitted into the registrar as a registered pharmacist under the Pharmacy and Poisons Board of Hong Kong in October 1987. Since June 2007, Mr. Sum has been a member of the advisory board at the School of Pharmacy of the Chinese University of Hong Kong. He has also been appointed as a member of Chinese Medicines Industry Subcommittee under the Chinese Medicine Development Committee for a term of two years with effect from February 1, 2025. Reported Earnings • Dec 13
First half 2026 earnings released: EPS: HK$0.14 (vs HK$0.12 in 1H 2025) First half 2026 results: EPS: HK$0.14 (up from HK$0.12 in 1H 2025). Revenue: HK$429.6m (up 7.7% from 1H 2025). Net income: HK$115.0m (up 20% from 1H 2025). Profit margin: 27% (up from 24% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 21
Upcoming dividend of HK$0.098 per share Eligible shareholders must have bought the stock before 28 November 2025. Payment date: 17 December 2025. Payout ratio is a comfortable 47% and the cash payout ratio is 91%. Trailing yield: 7.8%. Within top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (2.1%). Price Target Changed • Nov 18
Price target increased by 7.6% to HK$3.56 Up from HK$3.31, the current price target is provided by 1 analyst. New target price is 19% above last closing price of HK$2.99. Stock is up 121% over the past year. The company is forecast to post earnings per share of HK$0.30 for next year compared to HK$0.22 last year. Announcement • Nov 05
JBM (Healthcare) Limited to Report First Half, 2026 Results on Nov 17, 2025 JBM (Healthcare) Limited announced that they will report first half, 2026 results on Nov 17, 2025 Upcoming Dividend • Aug 04
Upcoming dividend of HK$0.12 per share Eligible shareholders must have bought the stock before 11 August 2025. Payment date: 28 August 2025. Payout ratio and cash payout ratio are on the higher end at 76% and 91% respectively. Trailing yield: 7.8%. Within top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (2.0%). New Risk • Jul 04
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 91% Dividend yield: 7.1% 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. This is currently the only risk that has been identified for the company. Announcement • Jun 17
JBM (Healthcare) Limited (SEHK:2161) entered into sale and purchase agreement to acquire Kenford Medical Group Company Limited from Choi Man Yun Marian and others for HKD 38 million. JBM (Healthcare) Limited (SEHK:2161) entered into sale and purchase agreement to acquire Kenford Medical Group Company Limited from Choi Man Yun Marian and others for HKD 38 million on June 16, 2025. As part of the acquisition, JBM (Healthcare) Limited will acquire the entire share capital of Kenford Medical Group Company Limited. As part of the consideration, cash consideration of HKD 22.8 million will be paid as refundable deposit which shall only be applied to satisfy part of the Consideration at Completion, HKD 7.6 million shall be paid upon completion and remaining HKD 7.6 million in the form of earnout/contingent payment will be paid on the Retained Payment Date. If the 2025 Profits are less than the Guaranteed Profits, the Consideration shall be reduced.
For the period ending March 31, 2025, Kenford Medical Group Company Limited reported profit after tax of HKD 4.7 million. As of March 31, 2025, Kenford Medical Group Company Limited reported net assets of HKD 18.3 million. The transaction is subject necessary consents, approvals, and authorizations from third parties and relevant authorities and consummation of due diligence investigation. The transaction completion shall take place on the next Business Day after all the conditions have been fulfilled. Declared Dividend • Jun 14
Final dividend of HK$0.12 announced Shareholders will receive a dividend of HK$0.12. Ex-date: 11th August 2025 Payment date: 28th August 2025 Dividend yield will be 6.2%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 184% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 13
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: HK$0.24 (up from HK$0.15 in FY 2024). Revenue: HK$782.3m (up 21% from FY 2024). Net income: HK$197.3m (up 51% from FY 2024). Profit margin: 25% (up from 20% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Jun 12
JBM (Healthcare) Limited, Annual General Meeting, Jul 28, 2025 JBM (Healthcare) Limited, Annual General Meeting, Jul 28, 2025. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$2.59, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 266% over the past three years. Announcement • May 19
JBM (Healthcare) Limited to Report Fiscal Year 2025 Results on Jun 12, 2025 JBM (Healthcare) Limited announced that they will report fiscal year 2025 results on Jun 12, 2025 Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$1.52, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 98% over the past three years. New Risk • Jan 30
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 9.5% 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 • Dec 14
First half 2025 earnings released: EPS: HK$0.12 (vs HK$0.069 in 1H 2024) First half 2025 results: EPS: HK$0.12 (up from HK$0.069 in 1H 2024). Revenue: HK$399.0m (up 22% from 1H 2024). Net income: HK$95.9m (up 54% from 1H 2024). Profit margin: 24% (up from 19% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 10
Upcoming dividend of HK$0.055 per share Eligible shareholders must have bought the stock before 17 December 2024. Payment date: 15 January 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to HK$1.70, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 8x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 137% over the past three years. Declared Dividend • Nov 21
First half dividend increased to HK$0.055 Dividend of HK$0.055 is 59% higher than last year. Ex-date: 17th December 2024 Payment date: 15th January 2025 Dividend yield will be 6.8%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 185% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 01
JBM (Healthcare) Limited to Report First Half, 2025 Results on Nov 19, 2024 JBM (Healthcare) Limited announced that they will report first half, 2025 results on Nov 19, 2024 Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$1.17, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 8x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 30% over the past three years. New Risk • Aug 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$774.5m (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (HK$774.5m market cap, or US$99.4m). Upcoming Dividend • Aug 08
Upcoming dividend of HK$0.041 per share Eligible shareholders must have bought the stock before 15 August 2024. Payment date: 17 September 2024. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 8.4%. Within top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (3.6%). Announcement • Aug 06
JBM (Healthcare) Limited Approves Final Dividend for the Year Ended March 31, 2024 JBM (Healthcare) Limited at its Annual General Meeting held on 6 August 2024, approved to declare a final dividend of HKD 4.05 cents per share for the year ended 31 March 2024. Announcement • Jun 19
JBM (Healthcare) Limited, Annual General Meeting, Aug 06, 2024 JBM (Healthcare) Limited, Annual General Meeting, Aug 06, 2024. Reported Earnings • Jun 19
Full year 2024 earnings released: EPS: HK$0.15 (vs HK$0.064 in FY 2023) Full year 2024 results: EPS: HK$0.15 (up from HK$0.064 in FY 2023). Revenue: HK$648.4m (up 25% from FY 2023). Net income: HK$130.5m (up 129% from FY 2023). Profit margin: 20% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jun 19
Jbm (Healthcare) Limited Proposes Final Dividend for the Year Ended March 31, 2024, Payable on September 17, 2024 JBM (Healthcare) Limited proposed final dividend of HKD 0.0405 per share for the financial year end 31 March 2024 Ex-dividend date is 15 August 2024. Record date is 20 August 2024. Payment date is 17 September 2024. Date of shareholders' approval is 06 August 2024. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$1.02, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 8x in the Pharmaceuticals industry in Hong Kong. Total loss to shareholders of 40% over the past three years. Announcement • Mar 08
JBM (Healthcare) Limited Announces Board Changes, Effective 9 March 2024 The board of directors of JBM (Healthcare) Limited announced that Dr. Cheng Celine Heung Kwan ("Dr. Cheng") has been appointed as an executive Director with effect from 9 March 2024. Dr. Cheng, aged 62, has around 30 years of experience in sterile and non-sterile manufacturing, quality assurance and Good Manufacturing Practice, specialising in quality management system and reengineering for pharmaceutical and biological products. She currently serves as the Chief Compliance & Technology Officer of Jacobson Pharma Corporation Limited ("Jacobson"), a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 2633) and controlled by Mr. Sum Kwong Yip, Derek, the Chairman of the Board, a non-executive Director and the controlling shareholder of the Company (as defined by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited). Dr. Cheng is primarily responsible for overseeing the quality system integrity, driving technological development and advancing the manufacturing know-how of Jacobson and its subsidiaries. She earned a Bachelor's degree in Pharmacy (with honours) and her Ph.D. in pharmacology from the University of Bradford, United Kingdom ("UK") in 1986 and 1990 respectively, and subsequently served as a post-doctoral research fellow at the University of Bradford. She also obtained a Master of Business Administration degree (with distinction) from the City University of Hong Kong in 2006. Dr. Cheng is a registered pharmacist in both Hong Kong and the UK and is a fellow of the College of Pharmacy Practice of Hong Kong. She is a registered authorised person with the Pharmacy and Poison Board of Hong Kong (the "PPBHK") and served as a member of its various committees. She is currently a member of the Postgraduate Pharmacy Training and Development Committee and the Expert Advisory Group on Bioavailability and Bioequivalence Studies of the PPBHK. She is also a member of the Expert Panel on the Designation of Designated Local Research Institutions at the Innovation and Technology Commission of Hong Kong. Dr. Cheng has extensive teaching experience. She was an Adjunct Associate Professor at the School of Professional and Continuing Education of the University of Hong Kong from July 2005 to June 2008 and has been an Adjunct Associate Professor at the School of Pharmacy of The Chinese University of Hong Kong since June 2001. The Board announced that the following changes to the nomination committee of the Board (the "Nomination Committee") and the audit committee of the Board (the "Audit Committee") with effect from 9 March 2024: Mr. Yeung Kwok Chun, Harry, a non-executive Director, will be appointed as a member of the Nomination Committee; Mr. Chan Kam Chiu, Simon, an independent non-executive Director, will cease to be the chairman of the Audit Committee and will remain member of the Audit Committee; and Mr. Luk Ting Lung, Alan, an independent non-executive Director, will be appointed as the chairman of the Audit Committee. New Risk • Feb 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$778.7m (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (HK$778.7m market cap, or US$99.6m). Upcoming Dividend • Nov 30
Upcoming dividend of HK$0.035 per share at 2.8% yield Eligible shareholders must have bought the stock before 07 December 2023. Payment date: 28 December 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Hong Kong dividend payers (8.3%). In line with average of industry peers (2.9%). Announcement • Nov 25
JBM (Healthcare) Limited Announces Change of Company Secretary The board of directors of JBM (Healthcare) Limited announced the appointment of Mr. Yu Chun Kau (Mr. Yu) as the company secretary and the authorised representative under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (of the Company in place of Mr. Lam Kau Lap (Mr. Lam) with effect from 23 November 2023. Mr. Lam will remain as the Vice President of Finance of the Company following his resignation as the Company Secretary and Authorised Representative. Mr. Yu, aged 51, is currently the Chief Financial Officer and company secretary of Jacobson Pharma Corporation Limited. Mr. Yu possesses extensive experience in accounting, corporate finance, compliance and auditing. Mr. Yu graduated from The Chinese University of Hong Kong with a degree in bachelor of business administration with first class honours in December 1994. In June 2005, he also obtained a degree in master of corporate governance from The Open University of Hong Kong (currently known as Hong Kong Metropolitan University). Mr. Yu was admitted as a fellow member of The Association of Chartered Certified Accountants in November 2002. He was admitted as a fellow member and was registered as a certified public accountant (practising) of the Hong Kong Institute of Certified Public Accountants (formerly known as Hong Kong Society of Accountants) in July 2005 and in October 2002, respectively. In March 2007, he was admitted as a senior international finance manager in the International Financial Management Association. In April 2015, he was also admitted as a fellow member of The Institute of Chartered Accountants in England and Wales. In September 2016, he was admitted as both a fellow member of The Hong Kong Institute of Chartered Secretaries (currently known as The Hong Kong Chartered Governance Institute) and as a fellow member of The Institute of Chartered Secretaries and Administrators (currently known as The Chartered Governance Institute). Reported Earnings • Nov 24
First half 2024 earnings released: EPS: HK$0.069 (vs HK$0.024 in 1H 2023) First half 2024 results: EPS: HK$0.069 (up from HK$0.024 in 1H 2023). Revenue: HK$326.8m (up 38% from 1H 2023). Net income: HK$62.5m (up 190% from 1H 2023). Profit margin: 19% (up from 9.1% in 1H 2023). The increase in margin was driven by higher revenue. Announcement • Nov 23
JBM (Healthcare) Limited Announces Interim Dividend for the Six Months Ended 30 September 2023, Payable on 28 December 2023 JBM (Healthcare) Limited announced interim dividend of HKD 0.0345 per share for the six months ended 30 September 2023. Record date is 12 December 2023, Payment date is 28 December 2023 and Ex Dividend date is 07 December 2023. Announcement • Nov 09
JBM (Healthcare) Limited to Report First Half, 2024 Results on Nov 22, 2023 JBM (Healthcare) Limited announced that they will report first half, 2024 results on Nov 22, 2023 Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.18, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 7x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 103% over the past year. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$1.02, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 7x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 31% over the past year. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$1.15, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 8x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 39% over the past year. Upcoming Dividend • Aug 08
Upcoming dividend of HK$0.025 per share at 2.8% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Hong Kong dividend payers (7.6%). Lower than average of industry peers (3.3%). New Risk • Jul 08
New minor risk - Dividend sustainability The company has a short dividend paying track record. Continuous dividend paying years: 1 Dividend yield: 2.8% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Large one-off items impacting financial results. New Risk • Jul 01
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 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$1.28, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 10x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 61% over the past year. New Risk • Jun 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.3% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Jun 16
Full year 2023 earnings released: EPS: HK$0.064 (vs HK$0.028 in FY 2022) Full year 2023 results: EPS: HK$0.064 (up from HK$0.028 in FY 2022). Revenue: HK$520.3m (up 28% from FY 2022). Net income: HK$57.1m (up 132% from FY 2022). Profit margin: 11% (up from 6.1% in FY 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$1.22, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 8x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 54% over the past year. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to HK$1.10, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 9x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 30% over the past year. Recent Insider Transactions • Apr 06
Non-Executive Chairman of the Board recently bought HK$650k worth of stock On the 3rd of April, Kwong Yip Sum bought around 574k shares on-market at roughly HK$1.13 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. This was Kwong Yip's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$1.23, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 9x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 39% over the past year. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 40% share price gain to HK$1.02, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 11x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 32% over the past year. Announcement • Nov 26
JBM (Healthcare) Limited Declares Interim Dividend for the Six Months Ended 30 September 2022, Payable on 29 December 2022 JBM (Healthcare) Limited announced that board declared the payment of an interim dividend per ordinary share for the six months ended 30 September 2022 of HK 0.5 cent for the total amount of approximately HKD 4.5 million (six months ended 30 September 2021: Nil). The interim dividend will be paid on 29 December 2022 to shareholders whose names appear on the register of members of the Company on 13 December 2022, the record date. In order to determine the entitlement of shareholders of the Company to receive the interim dividend, the register of members of the Company will be closed from 12 December 2022 to 13 December 2022, both days inclusive, during which period no transfer of shares of the Company will be registered. All transfer documents, accompanied by the relevant share certificates, shall be lodged with the Company's Hong Kong Branch Share Registrar at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong no later than 4:30 p.m. on 9 December 2022. Reported Earnings • Nov 26
First half 2023 earnings released: EPS: HK$0.024 (vs HK$0.011 in 1H 2022) First half 2023 results: EPS: HK$0.024 (up from HK$0.011 in 1H 2022). Revenue: HK$236.8m (up 25% from 1H 2022). Net income: HK$21.6m (up 115% from 1H 2022). Profit margin: 9.1% (up from 5.3% in 1H 2022). The increase in margin was driven by higher revenue. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). CEO & Executive Director Patrick Wong is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Simon Chan was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Jul 28
JBM (Healthcare) Limited, Annual General Meeting, Sep 23, 2022 JBM (Healthcare) Limited, Annual General Meeting, Sep 23, 2022, at 09:00 China Standard Time. Location: 24/F, Tower 1, Admiralty Centre, 18 Harcourt Road Hong Kong Hong Kong Agenda: To receive, consider and approve the audited consolidated financial statements of the Company and the reports of the directors and auditors for the year ended 31 March 2022; to re-elect Mr. Chan Kam Chiu, Simon as an independent non-executive director of the Company; to re-elect Mr. Luk Ting Lung, Alan as an independent non-executive director of the Company; to authorise the board of directors (the "Board") to fix the respective directors' remuneration; to re-appoint KPMG as auditor until the conclusion of the next annual general meeting and to authorise the Board to fix the auditor's remuneration; and to consider other matters. Reported Earnings • Jul 01
Full year 2022 earnings released Full year 2022 results: Revenue: HK$406.1m (up 2.3% from FY 2021). Net income: HK$24.6m (up 8.9% from FY 2021). Profit margin: 6.1% (up from 5.7% in FY 2021). The increase in margin was driven by higher revenue. Announcement • Jun 11
JBM (Healthcare) Limited to Report Fiscal Year 2022 Results on Jun 29, 2022 JBM (Healthcare) Limited announced that they will report fiscal year 2022 results on Jun 29, 2022 Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). CEO & Executive Director Patrick Wong is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Simon Chan was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Jan 07
Board Member recently sold HK$121k worth of stock On the 4th of January, Ka Wing Chu sold around 112k shares on-market at roughly HK$1.08 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 28
First half 2022 earnings released First half 2022 results: Revenue: (flat on 1H 2021). Net income: (flat on 1H 2021). Profit margin: (in line with 1H 2021). Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 16% share price gain to HK$1.19, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 11x in the Pharmaceuticals industry in Hong Kong. Reported Earnings • Jun 30
Full year 2021 earnings released: EPS HK$0.028 (vs HK$0.057 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: HK$397.2m (up 4.1% from FY 2020). Net income: HK$22.6m (down 45% from FY 2020). Profit margin: 5.7% (down from 11% in FY 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 36% share price gain to HK$1.55, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 12x in the Pharmaceuticals industry in Hong Kong. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$1.93, the stock is trading at a trailing P/E ratio of 34x, down from the previous P/E ratio of 40.3x. This compares to an average P/E of 12x in the Pharmaceuticals industry in Hong Kong. Announcement • Feb 06
JBM (Healthcare) Limited has completed an IPO in the amount of HKD 53.6232 million. JBM (Healthcare) Limited has completed an IPO in the amount of HKD 53.6232 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 44,686,000
Price\Range: HKD 1.2
Discount Per Security: HKD 0.0384
Transaction Features: Carve-out; Regulation S 
