Declared Dividend • May 30
Dividend increased to CN¥0.24 Dividend of CN¥0.24 is 17% higher than last year. Ex-date: 4th June 2026 Payment date: 4th June 2026 Dividend yield will be 0.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 55% to shift the payout ratio to a potentially unsustainable range, which is more than the 17% EPS decline seen over the last 5 years. New Risk • Apr 07
New major risk - Revenue and earnings growth Earnings have declined by 7.6% 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 Risks Earnings have declined by 7.6% per year over the past 5 years. High level of non-cash earnings (124% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Mar 30
Avicopter Plc, Annual General Meeting, May 20, 2026 Avicopter Plc, Annual General Meeting, May 20, 2026, at 09:30 China Standard Time. Reported Earnings • Mar 29
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: CN¥0.80 (up from CN¥0.72 in FY 2024). Revenue: CN¥29.1b (down 2.3% from FY 2024). Net income: CN¥651.9m (up 17% from FY 2024). Profit margin: 2.2% (up from 1.9% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates by 6.0%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 8% per year. Price Target Changed • Jan 08
Price target increased by 11% to CN¥51.00 Up from CN¥46.00, the current price target is provided by 1 analyst. New target price is 34% above last closing price of CN¥38.13. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of CN¥0.79 for next year compared to CN¥0.72 last year. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.11 (vs CN¥0.076 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.11 (up from CN¥0.076 in 3Q 2024). Revenue: CN¥4.81b (down 47% from 3Q 2024). Net income: CN¥90.4m (up 51% from 3Q 2024). Profit margin: 1.9% (up from 0.7% in 3Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Sep 01
Second quarter 2025 earnings released: EPS: CN¥0.098 (vs CN¥0.23 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.098 (down from CN¥0.23 in 2Q 2024). Revenue: CN¥7.86b (up 64% from 2Q 2024). Net income: CN¥80.3m (down 52% from 2Q 2024). Profit margin: 1.0% (down from 3.5% in 2Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Apr 29
First quarter 2025 earnings released: EPS: CN¥0.25 (vs CN¥0.18 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.25 (up from CN¥0.18 in 1Q 2024). Revenue: CN¥2.38b (down 30% from 1Q 2024). Net income: CN¥202.0m (up 55% from 1Q 2024). Profit margin: 8.5% (up from 3.9% in 1Q 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 6% per year. New Risk • Apr 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Mar 31
Avicopter Plc, Annual General Meeting, May 09, 2025 Avicopter Plc, Annual General Meeting, May 09, 2025, at 09:30 China Standard Time. Reported Earnings • Mar 30
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.72. Revenue: CN¥29.8b (up 28% from FY 2023). Net income: CN¥555.9m (up 26% from FY 2023). Profit margin: 1.9% (in line with FY 2023). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Aerospace & Defense industry in China. Announcement • Mar 14
AviChina Industry & Technology Company Limited (SEHK:2357) completed the acquisition of an additional 2.34% stake in Avicopter Plc (SHSE:600038) from Harbin Aircraft Industry (Group) Co., Ltd. AviChina Industry & Technology Company Limited (SEHK:2357) agreed to acquire an additional 2.34% stake in Avicopter Plc (SHSE:600038) from Harbin Aircraft Industry (Group) Co., Ltd. for approximately CNY 760 million on December 25, 2024. Upon completion, AviChina Industry & Technology Company Limited will own 50.90% stake in Avicopter Plc. The transaction is subject to approval by Shanghai Stock Exchange and the completion of the transfer registration procedures for the agreed transfer of shares at the Shanghai Branch of China Securities Depository and Clearing Corporation Limited and the transaction has been approved by the shareholders and board of Avicopter Plc.
AviChina Industry & Technology Company Limited (SEHK:2357) completed the acquisition of an additional 2.34% stake in Avicopter Plc (SHSE:600038) from Harbin Aircraft Industry (Group) Co., Ltd. on March 13, 2025. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 39% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.076 (vs CN¥0.25 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.076 (down from CN¥0.25 in 3Q 2023). Revenue: CN¥9.13b (up 55% from 3Q 2023). Net income: CN¥59.8m (down 67% from 3Q 2023). Profit margin: 0.7% (down from 3.1% in 3Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Board Change • Sep 25
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Jian Rong 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. Insufficient board refreshment. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CN¥0.23 (vs CN¥0.47 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.23 (down from CN¥0.47 in 2Q 2023). Revenue: CN¥4.80b (down 45% from 2Q 2023). Net income: CN¥167.3m (down 51% from 2Q 2023). Profit margin: 3.5% (down from 4.0% in 2Q 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 21% 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. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: CN¥0.18 (vs CN¥0.024 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.18 (up from CN¥0.024 in 1Q 2023). Revenue: CN¥3.37b (up 4.5% from 1Q 2023). Net income: CN¥130.2m (up CN¥115.9m from 1Q 2023). Profit margin: 3.9% (up from 0.4% in 1Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Board Change • Apr 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. 4 non-independent directors. Independent Director Jian Rong was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Major Estimate Revision • Mar 22
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥28.1b to CN¥27.7b. EPS estimate also fell from CN¥1.17 per share to CN¥0.925 per share. Net income forecast to grow 23% next year vs 39% growth forecast for Aerospace & Defense industry in China. Consensus price target up from CN¥40.33 to CN¥47.00. Share price was steady at CN¥39.97 over the past week. Reported Earnings • Mar 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: CN¥0.75 (up from CN¥0.66 in FY 2022). Revenue: CN¥23.3b (up 20% from FY 2022). Net income: CN¥442.7m (up 14% from FY 2022). Profit margin: 1.9% (down from 2.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Mar 15
Avicopter Plc (SHSE:600038) completed the acquisition of Changhe Aircraft Industry (Group) Co., Ltd. and Harbin Aircraft Industry Group Co., Ltd. from AviChina Industry & Technology Company Limited (SEHK:2357) and Aviation Industry Corporation of China, Ltd. Avicopter Plc (SHSE:600038) entered into an agreement to acquire Changhe Aircraft Industry (Group) Co., Ltd. and Harbin Aircraft Industry Group Co., Ltd. from AviChina Industry & Technology Company Limited (SEHK:2357) and Aviation Industry Corporation of China, Ltd. for CNY 5.1 billion on December 23, 2022. As of January 9, 2023, This transaction has been reviewed and approved at the twenty-first meeting of the eighth board of directors of Avicopter Plc. This transaction has been approved by the General Manager Office Meeting of Aviation Industry Corporation, and this transaction has been reviewed and approved by the Board of Directors of AviChina. The transaction is subject to approval by the board of directors of AVICOPTER and the shareholders in a general meeting of AVICOPTER, competent industry governing authority(ies) and CSRC. The transaction is expected to close on February 3, 2023. As of April 14, 2023, recently State Administration of Science, Technology and Industry for National Defense approved the transaction. As of September 20, 2023, the State-owned Assets Supervision and Administration Commission of the State Council approved the transaction. As of January 6, 2024, Shanghai Stock Exchange approved the transaction. As of February 2, 2024, recently Avicopter Plc got approval from China Securities Regulatory Commission to issue shares to buy assets and raise funds. The company will issue shares to AviChina Industry & Technology Company Limited and Aviation Industry Corporation of China,Ltd. and raise CNY 3 billion.China International Capital Corporation Limited (SEHK:3908) and AVIC Securities Co.,Ltd. acted as financial advisors to Avicopter. Jingtian & Gongcheng acted as legal advisor to Avicopter Plc (SHSE:600038). Moore Stephens Da Hua acted as accountant to Avicopter Plc (SHSE:600038).Avicopter Plc (SHSE:600038) completed the acquisition of Changhe Aircraft Industry (Group) Co., Ltd. and Harbin Aircraft Industry Group Co., Ltd. from AviChina Industry & Technology Company Limited (SEHK:2357) and Aviation Industry Corporation of China, Ltd. on March 14, 2024. Major Estimate Revision • Oct 31
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from CN¥22.2b to CN¥23.3b. EPS estimate increased from CN¥0.683 to CN¥0.76 per share. Net income forecast to grow 7.7% next year vs 56% growth forecast for Aerospace & Defense industry in China. Consensus price target down from CN¥55.17 to CN¥40.33. Share price rose 4.0% to CN¥37.96 over the past week. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: CN¥0.28 (vs CN¥0.052 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.28 (up from CN¥0.052 in 3Q 2022). Revenue: CN¥5.19b (up 35% from 3Q 2022). Net income: CN¥166.7m (up 439% from 3Q 2022). Profit margin: 3.2% (up from 0.8% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 21% 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. Reported Earnings • Aug 23
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CN¥0.19 (up from CN¥0.009 in 2Q 2022). Revenue: CN¥7.33b (up 43% from 2Q 2022). Net income: CN¥111.7m (up CN¥106.1m from 2Q 2022). Profit margin: 1.5% (up from 0.1% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 20% 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. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥23.7b to CN¥23.3b. EPS estimate also fell from CN¥1.50 per share to CN¥1.11 per share. Net income forecast to grow 97% next year vs 62% growth forecast for Aerospace & Defense industry in China. Consensus price target down from CN¥61.37 to CN¥56.87. Share price was steady at CN¥37.83 over the past week. Announcement • Jul 14
Avicopter plc Provides Earnings Guidance for the First Half of 2023 Avicopter Plc provided earnings guidance for the first half of 2023. For the period, the company estimated net profit attributable to shareholders of approximately RMB 110 million to RMB 132 million during the first half of the year of 2023, representing an increase of approximately 553% to 683% in comparison with the corresponding period in the year of 2022. Reported Earnings • Mar 16
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: CN¥0.66 (down from CN¥1.55 in FY 2021). Revenue: CN¥19.5b (down 11% from FY 2021). Net income: CN¥387.1m (down 58% from FY 2021). Profit margin: 2.0% (down from 4.2% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jan 31
Avicopter plc Provides Earnings Guidance for the Year of 2022 Avicopter Plc provided earnings guidance for the year of 2022. The company expects to record an estimated net profit attributable to shareholders of approximately RMB 330 million to RMB 396 million during the year of 2022, representing a decrease of approximately 56.64% to 63.86% in comparison with that of the year of 2021. Such decrease is mainly attributable to adjust in product structure and decrease in the number of orders received for certain products of AVICOPTER. Announcement • Jan 11
Avicopter Plc announced that it expects to receive funding from AviChina Industry & Technology Company Limited, AVIC Aerospace System Co., Ltd. and other investors Avicopter Plc announced a private placement of A shares on January 9, 2023. The transaction will include participation from no more than 35 qualified specific investors, including AviChina Industry & Technology Company Limited for CNY 200 million and AVIC Aerospace System Co., Ltd. for CNY 100 million. The total amount of supporting funds raised shall not exceed 100% of the transaction price of the proposed purchase of assets by issuing shares, and the number of issued shares shall not exceed 30% of the total share capital of the listed company after the completion of the issuance of shares to purchase assets. The final issuance quantity and price shall be determined in accordance with the relevant regulations of the securities regulatory agency. The issue price is not lower than 80% of the company's stock trading average price 20 trading days before the first issue period. AviChina Industry & Technology Company Limited and AVIC Aerospace System Co., Ltd. commit to a lock up period of 18 months. In the case of the extant investors, shares will have a lock up period of 6 months. The transaction has been approved in the twenty-first meeting of the eighth board of directors of the company, by the general manager office meeting of Aviation Industry Corporation, and this transaction has been reviewed and approved by the bard of directors of AviChina and needs to be approved by the China Securities Regulatory Commission. Board Change • Jan 10
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Director Jianhua Xu was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 16
Price target decreased to CN¥59.03 Down from CN¥71.17, the current price target is an average from 3 analysts. New target price is 39% above last closing price of CN¥42.53. Stock is down 39% over the past year. The company is forecast to post earnings per share of CN¥0.53 for next year compared to CN¥1.55 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Director Jianhua Xu was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CN¥0.052 (down from CN¥0.40 in 3Q 2021). Revenue: CN¥3.86b (down 20% from 3Q 2021). Net income: CN¥30.9m (down 87% from 3Q 2021). Profit margin: 0.8% (down from 4.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 9.6%. Earnings per share (EPS) also missed analyst estimates by 61%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. Price Target Changed • Sep 06
Price target decreased to CN¥64.10 Down from CN¥71.17, the current price target is an average from 5 analysts. New target price is 43% above last closing price of CN¥44.75. Stock is down 23% over the past year. The company is forecast to post earnings per share of CN¥1.74 for next year compared to CN¥1.55 last year. Reported Earnings • Sep 03
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: CN¥0.009 (down from CN¥0.37 in 2Q 2021). Revenue: CN¥5.13b (down 17% from 2Q 2021). Net income: CN¥5.59m (down 97% from 2Q 2021). Profit margin: 0.1% (down from 3.5% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 33%. Earnings per share (EPS) also missed analyst estimates by 98%. Over the next year, revenue is forecast to grow 36%, compared to a 29% growth forecast for the Aerospace & Defense industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 01
Consensus revenue estimates fall by 19% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥26.4b to CN¥21.4b. EPS estimate fell from CN¥1.82 to CN¥1.74 per share. Net income forecast to grow 123% next year vs 52% growth forecast for Aerospace & Defense industry in China. Consensus price target down from CN¥71.17 to CN¥68.37. Share price fell 4.2% to CN¥42.25 over the past week. Announcement • Aug 27
AviChina Industry & Technology Company Limited (SEHK:2357) completed the additional 39.49% stakes in Avicopter Plc (SHSE:600038) from Harbin Aviation Industry (Group) Co., Ltd. and AVIC Helicopter Co., Ltd. AviChina Industry & Technology Company Limited (SEHK:2357) entered into a state-owned equity transfer agreement to acquire additional 39.49% stakes in Avicopter Plc (SHSE:600038) from Harbin Aviation Industry (Group) Co., Ltd. and AVIC Helicopter Co., Ltd. on February 21, 2022. AviChina Industry & Technology Company Limited will acquire 157.428702 million A Shares representing 26.71% from Harbin Aviation Industry (Group) Co., Ltd. and 75.350398 million A Shares , representing 12.78% from AVIC Helicopter Co., Ltd.
AviChina Industry & Technology Company Limited (SEHK:2357) completed the additional 39.49% stakes in Avicopter Plc (SHSE:600038) from Harbin Aviation Industry (Group) Co., Ltd. and AVIC Helicopter Co., Ltd. on August 25, 2022. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥51.76, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 40x in the Aerospace & Defense industry in China. Total returns to shareholders of 21% over the past three years. Announcement • Jul 15
Avicopter plc Provides Earnings Guidance for the First Half of 2022 Avicopter plc provided earnings guidance for the first half of 2022. For the period, the company expects to record an estimated net profit attributable to shareholders of approximately RMB 14 million to RMB 17 million, representing a decrease of approximately 95.56% to 96.34% in comparison with the corresponding period in the year of 2021. Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥34.72, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 34x in the Aerospace & Defense industry in China. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥14.52 per share. Price Target Changed • Apr 27
Price target decreased to CN¥71.17 Down from CN¥79.39, the current price target is an average from 7 analysts. New target price is 77% above last closing price of CN¥40.19. Stock is down 21% over the past year. The company is forecast to post earnings per share of CN¥1.96 for next year compared to CN¥1.55 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jian Wu was the last independent director to join the board, commencing their role in 2015. 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: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥1.55 (up from CN¥1.29 in FY 2020). Revenue: CN¥21.8b (up 11% from FY 2020). Net income: CN¥913.2m (up 21% from FY 2020). Profit margin: 4.2% (up from 3.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) also missed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 28%, compared to a 31% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥57.26, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 38x in the Aerospace & Defense industry in China. Total returns to shareholders of 40% over the past three years. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS CN¥0.40 (vs CN¥0.33 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥4.80b (up 6.5% from 3Q 2020). Net income: CN¥236.5m (up 23% from 3Q 2020). Profit margin: 4.9% (up from 4.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 18% per year. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥57.70, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 43x in the Aerospace & Defense industry in China. Total returns to shareholders of 53% over the past three years. Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS CN¥0.37 (vs CN¥0.42 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥6.19b (up 8.1% from 2Q 2020). Net income: CN¥218.6m (down 11% from 2Q 2020). Profit margin: 3.5% (down from 4.3% 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 19% per year whereas the company’s share price has increased by 18% per year. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥67.18, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 44x in the Aerospace & Defense industry in China. Total returns to shareholders of 92% over the past three years. Announcement • Jul 03
AVICOPTER PLC Provides Earnings Guidance for the First Half of 2021 AVICOPTER PLC provided earnings guidance for the first half of 2021. For the period, the company expects net profit attributable to shareholders of AVICOPTER is estimated to increase by 20% to 40% as compared to the corresponding period of last year, which is mainly attributable to the significant increase in the sales of aviation products as compared with the corresponding period of last year. Announcement • May 29
Guoxin Investment Co., Ltd., completed the acquisition of 5% stake in Avicopter Plc (SHSE:600038) from Tianjin Binjiang Helicopter Co., Ltd. Guoxin Investment Co., Ltd. entered share transfer agreement to acquire 5% stake in Avicopter Plc (SHSE:600038) from Tianjin Binjiang Helicopter Co., Ltd. for CNY 1.5 billion on January 29, 2021. Under the terms of the transaction, 29.77 million shares will be acquired at CNY 52.04 per share. Within 5 working days after the signing of the agreement, Guoxin Investment will pay 30% of the share transfer price as a deposit to the designated account in cash. Guoxin Investment shall pay the remaining 70% of the transfer amount within 5 working days after the share transfer is officially approved by the State-owned Assets Supervision and Administration Commission of the State Council. Transaction is subject to approval from State-owned Assets Supervision and Administration Commission of the State Council.
Guoxin Investment Co., Ltd., completed the acquisition of 5% stake in Avicopter Plc (SHSE:600038) from Tianjin Binjiang Helicopter Co., Ltd., on May 29, 2021. As a result of the transaction, stake of Guoxin Investment Co., Ltd., has increased to 5.1651%, whereas the stake of Tianjin Binjiang Helicopter Co., Ltd., has decreased to 0.95%. Reported Earnings • May 03
First quarter 2021 earnings released: EPS CN¥0.28 (vs CN¥0.088 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥3.20b (up 64% from 1Q 2020). Net income: CN¥163.9m (up 216% from 1Q 2020). Profit margin: 5.1% (up from 2.7% 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 18% 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 • Apr 01
Full year 2020 earnings released: EPS CN¥1.29 (vs CN¥1.00 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥19.7b (up 24% from FY 2019). Net income: CN¥757.7m (up 29% from FY 2019). Profit margin: 3.9% (up from 3.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 08
New 90-day low: CN¥47.50 The company is down 12% from its price of CN¥53.77 on 08 December 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥6.93 per share. Announcement • Jan 21
Avicopter Plc to Report Fiscal Year 2020 Results on Mar 16, 2021 Avicopter Plc announced that they will report fiscal year 2020 results on Mar 16, 2021 Is New 90 Day High Low • Dec 28
New 90-day high: CN¥58.80 The company is up 4.0% from its price of CN¥56.46 on 29 September 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥6.88 per share. Is New 90 Day High Low • Nov 17
New 90-day low: CN¥48.86 The company is down 21% from its price of CN¥61.50 on 19 August 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥6.31 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥674.0m, up 11% from the prior year. Total revenue was CN¥17.5b over the last 12 months, up 13% from the prior year. Is New 90 Day High Low • Oct 29
New 90-day low: CN¥49.52 The company is down 4.0% from its price of CN¥51.46 on 31 July 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense 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 CN¥6.34 per share. Announcement • Jul 09
Avicopter Plc to Report First Half, 2020 Results on Aug 22, 2020 Avicopter Plc announced that they will report first half, 2020 results on Aug 22, 2020 
