Reported Earnings • Aug 03
Full year 2026 earnings released: HK$0.042 loss per share (vs HK$0.064 loss in FY 2025) Full year 2026 results: HK$0.042 loss per share (improved from HK$0.064 loss in FY 2025). Revenue: HK$470.4m (up 18% from FY 2025). Net loss: HK$33.5m (loss narrowed 35% from FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 30
Full year 2026 earnings released: HK$0.042 loss per share (vs HK$0.064 loss in FY 2025) Full year 2026 results: HK$0.042 loss per share (improved from HK$0.064 loss in FY 2025). Revenue: HK$470.4m (up 18% from FY 2025). Net loss: HK$33.5m (loss narrowed 35% from FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Announcement • Jun 30
Thelloy Development Group Limited, Annual General Meeting, Aug 25, 2026 Thelloy Development Group Limited, Annual General Meeting, Aug 25, 2026. New Risk • Jun 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 66% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (HK$112.0m market cap, or US$14.3m). Announcement • Apr 11
Ng Wing Chiu Raymond, Ng Jonathan Yee and Soong Tze Man completed the acquisition of 0.06% stake in Thelloy Development Group Limited (SEHK:1546) for HKD 0.08 million. Ng Wing Chiu Raymond, Ng Jonathan Yee and Soong Tze Man proposed to acquire 27.5% stake in Thelloy Development Group Limited (SEHK:1546) for HKD 41.8 million on January 28, 2026. A cash consideration valued at HKD 0.19 per share will be paid for 220 million shares. The transaction will be financed through equity investment of HKD 41.8 million. Ng Wing Chiu Raymond, Ng Jonathan Yee and Soong Tze Man also signed sale purchase agreement to acquire 62.6% stake in Thelloy Development Group Limited from Cheers Mate Holding Limited. The offer is expected to close on April 10, 2026.
Lego Corporate Finance Limited acted as financial advisor to Ng Wing Chiu Raymond, Ng Jonathan Yee and Soong Tze Man. Lego Securities Limited acted as transfer agent to the offerors. Cinda International Capital Limited and Rainbow Capital (HK) Limited acted as financial advisor to Thelloy Development Group Limited.
Ng Wing Chiu Raymond, Ng Jonathan Yee and Soong Tze Man completed the acquisition of 0.06% stake in Thelloy Development Group Limited (SEHK:1546) for HKD 0.08 million on April 10, 2026. Board Change • Mar 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Vivian Yeung was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 28
Ng Wing Chiu Raymond, Choi Chi Wan, Soong Tze Man entered into a sale and purchase agreement to acquire 62.20% stake in Thelloy Development Group Limited (SEHK:1546) from Cheers Mate Holding Limited for HKD 95.2 million. Ng Wing Chiu Raymond, Choi Chi Wan, Soong Tze Man entered into a sale and purchase agreement to acquire 62.20% stake in Thelloy Development Group Limited (SEHK:1546) from Cheers Mate Holding Limited for HKD 95.2 million on January 23, 2026. A cash consideration valued at HKD 0.19 per share will be paid by the buyer. As part of consideration, HKD 95.15 million will be paid towards common equity of Thelloy Development Group Limited. The consideration will be settled by the Offeror as follows: a refundable deposit of HKD 40 million has already been paid to Thelloy Development Group Limited upon signing the sale and purchase agreement, which will form part of the Shareholder’s Loan. The remaining HKD 55.152 million will be paid at Completion, with HKD 10 million directed to the Group as part of the Shareholder’s Loan, and HKD 45.152 million paid to the Vendor or its nominee.
The transaction is contingent upon several conditions: the Vendor must enter into loan agreements with the Group for a Shareholder’s Loan totaling HKD 40 million and arrange the Deposit as specified. Additionally, all necessary waivers, consents, or approvals related to the sale and purchase agreement must be obtained from bankers and other third parties, or evidence must be provided that such requirements are no longer applicable. The Vendor must also fulfil its obligations under the sale and purchase agreement, ensuring that its representations and warranties remain true and accurate. The Offeror retains the discretion to waive any of these conditions by providing written notice to the Vendor. The expected completion of the transaction is February 12, 2026.
Lego Corporate Finance acted as financial advisor to Ng Wing Chiu Raymond, Choi Chi Wan, Soong Tze Man. New Risk • Dec 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 14% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 66% per year over the past 5 years. Market cap is less than US$10m (HK$68.8m market cap, or US$8.84m). Reported Earnings • Dec 13
First half 2026 earnings released: HK$0.02 loss per share (vs HK$0.017 loss in 1H 2025) First half 2026 results: HK$0.02 loss per share (further deteriorated from HK$0.017 loss in 1H 2025). Revenue: HK$260.3m (up 44% from 1H 2025). Net loss: HK$16.2m (loss widened 17% from 1H 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Board Change • Dec 09
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Vivian Yeung was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 29
First half 2026 earnings released: HK$0.02 loss per share (vs HK$0.017 loss in 1H 2025) First half 2026 results: HK$0.02 loss per share (further deteriorated from HK$0.017 loss in 1H 2025). Revenue: HK$260.3m (up 44% from 1H 2025). Net loss: HK$16.2m (loss widened 17% from 1H 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Announcement • Nov 22
Thelloy Development Group Limited Provides Earnings Guidance for the Six Months Ended 30 September 2025 Thelloy Development Group Limited provided earnings guidance for the six months ended 30 September 2025. The Group is expected to record a net loss of not more than HKD 17.0 million for the Period compared with the net loss of approximately HKD 13.8 million for the six months ended 30 September 2024 (the ‘Previous Period’). The increase in net loss for the Period as compared to the Previous Period was mainly attributable to an increase in share of losses of joint venture, which arose from a disposal of two subsidiaries by a joint venture of the Group. Announcement • Nov 17
Thelloy Development Group Limited to Report First Half, 2026 Results on Nov 27, 2025 Thelloy Development Group Limited announced that they will report first half, 2026 results on Nov 27, 2025 Board Change • Oct 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Vivian Yeung was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 01
Full year 2025 earnings released: HK$0.064 loss per share (vs HK$0.01 profit in FY 2024) Full year 2025 results: HK$0.064 loss per share (down from HK$0.01 profit in FY 2024). Revenue: HK$400.2m (up 55% from FY 2024). Net loss: HK$51.4m (down HK$59.6m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. New Risk • Jul 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 15% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (HK$64.0m market cap, or US$8.15m). Reported Earnings • Jun 27
Full year 2025 earnings released: HK$0.064 loss per share (vs HK$0.01 profit in FY 2024) Full year 2025 results: HK$0.064 loss per share (down from HK$0.01 profit in FY 2024). Revenue: HK$400.2m (up 55% from FY 2024). Net loss: HK$51.4m (down HK$59.6m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Announcement • Jun 27
Thelloy Development Group Limited, Annual General Meeting, Aug 25, 2025 Thelloy Development Group Limited, Annual General Meeting, Aug 25, 2025, at 11:00 China Standard Time. Announcement • Jun 16
Thelloy Development Group Limited to Report Fiscal Year 2025 Results on Jun 26, 2025 Thelloy Development Group Limited announced that they will report fiscal year 2025 results on Jun 26, 2025 New Risk • Apr 28
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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 30% per year over the past 5 years. Market cap is less than US$10m (HK$71.2m market cap, or US$9.18m). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Board Change • Jan 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Vivian Yeung was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Vivian Yeung was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 26
First half 2025 earnings released: HK$0.017 loss per share (vs HK$0 in 1H 2024) First half 2025 results: HK$0.017 loss per share (further deteriorated from HK$0 in 1H 2024). Revenue: HK$180.7m (up 42% from 1H 2024). Net loss: HK$13.8m (down HK$14.0m from profit in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. New Risk • Nov 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 30% per year over the past 5 years. Market cap is less than US$10m (HK$76.0m market cap, or US$9.76m). Announcement • Nov 11
Thelloy Development Group Limited to Report First Half, 2025 Results on Nov 21, 2024 Thelloy Development Group Limited announced that they will report first half, 2025 results on Nov 21, 2024 New Risk • Nov 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$77.6m (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 30% per year over the past 5 years. Market cap is less than US$10m (HK$77.6m market cap, or US$9.98m). Minor Risk Profit margins are more than 30% lower than last year (3.2% net profit margin). New Risk • Sep 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$72.0m (US$9.25m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 30% per year over the past 5 years. Market cap is less than US$10m (HK$72.0m market cap, or US$9.25m). Minor Risk Profit margins are more than 30% lower than last year (3.2% net profit margin). New Risk • Aug 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 30% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (HK$116.0m market cap, or US$14.9m). Reported Earnings • Aug 04
Full year 2024 earnings released: EPS: HK$0.01 (vs HK$0.016 in FY 2023) Full year 2024 results: EPS: HK$0.01 (down from HK$0.016 in FY 2023). Revenue: HK$258.0m (flat on FY 2023). Net income: HK$8.28m (down 35% from FY 2023). Profit margin: 3.2% (down from 4.9% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. New Risk • Jul 29
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 9.9% 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: Major Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (HK$84.0m market cap, or US$10.8m). Announcement • Jun 28
Thelloy Development Group Limited, Annual General Meeting, Aug 23, 2024 Thelloy Development Group Limited, Annual General Meeting, Aug 23, 2024, at 11:00 China Standard Time. Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: HK$0.01 (vs HK$0.016 in FY 2023) Full year 2024 results: EPS: HK$0.01 (down from HK$0.016 in FY 2023). Revenue: HK$258.0m (flat on FY 2023). Net income: HK$8.28m (down 35% from FY 2023). Profit margin: 3.2% (down from 4.9% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. New Risk • Jun 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (HK$74.4m market cap, or US$9.53m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (3.7% net profit margin). Announcement • Jun 15
Thelloy Development Group Limited to Report Fiscal Year 2024 Results on Jun 26, 2024 Thelloy Development Group Limited announced that they will report fiscal year 2024 results on Jun 26, 2024 New Risk • Nov 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$73.6m (US$9.43m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (HK$73.6m market cap, or US$9.43m). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Reported Earnings • Nov 25
First half 2024 earnings released: EPS: HK$0 (vs HK$0.003 in 1H 2023) First half 2024 results: EPS: HK$0 (down from HK$0.003 in 1H 2023). Revenue: HK$127.5m (up 22% from 1H 2023). Net income: HK$240.0k (down 91% from 1H 2023). Profit margin: 0.2% (down from 2.4% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Nov 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.7% Last year net profit margin: 7.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Market cap is less than US$100m (HK$80.0m market cap, or US$10.3m). New Risk • Nov 17
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: Major Risks Earnings have declined by 43% per year over the past 5 years. High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (HK$96.0m market cap, or US$12.3m). Announcement • Nov 14
Thelloy Development Group Limited to Report First Half, 2024 Results on Nov 23, 2023 Thelloy Development Group Limited announced that they will report first half, 2024 results on Nov 23, 2023 New Risk • Jul 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 43% per year over the past 5 years. High level of non-cash earnings (29% accrual ratio). Minor Risk Market cap is less than US$100m (HK$108.0m market cap, or US$13.8m). Reported Earnings • Jun 28
Full year 2023 earnings released: EPS: HK$0.016 (vs HK$0.005 in FY 2022) Full year 2023 results: EPS: HK$0.016 (up from HK$0.005 in FY 2022). Revenue: HK$259.1m (up 27% from FY 2022). Net income: HK$12.7m (up 197% from FY 2022). Profit margin: 4.9% (up from 2.1% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Jun 27
Thelloy Development Group Limited, Annual General Meeting, Aug 11, 2023 Thelloy Development Group Limited, Annual General Meeting, Aug 11, 2023, at 11:00 China Standard Time. Announcement • Jun 15
Thelloy Development Group Limited Provides Earnings Guidance for the Year Ended March 31, 2023 Thelloy Development Group Limited provided earnings guidance for the year ended March 31, 2023. For the year, the company expected to record a net profit of not less than HKD 11.0 million for the Year compared with the net profit of approximately HKD 4.3 million for the year ended 31 March 2022. The improvement in the financial results was primarily attributable to an increase in revenue and gross profit from Building Construction, RMAA and design and build services as a result of the commencement of new projects during the Year; an increase of subsidies of the Employment Support Scheme received under the Anti-epidemic Fund set up by the Hong Kong Government; and an increase in interest income from a loan granted to an independent third party. Announcement • Jun 14
Thelloy Development Group Limited to Report Fiscal Year 2023 Results on Jun 26, 2023 Thelloy Development Group Limited announced that they will report fiscal year 2023 results on Jun 26, 2023 New Risk • Jun 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 43% per year over the past 5 years. High level of non-cash earnings (52% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Market cap is less than US$100m (HK$108.0m market cap, or US$13.8m). Reported Earnings • Nov 24
First half 2023 earnings released: EPS: HK$0.003 (vs HK$0.011 loss in 1H 2022) First half 2023 results: EPS: HK$0.003 (up from HK$0.011 loss in 1H 2022). Revenue: HK$104.8m (up 16% from 1H 2022). Net income: HK$2.54m (up HK$11.5m from 1H 2022). Profit margin: 2.4% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Nov 12
Thelloy Development Group Limited to Report First Half, 2023 Results on Nov 23, 2022 Thelloy Development Group Limited announced that they will report first half, 2023 results on Nov 23, 2022 Announcement • Jun 29
Thelloy Development Group Limited, Annual General Meeting, Aug 22, 2022 Thelloy Development Group Limited, Annual General Meeting, Aug 22, 2022, at 11:00 China Standard Time. Location: 1/F., 180-182 Hennesy Road, Wanchai, Hong Kong Hong Kong China Reported Earnings • Jun 25
Full year 2022 earnings released Full year 2022 results: Revenue: HK$204.3m (up 35% from FY 2021). Net income: HK$4.26m (down 80% from FY 2021). Profit margin: 2.1% (down from 14% in FY 2021). Announcement • Jun 14
Thelloy Development Group Limited to Report Fiscal Year 2022 Results on Jun 23, 2022 Thelloy Development Group Limited announced that they will report fiscal year 2022 results on Jun 23, 2022 Reported Earnings • Nov 28
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: HK$0.011 loss per share (down from HK$0.011 profit in 1H 2021). Revenue: HK$90.3m (down 15% from 1H 2021). Net loss: HK$8.98m (down 199% from profit in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 15
Full year 2021 earnings released: EPS HK$0.026 (vs HK$0.016 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: HK$151.8m (down 72% from FY 2020). Net income: HK$21.1m (up 66% from FY 2020). Profit margin: 14% (up from 2.4% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 25
Full year 2021 earnings released: EPS HK$0.026 (vs HK$0.016 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: HK$151.8m (down 72% from FY 2020). Net income: HK$21.1m (up 66% from FY 2020). Profit margin: 14% (up from 2.4% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Announcement • Jun 18
Thelloy Development Group Limited Provides Unaudited Earnings Guidance for the Year Ended March 31, 2021 Thelloy Development Group Limited provided unaudited earnings guidance for the year ended March 31, 2021. For the period, the Group is expected to record a net profit not less than HKD 20.0 million for the Year compared with the net profit of approximately HKD 12.8 million for the year ended 31 March 2020. The increase in net profit was primarily contributed by an increase in other income which was attributable to a gain resulting from the settlement of an arbitration proceeding against a customer and reversal of impairment losses on trade and other receivables and contract assets. Is New 90 Day High Low • Feb 18
New 90-day high: HK$0.25 The company is up 25% from its price of HK$0.20 on 20 November 2020. The Hong Kong market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 1.0% over the same period. Reported Earnings • Dec 04
First half 2021 earnings released: EPS HK$0.011 The company reported a soft first half result with weaker earnings and revenues, although profit margins were improved. First half 2021 results: Revenue: HK$105.9m (down 69% from 1H 2020). Net income: HK$9.04m (down 50% from 1H 2020). Profit margin: 8.5% (up from 5.2% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 27
First half 2021 earnings released: EPS HK$0.011 The company reported a soft first half result with weaker earnings and revenues, although profit margins were improved. First half 2021 results: Revenue: HK$105.9m (down 69% from 1H 2020). Net income: HK$9.04m (down 50% from 1H 2020). Profit margin: 8.5% (up from 5.2% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Nov 26
Thelloy Development Group Limited Not Recommend an Interim Dividend for the Six Months Period Ended 30 September 2020 The Board of Thelloy Development Group Limited does not recommend the payment of an interim dividend (2019: 1.0 Hong Kong cent per share) for the six months period ended 30 September 2020. Announcement • Nov 14
Thelloy Development Group Limited to Report First Half, 2021 Results on Nov 25, 2020 Thelloy Development Group Limited announced that they will report first half, 2021 results on Nov 25, 2020 Is New 90 Day High Low • Nov 12
New 90-day low: HK$0.21 The company is down 4.0% from its price of HK$0.22 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 Construction industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 24
New 90-day low: HK$0.21 The company is down 10.0% from its price of HK$0.24 on 24 July 2020. The Hong Kong market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 6.0% over the same period. 
