Annuncio • Aug 01
International Cement Group Ltd. Provides Earnings Guidance for the Half Year Ended 30 June 2026 International Cement Group Ltd. provided earnings guidance for the half year ended 30 June 2026. For the period, the Group expects a significant improvement in profitability compared to first half 2025. The increase was mainly supported by higher revenue from greater sales volume and improved selling prices. Sales volume improved due to the continued strong market demands from all markets in first half 2026, including maiden export sales into Kyrgyzstan since Fiscal Year 2025. The strong demand pushed up market prices for cement and further contributed to the top and bottom line. Annuncio • Apr 03
International Cement Group Ltd., Annual General Meeting, Apr 24, 2026 International Cement Group Ltd., Annual General Meeting, Apr 24, 2026, at 09:00 Singapore Standard Time. Location: orchard grand court, lloyd ii at 131 killiney road, level 2, singapore 239571, Singapore New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: S$0.011 (vs S$0 in FY 2024) Full year 2025 results: EPS: S$0.011 (up from S$0 in FY 2024). Revenue: S$378.8m (up 44% from FY 2024). Net income: S$61.1m (up S$61.0m from FY 2024). Profit margin: 16% (up from 0.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. New Risk • Feb 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.5% average weekly change). Buy Or Sell Opportunity • Feb 24
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 108% to S$0.083. The fair value is estimated to be S$0.068, 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 declined by 58%. Annuncio • Feb 13
International Cement Group Ltd. Provides Earnings Guidance for the Full Year Ended December 2025 International Cement Group Ltd. provided earnings guidance for the full year ended December 2025. For the year, the Group is expected to report a
significant improvement in profitability compared to financial year 2024. Revenue was driven primarily by strong demand for products, contribution from one of newly completed plant in Kazakhstan and together with favourable exchange rates contributed to this stronger performance in financial year 2025. Annuncio • Jan 02
International Cement Group Ltd. Appoints Peng Bengang as Executive Director, Effective January 1, 2026 International Cement Group Ltd. announced the appointment of Mr. Peng Bengang as Executive Director effective January 1, 2026. The nomination of Mr. Peng Bengang ('Mr Peng') as an Executive Director was duly reviewed by the Company's Nominating Committee ('NC') and the Board of Directors (the 'Board'). The Board is of the opinion that Mr. Peng can contribute positively to the Company and enhance the core competencies of the Board, after reviewing the NC's recommendation and Mr. Peng's qualifications, experience and suitability. Mr. Peng Bengang will be responsible for strategic formulation, business planning and corporate finance activities. Mr. Peng Bengang is currently Executive Director at Wanruida Investment Management Pte. Ltd. (from May 2023 to present) and Chairman of the Board at Ai Ruide Holding Pte. Ltd. (from December 2015 to present). He was previously President and Executive Director at Sichuan Hengbang Group (from October 2001 to October 2017). Mr. Peng holds a degree in Industrial and Civil Engineering from Southwest University of Science and Technology, completed the CEO Program at Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, and the Science and Technology Entrepreneur Program at the PBC School of Finance, Tsinghua University. Reported Earnings • Aug 15
First half 2025 earnings released: EPS: S$0.003 (vs S$0 in 1H 2024) First half 2025 results: EPS: S$0.003 (up from S$0 in 1H 2024). Revenue: S$165.1m (up 51% from 1H 2024). Net income: S$14.9m (up S$13.9m from 1H 2024). Profit margin: 9.0% (up from 0.9% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Aug 13
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 Singaporean stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 12% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Recent Insider Transactions • Apr 13
Executive Director recently bought S$56k worth of stock On the 9th of April, Beng Hua Chng bought around 4m shares on-market at roughly S$0.014 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Apr 10
Full year 2024 earnings released: EPS: S$0 (vs S$0.002 in FY 2023) Full year 2024 results: EPS: S$0 (down from S$0.002 in FY 2023). Revenue: S$263.5m (up 2.4% from FY 2023). Net income: S$135.0k (down 99% from FY 2023). Profit margin: 0.1% (down from 5.3% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Annuncio • Apr 05
International Cement Group Ltd., Annual General Meeting, Apr 25, 2025 International Cement Group Ltd., Annual General Meeting, Apr 25, 2025, at 09:00 Singapore Standard Time. Location: orchard grand court, lloyd ii 131 killiney road, level 2, singapore 239571, Singapore New Risk • Mar 09
New major risk - Revenue and earnings growth Earnings have declined by 1.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (S$97.5m market cap, or US$73.3m). New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (S$97.5m market cap, or US$72.2m). Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: S$0 (vs S$0.003 in FY 2023) Full year 2024 results: EPS: S$0 (down from S$0.003 in FY 2023). Revenue: S$263.6m (up 2.4% from FY 2023). Net income: S$1.97m (down 88% from FY 2023). Profit margin: 0.7% (down from 6.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Annuncio • Dec 30
International Cement Group Ltd. Announces Board and Committee Changes International Cement Group Ltd. announced the appointment of Mr. Lee Chow Soon as an Independent Director ("ID") and a member of the Audit Committee. Consequent to the aforesaid changes, the composition of the Board and Board Committees are as follows with effect from 30 December 2024: Consequent to the aforesaid changes, the composition of the Board and Board Committees are as follows with effect from 30 December 2024: The Board of Directors comprises Mr. Ma Zhaoyang, who serves as Chairman and Executive Director, alongside Mr. Zhang Zengtao, the Chief Executive Officer and Executive Director, and Mr. Chng Beng Hua, an Executive Director. The board also includes Mr. Ng Kian Guan, the Lead Independent Director, as well as Independent Directors Mr. Wong Loke Tan, Mr. David Tan Chao Hsiung, and Mr. Lee Chow Soon. The Audit Committee is chaired by Mr. Wong Loke Tan and includes Mr. Ng Kian Guan, Mr. David Tan Chao Hsiung, and Mr. Lee Chow Soon as members. The Nominating Committee, chaired by Mr. Ng Kian Guan, also consists of Mr. Wong Loke Tan and Mr. David Tan Chao Hsiung. Meanwhile, the Remuneration Committee is chaired by Mr. David Tan Chao Hsiung, with Mr. Ng Kian Guan and Mr. Wong Loke Tan serving as members. Lee Chow Soon Appointment Date December 30, 2024. Other DirectorShips Past Broadway Industrial Group Ltd. Other DirectorShips Present Nous Realty Pte Ltd. Principal Commitment - Tan Lee & Partners, Director Experience Details Mr. Lee had been an independent director of the Broadway Industrial Group Ltd. Professional Qualifications L.L.B., Bachelor of Laws (London) L.L.B. Hons., Bachelor of Laws with Honours (Singapore). Annuncio • Oct 14
International Cement Group Ltd. Announces Management Changes International Cement Group Ltd. announced the appointment of Mr. Lee Wei Hsiung and Ms Loo Shi Yi as Company Secretaries, in place of Ms Sharon Lim Siew Choo with effect from 14 October 2024. New Risk • Sep 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% 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 Share price has been volatile over the past 3 months (9.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (S$114.7m market cap, or US$88.1m). Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Director David Tan was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 14
Executive Director recently bought S$55k worth of stock On the 11th of April, Beng Hua Chng bought around 3m shares on-market at roughly S$0.018 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought S$103k more in shares than they have sold in the last 12 months. Reported Earnings • Apr 09
Full year 2023 earnings released: EPS: S$0.003 (vs S$0.005 in FY 2022) Full year 2023 results: EPS: S$0.003 (down from S$0.005 in FY 2022). Revenue: S$257.4m (up 14% from FY 2022). Net income: S$16.1m (down 44% from FY 2022). Profit margin: 6.3% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Annuncio • Apr 06
International Cement Group Ltd., Annual General Meeting, Apr 26, 2024 International Cement Group Ltd., Annual General Meeting, Apr 26, 2024, at 14:00 Singapore Standard Time. Location: Kent Ridge Guild House at 9 Kent Ridge Drive, Singapore 119241 Singapore Singapore Agenda: To receive and adopt the Directors' Statement and Audited Financial Statements of the Company and of the Group for the financial year ended 31 December 2023 together with the Auditors' Report thereon; to re-elect Mr Ma Zhaoyang, a Director who is retiring pursuant to Regulation 102 of the Company's Constitution; to re-elect Mr Wong Chee Meng, Lawrence, a Director who is retiring pursuant to Regulation 102 of the Company's Constitution; to approve the payment of Directors' fees of SGD185,000.00 for the financial year ending 31 December 2024 and to authorise the Directors of the Company an option to pay the said fees quarterly in arrears; and to consider other business matters. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: S$0.003 (vs S$0.005 in FY 2022) Full year 2023 results: EPS: S$0.003 (down from S$0.005 in FY 2022). Revenue: S$257.4m (up 14% from FY 2022). Net income: S$16.8m (down 42% from FY 2022). Profit margin: 6.5% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Annuncio • Dec 15
International Cement Group Ltd. Appoints David Tan Chao Hsiung as Independent Director and Member of the Audit Committee; and Wong Loke Tan as Lead Independent Director International Cement Group Ltd. announce the following with effect from 15 December 2023: Mr. David Tan Chao Hsiung ("Mr Tan") has been appointed as an Independent Director ("ID") and a member of the Audit Committee; and Mr. Wong Loke Tan has been appointed as the Lead Independent Director. Consequent to the aforesaid changes, the composition of the Board and Board Committees are as follows with effect from 15 December 2023: Board of Directors: Mr. Ma Zhaoyang - Chairman and Executive Director; Mr. Zhang Zengtao - Chief Executive Officer and Executive Director; Mr. Chng Beng Hua - Executive Director; Mr. Wong Loke Tan- Lead Independent Director; Mr. Wong Chee Meng Lawrence Independent Director; Mr. Ng Kian Guan- Independent Director; Mr. David Tan Chao Hsiung- Independent Director. Audit Committee: Mr. Wong Loke Tan- Chairman; Mr. Wong Chee Meng Lawrence Mr. Ng Kian Guan; Mr. David Tan Chao Hsiung. Nominating Committee: Mr. Wong Chee Meng Lawrence Chairman; Mr. Wong Loke Tan; Mr. Ng Kian Guan. Remuneration Committee: Mr. Ng Kian Guan- Chairman; Mr. Wong Chee Meng Lawrence; Mr. Wong Loke Tan. Annuncio • Nov 17
International Cement Group Ltd. Announces Change of Company Secretary The Board of Directors of International Cement Group Ltd. announced the appointment of Ms. Sharon Lim Siew Choo as Company Secretary with effect from 15 November 2023 in place of Ms. Shirley Tan Sey Liy (Ms. Tan) who has resigned with effect from 15 November 2023. Annuncio • Oct 17
International Cement Group Ltd. Announces Executive Changes International Cement Group Ltd. announced the following with effect from 16 October 2023: a. Mr. Ng Kian Guan has been appointed as the member of the Nominating Committee; and b. Mr. Wong Loke Tan has been appointed as the member of the Remuneration Committee. Consequent to the aforesaid changes, the composition of the Nominating Committee and Remuneration Committee are as follows with effect from 16 October 2023: Nominating Committee Mr. Wong Chee Meng Lawrence, Chairman Mr. Wong Loke Tan Mr. Ng Kian Guan. Remuneration Committee: Mr. Ng Kian Guan, Chairman Mr. Wong Chee Meng Lawrence, Mr. Wong Loke Tan. Reported Earnings • Aug 16
First half 2023 earnings released: EPS: S$0.002 (vs S$0.002 in 1H 2022) First half 2023 results: EPS: S$0.002 (in line with 1H 2022). Revenue: S$119.3m (up 29% from 1H 2022). Net income: S$11.5m (up 4.1% from 1H 2022). Profit margin: 9.7% (down from 12% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Annuncio • Jul 22
International Cement Group Ltd. Announces Board and Committee Changes International Cement Group Ltd. announced the resignation of Guok Chin Huat Samuel as Lead Independent Director, Chairman of Nominating Committee and a member of the Audit Committee and Remuneration Committee. To pursue other interest. With effect from 20 July 2023. Consequent to the aforesaid changes, the composition of the Board and Board Committees of the Company with effect from 20 July 2023 will be as follows: Board of Directors: Mr. Ma Zhaoyang - Executive Director and Chairman, Mr. Zhang Zengtao - Executive Director and Chief Executive Officer, Mr. Chng Beng Hua - Executive Director, Mr. Ng Kian Guan - Independent Director, Mr. Wong Chee Meng Lawrence - Independent Director, Mr. Wong Loke Tan - Independent Director. Audit Committee: Mr. Wong Loke Tan - Chairman, Mr. Ng Kian Guan, Mr. Wong Chee Meng Lawrence. Nominating Committee: Mr. Wong Chee Meng Lawrence - Chairman, Mr. Wong Loke Tan. Remuneration Committee: Mr. Ng Kian Guan - Chairman, Mr. Wong Chee Meng Lawrence. Annuncio • Jun 29
International Cement Group Ltd. Announces Executive Changes International Cement Group Ltd. announced the appointment of Ms. Shirley Tan Sey Liy as Company Secretary of the Company with effect from 30 June 2023 in place of Ms. Ang Siew Koon ("Ms Ang") who has resigned with effect from 30 June 2023. Reported Earnings • Apr 07
Full year 2022 earnings released: EPS: S$0.005 (vs S$0.005 in FY 2021) Full year 2022 results: EPS: S$0.005 (in line with FY 2021). Revenue: S$225.2m (up 24% from FY 2021). Net income: S$28.9m (up 9.8% from FY 2021). Profit margin: 13% (down from 14% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: S$0.005 (vs S$0.005 in FY 2021) Full year 2022 results: EPS: S$0.005 (in line with FY 2021). Revenue: S$225.2m (up 24% from FY 2021). Net income: S$28.9m (up 9.8% from FY 2021). Profit margin: 13% (down from 14% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 10
International Cement Group Ltd. Announces Resignation of Cao Jianshun as Deputy Chief Executive Officer International Cement Group Ltd. announced Resignation of Cao Jianshun as Deputy Chief Executive Officer. Reason For Cessation: To pursue other interests. Annuncio • Nov 24
International Cement Group Ltd. (SGX:KUO) completed the acquisition of 15% stake in Sharcem LLP from Nurzhan Shakirov. International Cement Group Ltd. (SGX:KUO) entered into a sale and purchase agreement to acquire an additional 15% stake in Sharcem LLP from Nurzhan Shakirov for $17 million on September 22, 2022. Prior to the transaction, Nurzhan Shakirov owns 40% stake in Sharcem. Following the transaction, International Cement Group will hold 75% stake in Sharcem. The Completion is expected to take place by October 31, 2022.
International Cement Group Ltd. (SGX:KUO) completed the acquisition of 15% stake in Sharcem LLP from Nurzhan Shakirov on November 22, 2022. Annuncio • Sep 24
International Cement Group Ltd. (SGX:KUO) entered into a sale and purchase agreement to acquire an additional 15% stake in Sharcem LLP from Nurzhan Shakirov. International Cement Group Ltd. (SGX:KUO) entered into a sale and purchase agreement to acquire an additional 15% stake in Sharcem LLP from Nurzhan Shakirov for $17 million on September 22, 2022. Prior to the transaction, Nurzhan Shakirov owns 40% stake in Sharcem. Following the transaction, International Cement Group will hold 75% stake in Sharcem. The Completion is expected to take place by October 31, 2022. Reported Earnings • Aug 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down S$13.0m from profit in 1H 2021). Profit margin: (down from 15% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annuncio • Apr 07
International Cement Group Ltd., Annual General Meeting, Apr 28, 2022 International Cement Group Ltd., Annual General Meeting, Apr 28, 2022, at 14:00 Singapore Standard Time. Agenda: To receive and adopt the Audited Financial Statements of the Company for the financial year ended 31 December 2021 and the Directors’ Statement and the Auditors’ Report thereon; to approve payment of Directors’ fees of SGD 230,000 for the financial year ending 31 December 2022 and to authorize the Directors of the Company an option to pay the said fees quarterly in arrears (2021: SGD 230,000); to approve the payment of additional Directors’ fees to the Independent Directors and Non-Executive Director of SGD 26,000 for the financial year ended 31 December 2021; to re-appoint KPMG LLP as auditors of the Company for the financial year ending 31 December 2022 and to authorize the Directors to fix their remuneration; and to discuss other matters. Executive Departure • May 06
Independent Director has left the company On the 26th of April, Hui Min Sam's tenure as Independent Director ended after 9.5 years in the role. We don't have any record of a personal shareholding under Hui Min's name. A total of 2 executives have left over the last 12 months. Executive Departure • Apr 30
Lead Independent Director has left the company On the 26th of April, Ah Chye Kan's tenure in the role of Lead Independent Director ended. We don't have any record of a personal shareholding under Ah Chye's name. Ah Chye is the only executive to leave the company over the last 12 months. Reported Earnings • Apr 15
Full year 2020 earnings released: EPS S$0.002 (vs S$0.003 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: S$141.6m (up 7.9% from FY 2019). Net income: S$8.79m (down 44% from FY 2019). Profit margin: 6.2% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS S$0.002 (vs S$0.003 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: S$141.6m (up 7.0% from FY 2019). Net income: S$9.01m (down 43% from FY 2019). Profit margin: 6.4% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.