Announcement • Jan 01
S-Enjoy Service Group Co., Limited to Report Fiscal Year 2024 Results on Jan 20, 2026 S-Enjoy Service Group Co., Limited announced that they will report fiscal year 2024 results at 4:00 PM, China Standard Time on Jan 20, 2026 Announcement • Mar 20
S-Enjoy Service Group Co., Limited to Report Fiscal Year 2024 Results on Mar 31, 2025 S-Enjoy Service Group Co., Limited announced that they will report fiscal year 2024 results on Mar 31, 2025 Announcement • Nov 07
S-Enjoy Service Group Co., Limited Announces Executive Changes The board of directors of S-Enjoy Service Group Co., Limited announced that Mr. You Jianfeng has ceased to act as the joint company secretary of the Company due to change of work arrangement in the Group with effect from 7 November 2024. Mr. You will continue to serve in other position in the Company after his resignation as the Joint Company Secretary. Mr. You has confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation as the Joint Company Secretary that needs to be brought to the attention of the shareholders of the Company (the "Shareholders") and The Stock Exchange of Hong Kong Limited. The Board announced that, following Mr. You's resignation as the Joint Company Secretary, Mr. Chen Peng has been appointed as the Joint Company Secretary with effect from 7 November 2024. Ms. Ng Sau Mei will continue to serve as the other Joint Company Secretary. The biographic details of Mr. Chen and Ms. Ng are set out below: Mr. Chen Peng, aged 50, previously served as the secretary of the board of directors of Seazen Holdings Co. Ltd. from March 2016 to November 2024. Seazen Holdings is a subsidiary of Seazen Group Limited. Mr. Chen joined Seazen Group in January 2006, and served subsequently as the deputy director and director of the board office of Seazen Holdings between January 2006 and March 2015. Between March 2015 and December 2015, Mr. Chen concurrently served as the director of the board office of Seazen and a supervisor of Seazen Holdings. Mr. Chen then served as the director of the board office of Seazen Holdings between January 2016 and March 2016. Prior to joining Seazen Group, Mr. Chen was an industry and company analyst of Tiantong Securities Research Institute (currently known as Zhongtai Securities Co. Ltd. between July 2000 and December 2002, and was the deputy director of Central China Securities Research Institute. Mr. Chen graduated from Fudan University with a master's degree in applied economics. Mr. Chen also holds the Qualification Certificate of Board Secretary issued by the Shanghai Stock Exchange. Ms. Ng, the other current Joint Company Secretary since July 2021, is a Chartered Secretary, a Chartered Governance Professional and a fellow member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom, and is therefore qualified to act as the Joint Company Secretary in accordance with Rule 3.28 of the Rules Governing the Listing of Securities on the Stock Exchange. Ms. Ng is the director and head of the Listing Services Department of TMF Hong Kong Limited and has over 20 years of professional experience in the company secretarial field. Recent Insider Transactions • Oct 06
Chairman recently bought €91k worth of stock On the 3rd of October, Xiaoming Qi bought around 200k shares on-market at roughly €0.46 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Xiaoming's only on-market trade for the last 12 months. Reported Earnings • Sep 30
First half 2024 earnings released: EPS: CN¥0.35 (vs CN¥0.34 in 1H 2023) First half 2024 results: EPS: CN¥0.35 (up from CN¥0.34 in 1H 2023). Revenue: CN¥2.77b (up 3.3% from 1H 2023). Net income: CN¥301.6m (up 2.7% from 1H 2023). Profit margin: 11% (in line with 1H 2023). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 15% decline forecast for the Real Estate industry in Germany. Announcement • Aug 28
S-Enjoy Service Group Co., Limited Announces Chief Financial Officer Changes S-Enjoy Service Group Co., Limited announced that Mr. Zuo Wei (Mr. Zuo) has tendered his resignation as the chief financial officer of the company with effect from 28 August 2024, due to his other work arrangements in the Seazen Group. Following the resignation of Mr. Zuo, the board announced that Ms. Chen Nina (Ms. Chen) has been appointed as the chief financial officer of the Company with effect from 28 August 2024. Ms. Chen Nina, aged 42, is a certified public accountant in the PRC, and holds a master's degree in management from the South China University of Technology. Ms. Chen formerly served as an audit manager at KPMG Huazhen LLP. After joining Seazen Holdings Co. Ltd. in May 2014, Ms. Chen served subsequently as the budget manager, tax manager, and general manager of finance of the real estate development and commercial management business division. Ms. Chen possesses good knowledge background in accounting, auditing, financial management and internal control, along with a solid professional foundation in finance. She has over 17 years of professional industry experience in various fields such as investment and finance management, financial operation management, informatization construction and tax planning, as well as experience in group-based financial operation management. Announcement • Aug 16
S-Enjoy Service Group Co., Limited to Report First Half, 2024 Results on Aug 28, 2024 S-Enjoy Service Group Co., Limited announced that they will report first half, 2024 results on Aug 28, 2024 Buy Or Sell Opportunity • Jul 22
Now 23% undervalued Over the last 90 days, the stock has risen 9.2% to €0.20. The fair value is estimated to be €0.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 5.7%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period. Announcement • Jun 19
S-Enjoy Service Group Co., Limited Approves Final Dividend for the Year Ended December 31, 2023 S-Enjoy Service Group Co., Limited at its shareholders meeting held on June 18, 2024 announced Final dividend of RMB 0.205 per share for the year ended December 31, 2023, payable on July 18, 2024, record date: July 9, 2024, Ex-dividend date: July 4, 2024. Buy Or Sell Opportunity • Apr 04
Now 30% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to €0.16. The fair value is estimated to be €0.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 5.7%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 9.8% per annum over the same time period. Announcement • Mar 29
S-Enjoy Service Group Co., Limited, Annual General Meeting, Jun 18, 2024 S-Enjoy Service Group Co., Limited, Annual General Meeting, Jun 18, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: CN¥0.52 (vs CN¥0.50 in FY 2022) Full year 2023 results: EPS: CN¥0.52 (up from CN¥0.50 in FY 2022). Revenue: CN¥5.42b (up 4.7% from FY 2022). Net income: CN¥445.0m (up 5.1% from FY 2022). Profit margin: 8.2% (in line with FY 2022). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 15% decline forecast for the Real Estate industry in Germany. Announcement • Mar 28
S-Enjoy Service Group Co., Limited Proposes Ordinary Final Dividend for the Year Ended 31 December 2023, Payable on 18 July 2024 S-Enjoy Service Group Co., Limited proposed ordinary final dividend of RMB 0.205 per share for the year ended 31 December 2023. Date of shareholders' approval is 18 June 2024; Ex-dividend date is 04 July 2024; Record date is 09 July 2024; Payment date is 18 July 2024. Announcement • Mar 16
S-Enjoy Service Group Co., Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 S-Enjoy Service Group Co., Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 Buy Or Sell Opportunity • Mar 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 40% to €0.17. The fair value is estimated to be €0.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Announcement • Dec 28
S-Enjoy Service Group Co., Limited Announces Change of Executive Director and Composition of Environmental, Social and Governance Committee The Board of S-Enjoy Service Group Co., Limited announced that, with effect from 27 December 2023: Mr. Gao Xinli resigned as an executive director of the Company and ceased to be a member of the environmental, social and governance committee; and Mr. Yang Bo has been appointed as an executive director of the Company and a member of the environmental, social and governance committee. Mr. Yang, aged 39, is the chief operating officer of the Company. Mr. Yang joined the Group in March 2021 and has been responsible for the operation management, customer service management and community value-added services of the Group. Before joining the Group, Mr. Yang served as a design manager and an assistant general manager of the design management department of Seazen Holdings Co. Ltd. ("Seazen Holdings") from July 2008 to March 2014, the assistant general manager of Shanghai branch of Seazen Holdings from April 2014 to May 2014, and the general manager of Shanghai Chengbei Information Technology Co. Ltd. (a group company under Seazen Group Limited, which is in turn a company whose shares are listed on The Stock Exchange of Hong Kong Limited from June 2014 to May 2015. From June 2015 to February 2021, Mr. Yang served as the general manager of Jiangsu Yungui Network Technology Co. Ltd. (a group company under Seazen Group Limited). Mr. Yang graduated from the School of Geography and Ocean Science, Nanjing University with a bachelor's degree in science majoring in urban planning in July 2008. Mr. Yang is interested in an aggregate of 959,000 shares of the Company (including 400,000 share options of the Company and 335,000 award shares of the Company). New Risk • Sep 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 45% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). High level of non-cash earnings (45% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 27
First half 2023 earnings released: EPS: CN¥0.34 (vs CN¥0.27 in 1H 2022) First half 2023 results: EPS: CN¥0.34 (up from CN¥0.27 in 1H 2022). Revenue: CN¥2.68b (up 8.7% from 1H 2022). Net income: CN¥293.8m (up 30% from 1H 2022). Profit margin: 11% (up from 9.2% in 1H 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 15% decline forecast for the Real Estate industry in Germany. Announcement • Aug 16
S-Enjoy Service Group Co., Limited to Report First Half, 2023 Results on Aug 25, 2023 S-Enjoy Service Group Co., Limited announced that they will report first half, 2023 results on Aug 25, 2023 Announcement • Jun 29
S-Enjoy Service Group Co., Limited Announces Final Dividend Payment for the Year Ended 31 December 2022, Payable on 18 July 2023 S-Enjoy Service Group Co., Limited announced that the Company will distribute the final dividend of RMB 0.16 per ordinary share of the Company (the Share) for the year ended 31 December 2022 (the Dividend) to shareholders of the Company (the Shareholders) whose names appear on the register of members of the Company on 5 July 2023 in Hong Kong dollars based on the exchange rate of HKD 1.00 to RMB 0.91967, which is the average middle rate of RMB to Hong Kong dollars as announced by the People's Bank of China for the business days during the period from 21 June 2023 to 28 June 2023. The said Dividend is equivalent to HKD 0.17398 per Share. The dividend warrants will be posted by ordinary mail to the Shareholders who are entitled to receive the Dividend at their own risk on 18 July 2023. Upcoming Dividend • Jun 26
Upcoming dividend of CN¥0.16 per share at 4.6% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 18 July 2023. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.6%). Recent Insider Transactions • Apr 20
COO & Executive Director recently sold €51k worth of stock On the 14th of April, Xinli Gao sold around 73k shares on-market at roughly €0.71 per share. This transaction amounted to 23% 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 Xinli's only on-market trade for the last 12 months. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: CN¥0.50 (vs CN¥0.62 in FY 2021) Full year 2022 results: EPS: CN¥0.50 (down from CN¥0.62 in FY 2021). Revenue: CN¥5.18b (up 19% from FY 2021). Net income: CN¥423.5m (down 19% from FY 2021). Profit margin: 8.2% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 31% decline forecast for the Real Estate industry in Germany. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 27% share price gain to €1.05, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Real Estate industry in Germany. Total loss to shareholders of 30% over the past year. Board Change • Nov 16
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. 8 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). COO & Executive Director Xinli Gao 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 28
First half 2022 earnings released: EPS: CN¥0.27 (vs CN¥0.34 in 1H 2021) First half 2022 results: EPS: CN¥0.27 (down from CN¥0.34 in 1H 2021). Revenue: CN¥2.47b (up 31% from 1H 2021). Net income: CN¥225.8m (down 21% from 1H 2021). Profit margin: 9.2% (down from 15% in 1H 2021). Over the next year, revenue is forecast to grow 38% compared to a 47% decline forecast for the Real Estate industry in Germany. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 16% share price gain to €1.04, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Real Estate industry in Germany. Reported Earnings • May 04
Full year 2021 earnings released: EPS: CN¥0.62 (vs CN¥0.55 in FY 2020) Full year 2021 results: EPS: CN¥0.62 (up from CN¥0.55 in FY 2020). Revenue: CN¥4.35b (up 52% from FY 2020). Net income: CN¥525.5m (up 16% from FY 2020). Profit margin: 12% (down from 16% in FY 2020). Over the next year, revenue is forecast to grow 39% compared to a 32% decline forecast for the industry in Germany. Board Change • Apr 27
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. 6 non-independent directors. COO & Executive Director Xinli Gao 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. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 23% share price gain to €1.22, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Real Estate industry in Germany. Recent Insider Transactions • Apr 02
Chairman recently bought €52k worth of stock On the 30th of March, Xiaoming Qi bought around 50k shares on-market at roughly €1.04 per share. This was the largest purchase by an insider in the last 3 months. Xiaoming has been a buyer over the last 12 months, purchasing a net total of €166k worth in shares. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €1.26, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Real Estate industry in Germany. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 17% share price gain to €1.76, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Real Estate industry in Germany. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Real Estate industry in Germany. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €1.25, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Real Estate industry in Germany. Board Change • Oct 29
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. 6 non-independent directors. COO & Executive Director Xinli Gao 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. 
