Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$43.48, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Personal Products industry in Hong Kong. Total returns to shareholders of 89% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$42.93 per share. Upcoming Dividend • May 05
Upcoming dividend of CN¥0.75 per share Eligible shareholders must have bought the stock before 12 May 2026. Payment date: 23 June 2026. Trailing yield: 2.7%. Lower than top quartile of Hong Kong dividend payers (6.8%). Lower than average of industry peers (3.6%). Buy Or Sell Opportunity • May 04
Now 22% overvalued Over the last 90 days, the stock has fallen 24% to HK$50.90. The fair value is estimated to be HK$41.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 53%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Apr 08
Now 21% overvalued Over the last 90 days, the stock has fallen 27% to HK$51.20. The fair value is estimated to be HK$42.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 53%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$50.60, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Personal Products industry in Hong Kong. Total returns to shareholders of 112% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$44.35 per share. Declared Dividend • Mar 28
Final dividend of CN¥0.75 announced Shareholders will receive a dividend of CN¥0.75. Ex-date: 12th May 2026 Payment date: 23rd June 2026 Dividend yield will be 2.3%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (35% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 59% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 71% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥2.77 (up from CN¥1.96 in FY 2024). Revenue: CN¥9.18b (up 35% from FY 2024). Net income: CN¥1.10b (up 41% from FY 2024). Profit margin: 12% (in line with FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 3.9%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Personal Products industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Mar 27
Shanghai Chicmax Cosmetic Co., Ltd., Annual General Meeting, May 08, 2026 Shanghai Chicmax Cosmetic Co., Ltd., Annual General Meeting, May 08, 2026. Announcement • Mar 16
Shanghai Chicmax Cosmetic Co., Ltd. to Report Fiscal Year 2025 Results on Mar 26, 2026 Shanghai Chicmax Cosmetic Co., Ltd. announced that they will report fiscal year 2025 results on Mar 26, 2026 Announcement • Mar 06
Shanghai Chicmax Cosmetic Co., Ltd. Provides Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2025 Shanghai Chicmax Cosmetic Co., Ltd. provided unaudited consolidated earnings guidance for the year ended 31 December 2025. For the year, the group is expected to record (i) a revenue in the range of approximately RMB 9,100.0 million to RMB 9,200.0 million for the year ended 31 December 2025, representing an increase ranging from approximately 34.0% to 35.4% as compared with the revenue of RMB 6,792.5 million for the year ended 31 December 2024; and (ii) a profit of the Group in the range of approximately RMB 1,140.0 million to RMB 1,160.0 million for the year ended 31 December 2025, representing an increase ranging from approximately 41.9% to 44.4% as compared with the profit of the Group of RMB 803.3 million for the year ended 31 December 2024. Based on currently available information, the increase in revenue and profit was primarily attributable to the success in the layout of the Group's multi-brand and multi-category strategy, the sustained revenue growth of the Group's scientific anti-aging skincare brand KANS, and the significant year-on-year increase in revenue of newpage, the Group's functional skincare brand focusing on infants and children in China. As at the date of this announcement, the Company is still in the course of preparing the results of the Group for the year ended 31 December 2025. The information contained in this announcement is only based on the preliminary assessment by the Board of the unaudited consolidated management accounts of the Group for the year ended 31 December 2025, which have not been reviewed or audited by the Company 's auditors, nor reviewed by the audit committee of the Company. Such financial information will be subject to finalisation and necessary adjustments. The results of the Group for the year ended 31 December 2025 are expected to be announced by the Company by the end of March 2026. Shareholders and potential investors are advised to read the annual results announcement of the Company when it is published. Recent Insider Transactions • Dec 31
Independent Non-Executive Director recently bought HK$27m worth of stock On the 29th of December, Yan Luo bought around 364k shares on-market at roughly HK$75.46 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold HK$339m more in shares than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$74.05, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 23x in the Personal Products industry in Hong Kong. Total returns to shareholders of 134% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$107 per share. Recent Insider Transactions • Dec 23
Independent Non-Executive Director recently bought HK$20m worth of stock On the 17th of December, Yan Luo bought around 241k shares on-market at roughly HK$82.63 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold HK$384m more in shares than they bought in the last 12 months. Recent Insider Transactions • Dec 16
Independent Non-Executive Director recently bought HK$1.1m worth of stock On the 12th of December, Yan Luo bought around 13k shares on-market at roughly HK$83.85 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$12m. Despite this recent purchase, insiders have collectively sold HK$404m more in shares than they bought in the last 12 months. Buy Or Sell Opportunity • Dec 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to HK$83.65. The fair value is estimated to be HK$105, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 58% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Recent Insider Transactions • Nov 18
Independent Non-Executive Director recently bought HK$12m worth of stock On the 13th of November, Yan Luo bought around 142k shares on-market at roughly HK$82.56 per share. This transaction amounted to 7.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold HK$404m more in shares than they bought in the last 12 months. Buy Or Sell Opportunity • Nov 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to HK$82.55. The fair value is estimated to be HK$104, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 58% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. New Risk • Oct 31
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: HK$461m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risk Significant insider selling over the past 3 months (HK$461m sold). Recent Insider Transactions • Oct 31
Chairman & CEO recently sold HK$461m worth of stock On the 28th of October, Yixiong Lyu sold around 5m shares on-market at roughly HK$85.38 per share. This transaction amounted to 5.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Yixiong has been a net seller over the last 12 months, reducing personal holdings by HK$461m. Upcoming Dividend • Sep 22
Upcoming dividend of CN¥0.50 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 28 October 2025. Payout ratio is a comfortable 55% and the cash payout ratio is 86%. Trailing yield: 1.1%. Lower than top quartile of Hong Kong dividend payers (6.6%). Lower than average of industry peers (2.3%). Reported Earnings • Aug 31
First half 2025 earnings released: EPS: CN¥1.32 (vs CN¥1.01 in 1H 2024) First half 2025 results: EPS: CN¥1.32 (up from CN¥1.01 in 1H 2024). Revenue: CN¥4.11b (up 17% from 1H 2024). Net income: CN¥524.2m (up 31% from 1H 2024). Profit margin: 13% (up from 12% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Personal Products industry in Asia. Announcement • Aug 18
Shanghai Chicmax Cosmetic Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Shanghai Chicmax Cosmetic Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$88.35, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 21x in the Personal Products industry in Hong Kong. Total returns to shareholders of 161% over the past year. Recent Insider Transactions • Jul 31
Non Executive Director recently bought HK$372k worth of stock On the 28th of July, Hao Sun bought around 5k shares on-market at roughly HK$74.30 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$3.2m. Insiders have collectively bought HK$38m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 17
Independent Non-Executive Director recently bought HK$3.2m worth of stock On the 14th of July, Yan Luo bought around 40k shares on-market at roughly HK$81.05 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$41m more in shares than they have sold in the last 12 months. Announcement • Jul 11
Shanghai Chicmax Cosmetic Co., Ltd. Announces Company Secretary Changes, with Effect from 31 July 2025 The board of directors of Shanghai Chicmax Cosmetic Co., Ltd. announced that Mr. Lian Ming, will resign as a joint company secretary of the Company and the secretary to the Board due to personal career development considerations with effect from 31 July 2025. Mr. Feng Yifeng, chief financial officer and executive director of the Company, will temporarily manage board related functions with effect from 31 July 2025. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$78.90, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 22x in the Personal Products industry in Asia. Total returns to shareholders of 91% over the past year. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (37% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Announcement • May 06
Shanghai Chicmax Cosmetic Co., Ltd. Approves Final Dividend for the Year Ended 31 December 2024, Payable on or Around May 30, 2025 Shanghai Chicmax Cosmetic Co. Ltd. announced that at its AGM held on May 6, 2025, the shareholders approved the payment of final dividend of RMB 0.75 per share for the year ended 31 December 2024 was approved at the Annual General Meeting. The final dividend will be paid on or around 30 May 2025 to the Shareholders whose names appear on the register of members of the Company at close of business 14 May 2025. Upcoming Dividend • May 01
Upcoming dividend of CN¥0.75 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 30 May 2025. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 2.4%. Lower than top quartile of Hong Kong dividend payers (7.9%). In line with average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$65.35, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 22x in the Personal Products industry in Hong Kong. Total returns to shareholders of 47% over the past year. Announcement • Mar 21
Shanghai Chicmax Cosmetic Co., Ltd., Annual General Meeting, May 06, 2025 Shanghai Chicmax Cosmetic Co., Ltd., Annual General Meeting, May 06, 2025. Reported Earnings • Mar 21
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥1.96 (up from CN¥1.16 in FY 2023). Revenue: CN¥6.79b (up 62% from FY 2023). Net income: CN¥781.2m (up 69% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 1.3%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Personal Products industry in Hong Kong. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$46.45, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Personal Products industry in Hong Kong. Total returns to shareholders of 2.4% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$75.96 per share. Announcement • Mar 10
Shanghai Chicmax Cosmetic Co., Ltd. to Report Fiscal Year 2024 Results on Mar 20, 2025 Shanghai Chicmax Cosmetic Co., Ltd. announced that they will report fiscal year 2024 results on Mar 20, 2025 Recent Insider Transactions • Jan 24
Independent Non-Executive Director recently bought HK$4.6m worth of stock On the 17th of January, Yan Luo bought around 130k shares on-market at roughly HK$35.75 per share. This transaction amounted to 8.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$11m. Insiders have collectively bought HK$68m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jan 09
Independent Non-Executive Director recently bought HK$6.9m worth of stock On the 3rd of January, Yan Luo bought around 200k shares on-market at roughly HK$34.56 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$47m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 14
Independent Non-Executive Director recently bought HK$1.8m worth of stock On the 11th of November, Yan Luo bought around 50k shares on-market at roughly HK$35.79 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$40m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$35.30, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Personal Products industry in Asia. Total returns to shareholders of 47% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$14.41 per share. Announcement • Oct 01
Shanghai Chicmax Cosmetic Co., Ltd. Approves an Interim Dividend for the Six Months Ended 30 June 2024, Payable on or Around 19 November 2024 Shanghai Chicmax Cosmetic Co., Ltd. approved the proposed distribution of an interim dividend of RMB0.75 per share for the six months ended 30 June 2024. The interim dividend will be paid on or around 19 November 2024 to the Shareholders whose names appear on the register of members of the Company at close of business on 9 October 2024. Ex-dividend date 03 October 2024. Recent Insider Transactions • Sep 27
Independent Non-Executive Director recently bought HK$942k worth of stock On the 26th of September, Yan Luo bought around 26k shares on-market at roughly HK$36.51 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$12m. Insiders have collectively bought HK$36m more in shares than they have sold in the last 12 months. Upcoming Dividend • Sep 26
Upcoming dividend of CN¥0.75 per share Eligible shareholders must have bought the stock before 03 October 2024. Payment date: 19 November 2024. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Hong Kong dividend payers (8.4%). In line with average of industry peers (4.1%). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$35.50, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the Personal Products industry in Asia. Total returns to shareholders of 41% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$14.48 per share. New Risk • Sep 20
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 96% Dividend yield: 5.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 26
First half 2024 earnings released: EPS: CN¥1.01 (vs CN¥0.25 in 1H 2023) First half 2024 results: EPS: CN¥1.01 (up from CN¥0.25 in 1H 2023). Revenue: CN¥3.50b (up 121% from 1H 2023). Net income: CN¥401.2m (up 297% from 1H 2023). Profit margin: 12% (up from 6.4% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Personal Products industry in Asia. Announcement • Aug 22
Shanghai Chicmax Cosmetic Co., Ltd. Proposes Interim Dividend for the Six Months Ended 30 June 2024, Payable on November 19, 2024 Shanghai Chicmax Cosmetic Co., Ltd. proposed Interim Dividend of RMB 0.75 per share for the Six Months Ended 30 June 2024. Ex-dividend date: 3 October 2024. Record date: 9 October 2024, Payment date: November 19, 2024. Date of shareholders approval: 30 September 2024. Announcement • Aug 12
Shanghai Chicmax Cosmetic Co., Ltd. to Report First Half, 2024 Results on Aug 22, 2024 Shanghai Chicmax Cosmetic Co., Ltd. announced that they will report first half, 2024 results on Aug 22, 2024 Buy Or Sell Opportunity • Jul 31
Now 22% overvalued Over the last 90 days, the stock has fallen 24% to HK$35.00. The fair value is estimated to be HK$28.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.5%. For the next 3 years, revenue is forecast to grow by 26% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$32.95, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Personal Products industry in Asia. Total returns to shareholders of 41% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$28.60 per share. Recent Insider Transactions • Jul 21
Independent Non-Executive Director recently bought HK$3.8m worth of stock On the 19th of July, Yan Luo bought around 101k shares on-market at roughly HK$37.84 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$12m. Insiders have collectively bought HK$34m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 06
Independent Non-Executive Director recently bought HK$12m worth of stock On the 2nd of July, Yan Luo bought around 308k shares on-market at roughly HK$40.51 per share. This transaction increased Yan's direct individual holding by 13x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$14m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 01
Deputy CEO recently bought HK$485k worth of stock On the 24th of May, Yifeng Feng bought around 10k shares on-market at roughly HK$48.50 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Yifeng's only on-market trade for the last 12 months. Announcement • Jun 01
Shanghai Chicmax Cosmetic Co., Ltd. Announces Board Changes Shanghai Chicmax Cosmetic Co., Ltd. at the the Annual General Meeting held on 30 May 2024 approved to elect Mr. Li Yang as an independent non-executive Director of the second session of the Board of Directors. At the first meeting of the second session of the Board held immediately after the Annual General Meeting, the Board passed the resolution on, among other things, the appointment of the following members of the Board committees for a term of three years effective from 30 May 2024 and ending on the date of expiry of the second session of the Board. The details are as follows: Audit Committee: Mr. Leung Ho Sun Wilson (chairman); Ms. Luo Yan; Mr. Li Yang; Nomination Committee: Mr. Lyu Yixiong (chairman); Mr. Li Yang; Ms. Luo Yan; Remuneration and Appraisal Committee: Ms. Luo Yan (chairwoman); Mr. Li Yang; Mr. Lyu Yixiong. Announcement • May 31
Shanghai Chicmax Cosmetic Co., Ltd. Approves Final Dividend for the Year Ended 31 December 2023, Payable on or Around 28 June 2024 Shanghai Chicmax Cosmetic Co., Ltd. at the Annual General Meeting held on 30 May 2024 approved the payment of final dividends of RMB 0.75 per share for the year ended 31 December 2023. The final dividend will be paid on or around 28 June 2024 to the Shareholders whose names appear on the register of members of the Company at close of business on 7 June 2024. Ex-dividend date is 03 June 2024. Upcoming Dividend • May 27
Upcoming dividend of CN¥0.75 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 28 June 2024. Trailing yield: 2.1%. Lower than top quartile of Hong Kong dividend payers (7.6%). Lower than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$54.75, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 20x in the Personal Products industry in Asia. Total returns to shareholders of 121% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$27.15 per share. Announcement • Mar 23
Shanghai Chicmax Cosmetic Co., Ltd., Annual General Meeting, May 30, 2024 Shanghai Chicmax Cosmetic Co., Ltd., Annual General Meeting, May 30, 2024. Agenda: To recommend the payment of final dividends for the year ended 31 December 2023. Major Estimate Revision • Mar 22
Consensus revenue estimates increase by 24% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥5.62b to CN¥6.94b. EPS estimate increased from CN¥1.57 to CN¥1.91 per share. Net income forecast to grow 225% next year vs 27% growth forecast for Personal Products industry in Hong Kong. Consensus price target up from HK$44.98 to HK$52.51. Share price rose 3.7% to HK$47.20 over the past week. Announcement • Mar 22
Shanghai Chicmax Cosmetic Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 28 June 2024 Shanghai Chicmax Cosmetic Co., Ltd. proposed final dividend of RMB 0.75 per share for the year ended 31 December 2023 at its shareholders' meeting to be held on 30 May 2024. Ex-dividend date: 03 June 2024.Record date: 07 June 2024. Payment date: 28 June 2024. Announcement • Mar 12
Shanghai Chicmax Cosmetic Co., Ltd. to Report Fiscal Year 2023 Results on Mar 21, 2024 Shanghai Chicmax Cosmetic Co., Ltd. announced that they will report fiscal year 2023 results on Mar 21, 2024 Buy Or Sell Opportunity • Mar 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 111% to HK$47.00. The fair value is estimated to be HK$38.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has declined by 25%. Revenue is forecast to grow by 110% in 2 years. Earnings are forecast to grow by 291% in the next 2 years. New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to HK$38.00, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 17x in the Personal Products industry in Asia. Total returns to shareholders of 44% over the past year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$26.85, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 19x in the Personal Products industry in Asia. Total loss to shareholders of 8.7% over the past year. Announcement • Oct 17
Shanghai Chicmax Cosmetic Co., Ltd. Approves Interim Dividend for the Six Months Ended 30 June 2023, Payable on 15 November 2023 Shanghai Chicmax Cosmetic Co., Ltd. approved interim dividend of RMB 0.2 per share for the six months ended 30 June 2023. Date of shareholders' approval is 16 October 2023; Ex-dividend date is 18 October 2023; Record date is 26 October 2023; Payment date is 15 November 2023. Upcoming Dividend • Oct 11
Upcoming dividend of CN¥0.20 per share at 1.7% yield Eligible shareholders must have bought the stock before 18 October 2023. Payment date: 15 November 2023. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Hong Kong dividend payers (8.2%). Lower than average of industry peers (3.5%). Reported Earnings • Sep 01
First half 2023 earnings released: EPS: CN¥0.25 (vs CN¥0.18 in 1H 2022) First half 2023 results: EPS: CN¥0.25 (up from CN¥0.18 in 1H 2022). Revenue: CN¥1.59b (up 26% from 1H 2022). Net income: CN¥101.0m (up 55% from 1H 2022). Profit margin: 6.4% (up from 5.2% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Personal Products industry in Asia. Announcement • Aug 19
Shanghai Chicmax Cosmetic Co., Ltd. to Report First Half, 2023 Results on Aug 30, 2023 Shanghai Chicmax Cosmetic Co., Ltd. announced that they will report first half, 2023 results on Aug 30, 2023 
