Declared Dividend • Jul 13
Dividend of CN¥0.80 announced Shareholders will receive a dividend of CN¥0.80. Ex-date: 17th July 2026 Payment date: 17th July 2026 Dividend yield will be 3.8%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공고 • Jun 30
Grandblue Environment Co., Ltd. to Report First Half, 2026 Results on Aug 27, 2026 Grandblue Environment Co., Ltd. announced that they will report first half, 2026 results on Aug 27, 2026 공고 • Jun 03
Grandblue Environment Co., Ltd., Annual General Meeting, Jun 23, 2026 Grandblue Environment Co., Ltd., Annual General Meeting, Jun 23, 2026, at 15:00 China Standard Time. Location: 10F, No. 23, Ronghe Road, Guicheng Subdistrict, Nanhai District, Foshan, Guangdong China New Risk • May 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Board Change • May 20
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. 5 non-independent directors. Independent Director Liang Jinqi 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. 공고 • Mar 30
Grandblue Environment Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Grandblue Environment Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 공고 • Dec 26
Grandblue Environment Co., Ltd. to Report Fiscal Year 2025 Results on Apr 24, 2026 Grandblue Environment Co., Ltd. announced that they will report fiscal year 2025 results on Apr 24, 2026 공고 • Sep 30
Grandblue Environment Co., Ltd. to Report Q3, 2025 Results on Oct 29, 2025 Grandblue Environment Co., Ltd. announced that they will report Q3, 2025 results on Oct 29, 2025 공고 • Jun 30
Grandblue Environment Co., Ltd. to Report First Half, 2025 Results on Aug 27, 2025 Grandblue Environment Co., Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 공고 • Apr 15
Grandblue Environment Co., Ltd., Annual General Meeting, May 07, 2025 Grandblue Environment Co., Ltd., Annual General Meeting, May 07, 2025, at 14:30 China Standard Time. Location: 10F, No. 23, Ronghe Road, Guicheng Subdistrict, Nanhai District, Foshan, Guangdong China 공고 • Mar 28
Grandblue Environment Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Grandblue Environment Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 공고 • Dec 27
Grandblue Environment Co., Ltd. to Report Fiscal Year 2024 Results on Apr 11, 2025 Grandblue Environment Co., Ltd. announced that they will report fiscal year 2024 results on Apr 11, 2025 New Risk • Oct 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 124% Dividend yield: 2.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (124% cash payout ratio). Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥21.85, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Water Utilities industry in China. Total loss to shareholders of 14% over the past three years. 공고 • Sep 30
Grandblue Environment Co., Ltd. to Report Q3, 2024 Results on Oct 28, 2024 Grandblue Environment Co., Ltd. announced that they will report Q3, 2024 results on Oct 28, 2024 Reported Earnings • Aug 26
Second quarter 2024 earnings released: EPS: CN¥0.62 (vs CN¥0.47 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.62 (up from CN¥0.47 in 2Q 2023). Revenue: CN¥3.11b (flat on 2Q 2023). Net income: CN¥506.2m (up 33% from 2Q 2023). Profit margin: 16% (up from 12% in 2Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Water Utilities industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 20
Dividend increased to CN¥0.48 Dividend of CN¥0.48 is 118% higher than last year. Ex-date: 24th July 2024 Payment date: 24th July 2024 Dividend yield will be 2.1%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공고 • Jun 28
Grandblue Environment Co., Ltd. to Report First Half, 2024 Results on Aug 26, 2024 Grandblue Environment Co., Ltd. announced that they will report first half, 2024 results on Aug 26, 2024 공고 • Jun 08
Grandblue Environment Co., Ltd., Annual General Meeting, Jun 28, 2024 Grandblue Environment Co., Ltd., Annual General Meeting, Jun 28, 2024, at 14:30 China Standard Time. Location: 10F, No. 23, Ronghe Road, Guicheng Subdistrict, Nanhai District, Foshan, Guangdong China Reported Earnings • May 01
First quarter 2024 earnings released: EPS: CN¥0.47 (vs CN¥0.38 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.47 (up from CN¥0.38 in 1Q 2023). Revenue: CN¥2.72b (down 3.1% from 1Q 2023). Net income: CN¥381.0m (up 23% from 1Q 2023). Profit margin: 14% (up from 11% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Water Utilities industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: CN¥1.75 (vs CN¥1.41 in FY 2022) Full year 2023 results: EPS: CN¥1.75 (up from CN¥1.41 in FY 2022). Revenue: CN¥12.5b (down 2.6% from FY 2022). Net income: CN¥1.43b (up 25% from FY 2022). Profit margin: 11% (up from 8.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Water Utilities industry in China. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. 공고 • Mar 29
Grandblue Environment Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Grandblue Environment Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 공고 • Dec 29
Grandblue Environment Co., Ltd. to Report Fiscal Year 2023 Results on Apr 12, 2024 Grandblue Environment Co., Ltd. announced that they will report fiscal year 2023 results on Apr 12, 2024 Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.58 (vs CN¥0.39 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.58 (up from CN¥0.39 in 3Q 2022). Revenue: CN¥3.03b (down 13% from 3Q 2022). Net income: CN¥476.0m (up 50% from 3Q 2022). Profit margin: 16% (up from 9.2% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. 공고 • Sep 30
Grandblue Environment Co., Ltd. to Report Q3, 2023 Results on Oct 27, 2023 Grandblue Environment Co., Ltd. announced that they will report Q3, 2023 results on Oct 27, 2023 Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: CN¥0.47 (vs CN¥0.46 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.47. Revenue: CN¥3.13b (down 8.3% from 2Q 2022). Net income: CN¥379.7m (down 2.8% from 2Q 2022). Profit margin: 12% (in line with 2Q 2022). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Water Utilities industry in Asia. 공고 • Jun 28
Grandblue Environment Co., Ltd. to Report First Half, 2023 Results on Aug 18, 2023 Grandblue Environment Co., Ltd. announced that they will report first half, 2023 results on Aug 18, 2023 Reported Earnings • Apr 08
Full year 2022 earnings released: EPS: CN¥1.41 (vs CN¥1.45 in FY 2021) Full year 2022 results: EPS: CN¥1.41 (down from CN¥1.45 in FY 2021). Revenue: CN¥12.9b (up 9.3% from FY 2021). Net income: CN¥1.15b (down 1.5% from FY 2021). Profit margin: 8.9% (down from 9.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Jun Zhang was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.39 (vs CN¥0.35 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.39 (up from CN¥0.35 in 3Q 2021). Revenue: CN¥3.47b (up 35% from 3Q 2021). Net income: CN¥318.1m (up 5.5% from 3Q 2021). Profit margin: 9.2% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Water Utilities industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: CN¥0.46 (vs CN¥0.47 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.46. Revenue: CN¥3.41b (up 37% from 2Q 2021). Net income: CN¥390.5m (up 1.5% from 2Q 2021). Profit margin: 12% (down from 16% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 4.3% compared to a 13% growth forecast for the Water Utilities industry in China. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: CN¥0.46 (vs CN¥0.47 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.46. Revenue: CN¥3.41b (up 37% from 2Q 2021). Net income: CN¥390.5m (up 1.5% from 2Q 2021). Profit margin: 12% (down from 16% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 4.3% compared to a 13% growth forecast for the Water Utilities industry in China. Reported Earnings • Apr 30
First quarter 2022 earnings released: EPS: CN¥0.20 (vs CN¥0.32 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.20 (down from CN¥0.32 in 1Q 2021). Revenue: CN¥2.73b (up 32% from 1Q 2021). Net income: CN¥159.1m (down 34% from 1Q 2021). Profit margin: 5.8% (down from 12% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 15% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 4 independent directors (8 non-independent directors). Chairman of the Board Guocan Chen was the last director to join the board, commencing their role in 2020. 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 • Apr 02
Full year 2021 earnings released: EPS: CN¥1.45 (vs CN¥1.38 in FY 2020) Full year 2021 results: EPS: CN¥1.45 (up from CN¥1.38 in FY 2020). Revenue: CN¥11.8b (up 57% from FY 2020). Net income: CN¥1.16b (up 10.0% from FY 2020). Profit margin: 9.9% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.0%, compared to a 6.6% growth forecast for the 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 only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.35 (vs CN¥0.40 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥2.57b (up 28% from 3Q 2020). Net income: CN¥301.6m (down 2.0% from 3Q 2020). Profit margin: 12% (down from 15% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥22.51, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Water Utilities industry in China. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥27.20, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Water Utilities industry in China. Total returns to shareholders of 103% over the past three years. Reported Earnings • Aug 14
Second quarter 2021 earnings released: EPS CN¥0.47 (vs CN¥0.42 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥2.49b (up 44% from 2Q 2020). Net income: CN¥384.8m (up 18% from 2Q 2020). Profit margin: 16% (down from 19% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS CN¥0.32 (vs CN¥0.18 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥2.07b (up 46% from 1Q 2020). Net income: CN¥242.2m (up 78% from 1Q 2020). Profit margin: 12% (up from 9.6% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS CN¥1.38 (vs CN¥1.19 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥7.48b (up 22% from FY 2019). Net income: CN¥1.06b (up 16% from FY 2019). Profit margin: 14% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 02
New 90-day high: CN¥26.50 The company is up 9.0% from its price of CN¥24.25 on 02 December 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Water Utilities industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥179 per share. Is New 90 Day High Low • Jan 26
New 90-day low: CN¥21.88 The company is down 14% from its price of CN¥25.31 on 29 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥179 per share. Is New 90 Day High Low • Dec 22
New 90-day low: CN¥22.46 The company is down 20% from its price of CN¥28.25 on 24 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥179 per share. Is New 90 Day High Low • Dec 01
New 90-day low: CN¥24.15 The company is down 20% from its price of CN¥30.06 on 02 September 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥148 per share. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥945.0m, up 9.1% from the prior year. Total revenue was CN¥7.04b over the last 12 months, up 27% from the prior year. Is New 90 Day High Low • Oct 23
New 90-day low: CN¥25.05 The company is down 1.0% from its price of CN¥25.18 on 24 July 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Water Utilities industry, which is also down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥118 per share.