Buy Or Sell Opportunity • May 08
Now 21% overvalued Over the last 90 days, the stock has fallen 9.2% to CN¥10.60. The fair value is estimated to be CN¥8.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 38% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Apr 24
Price target increased by 21% to CN¥9.11 Up from CN¥7.50, the current price target is an average from 2 analysts. New target price is 9.9% below last closing price of CN¥10.11. Stock is down 21% over the past year. The company is forecast to post earnings per share of CN¥0.14 next year compared to a net loss per share of CN¥0.73 last year. Reported Earnings • Apr 23
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: CN¥0.73 loss per share (down from CN¥0.03 profit in FY 2024). Revenue: CN¥770.5m (down 44% from FY 2024). Net loss: CN¥296.1m (down CN¥307.2m from profit in FY 2024). Revenue missed analyst estimates by 23%. Earnings per share (EPS) exceeded analyst estimates by 2.4%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Annonce • Apr 23
Marssenger Kitchenware Co., Ltd., Annual General Meeting, May 13, 2026 Marssenger Kitchenware Co., Ltd., Annual General Meeting, May 13, 2026, at 14:00 China Standard Time. Location: No. 366, Xincheng Road, Jianshan New District, Haining, Zhejiang China Annonce • Mar 31
Marssenger Kitchenware Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Marssenger Kitchenware Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Annonce • Dec 31
Marssenger Kitchenware Co., Ltd. to Report Fiscal Year 2025 Results on Apr 23, 2026 Marssenger Kitchenware Co., Ltd. announced that they will report fiscal year 2025 results on Apr 23, 2026 Price Target Changed • Nov 22
Price target decreased by 12% to CN¥10.63 Down from CN¥12.05, the current price target is an average from 2 analysts. New target price is 13% below last closing price of CN¥12.21. Stock is down 9.7% over the past year. The company is forecast to post earnings per share of CN¥0.20 for next year compared to CN¥0.03 last year. Reported Earnings • Oct 29
Third quarter 2025 earnings released: CN¥0.24 loss per share (vs CN¥0.083 loss in 3Q 2024) Third quarter 2025 results: CN¥0.24 loss per share (further deteriorated from CN¥0.083 loss in 3Q 2024). Revenue: CN¥202.6m (down 36% from 3Q 2024). Net loss: CN¥94.7m (loss widened 265% from 3Q 2024). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Consumer Durables industry in China. 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. Annonce • Sep 30
Marssenger Kitchenware Co., Ltd. to Report Q3, 2025 Results on Oct 29, 2025 Marssenger Kitchenware Co., Ltd. announced that they will report Q3, 2025 results on Oct 29, 2025 Buy Or Sell Opportunity • Aug 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to CN¥14.81. The fair value is estimated to be CN¥12.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Meanwhile, the company became loss making. Annonce • Jul 02
Marssenger Kitchenware Co., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Marssenger Kitchenware Co., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Major Estimate Revision • Apr 29
Consensus revenue estimates fall by 34% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥1.77b to CN¥1.16b. EPS estimate fell from CN¥0.42 to CN¥0.207 per share. Net income forecast to grow 655% next year vs 24% growth forecast for Consumer Durables industry in China. Consensus price target down from CN¥13.25 to CN¥12.05. Share price fell 4.6% to CN¥12.16 over the past week. Price Target Changed • Apr 24
Price target decreased by 10% to CN¥12.05 Down from CN¥13.40, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of CN¥12.62. Stock is down 18% over the past year. The company is forecast to post earnings per share of CN¥0.24 for next year compared to CN¥0.03 last year. Reported Earnings • Apr 24
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.03 (down from CN¥0.61 in FY 2023). Revenue: CN¥1.38b (down 36% from FY 2023). Net income: CN¥11.2m (down 96% from FY 2023). Profit margin: 0.8% (down from 12% in FY 2023). Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 89%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Annonce • Apr 23
Marssenger Kitchenware Co., Ltd., Annual General Meeting, May 13, 2025 Marssenger Kitchenware Co., Ltd., Annual General Meeting, May 13, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Haining, Zhejiang China New Risk • Apr 07
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 Chinese stocks, typically moving 11% 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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (2.5% net profit margin). Annonce • Mar 31
Marssenger Kitchenware Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Marssenger Kitchenware Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Annonce • Dec 31
Marssenger Kitchenware Co., Ltd. to Report Fiscal Year 2024 Results on Apr 23, 2025 Marssenger Kitchenware Co., Ltd. announced that they will report fiscal year 2024 results on Apr 23, 2025 Reported Earnings • Oct 28
Third quarter 2024 earnings released: CN¥0.083 loss per share (vs CN¥0.22 profit in 3Q 2023) Third quarter 2024 results: CN¥0.083 loss per share (down from CN¥0.22 profit in 3Q 2023). Revenue: CN¥315.6m (down 42% from 3Q 2023). Net loss: CN¥25.9m (down 130% from profit in 3Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 34% per year. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥14.22, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Consumer Durables industry in China. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥14.12 per share. Annonce • Sep 30
Marssenger Kitchenware Co., Ltd. to Report Q3, 2024 Results on Oct 28, 2024 Marssenger Kitchenware Co., Ltd. announced that they will report Q3, 2024 results on Oct 28, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥13.75, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Consumer Durables industry in China. Total loss to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥14.02 per share. Buy Or Sell Opportunity • Sep 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to CN¥11.00. The fair value is estimated to be CN¥13.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 116% in the next 2 years. Price Target Changed • Aug 31
Price target decreased by 17% to CN¥14.60 Down from CN¥17.65, the current price target is an average from 3 analysts. New target price is 28% above last closing price of CN¥11.38. Stock is down 44% over the past year. The company is forecast to post earnings per share of CN¥0.75 for next year compared to CN¥0.61 last year. New Risk • Aug 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 159% Paying a dividend despite having no free cash flows. High level of non-cash earnings (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (8.4% net profit margin). Buy Or Sell Opportunity • Aug 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to CN¥10.84. The fair value is estimated to be CN¥13.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥14.31, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Consumer Durables industry in China. Total loss to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥12.34 per share. Annonce • Jun 29
Marssenger Kitchenware Co., Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Marssenger Kitchenware Co., Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 Declared Dividend • May 23
Dividend of CN¥0.60 announced Shareholders will receive a dividend of CN¥0.60. Ex-date: 28th May 2024 Payment date: 28th May 2024 Dividend yield will be 3.4%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio) nor is it covered by cash flows (131% cash payout ratio). The dividend has remained flat since 3 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 61% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥19.27, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Consumer Durables industry in China. Total loss to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥12.46 per share. New Risk • Apr 24
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 98% Dividend yield: 3.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 98% Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Annonce • Apr 23
Marssenger Kitchenware Co., Ltd., Annual General Meeting, May 13, 2024 Marssenger Kitchenware Co., Ltd., Annual General Meeting, May 13, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Haining, Zhejiang China Reported Earnings • Apr 22
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.61 (down from CN¥0.78 in FY 2022). Revenue: CN¥2.14b (down 6.0% from FY 2022). Net income: CN¥247.2m (down 21% from FY 2022). Profit margin: 12% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Apr 22
Now 24% undervalued Over the last 90 days, the stock has risen 19% to CN¥16.30. The fair value is estimated to be CN¥21.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 9.2%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. New Risk • Apr 17
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 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: Minor Risks Dividend is not well covered by cash flows (105% cash payout ratio). Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CN¥16.72, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Consumer Durables industry in China. Total loss to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥17.14 per share. Annonce • Mar 30
Marssenger Kitchenware Co., Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Marssenger Kitchenware Co., Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 Buy Or Sell Opportunity • Mar 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to CN¥13.40. The fair value is estimated to be CN¥16.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 6.0%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Price Target Changed • Mar 11
Price target decreased by 8.1% to CN¥18.46 Down from CN¥20.09, the current price target is an average from 4 analysts. New target price is 37% above last closing price of CN¥13.50. Stock is down 54% over the past year. The company is forecast to post earnings per share of CN¥0.78 for next year compared to CN¥0.78 last year. Buy Or Sell Opportunity • Feb 28
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to CN¥13.11. The fair value is estimated to be CN¥17.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 6.0%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥12.03, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Consumer Durables industry in China. Total loss to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥15.73 per share. Buy Or Sell Opportunity • Feb 02
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to CN¥12.03. The fair value is estimated to be CN¥15.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 6.0%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Annonce • Dec 29
Marssenger Kitchenware Co., Ltd. to Report Fiscal Year 2023 Results on Apr 22, 2024 Marssenger Kitchenware Co., Ltd. announced that they will report fiscal year 2023 results on Apr 22, 2024 Price Target Changed • Nov 07
Price target decreased by 13% to CN¥21.89 Down from CN¥25.13, the current price target is an average from 3 analysts. New target price is 20% above last closing price of CN¥18.19. Stock is down 24% over the past year. The company is forecast to post earnings per share of CN¥0.84 for next year compared to CN¥0.78 last year. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.22 (vs CN¥0.20 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.22 (up from CN¥0.20 in 3Q 2022). Revenue: CN¥546.9m (down 12% from 3Q 2022). Net income: CN¥86.6m (up 7.7% from 3Q 2022). Profit margin: 16% (up from 13% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Durables industry in China. Annonce • Sep 30
Marssenger Kitchenware Co., Ltd. to Report Q3, 2023 Results on Oct 30, 2023 Marssenger Kitchenware Co., Ltd. announced that they will report Q3, 2023 results on Oct 30, 2023 Major Estimate Revision • Sep 04
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥2.82b to CN¥2.48b. EPS estimate fell from CN¥1.07 to CN¥0.931 per share. Net income forecast to grow 39% next year vs 24% growth forecast for Consumer Durables industry in China. Consensus price target down from CN¥29.61 to CN¥25.13. Share price rose 8.4% to CN¥21.21 over the past week. Price Target Changed • Sep 02
Price target decreased by 15% to CN¥25.13 Down from CN¥29.61, the current price target is an average from 3 analysts. New target price is 23% above last closing price of CN¥20.50. Stock is down 32% over the past year. The company is forecast to post earnings per share of CN¥0.92 for next year compared to CN¥0.78 last year. Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥0.21 (vs CN¥0.19 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.21 (up from CN¥0.19 in 2Q 2022). Revenue: CN¥611.9m (up 6.9% from 2Q 2022). Net income: CN¥87.1m (up 11% from 2Q 2022). Profit margin: 14% (in line with 2Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Durables industry in China. Price Target Changed • Aug 22
Price target decreased by 12% to CN¥29.61 Down from CN¥33.62, the current price target is an average from 3 analysts. New target price is 44% above last closing price of CN¥20.61. Stock is down 31% over the past year. The company is forecast to post earnings per share of CN¥1.07 for next year compared to CN¥0.78 last year. Annonce • May 20
Marssenger Kitchenware Co., Ltd. Announces Final Dividend on A Shares for the Year 2022, Payable on May 25, 2023 Marssenger Kitchenware Co., Ltd. announced final cash dividend/10 shares (tax included) of CNY 6.00000000 on A shares for the year 2022. Record date is May 24, 2023. Ex-date is May 25, 2023. Payment date is May 25, 2023. Annonce • May 18
Marssenger Kitchenware Co., Ltd. Approves Cash Dividend for the Year 2022 Marssenger Kitchenware Co., Ltd. announced that at its Annual General Meeting held on 16 May 2023, approved cash dividend/10 shares (tax included) of CNY 6.00000000 for the year 2022. Reported Earnings • Apr 26
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥0.78 (down from CN¥0.93 in FY 2021). Revenue: CN¥2.28b (down 1.8% from FY 2021). Net income: CN¥314.5m (down 16% from FY 2021). Profit margin: 14% (down from 16% in FY 2021). Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) also missed analyst estimates by 5.1%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Consumer Durables industry in China. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥30.80, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 15x in the Consumer Durables industry in China. Total loss to shareholders of 36% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥21.70 per share. Board Change • Nov 16
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. Non-Independent Director Zecheng Huang is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Oct 31
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥2.76b to CN¥2.43b. EPS estimate fell from CN¥1.11 to CN¥0.87 per share. Net income forecast to grow 56% next year vs 41% growth forecast for Consumer Durables industry in China. Consensus price target down from CN¥38.72 to CN¥33.62. Share price fell 14% to CN¥21.95 over the past week. Buying Opportunity • Oct 28
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be CN¥28.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 8.7%. Revenue is forecast to grow by 66% in 2 years. Earnings is forecast to grow by 106% in the next 2 years. Price Target Changed • Oct 27
Price target decreased to CN¥35.47 Down from CN¥38.72, the current price target is an average from 4 analysts. New target price is 55% above last closing price of CN¥22.95. Stock is down 53% over the past year. The company is forecast to post earnings per share of CN¥0.87 for next year compared to CN¥0.93 last year. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: CN¥0.20 (vs CN¥0.35 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.20 (down from CN¥0.35 in 3Q 2021). Revenue: CN¥618.2m (down 8.6% from 3Q 2021). Net income: CN¥80.4m (down 40% from 3Q 2021). Profit margin: 13% (down from 20% in 3Q 2021). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Durables industry in China. Annonce • Oct 19
Marssenger Kitchenware Co., Ltd. Approves Management Appointments Marssenger Kitchenware Co., Ltd. announced at the EGM held on October 17, 2022 that the company approved election of Huang Zecheng, Huang Jinbiao, Mao Weiping, Yang Gen, Huang Ankui as non-independent directors; Qian Kai, Tang Li, Sun Weiguo as independent directors and Li Zhi and Tang Rong as non-employee supervisors. Annonce • Sep 22
Marssenger Kitchenware Co., Ltd. Approves Interim Dividend for 2022, Payable on 27 September 2022 Marssenger Kitchenware Co., Ltd. at the Extraordinary General Meeting on 16 September 2022, approved Cash dividend per 10 shares (tax included) of CNY 3.00000000 for interim 2022. Record date is 26 September 2022. Ex-date is 27 September 2022. Payment date is 27 September 2022. Major Estimate Revision • Sep 04
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥3.09b to CN¥2.79b. EPS estimate also fell from CN¥1.25 per share to CN¥1.12 per share. Net income forecast to grow 47% next year vs 35% growth forecast for Consumer Durables industry in China. Consensus price target down from CN¥44.50 to CN¥40.24. Share price rose 3.9% to CN¥30.24 over the past week. Annonce • Aug 30
Marssenger Kitchenware Co., Ltd. Announces Cash Profit Distribution Proposal for the First Half of 2022 Marssenger Kitchenware Co., Ltd. announced on 29 August 2022 the profit distribution proposal for the first half of 2022 Cash dividend/10 shares (tax included): CNY3.00000000. Reported Earnings • Aug 29
Second quarter 2022 earnings released: EPS: CN¥0.19 (vs CN¥0.23 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.19 (down from CN¥0.23 in 2Q 2021). Revenue: CN¥572.6m (flat on 2Q 2021). Net income: CN¥78.4m (down 18% from 2Q 2021). Profit margin: 14% (down from 17% in 2Q 2021). Over the next year, revenue is forecast to grow 46%, compared to a 14% growth forecast for the Consumer Durables industry in China. Buying Opportunity • Jul 12
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be CN¥44.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last year. Earnings per share has grown by 3.7%. Revenue is forecast to grow by 73% in 2 years. Earnings is forecast to grow by 83% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥33.51, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 14x in the Consumer Durables industry in China. Total loss to shareholders of 46% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥42.52 per share. Annonce • May 13
Marssenger Kitchenware Co., Ltd. Approves Cash Dividend for the Year 2021 Marssenger Kitchenware Co., Ltd. approved cash dividend (tax included) of CNY 3.00 per 10 shares for the year 2021 at its AGM held on 10 May 2022. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.15 (up from CN¥0.11 in 1Q 2021). Revenue: CN¥450.7m (up 29% from 1Q 2021). Net income: CN¥60.1m (up 36% from 1Q 2021). Profit margin: 13% (in line with 1Q 2021). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 8.2%. Over the next year, revenue is forecast to grow 37%, compared to a 14% growth forecast for the industry in China. Reported Earnings • Apr 16
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.93 (up from CN¥0.76 in FY 2020). Revenue: CN¥2.32b (up 44% from FY 2020). Net income: CN¥375.7m (up 37% from FY 2020). Profit margin: 16% (in line with FY 2020). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 8.2%. Over the next year, revenue is forecast to grow 34%, compared to a 14% growth forecast for the industry in China. Price Target Changed • Mar 23
Price target decreased to CN¥50.20 Down from CN¥57.96, the current price target is an average from 7 analysts. New target price is 48% above last closing price of CN¥33.91. Stock is down 34% over the past year. The company is forecast to post earnings per share of CN¥1.01 for next year compared to CN¥0.76 last year. Buying Opportunity • Jan 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be CN¥56.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last year. Earnings per share has grown by 36% over the last year. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS CN¥0.35 (vs CN¥0.31 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: CN¥676.2m (up 23% from 3Q 2020). Net income: CN¥134.1m (up 19% from 3Q 2020). Profit margin: 20% (in line with 3Q 2020). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥47.35, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 16x in the Consumer Durables industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥39.85 per share. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥64.20, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 16x in the Consumer Durables industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥39.80 per share. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥68.76, the stock trades at a forward P/E ratio of 64x. Average forward P/E is 18x in the Consumer Durables industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥36.95 per share.