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Vantage International (Holdings)

SEHK:15
Snowflake Description

Flawless balance sheet and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
15
SEHK
HK$1B
Market Cap
  1. Home
  2. HK
  3. Capital Goods
Company description

Vantage International (Holdings) Limited, an investment holding company, engages in the construction, maintenance, and other contract works in public and private sectors in Hong Kong. The last earnings update was 21 days ago. More info.


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15 Share Price and Events
7 Day Returns
-1.4%
SEHK:15
-1.4%
HK Construction
0.6%
HK Market
1 Year Returns
-10.3%
SEHK:15
-12.3%
HK Construction
-5.9%
HK Market
15 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Vantage International (Holdings) (15) -1.4% -11.4% -1.4% -10.3% -4.1% 16.7%
HK Construction -1.4% -5.6% -14.7% -12.3% -23% -1.8%
HK Market 0.6% 3.7% -8.2% -5.9% 17.2% 4.8%
1 Year Return vs Industry and Market
  • 15 outperformed the Construction industry which returned -12.3% over the past year.
  • 15 underperformed the Market in Hong Kong which returned -5.9% over the past year.
Price Volatility
15
Industry
5yr Volatility vs Market

15 Value

 Is Vantage International (Holdings) 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 Vantage International (Holdings) 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 Vantage International (Holdings).

SEHK:15 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 13.5%
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:15
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Construction Unlevered Beta Simply Wall St/ S&P Global 1.04
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.043 (1 + (1- 25%) (133.35%))
1.728
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.73
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.728 * 6.65%)
13.49%

Discounted Cash Flow Calculation for SEHK:15 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Vantage International (Holdings) 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:15 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 13.49%)
2020 603.74 Est @ 7.34% 531.97
2021 638.38 Est @ 5.74% 495.62
2022 667.85 Est @ 4.62% 456.86
2023 693.45 Est @ 3.83% 417.98
2024 716.22 Est @ 3.28% 380.38
2025 736.99 Est @ 2.9% 344.88
2026 756.37 Est @ 2.63% 311.88
2027 774.85 Est @ 2.44% 281.51
2028 792.75 Est @ 2.31% 253.78
2029 810.34 Est @ 2.22% 228.57
Present value of next 10 years cash flows HK$3,703.43
SEHK:15 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= HK$810.34 × (1 + 2%) ÷ (13.49% – 2%)
HK$7,194.47
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$7,194.47 ÷ (1 + 13.49%)10
HK$2,029.31
SEHK:15 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$3,703.43 + HK$2,029.31
HK$5,732.74
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$5,732.74 / 1,682.97
HK$3.41
SEHK:15 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$3.41
Current discount Discount to share price of HK$0.70
= -1 x (HK$0.70 - HK$3.41) / HK$3.41
79.5%

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

Current Discount
Amount off the current price Vantage International (Holdings) is available for.
Intrinsic value
>50%
Share price is HK$0.7 vs Future cash flow value of HK$3.41
Current Discount Checks
For Vantage International (Holdings) to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Vantage International (Holdings)'s share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Vantage International (Holdings)'s share price is below the future cash flow value, and 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 Vantage International (Holdings)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Vantage International (Holdings)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:15 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in HKD HK$0.42
SEHK:15 Share Price ** SEHK (2019-07-16) in HKD HK$0.7
Hong Kong Construction Industry PE Ratio Median Figure of 105 Publicly-Listed Construction Companies 9.77x
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 Vantage International (Holdings).

SEHK:15 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:15 Share Price ÷ EPS (both in HKD)

= 0.7 ÷ 0.42

1.67x

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

  • Vantage International (Holdings) is good value based on earnings compared to the HK Construction industry average.
  • Vantage International (Holdings) is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Vantage International (Holdings)'s expected growth come at a high price?
Raw Data
SEHK:15 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 1.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
2.5%per year
Hong Kong Construction Industry PEG Ratio Median Figure of 10 Publicly-Listed Construction Companies 0.55x
Hong Kong Market PEG Ratio Median Figure of 477 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Vantage International (Holdings), we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Vantage International (Holdings)'s assets?
Raw Data
SEHK:15 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in HKD HK$2.50
SEHK:15 Share Price * SEHK (2019-07-16) in HKD HK$0.7
Hong Kong Construction Industry PB Ratio Median Figure of 136 Publicly-Listed Construction Companies 1.39x
Hong Kong Market PB Ratio Median Figure of 2,190 Publicly-Listed Companies 0.92x
SEHK:15 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:15 Share Price ÷ Book Value per Share (both in HKD)

= 0.7 ÷ 2.50

0.28x

* Primary Listing of Vantage International (Holdings).

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

  • Vantage International (Holdings) is good value based on assets compared to the HK Construction industry average.
X
Value checks
We assess Vantage International (Holdings)'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 Construction 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 Construction industry average (and greater than 0)? (1 check)
  5. Vantage International (Holdings) has a total score of 5/6, 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.

15 Future Performance

 How is Vantage International (Holdings) expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Vantage International (Holdings), future earnings growth has been estimated based on fundamentals.
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
2.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Vantage International (Holdings) expected to grow at an attractive rate?
  • Vantage International (Holdings)'s earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Vantage International (Holdings)'s earnings growth is positive but not above the Hong Kong market average.
  • Unable to compare Vantage International (Holdings)'s revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:15 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:15 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 2.5%
Hong Kong Construction Industry Earnings Growth Rate Market Cap Weighted Average 6.4%
Hong Kong Construction Industry Revenue Growth Rate Market Cap Weighted Average 9.6%
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:15 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:15 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2019-03-31 3,545 705
2018-12-31 3,484 614
2018-09-30 3,423 966 524
2018-06-30 3,443 900 466
2018-03-31 3,463 835 409
2017-12-31 3,245 515 271
2017-09-30 3,026 196 133
2017-06-30 2,676 -114 137
2017-03-31 2,327 -424 142
2016-12-31 2,055 312
2016-09-30 1,783 -281 482
2016-06-30 2,100 -125 627

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Vantage International (Holdings)'s earnings are expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Vantage International (Holdings) is high growth as no revenue estimate data is available.
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:15 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 0 Analyst Estimates (S&P Global) See Below

All data from Vantage International (Holdings) Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:15 Past Financials Data
Date (Data in HKD Millions) EPS *
2019-03-31 0.42
2018-12-31 0.37
2018-09-30 0.31
2018-06-30 0.28
2018-03-31 0.24
2017-12-31 0.16
2017-09-30 0.08
2017-06-30 0.08
2017-03-31 0.08
2016-12-31 0.18
2016-09-30 0.28
2016-06-30 0.36

*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.
  • Unable to establish if Vantage International (Holdings) will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Vantage International (Holdings)'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.
Vantage International (Holdings) has a total score of 1/6, 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.

15 Past Performance

  How has Vantage International (Holdings) 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 Vantage International (Holdings)'s growth in the last year to its industry (Construction).
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.
  • Vantage International (Holdings) has delivered over 20% year on year earnings growth in the past 5 years.
  • Vantage International (Holdings)'s 1-year earnings growth exceeds its 5-year average (72.3% vs 22.9%)
  • Vantage International (Holdings)'s earnings growth has exceeded the HK Construction industry average in the past year (72.3% vs -13.1%).
Earnings and Revenue History
Vantage International (Holdings)'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 Vantage International (Holdings) Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:15 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,544.52 704.52 141.26
2018-12-31 3,483.62 614.10 139.27
2018-09-30 3,422.72 523.69 137.27
2018-06-30 3,442.90 466.31 125.75
2018-03-31 3,463.08 408.93 114.23
2017-12-31 3,244.51 271.13 121.40
2017-09-30 3,025.95 133.34 128.57
2017-06-30 2,676.39 137.44 126.30
2017-03-31 2,326.84 141.54 124.03
2016-12-31 2,054.79 311.83 112.51
2016-09-30 1,782.75 482.12 100.98
2016-06-30 2,099.76 627.12 83.33
2016-03-31 2,416.77 772.13 65.68
2015-09-30 2,486.94 418.40 45.56
2015-06-30 2,219.34 268.20 48.64
2015-03-31 1,951.74 118.01 51.71
2014-12-31 2,651.01 112.54 78.94
2014-09-30 2,647.41 90.59 81.92
2014-06-30 3,013.48 102.98 80.96
2014-03-31 3,379.55 115.37 80.00
2013-12-31 3,512.81 196.20 72.47
2013-09-30 3,646.08 277.02 64.94
2013-06-30 3,561.36 298.10 63.31
2013-03-31 3,476.65 319.17 61.69
2012-12-31 3,409.67 287.63 61.67
2012-09-30 3,342.68 256.10 61.65

*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.
  • Vantage International (Holdings) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Vantage International (Holdings) used its assets more efficiently than the HK Construction industry average last year based on Return on Assets.
  • Vantage International (Holdings) has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Vantage International (Holdings)'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 Construction 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.
Vantage International (Holdings) has a total score of 5/6, 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.

15 Health

 How is Vantage International (Holdings)'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 Vantage International (Holdings)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Vantage International (Holdings) is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Vantage International (Holdings)'s cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Vantage International (Holdings)'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 2.2x 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 Vantage International (Holdings) Company Filings, last reported 3 months ago.

SEHK:15 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,533.68 1,570.96 1,552.12
2018-12-31 4,533.68 1,570.96 1,552.12
2018-09-30 3,977.54 1,366.71 1,262.79
2018-06-30 3,977.54 1,366.71 1,262.79
2018-03-31 3,758.40 1,380.16 1,480.67
2017-12-31 3,758.40 1,380.16 1,480.67
2017-09-30 3,376.78 1,648.89 1,408.47
2017-06-30 3,376.78 1,648.89 1,408.47
2017-03-31 3,430.59 1,681.49 1,255.95
2016-12-31 3,430.59 1,681.49 1,255.95
2016-09-30 2,791.07 1,685.07 835.10
2016-06-30 2,791.07 1,685.07 835.10
2016-03-31 2,765.62 880.70 1,193.73
2015-09-30 2,338.32 947.58 960.17
2015-06-30 2,338.32 947.58 960.17
2015-03-31 2,133.70 878.44 585.75
2014-12-31 2,133.70 878.44 585.75
2014-09-30 2,026.07 849.07 235.06
2014-06-30 2,026.07 849.07 235.06
2014-03-31 1,993.17 772.07 433.69
2013-12-31 1,993.17 772.07 433.69
2013-09-30 1,692.42 748.77 196.93
2013-06-30 1,692.42 748.77 196.93
2013-03-31 1,515.01 667.72 416.19
2012-12-31 1,515.01 667.72 416.19
2012-09-30 1,286.91 966.15 279.33
  • Vantage International (Holdings)'s level of debt (34.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (38.8% vs 34.7% today).
  • Debt is well covered by operating cash flow (61.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 32.5x coverage).
X
Financial health checks
We assess Vantage International (Holdings)'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. Vantage International (Holdings) has a total score of 6/6, 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.

15 Dividends

 What is Vantage International (Holdings)'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
2.86%
Current annual income from Vantage International (Holdings) dividends.
If you bought HK$2,000 of Vantage International (Holdings) shares you are expected to receive HK$57 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?
  • Vantage International (Holdings)'s pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • Vantage International (Holdings)'s dividend is below the markets top 25% of dividend payers in Hong Kong (5.74%).
Upcoming dividend payment

Purchase Vantage International (Holdings) before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:15 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 0 Analyst Estimates (S&P Global) See Below
Hong Kong Construction Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 3.9%
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:15 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-06-25 0.020 2.789
2018-07-20 0.020 2.748
2017-07-21 0.020 2.119
2017-06-22 0.020 1.756
2016-07-18 0.020 1.782
2015-08-27 0.050 8.808
2014-07-11 0.010 1.710
2014-06-17 0.010 1.781
2013-07-05 0.030 4.537
2013-06-14 0.030 4.108

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

  • Vantage International (Holdings) has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Vantage International (Holdings) has only been paying a dividend for 6 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Vantage International (Holdings)'s earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (20.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Vantage International (Holdings)'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 Vantage International (Holdings) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Vantage International (Holdings) has a total score of 2/6, see the detailed checks below.


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

15 Management

 What is the CEO of Vantage International (Holdings)'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
Kwok Yau
COMPENSATION HK$11,870,000
AGE 53
TENURE AS CEO 19 years
CEO Bio

Mr. Kwok Fai Yau has been the Chief Executive Officer of Vantage International (Holdings) Limited since July 2000. Mr. Yau is responsible for formulating the policy and overall development and management of the operations of Vantage International (Holdings) Limited. Mr. Yau has been an Executive Director of Vantage International (Holdings) Limited since July 2000. He has been Executive Director at Able Engineering Holdings Limited since September 6, 2016. He has over 25 years of experience in the construction industry and 12 years of experience in the property industry. From November 2013 to August 2015, he served as the Non-Executive Chairman of Excel Development (Holdings) Limited. He has been Deputy Chairman at Vantage International (Holdings) Limited since July 2000. He serves as Director of every subsidiary of Able Engineering Holdings. He served as Director of Able Engineering Holdings Limited since July 11, 2016. He served as a Director of Excel Development (Holdings) Limited since November 21, 2013 until August 10, 2015. In July 1999, Mr. Yau was appointed by the Buildings Department as a member of the Contractors Registration Committee Panel under the Buildings Ordinance. In September 2002, he was appointed a member of the Construction Industry Training Authority. Mr. Yau graduated with Bachelor Degree of Engineering in Civil Engineering (First Class Honours) from the Hong Kong Polytechnic in November 1990. He is a Chartered Engineer and a Corporate Member of the Institution of Civil Engineers, the Institution of Structural Engineers and the HKIE, a Registered Professional Engineer (Civil & Structural) and a Registered Structural Engineer. He obtained a Diploma of the Imperial College in Structural Steel Design from the Imperial College London in July 1991 and a Master of Science Degree with Distinction in Structural Steel Design from the Imperial College of Science, Technology and Medicine, University of London in August 1991.

CEO Compensation
  • Kwok's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kwok's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the Vantage International (Holdings) management team in years:

2.8
Average Tenure
48.5
Average Age
  • The tenure for the Vantage International (Holdings) management team is about average.
Management Team

Raymond Ngai

TITLE
Founder & Chairman
COMPENSATION
HK$51M
AGE
56

Kwok Yau

TITLE
Deputy Chairman & CEO
COMPENSATION
HK$12M
AGE
53
TENURE
19 yrs

Jone Lau

TITLE
Human Resources Manager
COMPENSATION
HK$1M
AGE
47
TENURE
11.2 yrs

Rex Ip

TITLE
Chief Executive Officer & Executive Director of Able Group
AGE
39
TENURE
2.8 yrs

Helen Tsang

TITLE
Financial Controller & Company Secretary
AGE
38
TENURE
6.8 yrs

Desmond Wong

TITLE
Financial Controller & Company Secretary
TENURE
0.3 yrs

Sunny Yam

TITLE
Executive Director of Able Group
AGE
60
TENURE
2.8 yrs

Daniel Lau

TITLE
Executive Director of Able Group
AGE
50
TENURE
2.8 yrs

Dennis Cheung

TITLE
Executive Director of Able Group
AGE
47
TENURE
2.8 yrs
Board of Directors Tenure

Average tenure and age of the Vantage International (Holdings) board of directors in years:

16.9
Average Tenure
63
Average Age
  • The average tenure for the Vantage International (Holdings) board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Raymond Ngai

TITLE
Founder & Chairman
COMPENSATION
HK$51M
AGE
56
TENURE
19 yrs

Kwok Yau

TITLE
Deputy Chairman & CEO
COMPENSATION
HK$12M
AGE
53
TENURE
19 yrs

Jone Lau

TITLE
Human Resources Manager
COMPENSATION
HK$1M
AGE
47
TENURE
2.8 yrs

Jan Ming Ko

TITLE
Independent Non-Executive Director
COMPENSATION
HK$240K
AGE
76
TENURE
19 yrs

Eugene Fung

TITLE
Independent Non-Executive Director
COMPENSATION
HK$240K
AGE
70
TENURE
14.8 yrs

Kwok Ip

TITLE
Independent Non-Executive Director
COMPENSATION
HK$240K
AGE
68
TENURE
19 yrs

Albert Lee

TITLE
Non-Executive Director
COMPENSATION
HK$240K
AGE
58
TENURE
2.8 yrs

Chan Mong

TITLE
Independent Non-Executive Director
AGE
70
TENURE
0.2 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$) Value (HK$)
X
Management checks
We assess Vantage International (Holdings)'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. Vantage International (Holdings) 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.

15 News

Simply Wall St News

How Much Of Vantage International (Holdings) Limited (HKG:15) Do Insiders Own?

If you want to know who really controls Vantage International (Holdings) Limited (HKG:15), then you'll have to look at the makeup of its share registry. … With a market capitalization of HK$1.3b, Vantage International (Holdings) is a small cap stock, so it might not be well known by many institutional investors. … View our latest analysis for Vantage International (Holdings)

Simply Wall St -

Is Vantage International (Holdings) Limited (HKG:15) An Attractive Dividend Stock?

Historically, Vantage International (Holdings) Limited (HKG:15) has paid dividends to shareholders, and these days it yields 2.4%. … Let's dig deeper into whether Vantage International (Holdings) should have a place in your portfolio. … Check out our latest analysis for Vantage International (Holdings)

Simply Wall St -

What You Must Know About Vantage International (Holdings) Limited's (HKG:15) Financial Strength

While small-cap stocks, such as Vantage International (Holdings) Limited (HKG:15) with its market cap of HK$1.2b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … I believe these basic checks tell most of the story you need to know.

Simply Wall St -

Vantage International (Holdings) Limited (HKG:15): What Does Its Beta Value Mean For Your Portfolio?

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

What Should You Know About Vantage International (Holdings) Limited's (HKG:15) Capital Returns?

and want a simplistic look at the return on Vantage International (Holdings) Limited (HKG:15) stock. … Buying Vantage International (Holdings) makes you a partial owner of the company. … To understand Vantage International (Holdings)’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

Should Vantage International (Holdings) Limited (HKG:15) Be Part Of Your Income Portfolio?

In the past 5 years Vantage International (Holdings) Limited (HKG:15) has returned an average of 3.00% per year to investors in the form of dividend payouts. … Let's take a look at Vantage International (Holdings) in more detail. … See our latest analysis for Vantage International (Holdings)

Simply Wall St -

Are Vantage International (Holdings) Limited's (HKG:15) Interest Costs Too High?

However, an important fact which most ignore is: how financially healthy is the business? … Evaluating financial health as part of your investment thesis is. … Here are a few basic checks that are good enough to have a broad overview of the company’s financial strength.

Simply Wall St -

What Are The Drivers Of Vantage International (Holdings) Limited's (HKG:15) Risks?

The first type is company-specific risk, which can be diversified away by investing in other companies to reduce exposure to one particular stock. … The second risk is market-wide, which arises from investing in the stock market. … A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one.

Simply Wall St -

Vantage International (Holdings) Limited (HKG:15): Did It Outperform The Industry?

Analyzing Vantage International (Holdings) Limited's (HKG:15) track record of past performance is a valuable exercise for investors. … Today I will assess 15's recent performance announced on 31 March 2018 and compare these figures to its long-term trend and industry movements. … 15's trailing twelve-month earnings (from 31 March 2018) of HK$408.93m has

Simply Wall St -

Vantage International (Holdings) Limited (HKG:15): Can It Deliver A Superior ROE To The Industry?

and looking to gauge the potential return on investment in Vantage International (Holdings) Limited (HKG:15). … Vantage International (Holdings) Limited (HKG:15) generated a below-average return on equity of 4.94% in the past 12 months, while its industry returned 11.59%. … An investor may attribute an inferior ROE to a relatively inefficient performance, and whilst this can often be the case, knowing the nuts and bolts of the ROE calculation may change that perspective and give you a deeper insight into 15's past performance.

Simply Wall St -

15 Company Info

Description

Vantage International (Holdings) Limited, an investment holding company, engages in the construction, maintenance, and other contract works in public and private sectors in Hong Kong. It operates through three segments: Contract Works, Property Investment and Development, and Provision of Finance. The Contract Works segment is involved in the provision of contract works as a principal contractor or subcontractor primarily in related to building construction and repairs, maintenance, alteration, and addition works. The Property Investment and Development segment engages in the investment in retail, commercial, and residential premises for their rental income purpose; and development of properties. The Provision of Finance segment is involved in money lending business. Vantage International (Holdings) Limited also provides treasury management services. The company was founded in 1976 and is headquartered in Kowloon Tong, Hong Kong. Vantage International (Holdings) Limited is a subsidiary of Winhale Ltd.

Details
Name: Vantage International (Holdings) Limited
15
Exchange: SEHK
Founded: 1976
HK$1,178,076,480
1,682,966,400
Website: http://www.vantageholdings.com
Address: Vantage International (Holdings) Limited
No. 155 Waterloo Road,
Kowloon Tong,
Kowloon, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 15 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 08. Sep 2000
Number of employees
Current staff
Staff numbers
369
Vantage International (Holdings) employees.
Industry
Construction and Engineering
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 12:42
End of day share price update: 2019/07/16 00:00
Last earnings filing: 2019/06/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


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.