New Risk • Apr 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 15% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: CN¥0.003 (vs CN¥0.035 in FY 2024) Full year 2025 results: EPS: CN¥0.003 (down from CN¥0.035 in FY 2024). Revenue: CN¥644.9m (down 16% from FY 2024). Net income: CN¥1.83m (down 91% from FY 2024). Profit margin: 0.3% (down from 2.8% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Mar 28
Jia Yao Holdings Limited, Annual General Meeting, Jun 18, 2026 Jia Yao Holdings Limited, Annual General Meeting, Jun 18, 2026. New Risk • Mar 19
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. This is currently the only risk that has been identified for the company. Announcement • Mar 10
Jia Yao Holdings Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Jia Yao Holdings Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Reported Earnings • Aug 31
First half 2025 earnings released: CN¥0.028 loss per share (vs CN¥0.025 profit in 1H 2024) First half 2025 results: CN¥0.028 loss per share (down from CN¥0.025 profit in 1H 2024). Revenue: CN¥260.5m (down 65% from 1H 2024). Net loss: CN¥16.8m (down 213% from profit in 1H 2024). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
Jia Yao Holdings Limited to Report Q2, 2025 Results on Aug 29, 2025 Jia Yao Holdings Limited announced that they will report Q2, 2025 results on Aug 29, 2025 Valuation Update With 7 Day Price Move • May 23
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to HK$2.50, the stock trades at a trailing P/E ratio of 64.9x. Average trailing P/E is 6x in the Packaging industry in Hong Kong. Total returns to shareholders of 98% over the past three years. New Risk • Apr 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% 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 (32% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Profit margins are more than 30% lower than last year (2.8% net profit margin). New Risk • Mar 30
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: 2.8% Last year net profit margin: 6.8% 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 Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.035 (vs CN¥0.17 in FY 2023) Full year 2024 results: EPS: CN¥0.035 (down from CN¥0.17 in FY 2023). Revenue: CN¥770.5m (down 47% from FY 2023). Net income: CN¥21.2m (down 79% from FY 2023). Profit margin: 2.8% (down from 6.8% in FY 2023). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
Jia Yao Holdings Limited, Annual General Meeting, Jun 20, 2025 Jia Yao Holdings Limited, Annual General Meeting, Jun 20, 2025. Announcement • Mar 10
Jia Yao Holdings Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 Jia Yao Holdings Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$4.97, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 13x in the Packaging industry in Hong Kong. Total returns to shareholders of 304% over the past three years. New Risk • Feb 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 6.9% 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Dividend is not well covered by cash flows (0% cash payout ratio). Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$4.21, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 13x in the Packaging industry in Hong Kong. Total returns to shareholders of 233% over the past three years. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to HK$3.24, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 13x in the Packaging industry in Hong Kong. Total returns to shareholders of 143% over the past three years. Announcement • Jan 07
Jia Yao Holdings Limited Approves Special Dividend Jia Yao Holdings Limited at its extraordinary general meeting held on 6 January 2025, approved the declaration and payment of a special dividend of HKD 0.3 per ordinary share to shareholders of the Company whose names appeared on the register of members of the Company on the record date fixed by the board of directors of the Company for determining the entitlements to the special dividend be and is hereby approved. Upcoming Dividend • Jan 02
Upcoming dividend of HK$0.30 per share Eligible shareholders must have bought the stock before 09 January 2025. Payment date: 22 January 2025. The company last paid an ordinary dividend in March 2023. The average dividend yield among industry peers is 3.9%. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to HK$3.60, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 14x in the Packaging industry in Hong Kong. Total returns to shareholders of 182% over the past three years. New Risk • Dec 02
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 13% 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 (40% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to HK$1.95, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 11x in the Packaging industry in Hong Kong. Total returns to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$1.69, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 10x in the Packaging industry in Hong Kong. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to HK$1.55, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 10x in the Packaging industry in Hong Kong. Total returns to shareholders of 30% over the past three years. Reported Earnings • Sep 26
First half 2024 earnings released: EPS: CN¥0.025 (vs CN¥0.035 in 1H 2023) First half 2024 results: EPS: CN¥0.025 (down from CN¥0.035 in 1H 2023). Revenue: CN¥742.8m (up 41% from 1H 2023). Net income: CN¥14.8m (down 30% from 1H 2023). Profit margin: 2.0% (down from 4.0% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$2.35, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 12x in the Packaging industry in Hong Kong. Total returns to shareholders of 100% over the past three years. Reported Earnings • Aug 21
First half 2024 earnings released: EPS: CN¥0.025 (vs CN¥0.035 in 1H 2023) First half 2024 results: EPS: CN¥0.025 (down from CN¥0.035 in 1H 2023). Revenue: CN¥742.8m (up 41% from 1H 2023). Net income: CN¥14.8m (down 30% from 1H 2023). Profit margin: 2.0% (down from 4.0% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Aug 07
Jia Yao Holdings Limited to Report Q2, 2024 Results on Aug 16, 2024 Jia Yao Holdings Limited announced that they will report Q2, 2024 results on Aug 16, 2024 Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$2.98, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 15x in the Packaging industry in Hong Kong. Total returns to shareholders of 277% over the past three years. Announcement • Mar 29
Jia Yao Holdings Limited, Annual General Meeting, Jun 07, 2024 Jia Yao Holdings Limited, Annual General Meeting, Jun 07, 2024. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.17 (vs CN¥0.013 in FY 2022) Full year 2023 results: EPS: CN¥0.17 (up from CN¥0.013 in FY 2022). Revenue: CN¥1.46b (up 50% from FY 2022). Net income: CN¥99.3m (up CN¥93.8m from FY 2022). Profit margin: 6.8% (up from 0.6% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Announcement • Mar 08
Jia Yao Holdings Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 Jia Yao Holdings Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to HK$3.78, the stock trades at a trailing P/E ratio of 79.5x. Average trailing P/E is 19x in the Packaging industry in Hong Kong. Total returns to shareholders of 558% over the past three years. New Risk • Sep 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 47% 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 Risks Earnings have declined by 16% per year over the past 5 years. High level of non-cash earnings (47% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • Aug 31
First half 2023 earnings released: EPS: CN¥0.035 (vs CN¥0.002 in 1H 2022) First half 2023 results: EPS: CN¥0.035 (up from CN¥0.002 in 1H 2022). Revenue: CN¥526.6m (up 29% from 1H 2022). Net income: CN¥21.1m (up CN¥20.6m from 1H 2022). Profit margin: 4.0% (up from 0.1% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
Jia Yao Holdings Limited to Report First Half, 2023 Results on Aug 29, 2023 Jia Yao Holdings Limited announced that they will report first half, 2023 results on Aug 29, 2023 Announcement • Jun 17
Jia Yao Holdings Limited Approves Final Dividend for the Year Ended 31 December 2022 Jia Yao Holdings Limited announced that at its AGM held on 16 June 2023, the shareholders approved final dividend of HKD 0.056 per Share for the year ended 31 December 2022. Upcoming Dividend • Jun 14
Upcoming dividend of HK$0.056 per share at 1.9% yield Eligible shareholders must have bought the stock before 21 June 2023. Payment date: 06 July 2023. Trailing yield: 1.9%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (4.6%). Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: CN¥0.01 (vs CN¥0.087 loss in FY 2021) Full year 2022 results: EPS: CN¥0.01 (up from CN¥0.087 loss in FY 2021). Revenue: CN¥968.4m (up 41% from FY 2021). Net income: CN¥5.50m (up CN¥31.7m from FY 2021). Profit margin: 0.6% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Buying Opportunity • Jan 19
Now 27% undervalued Over the last 90 days, the stock is up 104%. The fair value is estimated to be HK$2.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years. Earnings per share has declined by 59%. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Non-Executive Director Bin Feng was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 02
First half 2022 earnings released: EPS: CN¥0.002 (vs CN¥0.022 loss in 1H 2021) First half 2022 results: EPS: CN¥0.002 (up from CN¥0.022 loss in 1H 2021). Revenue: CN¥409.1m (up 28% from 1H 2021). Net income: CN¥512.0k (up CN¥7.01m from 1H 2021). Profit margin: 0.1% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Aug 19
Jia Yao Holdings Limited to Report First Half, 2022 Results on Aug 30, 2022 Jia Yao Holdings Limited announced that they will report first half, 2022 results on Aug 30, 2022 Announcement • Aug 09
Jia Yao Holdings Limited Provides Earnings Guidance for the Six Months Ended 30 June 2022 Jia Yao Holdings Limited provided earnings guidance for the six months ended 30 June 2022. For the period, the company expects net profit after tax in the range of approximately RMB0.2 million to RMB3.0 million for the six months ended 30 June 2022 as compared to the net loss after tax of approximately RMB7.2 million for the six months ended 30 June 2021. The aforesaid increase in net profit after tax is mainly due to the investment in Shenzhen Haohan Yangtian Technology Co. Ltd. in December 2021 resulting in the profit contribution from the new electronic cigarettes segment during the six months ended 30 June 2022; decrease in finance costs because of decrease in bank borrowings during the six months ended 30 June 2022; and the Group executed tight control on usage of raw materials in order to reduce loss on raw materials under production during the six months ended 30 June 2022. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Non-Executive Director Bin Feng was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Non-Executive Director Bin Feng was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 31
Full year 2021 earnings released: CN¥0.09 loss per share (vs CN¥0.087 loss in FY 2020) Full year 2021 results: CN¥0.09 loss per share (down from CN¥0.087 loss in FY 2020). Revenue: CN¥688.9m (up 20% from FY 2020). Net loss: CN¥26.2m (flat on FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Announcement • Mar 31
Jia Yao Holdings Limited, Annual General Meeting, Jun 24, 2022 Jia Yao Holdings Limited, Annual General Meeting, Jun 24, 2022. Agenda: To review the annual results. Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Non-Executive Director Bin Feng was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 30
First half 2021 earnings released: CN¥0.022 loss per share (vs CN¥0.022 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: CN¥321.0m (up 24% from 1H 2020). Net loss: CN¥6.50m (loss narrowed 1.8% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 19
Full year 2020 earnings released: CN¥0.087 loss per share (vs CN¥0.014 profit in FY 2019) The company reported a poor full year result with weaker earnings and control over costs, although revenues were flat. Full year 2020 results: Revenue: CN¥576.2m (flat on FY 2019). Net loss: CN¥26.2m (down CN¥30.4m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2020 earnings released: CN¥0.09 loss per share (vs CN¥0.014 profit in FY 2019) The company reported a poor full year result with weaker earnings and control over costs, although revenues were flat. Full year 2020 results: Revenue: CN¥576.2m (flat on FY 2019). Net loss: CN¥26.2m (down CN¥30.4m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 39% share price gain to CN¥1.10, the stock trades at a trailing P/E ratio of 50.9x. Average trailing P/E is 12x in the Packaging industry in Hong Kong. Total loss to shareholders of 42% over the past three years. Announcement • Mar 16
Jia Yao Holdings Limited to Report Fiscal Year 2020 Results on Mar 25, 2021 Jia Yao Holdings Limited announced that they will report fiscal year 2020 results on Mar 25, 2021 Is New 90 Day High Low • Feb 05
New 90-day low: HK$0.54 The company is down 52% from its price of HK$1.12 on 06 November 2020. The Hong Kong market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 21% over the same period. Is New 90 Day High Low • Jan 19
New 90-day low: HK$0.72 The company is down 42% from its price of HK$1.25 on 21 October 2020. The Hong Kong market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 26
New 90-day low: HK$0.95 The company is down 7.0% from its price of HK$1.02 on 28 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 17% over the same period. Is New 90 Day High Low • Oct 15
New 90-day high: HK$1.25 The company is up 24% from its price of HK$1.01 on 17 July 2020. The Hong Kong market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 11% over the same period. Announcement • Aug 08
Jia Yao Holdings Limited to Report First Half, 2020 Results on Aug 19, 2020 Jia Yao Holdings Limited announced that they will report first half, 2020 results on Aug 19, 2020