Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to CN¥46.96, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 21x in the Chemicals industry in China. Total returns to shareholders of 171% over the past three years. Declared Dividend • Jul 06
Final dividend of CN¥0.075 announced Shareholders will receive a dividend of CN¥0.075. Ex-date: 9th July 2026 Payment date: 9th July 2026 Dividend yield will be 0.2%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 30
PhiChem Corporation to Report First Half, 2026 Results on Aug 27, 2026 PhiChem Corporation announced that they will report first half, 2026 results on Aug 27, 2026 New Risk • Jun 25
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥54.70, the stock trades at a forward P/E ratio of 52x. Average forward P/E is 21x in the Chemicals industry in China. Total returns to shareholders of 232% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥41.23, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 20x in the Chemicals industry in China. Total returns to shareholders of 146% over the past three years. Major Estimate Revision • May 14
Consensus EPS estimates increase by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥3.56b to CN¥3.68b. EPS estimate increased from CN¥0.86 to CN¥1.06 per share. Net income forecast to grow 53% next year vs 56% growth forecast for Chemicals industry in China. Consensus price target up from CN¥25.91 to CN¥31.73. Share price rose 9.2% to CN¥39.12 over the past week. New Risk • May 07
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 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥35.82, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 22x in the Chemicals industry in China. Total returns to shareholders of 113% over the past three years. Price Target Changed • Apr 22
Price target increased by 17% to CN¥25.91 Up from CN¥22.21, the current price target is an average from 2 analysts. New target price is 18% below last closing price of CN¥31.73. Stock is up 60% over the past year. The company is forecast to post earnings per share of CN¥0.86 for next year compared to CN¥0.71 last year. Reported Earnings • Apr 22
First quarter 2026 earnings released: EPS: CN¥0.23 (vs CN¥0.23 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.23 (in line with 1Q 2025). Revenue: CN¥872.7m (up 25% from 1Q 2025). Net income: CN¥131.2m (up 9.6% from 1Q 2025). Profit margin: 15% (down from 17% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Apr 22
PhiChem Corporation, Annual General Meeting, May 12, 2026 PhiChem Corporation, Annual General Meeting, May 12, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shanghai China Annonce • Mar 31
PhiChem Corporation to Report Q1, 2026 Results on Apr 22, 2026 PhiChem Corporation announced that they will report Q1, 2026 results on Apr 22, 2026 Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥33.42, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 27x in the Chemicals industry in China. Total returns to shareholders of 73% over the past three years. Annonce • Dec 31
PhiChem Corporation to Report Fiscal Year 2025 Results on Apr 22, 2026 PhiChem Corporation announced that they will report fiscal year 2025 results on Apr 22, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.14 (vs CN¥0.16 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.14 (down from CN¥0.16 in 3Q 2024). Revenue: CN¥879.5m (up 15% from 3Q 2024). Net income: CN¥74.1m (down 14% from 3Q 2024). Profit margin: 8.4% (down from 11% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥22.41, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 23x in the Chemicals industry in China. Total returns to shareholders of 24% over the past three years. Annonce • Sep 30
PhiChem Corporation to Report Q3, 2025 Results on Oct 30, 2025 PhiChem Corporation announced that they will report Q3, 2025 results on Oct 30, 2025 New Risk • Sep 11
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 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥24.89, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 24x in the Chemicals industry in China. Total returns to shareholders of 9.7% over the past three years. Buy Or Sell Opportunity • Aug 05
Now 23% overvalued Over the last 90 days, the stock has fallen 1.1% to CN¥20.35. The fair value is estimated to be CN¥16.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 40%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Buy Or Sell Opportunity • Jul 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 3.2% to CN¥19.72. The fair value is estimated to be CN¥16.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 40%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Declared Dividend • Jul 06
Dividend of CN¥0.065 announced Shareholders will receive a dividend of CN¥0.065. Ex-date: 8th July 2025 Payment date: 8th July 2025 Dividend yield will be 0.5%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jul 02
PhiChem Corporation to Report First Half, 2025 Results on Aug 28, 2025 PhiChem Corporation announced that they will report first half, 2025 results on Aug 28, 2025 Buy Or Sell Opportunity • Jun 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.5% to CN¥19.46. The fair value is estimated to be CN¥16.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 40%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. New Risk • Jun 13
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.9% average weekly change). Buy Or Sell Opportunity • Jun 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to CN¥19.62. The fair value is estimated to be CN¥16.10, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 40%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Annonce • May 22
PhiChem Corporation Approves Cash Dividend for 2024 PhiChem Corporation held its Annual General Meeting of 2024 on 16 May 2025, approved cash dividend/10 shares (tax included): CNY 0.65000000 for 2024. New Risk • May 07
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 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥20.31, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 20x in the Chemicals industry in China. Total loss to shareholders of 10% over the past three years. Buy Or Sell Opportunity • May 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to CN¥20.31. The fair value is estimated to be CN¥16.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 40%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Major Estimate Revision • Apr 29
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CN¥0.70 to CN¥0.59 per share. Revenue forecast steady at CN¥3.42b. Net income forecast to grow 27% next year vs 51% growth forecast for Chemicals industry in China. Consensus price target up from CN¥18.05 to CN¥20.33. Share price fell 5.3% to CN¥17.62 over the past week. Annonce • Apr 25
PhiChem Corporation Proposes Final Cash Dividend for the Year 2024 PhiChem Corporation proposed final cash dividend/10 shares (tax included) of CNY 0.65000000 for the year 2024. Reported Earnings • Apr 24
First quarter 2025 earnings released: EPS: CN¥0.23 (vs CN¥0.11 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.23 (up from CN¥0.11 in 1Q 2024). Revenue: CN¥700.6m (up 4.8% from 1Q 2024). Net income: CN¥119.7m (up 100% from 1Q 2024). Profit margin: 17% (up from 9.0% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annonce • Apr 23
PhiChem Corporation, Annual General Meeting, May 16, 2025 PhiChem Corporation, Annual General Meeting, May 16, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shanghai China Annonce • Mar 31
PhiChem Corporation to Report Q1, 2025 Results on Apr 23, 2025 PhiChem Corporation announced that they will report Q1, 2025 results on Apr 23, 2025 Annonce • Mar 22
Shenmao Technology Inc (TWSE:3305) completed the acquisition of Profound Material Technology Co., Ltd. from PhiChem Corporation (SZSE:300398). Shenmao Technology Inc (TWSE:3305) signed a letter of intent to acquire Profound Material Technology Co., Ltd. from PhiChem Corporation (SZSE:300398) for approximately CNY 230 million on September 27, 2024.
Profound Material Technology Co., Ltd. had reported total assets of CNY 127.176 million, total owner’s equity of CNY 99.815 million, revenue of CNY 99.6654 million, operating profit of CNY 13.1983 million and net profit of CNY 10.5306 million on December 31, 2023.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board of Shenmao Technology Inc.
Transaction has been approved by PhiChem Corporation's Board of director's and is still subject to approval from PhiChem Corporation's shareholders.
As on January 6, 2025, PhiChem Corporation and Shenmao Technology signed the Share Purchase and Sale Agreement.
Transaction is expected to complete on March 20, 2025.
Shenmao Technology Inc (TWSE:3305) completed the acquisition of Profound Material Technology Co., Ltd. from PhiChem Corporation (SZSE:300398) on March 20, 2025. Annonce • Dec 31
PhiChem Corporation to Report Fiscal Year 2024 Results on Apr 23, 2025 PhiChem Corporation announced that they will report fiscal year 2024 results on Apr 23, 2025 Annonce • Dec 21
PhiChem Corporation Announces Third Quarter 2024 Profit Distribution, Payable on 27 December 2024 PhiChem Corporation announced 2024 third quarter profit distribution plan to be implemented (A shares): Cash dividend per 10 shares (tax included) of CNY 0.30000000. Record date: 26 December 2024; Ex-date: 27 December 2024; Payment date: 27 December 2024. Annonce • Oct 30
PhiChem Corporation Proposes Cash Dividend for the Third Quarter of 2024 PhiChem Corporation announced on 29 October 2024 the profit distribution proposal for the third quarter of 2024 as follows: Cash dividend/10 shares (tax included) of CNY 0.30000000. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.069 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.16 (up from CN¥0.069 in 3Q 2023). Revenue: CN¥762.0m (up 7.5% from 3Q 2023). Net income: CN¥85.7m (up 138% from 3Q 2023). Profit margin: 11% (up from 5.1% in 3Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 43% 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. Annonce • Sep 30
PhiChem Corporation to Report Q3, 2024 Results on Oct 29, 2024 PhiChem Corporation announced that they will report Q3, 2024 results on Oct 29, 2024 Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CN¥0.12 (vs CN¥0.19 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.12 (down from CN¥0.19 in 2Q 2023). Revenue: CN¥740.3m (up 3.4% from 2Q 2023). Net income: CN¥60.3m (down 41% from 2Q 2023). Profit margin: 8.1% (down from 14% in 2Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Annonce • Jul 11
PhiChem Corporation Announces Final Dividend on A Shares for the Year 2023, Payable on July 16, 2024 PhiChem Corporation announced final cash dividend/10 shares (tax included) of CNY 0.80000000 on A shares for the year 2023. Record date is July 15, 2024. Ex-date is July 16, 2024. Payment date is July 16, 2024. Annonce • Jun 29
PhiChem Corporation to Report First Half, 2024 Results on Aug 30, 2024 PhiChem Corporation announced that they will report first half, 2024 results on Aug 30, 2024 Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥12.32, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Chemicals industry in China. Total loss to shareholders of 32% over the past three years. New Risk • Jun 11
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 8.9% 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 Share price has been volatile over the past 3 months (8.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.6% net profit margin). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥13.36, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 17% over the past three years. New Risk • May 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. 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 (3.6% net profit margin). Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.11 (vs CN¥0.14 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.11 (down from CN¥0.14 in 1Q 2023). Revenue: CN¥668.5m (up 11% from 1Q 2023). Net income: CN¥59.8m (down 17% from 1Q 2023). Profit margin: 9.0% (down from 12% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 15% 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. Annonce • Apr 30
PhiChem Corporation, Annual General Meeting, May 21, 2024 PhiChem Corporation, Annual General Meeting, May 21, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shanghai China Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥9.92, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Chemicals industry in China. Total loss to shareholders of 35% over the past three years. Annonce • Mar 30
PhiChem Corporation to Report Q1, 2024 Results on Apr 29, 2024 PhiChem Corporation announced that they will report Q1, 2024 results on Apr 29, 2024 Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥12.09, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Chemicals industry in China. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥14.84, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Chemicals industry in China. Total loss to shareholders of 2.4% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥11.26, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Chemicals industry in China. Total loss to shareholders of 20% over the past three years. Annonce • Dec 30
PhiChem Corporation to Report Fiscal Year 2023 Results on Mar 30, 2024 PhiChem Corporation announced that they will report fiscal year 2023 results on Mar 30, 2024 Price Target Changed • Nov 28
Price target decreased by 10.0% to CN¥18.85 Down from CN¥20.94, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of CN¥18.10. Stock is up 3.5% over the past year. The company is forecast to post earnings per share of CN¥0.71 for next year compared to CN¥0.84 last year. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥17.70, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Chemicals industry in China. Total loss to shareholders of 5.2% over the past three years. New Risk • Oct 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 6.5% 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. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: CN¥0.069 (vs CN¥0.13 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.069 (down from CN¥0.13 in 3Q 2022). Revenue: CN¥708.6m (up 19% from 3Q 2022). Net income: CN¥36.0m (down 47% from 3Q 2022). Profit margin: 5.1% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 26
Price target decreased by 12% to CN¥20.94 Down from CN¥23.87, the current price target is an average from 4 analysts. New target price is 41% above last closing price of CN¥14.88. Stock is down 29% over the past year. The company is forecast to post earnings per share of CN¥0.86 for next year compared to CN¥0.84 last year. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: CN¥0.19 (vs CN¥0.22 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.19 (down from CN¥0.22 in 2Q 2022). Revenue: CN¥715.8m (down 8.1% from 2Q 2022). Net income: CN¥102.0m (down 11% from 2Q 2022). Profit margin: 14% (in line with 2Q 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Aug 23
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Board Change • Jun 25
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Independent Director Deqing Meng was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • May 30
PhiChem Corporation Announces Final Profit Distribution Plan to Be Implemented on A Shares for the Year 2022, Payable on 02 June 2023 PhiChem Corporation announced final profit distribution plan to be implemented on A shares as cash dividend per ten shares (tax included) of CNY 0.80000000 for the year 2022, payable on 02 June 2023. Record date is 01 June 2023. Ex-date is 02 June 2023. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: CN¥0.14 (vs CN¥0.27 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.14 (down from CN¥0.27 in 1Q 2022). Revenue: CN¥601.7m (down 31% from 1Q 2022). Net income: CN¥72.4m (down 48% from 1Q 2022). Profit margin: 12% (down from 16% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to CN¥19.50 Down from CN¥33.18, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of CN¥18.68. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of CN¥0.78 for next year compared to CN¥0.75 last year. 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. 9 experienced directors. No highly experienced directors. Non Executive Director Yongjun Li was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥3.18b to CN¥2.92b. EPS estimate also fell from CN¥0.96 per share to CN¥0.78 per share. Net income forecast to shrink 0.03% next year vs 44% growth forecast for Chemicals industry in China . Consensus price target down from CN¥33.18 to CN¥19.50. Share price fell 3.0% to CN¥17.08 over the past week. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: CN¥0.13 (vs CN¥0.20 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.13 (down from CN¥0.20 in 3Q 2021). Revenue: CN¥595.3m (down 13% from 3Q 2021). Net income: CN¥67.8m (down 34% from 3Q 2021). Profit margin: 11% (down from 15% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals 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 only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.22 (vs CN¥0.20 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.22 (up from CN¥0.20 in 2Q 2021). Revenue: CN¥779.1m (up 22% from 2Q 2021). Net income: CN¥114.3m (up 14% from 2Q 2021). Profit margin: 15% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 12%, compared to a 42% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annonce • Jun 10
PhiChem Corporation Announces Cash Dividend, Payable on 16 June 2022 PhiChem Corporation announced 2021 final profit distribution plan to be implemented (A shares) as Cash dividend/10 shares (tax included): CNY 0.70000000. Record date as 15 June 2022, ex-date as 16 June 2022 and payment date as 16 June 2022. Annonce • May 08
PhiChem Corporation (SZSE:300398) announces an Equity Buyback for CNY 100 million worth of its shares. PhiChem Corporation (SZSE:300398) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its shares. The shares will be repurchased at a price of CNY 41.53 per share. The purpose of the share repurchases will be used to implement the equity incentive plan. The share repurchases will be funded from company's own funds. The program is valid for 12 months. 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. 11 experienced directors. No highly experienced directors. Non Executive Director Yongjun Li was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Apr 22
PhiChem Corporation Approves Final Cash Dividend for the Year 2021 PhiChem Corporation at its Annual General Meeting of 2021 on 20 April 2022 approved cash dividend of CNY 0.7000000 (tax included) per 10 shares for 2021. Major Estimate Revision • Apr 06
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from CN¥2.89b to CN¥3.18b. EPS estimate increased from CN¥0.80 to CN¥0.96 per share. Net income forecast to grow 30% next year vs 40% growth forecast for Chemicals industry in China. Consensus price target up from CN¥27.50 to CN¥31.19. Share price fell 8.0% to CN¥26.66 over the past week. Reported Earnings • Apr 03
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: CN¥0.75 (up from CN¥0.45 in FY 2020). Revenue: CN¥2.63b (up 41% from FY 2020). Net income: CN¥385.9m (up 68% from FY 2020). Profit margin: 15% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 21%, compared to a 48% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Apr 02
PhiChem Corporation, Annual General Meeting, Apr 20, 2022 PhiChem Corporation, Annual General Meeting, Apr 20, 2022. Agenda: To discuss 2021 work report of the board of directors; to discuss 2021 work report of the supervisory committee; to discuss 2021 annual report and its summary; to discuss 2021 annual accounts; to discuss 2021 profit distribution plan; to discuss 2022 financial budget report; to discuss Reappointment of audit firm; and to discuss Application for comprehensive credit line in 2022 to financial institutions and enterprises and estimated guarantee quota. Board Change • Apr 02
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. 11 experienced directors. No highly experienced directors. Non Executive Director Yongjun Li was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Apr 01
PhiChem Corporation Proposes Final Cash Dividend for the Year 2021 PhiChem Corporation proposed final cash dividend of CNY 0.70000000 per ten shares (tax included) for the year 2021. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥28.00, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 19x in the Chemicals industry in China. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥26.45, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 21x in the Chemicals industry in China. Total returns to shareholders of 104% over the past three years. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS CN¥0.20 (vs CN¥0.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥684.3m (up 33% from 3Q 2020). Net income: CN¥102.4m (up 73% from 3Q 2020). Profit margin: 15% (up from 12% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS CN¥0.20 (vs CN¥0.12 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥639.6m (up 39% from 2Q 2020). Net income: CN¥99.8m (up 72% from 2Q 2020). Profit margin: 16% (up from 13% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.