Reported Earnings • Apr 03
First half 2026 earnings released: EPS: HK$0.25 (vs HK$0.23 in 1H 2025) First half 2026 results: EPS: HK$0.25 (up from HK$0.23 in 1H 2025). Revenue: HK$3.56b (up 2.0% from 1H 2025). Net income: HK$278.3m (up 8.4% from 1H 2025). Profit margin: 7.8% (up from 7.4% in 1H 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Feb 26
First half dividend of HK$0.14 announced Dividend of HK$0.14 is the same as last year. Ex-date: 6th March 2026 Payment date: 19th March 2026 Dividend yield will be 6.1%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 6.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
First half 2026 earnings released: EPS: HK$0.25 (vs HK$0.23 in 1H 2025) First half 2026 results: EPS: HK$0.25 (up from HK$0.23 in 1H 2025). Revenue: HK$3.56b (up 2.0% from 1H 2025). Net income: HK$278.3m (up 8.4% from 1H 2025). Profit margin: 7.8% (up from 7.4% in 1H 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 09
SmarTone Telecommunications Holdings Limited to Report First Half, 2026 Results on Feb 24, 2026 SmarTone Telecommunications Holdings Limited announced that they will report first half, 2026 results on Feb 24, 2026 Announcement • Nov 28
Smartone Telecommunications Holdings Limited Appoints Wong Hong-Kit as Non-Executive Director, with Effect from 28 November 2025 The board of directors of SmarTone Telecommunications Holdings Limited announced that Mr. Wong Hong-kit has been appointed as Non-Executive Director of the Company with effect from 28 November 2025. Mr. Wong, aged 53, has over 30 years of experience in the field of auditing, accounting and financial management. He is the Chief Financial Officer of non-property portfolio businesses of the Sun Hung Kai Properties Limited group, overseeing the finance function of the non-property business units. Mr. Wong is also a director of certain subsidiaries of SHKP. SHKP is the substantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) ("SFO"). Mr. Wong is the alternate director to Mr. Kwok Ping-luen, Raymond of Transport International Holdings Limited and its subsidiaries, The Kowloon Motor Bus Company Limited and Long Win Bus Company Limited. Mr. Wong is also a director of Octopus Holdings Limited. Before joining the SHKP Group, Mr. Wong held key finance positions in several listed companies engaging in technology, media and telecommunications industry in Hong Kong. Mr. Wong has also accumulated 10 years' experience in PricewaterhouseCoopers. Mr. Wong graduated from The Chinese University of Hong Kong with a Bachelor's degree in Business Administration, and is a fellow member of the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants. Upcoming Dividend • Nov 03
Upcoming dividend of HK$0.17 per share Eligible shareholders must have bought the stock before 10 November 2025. Payment date: 21 November 2025. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 6.6%. Lower than top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (3.0%). Reported Earnings • Oct 11
Full year 2025 earnings released: EPS: HK$0.43 (vs HK$0.43 in FY 2024) Full year 2025 results: EPS: HK$0.43 (up from HK$0.43 in FY 2024). Revenue: HK$6.25b (flat on FY 2024). Net income: HK$478.9m (up 1.9% from FY 2024). Profit margin: 7.7% (up from 7.6% in FY 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Sep 05
Final dividend of HK$0.17 announced Dividend of HK$0.17 is the same as last year. Ex-date: 10th November 2025 Payment date: 21st November 2025 Dividend yield will be 6.9%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 5.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 04
Full year 2025 earnings released: EPS: HK$0.43 (vs HK$0.43 in FY 2024) Full year 2025 results: EPS: HK$0.43 (up from HK$0.43 in FY 2024). Revenue: HK$6.25b (flat on FY 2024). Net income: HK$478.9m (up 1.9% from FY 2024). Profit margin: 7.7% (up from 7.6% in FY 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Sep 03
SmarTone Telecommunications Holdings Limited, Annual General Meeting, Nov 04, 2025 SmarTone Telecommunications Holdings Limited, Annual General Meeting, Nov 04, 2025. Announcement • Aug 21
SmarTone Telecommunications Holdings Limited to Report Fiscal Year 2025 Results on Sep 03, 2025 SmarTone Telecommunications Holdings Limited announced that they will report fiscal year 2025 results on Sep 03, 2025 Reported Earnings • Apr 01
First half 2025 earnings released: EPS: HK$0.23 (vs HK$0.22 in 1H 2024) First half 2025 results: EPS: HK$0.23 (up from HK$0.22 in 1H 2024). Revenue: HK$3.49b (up 3.0% from 1H 2024). Net income: HK$256.7m (up 4.4% from 1H 2024). Profit margin: 7.4% (up from 7.2% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.1% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year and the company’s share price has also increased by 1% per year. Reported Earnings • Mar 02
First half 2025 earnings released: EPS: HK$0.23 (vs HK$0.22 in 1H 2024) First half 2025 results: EPS: HK$0.23 (up from HK$0.22 in 1H 2024). Revenue: HK$3.49b (up 3.0% from 1H 2024). Net income: HK$256.7m (up 4.4% from 1H 2024). Profit margin: 7.4% (up from 7.2% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Declared Dividend • Feb 28
First half dividend of HK$0.14 announced Dividend of HK$0.14 is the same as last year. Ex-date: 10th March 2025 Payment date: 21st March 2025 Dividend yield will be 7.5%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (26% 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 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 14
SmarTone Telecommunications Holdings Limited to Report First Half, 2025 Results on Feb 26, 2025 SmarTone Telecommunications Holdings Limited announced that they will report first half, 2025 results on Feb 26, 2025 Upcoming Dividend • Nov 04
Upcoming dividend of HK$0.17 per share Eligible shareholders must have bought the stock before 11 November 2024. Payment date: 22 November 2024. Payout ratio is on the higher end at 75%, however this is supported by cash flows. Trailing yield: 7.5%. Lower than top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (3.7%). Reported Earnings • Oct 09
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: HK$0.43 (up from HK$0.24 in FY 2023). Revenue: HK$6.22b (down 8.0% from FY 2023). Net income: HK$470.1m (up 75% from FY 2023). Profit margin: 7.6% (up from 4.0% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 6.2%. Revenue is forecast to stay flat during the next 3 years compared to a 5.1% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Declared Dividend • Sep 05
Final dividend of HK$0.17 announced Dividend of HK$0.17 is the same as last year. Ex-date: 11th November 2024 Payment date: 22nd November 2024 Dividend yield will be 8.1%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (37% 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 1.8% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 04
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: HK$0.43 (up from HK$0.24 in FY 2023). Revenue: HK$6.22b (down 8.0% from FY 2023). Net income: HK$470.1m (up 75% from FY 2023). Profit margin: 7.6% (up from 4.0% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 6.2%. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 6% per year. Announcement • Aug 20
SmarTone Telecommunications Holdings Limited to Report Second Half, 2024 Results on Sep 03, 2024 SmarTone Telecommunications Holdings Limited announced that they will report second half, 2024 results on Sep 03, 2024 Announcement • Apr 11
SmarTone Telecommunications Holdings Limited Appoints Poon Sun-cheong, Patrick as Non-Executive Director The board of directors of SmarTone Telecommunications Holdings Limited announced that Dr. Poon Sun-cheong, Patrick ("Dr. Poon") has been appointed as Non-Executive Director of the Company with effect from 11 April 2024. Dr. Poon, aged 76, is Chairman of Shing Cheong Charitable Foundation Limited, Harvest SCP Group Company Limited and Master Insight Media Limited. He has a 40 years career in Life Insurance Industry since 1972, starting as an actuarial trainee at AIA Hong Kong. He qualified as a Fellow of the Institute of Actuaries in 1975 and served management and CEO positions in AIA, Aetna Taiwan, Aetna International, ING group and China Pacific Life Insurance before his retirement in 2011. He was Independent Non-Executive Director of Hang Seng Insurance Company Limited in Hong Kong (2012-2022). Dr. Poon is a Governor of The Hang Seng University of Hong Kong and Chairman of its Foundation. He is also Honorary Chairman of The Hong Kong Polytechnic University ("PolyU") Foundation and Deputy Chairman of The University of Hong Kong ("HKU") Foundation. He is Charter President of the Rotary Club of Hong Kong Harbour and President of The Association of Zhong Shan Siulamese in Hong Kong. He was Chairman of the Hong Kong Sinfonietta (2021-2023) and President of the Hong Kong Professionals and Senior Executives Association (2022-2024). He has won many awards during his professional career and community service. He has won "The Hong Kong Ten Outstanding Young Persons Award" in 1984, "Personality of the Year Award in Asia Insurance Industry", The K.T. Li Medal of Management (Taiwan), Honorary University Fellow of HKU and Honorary Fellow of the Vocational Training Council. He was conferred the Honorary Degree of Doctor of Laws (Hon LLD) at PolyU in 2013. In 2018 he was awarded the Silver Bauhinia Star award from the HKSAR. Dr. Poon is a well-known philanthropist with donations mainly in the area of supporting tertiary education and community service. Reported Earnings • Mar 29
First half 2024 earnings released: EPS: HK$0.22 (vs HK$0.23 in 1H 2023) First half 2024 results: EPS: HK$0.22 (down from HK$0.23 in 1H 2023). Revenue: HK$3.39b (down 11% from 1H 2023). Net income: HK$245.8m (down 3.9% from 1H 2023). Profit margin: 7.2% (up from 6.7% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 16
Price target decreased by 9.5% to HK$4.55 Down from HK$5.03, the current price target is an average from 2 analysts. New target price is 17% above last closing price of HK$3.89. Stock is down 23% over the past year. The company is forecast to post earnings per share of HK$0.41 for next year compared to HK$0.24 last year. New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (137% payout ratio). Profit margins are more than 30% lower than last year (4.1% net profit margin). Upcoming Dividend • Feb 27
Upcoming dividend of HK$0.14 per share Eligible shareholders must have bought the stock before 05 March 2024. Payment date: 18 March 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.8%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (3.9%). Reported Earnings • Feb 24
First half 2024 earnings released: EPS: HK$0.22 (vs HK$0.23 in 1H 2023) First half 2024 results: EPS: HK$0.22 (down from HK$0.23 in 1H 2023). Revenue: HK$3.39b (down 11% from 1H 2023). Net income: HK$245.8m (down 3.9% from 1H 2023). Profit margin: 7.2% (up from 6.7% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Feb 22
Smartone Telecommunications Holdings Limited Declares Interim Dividend for the Period Ended 31 December 2023, Payable 18 March 2024 SmarTone Telecommunications Holdings Limited declared interim dividend of HKD 0.145 per share for the period ended 31 December 2023. The ex-dividend date is 05 March 2024, the record date is 07 March 2024 and payment date is 18 March 2024. Announcement • Feb 08
SmarTone Telecommunications Holdings Limited to Report First Half, 2024 Results on Feb 22, 2024 SmarTone Telecommunications Holdings Limited announced that they will report first half, 2024 results on Feb 22, 2024 Upcoming Dividend • Oct 30
Upcoming dividend of HK$0.17 per share at 7.8% yield Eligible shareholders must have bought the stock before 06 November 2023. Payment date: 17 November 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.8%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (4.3%). Announcement • Sep 27
SmarTone Telecommunications Holdings Limited, Annual General Meeting, Oct 31, 2023 SmarTone Telecommunications Holdings Limited, Annual General Meeting, Oct 31, 2023, at 10:00 China Standard Time. Location: 53rd Floor, Sun Hung Kai Centre, 30 Harbour Road, Hong Kong Hong Kong Agenda: To receive and consider the audited financial statements, the report of the directors and the independent auditor's report for the year ended 30 June 2023; to approve the final dividend of HK$0.175 per share in respect of the year ended 30 June 2023; to re-election of directors of the Company and to authorize the board of directors to fix the fees of the directors; to re-appoint Messrs. PricewaterhouseCoopers as auditor of the Company and authorize the board of directors to fix their remuneration; and to consider other matters. Announcement • Sep 20
SmarTone Telecommunications Holdings Limited Appoints Peter Kung as Member of the Audit Committee of the Board The board of directors of SmarTone Telecommunications Holdings Limited announced that Mr. Peter Kung (Mr. Kung), an independent non-executivedirector of the Company, has been appointed as a member of the Audit Committee of the Board (Audit Committee) with effect from 19 September 2023. Mr. Kung graduated from the University of Liverpool in 1984. He is Associate Member of the Institute of Chartered Accountants in England and Wales and Fellow of the Hong Kong Institute of Certified Public Accountants. He is also Fellow of the Taxation Institute of Hong Kong and served as its president from 2007 to 2009. Mr. Kung became a partner of KPMG in 1997, Head of China Tax in Hong Kong and Southern China in 2001, Senior Partner of KPMG's Shenzhen office in 2006 and Senior Partner of KPMG's Southern China region in 2010. He was Vice Chairman of KPMG China from 2013 to 2017 and Senior Advisor to KPMG China from 2018 to 2019. Following the appointment, the composition of the Audit Committee is as follows: Dr. Li Ka-cheung, Eric (Chairman), Mr. Ng Leung-sing, Mr. Gan Fock-kin, Eric and Mr. Peter Kung. Major Estimate Revision • Sep 08
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$7.53b to HK$6.99b. EPS estimate also fell from HK$0.523 per share to HK$0.427 per share. Net income forecast to grow 96% next year vs 7.3% growth forecast for Wireless Telecom industry in Hong Kong. Consensus price target down from HK$6.42 to HK$5.66. Share price fell 3.2% to HK$4.23 over the past week. Price Target Changed • Sep 04
Price target decreased by 7.2% to HK$5.96 Down from HK$6.42, the current price target is an average from 5 analysts. New target price is 40% above last closing price of HK$4.27. Stock is up 1.4% over the past year. The company is forecast to post earnings per share of HK$0.40 for next year compared to HK$0.24 last year. Reported Earnings • Sep 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: HK$0.24 (down from HK$0.38 in FY 2022). Revenue: HK$6.76b (down 2.8% from FY 2022). Net income: HK$268.8m (down 37% from FY 2022). Profit margin: 4.0% (down from 6.1% in FY 2022). Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 49%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Announcement • Sep 02
Smartone Telecommunications Holdings Limited Proposes Ordinary Final Dividend for the Year Ended June 30, 2023, Payable on 17 November 2023 SmarTone Telecommunications Holdings Limited proposed ordinary final dividend of HKD 0.175 per share for the year ended June 30, 2023. Date of shareholders' approval 31 October 2023. Ex-dividend date is 06 November 2023. Record date is 08 November 2023. Payment date is 17 November 2023. Announcement • Aug 18
SmarTone Telecommunications Holdings Limited to Report Fiscal Year 2023 Results on Sep 01, 2023 SmarTone Telecommunications Holdings Limited announced that they will report fiscal year 2023 results on Sep 01, 2023 Announcement • Jun 13
SmarTone Appoints Judy Lam as Marketing and Product Director SmarTone has appointed Judy Lam as its marketing and product director. In her new role at SmarTone, Lam will be in charge of driving the business of consumer mobile products including pre-paid and post-paid mobile plans, roaming, Birdie and other value-added services through integrated marketing, digital and e-commerce, as well as customer relationship development. Reported Earnings • Mar 31
First half 2023 earnings released: EPS: HK$0.23 (vs HK$0.23 in 1H 2022) First half 2023 results: EPS: HK$0.23 (up from HK$0.23 in 1H 2022). Revenue: HK$3.81b (flat on 1H 2022). Net income: HK$255.8m (up 1.8% from 1H 2022). Profit margin: 6.7% (up from 6.6% in 1H 2022). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Price Target Changed • Mar 17
Price target increased by 7.5% to HK$6.23 Up from HK$5.80, the current price target is an average from 6 analysts. New target price is 24% above last closing price of HK$5.02. Stock is up 21% over the past year. The company is forecast to post earnings per share of HK$0.46 for next year compared to HK$0.38 last year. Upcoming Dividend • Feb 27
Upcoming dividend of HK$0.14 per share at 5.8% yield Eligible shareholders must have bought the stock before 06 March 2023. Payment date: 17 March 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Hong Kong dividend payers (8.1%). Higher than average of industry peers (4.5%). Reported Earnings • Feb 24
First half 2023 earnings released: EPS: HK$0.23 (vs HK$0.23 in 1H 2022) First half 2023 results: EPS: HK$0.23 (up from HK$0.23 in 1H 2022). Revenue: HK$3.81b (flat on 1H 2022). Net income: HK$255.8m (up 1.8% from 1H 2022). Profit margin: 6.7% (up from 6.6% in 1H 2022). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Announcement • Feb 10
SmarTone Telecommunications Holdings Limited to Report First Half, 2023 Results on Feb 22, 2023 SmarTone Telecommunications Holdings Limited announced that they will report first half, 2023 results on Feb 22, 2023 Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 15% share price gain to HK$4.72, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the Wireless Telecom industry in Asia. Total loss to shareholders of 3.0% over the past three years. Price Target Changed • Dec 05
Price target increased to HK$5.67 Up from HK$5.20, the current price target is an average from 6 analysts. New target price is 39% above last closing price of HK$4.09. Stock is down 1.0% over the past year. The company is forecast to post earnings per share of HK$0.42 for next year compared to HK$0.38 last year. Upcoming Dividend • Oct 31
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 07 November 2022. Payment date: 18 November 2022. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 7.7%. Lower than top quartile of Hong Kong dividend payers (9.7%). Higher than average of industry peers (4.8%). Reported Earnings • Sep 04
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: HK$0.38 (down from HK$0.40 in FY 2021). Revenue: HK$6.96b (up 3.5% from FY 2021). Net income: HK$423.2m (down 4.8% from FY 2021). Profit margin: 6.1% (down from 6.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 7.3%, compared to a 5.5% growth forecast for the Wireless Telecom industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 03
First half 2022 earnings: EPS and revenues exceed analyst expectations First half 2022 results: EPS: HK$0.23 (down from HK$0.24 in 1H 2021). Revenue: HK$3.79b (up 17% from 1H 2021). Net income: HK$251.4m (down 5.7% from 1H 2021). Profit margin: 6.6% (down from 8.2% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 9.4%. Over the next year, revenue is expected to shrink by 1.6% compared to a 6.6% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 22% per year. Major Estimate Revision • Mar 31
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from HK$0.34 to HK$0.38. Revenue forecast steady at HK$7.10b. Net income forecast to grow 1.1% next year vs 3.9% growth forecast for Wireless Telecom industry in Hong Kong. Consensus price target broadly unchanged at HK$4.83. Share price was steady at HK$4.18 over the past week. Upcoming Dividend • Feb 28
Upcoming dividend of HK$0.14 per share Eligible shareholders must have bought the stock before 07 March 2022. Payment date: 18 March 2022. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 6.7%. Lower than top quartile of Hong Kong dividend payers (7.2%). Higher than average of industry peers (4.5%). Reported Earnings • Feb 27
First half 2022 earnings: EPS and revenues exceed analyst expectations First half 2022 results: EPS: HK$0.23 (down from HK$0.24 in 1H 2021). Revenue: HK$3.79b (up 17% from 1H 2021). Net income: HK$251.4m (down 5.7% from 1H 2021). Profit margin: 6.6% (down from 8.2% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 9.4%. Over the next year, revenue is expected to shrink by 1.0% compared to a 5.4% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 21% per year. Upcoming Dividend • Nov 01
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 08 November 2021. Payment date: 19 November 2021. Trailing yield: 6.6%. Lower than top quartile of Hong Kong dividend payers (7.0%). Higher than average of industry peers (4.2%). Reported Earnings • Sep 03
Full year 2021 earnings released: EPS HK$0.40 (vs HK$0.34 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: HK$6.72b (down 3.8% from FY 2020). Net income: HK$444.6m (up 17% from FY 2020). Profit margin: 6.6% (up from 5.4% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 18% per year. Major Estimate Revision • Mar 02
Analysts update estimates The 2021 consensus revenue estimate was lowered from HK$7.10b to HK$6.61b. Earnings per share (EPS) increased from HK$0.33 to HK$0.38 for the same period. Net income is expected to grow by 13% next year compared to 7.6% growth forecast for the Wireless Telecom industry in Hong Kong. The consensus price target increased from HK$4.74 to HK$5.10. Share price is up 9.0% to HK$4.95 over the past week. Reported Earnings • Feb 26
First half 2021 earnings released: EPS HK$0.24 (vs HK$0.24 in 1H 2020) The company reported a mediocre first half result with weaker revenues, although earnings were flat and profit margins improved. First half 2021 results: Revenue: HK$3.24b (down 24% from 1H 2020). Net income: HK$266.6m (flat on 1H 2020). Profit margin: 8.2% (up from 6.2% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year and the company’s share price has also fallen by 17% per year. Upcoming Dividend • Feb 26
Upcoming Dividend of HK$0.14 Per Share Will be paid on the 18th of March to those who are registered shareholders by the 5th of March. The trailing yield of 6.0% is below the top quartile of Hong Kong dividend payers (6.2%), but it is higher than industry peers (3.5%). Price Target Changed • Feb 25
Price target raised to HK$5.10 Up from HK$4.74, the current price target is an average from 7 analysts. The new target price is close to the current share price of HK$5.04. As of last close, the stock is down 14% over the past year. Is New 90 Day High Low • Feb 22
New 90-day high: HK$4.58 The company is up 4.0% from its price of HK$4.41 on 24 November 2020. The Hong Kong market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Wireless Telecom industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$10.15 per share. Is New 90 Day High Low • Nov 16
New 90-day high: HK$4.46 The company is up 6.0% from its price of HK$4.20 on 18 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Wireless Telecom industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$8.18 per share. Upcoming Dividend • Nov 03
Upcoming Dividend of HK$0.15 Per Share Will be paid on the 20th of November to those who are registered shareholders by the 10th of November. The trailing yield of 7.0% is in the top quartile of Hong Kong dividend payers (7.0%), and it is higher than industry peers (4.0%). Price Target Changed • Oct 10
Price target lowered to HK$4.71 Down from HK$5.08, the current price target is an average from 9 analysts. The new target price is 13% above the current share price of HK$4.18. As of last close, the stock is down 38% over the past year. Reported Earnings • Oct 02
Full year earnings released - EPS HK$0.34 Over the last 12 months the company has reported total profits of HK$379.0m, down 40% from the prior year. Total revenue was HK$6.99b over the last 12 months, down 17% from the prior year. Profit margins were 5.4%, which is lower than the 7.5% margin from last year. The decrease in margin was driven by lower revenue. Price Target Changed • Sep 24
Price target lowered to HK$4.71 Down from HK$5.08, the current price target is an average from 9 analysts. The new target price is 14% above the current share price of HK$4.14. As of last close, the stock is down 38% over the past year. 