Upcoming Dividend • May 13
Upcoming dividend of HK$0.50 per share Eligible shareholders must have bought the stock before 20 May 2026. Payment date: 12 June 2026. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Hong Kong dividend payers (6.7%). In line with average of industry peers (4.3%). Reported Earnings • Apr 02
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$0.11 (down from US$0.13 in FY 2024). Revenue: US$7.44b (up 5.1% from FY 2024). Net income: US$896.0m (down 14% from FY 2024). Profit margin: 12% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 18
Final dividend of HK$0.50 announced Shareholders will receive a dividend of HK$0.50. Ex-date: 20th May 2026 Payment date: 12th June 2026 Dividend yield will be 3.9%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 14
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$0.11 (down from US$0.13 in FY 2024). Revenue: US$7.44b (up 5.1% from FY 2024). Net income: US$896.0m (down 14% from FY 2024). Profit margin: 12% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Feb 14
Sands China Ltd., Annual General Meeting, May 15, 2026 Sands China Ltd., Annual General Meeting, May 15, 2026. Announcement • Feb 03
Sands China Ltd. to Report Fiscal Year 2025 Results on Feb 13, 2026 Sands China Ltd. announced that they will report fiscal year 2025 results on Feb 13, 2026 Announcement • Oct 16
Sands China Ltd. Appoints Chung Kit Yi Kitty as an Independent Non-Executive Director and Member of the Audit Committee with Effect from October 16, 2025 The board of directors of Sands China Ltd. announced the appointment of Ms. Chung Kit Yi Kitty ("Ms. Chung") as an Independent Non-Executive Director of the Company and a member of the Audit Committee of the Company with effect from October 16, 2025. Ms. Chung, aged 62, is currently an independent non-executive director, the chairman of the audit committee, and a member of each of the nomination committee, remuneration committee and environmental, social and governance committee of HKBN Ltd. She is also an independent non- executive director of Goodman Logistics (HK) Limited. Ms. Chung is also a member of the admissions, budgets and allocations committee of The Community Chest of Hong Kong. Ms. Chung retired as a partner at PricewaterhouseCoopers in July 2023. During her time with PricewaterhouseCoopers, she provided professional services in relation to auditing, accounting, and risk assurance. Ms. Chung holds a bachelor degree in economics from Monash University in Australia. She is a member of the Hong Kong Institute of Certified Public Accountants and the Chartered Accountants Australia and New Zealand. Ms. Chung will serve as an Independent Non-Executive Director of the Company with no specific term of appointment, but is subject to retirement by rotation and re-election at the annual general meeting at least once every three years in accordance with the articles of association of the Company. Upcoming Dividend • Aug 21
Upcoming dividend of HK$0.25 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 12 September 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Hong Kong dividend payers (6.7%). Lower than average of industry peers (3.6%). New Risk • Aug 17
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks High level of debt (530% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 17
First half 2025 earnings released: EPS: US$0.051 (vs US$0.067 in 1H 2024) First half 2025 results: EPS: US$0.051 (down from US$0.067 in 1H 2024). Revenue: US$3.49b (down 1.7% from 1H 2024). Net income: US$413.0m (down 24% from 1H 2024). Profit margin: 12% (down from 15% in 1H 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Aug 06
Sands China Ltd. to Report First Half, 2025 Results on Aug 15, 2025 Sands China Ltd. announced that they will report first half, 2025 results on Aug 15, 2025 Announcement • May 22
Sands China Ltd. Declares Final Dividend for the Year Ended December 31, 2024 Sands China Ltd. in its annual general meeting held on May 22, 2025 approved to declare a final dividend of HKD 0.25 per share for the year ended December 31, 2024 to be paid out of the share premium account of the Company. Upcoming Dividend • May 21
Upcoming dividend of HK$0.25 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$13.26, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Hospitality industry in Hong Kong. Total loss to shareholders of 26% over the past three years. Reported Earnings • Mar 28
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$0.13 (up from US$0.086 in FY 2023). Revenue: US$7.08b (up 8.4% from FY 2023). Net income: US$1.05b (up 51% from FY 2023). Profit margin: 15% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 8.6%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Mar 07
Robert Glen Goldstein to Step Down as Chairman, Non-Executive Director, and Chairman and Member of the Nomination Committee, Effective from March 1, 2026 The board of directors (the "Board") of Sands China Ltd. announced that Mr. Robert Glen Goldstein ("Mr. Goldstein") has informed the Company that he will step down from his position as the Chairman and Non-Executive Director of the Company and as the Chairman and a member of the Nomination Committee of the Company with effect from March 1, 2026. Effective on that date, Mr. Goldstein will transition from the position of Chairman and Chief Executive Officer of Las Vegas Sands Corp. ("LVS"), the Company's controlling shareholder, to the role of senior advisor to LVS (the "Transition"). It is Mr. Goldstein's intention to devote more time and effort to his LVS senior advisor role, which will be his sole position with LVS, its affiliates, and subsidiaries. The Board will identify and appoint a suitable candidate as the new Chairman of the Board and the Nomination Committee of the Company. Further announcement(s) will be made as and when appropriate. Reported Earnings • Feb 22
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$0.13 (up from US$0.086 in FY 2023). Revenue: US$7.08b (up 8.4% from FY 2023). Net income: US$1.05b (up 51% from FY 2023). Profit margin: 15% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 8.6%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Feb 22
Sands China Ltd. Recommends Final Dividend for the Year Ended December 31, 2024, Payable on June 20, 2025 Sands China Ltd. has recommended the payment of a final dividend of HKD 0.25 per Share for the year ended December 31, 2024 (the "Proposed Final Dividend") to Shareholders whose names appear on the register of members of the Company on May 30, 2025. The Proposed Final Dividend will be paid out of the share premium account of the Company, and is subject to (i) the approval of the Shareholders at the forthcoming annual general meeting of the Company, which is scheduled to be held on May 22, 2025; and the Directors being satisfied that the Proposed Final Dividend is in the best interest of the Company and there are no reasonable grounds for believing that the Company is, immediately following the date on which the Proposed Final Dividend is paid, unable to pay its debts as they fall due in the ordinary course of business. Assuming these two conditions are satisfied, the Proposed Final Dividend is expected to be paid on June 20, 2025. Announcement • Feb 21
Sands China Ltd., Annual General Meeting, May 22, 2025 Sands China Ltd., Annual General Meeting, May 22, 2025. Announcement • Feb 11
Sands China Ltd. to Report Fiscal Year 2024 Results on Feb 21, 2025 Sands China Ltd. announced that they will report fiscal year 2024 results on Feb 21, 2025 Announcement • Jan 15
Sands China, in Partnership with Alipay and Macau Pass, Successfully Introduced the Innovative Alipay Tap! in Macao Sands China Ltd., Alipay and Macau Pass jointly introduced the Alipay Tap! service at Sands Resorts Macao. Utilizing innovative payment interaction technology, the service will further enhance the payment experience of visitors in Macao and enable new digital business and marketing opportunities. It will also contribute to the city's smart city development while supporting digital upgrades and connectivity within the Greater Bay Area. Alipay Tap! is an innovative payment service introduced by Alipay in July 2024 in the Chinese mainland. Users can simply unlock their phones and tap the merchant's payment device to complete the transaction, without opening the Alipay app. This solution has quickly become popular with both users and merchants and is currently available in over 100 cities and more than 1,000 shopping malls and commercial districts in the Chinese mainland. In addition to payments, Alipay has also collaborated with partners to create over 50 Alipay Tap! digital industry solutions, such as "Tap to Order" and "Tap to Open Self-service Vending Machine." In this first phase, Sands China has rolled out Alipay Tap! across 300 merchants in its integrated resorts, including The Venetian Macao, The Parisian Macao, The Londoner Macao, and Sands Macao. It can be used for a variety of payments, such as hotel accommodation, dining, shopping, and ticketing, providing customers with a convenient payment experience. Chinese mainland tourists using Alipay Tap! in Sands Resorts Macao can also enjoy multiple offers during the promotional period, including an exclusive coupon for the first transaction via Alipay Tap! in Macao and other cross-border travel promotions released. Merchants can use one terminal to meet the payment needs of both tourists and local residents using mainstream e-wallets. A representative from a Sands Resorts Macao merchant shared, "As Chinese mainland tourists are generally familiar with Alipay Tap! combined with various recent promotional offers, the number of Alipay Tap! transactions has significantly increased since its launch, greatly enhancing operational efficiency. This initiative also helps foster an environment for the digital economy and technological innovation in Macao. Sands China will continue to collaborate with innovative technology partners, while actively supporting the Macao SAR Government's smart city development agenda. The company are committed to ensuring that convenience and the latest digital services are easily accessible, and contributing to the quality growth of Macao's tourism industry". With the application of new technologies, the interaction between digital finance, innovative business models, and new forms of digital business models, and new form of digital commerce. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to HK$19.16, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Hospitality industry in Hong Kong. Total returns to shareholders of 20% over the past three years. Reported Earnings • Aug 17
First half 2024 earnings released: EPS: US$0.067 (vs US$0.022 in 1H 2023) First half 2024 results: EPS: US$0.067 (up from US$0.022 in 1H 2023). Revenue: US$3.55b (up 23% from 1H 2023). Net income: US$541.0m (up 209% from 1H 2023). Profit margin: 15% (up from 6.0% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Aug 06
Sands China Ltd. to Report First Half, 2024 Results on Aug 16, 2024 Sands China Ltd. announced that they will report first half, 2024 results on Aug 16, 2024 Major Estimate Revision • Jul 26
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$7.72b to US$7.27b. EPS estimate also fell from US$0.167 per share to US$0.123 per share. Net income forecast to grow 43% next year vs 37% growth forecast for Hospitality industry in Hong Kong. Consensus price target down from HK$27.80 to HK$26.39. Share price fell 4.5% to HK$14.84 over the past week. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$18.88, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Hospitality industry in Hong Kong. Total loss to shareholders of 49% over the past three years. Reported Earnings • Mar 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.086 (up from US$0.20 loss in FY 2022). Revenue: US$6.53b (up 307% from FY 2022). Net income: US$692.0m (up US$2.27b from FY 2022). Profit margin: 11% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Mar 28
Sands China Ltd., Annual General Meeting, May 17, 2024 Sands China Ltd., Annual General Meeting, May 17, 2024, at 11:00 China Standard Time. Location: t Turfan Meeting Room, Level 4, The Londoner Macao Hotel, The Londoner Macao, Estrada do Istmo. s/n, Cotai, Macao Macau China Agenda: To receive the audited consolidated financial statements of the Company and its subsidiaries and the reports of the directors (the "Directors") of the Company and auditor for the year ended December 31, 2023; to Re-elect Directors of the company; to re-appoint Deloitte Touche Tohmatsu as auditor and to authorize the Board to fix their remuneration; to give a general mandate to the Directors to allot, issue and deal with additional shares of the Company not exceeding 20% of the total number of issued shares of the Company as at the date of passing of this resolution; to extend the general mandate granted to the Directors to allot, issue and deal with additional shares of the Company by the aggregate number of the shares repurchased by the Company; and to discuss other matters. Reported Earnings • Feb 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$8.56 (up from US$0.20 loss in FY 2022). Revenue: US$6.53b (up 307% from FY 2022). Net income: US$692.0m (up US$2.27b from FY 2022). Profit margin: 11% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 170% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Feb 02
Sands China Ltd. to Report Fiscal Year 2023 Results on Feb 16, 2024 Sands China Ltd. announced that they will report fiscal year 2023 results on Feb 16, 2024 Reported Earnings • Aug 12
First half 2023 earnings released: EPS: US$0.022 (vs US$0.094 loss in 1H 2022) First half 2023 results: EPS: US$0.022 (up from US$0.094 loss in 1H 2022). Revenue: US$2.90b (up 216% from 1H 2022). Net income: US$175.0m (up US$935.0m from 1H 2022). Profit margin: 6.0% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Aug 03
Sands China Ltd. to Report First Half, 2023 Results on Aug 11, 2023 Sands China Ltd. announced that they will report first half, 2023 results on Aug 11, 2023 Buying Opportunity • Jul 31
Now 22% undervalued Over the last 90 days, the stock is up 4.9%. The fair value is estimated to be HK$38.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 52% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 01
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: US$0.20 loss per share (further deteriorated from US$0.13 loss in FY 2021). Revenue: US$1.61b (down 44% from FY 2021). Net loss: US$1.58b (loss widened 51% from FY 2021). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 20
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: US$0.20 loss per share (further deteriorated from US$0.13 loss in FY 2021). Revenue: US$1.61b (down 44% from FY 2021). Net loss: US$1.58b (loss widened 51% from FY 2021). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 33% growth forecast for the Hospitality industry in Hong Kong. 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 • Feb 08
Sands China Ltd. to Report Fiscal Year 2022 Results on Feb 17, 2023 Sands China Ltd. announced that they will report fiscal year 2022 results on Feb 17, 2023 Buying Opportunity • Jan 30
Now 24% undervalued Over the last 90 days, the stock is up 89%. The fair value is estimated to be HK$38.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 56% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 101% in a year. Earnings is forecast to grow by 56% in the next year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. COO & Executive Director Grant Chum was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 21
Consensus revenue estimates fall by 14% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$2.48b to US$2.14b. Forecast losses increased from -US$0.15 to -US$0.17 per share. Hospitality industry in Hong Kong expected to see average net income growth of 171% next year. Consensus price target down from HK$23.98 to HK$23.22. Share price fell 9.9% to HK$15.08 over the past week. Major Estimate Revision • Sep 14
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$2.57b to US$2.47b. Losses expected to increase from US$0.14 per share to US$0.15. Hospitality industry in Hong Kong expected to see average net income growth of 147% next year. Consensus price target down from HK$24.19 to HK$23.31. Share price rose 4.7% to HK$17.70 over the past week. Reported Earnings • Aug 13
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up US$381.0m from 1H 2021). Profit margin: (up from net loss in 1H 2021). The move to profitability was driven by lower expenses. Over the next year, revenue is forecast to grow 97%, compared to a 9.6% growth forecast for the industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jul 19
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$3.31b to US$3.13b. Losses expected to increase from US$0.08 per share to US$0.09. Hospitality industry in Hong Kong expected to see average net income growth of 37% next year. Consensus price target broadly unchanged at HK$24.69. Share price rose 2.4% to HK$17.28 over the past week. Major Estimate Revision • Jun 23
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$3.50b to US$3.37b. Losses expected to increase from US$0.07 per share to US$0.08. Hospitality industry in Hong Kong expected to see average net income growth of 50% next year. Consensus price target down from HK$25.30 to HK$24.68. Share price fell 3.9% to HK$14.62 over the past week. Major Estimate Revision • May 24
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$3.59b to US$3.55b. Losses expected to increase from US$0.06 per share to US$0.06. Hospitality industry in Hong Kong expected to see average net income growth of 51% next year. Consensus price target broadly unchanged at HK$25.78. Share price fell 12% to HK$14.00 over the past week. Major Estimate Revision • Apr 27
Consensus EPS estimates fall by 608% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$4.34b to US$4.11b. Losses expected to increase from US$0 per share to US$0.02. Hospitality industry in Hong Kong expected to see average net income growth of 35% next year. Consensus price target down from HK$27.12 to HK$26.37. Share price fell 8.4% to HK$17.22 over the past week. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. COO & Executive Director Grant Chum was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 20
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: US$0.13 loss per share (up from US$0.19 loss in FY 2020). Revenue: US$2.87b (up 70% from FY 2020). Net loss: US$1.05b (loss narrowed 31% from FY 2020). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) exceeded analyst estimates by 22%. Over the next year, revenue is forecast to grow 79%, compared to a 57% growth forecast for the restaurants industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 02
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$5.26b to US$5.07b. EPS estimate also fell from US$0.05 per share to US$0.04 per share. Net income forecast to grow 77% next year vs 15% growth forecast for Hospitality industry in Hong Kong. Consensus price target up from HK$25.01 to HK$25.77. Share price was steady at HK$21.45 over the past week. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. COO & Executive Director Grant Chum was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 18
First half 2021 earnings released: US$0.047 loss per share (vs US$0.089 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$1.62b (up 91% from 1H 2020). Net loss: US$381.0m (loss narrowed 47% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2020 earnings released: US$0.19 loss per share (vs US$0.25 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$1.69b (down 81% from FY 2019). Net loss: US$1.52b (down 175% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 55% 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. Reported Earnings • Feb 20
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$1.69b (down 81% from FY 2019). Net loss: US$1.52b (down 175% from profit in FY 2019). Analyst Estimate Surprise Post Earnings • Feb 20
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 300%, compared to a 14% growth forecast for the Hospitality industry in Hong Kong. Is New 90 Day High Low • Dec 04
New 90-day high: HK$34.70 The company is up 4.0% from its price of HK$33.50 on 04 September 2020. The Hong Kong market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Hospitality industry, which is also up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$43.95 per share. Is New 90 Day High Low • Oct 08
New 90-day low: HK$29.00 The company is down 4.0% from its price of HK$30.30 on 10 July 2020. The Hong Kong market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$68.12 per share.