Declared Dividend • Apr 30
Dividend of HK$0.03 announced Shareholders will receive a dividend of HK$0.03. Ex-date: 31st August 2026 Payment date: 16th September 2026 Dividend yield will be 4.0%, which is lower than the industry average of 7.5%. Sustainability & Growth The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 72% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.9% EPS decline seen over the last 5 years. Announcement • Apr 29
E-Commodities Holdings Limited, Annual General Meeting, Jun 16, 2026 E-Commodities Holdings Limited, Annual General Meeting, Jun 16, 2026, at 14:00 China Standard Time. Location: meeting room 3, 19th floor, sinoport plaza, 258 haojiang road, guangdong-macao in-depth cooperation zone, hengqin, China New Risk • Mar 29
New major risk - Revenue and earnings growth Earnings have declined by 17% 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 17% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (1.3% net profit margin). Announcement • Mar 17
E-Commodities Holdings Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 E-Commodities Holdings Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$1.01, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 11x in the Trade Distributors industry in Hong Kong. Total returns to shareholders of 13% over the past three years. Reported Earnings • Sep 27
First half 2025 earnings released: EPS: HK$0.051 (vs HK$0.29 in 1H 2024) First half 2025 results: EPS: HK$0.051 (down from HK$0.29 in 1H 2024). Revenue: HK$12.7b (down 36% from 1H 2024). Net income: HK$136.2m (down 83% from 1H 2024). Profit margin: 1.1% (down from 3.9% in 1H 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 24
First half 2025 earnings released: EPS: HK$0.051 (vs HK$0.29 in 1H 2024) First half 2025 results: EPS: HK$0.051 (down from HK$0.29 in 1H 2024). Revenue: HK$12.7b (down 36% from 1H 2024). Net income: HK$136.2m (down 83% from 1H 2024). Profit margin: 1.1% (down from 3.9% in 1H 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 19
Upcoming dividend of HK$0.013 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 09 September 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 9.3%. Within top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (4.5%). Announcement • Aug 12
E-Commodities Holdings Limited to Report First Half, 2025 Results on Aug 22, 2025 E-Commodities Holdings Limited announced that they will report first half, 2025 results on Aug 22, 2025 Buy Or Sell Opportunity • Jul 16
Now 23% undervalued Over the last 90 days, the stock has risen 24% to HK$0.99. The fair value is estimated to be HK$1.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 26%. Reported Earnings • May 03
Full year 2024 earnings released: EPS: HK$0.35 (vs HK$0.79 in FY 2023) Full year 2024 results: EPS: HK$0.35 (down from HK$0.79 in FY 2023). Revenue: HK$39.2b (down 3.5% from FY 2023). Net income: HK$921.5m (down 57% from FY 2023). Profit margin: 2.4% (down from 5.2% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 22% per year. Announcement • Apr 28
E-Commodities Holdings Limited, Annual General Meeting, May 30, 2025 E-Commodities Holdings Limited, Annual General Meeting, May 30, 2025, at 11:00 China Standard Time. Location: room 2, united conference centre, 10/f, united centre, 95 queensway, admiralty, Hong Kong Announcement • Mar 24
E-Commodities Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2024, Payable on 9 September 2025 E-Commodities Holdings Limited proposed final dividend of HKD 0.013 per share for the year ended 31 December 2024. Payment date: 9 September 2025. Buy Or Sell Opportunity • Mar 24
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to HK$0.93. The fair value is estimated to be HK$1.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 26%. New Risk • Mar 22
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: 2.4% Last year net profit margin: 5.2% 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: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.4% net profit margin). Announcement • Mar 11
E-Commodities Holdings Limited to Report Fiscal Year 2024 Results on Mar 21, 2025 E-Commodities Holdings Limited announced that they will report fiscal year 2024 results on Mar 21, 2025 Upcoming Dividend • Dec 26
Upcoming dividend of HK$0.073 per share Eligible shareholders must have bought the stock before 02 January 2025. Payment date: 16 January 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 15%. Within top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (5.6%). Announcement • Dec 19
E-Commodities Holdings Limited Announces Board Changes The board of directors of E-Commodities Holdings Limited announced that Mr. Jin Zhiqiang ("Mr. Jin") has tendered his resignation as a non-executive Director with effect from 19 December 2024 due to change of work arrangement. Upon his resignation, Mr. Jin will no longer hold any position in the Group. The Board further announced that Ms. Feng Tong ("Ms. Feng") has been appointed as a non-executive Director with effect from 19 December 2024. Ms. Feng, aged 50, has been served as the general manager of Minmetal International Trading Company () since June 2022. Prior to joining the Company, Ms. Feng served as the deputy general manager and the general manager of Minmetals Cheerglory Limited () from May 2013 to June 2022; coke division general manager of the raw materials department of Minmetals Development Co. Ltd. () from September 2010 to May 2013; and division manager and other positions of China Minmetals Corporation () from August 1997 to September 2010. Ms. Feng obtained a bachelor's degree in Japanese from the University of International Business and Economics in July 1997. Declared Dividend • Sep 19
First half dividend reduced to HK$0.073 Dividend of HK$0.073 is 6.4% lower than last year. Ex-date: 2nd January 2025 Payment date: 16th January 2025 Dividend yield will be 13%, which is higher than the industry average of 7.5%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 14% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 26
First half 2024 earnings released: EPS: HK$0.29 (vs HK$0.31 in 1H 2023) First half 2024 results: EPS: HK$0.29 (down from HK$0.31 in 1H 2023). Revenue: HK$19.9b (up 7.2% from 1H 2023). Net income: HK$782.9m (down 7.3% from 1H 2023). Profit margin: 3.9% (down from 4.6% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Announcement • Aug 05
E-Commodities Holdings Limited to Report First Half, 2024 Results on Aug 23, 2024 E-Commodities Holdings Limited announced that they will report first half, 2024 results on Aug 23, 2024 Upcoming Dividend • May 28
Upcoming dividend of HK$0.12 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 03 September 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Hong Kong dividend payers (7.5%). Higher than average of industry peers (4.8%). New Risk • May 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.1% 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: 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 (4.1% increase in shares outstanding). Declared Dividend • May 02
Final dividend of HK$0.12 announced Shareholders will receive a dividend of HK$0.12. Ex-date: 4th June 2024 Payment date: 3rd September 2024 Dividend yield will be 12%, which is higher than the industry average of 7.5%. Sustainability & Growth The dividend has increased by an average of 14% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: HK$0.79 (vs HK$0.59 in FY 2022) Full year 2023 results: EPS: HK$0.79 (up from HK$0.59 in FY 2022). Revenue: HK$40.6b (up 18% from FY 2022). Net income: HK$2.12b (up 27% from FY 2022). Profit margin: 5.2% (up from 4.8% 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 18% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 26
E-Commodities Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on September 3, 2024 E-Commodities Holdings Limited proposed final dividend of HKD 0.118 per share for the year ended 31 December 2023. Payment date is 03 September 2024. Announcement • Mar 14
E-Commodities Holdings Limited to Report Fiscal Year 2023 Results on Mar 26, 2024 E-Commodities Holdings Limited announced that they will report fiscal year 2023 results on Mar 26, 2024 Buy Or Sell Opportunity • Feb 27
Now 21% undervalued Over the last 90 days, the stock has risen 19% to HK$1.71. The fair value is estimated to be HK$2.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 42%. Buying Opportunity • Jan 08
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be HK$2.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 42%. Upcoming Dividend • Dec 26
Upcoming dividend of HK$0.078 per share at 10% yield Eligible shareholders must have bought the stock before 02 January 2024. Payment date: 16 January 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of Hong Kong dividend payers (8.5%). Higher than average of industry peers (7.4%). Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$1.60, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 7x in the Trade Distributors industry in Hong Kong. Total returns to shareholders of 525% over the past three years. Announcement • Nov 10
E-Commodities Holdings Limited Announces Change of Non-Executive Director E-Commodities Holdings Limited announced that Mr. Guo Lisheng ("Mr. Guo") has tendered his resignation as a non-executive director of the Company (the "Director") with effect from 9 November 2023 since he is approaching the statutory retirement age. Upon his resignation, Mr. Guo will no longer hold any position in the Group. Mr. Guo 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 to the shareholders of the Company. The Board would like to take this opportunity to express its sincere gratitude to Mr. Guo for his outstanding and valuable contribution to the Company during his term of service. The Board is pleased to further announce that Mr. Jin Zhiqiang ("Mr. Jin") has been appointed as a non-executive Director with effect from 9 November 2023. Mr. Jin, aged 49, is currently the deputy general manager of Minmetals International Trading Company Pte. Ltd. From August 1996 to July 2004, he worked at the minmetals trading mineral products department of China Minmetals Corporation. From July 2004 to September 2010, he served as the department manager at mineral products department of China National Minerals Co. Ltd. ("China National Minerals"), which is a wholly-owned subsidiary of Minmetals Development Co. Ltd. ("Minmetals Development"). From September 2010 to February 2013, he served as the deputy general manager at non-mineral refractory department under raw materials business division of Minmetals Development. From March 2013 to August 2020, he served as the general manager at non-mineral refractory department of China National Minerals. From August 2020 to March 2022, he served as the deputy general manager at China National Minerals. From March 2022 to April 2023, he served as the general manager of iron ore business department, and the deputy general manager at China National Minerals. From May 2023 to July 2023, he served as the deputy general manager of China National Minerals. Since July 2023, he has been serving as deputy general manager of Minmetals International Trading Company Pte. Ltd. Mr. Jin obtained a bachelor's degree in international trade from the University of International Business and Economics in July 1996, and a master's degree in business management from Beijing Institute of Technology in September 2005. Reported Earnings • Aug 30
First half 2023 earnings released: EPS: HK$0.31 (vs HK$0.25 in 1H 2022) First half 2023 results: EPS: HK$0.31 (up from HK$0.25 in 1H 2022). Revenue: HK$18.5b (up 10% from 1H 2022). Net income: HK$844.6m (up 20% from 1H 2022). Profit margin: 4.6% (up from 4.2% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
E-Commodities Holdings Limited to Report First Half, 2023 Results on Aug 28, 2023 E-Commodities Holdings Limited announced that they will report first half, 2023 results on Aug 28, 2023 Upcoming Dividend • May 30
Upcoming dividend of HK$0.084 per share at 15% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 06 July 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 15%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (6.9%). Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: HK$0.59 (vs HK$1.15 in FY 2021) Full year 2022 results: EPS: HK$0.59 (down from HK$1.15 in FY 2021). Revenue: HK$34.4b (down 16% from FY 2021). Net income: HK$1.67b (down 52% from FY 2021). Profit margin: 4.8% (down from 8.4% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 27
Upcoming dividend of HK$0.061 per share Eligible shareholders must have bought the stock before 03 January 2023. Payment date: 18 January 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 7.8%. Lower than top quartile of Hong Kong dividend payers (8.4%). Higher than average of industry peers (5.2%). 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. 7 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Wenfu Wang was the last independent director to join the board, commencing their role in 2017. 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 • Aug 25
First half 2022 earnings released: EPS: HK$0.25 (vs HK$0.26 in 1H 2021) First half 2022 results: EPS: HK$0.25 (down from HK$0.26 in 1H 2021). Revenue: HK$16.8b (up 38% from 1H 2021). Net income: HK$703.3m (down 9.5% from 1H 2021). Profit margin: 4.2% (down from 6.4% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 27
Upcoming dividend of HK$0.30 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 16 September 2022. Trailing yield: 13%. Within top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (4.7%). Recent Insider Transactions • Jun 02
Insider recently sold HK$32m worth of stock On the 27th of May, Xingchun Wang sold around 16m shares on-market at roughly HK$1.96 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$61m more than they bought in the last 12 months. Reported Earnings • Apr 28
Full year 2021 earnings released: EPS: HK$1.15 (vs HK$0.15 in FY 2020) Full year 2021 results: EPS: HK$1.15 (up from HK$0.15 in FY 2020). Revenue: HK$41.2b (up 87% from FY 2020). Net income: HK$3.46b (up HK$3.00b from FY 2020). Profit margin: 8.4% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. 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 Wenfu Wang was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: HK$1.15 (vs HK$0.15 in FY 2020) Full year 2021 results: EPS: HK$1.15 (up from HK$0.15 in FY 2020). Revenue: HK$41.2b (up 87% from FY 2020). Net income: HK$3.46b (up HK$3.00b from FY 2020). Profit margin: 8.4% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 27% share price gain to HK$1.60, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 341% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 15% share price gain to HK$1.06, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 251% over the past three years. Upcoming Dividend • Nov 29
Inaugural dividend of HK$0.064 per share Eligible shareholders must have bought the stock before 06 December 2021. Payment date: 10 January 2022. The company last paid an ordinary dividend in April 2019. The average dividend yield among industry peers is 2.8%. Reported Earnings • Oct 03
First half 2021 earnings released: EPS HK$0.26 (vs HK$0.084 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: HK$12.1b (down 5.5% from 1H 2020). Net income: HK$777.5m (up 205% from 1H 2020). Profit margin: 6.4% (up from 2.0% 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 13% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Sep 01
First half 2021 earnings released: EPS HK$0.26 (vs HK$0.084 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: HK$12.1b (down 5.5% from 1H 2020). Net income: HK$777.5m (up 205% from 1H 2020). Profit margin: 6.4% (up from 2.0% 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 13% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Executive Departure • Aug 05
VP & Executive Director Jianlou Li has left the company On the 30th of July, Jianlou Li's tenure as VP & Executive Director ended. As of March 2021, Jianlou still personally held 3.41m shares (HK$713k worth at the time). Jianlou is the only executive to leave the company over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS HK$0.15 (vs HK$0.10 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: HK$22.0b (down 27% from FY 2019). Net income: HK$462.4m (up 48% from FY 2019). Profit margin: 2.1% (up from 1.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 18
New 90-day high: HK$0.46 The company is up 90% from its price of HK$0.24 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 Metals and Mining industry, which is up 58% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: HK$0.26 The company is up 28% from its price of HK$0.20 on 27 August 2020. The Hong Kong market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Metals and Mining industry, which is also up 28% over the same period. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of HK$329.7m, down 49% from the prior year. Total revenue was HK$29.2b over the last 12 months, down 9.5% from the prior year. 
