Buy Or Sell Opportunity • Jul 03
Now 22% overvalued Over the last 90 days, the stock has fallen 10% to HK$3.61. The fair value is estimated to be HK$2.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings are also forecast to grow by 9.5% per annum over the same time period. Upcoming Dividend • Jun 23
Upcoming dividend of HK$0.085 per share Eligible shareholders must have bought the stock before 30 June 2026. Payment date: 07 August 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (7.4%). In line with average of industry peers (5.0%). Reported Earnings • Mar 24
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: US$0.07 (up from US$0.025 in FY 2024). Revenue: US$666.0m (up 26% from FY 2024). Net income: US$309.9m (up 183% from FY 2024). Profit margin: 47% (up from 21% in FY 2024). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Annonce • Mar 23
NagaCorp Ltd., Annual General Meeting, Jun 25, 2026 NagaCorp Ltd., Annual General Meeting, Jun 25, 2026. Annonce • Mar 11
NagaCorp Ltd. to Report Fiscal Year 2025 Final Results on Mar 23, 2026 NagaCorp Ltd. announced that they will report fiscal year 2025 final results on Mar 23, 2026 Buy Or Sell Opportunity • Mar 11
Now 21% overvalued Over the last 90 days, the stock has fallen 22% to HK$4.00. The fair value is estimated to be HK$3.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 50% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$6.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Hospitality industry in Hong Kong. Total returns to shareholders of 4.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$2.94 per share. Upcoming Dividend • Sep 02
Upcoming dividend of HK$0.078 per share Eligible shareholders must have bought the stock before 09 September 2025. Payment date: 30 September 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Hong Kong dividend payers (6.6%). Lower than average of industry peers (3.6%). Major Estimate Revision • Sep 01
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$636.6m to US$684.9m. EPS estimate increased from US$0.053 to US$0.064 per share. Net income forecast to grow 13% next year vs 26% growth forecast for Hospitality industry in Hong Kong. Consensus price target up from HK$4.03 to HK$5.18. Share price rose 13% to HK$5.46 over the past week. Reported Earnings • Aug 26
First half 2025 earnings released: EPS: US$0.034 (vs US$0 in 1H 2024) First half 2025 results: EPS: US$0.034 (up from US$0 in 1H 2024). Revenue: US$320.6m (up 16% from 1H 2024). Net income: US$148.8m (up US$149.8m from 1H 2024). Profit margin: 46% (up from net loss in 1H 2024). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Annonce • Aug 15
NagaCorp Ltd. to Report First Half, 2025 Results on Aug 25, 2025 NagaCorp Ltd. announced that they will report first half, 2025 results on Aug 25, 2025 Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$4.67, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Hospitality industry in Hong Kong. Total loss to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$2.20 per share. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$4.25, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Hospitality industry in Hong Kong. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$2.35 per share. Annonce • Jun 29
NagaCorp Ltd. Announces Appointment of Lam Yi Lin as A Member of the Nomination Committee of the Board, Effective from 27 June 2025 The board of directors of NagaCorp Ltd. announced that Ms. Lam Yi Lin, an existing non-executive director of the Company, has been appointed as a member of the Nomination Committee of the Board, effective from 27 June 2025. Reported Earnings • May 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.025 (down from US$0.04 in FY 2023). Revenue: US$528.4m (up 5.3% from FY 2023). Net income: US$109.6m (down 38% from FY 2023). Profit margin: 21% (down from 35% in FY 2023). Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 1.9%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Annonce • Apr 28
NagaCorp Ltd., Annual General Meeting, Jun 30, 2025 NagaCorp Ltd., Annual General Meeting, Jun 30, 2025, at 10:00 China Standard Time. Location: chamber theatre, 22/f united centre, 95 queensway, Hong Kong Buy Or Sell Opportunity • Apr 07
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to HK$2.61. The fair value is estimated to be HK$3.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Reported Earnings • Mar 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.025 (down from US$0.04 in FY 2023). Revenue: US$528.4m (up 5.3% from FY 2023). Net income: US$109.6m (down 38% from FY 2023). Profit margin: 21% (down from 35% in FY 2023). Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 1.9%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Annonce • Mar 13
NagaCorp Ltd. to Report Fiscal Year 2024 Results on Mar 25, 2025 NagaCorp Ltd. announced that they will report fiscal year 2024 results on Mar 25, 2025 Buy Or Sell Opportunity • Jan 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to HK$2.85. The fair value is estimated to be HK$3.63, 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% over the last 3 years. Earnings per share has grown by 87%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 181% in the next 2 years. Major Estimate Revision • Dec 24
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$0.033 to US$0.025 per share. Revenue forecast steady at US$608.3m. Net income forecast to grow 111% next year vs 36% growth forecast for Hospitality industry in Hong Kong. Consensus price target down from HK$3.72 to HK$3.64. Share price rose 4.3% to HK$2.93 over the past week. Buy Or Sell Opportunity • Dec 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to HK$2.83. The fair value is estimated to be HK$3.60, 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% over the last 3 years. Earnings per share has grown by 87%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 211% in the next 2 years. Annonce • Dec 06
NagaCorp Ltd. Announces Management Changes The board (the "Board") of directors (the "Director(s)") of NagaCorp Ltd. (the "Company") announced that with effect from 6 December 2024, Ms. Lam Yi Lin (alias: Monica) ("Ms. Monica Lam") (i) has resigned as the company secretary of the Company and its group of subsidiaries (the "Company Secretary"), an authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") ("Authorised Representative under the Listing Rules") and the authorised representative of the Company for accepting service of process and notices on behalf of the Company in Hong Kong under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the "Authorised Representative under the Companies Ordinance", together with an Authorised Representative under the Listing Rules, the "Authorised Representatives"); and (ii) has been appointed as a non-executive Director. Ms. Monica Lam, aged 65, joined group in October 1995. She served as the Company Secretary and an Authorised Representative under the Listing Rules since November 2012 and as the Authorised Representative under the Companies Ordinance since January 2005, and was responsible for supervising the company secretarial and other administrative matters of the Company's operations in Hong Kong. Ms. Monica Lam also previously served as an executive Director until May 2010. Prior to joining group, Ms. Monica Lam was a company secretary in a Canadian solicitors' firm from July 1994 to October 1995. Ms. Monica Lam is an associate member of The Hong Kong Chartered Governance Institute and The Chartered Governance Institute holding Chartered Secretary and Chartered Governance Professional dual designations. Ms. Monica Lam has over 25 years of experience in the company secretary and compliance fields. The Board also announces that following the resignation of Ms. Monica Lam as the Company Secretary and the Authorised Representatives, Ms. Lam Wai Yee Sophie ("Ms. Sophie Lam") has been appointed as the Company Secretary and the Authorised Representatives with effect from 6 December 2024. Ms. Sophie Lam joined the Company in March 2024. She has over 20 years of experience in company secretarial and corporate governance professions. She has served as the company secretary of several companies listed on the Main Board of the Stock Exchange and as a vice president at a leading company secretarial and compliance services firm in Hong Kong. Ms. Sophie Lam holds a Bachelor of Arts (Honours) in Translation and a Postgraduate Diploma in Corporate Administration. She is a Chartered Secretary, a Chartered Governance Professional and a Fellow of The Chartered Governance Institute in the United Kingdom and The Hong Kong Chartered Governance Institute. Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 47% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$656.1m to US$618.3m. EPS estimate also fell from US$0.051 per share to US$0.027 per share. Net income forecast to grow 123% next year vs 60% growth forecast for Hospitality industry in Hong Kong. Consensus price target down from HK$4.03 to HK$3.73. Share price was steady at HK$3.26 over the past week. Reported Earnings • Aug 29
First half 2024 earnings released: EPS: US$0 (vs US$0.019 in 1H 2023) First half 2024 results: EPS: US$0 (down from US$0.019 in 1H 2023). Revenue: US$275.5m (up 11% from 1H 2023). Net loss: US$963.0k (down 101% from profit in 1H 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Annonce • Aug 15
NagaCorp Ltd. to Report First Half, 2024 Results on Aug 27, 2024 NagaCorp Ltd. announced that they will report first half, 2024 results on Aug 27, 2024 Reported Earnings • Apr 28
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$0.04 (up from US$0.024 in FY 2022). Revenue: US$502.0m (up 15% from FY 2022). Net income: US$177.7m (up 66% from FY 2022). Profit margin: 35% (up from 25% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) exceeded analyst estimates by 5.0%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Annonce • Apr 28
NagaCorp Ltd., Annual General Meeting, Jun 27, 2024 NagaCorp Ltd., Annual General Meeting, Jun 27, 2024, at 10:00 China Standard Time. Location: Chamber Theatre, 22/F United Centre, 95 Queensway Hong Kong Agenda: To consider and adopt the audited consolidated financial statements of the Company and its subsidiaries and the reports of the directors of the Company and independent auditor for the year ended 31 December 2023; to re-elect Mr. Leong Choong Wah as an independent non-executive Director; to re-elect Mr. Lim Mun Kee, who has served the Company for more than nine years, as an independent non-executive Director; to authorise the board of Directors to fix the Directors' remuneration for the year ending 31 December 2024; to re-appoint BDO Limited as the independent auditor of the Company and to authorise the Board to fix their remuneration; and to consider other matters. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$3.96, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Hospitality industry in Hong Kong. Total loss to shareholders of 56% over the past three years. Major Estimate Revision • Feb 26
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$775.5m to US$655.4m. EPS estimate fell from US$0.068 to US$0.053 per share. Net income forecast to grow 46% next year vs 92% growth forecast for Hospitality industry in Hong Kong. Consensus price target down from HK$5.71 to HK$4.57. Share price rose 17% to HK$3.51 over the past week. Annonce • Feb 20
Nagacorp Ltd. Omits to Pay Final Dividend NagaCorp Ltd. not recommend the payment of final dividend (the "Final Dividend") for the shareholders for the Year (2022 Final dividend: US cents 0.75 per share (equivalent to HK cents 5.81 per Share)). Reported Earnings • Feb 20
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$0.04 (up from US$0.024 in FY 2022). Revenue: US$502.0m (up 15% from FY 2022). Net income: US$177.7m (up 66% from FY 2022). Profit margin: 35% (up from 25% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) exceeded analyst estimates by 5.0%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$3.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Hospitality industry in Hong Kong. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$1.90 per share. Annonce • Feb 06
NagaCorp Ltd. to Report Fiscal Year 2023 Final Results on Feb 19, 2024 NagaCorp Ltd. announced that they will report fiscal year 2023 final results on Feb 19, 2024 Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$2.96, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Hospitality industry in Hong Kong. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$1.84 per share. Major Estimate Revision • Dec 09
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$601.9m to US$585.8m. EPS estimate also fell from US$0.043 per share to US$0.038 per share. Net income forecast to grow 70% next year vs 105% growth forecast for Hospitality industry in Hong Kong. Consensus price target of HK$5.70 unchanged from last update. Share price fell 9.9% to HK$3.26 over the past week. Recent Insider Transactions • Nov 03
Founder recently bought HK$342k worth of stock On the 1st of November, Lip Keong Chen bought around 104k shares on-market at roughly HK$3.29 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Lip Keong has been a buyer over the last 12 months, purchasing a net total of HK$7.5m worth in shares. Reported Earnings • Aug 25
First half 2023 earnings released: EPS: US$0.019 (vs US$0.012 in 1H 2022) First half 2023 results: EPS: US$0.019 (up from US$0.012 in 1H 2022). Revenue: US$247.9m (up 10% from 1H 2022). Net income: US$83.0m (up 57% from 1H 2022). Profit margin: 34% (up from 23% in 1H 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 24% per year. Annonce • Jul 22
Nagacorp Ltd. Recommend Interim Dividend to Be Nil for the Six Months Ended 30 June 2022 NagaCorp Ltd. announced that the Board does not recommend the payment of an interim dividend for the Shareholders for the Period (six months ended 30 June 2022: US cents 0.73 per share (or equivalent to HK cents 5.66 per Share)). Reported Earnings • Jul 21
First half 2023 earnings released: EPS: US$0.019 (vs US$0.012 in 1H 2022) First half 2023 results: EPS: US$0.019 (up from US$0.012 in 1H 2022). Revenue: US$247.9m (up 2.0% from 1H 2022). Net income: US$83.0m (up 57% from 1H 2022). Profit margin: 34% (up from 22% in 1H 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 26
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$0.024 (up from US$0.034 loss in FY 2021). Revenue: US$435.6m (up 104% from FY 2021). Net income: US$107.3m (up US$254.3m from FY 2021). Profit margin: 25% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 09
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$0.025 (up from US$0.034 loss in FY 2021). Revenue: US$435.6m (up 104% from FY 2021). Net income: US$107.3m (up US$254.3m from FY 2021). Profit margin: 25% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 32% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Annonce • Feb 09
NagaCorp Ltd. Recommends Final Dividend The Board of NagaCorp Ltd. recommended the payment of final dividend (the Final Dividend) of US cents 0.75 per share (or equivalent to HK cents 5.81 per Share) for the Year to Shareholders whose names appear on the Company's register of members on 28 April 2023 by way of scrip shares without offering any right to Shareholders to elect to receive such dividend in cash in lieu of such allotment (the Scrip Dividend Scheme). This represents a payout ratio of approximately 60% based on the net profit generated for second half of 2022. Subject to the satisfaction of the conditions set out below, it is expected that the certificates for the scrip shares will be posted to the Shareholders at the risk of those entitled thereto on or about 16 May 2023. Dealings in the scrip shares on the Stock Exchange are expected to commence on or about 17 May 2023. Annonce • Jan 28
NagaCorp Ltd. to Report Fiscal Year 2022 Results on Feb 08, 2023 NagaCorp Ltd. announced that they will report fiscal year 2022 results on Feb 08, 2023 Recent Insider Transactions • Jan 04
Founder recently bought HK$895k worth of stock On the 28th of December, Lip Keong Chen bought around 136k shares on-market at roughly HK$6.58 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$2.4m. Lip Keong has been a buyer over the last 12 months, purchasing a net total of HK$76m worth in shares. Recent Insider Transactions • Dec 26
Founder recently bought HK$2.4m worth of stock On the 19th of December, Lip Keong Chen bought around 380k shares on-market at roughly HK$6.28 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Lip Keong has been a buyer over the last 12 months, purchasing a net total of HK$102m worth in shares. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Choong Wah Leong was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 21
First half 2022 earnings released: EPS: US$0.012 (vs US$0.018 loss in 1H 2021) First half 2022 results: EPS: US$0.012 (up from US$0.018 loss in 1H 2021). Revenue: US$243.0m (up 86% from 1H 2021). Net income: US$52.7m (up US$129.9m from 1H 2021). Profit margin: 22% (up from net loss in 1H 2021). The move to profitability was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 162%, compared to a 40% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 19
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up US$77.2m from 1H 2021). Profit margin: (up from net loss in 1H 2021). The move to profitability was driven by lower expenses. Over the next year, revenue is forecast to grow 195%, compared to a 19% growth forecast for the industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • May 19
Founder recently bought HK$4.1m worth of stock On the 17th of May, Lip Keong Chen bought around 644k shares on-market at roughly HK$6.37 per share. In the last 3 months, they made an even bigger purchase worth HK$8.0m. Lip Keong has been a buyer over the last 12 months, purchasing a net total of HK$488m worth in shares. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Choong Leong was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Mar 11
Founder recently bought HK$8.0m worth of stock On the 9th of March, Lip Keong Chen bought around 1m shares on-market at roughly HK$5.65 per share. In the last 3 months, they made an even bigger purchase worth HK$21m. Lip Keong has been a buyer over the last 12 months, purchasing a net total of HK$444m worth in shares. Reported Earnings • Feb 08
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: US$0.034 loss per share (down from US$0.024 profit in FY 2020). Revenue: US$213.6m (down 76% from FY 2020). Net loss: US$147.0m (down 244% from profit in FY 2020). Revenue missed analyst estimates by 26%. Earnings per share (EPS) exceeded analyst estimates by 26%. Over the next year, revenue is forecast to grow 404%, compared to a 49% growth forecast for the restaurants industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jan 13
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$373.5m to US$309.1m. EPS estimate reaffirmed at -US$0.03 per share. Hospitality industry in Hong Kong expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at HK$9.36. Share price was steady at HK$6.53 over the past week. Recent Insider Transactions • Sep 22
Founder recently bought HK$2.6m worth of stock On the 20th of September, Lip Keong Chen bought around 392k shares on-market at roughly HK$6.62 per share. In the last 3 months, they made an even bigger purchase worth HK$30m. Lip Keong has been a buyer over the last 12 months, purchasing a net total of HK$243m worth in shares. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 16% share price gain to HK$6.96, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 33x in the Hospitality industry in Hong Kong. Total returns to shareholders of 9.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.40 per share.