Buy Or Sell Opportunity • Jul 07
Now 24% overvalued Over the last 90 days, the stock has fallen 39% to HK$1.64. The fair value is estimated to be HK$1.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Meanwhile, the company has become profitable. Announcement • May 30
APAC Resources Limited has filed a Follow-on Equity Offering in the amount of HKD 1.180274 billion. APAC Resources Limited has filed a Follow-on Equity Offering in the amount of HKD 1.180274 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 460,099,632
Price\Range: HKD 1.45
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 353,882,544
Price\Range: HKD 1.45
Discount Per Security: HKD 0.03625
Transaction Features: Rights Offering New Risk • Mar 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 122% 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 Risk High level of non-cash earnings (122% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$3.22, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 13x in the Trade Distributors industry in Hong Kong. Total returns to shareholders of 287% over the past three years. Announcement • Feb 12
APAC Resources Limited to Report Q2, 2026 Results on Feb 27, 2026 APAC Resources Limited announced that they will report Q2, 2026 results on Feb 27, 2026 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$2.63, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 13x in the Trade Distributors industry in Hong Kong. Total returns to shareholders of 222% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$3.16, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 11x in the Trade Distributors industry in Hong Kong. Total returns to shareholders of 277% over the past three years. Announcement • Jan 14
APAC Resources Limited Provides Unaudited Consolidated Earning Guidance for the Five Months Ended 30 November 2025 APAC Resources Limited provided unaudited consolidated earning guidance for the five months ended 30 November 2025. For the period, the Group is expected to record a profit attributable to Shareholders for 1H FY25/26 in the estimated range of approximately HKD 1,400 million to HKD 1,900 million as compared with the loss attributable to Shareholders of approximately HKD 309.9 million for 1H FY24/25. This was primarily driven by (i) the profit contributed by the resource investment segment as compared to the segment loss of approximately HKD 183.6 million in 1H FY24/25 and (ii) the expected reversal of impairment loss of an associate as compared to the impairment loss on interests in associates, net of approximately HKD 105.1 million in 1H FY24/25. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$2.64, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 11x in the Trade Distributors industry in Hong Kong. Total returns to shareholders of 228% over the past three years. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$2.00, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 11x in the Trade Distributors industry in Hong Kong. Total returns to shareholders of 156% over the past three years. Board Change • Dec 08
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Chak Hung Li was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 22
APAC Resources Limited Announces Board and Committee Changes, Effective 21 November 2025 The board of directors of APAC Resources Limited announced that Dr. Wong has retired as an independent non-executive Director with effect from the conclusion of the annual general meeting of the Company held on 21 November 2025. Dr. Wong has confirmed that he has no disagreement with the Board and there is no matter relating to his retirement that needs to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Li Chak Hung has been appointed as an independent non-executive Director with effect from 21 November 2025. Mr. Li, aged 60, graduated from The Chinese University of Hong Kong and holds a Bachelor's Degree of Business Administration. Mr. Li is a Certified Public Accountant (Practising) of the Hong Kong Institute of Certified Public Accountants and a fellow of The Taxation Institute of Hong Kong. He has over 30 years' experience in accounting, auditing, taxation and financial management. Mr. Li is currently an independent non-executive director of each of Asiasec Properties Limited and Alpha Professional Holdings Limited. ASL and Alpha Professional are companies listed on the main board of The Stock Exchange of Hong Kong Limited. He was previously an independent non-executive director of Summit Ascent Holdings Limited ("Summit Ascent") during the periods from October 2018 to January 2024 and 11 March 2025 to 30 August 2025. Summit Ascent was previously a company listed on the main board of the Stock Exchange until 1 September 2025. CHANGE IN COMPOSITION OF BOARD COMMITTEES: The Board hereby further announced that: Dr. Wong ceased to be the chairman and member of each of the audit committee and the remuneration committee, as well as a member of the nomination committee of the Company with effect from the conclusion of the AGM; and Mr. Li has been appointed as the chairman of each of the audit committee and the remuneration committee, as well as a member of the nomination committee of the Company with effect from 21 November 2025. Upcoming Dividend • Nov 18
Upcoming dividend of HK$0.11 per share Eligible shareholders must have bought the stock before 25 November 2025. Payment date: 16 December 2025. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 6.4%. Lower than top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (4.6%). New Risk • Oct 23
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 Hong Kong stocks, typically moving 11% 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: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$1.93, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 12x in the Trade Distributors industry in Hong Kong. Total returns to shareholders of 148% over the past three years. Reported Earnings • Sep 27
Full year 2025 earnings released: EPS: HK$0.18 (vs HK$0.29 in FY 2024) Full year 2025 results: EPS: HK$0.18 (down from HK$0.29 in FY 2024). Revenue: HK$353.1m (down 70% from FY 2024). Net income: HK$243.9m (down 38% from FY 2024). Profit margin: 69% (up from 33% in FY 2024). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Sep 27
APAC Resources Limited, Annual General Meeting, Nov 21, 2025 APAC Resources Limited, Annual General Meeting, Nov 21, 2025. Announcement • Sep 12
APAC Resources Limited to Report Fiscal Year 2025 Results on Sep 24, 2025 APAC Resources Limited announced that they will report fiscal year 2025 results on Sep 24, 2025 Board Change • May 20
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 an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Kelvin Chau was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 03
APAC Resources Limited (SEHK:1104) proposed to acquire remaining 70.35% stake in Dragon Mining Limited (SEHK:1712) from Sincere View International Limited, Arthur George Dew, Carlisle Caldow Procter and others for approximately HKD 240 million. APAC Resources Limited (SEHK:1104) proposed to acquire remaining 70.35% stake in Dragon Mining Limited (SEHK:1712) from Sincere View International Limited, Arthur George Dew, Carlisle Caldow Procter and others for approximately HKD 240 million on April 1, 2025. A cash consideration of HKD 244.68 million valued at HKD 2.2 per share will be paid by APAC Resources Limited. As part of consideration, HKD 244.68 million is paid towards common equity of Dragon Mining Limited. Upon completion, APAC Resources Limited will own 100% stake in Dragon Mining Limited. The transaction will be financed through unsecured term loan facility of up to HKD 245 million. The transaction is subject to approval by Securities and Futures Commission of Hong Kong and Australian Securities and Investments Commission. The deal is also subject to the approval of offer by acquirer shareholders.
Yu Ming Investment Management Limited acted as financial advisor for APAC Resources Limited. Board Change • Apr 02
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 an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Kelvin Chau was the last independent director to join the board, commencing their role in 2023. 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 • Feb 25
First half 2025 earnings released: HK$0.23 loss per share (vs HK$0.46 profit in 1H 2024) First half 2025 results: HK$0.23 loss per share (down from HK$0.46 profit in 1H 2024). Revenue: HK$147.8m (down 84% from 1H 2024). Net loss: HK$309.9m (down 152% from profit in 1H 2024). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Feb 22
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 9.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 30% per year over the past 5 years. Buy Or Sell Opportunity • Feb 12
Now 22% overvalued Over the last 90 days, the stock has fallen 5.6% to HK$1.01. The fair value is estimated to be HK$0.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Feb 11
APAC Resources Limited to Report First Half, 2025 Results on Feb 21, 2025 APAC Resources Limited announced that they will report first half, 2025 results on Feb 21, 2025 Announcement • Jan 10
APAC Resources Limited Announces Change of Company Secretary The board of directors of APAC Resources Limited announced that Ms. Lau Tung Ni has resigned as the company secretary of the Company with effect from 10 January 2025. The Board announced that Ms. Lin Wei ("Ms. Lin") has been appointed as the Company Secretary and the Authorised Representative both with effect from 10 January 2025. Ms. Lin is a fellow member of The Chartered Governance Institute and The Hong Kong Chartered Governance Institute. She holds a master's degree in corporate governance and has over 16 years of experience in the company secretarial and corporate governance profession. Upcoming Dividend • Nov 14
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 21 November 2024. Payment date: 16 December 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 9.3%. Within top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (5.4%). Buy Or Sell Opportunity • Nov 13
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 8.1% to HK$1.07. The fair value is estimated to be HK$0.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Oct 26
Full year 2024 earnings released: EPS: HK$0.29 (vs HK$0.24 loss in FY 2023) Full year 2024 results: EPS: HK$0.29 (up from HK$0.24 loss in FY 2023). Revenue: HK$1.19b (up 175% from FY 2023). Net income: HK$390.0m (up HK$708.6m from FY 2023). Profit margin: 33% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Declared Dividend • Sep 28
Dividend of HK$0.10 announced Dividend of HK$0.10 is the same as last year. Ex-date: 21st November 2024 Payment date: 16th December 2024 Dividend yield will be 9.8%, which is higher than the industry average of 7.5%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 31% per year over the past 7 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 62% to shift the payout ratio to a potentially unsustainable range, which is more than the 16% EPS decline seen over the last 5 years. New Risk • Sep 26
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Reported Earnings • Sep 26
Full year 2024 earnings released: EPS: HK$0.29 (vs HK$0.24 loss in FY 2023) Full year 2024 results: EPS: HK$0.29 (up from HK$0.24 loss in FY 2023). Revenue: HK$1.19b (up 175% from FY 2023). Net income: HK$390.0m (up HK$708.6m from FY 2023). Profit margin: 33% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Sep 25
APAC Resources Limited Proposes Final Dividend for the Year Ended June 30, 2024, Payable on December 16, 2024 APAC Resources Limited proposes Final Dividend of HKD 0.1 per share for the Year Ended June 30, 2024. Ex-dividend date is 21 November 2024. Record date is 28 November 2024. Payment date is 16 December 2024. Date of shareholders' approval is 19 November 2024. Announcement • Sep 12
APAC Resources Limited to Report Fiscal Year 2024 Results on Sep 25, 2024 APAC Resources Limited announced that they will report fiscal year 2024 results on Sep 25, 2024 Buy Or Sell Opportunity • Apr 05
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.3% to HK$1.02. The fair value is estimated to be HK$0.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 18
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to HK$1.02. The fair value is estimated to be HK$0.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Feb 28
First half 2024 earnings released: EPS: HK$0.46 (vs HK$0.033 loss in 1H 2023) First half 2024 results: EPS: HK$0.46 (up from HK$0.033 loss in 1H 2023). Revenue: HK$941.4m (up HK$832.5m from 1H 2023). Net income: HK$593.3m (up HK$636.7m from 1H 2023). Profit margin: 63% (up from net loss in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Feb 10
APAC Resources Limited to Report First Half, 2024 Results on Feb 23, 2024 APAC Resources Limited announced that they will report first half, 2024 results on Feb 23, 2024 New Risk • Jan 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 143% Earnings have declined by 24% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Announcement • Nov 24
APAC Resources Limited Announces Board Changes APAC Resources Limited announced that Reference is made to the announcement dated 26 September 2023 and the circular of the Company dated 26 October 2023 in relation to, among others, the retirement of Mr. Chang Chu Fai, Johnson Francis. The board of directors of the Company announced that Mr. Chang has retired as an independent non-executive Director with effect from the conclusion of the annual general meeting of the Company held on 23 November 2023 (the "AGM"). Mr. Chang has confirmed that he has no disagreement with the Board and there is no matter relating to his retirement that needs to be brought to the attention of the shareholders of the Company (the "Shareholders"). The Board announced that Mr. Kelvin Chau Kwok Wing ("Mr. Chau") has been appointed as an independent non-executive Director with effect from 23 November 2023. Mr. Chau, aged 61, is the former Chairman of Rothschild & Co in Hong Kong. He has over 30 years of investment banking experience as an advisor to corporates and governments, and currently serves as a Senior Advisor at Harmony Capital International Limited. He is an independent non-executive director of each of Allied Group Limited and Travel Expert (Asia) Enterprises Limited, which are listed on The Stock Exchange of Hong Kong Limited and serves on the University Council's Finance and Investment Committees at the City University of Hong Kong. He holds a bachelor of laws degree from the University of Buckingham, United Kingdom. The Board hereby announces that Mr. Brett Robert Smith ("Mr. Smith") has tendered his resignation as the Deputy Chairman of the Board and an executive Director with effect from 24 November 2023 as he wishes to devote more time in his other business engagements. Mr. Smith has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the Shareholders. The Board hereby further announces that: (a) Mr. Chang ceased to be a member of each of the audit committee, remuneration committee and nomination committee of the Company with effect from the conclusion of the AGM; (b) Mr. Chau has been appointed as a member of each of the audit committee, remuneration committee and nomination committee of the Company with effect from 23 November 2023; and (c) Mr. Smith will cease to be a member of the executive committee of the Company with effect from 24 November 2023. Upcoming Dividend • Nov 09
Upcoming dividend of HK$0.10 per share at 9.4% yield Eligible shareholders must have bought the stock before 16 November 2023. Payment date: 15 January 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 9.4%. Within top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (7.6%). Reported Earnings • Oct 28
Full year 2023 earnings released: HK$0.24 loss per share (vs HK$0.37 loss in FY 2022) Full year 2023 results: HK$0.24 loss per share (improved from HK$0.37 loss in FY 2022). Revenue: HK$431.9m (up 24% from FY 2022). Net loss: HK$318.5m (loss narrowed 32% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Sep 28
APAC Resources Limited Announces Interim (Semi-annual) dividend for the year ended 30 June 2023, Payable on 15 January 2024 APAC Resources Limited announced Interim (Semi-annual) dividend for the year ended 30 June 2023 of HKD 0.1 per share. The dividend is payable on 15 January 2024 with record date of 23 November 2023 and ex-dividend date of 16 November 2023. Announcement • Sep 27
APAC Resources Limited Announces Retirement of Chang Chu Fai as Independent Non-Executive Director and Member of Audit Committee, Remuneration Committee and Nomination Committee APAC Resources Limited announced that Mr. Chang Chu Fai, Johnson Francis has notified the Board of his decision to retire as an independent non-executive Director by rotation at the forthcoming annual general meeting of the Company, and to no to offer himself for re-election in order to devote more time to pursue other interests in accordance with his personal retirement plan. With effect from the retirement at the conclusion of the AGM, Mr. Chang will also cease to be a member of each of the audit committee, remuneration committee and nomination committee of the Company. As at the date of this announcement, the Directors are: Executive Directors Mr. Brett Robert Smith (Deputy Chairman) and Mr. Andrew Ferguson (Chief Executive Officer), Non-Executive Directors Mr. Arthur George Dew (Chairman) (Mr. Wong Tai Chun, Mark as his alternate), Mr. Lee Seng Hui and Ms. Lam Lin Chu, Independent Non-Executive Directors,Dr. Wong Wing Kuen, Albert, Mr. Chang Chu Fai, Johnson Francis and Mr. Wang Hongqian. Reported Earnings • Sep 27
Full year 2023 earnings released: HK$0.24 loss per share (vs HK$0.37 loss in FY 2022) Full year 2023 results: HK$0.24 loss per share (improved from HK$0.37 loss in FY 2022). Revenue: HK$431.9m (up 24% from FY 2022). Net loss: HK$318.5m (loss narrowed 32% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Sep 27
APAC Resources Limited, Annual General Meeting, Nov 23, 2023 APAC Resources Limited, Annual General Meeting, Nov 23, 2023. Announcement • Sep 15
APAC Resources Limited to Report Fiscal Year 2023 Results on Sep 26, 2023 APAC Resources Limited announced that they will report fiscal year 2023 results on Sep 26, 2023 Reported Earnings • Feb 28
First half 2023 earnings released: HK$0.033 loss per share (vs HK$0.23 loss in 1H 2022) First half 2023 results: HK$0.033 loss per share (improved from HK$0.23 loss in 1H 2022). Revenue: HK$108.9m (up 31% from 1H 2022). Net loss: HK$43.4m (loss narrowed 84% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Feb 16
APAC Resources Limited to Report First Half, 2023 Results on Feb 27, 2023 APAC Resources Limited announced that they will report first half, 2023 results on Feb 27, 2023 Announcement • Feb 15
Apac Resources Limited Provides Earnings Forecast for the First Half of 2023 APAC Resources Limited provided earnings forecast for the first half of 2023. For the period, the company are expected to record a loss attributable to the Shareholders between HKD 20 million to HKD 90 million as compared to the loss attributable to the Shareholders of approximately HKD 275 million for the six months ended 31 December 2021 ("1H FY2022"). Upcoming Dividend • Jan 24
Upcoming dividend of HK$0.10 per share at 8.4% yield Eligible shareholders must have bought the stock before 30 January 2023. Payment date: 20 February 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 8.4%. Within top quartile of Hong Kong dividend payers (8.1%). Lower than average of industry peers (11%). 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. 4 experienced directors. 4 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Hongqian Wang was the last independent director to join the board, commencing their role in 2019. 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 • Oct 28
Full year 2022 earnings released: HK$0.37 loss per share (vs HK$1.11 profit in FY 2021) Full year 2022 results: HK$0.37 loss per share (down from HK$1.11 profit in FY 2021). Revenue: HK$348.7m (down 38% from FY 2021). Net loss: HK$466.0m (down 134% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buying Opportunity • Oct 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.6%. The fair value is estimated to be HK$1.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Sep 28
Full year 2022 earnings released: HK$0.37 loss per share (vs HK$1.11 profit in FY 2021) Full year 2022 results: HK$0.37 loss per share (down from HK$1.11 profit in FY 2021). Revenue: HK$348.7m (down 38% from FY 2021). Net loss: HK$466.0m (down 134% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jul 11
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be HK$1.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company became loss making. 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. 5 non-independent directors. Independent Non-Executive Director Hongqian Wang was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 24
Now 21% undervalued Over the last 90 days, the stock is up 4.8%. The fair value is estimated to be HK$1.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% per annum over the last 3 years. The company became loss making over the last year. Reported Earnings • Mar 04
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: HK$0.23 loss per share (down from HK$0.97 profit in 1H 2021). Revenue: HK$82.9m (down 73% from 1H 2021). Net loss: HK$275.3m (down 123% from profit in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be HK$1.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% per annum over the last 3 years. The company has become profitable over the last year. Upcoming Dividend • Dec 16
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 23 December 2021. Payment date: 28 January 2022. Payout ratio is a comfortable 9.0% but the company is not cash flow positive. Trailing yield: 7.8%. Within top quartile of Hong Kong dividend payers (7.2%). Higher than average of industry peers (4.2%). Reported Earnings • Nov 01
Full year 2021 earnings released: EPS HK$1.11 (vs HK$0.35 loss in FY 2020) Full year 2021 results: Revenue: HK$564.6m (up 29% from FY 2020). Net income: HK$1.36b (up HK$1.79b from FY 2020). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 25
Full year 2021 earnings released: EPS HK$1.11 (vs HK$0.35 loss in FY 2020) Full year 2021 results: Revenue: HK$564.6m (up 29% from FY 2020). Net income: HK$1.36b (up HK$1.79b from FY 2020). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 23
First half 2021 earnings released: EPS HK$0.97 (vs HK$0.039 in 1H 2020) First half 2021 results: Revenue: HK$306.6m (down 2.1% from 1H 2020). Net income: HK$1.18b (up HK$1.13b from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 02
First half 2021 earnings released: EPS HK$0.97 (vs HK$0.039 in 1H 2020) First half 2021 results: Revenue: HK$306.6m (down 2.1% from 1H 2020). Net income: HK$1.18b (up HK$1.13b from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 09
New 90-day high: HK$1.34 The company is up 38% from its price of HK$0.97 on 11 November 2020. The Hong Kong market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: HK$1.05 The company is up 5.0% from its price of HK$1.00 on 16 October 2020. The Hong Kong market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 31% over the same period. Is New 90 Day High Low • Dec 21
New 90-day low: HK$0.88 The company is down 14% from its price of HK$1.02 on 22 September 2020. The Hong Kong market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 13
New 90-day low: HK$0.93 The company is down 2.0% from its price of HK$0.95 on 14 August 2020. The Hong Kong market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 11% over the same period. Reported Earnings • Oct 18
Full year earnings released - HK$0.35 loss per share Over the last 12 months the company has reported total losses of HK$429.4m, with earnings decreasing by HK$1.04b from the prior year. Total revenue was HK$436.5m over the last 12 months, up 295% from the prior year. 
