Recent Insider Transactions • May 21
Executive Vice Chairman of the Board recently sold €1.5m worth of stock On the 14th of May, Min Zhou sold around 5m shares on-market at roughly €0.32 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Min has been a net seller over the last 12 months, reducing personal holdings by €2.4m. Declared Dividend • May 21
Final dividend of HK$0.092 announced Shareholders will receive a dividend of HK$0.092. Ex-date: 2nd June 2026 Payment date: 20th July 2026 Dividend yield will be 33%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio). However, it is well covered by cash flows (31% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control. EPS is expected to grow by 17% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. 공시 • Mar 26
Beijing Enterprises Water Group Limited Proposes Final Ordinary Dividend for the Financial Year End December 31, 2025, Payable on July 20, 2026 Beijing Enterprises Water Group Limited proposed final ordinary dividend of HKD 0.0925 per share for the financial year end December 31, 2025. Ex-dividend date 02 June 2026, Record date 05 June 2026 and Payment date 20 July 2026. 공시 • Mar 25
Beijing Enterprises Water Group Limited, Annual General Meeting, May 27, 2026 Beijing Enterprises Water Group Limited, Annual General Meeting, May 27, 2026. 공시 • Feb 27
Beijing Enterprises Water Group Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 Beijing Enterprises Water Group Limited announced that they will report fiscal year 2025 results on Mar 25, 2026 공시 • Aug 09
Beijing Enterprises Water Group Limited to Report Q2, 2025 Results on Aug 27, 2025 Beijing Enterprises Water Group Limited announced that they will report Q2, 2025 results on Aug 27, 2025 공시 • Jun 05
Beijing Enterprises Water Group Limited Announces Directorate and Committee Changes, Effective on June 5, 2025 Beijing Enterprises Water Group Limited announced that Ms. Zhou Xueyan has been appointed as an executive director of the Company with effect from 5 June 2025. Ms. Zhou Xueyan, aged 52, is a non-executive director of China Gas Holdings Limited, a company listed on the main board of the Stock Exchange of Hong Kong Limited . Ms. Zhou is concurrently the chairman of (Beijing Enterprises Water Treatment Limited), a director of (BMEI Co. Ltd.) and a director and the general manager of (Beijing Beikong Water Manufacturing Co. Ltd.*). Ms. Zhou graduated from Renmin University of China with a bachelor's degree in Economics and later obtained a master's degree in Economics and PhD in Management. Ms. Zhou has joined Beijing Enterprises Holdings Limited (the "BEHL"), a company listed on the main board of the Stock Exchange since 2011 and served as the deputy manager of the enterprise management department of BEHL from August 2011 to August 2014, the manager of the comprehensive business management department of BEHL from August 2014 to June 2021 and the general manager of the operation management department of BEHL from June 2021 to March 2025. The Board further announces that with effect from 5 June 2025, (i) Mr. Guo Rui, an independent non-executive director of the Company, has ceased to be a member of the nomination committee of the Company (the "Nomination Committee");and (ii) Ms. Chan Siu Chee Sophia, an independent non-executive director of the Company, has been appointed as a member of the Nomination Committee. Following the above change, the Nomination Committee comprises three members, namely Mr. Xiong Bin (Chairman), Mr. Shea Chun Lok Quadrant and Ms. Chan Siu Chee Sophia and has one director of a different gender. The above changes were made in response to the amendments to the Listing Rules and the Corporate Governance Code as set out in Appendix C1 to the Listing Rules, which will come into effect on 1 July 2025. Sound corporate governance plays a vital role in the overall performance of the Company. The Board believes that implementing these changes could strengthen the effectiveness and diversity of the Board, and further enhances good corporate governance practices of the Company as a whole. 공시 • Jun 03
Beijing Enterprises Water Group Limited Approves Final Dividend for the Year Ended 31 December 2024, Payable on or Around 28 July 2025 Beijing Enterprises Water Group Limited at its AGM held on 3 June 2025 approved final dividend of 9.1 HongKong cents per share of the Company for the year ended 31 December 2024. The final dividend for the year ended 31 December 2024 will be paid in cash in Hong Kong Dollars to each Shareholder whose name appears on the register of members of the Company as at 13 June 2025, unless an election is made by such Shareholder to receive all (but not part, save in case of HKSCC Nominees Limited, which may elect to receive part of its entitlement in Renminbi ("RMB")) of the 2024 Final Dividend in RMB. If an election is made, the 2024 Final Dividend will be converted into RMB at the exchange rate of HKD 1.0: RMB 0.916928, being the average
benchmark exchange rate of HKD to RMB as published by the People's Bank of China during the five business days prior to and including the date of 3 June 2025, being the date of the AGM, and such dividend will be paid at RMB 0.0834404 per share. All dividend payments in HKD will be made in the usual way on or around 28 July 2025. 공시 • Mar 03
Beijing Enterprises Water Group Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 Beijing Enterprises Water Group Limited announced that they will report fiscal year 2024 results on Mar 26, 2025 공시 • Jan 06
Beijing Enterprises Water Group Limited Announces Resignation of Jiang Xinhao as Executive Director The board of directors of Beijing Enterprises Water Group Limited announced that Mr. Jiang Xinhao has reached his retirement age, he has tendered his resignation as an executive director of the Company with effect from 6 January 2025. Mr. Jiang has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the holders of securities of the Company and The Stock Exchange of Hong Kong Limited. 공시 • Dec 06
Beijing Enterprises Water Group Limited Announces Director Changes The board of directors of Beijing Enterprises Water Group Limited announced that Mr. Li Tianzhi has tendered his resignation as a non-executive director of the Company with effect from 6 December 2024 due to change of job duties. The Board announced that Mr. Yuan Jianwei has been appointed as a non-executive director of the Company with effect from 6 December 2024 to fill the casual vacancy arising from the resignation of Mr. Li. Mr. Yuan Jianwei, aged 53, is the vice-chairman of Yangtze Ecology and Environment Co. Ltd. Mr. Yuan holds a bachelor's degree in Engineering Management from Wuhan University of Hydraulic and Electrical Engineering and a master degree in Materials Science and Engineering from Huazhong University of Science and Technology. He has extensive professional knowledge and senior management experience in performing duties. Mr. Yuan possesses the technical knowledge, management knowledge, financial knowledge and legal knowledge requisited by senior management. He is familiar with domestic and overseas ecological and environmental protection policies, regulations and market systems, and has a strong organizational, coordination and communication skills. New Risk • Sep 20
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 German stocks, typically moving 13% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 106% Upcoming Dividend • Sep 02
Upcoming dividend of HK$0.07 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 28 October 2024. Payout ratio is on the higher end at 93%, and the cash payout ratio is above 100%. Trailing yield: 6.9%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.9%). Reported Earnings • Aug 29
First half 2024 earnings released: EPS: CN¥0.11 (vs CN¥0.14 in 1H 2023) First half 2024 results: EPS: CN¥0.11 (down from CN¥0.14 in 1H 2023). Revenue: CN¥11.3b (down 8.5% from 1H 2023). Net income: CN¥1.19b (down 14% from 1H 2023). Profit margin: 11% (in line with 1H 2023). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. 공시 • Aug 28
Beijing Enterprises Water Group Limited Declares Interim Dividend for the Six Month Ended 30 June 2024, Payable on 28 October 2024 On 28 August 2024, the Board of directors of Beijing Enterprises Water Group Limited has resolved to declare an interim dividend of HKD 7.0 cents per share for the six month ended 30 June 2024, payable on 28 October 2024 to shareholders whose names appear on the register of members of the Company on 12 September 2024. 공시 • Aug 09
Beijing Enterprises Water Group Limited to Report First Half, 2024 Results on Aug 28, 2024 Beijing Enterprises Water Group Limited announced that they will report first half, 2024 results on Aug 28, 2024 New Risk • Jun 11
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 German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Dividend is not well covered by cash flows (307% cash payout ratio). Significant insider selling over the past 3 months (€5.5m sold). 공시 • Jun 06
Beijing Enterprises Water Group Limited Approves Final Dividend for the Year Ended 31 December 2023, Payable on 29 July 2024 Beijing Enterprises Water Group Limited at its AGM held on 5 June 2024 approved final dividend of 8.7 HK cents per share of the Company. The final dividend for the year ended 31 December 2023 (the "2023 Final Dividend") will be paid in cash in Hong Kong Dollars ("HK Dollars") to each shareholder whose name appears on the register of members of the Company as at 14 June 2024, unless an election is made by such shareholder to receive all (but not part, save in case of HKSCC Nominees Limited, which may elect to receive part of its entitlement in Renminbi ("RMB")) of the 2023 Final Dividend in RMB. To make such election, shareholders should complete the dividend currency election form, which is expected to be despatched to shareholders in June 2024 as soon as practicable after the record date of 14 June 2024, and return it to the branch share registrar of the Company in Hong Kong, Tricor Tengis Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong not later than 4:30 p.m. on 8 July 2024. If no election is made by a shareholder or no duly completed dividend currency election form in respect of that shareholder is received by the branch share registrar of the Company in Hong Kong by the deadline mentioned above, such shareholder will automatically receive the 2023 Final Dividend in HK Dollars. If no election is made by a shareholder or no duly completed dividend currency election form in respect of that shareholder is received by branch share registrar of the Company in Hong Kong by 4:30 p.m. on, 8 July 2024, such shareholder will automatically receive the 2023 Final Dividend in HK Dollars. All dividend payments in HK Dollars will be made in the usual way on or around 29 July 2024. Upcoming Dividend • Jun 04
Upcoming dividend of HK$0.087 per share Eligible shareholders must have bought the stock before 11 June 2024. Payment date: 29 July 2024. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 5.9%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (4.9%). Recent Insider Transactions • May 16
COO & Executive Director recently sold €530k worth of stock On the 10th of May, Li Li sold around 2m shares on-market at roughly €0.26 per share. This transaction amounted to 89% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €4.3m. This was Li's only on-market trade for the last 12 months. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CN¥0.18 (vs CN¥0.11 in FY 2022) Full year 2023 results: EPS: CN¥0.18 (up from CN¥0.11 in FY 2022). Revenue: CN¥24.5b (up 14% from FY 2022). Net income: CN¥1.83b (up 60% from FY 2022). Profit margin: 7.4% (up from 5.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. 공시 • Apr 28
Beijing Enterprises Water Group Limited Proposes Final Dividend Beijing Enterprises Water Group Limited proposes to make final dividend of HKD 8.7 cents per share of the Company. Recent Insider Transactions • Apr 16
VP & Executive Director recently sold €4.3m worth of stock On the 10th of April, Haifeng Li sold around 20m shares on-market at roughly €0.21 per share. This transaction amounted to 89% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Declared Dividend • Mar 28
Final dividend of HK$0.087 announced Shareholders will receive a dividend of HK$0.087. Ex-date: 11th June 2024 Payment date: 29th July 2024 Dividend yield will be 50%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but not covered by cash flows (282% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Mar 27
Beijing Enterprises Water Group Limited, Annual General Meeting, Jun 05, 2024 Beijing Enterprises Water Group Limited, Annual General Meeting, Jun 05, 2024. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: CN¥0.18 (vs CN¥0.12 in FY 2022) Full year 2023 results: EPS: CN¥0.18 (up from CN¥0.12 in FY 2022). Revenue: CN¥24.5b (up 11% from FY 2022). Net income: CN¥1.83b (up 56% from FY 2022). Profit margin: 7.4% (up from 5.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. 공시 • Mar 26
Beijing Enterprises Water Group Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 29 July 2024 Beijing Enterprises Water Group Limited proposed Final dividend for the year ended 31 December 2023, Dividend declared HKD 0.087 per shareDate of shareholders' approval 05 June 2024. Ex-dividend date 11 June 2024. Record date 14 June 2024. Payment date 29 July 2024. 공시 • Feb 24
Beijing Enterprises Water Group Limited to Report Fiscal Year 2023 Results on Mar 26, 2024 Beijing Enterprises Water Group Limited announced that they will report fiscal year 2023 results on Mar 26, 2024 공시 • Feb 06
Beijing Enterprises Water Group Limited Announces Change of Executive Director The board of directors of Beijing Enterprises Water Group Limited announced that Mr. Ke Jian has tendered his resignation as an executive director of the Company with effect from 6 February 2024 for other business engagement. The Board announced that Mr. Zhang Wenjiang has been appointed as an executive director of the Company with effect from 6 February 2024 to fill the casual vacancy arising from the resignation of Mr. Ke. Mr. Zhang, aged 47, serves as a general counsel of Beijing Enterprises Holdings Limited, a company listed on the main board of The Stock Exchange of Hong Kong Limited. He is a PRC Senior Economist. Mr. Zhang graduated from Shanxi University of Finance and Economics and obtained a doctorate degree in law from China University of Political Science and Law. Mr. Zhang has extensive working experiences in manufacturing companies, mining companies, investment companies and trade and finance enterprises. He worked as a lawyer at Shanxi Zhong Lv Law Firm and served as a general counsel of China National Gold Group Trading Co. Ltd. and a chief compliance officer in TEBA Holdings Co. Ltd. He has extensive legal professional skills and higher level of management. Upcoming Dividend • Sep 20
Upcoming dividend of HK$0.07 per share at 8.8% yield Eligible shareholders must have bought the stock before 27 September 2023. Payment date: 19 October 2023. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 8.8%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (4.6%). 공시 • Sep 16
Beijing Enterprises Water Group Limited Announces Board and Committee Appointments The board of directors of Beijing Enterprises Water Group Limited announced that Ms. Chan Siu Chee Sophia ("Ms. Chan") has been appointed as an independent non-executive director ("INED") of the Company with effect from 15 September 2023. Ms. Chan Siu Chee Sophia, aged 65, obtained Master Degrees in Education and Public Health from the University of Manchester and the Harvard University respectively and attained a doctorate degree in Philosophy from the University of Hong Kong. Ms. Chan joined in the School of Nursing of the University of Hong Kong as an assistant professor, a founding member of the Department of Nursing Studies in 1995. Afterwards, she focused on teaching, research and administrative management, serving as the professor and the head of the School of Nursing. She became the Assistant Dean of the Medicine of the University of Hong Kong in 2004. Ms. Chan's research has gained international recognition as she was not only awarded the Honorary Fellow qualification by the Faculty of Public Health of the Royal College of Physicians, but also the first nurse in Hong Kong who was awarded the Fellow by the American Academy of Nursing. Ms. Chan served as the Under Secretary for Food and Health in 2012 to 2017, and was appointed as Secretary for Food and Health in 2017 to 2022, to participate in and take charge of the policy making and promotion. Ms. Chan currently is the Professor of Nursing and Senior Advisor in the President's office of the University of Hong Kong. The Board further announced the following appointment of member of each of the audit committee (the "Audit Committee"), the nomination committee (the "Nomination Committee") and the remuneration committee (the "Remuneration Committee") of the Company with effect from 15 September 2023: Mr. Chau On Ta Yuen ("Mr. Chau"), currently being an independent non-executive Director of the Company, has been appointed as a member of the Audit Committee; and Mr. Shea Chun Lok Quadrant ("Mr. Shea"), currently being an independent non-executive Director of the Company, has been appointed as a member of each of the Nomination Committee and the Remuneration Committee. Following the aforesaid appointments, the Audit Committee comprises three independent non-executive directors namely Mr. Shea (chairman of the Audit Committee) and Mr. Guo Rui and Mr. Chau. The Nomination Committee comprises three members, one executive director namely Mr. Xiong Bin (chairman of the Nomination Committee) and two independent non-executive directors namely Mr. Shea and Mr. Guo Rui. The Remuneration Committee comprises three members, two independent non-executive directors namely Mr. Guo Rui (chairman of the Remuneration Committee) and Mr. Shea, and an executive director, Mr. Tung Woon Cheung Eric. Reported Earnings • Aug 30
First half 2023 earnings released: EPS: HK$0.15 (vs HK$0.066 in 1H 2022) First half 2023 results: EPS: HK$0.15 (up from HK$0.066 in 1H 2022). Revenue: HK$13.7b (up 29% from 1H 2022). Net income: HK$1.53b (up 128% from 1H 2022). Profit margin: 11% (up from 6.3% in 1H 2022). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. 공시 • Aug 30
Beijing Enterprises Water Group Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 19 October 2023 Beijing Enterprises Water Group Limited announced Interim dividend of HKD 0.07 per share for the six months ended 30 June 2023. Ex-dividend date is 27 September 2023. Record date is 04 October 2023. Payment date is 19 October 2023. 공시 • Aug 08
Beijing Enterprises Water Group Limited to Report First Half, 2023 Results on Aug 29, 2023 Beijing Enterprises Water Group Limited announced that they will report first half, 2023 results on Aug 29, 2023 New Risk • Jul 18
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 German stocks, typically moving 7.3% 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 Risks Debt is not well covered by operating cash flow (3.2% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 119% Cash payout ratio: 93% Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.3% net profit margin). 공시 • Jun 17
Beijing Enterprises Water Group Limited Announces Board and Committee Changes The board of directors of Beijing Enterprises Water Group Limited announced that Mr. Zhang Gaobo ("Mr. Zhang") has tendered his resignation as an independent non-executive director of the Company with effect from 16 June 2023 due to his own business commitment which require more of his dedication. Accordingly, Mr. Zhang has ceased to be the chairman of the remuneration committee of the Company, a member of each of the audit committee and the nomination committee of the Company on the same date. The Board also announced that subsequent to the resignation of Mr. Zhang, Mr. Guo Rui ("Mr. Guo"), currently being an independent non-executive director and a member of the audit committee, the remuneration committee and the nomination committee of the Company, has been appointed as the chairman of the remuneration committee of the Company in replacement of Mr. Zhang as position of the chairman of remuneration committee of the Company with effect from 16 June 2023. 공시 • Jun 08
Beijing Enterprises Water Group Limited Approves Final Dividend for the Year Ended 31 December 2022 Beijing Enterprises Water Group Limited at its AGM held on June 7, 2023 approved to make final dividend of 8.7 Hong Kong cents per share of the Company. Upcoming Dividend • Jun 05
Upcoming dividend of HK$0.087 per share at 7.7% yield Eligible shareholders must have bought the stock before 12 June 2023. Payment date: 30 June 2023. The company is paying out more than 100% of its profits and is paying out 93% of its cash flow. Trailing yield: 7.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.3%). Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: HK$0.13 (vs HK$0.41 in FY 2021) Full year 2022 results: EPS: HK$0.13 (down from HK$0.41 in FY 2021). Revenue: HK$25.0b (down 10% from FY 2021). Net income: HK$1.33b (down 68% from FY 2021). Profit margin: 5.3% (down from 15% in FY 2021). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buying Opportunity • Feb 01
Now 20% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be €0.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 109% in the next 2 years. Recent Insider Transactions • Nov 06
CEO & Executive Director recently bought €217k worth of stock On the 28th of October, Min Zhou bought around 1m shares on-market at roughly €0.22 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. Min has been a buyer over the last 12 months, purchasing a net total of €338k worth in shares. Recent Insider Transactions • Oct 12
VP & Executive Director recently bought €169k worth of stock On the 5th of October, Haifeng Li bought around 700k shares on-market at roughly €0.24 per share. This transaction amounted to 3.4% 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 €157k more in shares than they have sold in the last 12 months. Upcoming Dividend • Sep 21
Upcoming dividend of HK$0.07 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 20 October 2022. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (4.2%). Buying Opportunity • Sep 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be €0.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 92% in the next 2 years. Reported Earnings • Aug 31
First half 2022 earnings released: EPS: HK$0.066 (vs HK$0.24 in 1H 2021) First half 2022 results: EPS: HK$0.066 (down from HK$0.24 in 1H 2021). Revenue: HK$10.6b (down 22% from 1H 2021). Net income: HK$749.4m (down 69% from 1H 2021). Profit margin: 7.0% (down from 18% in 1H 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 24%, compared to a 6.8% growth forecast for the Water Utilities industry in Germany. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 20% per year. Upcoming Dividend • Jun 06
Upcoming dividend of HK$0.067 per share Eligible shareholders must have bought the stock before 13 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 6.3%. Within top quartile of German dividend payers (4.2%). Higher than average of industry peers (3.9%). Buying Opportunity • May 19
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €0.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.4%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: HK$0.41 (vs HK$0.42 in FY 2020) Full year 2021 results: EPS: HK$0.41. Revenue: HK$27.9b (up 9.9% from FY 2020). Net income: HK$4.41b (up 6.1% from FY 2020). Profit margin: 16% (in line with FY 2020). Over the next year, revenue is forecast to grow 4.1%, compared to a 3.2% growth forecast for the industry in Germany. Upcoming Dividend • Sep 16
Upcoming dividend of HK$0.09 per share Eligible shareholders must have bought the stock before 23 September 2021. Payment date: 19 October 2021. Trailing yield: 5.1%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.6%). Reported Earnings • Sep 01
First half 2021 earnings released: EPS HK$0.24 (vs HK$0.23 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: HK$13.7b (up 9.8% from 1H 2020). Net income: HK$2.40b (up 5.9% from 1H 2020). Profit margin: 18% (in line with 1H 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year. Upcoming Dividend • Jun 04
Upcoming dividend of HK$0.078 per share Eligible shareholders must have bought the stock before 11 June 2021. Payment date: 30 June 2021. Trailing yield: 5.2%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (4.0%). Reported Earnings • May 02
Full year 2020 earnings released: EPS HK$0.42 (vs HK$0.50 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: HK$25.4b (down 10.0% from FY 2019). Net income: HK$4.15b (down 16% from FY 2019). Profit margin: 16% (down from 18% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Executive Departure • Apr 25
Independent Non-Executive Director has left the company On the 23rd of April, Man Chun Lee's tenure as Independent Non-Executive Director ended after 3.8 years in the role. We don't have any record of a personal shareholding under Man Chun's name. Man Chun is the only executive to leave the company over the last 12 months. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS HK$0.42 (vs HK$0.50 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: HK$25.4b (down 10.0% from FY 2019). Net income: HK$4.42b (down 10% from FY 2019). Profit margin: 17% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Jan 14
New 90-day high: €0.36 The company is up 10.0% from its price of €0.33 on 16 October 2020. The German market is also up 10.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Water Utilities industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.76 per share. Is New 90 Day High Low • Dec 12
New 90-day low: €0.31 The company is down 4.0% from its price of €0.33 on 11 September 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.35 per share. Is New 90 Day High Low • Oct 27
New 90-day low: €0.31 The company is down 6.0% from its price of €0.33 on 28 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.37 per share. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total profits of HK$4.42b, down 9.2% from the prior year. Total revenue was HK$27.8b over the last 12 months, up 1.4% from the prior year. Is New 90 Day High Low • Sep 26
New 90-day low: €0.32 The company is down 3.0% from its price of €0.34 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Water Utilities industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.06 per share. 
