New Risk • May 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings have declined by 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: HK$0.013 (vs HK$0.016 in FY 2024) Full year 2025 results: EPS: HK$0.013 (down from HK$0.016 in FY 2024). Revenue: HK$1.65b (up 2.3% from FY 2024). Net income: HK$6.25m (down 20% from FY 2024). Profit margin: 0.4% (down from 0.5% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annonce • Mar 21
Man Yue Technology Holdings Limited, Annual General Meeting, Jun 26, 2026 Man Yue Technology Holdings Limited, Annual General Meeting, Jun 26, 2026. Annonce • Mar 09
Man Yue Technology Holdings Limited to Report Fiscal Year 2025 Results on Mar 20, 2026 Man Yue Technology Holdings Limited announced that they will report fiscal year 2025 results on Mar 20, 2026 Reported Earnings • Oct 02
First half 2025 earnings released: EPS: HK$0.009 (vs HK$0.006 in 1H 2024) First half 2025 results: EPS: HK$0.009 (up from HK$0.006 in 1H 2024). Revenue: HK$816.6m (flat on 1H 2024). Net income: HK$4.41m (up 60% from 1H 2024). Profit margin: 0.5% (up from 0.3% in 1H 2024). 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. Board Change • Sep 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Samuel Yung was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Sep 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (HK$275.8m market cap, or US$35.4m). Reported Earnings • Aug 24
First half 2025 earnings released: EPS: HK$0.009 (vs HK$0.006 in 1H 2024) First half 2025 results: EPS: HK$0.009 (up from HK$0.006 in 1H 2024). Revenue: HK$816.6m (flat on 1H 2024). Net income: HK$4.41m (up 60% from 1H 2024). Profit margin: 0.5% (up from 0.3% in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. New Risk • Aug 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.6% Last year net profit margin: 1.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (HK$290.1m market cap, or US$37.1m). Annonce • Aug 12
Man Yue Technology Holdings Limited to Report First Half, 2025 Results on Aug 22, 2025 Man Yue Technology Holdings Limited announced that they will report first half, 2025 results on Aug 22, 2025 Annonce • Jun 24
Man Yue Technology Holdings Limited Declares Final Dividend for the Year Ended 31 December 2024 Man Yue Technology Holdings Limited announced that at the AGM held on 23 June 2025, declared a final dividend of 0.49 HK cents per ordinary share for the year ended 31 December 2024. New Risk • Apr 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 Hong Kong stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 13% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (HK$154.6m market cap, or US$19.9m). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: HK$0.016 (vs HK$0.009 in FY 2023) Full year 2024 results: EPS: HK$0.016 (up from HK$0.009 in FY 2023). Revenue: HK$1.61b (up 9.6% from FY 2023). Net income: HK$7.82m (up 92% from FY 2023). Profit margin: 0.5% (up from 0.3% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Annonce • Mar 28
Man Yue Technology Holdings Limited, Annual General Meeting, Jun 23, 2025 Man Yue Technology Holdings Limited, Annual General Meeting, Jun 23, 2025. Annonce • Mar 14
Man Yue Technology Holdings Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 Man Yue Technology Holdings Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Reported Earnings • Oct 01
First half 2024 earnings released: EPS: HK$0.006 (vs HK$0.032 loss in 1H 2023) First half 2024 results: EPS: HK$0.006 (up from HK$0.032 loss in 1H 2023). Revenue: HK$816.0m (up 7.1% from 1H 2023). Net income: HK$2.76m (up HK$18.1m from 1H 2023). Profit margin: 0.3% (up from net loss in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Annonce • Aug 12
Man Yue Technology Holdings Limited to Report First Half, 2024 Results on Aug 23, 2024 Man Yue Technology Holdings Limited announced that they will report first half, 2024 results on Aug 23, 2024 Buy Or Sell Opportunity • May 22
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 43% to HK$0.48. The fair value is estimated to be HK$0.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.8% over the last 3 years. Earnings per share has declined by 48%. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 3.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (HK$180.7m market cap, or US$23.1m). Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: HK$0.009 (vs HK$0.09 in FY 2022) Full year 2023 results: EPS: HK$0.009 (down from HK$0.09 in FY 2022). Revenue: HK$1.47b (down 20% from FY 2022). Net income: HK$4.08m (down 91% from FY 2022). Profit margin: 0.3% (down from 2.3% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Annonce • Mar 26
Man Yue Technology Holdings Limited Announces Board and Committee Changes The board of directors of Man Yue Technology Holdings Limited announced with deepest grief that Dr. Li Sau Hung, Eddy, GBS, JP ("Dr. Li"), an Independent Non-executive Director of the Company, the Chairman of the Nomination Committee and a member of the Audit Committee and the Remuneration Committee of the Company, passed away on 25 March 2024. Following the passing away of Dr. Li, (i) the Company has three Independent Non-executiveDirectors meeting the requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; and (ii) Mr. Yung Wing Ki, Samuel, currently an Independent Non-executive Director of the Company, a member of the Audit Committee, the Remuneration Committee and the Nomination Committee of the Company, has been elected as the Chairman of the Nomination Committee. Annonce • Mar 14
Man Yue Technology Holdings Limited to Report Fiscal Year 2023 Results on Mar 26, 2024 Man Yue Technology Holdings Limited announced that they will report fiscal year 2023 results on Mar 26, 2024 Reported Earnings • Aug 28
First half 2023 earnings released: HK$0.032 loss per share (vs HK$0.064 profit in 1H 2022) First half 2023 results: HK$0.032 loss per share (down from HK$0.064 profit in 1H 2022). Revenue: HK$762.0m (down 23% from 1H 2022). Net loss: HK$15.4m (down 151% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annonce • Aug 11
Man Yue Technology Holdings Limited to Report First Half, 2023 Results on Aug 24, 2023 Man Yue Technology Holdings Limited announced that they will report first half, 2023 results on Aug 24, 2023 New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (9.8% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (HK$192.6m market cap, or US$24.7m). New Risk • Jun 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (HK$247.3m market cap, or US$31.6m). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: HK$0.09 (vs HK$0.16 in FY 2021) Full year 2022 results: EPS: HK$0.09 (down from HK$0.16 in FY 2021). Revenue: HK$1.85b (down 12% from FY 2021). Net income: HK$42.7m (down 44% from FY 2021). Profit margin: 2.3% (down from 3.7% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. 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. 1 experienced director. 5 highly experienced directors. Finance Director, Company Secretary & Executive Director Alan Chan was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 24
First half 2022 earnings released: EPS: HK$0.064 (vs HK$0.079 in 1H 2021) First half 2022 results: EPS: HK$0.064 (down from HK$0.079 in 1H 2021). Revenue: HK$989.7m (down 4.3% from 1H 2021). Net income: HK$30.4m (down 19% from 1H 2021). Profit margin: 3.1% (down from 3.6% in 1H 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 50% share price gain to HK$1.05, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 7x in the Electronic industry in Hong Kong. Total returns to shareholders of 84% over the past three years. 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. 1 experienced director. 5 highly experienced directors. Finance Director, Company Secretary & Executive Director Alan Chan was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Apr 23
Man Yue Technology Holdings Limited, Annual General Meeting, May 26, 2022 Man Yue Technology Holdings Limited, Annual General Meeting, May 26, 2022, at 14:30 China Standard Time. Location: Turquoise and Fuchsia Room, 3/F., Gateway Hotel Hong Kong, 13 Canton Road, Harbour City, Tsim Sha Tsui, Kowloon, Hong Kong Kowloon Hong Kong Agenda: To receive and adopt the audited Financial Statements of the Company and the Reports of the Directors and Auditor for the year ended 31 December 2021;to re-elect Mr. Chan Tat Cheong, Alan as an Executive director of the Company (the "Director");to re-elect Mr. Mar, Selwyn as an Independent Non-executive Director; to authorize the board of Directors (the " Board " ) to fix the remuneration of the Directors; to re-appoint KPMG as Auditor and to authorize the Directors to fix its remuneration; and to discuss other subject matters. Annonce • Mar 04
Man Yue Technology Holdings Limited Provides Earning Guidance for the Fiscal Year 2021 Man Yue Technology Holdings Limited provided earning guidance for the Fiscal Year 2021. The board of directors of the Company informed the shareholders of the Company and the potential investors that, based on a preliminary assessment of the unaudited consolidated management accounts of the Group for the year ended 31 December 2021, the Group is expected to record a net profit attributable to the Shareholders of not less than HKD 70 million for FY2021, as compared with that of approximately HKD 24 million for the year ended 31 December 2020. The Board considers that the significant increase in the Group's net profit for FY2021 is mainly attributable to a robust growth in revenue by approximately 30%, as compared with FY2020, which was driven by the strong market demand for electronic components during the year. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$1.06, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 8x in the Electronic industry in Hong Kong. Total returns to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 19% share price gain to HK$1.26, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 8x in the Electronic industry in Hong Kong. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 15% share price gain to HK$1.21, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 9x in the Electronic industry in Hong Kong. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 18% share price decline to HK$1.19, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 8x in the Electronic industry in Hong Kong. Total returns to shareholders of 53% over the past three years. 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 HK$1.55, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 9x in the Electronic industry in Hong Kong. Total returns to shareholders of 94% over the past three years. Reported Earnings • Aug 26
First half 2021 earnings released: EPS HK$0.079 (vs HK$0.037 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: HK$1.03b (up 55% from 1H 2020). Net income: HK$37.4m (up HK$55.2m from 1H 2020). Profit margin: 3.6% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 21% share price gain to HK$1.66, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorated over the past week After last week's 38% share price decline to HK$1.35, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$1.33, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 9.9% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 38% share price gain to HK$1.67, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 11x in the Electronic industry in Hong Kong. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 39% share price gain to HK$1.04, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 12x in the Electronic industry in Hong Kong. Total loss to shareholders of 23% over the past three years. Recent Insider Transactions • Jun 01
Co-Founder & Chairman recently bought HK$220k worth of stock On the 26th of May, Chor Lin Kee bought around 282k shares on-market at roughly HK$0.78 per share. This was the largest purchase by an insider in the last 3 months. Chor Lin has been a buyer over the last 12 months, purchasing a net total of HK$351k worth in shares. Reported Earnings • Apr 11
Full year 2020 earnings released: EPS HK$0.051 (vs HK$0.066 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: HK$1.60b (up 24% from FY 2019). Net income: HK$24.1m (down 24% from FY 2019). Profit margin: 1.5% (down from 2.4% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS HK$0.051 (vs HK$0.066 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: HK$1.60b (up 24% from FY 2019). Net income: HK$24.1m (down 24% from FY 2019). Profit margin: 1.5% (down from 2.4% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 52% 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 • Mar 06
Man Yue Technology Holdings Limited to Report Fiscal Year 2020 Results on Mar 22, 2021 Man Yue Technology Holdings Limited announced that they will report fiscal year 2020 results on Mar 22, 2021 Is New 90 Day High Low • Feb 03
New 90-day high: HK$0.91 The company is up 130% from its price of HK$0.40 on 05 November 2020. The Hong Kong market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 26% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: HK$0.66 The company is up 106% from its price of HK$0.32 on 07 October 2020. The Hong Kong market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: HK$0.45 The company is up 39% from its price of HK$0.32 on 17 September 2020. The Hong Kong market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 6.0% over the same period. Annonce • Dec 13
Man Yue Technology Holdings Limited Announces Executive Changes The board of directors of Man Yue Technology Holdings Limited announced that Mr. Ng Sui Yin has tendered his resignation as the company secretary of the Company with effect from 14 December 2020. Mr. Ng confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited or the shareholders of the Company. The Board announced that Mr. Chan Tat Cheong, Alan has been appointed as the company secretary of the Company with effect from 14 December 2020 to fill the vacancy left after the resignation of Mr. Ng. Mr. Chan has been an Executive Director of the Company since October 2016. He joined the Group in May 2016. Mr. Chan is the Finance Director of the Group and a director of certain subsidiaries of the Group. He is primarily responsible for overseeing the Group's business development, finance and accounting, merger and acquisition, and investor relations. Mr. Chan has over 30 years of experience in the fields of accounting, auditing and financial management. He holds a Bachelor's degree in accounting and financial analysis from the University of Newcastle Upon Tyne, the United Kingdom. Mr. Chan is a fellow member of the Hong Kong Institute of Certified Public Accountants, a member of the American Institute of Certified Public Accountants and also a member of the Chartered Professional Accountants of Canada. Is New 90 Day High Low • Nov 05
New 90-day high: HK$0.40 The company is up 10.0% from its price of HK$0.36 on 07 August 2020. The Hong Kong market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 10.0% over the same period. Is New 90 Day High Low • Oct 05
New 90-day low: HK$0.32 The company is down 12% from its price of HK$0.36 on 07 July 2020. The Hong Kong market is down 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electronic industry, which is down 16% over the same period. Annonce • Aug 14
Man Yue Technology Holdings Limited to Report First Half, 2020 Results on Aug 28, 2020 Man Yue Technology Holdings Limited announced that they will report first half, 2020 results on Aug 28, 2020 