New Risk • May 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 139% Cash payout ratio: 102% Dividend yield: 5.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 139% Cash payout ratio: 102% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: CN¥0.07 (vs CN¥0.32 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.07 (down from CN¥0.32 in 1Q 2025). Revenue: CN¥626.2m (up 2.1% from 1Q 2025). Net income: CN¥41.4m (down 79% from 1Q 2025). Profit margin: 6.6% (down from 33% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Announcement • Apr 23
Yindu Kitchen Equipment Co., Ltd, Annual General Meeting, May 13, 2026 Yindu Kitchen Equipment Co., Ltd, Annual General Meeting, May 13, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Hangzhou, Zhejiang China Announcement • Mar 30
Yindu Kitchen Equipment Co., Ltd to Report Q1, 2026 Results on Apr 23, 2026 Yindu Kitchen Equipment Co., Ltd announced that they will report Q1, 2026 results on Apr 23, 2026 Announcement • Dec 26
Yindu Kitchen Equipment Co., Ltd to Report Fiscal Year 2025 Results on Apr 23, 2026 Yindu Kitchen Equipment Co., Ltd announced that they will report fiscal year 2025 results on Apr 23, 2026 Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: CN¥0.20 (vs CN¥0.21 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.20 (down from CN¥0.21 in 3Q 2024). Revenue: CN¥714.6m (down 1.5% from 3Q 2024). Net income: CN¥120.3m (down 9.3% from 3Q 2024). Profit margin: 17% (down from 18% in 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Oct 13
Upcoming dividend of CN¥0.35 per share Eligible shareholders must have bought the stock before 20 October 2025. Payment date: 20 October 2025. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 3.7%. Within top quartile of Chinese dividend payers (1.9%). Higher than average of industry peers (1.3%). Announcement • Sep 30
Yindu Kitchen Equipment Co., Ltd to Report Q3, 2025 Results on Oct 29, 2025 Yindu Kitchen Equipment Co., Ltd announced that they will report Q3, 2025 results on Oct 29, 2025 Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: CN¥0.24 (vs CN¥0.30 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.24 (down from CN¥0.30 in 2Q 2024). Revenue: CN¥812.6m (up 11% from 2Q 2024). Net income: CN¥146.9m (down 19% from 2Q 2024). Profit margin: 18% (down from 25% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Announcement • Jun 30
Yindu Kitchen Equipment Co., Ltd to Report First Half, 2025 Results on Aug 26, 2025 Yindu Kitchen Equipment Co., Ltd announced that they will report first half, 2025 results on Aug 26, 2025 New Risk • May 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 109% Cash payout ratio: 138% Minor Risk Large one-off items impacting financial results. Major Estimate Revision • May 14
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥3.84b to CN¥3.22b. EPS estimate fell from CN¥1.95 to CN¥1.58 per share. Net income forecast to grow 15% next year vs 35% growth forecast for Machinery industry in China. Consensus price target of CN¥40.00 unchanged from last update. Share price rose 4.7% to CN¥23.99 over the past week. Reported Earnings • May 01
Third quarter 2024 earnings released: EPS: CN¥0.31 (vs CN¥0.33 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.31 (down from CN¥0.33 in 3Q 2023). Revenue: CN¥725.8m (flat on 3Q 2023). Net income: CN¥132.6m (down 3.6% from 3Q 2023). Profit margin: 18% (in line with 3Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Apr 29
Yindu Kitchen Equipment Co., Ltd, Annual General Meeting, May 19, 2025 Yindu Kitchen Equipment Co., Ltd, Annual General Meeting, May 19, 2025, at 14:30 China Standard Time. Price Target Changed • Apr 12
Price target increased by 7.4% to CN¥40.00 Up from CN¥37.24, the current price target is provided by 1 analyst. New target price is 94% above last closing price of CN¥20.62. Stock is down 28% over the past year. The company is forecast to post earnings per share of CN¥1.60 for next year compared to CN¥1.22 last year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to CN¥20.75, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 21x in the Machinery industry in China. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥9.09 per share. Announcement • Mar 28
Yindu Kitchen Equipment Co., Ltd to Report Q1, 2025 Results on Apr 29, 2025 Yindu Kitchen Equipment Co., Ltd announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Dec 27
Yindu Kitchen Equipment Co., Ltd to Report Fiscal Year 2024 Results on Apr 29, 2025 Yindu Kitchen Equipment Co., Ltd announced that they will report fiscal year 2024 results on Apr 29, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.31 (vs CN¥0.33 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.31 (down from CN¥0.33 in 3Q 2023). Revenue: CN¥725.8m (flat on 3Q 2023). Net income: CN¥132.6m (down 3.6% from 3Q 2023). Profit margin: 18% (in line with 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Announcement • Sep 30
Yindu Kitchen Equipment Co., Ltd to Report Q3, 2024 Results on Oct 29, 2024 Yindu Kitchen Equipment Co., Ltd announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥27.72, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Machinery industry in China. Total returns to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥11.72 per share. New Risk • Sep 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 94% Dividend yield: 4.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.44 (vs CN¥0.40 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.44 (up from CN¥0.40 in 2Q 2023). Revenue: CN¥735.4m (flat on 2Q 2023). Net income: CN¥182.1m (up 6.1% from 2Q 2023). Profit margin: 25% (up from 23% in 2Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Announcement • Jun 29
Yindu Kitchen Equipment Co., Ltd to Report First Half, 2024 Results on Aug 31, 2024 Yindu Kitchen Equipment Co., Ltd announced that they will report first half, 2024 results on Aug 31, 2024 Price Target Changed • Apr 27
Price target increased by 13% to CN¥37.00 Up from CN¥32.82, the current price target is provided by 1 analyst. New target price is 24% above last closing price of CN¥29.78. Stock is up 53% over the past year. The company is forecast to post earnings per share of CN¥1.54 for next year compared to CN¥1.22 last year. Reported Earnings • Apr 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.22 (up from CN¥1.08 in FY 2022). Revenue: CN¥2.65b (flat on FY 2022). Net income: CN¥510.9m (up 14% from FY 2022). Profit margin: 19% (up from 17% in FY 2022). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Announcement • Apr 16
Yindu Kitchen Equipment Co., Ltd, Annual General Meeting, May 06, 2024 Yindu Kitchen Equipment Co., Ltd, Annual General Meeting, May 06, 2024, at 15:00 China Standard Time. Location: The Company's Meeting Room, Hangzhou, Zhejiang China Announcement • Mar 29
Yindu Kitchen Equipment Co., Ltd to Report Q1, 2024 Results on Apr 27, 2024 Yindu Kitchen Equipment Co., Ltd announced that they will report Q1, 2024 results on Apr 27, 2024 Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥25.11, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Machinery industry in China. Total returns to shareholders of 120% over the past three years. Announcement • Dec 29
Yindu Kitchen Equipment Co., Ltd to Report Fiscal Year 2023 Results on Apr 16, 2024 Yindu Kitchen Equipment Co., Ltd announced that they will report fiscal year 2023 results on Apr 16, 2024 Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: CN¥0.33 (vs CN¥0.23 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.33 (up from CN¥0.23 in 3Q 2022). Revenue: CN¥724.5m (up 5.5% from 3Q 2022). Net income: CN¥137.6m (up 48% from 3Q 2022). Profit margin: 19% (up from 14% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥0.40 (vs CN¥0.36 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.40 (up from CN¥0.36 in 2Q 2022). Revenue: CN¥734.1m (down 4.1% from 2Q 2022). Net income: CN¥171.6m (up 12% from 2Q 2022). Profit margin: 23% (up from 20% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥25.55, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 37x in the Machinery industry in China. Total returns to shareholders of 156% over the past three years. Announcement • Jun 28
Yindu Kitchen Equipment Co., Ltd to Report First Half, 2023 Results on Aug 29, 2023 Yindu Kitchen Equipment Co., Ltd announced that they will report first half, 2023 results on Aug 29, 2023 Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.24 (vs CN¥0.30 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.24 (down from CN¥0.30 in 1Q 2022). Revenue: CN¥597.9m (down 10% from 1Q 2022). Net income: CN¥97.5m (down 21% from 1Q 2022). Profit margin: 16% (down from 19% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥20.98, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 21x in the Machinery industry in China. Total returns to shareholders of 133% over the past three years. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.23 (vs CN¥0.28 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.23 (down from CN¥0.28 in 3Q 2021). Revenue: CN¥687.1m (up 6.9% from 3Q 2021). Net income: CN¥93.1m (down 25% from 3Q 2021). Profit margin: 14% (down from 19% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 23% per year. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.36 (vs CN¥0.29 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.36 (up from CN¥0.29 in 2Q 2021). Revenue: CN¥765.4m (up 26% from 2Q 2021). Net income: CN¥153.4m (up 33% from 2Q 2021). Profit margin: 20% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥18.95, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 27x in the Machinery industry in China. Total returns to shareholders of 119% over the past three years. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: CN¥0.30 (vs CN¥0.21 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.30 (up from CN¥0.21 in 1Q 2021). Revenue: CN¥666.1m (up 42% from 1Q 2021). Net income: CN¥124.1m (up 43% from 1Q 2021). Profit margin: 19% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 18% per year. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥20.21, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 24x in the Machinery industry in China. Total returns to shareholders of 118% over the past three years. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS CN¥0.28 (vs CN¥0.29 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: CN¥642.9m (up 30% from 3Q 2020). Net income: CN¥123.8m (up 4.4% from 3Q 2020). Profit margin: 19% (down from 24% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 24
Second quarter 2021 earnings released: EPS CN¥0.27 (vs CN¥0.17 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥605.6m (up 72% from 2Q 2020). Net income: CN¥115.8m (up 64% from 2Q 2020). Profit margin: 19% (down from 20% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 02
Yindu Kitchen Equipment Co., Ltd announced that it has received funding Yindu Kitchen Equipment Co., Ltd (SHSE:603277) announced that it has received an equity round of funding on June 1, 2021. As a result, company's registered capital has increased. Reported Earnings • Apr 28
Full year 2020 earnings released: EPS CN¥0.77 (vs CN¥0.74 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: CN¥1.61b (down 6.4% from FY 2019). Net income: CN¥310.5m (up 4.4% from FY 2019). Profit margin: 19% (up from 17% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥16.22, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 34x in the Machinery industry in China. Total returns to shareholders of 16% over the past three years. Is New 90 Day High Low • Feb 25
New 90-day high: CN¥15.72 The company is up 7.0% from its price of CN¥14.76 on 27 November 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥15.72, the stock is trading at a trailing P/E ratio of 20.6x, up from the previous P/E ratio of 17.4x. This compares to an average P/E of 34x in the Machinery industry in China. Total returns to shareholders over the past three years are 9.5%. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CN¥12.78, the stock is trading at a trailing P/E ratio of 16.8x, down from the previous P/E ratio of 20.4x. This compares to an average P/E of 38x in the Machinery industry in China. Total return to shareholders over the past three years is a loss of 24%. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 17% share price gain to CN¥12.98, the stock is trading at a trailing P/E ratio of 17x, up from the previous P/E ratio of 14.6x. This compares to an average P/E of 41x in the Machinery industry in China. Total return to shareholders over the past three years is a loss of 42%. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥305.1m, up 8.5% from the prior year. Total revenue was CN¥1.60b over the last 12 months, down 3.8% from the prior year. Is New 90 Day High Low • Oct 25
New 90-day low: CN¥10.56 The company is down 1.0% from its price of CN¥10.63 on 27 July 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 5.0% over the same period. Announcement • Jul 09
Yindu Kitchen Equipment Co., Ltd to Report First Half, 2020 Results on Aug 25, 2020 Yindu Kitchen Equipment Co., Ltd announced that they will report first half, 2020 results on Aug 25, 2020