Announcement • Apr 11
Keda Industrial Group Co., Ltd. announced that it expects to receive CNY 3 billion in funding Keda Industrial Group Co., Ltd. announced a private placement of not more than CNY 3 billion by issuing not more than 30% of total share capital on April 9, 2026. The transaction will include participation from not more than 35 investors. The shares will be priced at not less than 80% of the average price in the 20 trading days before the pricing reference date. The securities to be issued will have a lock-up period of six months from the issuance closing date. The transaction is subject to approval at the company’s shareholders meeting, approval from the Shanghai Stock Exchange, China Securities Regulatory Commission and other necessary approvals. Announcement • Apr 08
Keda Industrial Group Co., Ltd., Annual General Meeting, Apr 28, 2026 Keda Industrial Group Co., Ltd., Annual General Meeting, Apr 28, 2026, at 14:30 China Standard Time. Location: No. 1, Huanzhen West Road, Guanglong Industrial Park, Chencun Town, Shunde District, Foshan, Guangdong China Announcement • Mar 30
Keda Industrial Group Co., Ltd. to Report Q1, 2026 Results on Apr 24, 2026 Keda Industrial Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 24, 2026 Reported Earnings • Mar 29
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.70 (up from CN¥0.53 in FY 2024). Revenue: CN¥17.4b (up 38% from FY 2024). Net income: CN¥1.31b (up 30% from FY 2024). Profit margin: 7.5% (down from 8.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥17.88, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 27x in the Machinery industry in China. Total returns to shareholders of 26% over the past three years. New Risk • Jan 30
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 Chinese stocks, typically moving 7.6% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Board Change • Jan 29
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Hai Lin Lan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 26
Keda Industrial Group Co., Ltd. to Report Fiscal Year 2025 Results on Mar 28, 2026 Keda Industrial Group Co., Ltd. announced that they will report fiscal year 2025 results on Mar 28, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.21 (vs CN¥0.13 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.21 (up from CN¥0.13 in 3Q 2024). Revenue: CN¥4.42b (up 44% from 3Q 2024). Net income: CN¥404.1m (up 63% from 3Q 2024). Profit margin: 9.1% (up from 8.1% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Keda Industrial Group Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Keda Industrial Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: CN¥0.21 (vs CN¥0.076 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.21 (up from CN¥0.076 in 2Q 2024). Revenue: CN¥4.42b (up 51% from 2Q 2024). Net income: CN¥398.2m (up 179% from 2Q 2024). Profit margin: 9.0% (up from 4.9% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Jun 30
Keda Industrial Group Co., Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Keda Industrial Group Co., Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 New Risk • Apr 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.5% net profit margin). Reported Earnings • Apr 29
First quarter 2025 earnings released: EPS: CN¥0.19 (vs CN¥0.17 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.19 (up from CN¥0.17 in 1Q 2024). Revenue: CN¥3.77b (up 47% from 1Q 2024). Net income: CN¥346.9m (up 11% from 1Q 2024). Profit margin: 9.2% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Board Change • Mar 28
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Hai Lin Lan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 28
Keda Industrial Group Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Keda Industrial Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Reported Earnings • Mar 27
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: CN¥0.53 (down from CN¥1.10 in FY 2023). Revenue: CN¥12.6b (up 30% from FY 2023). Net income: CN¥1.01b (down 52% from FY 2023). Profit margin: 8.0% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 22% per year. Announcement • Mar 27
Keda Industrial Group Co., Ltd., Annual General Meeting, Apr 16, 2025 Keda Industrial Group Co., Ltd., Annual General Meeting, Apr 16, 2025, at 14:30 China Standard Time. Location: No. 1, Huanzhen West Road, Guanglong Industrial Park, Chencun Town, Shunde District, Foshan, Guangdong China Announcement • Dec 27
Keda Industrial Group Co., Ltd. to Report Fiscal Year 2024 Results on Mar 27, 2025 Keda Industrial Group Co., Ltd. announced that they will report fiscal year 2024 results on Mar 27, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.39 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.13 (down from CN¥0.39 in 3Q 2023). Revenue: CN¥3.07b (up 35% from 3Q 2023). Net income: CN¥248.4m (down 67% from 3Q 2023). Profit margin: 8.1% (down from 33% in 3Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Announcement • Oct 30
Keda Industrial Group Co., Ltd. (SHSE:600499) announces an Equity Buyback for 30,000,000 shares. Keda Industrial Group Co., Ltd. (SHSE:600499) announces a share repurchase program. Under the program, the company will repurchase up to 30,000,000 A shares. The shares will be repurchased at a price not more than CNY 10 per share. The repurchased shares will be used for the company's employee stock ownership plan and/or equity incentives. The shares will be repurchased using company's own funds and special loan for stock repurchase. The program will be valid until October 29, 2025. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥7.58, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Machinery industry in China. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥3.92 per share. Announcement • Sep 30
Keda Industrial Group Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Keda Industrial Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥8.03, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Machinery industry in China. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥3.93 per share. Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: CN¥0.076 (vs CN¥0.45 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.076 (down from CN¥0.45 in 2Q 2023). Revenue: CN¥2.93b (up 30% from 2Q 2023). Net income: CN¥143.0m (down 84% from 2Q 2023). Profit margin: 4.9% (down from 38% in 2Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Jun 28
Keda Industrial Group Co., Ltd. to Report First Half, 2024 Results on Aug 21, 2024 Keda Industrial Group Co., Ltd. announced that they will report first half, 2024 results on Aug 21, 2024 Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: CN¥0.17 (vs CN¥0.21 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.17 (down from CN¥0.21 in 1Q 2023). Revenue: CN¥2.56b (up 2.8% from 1Q 2023). Net income: CN¥311.5m (down 23% from 1Q 2023). Profit margin: 12% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 01
Consensus EPS estimates fall by 22%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥11.7b to CN¥12.1b. EPS estimate fell from CN¥1.23 to CN¥0.96 per share. Net income forecast to shrink 11% next year vs 42% growth forecast for Machinery industry in China . Consensus price target of CN¥15.00 unchanged from last update. Share price was steady at CN¥10.53 over the past week. Announcement • Mar 29
Keda Industrial Group Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Keda Industrial Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Announcement • Mar 26
Keda Industrial Group Co., Ltd., Annual General Meeting, May 08, 2024 Keda Industrial Group Co., Ltd., Annual General Meeting, May 08, 2024, at 14:30 China Standard Time. Location: Meeting Room 101, Headquarters Building, No. 1 Huanzhen West Road, Guanglong Industrial Park, Chencun Town, Shunde District, Foshan City, Guangdong Foshan City Guangdong Province China Agenda: To consider 2023 Report on the Work of the Board of Directors; 2023 Report on the Work of the Supervisory Committee; 2023 Report on the Work of Independent Directors; 2023 Annual Financial Report; 2023 Profit Distribution Plan; 2023 Annual Report and Summary; Proposal for the Renewal of the Appointment of Accounting Firm; and to discuss other matters. Reported Earnings • Mar 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.10 (down from CN¥2.23 in FY 2022). Revenue: CN¥9.70b (down 13% from FY 2022). Net income: CN¥2.09b (down 51% from FY 2022). Profit margin: 22% (down from 38% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥11.80, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Machinery industry in China. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥6.97 per share. New Risk • Jan 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. High level of non-cash earnings (24% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Jan 02
Keda Industrial Group Co., Ltd. has filed a Follow-on Equity Offering in the amount of £5 million. Keda Industrial Group Co., Ltd. has filed a Follow-on Equity Offering in the amount of £5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 50,000,000
Price\Range: £0.1
Transaction Features: Subsequent Direct Listing Announcement • Dec 29
Keda Industrial Group Co., Ltd. to Report Fiscal Year 2023 Results on Mar 26, 2024 Keda Industrial Group Co., Ltd. announced that they will report fiscal year 2023 results on Mar 26, 2024 New Risk • Nov 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. High level of non-cash earnings (24% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Oct 25
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: CN¥0.39 (down from CN¥0.77 in 3Q 2022). Revenue: CN¥2.28b (down 21% from 3Q 2022). Net income: CN¥751.3m (down 49% from 3Q 2022). Profit margin: 33% (down from 51% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 33%. Earnings per share (EPS) exceeded analyst estimates by 5.4%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Keda Industrial Group Co., Ltd. to Report Q3, 2023 Results on Oct 25, 2023 Keda Industrial Group Co., Ltd. announced that they will report Q3, 2023 results on Oct 25, 2023 Announcement • Sep 12
Keda Industrial Group Co., Ltd. (SHSE:600499) announces an Equity Buyback for 30,000,000 shares, for CNY 450 million. Keda Industrial Group Co., Ltd. (SHSE:600499) announces a share repurchase program. Under the program, the company will repurchase up to 30,000,000 A shares, for CNY 450 million. The shares will be repurchased at a price not more than CNY 15 per share. The repurchased shares will be used for the company's employee stock ownership plan and/or equity incentives. The program will be valid until December 31, 2023. Reported Earnings • Aug 15
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: CN¥0.45 (down from CN¥0.65 in 2Q 2022). Revenue: CN¥2.26b (down 27% from 2Q 2022). Net income: CN¥865.7m (down 29% from 2Q 2022). Profit margin: 38% (in line with 2Q 2022). Revenue missed analyst estimates by 39%. Earnings per share (EPS) exceeded analyst estimates by 45%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Jun 28
Keda Industrial Group Co., Ltd. to Report First Half, 2023 Results on Aug 15, 2023 Keda Industrial Group Co., Ltd. announced that they will report first half, 2023 results on Aug 15, 2023 Reported Earnings • Apr 12
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥2.23 (up from CN¥0.53 in FY 2021). Revenue: CN¥11.2b (up 14% from FY 2021). Net income: CN¥4.26b (up 323% from FY 2021). Profit margin: 38% (up from 10% in FY 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 7.4%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Machinery industry in China. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Chairman Cheng Bian was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥18.22, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 35x in the Machinery industry in China. Total returns to shareholders of 365% over the past three years. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: CN¥0.77 (vs CN¥0.18 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.77 (up from CN¥0.18 in 3Q 2021). Revenue: CN¥2.88b (up 22% from 3Q 2021). Net income: CN¥1.48b (up 324% from 3Q 2021). Profit margin: 51% (up from 15% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: CN¥0.65 (vs CN¥0.12 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.65 (up from CN¥0.12 in 2Q 2021). Revenue: CN¥3.11b (up 27% from 2Q 2021). Net income: CN¥1.22b (up 458% from 2Q 2021). Profit margin: 39% (up from 8.9% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 4.8%, compared to a 34% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. Announcement • Jul 29
Keda Industrial Group Co., Ltd. has completed a Follow-on Equity Offering in the amount of $257.4 million. Keda Industrial Group Co., Ltd. has completed a Follow-on Equity Offering in the amount of $257.4 million.
Security Name: Global Depository Receipts
Security Type: Common Stock
Securities Offered: 18,000,000
Price\Range: $14.3
Transaction Features: New Market Listing Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥20.09, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 20x in the Machinery industry in China. Total returns to shareholders of 364% over the past three years. Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: CN¥0.48 (up from CN¥0.10 in 1Q 2021). Revenue: CN¥2.54b (up 20% from 1Q 2021). Net income: CN¥901.3m (up 373% from 1Q 2021). Profit margin: 35% (up from 9.0% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 7.4%, compared to a 31% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Ji Ming Hao was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: CN¥0.53 (up from CN¥0.17 in FY 2020). Revenue: CN¥9.80b (up 33% from FY 2020). Net income: CN¥1.01b (up 243% from FY 2020). Profit margin: 10% (up from 4.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 7.7%, compared to a 29% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥22.74, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 22x in the Machinery industry in China. Total returns to shareholders of 320% over the past three years. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥24.82, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 25x in the Machinery industry in China. Total returns to shareholders of 504% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 24% share price gain to CN¥23.95, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 25x in the Machinery industry in China. Total returns to shareholders of 425% over the past three years. Reported Earnings • Oct 26
Third quarter 2021 earnings released: EPS CN¥0.18 (vs CN¥0.041 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥2.36b (up 27% from 3Q 2020). Net income: CN¥349.4m (up 377% from 3Q 2020). Profit margin: 15% (up from 3.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 26% share price gain to CN¥19.88, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 22x in the Machinery industry in China. Total returns to shareholders of 359% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 21% share price decline to CN¥16.25, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 23x in the Machinery industry in China. Total returns to shareholders of 192% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥21.74, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 23x in the Machinery industry in China. Total returns to shareholders of 290% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS CN¥0.12 (vs CN¥0.031 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥2.45b (up 35% from 2Q 2020). Net income: CN¥218.7m (up 334% from 2Q 2020). Profit margin: 8.9% (up from 2.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year whereas the company’s share price has increased by 48% per year. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥15.71, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 21x in the Machinery industry in China. Total returns to shareholders of 148% over the past three years. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥13.20, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 20x in the Machinery industry in China. Total returns to shareholders of 50% over the past three years. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS CN¥0.10 (vs CN¥0.02 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥2.11b (up 66% from 1Q 2020). Net income: CN¥190.7m (up CN¥160.3m from 1Q 2020). Profit margin: 9.0% (up from 2.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 28
Keda Industrial Group Co., Ltd.(XSSC:600499) dropped from S&P Global BMI Index Keda Clean Energy Co., Ltd.(XSSC:600499) dropped from S&P Global BMI Index Is New 90 Day High Low • Jan 27
New 90-day high: CN¥9.71 The company is up 131% from its price of CN¥4.20 on 29 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: CN¥9.14 The company is up 120% from its price of CN¥4.16 on 14 October 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: CN¥7.47 The company is up 84% from its price of CN¥4.05 on 29 September 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: CN¥5.80 The company is up 34% from its price of CN¥4.34 on 09 September 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 14
New 90-day high: CN¥4.70 The company is up 2.0% from its price of CN¥4.61 on 14 August 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 3.0% over the same period. Announcement • Nov 11
Foshan Lidu Trading Co., Ltd signed an agreement to acquire 51% stake in Foshan Keda Ceramic Technology Co., Ltd. from Keda Industrial Group Co., Ltd. (SHSE:600499) for approximately CNY 200 million. Foshan Lidu Trading Co., Ltd signed an agreement to acquire 51% stake in Foshan Keda Ceramic Technology Co., Ltd. from Keda Industrial Group Co., Ltd. (SHSE:600499) for approximately CNY 200 million on November 10, 2020. Under the terms, Foshan Lidu will pay CNY 50 million the day of signing of agreement and remaining by December 31, 2020. If Foshan Lidu fails to pay the remaining amount by December 31, 2020, Foshan Lidu will pay a penalty of CNY 20 million and Keda Industrial have right to terminate the agreement. Foshan Lidu will will initiate a bank loan application for the payment of part of the equity transfer payment. As of August 31, 2020, Foshan Keda had total assets of CNY 322.7 million and net assets of CNY 321 million. In 2019, Foshan Keda generated operating revenue of CNY 75.4 million and net losses of CNY 8.23 million. Transaction is subject to Board of Directors and shareholders of Keda Industrial. Is New 90 Day High Low • Sep 25
New 90-day low: CN¥4.04 The company is down 2.0% from its price of CN¥4.13 on 24 June 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 15% over the same period. Announcement • Jul 17
Keda Industrial Group Co., Ltd. to Report First Half, 2020 Results on Aug 29, 2020 Keda Industrial Group Co., Ltd. announced that they will report first half, 2020 results on Aug 29, 2020 
