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Fuyao Glass Industry Group

SEHK:3606
Snowflake Description

Outstanding track record with adequate balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
3606
SEHK
CN¥56B
Market Cap
  1. Home
  2. HK
  3. Automobiles
Company description

Fuyao Glass Industry Group Co., Ltd., together with its subsidiaries, provides solutions of safety glass for various transportation in China and internationally. The last earnings update was 81 days ago. More info.


Add to Portfolio Compare Print
  • Fuyao Glass Industry Group has significant price volatility in the past 3 months.
3606 Share Price and Events
7 Day Returns
-2%
SEHK:3606
-1.3%
HK Auto Components
0.6%
HK Market
1 Year Returns
-14.3%
SEHK:3606
-25.2%
HK Auto Components
-5.9%
HK Market
3606 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fuyao Glass Industry Group (3606) -2% 5.7% -22.5% -14.3% 23.5% -
HK Auto Components -1.3% 1.8% -19% -25.2% 0.5% 19.1%
HK Market 0.6% 3.7% -8.2% -5.9% 17.2% 4.8%
1 Year Return vs Industry and Market
  • 3606 outperformed the Auto Components industry which returned -25.2% over the past year.
  • 3606 underperformed the Market in Hong Kong which returned -5.9% over the past year.
Price Volatility
3606
Industry
5yr Volatility vs Market

3606 Value

 Is Fuyao Glass Industry Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Fuyao Glass Industry Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Fuyao Glass Industry Group.

SEHK:3606 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.9%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:3606
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6%
Auto Components Unlevered Beta Simply Wall St/ S&P Global 1.27
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.271 (1 + (1- 25%) (23.71%))
1.333
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.33
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.333 * 5.96%)
9.95%

Discounted Cash Flow Calculation for SEHK:3606 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Fuyao Glass Industry Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:3606 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 9.95%)
2020 1,384.03 Analyst x2 1,258.80
2021 2,860.00 Analyst x3 2,365.88
2022 3,605.93 Est @ 26.08% 2,713.05
2023 4,285.94 Est @ 18.86% 2,932.91
2024 4,877.46 Est @ 13.8% 3,035.71
2025 5,377.98 Est @ 10.26% 3,044.38
2026 5,796.62 Est @ 7.78% 2,984.47
2027 6,147.31 Est @ 6.05% 2,878.66
2028 6,444.58 Est @ 4.84% 2,744.82
2029 6,701.46 Est @ 3.99% 2,595.98
Present value of next 10 years cash flows CN¥26,554.67
SEHK:3606 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥6,701.46 × (1 + 2%) ÷ (9.95% – 2%)
CN¥86,039.29
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥86,039.29 ÷ (1 + 9.95%)10
CN¥33,329.57
SEHK:3606 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥26,554.67 + CN¥33,329.57
CN¥59,884.24
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥59,884.24 / 2,508.62
CN¥23.87
SEHK:3606 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$25.22
Current discount Discount to share price of HK$24.00
= -1 x (HK$24.00 - HK$25.22) / HK$25.22
4.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Fuyao Glass Industry Group is available for.
Intrinsic value
5%
Share price is HK$24 vs Future cash flow value of HK$25.22
Current Discount Checks
For Fuyao Glass Industry Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fuyao Glass Industry Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Fuyao Glass Industry Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Fuyao Glass Industry Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fuyao Glass Industry Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:3606 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CNY CN¥1.66
SHSE:600660 Share Price ** SHSE (2019-07-16) in CNY CN¥22.72
Hong Kong Auto Components Industry PE Ratio Median Figure of 21 Publicly-Listed Auto Components Companies 10.46x
Hong Kong Market PE Ratio Median Figure of 1,503 Publicly-Listed Companies 10.71x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Fuyao Glass Industry Group.

SEHK:3606 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SHSE:600660 Share Price ÷ EPS (both in CNY)

= 22.72 ÷ 1.66

13.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fuyao Glass Industry Group is overvalued based on earnings compared to the HK Auto Components industry average.
  • Fuyao Glass Industry Group is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Fuyao Glass Industry Group's expected growth come at a high price?
Raw Data
SEHK:3606 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
12.1%per year
Hong Kong Auto Components Industry PEG Ratio Median Figure of 7 Publicly-Listed Auto Components Companies 0.6x
Hong Kong Market PEG Ratio Median Figure of 477 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

SEHK:3606 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.67x ÷ 12.1%

1.13x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fuyao Glass Industry Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Fuyao Glass Industry Group's assets?
Raw Data
SEHK:3606 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CNY CN¥8.26
SHSE:600660 Share Price * SHSE (2019-07-16) in CNY CN¥22.72
Hong Kong Auto Components Industry PB Ratio Median Figure of 26 Publicly-Listed Auto Components Companies 1.37x
Hong Kong Market PB Ratio Median Figure of 2,190 Publicly-Listed Companies 0.92x
SEHK:3606 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SHSE:600660 Share Price ÷ Book Value per Share (both in CNY)

= 22.72 ÷ 8.26

2.75x

* Primary Listing of Fuyao Glass Industry Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fuyao Glass Industry Group is overvalued based on assets compared to the HK Auto Components industry average.
X
Value checks
We assess Fuyao Glass Industry Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto Components industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto Components industry average (and greater than 0)? (1 check)
  5. Fuyao Glass Industry Group has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

3606 Future Performance

 How is Fuyao Glass Industry Group expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fuyao Glass Industry Group expected to grow at an attractive rate?
  • Fuyao Glass Industry Group's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Fuyao Glass Industry Group's earnings growth is expected to exceed the Hong Kong market average.
  • Fuyao Glass Industry Group's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:3606 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:3606 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 12.1%
SEHK:3606 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 9.5%
Hong Kong Auto Components Industry Earnings Growth Rate Market Cap Weighted Average 11.8%
Hong Kong Auto Components Industry Revenue Growth Rate Market Cap Weighted Average 11.8%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.3%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:3606 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:3606 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 26,466 5,900 4,742 11
2020-12-31 23,856 6,070 4,246 11
2019-12-31 22,032 4,601 3,598 14
SEHK:3606 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-03-31 20,411 5,366 4,164
2018-12-31 20,225 5,808 4,120
2018-09-30 20,439 6,324 4,267
2018-06-30 20,087 5,860 3,631
2018-03-31 19,263 5,057 3,018
2017-12-31 18,713 4,924 3,149
2017-09-30 18,428 4,089 3,112
2017-06-30 17,748 3,872 3,074
2017-03-31 17,252 4,094 3,254
2016-12-31 16,621 3,637 3,144
2016-09-30 15,469 3,481 2,932
2016-06-30 14,567 3,192 2,847

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fuyao Glass Industry Group's earnings are expected to grow by 12.1% yearly, however this is not considered high growth (20% yearly).
  • Fuyao Glass Industry Group's revenue is expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:3606 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Fuyao Glass Industry Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:3606 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.89 2.16 1.68 11.00
2020-12-31 1.70 2.03 1.47 16.00
2019-12-31 1.43 1.53 1.35 11.00
SEHK:3606 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-03-31 1.66
2018-12-31 1.64
2018-09-30 1.71
2018-06-30 1.45
2018-03-31 1.20
2017-12-31 1.26
2017-09-30 1.23
2017-06-30 1.22
2017-03-31 1.31
2016-12-31 1.25
2016-09-30 1.17
2016-06-30 1.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Fuyao Glass Industry Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Fuyao Glass Industry Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Fuyao Glass Industry Group has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

3606 Past Performance

  How has Fuyao Glass Industry Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Fuyao Glass Industry Group's growth in the last year to its industry (Auto Components).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Fuyao Glass Industry Group's year on year earnings growth rate has been positive over the past 5 years.
  • Fuyao Glass Industry Group's 1-year earnings growth exceeds its 5-year average (37.9% vs 14.1%)
  • Fuyao Glass Industry Group's earnings growth has exceeded the HK Auto Components industry average in the past year (37.9% vs 0.4%).
Earnings and Revenue History
Fuyao Glass Industry Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Fuyao Glass Industry Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:3606 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 20,410.64 4,163.92 3,378.30 882.97
2018-12-31 20,224.99 4,120.49 3,286.33 887.72
2018-09-30 20,438.51 4,267.29 3,234.95 639.76
2018-06-30 20,086.81 3,631.18 3,092.43 610.07
2018-03-31 19,263.28 3,018.49 2,670.27 999.14
2017-12-31 18,713.03 3,148.75 2,825.52 803.44
2017-09-30 18,427.75 3,112.37 3,062.92 594.02
2017-06-30 17,748.31 3,073.60 3,275.83 389.07
2017-03-31 17,251.90 3,254.04 3,467.34
2016-12-31 16,621.34 3,144.23 3,328.10
2016-09-30 15,468.76 2,932.01 3,064.54
2016-06-30 14,566.59 2,846.68 2,940.76
2016-03-31 13,916.77 2,609.08 2,801.33
2015-12-31 13,573.50 2,605.38 2,681.00
2015-09-30 13,265.05 2,492.06 2,547.06
2015-06-30 13,338.36 2,387.37 2,456.61
2015-03-31 13,249.08 2,326.83 2,405.33
2014-12-31 12,928.18 2,219.75 2,302.91
2014-09-30 12,419.04 2,157.49 2,277.55
2014-06-30 12,136.88 2,122.82 2,161.41
2014-03-31 11,803.80 1,997.94 2,081.95
2013-12-31 11,501.21 1,917.55 1,980.34
2013-09-30 11,141.97 1,703.92 1,841.27
2013-06-30 10,918.79 1,629.07 1,772.35
2013-03-31 10,590.32 1,564.66 1,669.10
2012-12-31 10,247.39 1,524.77 1,596.29
2012-09-30 10,134.38 1,502.67 1,559.87

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Fuyao Glass Industry Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Fuyao Glass Industry Group used its assets more efficiently than the HK Auto Components industry average last year based on Return on Assets.
  • Fuyao Glass Industry Group has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Fuyao Glass Industry Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto Components industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Fuyao Glass Industry Group has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

3606 Health

 How is Fuyao Glass Industry Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Fuyao Glass Industry Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fuyao Glass Industry Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Fuyao Glass Industry Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Fuyao Glass Industry Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Fuyao Glass Industry Group Company Filings, last reported 3 months ago.

SEHK:3606 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 20,720.32 12,744.01 9,479.24
2018-12-31 20,189.87 8,400.20 6,769.99
2018-09-30 20,610.72 10,478.86 9,572.58
2018-06-30 19,026.19 11,022.23 9,165.64
2018-03-31 19,362.30 9,484.55 8,518.85
2017-12-31 19,005.26 7,897.27 6,844.78
2017-09-30 18,089.24 8,325.42 6,666.58
2017-06-30 17,441.04 9,244.58 7,459.67
2017-03-31 18,748.14 7,331.65 7,618.65
2016-12-31 18,038.55 7,245.17 7,238.70
2016-09-30 16,873.25 6,487.89 7,331.48
2016-06-30 16,086.02 7,852.99 7,436.86
2016-03-31 17,012.74 5,373.95 6,532.45
2015-12-31 16,415.07 4,719.05 5,940.81
2015-09-30 15,674.85 4,814.77 5,946.57
2015-06-30 15,028.65 4,874.27 5,882.48
2015-03-31 13,541.18 5,341.89 6,729.24
2014-12-31 8,802.62 4,548.18 523.12
2014-09-30 8,311.91 4,717.97 798.31
2014-06-30 7,890.09 5,160.14 1,154.52
2014-03-31 7,296.22 3,845.61 669.17
2013-12-31 7,845.75 3,816.83 519.16
2013-09-30 7,273.58 4,103.89 372.02
2013-06-30 6,776.73 4,524.71 373.32
2013-03-31 7,367.87 3,954.66 416.25
2012-12-31 6,975.25 4,006.02 569.40
2012-09-30 6,593.04 2,786.21 259.97
  • Fuyao Glass Industry Group's level of debt (61.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (52.9% vs 61.5% today).
  • Debt is well covered by operating cash flow (42.1%, greater than 20% of total debt).
  • Fuyao Glass Industry Group earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Fuyao Glass Industry Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Fuyao Glass Industry Group has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

3606 Dividends

 What is Fuyao Glass Industry Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.6%
Current annual income from Fuyao Glass Industry Group dividends. Estimated to be 4.89% next year.
If you bought HK$2,000 of Fuyao Glass Industry Group shares you are expected to receive HK$132 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Fuyao Glass Industry Group's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • Fuyao Glass Industry Group's dividend is above the markets top 25% of dividend payers in Hong Kong (5.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:3606 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
Hong Kong Auto Components Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 4.2%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 978 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:3606 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.26 8.00
2020-12-31 1.14 12.00
2019-12-31 0.98 12.00
SEHK:3606 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-25 1.500 6.398
2018-10-25 0.800 3.484
2018-10-16 0.800 3.376
2018-05-21 0.750 3.013
2017-05-08 0.750 2.950
2016-05-23 0.750 4.270
2015-02-16 0.750 5.239
2014-02-24 0.500 5.159
2013-04-19 0.500 6.262
2012-04-24 0.400 5.124
2011-03-01 0.570 6.118
2010-03-10 0.170 1.548
2009-10-27 0.000 0.000
2009-08-19 0.000 0.000
2009-04-23 0.000 0.000
2009-03-10 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fuyao Glass Industry Group has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Fuyao Glass Industry Group only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Fuyao Glass Industry Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess Fuyao Glass Industry Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Fuyao Glass Industry Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fuyao Glass Industry Group has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

3606 Management

 What is the CEO of Fuyao Glass Industry Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Shu Ye
COMPENSATION CN¥0
AGE 47
TENURE AS CEO 2.3 years
CEO Bio

Mr. Shu Ye has been President of Fuyao Glass Industry Group Co., Ltd. since March 25, 2017. Mr. Ye served as Vice President at Fuyao Glass Industry Group Co., Ltd. from February 24, 2017 to March 25, 2017. Mr. Ye held various positions in Fuyao Glass Industry Group Co., Ltd., including the supply management director of the supply management department from June 2009 to February 2017, the Deputy General Manager of the procurement department from March 2009 to June 2009 and the general manager of Fuyao Hainan Float Glass Co., Ltd. from May 2008 to November 2008. Mr. Ye worked in the supporting department, the preparatory team and other departments and successively served as Deputy Manager and Deputy General Manager of Fuyao Hainan Float Glass Co., Ltd. and also served in various positions of its subsidiaries from July 2003 to May 2008. He joined Fuyao Glass Industry Group in July 2003. From November 2008 to March 2009, Mr. Ye left it and served as its General Manager of Fujian Yaohua Industrial Village Development Co., Ltd. Mr. Ye graduated with a Bachelor's Degree in International Trade from Xiamen University in July 1995 and a Master's Degree in Economics from Xiamen University in July 1999.

CEO Compensation
  • Insufficient data for Shu to compare compensation growth.
  • Shu's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the Fuyao Glass Industry Group management team in years:

3.3
Average Tenure
49.5
Average Age
  • The tenure for the Fuyao Glass Industry Group management team is about average.
Management Team

Tak Wong Cho

TITLE
Chairman
COMPENSATION
CN¥3M
AGE
72

Shu Ye

TITLE
President
AGE
47
TENURE
2.3 yrs

Xiangming Chen

TITLE
CFO, Joint Company Secretary & Executive Director
COMPENSATION
CN¥2M
AGE
48
TENURE
3.9 yrs

Xiaoxi Li

TITLE
Secretary to the Board of Directors
AGE
35
TENURE
3.3 yrs

Yiqun Sun

TITLE
VP & Executive Director
COMPENSATION
CN¥2M
AGE
55
TENURE
2.9 yrs

Xuejuan Lin

TITLE
Head of Accounting Department

Wendy Kam

TITLE
Joint Company Secretary
AGE
51
TENURE
4.8 yrs
Board of Directors Tenure

Average tenure and age of the Fuyao Glass Industry Group board of directors in years:

5.8
Average Tenure
60.5
Average Age
  • The tenure for the Fuyao Glass Industry Group board of directors is about average.
Board of Directors

Tak Wong Cho

TITLE
Chairman
COMPENSATION
CN¥3M
AGE
72
TENURE
19.9 yrs

Fai Tso

TITLE
Vice Chairman
COMPENSATION
CN¥921K
AGE
48
TENURE
3.9 yrs

Xiangming Chen

TITLE
CFO, Joint Company Secretary & Executive Director
COMPENSATION
CN¥2M
AGE
48
TENURE
16.4 yrs

Yiqun Sun

TITLE
VP & Executive Director
COMPENSATION
CN¥2M
AGE
55
TENURE
2.3 yrs

Zhaohua Bai

TITLE
Chairman of the Board of Supervisors
COMPENSATION
CN¥716K
AGE
67
TENURE
3.9 yrs

Xiaozhi Liu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥150K
AGE
63
TENURE
5.8 yrs

Yuhui Wu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥150K
AGE
41
TENURE
5.8 yrs

Alison Cheung

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥253K
AGE
61
TENURE
1.5 yrs

Shinong Wu

TITLE
Non-Executive Director
COMPENSATION
CN¥90K
AGE
62
TENURE
19.3 yrs

Dezhen Zhu

TITLE
Non-Executive Director
COMPENSATION
CN¥90K
AGE
60
TENURE
7.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
09. Jul 19 Buy Colonial First State Asset Management (Australia) Limited Company 05. Jul 19 05. Jul 19 3,652,000 HK$24.91 HK$90,971,316
26. Jun 19 Buy Matthews International Capital Management, LLC Company 24. Jun 19 24. Jun 19 5,225,200 HK$24.07 HK$125,759,077
24. Jun 19 Sell Genesis Asset Managers, LLP Company 24. Jun 19 24. Jun 19 -5,812,000 HK$23.95 HK$-139,197,394
13. Jun 19 Sell Genesis Asset Managers, LLP Company 12. Jun 19 12. Jun 19 -439,200 HK$23.00 HK$-10,102,259
31. May 19 Buy RBC Global Asset Management Inc. Company 28. May 19 28. May 19 514,000 HK$23.64 HK$12,150,136
04. Mar 19 Buy RBC Global Asset Management Inc. Company 27. Feb 19 27. Feb 19 269,600 HK$28.36 HK$7,646,234
05. Feb 19 Buy Matthews International Capital Management, LLC Company 01. Feb 19 01. Feb 19 1,000,000 HK$27.19 HK$27,186,102
31. Jan 19 Sell Genesis Asset Managers, LLP Company 30. Jan 19 30. Jan 19 -541,600 HK$26.53 HK$-14,368,974
19. Dec 18 Buy RBC Global Asset Management Inc. Company 14. Dec 18 14. Dec 18 2,942,400 HK$24.60 HK$72,370,691
25. Oct 18 Sell Genesis Asset Managers, LLP Company 23. Oct 18 23. Oct 18 -531,600 HK$25.60 HK$-13,608,589
25. Oct 18 Buy RBC Global Asset Management Inc. Company 23. Oct 18 23. Oct 18 847,600 HK$25.80 HK$21,869,099
11. Oct 18 Buy Matthews International Capital Management, LLC Company 09. Oct 18 09. Oct 18 525,200 HK$27.28 HK$14,329,295
12. Sep 18 Sell J.P. Morgan Asset Management, Inc. Company 07. Sep 18 07. Sep 18 -181,200 HK$28.09 HK$-5,089,419
X
Management checks
We assess Fuyao Glass Industry Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Fuyao Glass Industry Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

3606 News

Simply Wall St News

3606 Company Info

Description

Fuyao Glass Industry Group Co., Ltd., together with its subsidiaries, provides solutions of safety glass for various transportation in China and internationally. It designs, manufactures, sells, and services automotive grade float glass, automotive glass, and locomotive glass. The company offers head-up display, semi-tempered laminated, acostic, heating, hydrophobic, dimming, antenna, heat insulation, lightweight, and ambient glasses. It also provides photovoltaic and panoramic sunroofs; exterior decoration; and flush styling windows, as well as encapsulated glass and sliding window assemblies. The company was formerly known as Fujian Yaohua Glass Industry Group Co., Ltd. and changed its name to Fuyao Glass Industry Group Co., Ltd. in June 1992. Fuyao Glass Industry Group Co., Ltd. was founded in 1987 and is headquartered in Fuqing, China.

Details
Name: Fuyao Glass Industry Group Co., Ltd.
3606
Exchange: SEHK
Founded: 1987
CN¥63,925,020,822
2,508,617,532
Website: http://www.fuyaogroup.com
Address: Fuyao Glass Industry Group Co., Ltd.
Fuyao Industrial Zone II,
Fuqing,
Fujian Province, China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SHSE 600660 Domestic Shares Shanghai Stock Exchange CN CNY 28. Jun 1996
XSSC 600660 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 28. Jun 1996
SEHK 3606 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 31. Mar 2015
OTCPK FYGG.Y UNSPONSORED ADR Pink Sheets LLC US USD 06. Apr 2017
DB 4FG Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 31. Mar 2015
SHSC 3606 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 31. Mar 2015
SZSC 3606 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 31. Mar 2015
Number of employees
Current staff
Staff numbers
27,067
Fuyao Glass Industry Group employees.
Industry
Auto Parts and Equipment
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 13:02
End of day share price update: 2019/07/16 00:00
Last estimates confirmation: 2019/07/15
Last earnings filing: 2019/04/26
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.