Declared Dividend • Jun 08
Dividend of CN¥0.065 announced Shareholders will receive a dividend of CN¥0.065. Ex-date: 12th June 2026 Payment date: 12th June 2026 Dividend yield will be 0.2%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 80% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. Independent Director Hong Wan was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • May 28
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to CN¥28.92. The fair value is estimated to be CN¥23.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 60% in the next 2 years. Announcement • Apr 29
Unisplendour Corporation Limited, Annual General Meeting, May 20, 2026 Unisplendour Corporation Limited, Annual General Meeting, May 20, 2026, at 14:30 China Standard Time. Location: 1F, Unisplendour Building, Haidian District, Beijing China Reported Earnings • Apr 15
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.59 (up from CN¥0.55 in FY 2024). Revenue: CN¥96.7b (up 22% from FY 2024). Net income: CN¥1.69b (up 7.2% from FY 2024). Profit margin: 1.7% (down from 2.0% in FY 2024). Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 14% 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. Announcement • Mar 31
Unisplendour Corporation Limited to Report Q1, 2026 Results on Apr 29, 2026 Unisplendour Corporation Limited announced that they will report Q1, 2026 results on Apr 29, 2026 Announcement • Dec 31
Unisplendour Corporation Limited to Report Fiscal Year 2025 Results on Apr 29, 2026 Unisplendour Corporation Limited announced that they will report fiscal year 2025 results on Apr 29, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: CN¥0.13 (down from CN¥0.20 in 3Q 2024). Revenue: CN¥29.9b (up 43% from 3Q 2024). Net income: CN¥363.0m (down 38% from 3Q 2024). Profit margin: 1.2% (down from 2.8% in 3Q 2024). Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) missed analyst estimates by 48%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Sep 30
Unisplendour Corporation Limited to Report Q3, 2025 Results on Oct 31, 2025 Unisplendour Corporation Limited announced that they will report Q3, 2025 results on Oct 31, 2025 New Risk • Sep 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.8% net profit margin). Reported Earnings • Sep 01
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: CN¥0.24 (up from CN¥0.20 in 2Q 2024). Revenue: CN¥26.6b (up 27% from 2Q 2024). Net income: CN¥692.3m (up 18% from 2Q 2024). Profit margin: 2.6% (down from 2.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Jul 02
Unisplendour Corporation Limited to Report First Half, 2025 Results on Aug 30, 2025 Unisplendour Corporation Limited announced that they will report first half, 2025 results on Aug 30, 2025 Declared Dividend • Jun 07
Dividend reduced to CN¥0.075 Dividend of CN¥0.075 is 46% lower than last year. Ex-date: 13th June 2025 Payment date: 13th June 2025 Dividend yield will be 0.3%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 122% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 22
Unisplendour Corporation Limited Approves Cash Dividend for the Year 2024 Unisplendour Corporation Limited approved a cash dividend of CNY 0.75000000 per 10 shares (tax included) for the year 2024, at its AGM held on 20 May 2025. Major Estimate Revision • May 06
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥93.9b to CN¥89.1b. EPS estimate also fell from CN¥1.01 per share to CN¥0.795 per share. Net income forecast to grow 63% next year vs 48% growth forecast for Electronic industry in China. Consensus price target broadly unchanged at CN¥31.84. Share price rose 2.9% to CN¥25.14 over the past week. New Risk • May 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.8% Last year net profit margin: 2.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.8% net profit margin). Reported Earnings • Apr 29
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.55 (down from CN¥0.73 in FY 2023). Revenue: CN¥79.0b (up 2.2% from FY 2023). Net income: CN¥1.57b (down 25% from FY 2023). Profit margin: 2.0% (down from 2.7% in FY 2023). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Apr 29
Unisplendour Corporation Limited, Annual General Meeting, May 20, 2025 Unisplendour Corporation Limited, Annual General Meeting, May 20, 2025, at 14:30 China Standard Time. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (0.6% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Announcement • Mar 31
Unisplendour Corporation Limited to Report Q1, 2025 Results on Apr 29, 2025 Unisplendour Corporation Limited announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Mar 21
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.5% 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 (0.6% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Price Target Changed • Feb 25
Price target increased by 8.1% to CN¥29.77 Up from CN¥27.54, the current price target is an average from 6 analysts. New target price is 10% below last closing price of CN¥33.12. Stock is up 61% over the past year. The company is forecast to post earnings per share of CN¥0.81 for next year compared to CN¥0.73 last year. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥24.61, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 25x in the Electronic industry in China. Total returns to shareholders of 8.9% over the past three years. Announcement • Dec 31
Unisplendour Corporation Limited to Report Fiscal Year 2024 Results on Apr 29, 2025 Unisplendour Corporation Limited announced that they will report fiscal year 2024 results on Apr 29, 2025 Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥30.59, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 26x in the Electronic industry in China. Total returns to shareholders of 16% over the past three years. New Risk • Nov 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 0.6% 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. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (0.6% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.20 (vs CN¥0.18 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.20 (up from CN¥0.18 in 3Q 2023). Revenue: CN¥20.9b (up 9.0% from 3Q 2023). Net income: CN¥581.3m (up 12% from 3Q 2023). Profit margin: 2.8% (up from 2.7% in 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Announcement • Sep 30
Unisplendour Corporation Limited to Report Q3, 2024 Results on Oct 31, 2024 Unisplendour Corporation Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥21.99, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 20x in the Electronic industry in China. Total loss to shareholders of 11% over the past three years. New Risk • Aug 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 27
Second quarter 2024 earnings released: EPS: CN¥0.20 (vs CN¥0.20 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.20 (up from CN¥0.20 in 2Q 2023). Revenue: CN¥20.9b (up 7.3% from 2Q 2023). Net income: CN¥586.7m (flat on 2Q 2023). Profit margin: 2.8% (down from 3.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jun 29
Unisplendour Corporation Limited to Report First Half, 2024 Results on Aug 27, 2024 Unisplendour Corporation Limited announced that they will report first half, 2024 results on Aug 27, 2024 Announcement • Jun 13
Unisplendour Corporation Limited Announces Final Dividend on A Shares for 2023, Payable on 19 June 2024 Unisplendour Corporation Limited announced final cash dividend of CNY 1.40000000 per 10 A shares for 2023. Record date: 18 June 2024. Ex-date: 19 June 2024. Payment date: 19 June 2024. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. Independent Director Shaopeng Zhou was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥23.40, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 22x in the Electronic industry in China. Total returns to shareholders of 26% over the past three years. Price Target Changed • May 06
Price target decreased by 11% to CN¥27.68 Down from CN¥31.02, the current price target is an average from 4 analysts. New target price is 30% above last closing price of CN¥21.21. Stock is down 27% over the past year. The company is forecast to post earnings per share of CN¥0.90 for next year compared to CN¥0.73 last year. Major Estimate Revision • May 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥90.9b to CN¥86.4b. EPS estimate also fell from CN¥1.01 per share to CN¥0.899 per share. Net income forecast to grow 33% next year vs 60% growth forecast for Electronic industry in China. Consensus price target down from CN¥31.02 to CN¥27.68. Share price was steady at CN¥21.21 over the past week. Announcement • May 02
Unisplendour Corporation Limited Proposes Final Dividend for 2023 Unisplendour Corporation Limited announced on 30 April 2024 the profit distribution proposal for 2023 as follows: Cash dividend/10 shares (tax included): CNY 1.40000000. Announcement • May 01
Unisplendour Corporation Limited, Annual General Meeting, May 28, 2024 Unisplendour Corporation Limited, Annual General Meeting, May 28, 2024, at 14:30 China Standard Time. Location: 1F, Unisplendour Building, Haidian District, Beijing China Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.14 (vs CN¥0.15 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.14 (down from CN¥0.15 in 1Q 2023). Revenue: CN¥17.0b (up 2.9% from 1Q 2023). Net income: CN¥413.7m (down 5.8% from 1Q 2023). Profit margin: 2.4% (down from 2.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Price Target Changed • Apr 11
Price target decreased by 8.6% to CN¥31.02 Down from CN¥33.95, the current price target is an average from 4 analysts. New target price is 54% above last closing price of CN¥20.10. Stock is down 34% over the past year. The company is forecast to post earnings per share of CN¥0.82 for next year compared to CN¥0.75 last year. Announcement • Mar 30
Unisplendour Corporation Limited to Report Q1, 2024 Results on Apr 30, 2024 Unisplendour Corporation Limited announced that they will report Q1, 2024 results on Apr 30, 2024 Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥22.10, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 20x in the Electronic industry in China. Total returns to shareholders of 4.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥34.50 per share. Announcement • Dec 29
Unisplendour Corporation Limited to Report Fiscal Year 2023 Results on Apr 30, 2024 Unisplendour Corporation Limited announced that they will report fiscal year 2023 results on Apr 30, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.18 (vs CN¥0.24 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.18 (down from CN¥0.24 in 3Q 2022). Revenue: CN¥19.2b (down 1.6% from 3Q 2022). Net income: CN¥518.7m (down 24% from 3Q 2022). Profit margin: 2.7% (down from 3.5% in 3Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. 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 4% per year, which means it is significantly lagging earnings. New Risk • Aug 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: CN¥0.20 (vs CN¥0.20 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.20 (down from CN¥0.20 in 2Q 2022). Revenue: CN¥19.5b (up 2.4% from 2Q 2022). Net income: CN¥583.2m (flat on 2Q 2022). Profit margin: 3.0% (down from 3.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic 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. Price Target Changed • Aug 02
Price target increased by 7.2% to CN¥37.09 Up from CN¥34.59, the current price target is an average from 6 analysts. New target price is 34% above last closing price of CN¥27.68. Stock is up 53% over the past year. The company is forecast to post earnings per share of CN¥0.96 for next year compared to CN¥0.75 last year. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥31.56, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 23x in the Electronic industry in China. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥17.14 per share. Announcement • May 27
Unisplendour Corporation Limited announced that it expects to receive CNY 12 billion in funding Unisplendour Corporation Limited announced private placement and it will receive up to CNY 12,000 million on May 26, 2023. The company will issue common shares in the transaction. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥27.81, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 22x in the Electronic industry in China. Total loss to shareholders of 5.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥20.07 per share. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥34.16, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 27x in the Electronic industry in China. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥20.14 per share. Major Estimate Revision • Apr 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥88.2b to CN¥85.0b. EPS estimate also fell from CN¥1.06 per share to CN¥0.944 per share. Net income forecast to grow 21% next year vs 45% growth forecast for Electronic industry in China. Consensus price target up from CN¥29.64 to CN¥33.09. Share price rose 17% to CN¥33.80 over the past week. Price Target Changed • Apr 03
Price target increased by 13% to CN¥32.54 Up from CN¥28.71, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of CN¥32.22. Stock is up 66% over the past year. The company is forecast to post earnings per share of CN¥1.05 for next year compared to CN¥0.75 last year. Reported Earnings • Apr 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥0.75 (up from CN¥0.75 in FY 2021). Revenue: CN¥74.1b (up 9.5% from FY 2021). Net income: CN¥2.16b (flat on FY 2021). Profit margin: 2.9% (down from 3.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 4% per year. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥31.26, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 26x in the Electronic industry in China. Total returns to shareholders of 20% over the past three years. Announcement • Jan 05
Unisplendour Corporation Limit agreed to acquire remaining 49% stake in New H3C Technologies Co., Ltd. from H3C Holdings Limited and Izar Holding Co. Unisplendour Corporation Limit agreed to acquire remaining 49% stake in New H3C Technologies Co., Ltd. from H3C Holdings Limited and Izar Holding Co. on December 30, 2022. The consideration will be paid in cash, at a price per share of 15.0 times the last twelve months’ post-tax profit of H3C (measured as of the period ending April 30, 2022) divided by the total number of H3C shares outstanding as of the date of the put notice. The parties within 30 days will determine the purchase price of the shares and enter into a share purchase agreement. The consummation of the disposition is subject to conditions including regulatory and shareholder approvals. It is expected that the disposition will take place in 2023, unless extended. Proceeds from disposition will be used for repayment and/or redemption of outstanding debt, and general corporate purposes. Price Target Changed • Jan 05
Price target increased to CN¥26.70 Up from CN¥24.25, the current price target is an average from 5 analysts. New target price is 8.3% above last closing price of CN¥24.65. Stock is up 9.8% over the past year. The company is forecast to post earnings per share of CN¥0.87 for next year compared to CN¥0.75 last year. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥22.41, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 21x in the Electronic industry in China. Negligible returns to shareholders over past three years. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CN¥0.24 (vs CN¥0.24 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.24 (up from CN¥0.24 in 3Q 2021). Revenue: CN¥19.5b (up 16% from 3Q 2021). Net income: CN¥680.3m (flat on 3Q 2021). Profit margin: 3.5% (down from 4.0% in 3Q 2021). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: CN¥0.20 (vs CN¥0.23 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.20 (down from CN¥0.23 in 2Q 2021). Revenue: CN¥19.1b (up 11% from 2Q 2021). Net income: CN¥587.2m (down 9.8% from 2Q 2021). Profit margin: 3.1% (down from 3.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 18%, compared to a 26% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Aug 03
Unisplendour Corporation Limited Implements Final Dividend for 2021, Payable on August 8, 2022 Unisplendour Corporation Limited announced 2021 final profit distribution plan to be implemented (A shares) as Cash dividend/10 shares (tax included): CNY 1.00000000. Record date: 05 August 2022. Ex-date: 08 August 2022. Payment date: 08 August 2022. Announcement • Jul 02
Unisplendour Corporation Limited Approves Cash Dividend for the Year 2021 Unisplendour Corporation Limited at its Annual General Meeting of 2021 held on 29 June 2022, approved the cash dividend/10 shares (tax included)\ of CNY 1.00000000 for the year 2021. Announcement • Jun 09
Unisplendour Corporation Limited, Annual General Meeting, Jun 29, 2022 Unisplendour Corporation Limited, Annual General Meeting, Jun 29, 2022, at 14:30 China Standard Time. Agenda: To consider 2021 report of the board of directors; to consider 2021 report of the supervisory committee; to consider 2021 annual accounts; to consider 2021 annual report and its summary; to consider 2021 profit distribution plan; and to consider Reappointment of 2022 financial and internal control audit firm, and payment of audit fees. Price Target Changed • May 08
Price target decreased to CN¥27.45 Down from CN¥30.22, the current price target is an average from 10 analysts. New target price is 57% above last closing price of CN¥17.50. Stock is down 1.9% over the past year. The company is forecast to post earnings per share of CN¥0.93 for next year compared to CN¥0.75 last year. Reported Earnings • Apr 30
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.13 (up from CN¥0.096 in 1Q 2021). Revenue: CN¥15.3b (up 14% from 1Q 2021). Net income: CN¥372.2m (up 35% from 1Q 2021). Profit margin: 2.4% (up from 2.0% in 1Q 2021). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 17%, compared to a 25% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 01
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥80.8b to CN¥79.0b. EPS estimate also fell from CN¥1.00 per share to CN¥0.89 per share. Net income forecast to grow 22% next year vs 38% growth forecast for Electronic industry in China. Consensus price target broadly unchanged at CN¥31.84. Share price was steady at CN¥19.40 over the past week. Announcement • Mar 29
Unisplendour Corporation Limited Proposes Final Cash Dividend for the Year 2021 Unisplendour Corporation Limited proposed final cash dividend/10 shares (tax included) is CNY 1.00000000 for the year 2021. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.75 (up from CN¥0.63 in FY 2020). Revenue: CN¥67.6b (up 13% from FY 2020). Net income: CN¥2.15b (up 19% from FY 2020). Profit margin: 3.2% (up from 3.0% in FY 2020). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 14%, compared to a 25% growth forecast for the 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 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥21.68, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 31x in the Electronic industry in China. Total returns to shareholders of 36% over the past three years. Price Target Changed • Nov 01
Price target increased to CN¥31.70 Up from CN¥29.16, the current price target is an average from 8 analysts. New target price is 12% above last closing price of CN¥28.25. Stock is up 27% over the past year. The company is forecast to post earnings per share of CN¥0.76 for next year compared to CN¥0.66 last year. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.24 (vs CN¥0.14 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥16.9b (up 6.7% from 3Q 2020). Net income: CN¥675.3m (up 63% from 3Q 2020). Profit margin: 4.0% (up from 2.6% 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 7% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.23 (vs CN¥0.22 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¥17.2b (up 11% from 2Q 2020). Net income: CN¥651.1m (up 3.6% from 2Q 2020). Profit margin: 3.8% (down from 4.0% 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 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥25.33, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 30x in the Electronic industry in China. Total returns to shareholders of 6.1% over the past three years. Announcement • Jul 14
Alibaba, Others Reportedly Weigh Bids for Unisplendour Stake Worth Up to $7.7 Billion Alibaba Group Holding Limited (NYSE:BABA) and Chinese state-backed firms are exploring bids for a stake in Unisplendour Corporation Limited (SZSE:000938) that could fetch as much as $7.7 billion, people familiar with the matter said. Tsinghua Unigroup Co.,Ltd is looking to divest its 46.45% stake in Shenzhen-listed Unisplendour as more of its bond payments are coming due, they said. Potential suitors include Wuxi Industry Development Group Co., Ltd., Beijing Electronics Holding Co.,Ltd. and state-backed semiconductor investment fund JAC Capital, said the people. They were not authorised to speak on the matter and declined to be identified. If Alibaba submits an offer due by the July 20 deadline for binding bids, it will team up with a firm owned by a local government, said two of the people. They did not disclose the name of the potential partner. Unisplendour, Alibaba, Wuxi Industry Development Group, Beijing Electronics and JAC Capital did not respond to requests for comment. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥21.87, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 26x in the Electronic industry in China. Total loss to shareholders of 10% over the past three years. Announcement • May 29
Unisplendour Corporation Limited Announces 2020 Final Profit Distribution Plan to Be Implemented (A Shares), Payable on June 4, 2021 Unisplendour Corporation Limited announced 2020 final profit distribution plan to be implemented (A shares), payable on June 4, 2021. The company announced Cash dividend/10 shares (tax included) of CNY 1.00000000. Record date is June 3, 2021. Ex-date is June 4, 2021. 10% withholding tax on cash dividend will be deducted in CNY within the cash dividend receivable. Announcement • May 19
Unisplendour Corporation Limited Approves Final Dividend for the Year 2020 Unisplendour Corporation Limited approved final cash dividend/10 shares (tax included): CNY 1.00000000 for the year 2020 at the AGM held on May 17, 2021. Announcement • Apr 27
Unisplendour Corporation Limited Proposes Final Cash Dividend for the Year 2020 Unisplendour Corporation Limited proposed final cash dividend/10 shares (tax included): CNY 1.00000000 for the year 2020. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS CN¥0.66 (vs CN¥0.64 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: CN¥59.7b (up 10% from FY 2019). Net income: CN¥1.89b (up 2.8% from FY 2019). Profit margin: 3.2% (down from 3.4% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥21.00, the stock is trading at a trailing P/E ratio of 31.7x, down from the previous P/E ratio of 37.6x. This compares to an average P/E of 40x in the Electronic industry in China. Total return to shareholders over the past three years is a loss of 2.2%. Is New 90 Day High Low • Jan 19
New 90-day high: CN¥24.75 The company is up 1.0% from its price of CN¥24.44 on 21 October 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥1.91 per share. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥24.38, the stock is trading at a trailing P/E ratio of 36.8x, up from the previous P/E ratio of 31.3x. This compares to an average P/E of 40x in the Electronic industry in China. Total returns to shareholders over the past three years are 3.7%. Is New 90 Day High Low • Dec 24
New 90-day low: CN¥19.92 The company is down 23% from its price of CN¥25.83 on 25 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 Electronic industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥1.90 per share. Announcement • Dec 13
Unisplendour Plans to Buy 46.7% Stake in Cloud Computing Firm Unisplendour Corporation Limited (SZSE:000938) said it plans to buy 46.7% stake in cloud computing firm for CNY 1.9 billion ($290.28 million). The Company said it will become controlling shareholder of the cloud computing firm after the transaction.