Upcoming Dividend • Jun 16
Upcoming dividend of HK$0.29 per share Eligible shareholders must have bought the stock before 23 June 2026. Payment date: 15 July 2026. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 8.5%. Within top quartile of Hong Kong dividend payers (7.1%). Higher than average of industry peers (5.6%). Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: HK$0.53 (vs HK$0.48 in FY 2024) Full year 2025 results: EPS: HK$0.53 (up from HK$0.48 in FY 2024). Revenue: HK$3.71b (up 2.2% from FY 2024). Net income: HK$771.1m (up 8.7% from FY 2024). Profit margin: 21% (up from 20% in FY 2024). Revenue is expected to decline by 1.0% p.a. on average during the next 2 years, while revenues in the Infrastructure industry in Hong Kong are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 25
COSCO SHIPPING International (Hong Kong) Co., Ltd., Annual General Meeting, May 29, 2026 COSCO SHIPPING International (Hong Kong) Co., Ltd., Annual General Meeting, May 29, 2026. Announcement • Mar 12
COSCO SHIPPING International (Hong Kong) Co., Ltd. to Report Fiscal Year 2025 Results on Mar 25, 2026 COSCO SHIPPING International (Hong Kong) Co., Ltd. announced that they will report fiscal year 2025 results on Mar 25, 2026 Declared Dividend • Aug 29
First half dividend increased to HK$0.33 Dividend of HK$0.33 is 25% higher than last year. Ex-date: 9th September 2025 Payment date: 25th September 2025 Dividend yield will be 8.4%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is not adequately covered by earnings (99% earnings payout ratio) nor is it covered by cash flows (dividend approximately 13x free cash flows). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.8% to bring the payout ratio under control, which is less than the 22% EPS growth achieved over the last 5 years. Announcement • Aug 15
COSCO SHIPPING International (Hong Kong) Co., Ltd. to Report First Half, 2025 Results on Aug 27, 2025 COSCO SHIPPING International (Hong Kong) Co., Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 Upcoming Dividend • May 30
Upcoming dividend of HK$0.21 per share Eligible shareholders must have bought the stock before 06 June 2025. Payment date: 25 June 2025. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 9.8%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (5.8%). Reported Earnings • Apr 27
Full year 2024 earnings released: EPS: HK$0.48 (vs HK$0.40 in FY 2023) Full year 2024 results: EPS: HK$0.48 (up from HK$0.40 in FY 2023). Revenue: HK$3.63b (up 8.5% from FY 2023). Net income: HK$709.2m (up 20% from FY 2023). Profit margin: 20% (up from 18% 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 35% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: HK$0.48 (vs HK$0.40 in FY 2023) Full year 2024 results: EPS: HK$0.48 (up from HK$0.40 in FY 2023). Revenue: HK$3.63b (up 8.5% from FY 2023). Net income: HK$709.2m (up 20% from FY 2023). Profit margin: 20% (up from 18% 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 35% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
COSCO SHIPPING International (Hong Kong) Co., Ltd. to Report Fiscal Year 2024 Results on Mar 26, 2025 COSCO SHIPPING International (Hong Kong) Co., Ltd. announced that they will report fiscal year 2024 results on Mar 26, 2025 Buy Or Sell Opportunity • Mar 12
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at HK$4.29. The fair value is estimated to be HK$3.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.5% over the last 3 years. Earnings per share has grown by 31%. Board Change • Jan 25
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. 4 non-independent directors. Independent Non-Executive Director Gordon Kwong was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 24
COSCO SHIPPING International (Hong Kong) Co., Ltd. Announces Change of Directors and Committees Members The board of directors of COSCO SHIPPING International (Hong Kong) Co., Ltd. announced that with effect from 24 January 2025, Ms. Meng Xin (‘Ms. Meng’) has resigned as executive director of the Company due to work arrangement. Accordingly, Ms. Meng ceased to be member of Strategic Development Committee and Risk Management Committee and chairman of Environmental, Social and Governance Committee of the Company. On the same day, Ms. Zhang Xueyan (‘Ms. Zhang’) has been appointed as non-executive director of the Company and member of Nomination Committee of the Company, and Mr. Wang Yong (‘Mr. Wang’) has been appointed as executive director of the Company and member of Strategic Development Committee and Risk Management Committee, and chairman of Environmental, Social and Governance Committee of the Company. Ms. Meng has confirmed that there was no disagreement with the Board and there was no other matter regarding her resignation that would need to be brought to the attention of the shareholders of the Company. Ms. Zhang, aged 50, is currently a deputy general manager of Capital Management & Operation Division of (China COSCO Shipping Corporation Limited) (‘COSCO SHIPPING’) (ultimate controlling shareholder of the Company) and non-executive director of (COSCO SHIPPING Development Co., Ltd.) (listed in Shanghai and Hong Kong) and non-executive director of (Shanghai Rural Commercial Bank Co., Ltd.) (listed in Shanghai). She had been a deputy manager of the capital operation office of the Strategic Development Division of (China Ocean Shipping (Group) Company) (now known as)(China Ocean Shipping Co., Ltd.) and (China COSCO Holdings Company Limited) (now known as (COSCO SHIPPING Holdings Co., Ltd.)), and a manager of capital operation office of the Capital Management & Operation Division of COSCO SHIPPING. Ms. Zhang graduated from Beijing Normal University with a master's degree in economics, majoring in international investment and international trade. She is a senior economist and a certified public accountant. Save as disclosed above, Ms. Zhang has not held any directorship in other listed public companies whether in Hong Kong or overseas in the past three years preceding the date of appointment. Mr. Wang, aged 51, is currently the chief accountant of the Company. He is also the chief accountant of COSCO SHIPPING (Hong Kong) Co., Limited (direct controlling shareholder of the Company). Mr. Wang has been the deputy manager of European Settlement Business Division of Finance Department, business manager of SAP application project division of Finance Department, the person in charge of SAP application project division of Finance Department of COSCO Container Lines Co., Ltd. (now known as COSCO SHIPPING Lines Co., Ltd.), general manager of Finance Department of COSCO Container Lines Europe GmbH, general manager of Finance and Management Division of COSCO SHIPPING Lines (Europe) GmbH, and general manager and deputy general manager of Financial Shared Service Center of COSCO SHIPPING Lines Co., Ltd. Mr. Wang has extensive experience in financial management, investment management and capital operation. Mr. Wang graduated from Shanghai Maritime College (now known as Shanghai Maritime University) majoring in accounting. Save as disclosed above, Mr. Wang has not held any directorship in other listed public companies whether in Hong Kong or overseas in the past three years preceding the date of appointment. Buy Or Sell Opportunity • Jan 24
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.3% to HK$4.41. The fair value is estimated to be HK$3.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.5% over the last 3 years. Earnings per share has grown by 31%. Buy Or Sell Opportunity • Nov 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to HK$4.36. The fair value is estimated to be HK$3.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.5% over the last 3 years. Earnings per share has grown by 31%. Buy Or Sell Opportunity • Oct 14
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to HK$4.40. The fair value is estimated to be HK$3.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.5% over the last 3 years. Earnings per share has grown by 31%. Reported Earnings • Sep 26
First half 2024 earnings released: EPS: HK$0.27 (vs HK$0.23 in 1H 2023) First half 2024 results: EPS: HK$0.27 (up from HK$0.23 in 1H 2023). Revenue: HK$1.75b (up 8.2% from 1H 2023). Net income: HK$388.0m (up 16% from 1H 2023). Profit margin: 22% (up from 21% in 1H 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 26
First half dividend increased to HK$0.27 Dividend of HK$0.27 is 18% higher than last year. Ex-date: 5th September 2024 Payment date: 25th September 2024 Dividend yield will be 10%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio) nor is it covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control, which is less than the 22% EPS growth achieved over the last 5 years. Reported Earnings • Aug 25
First half 2024 earnings released: EPS: HK$0.27 (vs HK$0.23 in 1H 2023) First half 2024 results: EPS: HK$0.27 (up from HK$0.23 in 1H 2023). Revenue: HK$1.75b (up 8.2% from 1H 2023). Net income: HK$388.0m (up 16% from 1H 2023). Profit margin: 22% (up from 21% in 1H 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Aug 23
COSCO Shipping International (Hong Kong) Co., Ltd. Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on 25 September 2024 COSCO SHIPPING International (Hong Kong) Co., Ltd. announced Interim Dividend of HKD 0.265 per share for the six months ended 30 June 2024. Ex-dividend date is 05 September 2024. Record date is 12 September 2024. Payment date is 25 September 2024. Announcement • Aug 09
COSCO SHIPPING International (Hong Kong) Co., Ltd. to Report First Half, 2024 Results on Aug 23, 2024 COSCO SHIPPING International (Hong Kong) Co., Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 Announcement • Jun 26
COSCO SHIPPING International (Hong Kong) Co., Ltd. Appoints Ma Xianghui as Non-Executive Director and Member of Risk Management Committee The board of directors of COSCO SHIPPING International (Hong Kong) Co., Ltd. announced that with effect from 26 June 2024, Mr. Ma Xianghui has been appointed as non-executive director of the Company and member of Risk Management Committee of the Company. Mr. Ma, aged 49, is currently the general manager of Finance and Accounting Division of (China COSCO Shipping Corporation Limited) (ultimate controlling shareholder of the Company), director of COSCO SHIPPING (Hong Kong) Co., Limited (direct controlling shareholder of the Company) and director of two subsidiaries of the Company. Mr. Ma is also the non-executive director and vice chairman of Qilu Expressway Company Limited (listed in Hong Kong) and the non-executive director of COSCO SHIPPING Ports Limited (listed in Hong Kong). He was the treasury manager of Finance Division of (China COSCO Holdings Company Limited), the general manager of Finance Division of COSCO International Holdings Limited (former name of the Company), the business manager of Strategy Implementation Management Office of (China Ocean Shipping (Group) Company)/(China COSCO Holdings Company Limited), the deputy general manager of Capital Management & Operation Division of (China COSCO Shipping Corporation Limited), the deputy general manager of the Company and vice president of COSCO SHIPPING (Hong Kong) Co., Limited. Mr. Ma has extensive experience in finance, capital operation, investment, mergers and acquisitions, strategic planning, etc. Mr. Ma graduated from (China School of Banking and Finance), major in investment economics and management and obtained a Master's degree in Economics from University of International Business and Economics. He is a fellowship member of Association of Chartered Certified Accountants (FCCA) and a senior accountant. Save as disclosed above, Mr. Ma has not held any directorship in other listed public companies whether in Hong Kong or overseas in the past three years preceding the date of appointment. Mr. Ma has entered into a letter of appointment with the Company for a term commencing from 26 June 2024 to the conclusion of 2026 annual general meeting of the Company subject to retirement by rotation and being eligible for re-election in accordance with the provisions of the bye-laws of the Company. Such letter of appointment is subject to the termination by either party giving one month's prior notice in writing or such other shorter notice period as may be agreed by both parties. Mr. Ma will not receive any director's emoluments from the Company. Upcoming Dividend • May 30
Upcoming dividend of HK$0.17 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 28 June 2024. Payout ratio and cash payout ratio are on the higher end at 99% and 97% respectively. Trailing yield: 10%. Within top quartile of Hong Kong dividend payers (7.5%). Higher than average of industry peers (6.0%). Announcement • May 25
COSCO SHIPPING International (Hong Kong) Co., Ltd. Announces Retirement of Chen Dong as Non-Executive Director and Member of Risk Management Committee COSCO SHIPPING International (Hong Kong) Co., Ltd. announced that, Mr. Chen Dong ("Mr. Chen"), a non-executive Director, will retire by rotation in accordance with the bye-laws of the Company and will not offer himself for re-election as a Director at the annual general meeting of the Company to be held on 31 May 2024 (the "AGM") and accordingly will cease to be a member of risk management committee of the Company due to change in job arrangement. Announcement • Apr 27
COSCO SHIPPING International (Hong Kong) Co., Ltd., Annual General Meeting, May 31, 2024 COSCO SHIPPING International (Hong Kong) Co., Ltd., Annual General Meeting, May 31, 2024, at 10:00 China Standard Time. Location: 47th Floor, COSCO Tower, 183 Queen's Road Central, Hong Kong Hong Kong Agenda: To consider and approve the audited financial statements for the year ended 31 December 2023 together with the directors' report and the independent auditor's report thereon; to consider and declare final dividend for the year ended 31 December 2023; to consider re-elect of the directors of the Company; to consider and re-appoint PricewaterhouseCoopers as the auditor of the Company and to authorise the board of directors of the Company to fix the remuneration of the auditor of the Company; and to consider other business matters. Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: HK$0.40 (vs HK$0.23 in FY 2022) Full year 2023 results: EPS: HK$0.40 (up from HK$0.23 in FY 2022). Revenue: HK$3.34b (down 16% from FY 2022). Net income: HK$593.7m (up 71% from FY 2022). Profit margin: 18% (up from 8.8% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 26
COSCO SHIPPING International (Hong Kong) Co., Ltd. Proposes Ordinary Final Dividend for the Year Ended 31 December 2023, Payable on 28 June 2024 COSCO SHIPPING International (Hong Kong) Co., Ltd. proposed ordinary final dividend of HKD 0.175 per share for the year ended 31 December 2023. Ex-dividend date is 06 June 2024; Record date is 14 June 2024; Payment date is 28 June 2024. Announcement • Mar 13
COSCO SHIPPING International (Hong Kong) Co., Ltd. to Report Fiscal Year 2023 Results on Mar 26, 2024 COSCO SHIPPING International (Hong Kong) Co., Ltd. announced that they will report fiscal year 2023 results on Mar 26, 2024 Buy Or Sell Opportunity • Mar 07
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to HK$3.64. The fair value is estimated to be HK$2.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 10%. Buy Or Sell Opportunity • Feb 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to HK$3.42. The fair value is estimated to be HK$2.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 10%. Buy Or Sell Opportunity • Jan 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to HK$3.14. The fair value is estimated to be HK$2.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 10%. Reported Earnings • Sep 21
First half 2023 earnings released: EPS: HK$0.23 (vs HK$0.11 in 1H 2022) First half 2023 results: EPS: HK$0.23 (up from HK$0.11 in 1H 2022). Revenue: HK$1.62b (down 10% from 1H 2022). Net income: HK$335.9m (up 103% from 1H 2022). Profit margin: 21% (up from 9.2% 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 10% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Sep 01
Upcoming dividend of HK$0.23 per share at 14% yield Eligible shareholders must have bought the stock before 08 September 2023. Payment date: 28 September 2023. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 14%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (6.5%). Announcement • Aug 23
COSCO SHIPPING International (Hong Kong) Co., Ltd. Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 28 September 2023 COSCO SHIPPING International (Hong Kong) Co., Ltd. announced Interim Dividend of HKD 0.225 per share for the six months ended 30 June 2023. Ex-dividend date is 08 September 2023. Record date is 15 September 2023. Payment date is 28 September 2023. Reported Earnings • Aug 23
First half 2023 earnings released: EPS: HK$0.23 (vs HK$0.11 in 1H 2022) First half 2023 results: EPS: HK$0.23 (up from HK$0.11 in 1H 2022). Revenue: HK$1.62b (down 10% from 1H 2022). Net income: HK$335.9m (up 103% from 1H 2022). Profit margin: 21% (up from 9.2% 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 10% per year whereas the company’s share price has increased by 13% per year. Announcement • Aug 09
COSCO SHIPPING International (Hong Kong) Co., Ltd. to Report First Half, 2023 Results on Aug 22, 2023 COSCO SHIPPING International (Hong Kong) Co., Ltd. announced that they will report first half, 2023 results on Aug 22, 2023 Announcement • Jul 13
COSCO SHIPPING International (Hong Kong) Co., Ltd. Provides Unaudited Consolidated Earnings Guidance for the Six Months Ended 30 June 2023 COSCO SHIPPING International (Hong Kong) Co., Ltd. provided unaudited consolidated earnings guidance for the six months ended June 30, 2023. For the period, Company expected the profit attributable to equity holders of the Company to increase significantly and record an increase of not less than 100% as compared with that of the same period of last year. Such expected increase was mainly due to the significant increases in interest income and the share of profits of Jotun COSCO Marine Coatings (HK) Limited, the joint venture of the Company. Upcoming Dividend • May 29
Upcoming dividend of HK$0.12 per share at 8.5% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 28 June 2023. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 8.5%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (6.0%). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: HK$0.23 (vs HK$0.19 in FY 2021) Full year 2022 results: EPS: HK$0.23 (up from HK$0.19 in FY 2021). Revenue: HK$3.96b (down 13% from FY 2021). Net income: HK$347.1m (up 20% from FY 2021). Profit margin: 8.8% (up from 6.4% in FY 2021). 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 increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 01
Upcoming dividend of HK$0.11 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 28 September 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.1%. Within top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (7.6%). Reported Earnings • Aug 19
First half 2022 earnings released: EPS: HK$10.80 (vs HK$0.10 in 1H 2021) First half 2022 results: EPS: HK$10.80 (up from HK$0.10 in 1H 2021). Revenue: HK$1.80b (down 19% from 1H 2021). Net income: HK$165.6m (up 3.8% from 1H 2021). Profit margin: 9.2% (up from 7.2% in 1H 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Buying Opportunity • Jul 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be HK$2.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Earnings per share has grown by 6.8%. Buying Opportunity • Jun 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.3%. The fair value is estimated to be HK$2.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Earnings per share has grown by 6.8%. Upcoming Dividend • May 26
Upcoming dividend of HK$0.09 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 28 June 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.4%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (7.3%). Buying Opportunity • May 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be HK$2.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Earnings per share has grown by 6.8%. Reported Earnings • Apr 28
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: HK$0.19 (down from HK$0.22 in FY 2020). Revenue: HK$4.53b (up 32% from FY 2020). Net income: HK$288.3m (down 15% from FY 2020). Profit margin: 6.4% (down from 9.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 22%. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Gordon Kwong was the last independent director to join the board, commencing their role in 2020. 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 • Jan 19
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be HK$3.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 43% per annum over the last 3 years. Earnings per share has grown by 6.5% per annum over the last 3 years. Upcoming Dividend • Sep 06
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 13 September 2021. Payment date: 28 September 2021. Trailing yield: 9.7%. Within top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (6.5%). Reported Earnings • Aug 23
First half 2021 earnings released: EPS HK$0.10 (vs HK$0.086 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2021 results: Revenue: HK$2.23b (up 51% from 1H 2020). Net income: HK$159.6m (up 21% from 1H 2020). Profit margin: 7.2% (down from 8.9% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 28
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 04 June 2021. Payment date: 28 June 2021. Trailing yield: 8.3%. Within top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (5.9%). Reported Earnings • Apr 25
Full year 2020 earnings released: EPS HK$0.22 (vs HK$0.22 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: HK$3.44b (up 5.4% from FY 2019). Net income: HK$338.5m (up 2.4% from FY 2019). Profit margin: 9.8% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS HK$0.22 (vs HK$0.22 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: HK$3.44b (up 5.4% from FY 2019). Net income: HK$338.5m (up 2.4% from FY 2019). Profit margin: 9.8% (in line with FY 2019). 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 7% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 05
New 90-day high: HK$2.36 The company is up 10.0% from its price of HK$2.14 on 07 August 2020. The Hong Kong market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 20
New 90-day high: HK$2.35 The company is up 6.0% from its price of HK$2.21 on 22 July 2020. The Hong Kong market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 5.0% over the same period. 
