Upcoming Dividend • May 21
Upcoming dividend of HK$0.06 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 18 June 2026. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (5.0%). Buy Or Sell Opportunity • May 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to HK$1.60. The fair value is estimated to be HK$1.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 31%. Declared Dividend • Mar 28
Final dividend of HK$0.06 announced Shareholders will receive a dividend of HK$0.06. Ex-date: 28th May 2026 Payment date: 18th June 2026 Dividend yield will be 6.3%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 7.7% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 27
Mainland Headwear Holdings Limited, Annual General Meeting, May 22, 2026 Mainland Headwear Holdings Limited, Annual General Meeting, May 22, 2026. Announcement • Mar 11
Mainland Headwear Holdings Limited to Report Fiscal Year 2025 Results on Mar 26, 2026 Mainland Headwear Holdings Limited announced that they will report fiscal year 2025 results on Mar 26, 2026 Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$1.54, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 10x in the Luxury industry in Hong Kong. Total loss to shareholders of 8.8% over the past three years. Declared Dividend • Aug 28
First half dividend of HK$0.03 announced Shareholders will receive a dividend of HK$0.03. Ex-date: 15th September 2025 Payment date: 10th October 2025 Dividend yield will be 5.4%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 34% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 27
First half 2025 earnings released: EPS: HK$0.14 (vs HK$0.082 in 1H 2024) First half 2025 results: EPS: HK$0.14 (up from HK$0.082 in 1H 2024). Revenue: HK$845.6m (up 23% from 1H 2024). Net income: HK$59.9m (up 70% from 1H 2024). Profit margin: 7.1% (up from 5.1% in 1H 2024). The increase in margin was driven by higher revenue. 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 7% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
Mainland Headwear Holdings Limited to Report First Half, 2025 Results on Aug 26, 2025 Mainland Headwear Holdings Limited announced that they will report first half, 2025 results on Aug 26, 2025 Buy Or Sell Opportunity • Jul 22
Now 21% overvalued Over the last 90 days, the stock has fallen 4.7% to HK$1.41. The fair value is estimated to be HK$1.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.2% over the last 3 years. Earnings per share has declined by 24%. Buy Or Sell Opportunity • Jun 26
Now 21% overvalued Over the last 90 days, the stock has fallen 4.1% to HK$1.40. The fair value is estimated to be HK$1.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.2% over the last 3 years. Earnings per share has declined by 24%. Buy Or Sell Opportunity • Jun 10
Now 21% overvalued Over the last 90 days, the stock has fallen 9.2% to HK$1.39. The fair value is estimated to be HK$1.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.2% over the last 3 years. Earnings per share has declined by 24%. Announcement • May 23
Mainland Headwear Holdings Limited Declares Final Dividend for the Year Ended 31 December 2024 Mainland Headwear Holdings Limited at its annual general meeting held on 23 May 2025, declared a final dividend of 5 Hong Kong cents per share for the year ended 31 December 2024. Buy Or Sell Opportunity • May 23
Now 21% overvalued Over the last 90 days, the stock has fallen 19% to HK$1.39. The fair value is estimated to be HK$1.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.2% over the last 3 years. Earnings per share has declined by 24%. Upcoming Dividend • May 22
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 5.8%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (3.3%). Buy Or Sell Opportunity • Apr 18
Now 23% overvalued Over the last 90 days, the stock has fallen 11% to HK$1.47. The fair value is estimated to be HK$1.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.2% over the last 3 years. Earnings per share has declined by 24%. Declared Dividend • Mar 28
Final dividend of HK$0.05 announced Shareholders will receive a dividend of HK$0.05. Ex-date: 29th May 2025 Payment date: 20th June 2025 Dividend yield will be 5.5%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: HK$0.13 (vs HK$0.28 in FY 2023) Full year 2024 results: EPS: HK$0.13 (down from HK$0.28 in FY 2023). Revenue: HK$1.47b (up 3.9% from FY 2023). Net income: HK$57.1m (down 52% from FY 2023). Profit margin: 3.9% (down from 8.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% 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 • Mar 27
Mainland Headwear Holdings Limited, Annual General Meeting, May 23, 2025 Mainland Headwear Holdings Limited, Annual General Meeting, May 23, 2025. Announcement • Mar 11
Mainland Headwear Holdings Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 Mainland Headwear Holdings Limited announced that they will report fiscal year 2024 results on Mar 26, 2025 Buy Or Sell Opportunity • Sep 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to HK$1.46. The fair value is estimated to be HK$1.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 3.2%. Reported Earnings • Sep 02
First half 2024 earnings released: EPS: HK$0.082 (vs HK$0.15 in 1H 2023) First half 2024 results: EPS: HK$0.082 (down from HK$0.15 in 1H 2023). Revenue: HK$687.1m (down 12% from 1H 2023). Net income: HK$35.3m (down 46% from 1H 2023). Profit margin: 5.1% (down from 8.3% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Declared Dividend • Aug 29
First half dividend of HK$0.03 announced Dividend of HK$0.03 is the same as last year. Ex-date: 13th September 2024 Payment date: 10th October 2024 Dividend yield will be 5.5%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Aug 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.6% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.6% net profit margin). Market cap is less than US$100m (HK$712.4m market cap, or US$91.3m). Announcement • Aug 27
Mainland Headwear Holdings Limited Announces Interim Dividend for the Six Months Ended June 30, 2024, Payment on October 10, 2024 Mainland Headwear Holdings Limited announced Interim Dividend of HKD 0.03 per share for the Six Months Ended 30 June 2024. Ex-dividend date is 13 September 2024. Record date is 20 September 2024. Payment date is 10 October 2024. Announcement • Aug 12
Mainland Headwear Holdings Limited to Report First Half, 2024 Results on Aug 27, 2024 Mainland Headwear Holdings Limited announced that they will report first half, 2024 results on Aug 27, 2024 Buy Or Sell Opportunity • Aug 12
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to HK$1.79. The fair value is estimated to be HK$1.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 22%. Announcement • May 25
Mainland Headwear Holdings Limited Approves Final Dividend for the Year Ended 31 December 2023 Mainland Headwear Holdings Limited at its AGM held on May 24, 2024, approved to declare a final dividend of 6 HK cents per share for the year ended 31 December 2023. Upcoming Dividend • May 22
Upcoming dividend of HK$0.06 per share Eligible shareholders must have bought the stock before 29 May 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Hong Kong dividend payers (7.4%). Higher than average of industry peers (3.0%). Buy Or Sell Opportunity • Apr 22
Now 23% overvalued Over the last 90 days, the stock has fallen 4.2% to HK$1.58. The fair value is estimated to be HK$1.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 22%. Announcement • Mar 27
Mainland Headwear Holdings Limited, Annual General Meeting, May 24, 2024 Mainland Headwear Holdings Limited, Annual General Meeting, May 24, 2024. Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: HK$0.28 (vs HK$0.46 in FY 2022) Full year 2023 results: EPS: HK$0.28 (down from HK$0.46 in FY 2022). Revenue: HK$1.42b (down 24% from FY 2022). Net income: HK$117.9m (down 40% from FY 2022). Profit margin: 8.3% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 20% per year. Announcement • Mar 26
Mainland Headwear Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 21 June 2024 Mainland Headwear Holdings Limited proposed final dividend of HKD 0.06 per share for the Year Ended 31 December 2023. Ex-dividend date 39 May 2024. Record date 065 June 2024. Payment date 21 June 2024. Announcement • Mar 14
Mainland Headwear Holdings Limited to Report Fiscal Year 2023 Results on Mar 26, 2024 Mainland Headwear Holdings Limited announced that they will report fiscal year 2023 results on Mar 26, 2024 Buy Or Sell Opportunity • Mar 08
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to HK$1.53. The fair value is estimated to be HK$1.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 49%. Buy Or Sell Opportunity • Feb 16
Now 25% overvalued Over the last 90 days, the stock has fallen 10% to HK$1.59. The fair value is estimated to be HK$1.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 49%. Upcoming Dividend • Sep 07
Upcoming dividend of HK$0.03 per share at 4.9% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 10 October 2023. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (2.7%). Announcement • Sep 02
Mainland Headwear Holdings Limited Announces Changes of Independent Non-Executive Directors The board of directors of Mainland Headwear Holdings Limited announced that with effect from 1 September 2023, Mr. Li Yinquan and Mr. Cheung Tei Sing Jamie will be appointed as Independent Non-executive Directors of the Company; and each of Mr. Leung Shu Yin, William and Mr. Liu Tieh Ching, Brandon, JP has tendered his resignation letter as an Independent Non-executive Directors of the Company. Mr. Li Yinquan will be appointed as an Independent Non-executive Director of the Company, the chairman and a member of Nomination Committee and a member of the Remuneration Committee and a member of the Audit Committee of the Board; and Mr. Cheung Tei Sing Jamie will be appointed as an Independent Non-executive Director of the Company, the chairman and a member of Audit Committee and a member of the Remuneration Committee and a member of the Nomination Committee of the Board. Mr. Li Yinquan ("Mr. Li"), aged 68, has been serving as independent non-executive director of Genertec Universal Medical Group Company Limited (formerly known as Universal Medical Financial and Technical Advisory Services Company Limited) since June 2015, Million Cities Holdings Limited since June 2018, Hong Kong Shanghai Alliance Holdings Limited since July 2018 and China Everbright Bank Company Limited since June 2020. Mr. Li served respectively as the General Manager of Financial Department, Chief Financial Officer, Vice President of China Merchants Group and CEO of China Merchants Capital Investment Co. Ltd. from 2000 to 2017. Mr. Li also served as an executive director of China Merchants Port Holdings Company Limited (formerly known as China Merchants Holdings (International) Company Limited)) from June 2001 to March 2015, a non-executive director of China Merchants Bank Co. Ltd. from April 2001 to June 2016, an executive director of China Merchants China Direct Investments Limited from July 2008 to April 2017, an independent non-executive director of Lizhi Inc. from January 2020 to June 2021 and Kimou Environmental Holdings Limited from July 2019 to December 2022. Mr. Li received his bachelor's degree in economics from Shaanxi Institute of Finance and Economics, master's degree in economics from Graduate School of the People's Bank of China and master's degree in banking and finance for development from Finafrica Institute in Milan, Italy. Mr. Cheung Tei Sing Jamie ("Mr. Cheung"), aged 52, is an executive director and theVice Chairman of Somerley Capital Holdings Limited ("SCHL"). Mr. Cheung has over 20 years' experience in corporate finance. Mr. Cheung obtained a Bachelor of Commerce degree from The University of New South Wales and obtained from the Australian Graduate School of Management the degree of Master of Business Administration. Mr. Cheung is a member of CPA Australia. Prior to joining SCHL, Mr. Cheung worked in the audit department of Deloitte Touche Tohmatsu as an accountant. Reported Earnings • Aug 31
First half 2023 earnings released: EPS: HK$0.15 (vs HK$0.21 in 1H 2022) First half 2023 results: EPS: HK$0.15 (down from HK$0.21 in 1H 2022). Revenue: HK$780.3m (down 17% from 1H 2022). Net income: HK$65.1m (down 23% from 1H 2022). Profit margin: 8.3% (down from 9.0% in 1H 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Aug 30
Mainland Headwear Holdings Limited Declares Interim Dividend for the Six Months Ended June 30, 2023, Payment on October 10, 2023 Mainland Headwear Holdings Limited declared Interim Dividend of HKD 0.03 per share for the Six Months Ended 30 June 2023. Ex-dividend date is 14 September 2023. Record date is 20 September 2023. Payment date is 10 October 2023. Announcement • Aug 18
Mainland Headwear Holdings Limited to Report First Half, 2023 Results on Aug 29, 2023 Mainland Headwear Holdings Limited announced that they will report first half, 2023 results on Aug 29, 2023 Announcement • May 26
Mainland Headwear Holdings Limited Approves Final Dividend for the Year Ended 31 December 2022 Mainland Headwear Holdings Limited at its annual general meeting held on 25 May 2023, declare a final dividend of 6 Hong Kong cents per share for the year ended 31 December 2022. Upcoming Dividend • May 23
Upcoming dividend of HK$0.06 per share at 4.7% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (2.5%). Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: HK$0.46 (vs HK$0.30 in FY 2021) Full year 2022 results: EPS: HK$0.46 (up from HK$0.30 in FY 2021). Revenue: HK$1.87b (up 17% from FY 2021). Net income: HK$195.4m (up 53% from FY 2021). Profit margin: 10% (up from 8.0% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Announcement • Jan 17
Mainland Headwear Holdings Limited Provides Earnings Guidance for the Year Ended 31 December 2022 Mainland Headwear Holdings Limited provided earnings guidance for the year ended 31 December 2022. The consolidated profit attributable to owners of the Company for the year ended 31 December 2022 is expected to be not less than HKD 180.0 million as compared to approximately HKD 128.1 million in the preceding financial year ended 31 December 2021, representing an increase of approximately 40.5%. Such significant increase in the net profit is mainly attributable to the substantial growth in sales volume of the Group's manufacturing business segment. six-month period ended 30 June 2022 (the "Interim Report"). The Group's revenue increased by approximately 27.0% for the six months ended 30 June 2022 when compared to the corresponding period in 2021. Such increase was primarily attributable to the significant increase in the revenue generated from manufacturing business as a result of the high production efficiency of the Group's Bangladesh factory, which allowed the Group to quickly respond to and meet the needs of customers, and benefit from the growth in quick-turn order demand. Considering its production capacity as one of the major limiting factors for business growth, the Group has actively rolled out its production facility expansion plan in Bangladesh by optimising management efficiency, purchasing additional machineries and recruiting additional manpower. In the second half of 2022, the Group has continued to maintain a high utilisation rate of its production capacity. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Gordon Ng was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Sep 12
Upcoming dividend of HK$0.03 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (2.4%). Reported Earnings • Sep 01
First half 2022 earnings released: EPS: HK$0.21 (vs HK$0.15 in 1H 2021) First half 2022 results: EPS: HK$0.21 (up from HK$0.15 in 1H 2021). Revenue: HK$941.9m (up 27% from 1H 2021). Net income: HK$84.5m (up 28% from 1H 2021). Profit margin: 9.0% (up from 8.9% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Aug 31
Mainland Headwear Holdings Limited Announces Interim Dividend for the Six Months Ended 30 June 2022, Payment Date Is 14 October 2022 Mainland Headwear Holdings Limited announced Interim Dividend of HKD 0.03 per share for the Six Months Ended 30 June 2022. Ex-dividend date is 19 September 2022. Record date is 23 September 2022. Payment date is 14 October 2022. Announcement • Aug 19
Mainland Headwear Holdings Limited to Report First Half, 2022 Results on Aug 30, 2022 Mainland Headwear Holdings Limited announced that they will report first half, 2022 results on Aug 30, 2022 Upcoming Dividend • May 23
Upcoming dividend of HK$0.06 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (2.2%). Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Gordon Ng was the last independent director to join the board, commencing their role in 2014. 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 • Mar 30
Full year 2021 earnings released: EPS: HK$0.32 (vs HK$0.11 in FY 2020) Full year 2021 results: EPS: HK$0.32 (up from HK$0.11 in FY 2020). Revenue: HK$1.60b (up 53% from FY 2020). Net income: HK$128.1m (up 179% from FY 2020). Profit margin: 8.0% (up from 4.4% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 19% per year. Announcement • Jan 12
Mainland Headwear Holdings Limited Provides Preliminary Consolidated Earnings Guidance for the Year Ended 31 December 2021 The board of directors of Mainland Headwear Holdings Limited informed the shareholders and potential investors of the Company that, based on the preliminary assessment of the Group's latest unaudited consolidated management accounts and the information currently available to the Board, the consolidated net profit for the year ended 31 December 2021 of the Group is expected to be not less than HKD 120 million as compared to HKD 45.9 million in the preceding financial year ended 31 December 2020. Such significant increase in the net profit is mainly contributed by the manufacturing and trading business segments of the Group. Upcoming Dividend • Sep 03
Upcoming dividend of HK$0.03 per share Eligible shareholders must have bought the stock before 10 September 2021. Payment date: 08 October 2021. Trailing yield: 3.6%. Lower than top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (1.1%). Reported Earnings • Aug 27
First half 2021 earnings released: EPS HK$0.16 (vs HK$0.002 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: HK$741.7m (up 72% from 1H 2020). Net income: HK$66.1m (up HK$65.3m from 1H 2020). Profit margin: 8.9% (up from 0.2% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jun 24
Mainland Headwear Holdings Limited Provides Unaudited Consolidated Earnings Guidance for the Six Months Ending June 30, 2021 Mainland Headwear Holdings Limited provided unaudited consolidated earnings guidance for the six months ending June 30, 2021. For the six months, the Group is expected to be not less than HKD 65 million as compared to HKD 1.3 million in the corresponding period in 2020. Such significant increase in the net profit is mainly contributed by the manufacturing and trading business segments of the Group. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 28% share price gain to HK$1.18, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 13x in the Luxury industry in Hong Kong. Total returns to shareholders of 10% over the past three years. Announcement • May 27
Mainland Headwear Holdings Limited Declares Final Dividend for the Year Ended 31 December 2020 Mainland Headwear Holdings Limited declared a final dividend of 3 HK cents for the year ended 31 December 2020 at the AGM of the company held on 26 May 2021. Upcoming Dividend • May 24
Upcoming dividend of HK$0.03 per share Eligible shareholders must have bought the stock before 31 May 2021. Payment date: 25 June 2021. Trailing yield: 5.3%. Lower than top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (1.0%). Reported Earnings • Apr 25
Full year 2020 earnings released: EPS HK$0.11 (vs HK$0.14 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: HK$1.05b (down 8.6% from FY 2019). Net income: HK$45.9m (down 20% from FY 2019). Profit margin: 4.4% (down from 5.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% 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. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS HK$0.11 (vs HK$0.14 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: HK$1.05b (down 8.6% from FY 2019). Net income: HK$45.9m (down 20% from FY 2019). Profit margin: 4.4% (down from 5.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Mar 17
Mainland Headwear Holdings Limited to Report Fiscal Year 2020 Results on Mar 29, 2021 Mainland Headwear Holdings Limited announced that they will report fiscal year 2020 results on Mar 29, 2021 Is New 90 Day High Low • Dec 25
New 90-day low: HK$0.88 The company is down 6.0% from its price of HK$0.94 on 25 September 2020. The Hong Kong market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 34% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: HK$0.98 The company is up 53% from its price of HK$0.64 on 21 August 2020. The Hong Kong market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 28% over the same period. Announcement • Aug 11
Mainland Headwear Holdings Limited to Report First Half, 2020 Results on Aug 21, 2020 Mainland Headwear Holdings Limited announced that they will report first half, 2020 results on Aug 21, 2020 
