SEHK:868

Stock Analysis Report

Xinyi Glass Holdings

Executive Summary

Xinyi Glass Holdings Limited, an investment holding company, produces and sells automobile, construction, float, and other glass products for commercial and industrial applications.

Snowflake

Adequate balance sheet average dividend payer.

Rewards

Trading at 15.2% below its fair value

Revenue is forecast to grow by 9.49% next year

Earnings have grown 19.7% per year over the past 5 years

Risk Analysis

Has a high level of debt

Unstable dividend track record

Large one-off items impacting financial results

Current net profit margin (27.7%) is lower than last year (27.8%)


Share Price & News

How has Xinyi Glass Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 868 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.1%

868

0.5%

HK Auto Components

-3.3%

HK Market


1 Year Return

12.3%

868

-9.1%

HK Auto Components

0.01%

HK Market

Return vs Industry: 868 exceeded the Hong Kong Auto Components industry which returned -9.1% over the past year.

Return vs Market: 868 exceeded the Hong Kong Market which returned 0% over the past year.


Shareholder returns

868IndustryMarket
7 Day-0.1%0.5%-3.3%
30 Day2.8%4.5%0.1%
90 Day23.1%18.2%5.3%
1 Year19.7%12.3%-6.0%-9.1%3.6%0.01%
3 Year85.9%56.1%-8.1%-14.6%20.9%8.8%
5 Year191.9%117.9%43.6%27.6%20.5%0.5%

Price Volatility Vs. Market

How volatile is Xinyi Glass Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Xinyi Glass Holdings undervalued compared to its fair value and its price relative to the market?

15.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 868 (HK$9.15) is trading below our estimate of fair value (HK$10.79)

Significantly Below Fair Value: 868 is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: 868 is good value based on its PE Ratio (8.4x) compared to the Auto Components industry average (9.6x).

PE vs Market: 868 is good value based on its PE Ratio (8.4x) compared to the Hong Kong market (10.3x).


Price to Earnings Growth Ratio

PEG Ratio: 868 is poor value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: 868 is overvalued based on its PB Ratio (1.9x) compared to the HK Auto Components industry average (1x).


Next Steps

Future Growth

How is Xinyi Glass Holdings forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

8.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 868's forecast earnings growth (8.1% per year) is above the savings rate (2%).

Earnings vs Market: 868's earnings (8.1% per year) are forecast to grow slower than the Hong Kong market (11.1% per year).

High Growth Earnings: 868's earnings are forecast to grow, but not significantly.

Revenue vs Market: 868's revenue (12.7% per year) is forecast to grow faster than the Hong Kong market (10.2% per year).

High Growth Revenue: 868's revenue (12.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 868's Return on Equity is forecast to be low in 3 years time (19.6%).


Next Steps

Past Performance

How has Xinyi Glass Holdings performed over the past 5 years?

19.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 868 has large one-off items impacting its financial results.

Growing Profit Margin: 868's current net profit margins (27.7%) are lower than last year (27.8%).


Past Earnings Growth Analysis

Earnings Trend: 868's earnings have grown by 19.7% per year over the past 5 years.

Accelerating Growth: 868's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 868 had negative earnings growth (-0.7%) over the past year, making it difficult to compare to the Auto Components industry average (-0.7%).


Return on Equity

High ROE: 868's Return on Equity (22%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Xinyi Glass Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: 868's short term assets (HK$11.3B) exceeds its short term liabilities (HK$10.1B)

Long Term Liabilities: 868's short term assets (11.3B) exceeds its long term liabilities (5.9B)


Debt to Equity History and Analysis

Debt Level: 868's debt to equity ratio (52.6%) is considered high

Reducing Debt: 868's debt to equity ratio has increased from 41.9% to 52.6% over the past 5 years.

Debt Coverage: 868's debt is well covered by operating cash flow (38.1%).

Interest Coverage: 868's interest payments on its debt are well covered by EBIT (19.5x coverage).


Balance Sheet

Inventory Level: 868 has a high level of physical assets or inventory.

Debt Coverage by Assets: 868's debt is covered by short term assets (assets are 1.1x debt).


Next Steps

Dividend

What is Xinyi Glass Holdings's current dividend yield, its reliability and sustainability?

5.68%

Current Dividend Yield


Dividend Yield vs Market

company5.7%marketbottom25%2.2%markettop25%6.3%industryaverage4.0%forecastin3Years6.1%

Current dividend yield vs market & industry

Notable Dividend: 868's dividend (5.68%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.23%).

High Dividend: 868's dividend (5.68%) is low compared to the top 25% of dividend payers in the Hong Kong market (6.31%).


Stability and Growth of Payments

Stable Dividend: 868's dividend payments have been volatile in the past 10 years.

Growing Dividend: 868's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (47.8%), 868's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 868's dividends in 3 years are forecast to be well covered by earnings (49.3% payout ratio).


Next Steps

Management

What is the CEO of Xinyi Glass Holdings's salary, the management and board of directors tenure and is there insider trading?

15.3yrs

Average board tenure


CEO

Ching Sai Tung (53yo)

0yrs

Tenure

HK$31,945,000

Compensation

Mr. Ching Sai Tung, B.B.S., has been an Executive Director and Vice Chairman at Xinyi Energy Holdings Limited since joining in July 2006. Mr. Tung serves as the Chief Executive Officer of Xinyi Glass Holdi ...


CEO Compensation Analysis

Compensation vs Market: Ching Sai's total compensation ($USD4.08M) is above average for companies of similar size in the Hong Kong market ($USD528.73K).

Compensation vs Earnings: Ching Sai's compensation has been consistent with company performance over the past year.


Board Age and Tenure

15.3yrs

Average Tenure

61yo

Average Age

Experienced Board: 868's board of directors are seasoned and experienced ( 15.3 years average tenure).


Insider Trading

Insider Buying: 868 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyHK$2,090,71702 Sep 19
Yin Yee Lee
EntityIndividual
Role
Chairman of the Board
Founder & Chairman
Shares270,000
Max PriceHK$7.74
BuyHK$109,20030 Aug 19
Yin Yee Lee
EntityIndividual
Role
Chairman of the Board
Founder & Chairman
Shares14,000
Max PriceHK$7.80
BuyHK$1,083,75430 Aug 19
Yin Yee Lee
EntityIndividual
Role
Chairman of the Board
Founder & Chairman
Shares140,000
Max PriceHK$7.74
BuyHK$7,645,70722 Aug 19
Ching Sai Tung
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director
Shares974,000
Max PriceHK$7.85
BuyHK$7,452,30020 Aug 19
Ching Sai Tung
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director
Shares964,000
Max PriceHK$7.73
BuyHK$3,112,20017 Aug 19
Ching Wai Li
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director
Shares420,000
Max PriceHK$7.41
BuyHK$3,805,00017 Aug 19
Ching Wai Li
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director
Shares500,000
Max PriceHK$7.61
BuyHK$8,143,84817 Aug 19
Ching Wai Li
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director
Shares1,080,000
Max PriceHK$7.54
BuyHK$3,033,17915 Aug 19
Kam Ha Li
EntityIndividual
Shares411,000
Max PriceHK$7.38
BuyHK$5,475,00015 Aug 19
Kam Ha Li
EntityIndividual
Shares750,000
Max PriceHK$7.30
BuyHK$5,475,00015 Aug 19
Yin Yee Lee
EntityIndividual
Role
Chairman of the Board
Founder & Chairman
Shares750,000
Max PriceHK$7.30
BuyHK$3,033,17915 Aug 19
Yin Yee Lee
EntityIndividual
Role
Chairman of the Board
Founder & Chairman
Shares411,000
Max PriceHK$7.38
BuyHK$7,239,85013 Aug 19
Ching Sai Tung
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director
Shares980,000
Max PriceHK$7.39
BuyHK$7,961,86512 Aug 19
Ching Sai Tung
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director
Shares1,036,000
Max PriceHK$7.69
BuyHK$18,919,73811 Aug 19
Ching Sai Tung
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director
Shares2,444,000
Max PriceHK$7.74

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Ching Sai Tung (53yo)

    CEO & Executive Director

    • Tenure: 0yrs
    • Compensation: HK$31.95m
  • Ching Bor Tung (56yo)

    Vice Chairman & Chief Purchasing Officer

    • Tenure: 0yrs
    • Compensation: HK$13.26m
  • Yin Yee Lee (66yo)

    Founder & Chairman

    • Tenure: 0yrs
    • Compensation: HK$23.24m
  • Sik Yuen Lau (52yo)

    CFO & Company Secretary

    • Tenure: 0yrs
  • Shing Lee (39yo)

    Executive Director

    • Tenure: 11.1yrs
    • Compensation: HK$12.72m
  • Bi Xu (51yo)

    Executive Vice President

    • Tenure: 0yrs

Board Members

  • Kwong Siu Lam (84yo)

    Independent Non-Executive Director

    • Tenure: 15.3yrs
    • Compensation: HK$300.00k
  • Samuel Wong (69yo)

    Independent Non Executive Director

    • Tenure: 15.3yrs
    • Compensation: HK$300.00k
  • Ching Sai Tung (53yo)

    CEO & Executive Director

    • Tenure: 0yrs
    • Compensation: HK$31.95m
  • Ching Bor Tung (56yo)

    Vice Chairman & Chief Purchasing Officer

    • Tenure: 0yrs
    • Compensation: HK$13.26m
  • Nang Sze Sze (61yo)

    Non-Executive Director

    • Tenure: 15.4yrs
    • Compensation: HK$300.00k
  • Ngan Ho Ng (54yo)

    Non-Executive Director

    • Tenure: 15.4yrs
    • Compensation: HK$300.00k
  • Ching Wai Li (61yo)

    Non-Executive Director

    • Tenure: 15.4yrs
    • Compensation: HK$300.00k
  • Yin Yee Lee (66yo)

    Founder & Chairman

    • Tenure: 0yrs
    • Compensation: HK$23.24m
  • Ching Leung Li (63yo)

    Non-Executive Director

    • Tenure: 15.3yrs
    • Compensation: HK$300.00k
  • Shing Lee (39yo)

    Executive Director

    • Tenure: 11.1yrs
    • Compensation: HK$12.72m

Company Information

Xinyi Glass Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Xinyi Glass Holdings Limited
  • Ticker: 868
  • Exchange: SEHK
  • Founded: 1988
  • Industry: Auto Parts and Equipment
  • Sector: Automobiles
  • Market Cap: HK$36.440b
  • Shares outstanding: 4.01b
  • Website: https://www.xinyiglass.com

Number of Employees


Location

  • Xinyi Glass Holdings Limited
  • Rykadan Capital Tower
  • 21st Floor
  • Kwun Tong
  • Kowloon
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
868SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDFeb 2005
XYIG.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDFeb 2005
XI9DB (Deutsche Boerse AG)YesOrdinary SharesDEEURFeb 2005
868SHSC (Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect)YesOrdinary SharesHKHKDFeb 2005
868SZSC (The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect)YesOrdinary SharesHKHKDFeb 2005
XYIG.YOTCPK (Pink Sheets LLC)UNSPONSORED ADSUSUSDJan 2011

Biography

Xinyi Glass Holdings Limited, an investment holding company, produces and sells automobile, construction, float, and other glass products for commercial and industrial applications. The company operates th ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/13 12:43
End of Day Share Price2019/11/13 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.