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CRCC High-Tech Equipment

SEHK:1786
Snowflake Description

Flawless balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1786
SEHK
HK$3B
Market Cap
  1. Home
  2. HK
  3. Capital Goods
Company description

CRCC High-Tech Equipment Corporation Limited researches, develops, manufactures, and sells large railway track maintenance machinery in Mainland China and internationally. The last earnings update was 24 days ago. More info.


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1786 Share Price and Events
7 Day Returns
-0.9%
SEHK:1786
-0.1%
HK Machinery
0.3%
HK Market
1 Year Returns
36.1%
SEHK:1786
15.9%
HK Machinery
-4.8%
HK Market
1786 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CRCC High-Tech Equipment (1786) -0.9% 0% 24.9% 36.1% -52.6% -
HK Machinery -0.1% 9% 30.7% 15.9% 66.8% 44.4%
HK Market 0.3% 2.3% 10.5% -4.8% 27.1% 20.8%
1 Year Return vs Industry and Market
  • 1786 outperformed the Machinery industry which returned 15.9% over the past year.
  • 1786 outperformed the Market in Hong Kong which returned -4.8% over the past year.
Price Volatility
1786
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for CRCC High-Tech Equipment's competitors could be found in our database.

Value

 Is CRCC High-Tech Equipment 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 CRCC High-Tech Equipment 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 CRCC High-Tech Equipment.

SEHK:1786 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.2%
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:1786
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.067 (1 + (1- 25%) (0%))
1.045
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.045 * 5.96%)
8.23%

Discounted Cash Flow Calculation for SEHK:1786 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CRCC High-Tech Equipment 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:1786 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 8.23%)
2019 37.77 Est @ -80.91% 34.90
2020 16.61 Est @ -56.04% 14.18
2021 10.19 Est @ -38.63% 8.04
2022 7.50 Est @ -26.44% 5.46
2023 6.16 Est @ -17.9% 4.14
2024 5.42 Est @ -11.93% 3.37
2025 5.00 Est @ -7.75% 2.87
2026 4.76 Est @ -4.83% 2.53
2027 4.63 Est @ -2.78% 2.27
2028 4.56 Est @ -1.34% 2.07
Present value of next 10 years cash flows CN¥79.84
SEHK:1786 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥4.56 × (1 + 2%) ÷ (8.23% – 2%)
CN¥74.77
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥74.77 ÷ (1 + 8.23%)10
CN¥33.90
SEHK:1786 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥79.84 + CN¥33.90
CN¥113.74
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥113.74 / 1,519.88
CN¥0.07
SEHK:1786 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:1786)
1.169
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥0.07 x 1.169
HK$0.09
Value per share (HKD) From above. HK$0.09
Current discount Discount to share price of HK$2.11
= -1 x (HK$2.11 - HK$0.09) / HK$0.09
-2311.1%

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

  • The current share price of CRCC High-Tech Equipment is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 CRCC High-Tech Equipment's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CRCC High-Tech Equipment's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1786 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥0.10
SEHK:1786 Share Price ** SEHK (2019-04-18) in HKD HK$2.11
SEHK:1786 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.855 CN¥1.8
Hong Kong Machinery Industry PE Ratio Median Figure of 32 Publicly-Listed Machinery Companies 10.74x
Hong Kong Market PE Ratio Median Figure of 1,474 Publicly-Listed Companies 12.01x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CRCC High-Tech Equipment.

SEHK:1786 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1786 Share Price ÷ EPS (both in CNY)

= 1.8 ÷ 0.10

17.54x

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

  • CRCC High-Tech Equipment is overvalued based on earnings compared to the HK Machinery industry average.
  • CRCC High-Tech Equipment is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does CRCC High-Tech Equipment's expected growth come at a high price?
Raw Data
SEHK:1786 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.54x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
21.1%per year
Hong Kong Machinery Industry PEG Ratio Median Figure of 11 Publicly-Listed Machinery Companies 0.9x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.87x

*Line of best fit is calculated by linear regression .

SEHK:1786 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.54x ÷ 21.1%

0.83x

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

  • CRCC High-Tech Equipment is good value based on expected growth next year.
Price based on value of assets
What value do investors place on CRCC High-Tech Equipment's assets?
Raw Data
SEHK:1786 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥3.62
SEHK:1786 Share Price * SEHK (2019-04-18) in HKD HK$2.11
SEHK:1786 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.855 CN¥1.8
Hong Kong Machinery Industry PB Ratio Median Figure of 46 Publicly-Listed Machinery Companies 0.87x
Hong Kong Market PB Ratio Median Figure of 2,149 Publicly-Listed Companies 1.03x
SEHK:1786 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1786 Share Price ÷ Book Value per Share (both in CNY)

= 1.8 ÷ 3.62

0.5x

* Primary Listing of CRCC High-Tech Equipment.

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

  • CRCC High-Tech Equipment is good value based on assets compared to the HK Machinery industry average.
X
Value checks
We assess CRCC High-Tech Equipment'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 Machinery 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 Machinery industry average (and greater than 0)? (1 check)
  5. CRCC High-Tech Equipment has a total score of 2/6, 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.

Future Performance

 How is CRCC High-Tech Equipment expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

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
21.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CRCC High-Tech Equipment expected to grow at an attractive rate?
  • CRCC High-Tech Equipment's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • CRCC High-Tech Equipment's earnings growth is expected to exceed the Hong Kong market average.
  • CRCC High-Tech Equipment's revenue growth is expected to exceed the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:1786 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1786 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 21.1%
SEHK:1786 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 12.7%
Hong Kong Machinery Industry Earnings Growth Rate Market Cap Weighted Average 13.4%
Hong Kong Machinery Industry Revenue Growth Rate Market Cap Weighted Average 10%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 11.1%

*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:1786 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1786 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 3,556 261 299 3
2020-12-31 3,142 276 253 4
2019-12-31 2,784 327 202 4
SEHK:1786 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 2,411 261 156
2018-09-30 2,258 198 133
2018-06-30 2,105 135 110
2018-03-31 1,962 466 83
2017-12-31 1,818 797 55
2017-09-30 2,370 587 166
2017-06-30 2,922 377 278
2017-03-31 3,299 39 372
2016-12-31 3,676 -299 465
2016-09-30 3,770 -235 455
2016-06-30 3,863 -172 445
2016-03-31 3,968 -570 466

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CRCC High-Tech Equipment's earnings are expected to grow significantly at over 20% yearly.
  • CRCC High-Tech Equipment's revenue is expected to grow by 12.7% yearly, however this is not considered high growth (20% yearly).
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:1786 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 5 Analyst Estimates (S&P Global) See Below

All data from CRCC High-Tech Equipment Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1786 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.20 0.21 0.19 3.00
2020-12-31 0.18 0.20 0.16 3.00
2019-12-31 0.12 0.13 0.10 3.00
SEHK:1786 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 0.10
2018-09-30 0.09
2018-06-30 0.07
2018-03-31 0.05
2017-12-31 0.04
2017-09-30 0.11
2017-06-30 0.18
2017-03-31 0.24
2016-12-31 0.31
2016-09-30 0.33
2016-06-30 0.35
2016-03-31 0.41

*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.
  • CRCC High-Tech Equipment is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CRCC High-Tech Equipment'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.
CRCC High-Tech Equipment has a total score of 4/6, 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.

Past Performance

  How has CRCC High-Tech Equipment 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 CRCC High-Tech Equipment's growth in the last year to its industry (Machinery).
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.
  • CRCC High-Tech Equipment's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • CRCC High-Tech Equipment's 1-year earnings growth exceeds its 5-year average (183.8% vs -22.6%)
  • CRCC High-Tech Equipment's earnings growth has exceeded the HK Machinery industry average in the past year (183.8% vs 13.5%).
Earnings and Revenue History
CRCC High-Tech Equipment'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 CRCC High-Tech Equipment Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1786 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,410.71 156.36 293.43 156.73
2018-09-30 2,258.04 133.43 314.97 152.19
2018-06-30 2,105.37 110.50 470.13
2018-03-31 1,961.84 82.79 452.23
2017-12-31 1,818.31 55.09 300.72 147.64
2017-09-30 2,370.38 166.47 404.25 73.82
2017-06-30 2,922.45 277.86 507.77
2017-03-31 3,299.46 371.52 503.55
2016-12-31 3,676.46 465.18 499.34
2016-09-30 3,769.95 454.89 489.84
2016-06-30 3,863.44 444.61 480.34
2016-03-31 3,967.82 465.94 475.07
2015-12-31 3,973.13 456.24 459.77
2015-09-30 3,749.55 427.52 444.88
2015-06-30 3,525.97 398.80 430.00
2015-03-31 3,568.04 357.63 429.58
2014-12-31 3,476.72 354.86 428.71
2013-12-31 3,169.03 286.89 455.97
2012-12-31 2,863.65 224.69 432.03

*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.
  • CRCC High-Tech Equipment has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CRCC High-Tech Equipment used its assets less efficiently than the HK Machinery industry average last year based on Return on Assets.
  • CRCC High-Tech Equipment's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CRCC High-Tech Equipment'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 Machinery 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.
CRCC High-Tech Equipment has a total score of 2/6, 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.

Health

 How is CRCC High-Tech Equipment'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 CRCC High-Tech Equipment's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CRCC High-Tech Equipment is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CRCC High-Tech Equipment's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CRCC High-Tech Equipment'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.
  • CRCC High-Tech Equipment has no debt, it does not need to be covered by short term assets.
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 CRCC High-Tech Equipment Company Filings, last reported 3 months ago.

SEHK:1786 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 5,495.44 0.00 1,799.80
2018-09-30 5,495.44 0.00 1,799.80
2018-06-30 5,385.33 0.00 1,818.86
2018-03-31 5,385.33 0.00 1,818.86
2017-12-31 5,378.32 0.00 1,578.23
2017-09-30 5,378.32 0.00 1,578.23
2017-06-30 5,304.53 0.00 1,984.40
2017-03-31 5,304.53 0.00 1,984.40
2016-12-31 5,533.27 105.39 1,245.04
2016-09-30 5,533.27 105.39 1,245.04
2016-06-30 5,288.96 0.00 1,898.64
2016-03-31 5,288.96 0.00 1,898.64
2015-12-31 5,142.11 0.00 1,692.31
2015-09-30 5,142.11 0.00 1,692.31
2015-06-30 2,982.39 0.00 171.95
2015-03-31 2,939.74 0.00 522.02
2014-12-31 2,889.14 0.00 330.89
2013-12-31 2,530.76 783.00 1,727.35
2012-12-31 1,915.45 1,280.00 519.03
  • CRCC High-Tech Equipment has no debt.
  • CRCC High-Tech Equipment has no debt compared to 5 years ago when it was 30.8%.
  • CRCC High-Tech Equipment has no debt, it does not need to be covered by operating cash flow.
  • CRCC High-Tech Equipment has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess CRCC High-Tech Equipment'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. CRCC High-Tech Equipment 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.

Dividends

 What is CRCC High-Tech Equipment'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
2.77%
Current annual income from CRCC High-Tech Equipment dividends. Estimated to be 3.01% next year.
If you bought HK$2,000 of CRCC High-Tech Equipment shares you are expected to receive HK$55 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?
  • CRCC High-Tech Equipment's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (1.94%).
  • CRCC High-Tech Equipment's dividend is below the markets top 25% of dividend payers in Hong Kong (5.34%).
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:1786 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 5 Analyst Estimates (S&P Global) See Below
Hong Kong Machinery Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 4.7%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 965 Stocks 3.4%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.1%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 1.9%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:1786 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.05 2.00
2020-12-31 0.04 3.00
2019-12-31 0.09 2.00
SEHK:1786 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-29 0.050 2.736
2019-02-28 0.050 2.788
2018-06-29 0.010 0.652
2017-06-22 0.160 8.813
2016-05-25 0.040 1.298

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

  • CRCC High-Tech Equipment has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but CRCC High-Tech Equipment only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of CRCC High-Tech Equipment's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4x coverage).
X
Income/ dividend checks
We assess CRCC High-Tech Equipment's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 CRCC High-Tech Equipment afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CRCC High-Tech Equipment has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of CRCC High-Tech Equipment'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
Pujiang Tong
COMPENSATION CN¥776,000
AGE 41
TENURE AS CEO 1.8 years
CEO Bio

Mr. Pujiang Tong has been General Manager of CRCC High-Tech Equipment Corporation Limited since July 28, 2017 and served as its Vice General Manager from January 5, 2015 to July 28, 2017. He is Director of CRCC High-Tech Equipment Corporation Limited. Mr. Tong has 18 years of experience in manufacturing and repair of railway track maintenance machinery. From August 2005 to February 2011, he served as secretary, vice director, director of office and engineer of Kunming China Railway Large Maintenance Machinery Group Co., Ltd. From February 2011 to January 2013, he served as the assistant to general manager and the head of human resource department and engineer of Kunming China Railway Large Maintenance Machinery Group Co., Ltd. From January 2013 to January 2015, he worked as the assistant to general manager, the manager of the general manufacturing factory and an engineer of Kunming China Railway Large Maintenance Machinery Group Co., Ltd. He graduated as a postgraduate student from Chinese Communist Party School in June 2014, majoring in economic management.

CEO Compensation
  • Pujiang's compensation has increased by more than 20% in the past year.
  • Pujiang's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the CRCC High-Tech Equipment management team in years:

1.8
Average Tenure
48.5
Average Age
  • The average tenure for the CRCC High-Tech Equipment management team is less than 2 years, this suggests a new team.
Management Team

Feixiang Liu

TITLE
Chairman
AGE
55

Pujiang Tong

TITLE
GM & Executive Director
COMPENSATION
CN¥776K
AGE
41
TENURE
1.8 yrs

Yongxiang Chen

TITLE
Vice GM & Executive Director
COMPENSATION
CN¥623K
AGE
52
TENURE
9.3 yrs

Hui Zhao

TITLE
Vice GM & Executive Director
AGE
45
TENURE
1.6 yrs

Xiang Tang

TITLE
CFO & Chief Accountant
AGE
42
TENURE
1.8 yrs

Baosheng E

TITLE
Deputy GM & Chief Economist
AGE
52
TENURE
1 yrs

Baoming Zhang

TITLE
Deputy GM & Chief Engineer
AGE
54
TENURE
1 yrs

Chaokai Yang

TITLE
Vice GM & Union President
COMPENSATION
CN¥204K
AGE
59
TENURE
10.4 yrs

Changhua Ma

TITLE
Secretary of the Board
AGE
45
TENURE
3.8 yrs

Chun Biu Law

TITLE
Joint Company Secretary
AGE
44
TENURE
3.4 yrs
Board of Directors Tenure

Average tenure and age of the CRCC High-Tech Equipment board of directors in years:

1.7
Average Tenure
54.5
Average Age
  • The average tenure for the CRCC High-Tech Equipment board of directors is less than 3 years, this suggests a new board.
Board of Directors

Pujiang Tong

TITLE
GM & Executive Director
COMPENSATION
CN¥776K
AGE
41
TENURE
1.6 yrs

Yongxiang Chen

TITLE
Vice GM & Executive Director
COMPENSATION
CN¥623K
AGE
52
TENURE
1.8 yrs

Hui Zhao

TITLE
Vice GM & Executive Director
AGE
45
TENURE
1.6 yrs

Jiahe Yu

TITLE
Independent Non Executive Director
COMPENSATION
CN¥98K
AGE
64
TENURE
3.4 yrs

Feixiang Liu

TITLE
Chairman
AGE
55
TENURE
1.6 yrs

Qiuhua Yu

TITLE
Chairman of Supervisory Committee
AGE
54
TENURE
0.8 yrs

Zhixu Wu

TITLE
Non-Executive Director
COMPENSATION
CN¥78K
AGE
49
TENURE
3.8 yrs

Linfu Sun

TITLE
Independent Non Executive Director
COMPENSATION
CN¥98K
AGE
55
TENURE
3.4 yrs

Hin Wing Wong

TITLE
Independent Non Executive Director
COMPENSATION
CN¥98K
AGE
56
TENURE
3.4 yrs

Mingyuan Sha

TITLE
Non-Executive Director
AGE
56
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
22. Mar 19 Sell GIC Pte. Ltd. Company 21. Mar 19 21. Mar 19 -58,500 HK$2.10 HK$-122,850
08. Jan 19 Sell GIC Pte. Ltd. Company 07. Jan 19 07. Jan 19 -389,500 HK$1.59 HK$-618,565
22. Oct 18 Sell GIC Pte. Ltd. Company 19. Oct 18 19. Oct 18 -196,000 HK$1.80 HK$-353,643
X
Management checks
We assess CRCC High-Tech Equipment'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. CRCC High-Tech Equipment 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.

News

Simply Wall St News

What Do Analysts Think About CRCC High-Tech Equipment Corporation Limited's (HKG:1786) Future?

Looking at CRCC High-Tech Equipment Corporation Limited's (HKG:1786) earnings update on 31 December 2018, … with earnings expected to grow by 29% in the upcoming year … the past 5-year average growth rate of -23%.

Simply Wall St -

Did Changing Sentiment Drive CRCC High-Tech Equipment's (HKG:1786) Share Price Down A Worrying 52%?

While it may not be enough for some shareholders, we think it is good to see the CRCC High-Tech Equipment Corporation Limited (HKG:1786) share price up 28% in a single quarter. … After all, the share price is down 52% in the last three years, significantly under-performing the market. … During the three years that the share price fell, CRCC High-Tech Equipment's earnings per share (EPS) dropped by 39% each year.

Simply Wall St -

Have Investors Priced In CRCC High-Tech Equipment Corporation Limited's (HKG:1786) Growth?

Growth expectations for CRCC High-Tech Equipment Corporation Limited (HKG:1786) are high, but many investors are starting to ask whether its last close at HK$2.06 can still be rationalized by the future potential. … Check out our latest analysis for CRCC High-Tech Equipment? … One reason why investors are attracted to 1786 is the high growth potential in the near future

Simply Wall St -

Why We Think CRCC High-Tech Equipment Corporation Limited (HKG:1786) Could Be Worth Looking At

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of CRCC High-Tech Equipment Corporation Limited (HKG:1786), it

Simply Wall St -

Is CRCC High-Tech Equipment Corporation Limited (HKG:1786) A Financially Sound Company?

However, it also faces higher cost of capital given interest cost is generally lower than equity. … Does 1786's growth rate justify its decision for financial flexibility over lower cost of capital … Debt capital generally has lower cost of capital compared to equity funding.

Simply Wall St -

Can We See Significant Institutional Ownership On The CRCC High-Tech Equipment Corporation Limited (HKG:1786) Share Register?

A look at the shareholders of CRCC High-Tech Equipment Corporation Limited (HKG:1786) can tell us which group is most powerful. … We also tend to see lower insider ownership in companies that were previously publicly owned. … With a market capitalization of HK$2.4b, CRCC High-Tech Equipment is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

Should CRCC High-Tech Equipment Corporation Limited’s (HKG:1786) Weak Investment Returns Worry You?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Why Fundamental Investors Might Love CRCC High-Tech Equipment Corporation Limited (HKG:1786)

I've been keeping an eye on CRCC High-Tech Equipment Corporation Limited (HKG:1786) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe 1786 has a lot to offer.

Simply Wall St -

Why CRCC High-Tech Equipment Corporation Limited's (HKG:1786) ROE Of 2.1% Does Not Tell The Whole Story

To keep the lesson grounded in practicality, we'll use ROE to better understand CRCC High-Tech Equipment Corporation Limited (HKG:1786). … CRCC High-Tech Equipment has a ROE of 2.1%, based on the last twelve months. … Check out our latest analysis for CRCC High-Tech Equipment?

Simply Wall St -

What Should You Know About CRCC High-Tech Equipment Corporation Limited's (HKG:1786) Return On Capital?

and want to begin learning the link between CRCC High-Tech Equipment Corporation Limited (HKG:1786)’s return fundamentals and stock market performance. … CRCC High-Tech Equipment stock represents an ownership share in the company. … To understand CRCC High-Tech Equipment’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

Company Info

Description

CRCC High-Tech Equipment Corporation Limited researches, develops, manufactures, and sells large railway track maintenance machinery in Mainland China and internationally. Its railway track maintenance machines include tamping machines; ballast cleaning machines; stabilization machines; ballast regulators; materials logistics machines; rail processing machines; and other machines, such as catenary inspection and maintenance machines, catenary installation machines, and other large railway track maintenance machines. The company also manufactures, purchases, and sells various parts and components comprising bogies, electrical control systems, working devices, wheelsets, transmissions, pumps, valves, motors, and drive shafts. In addition, it provides overhaul services, including repairs, upgradation, and remanufacturing services; and railway lines maintenance services for newly built and existing railway lines. The company was formerly known as Kunming China Railway Large Maintenance Machinery Group Co., Ltd. and changed its name to CRCC High-Tech Equipment Corporation Limited in June 2015. The company was founded in 1954 and is headquartered in Kunming, China. CRCC High-Tech Equipment Corporation Limited is a subsidiary of China Railway Construction Corporation Limited.

Details
Name: CRCC High-Tech Equipment Corporation Limited
1786
Exchange: SEHK
Founded: 1954
HK$3,206,955,240
1,519,884,000
Website: http://www.crcce.com.cn
Address: CRCC High-Tech Equipment Corporation Limited
No. 384, Yangfangwang,
Jinma Town,
Kunming,
Yunnan Province, China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1786 Foriegn Shares-Foriegn Listed The Stock Exchange of Hong Kong Ltd. HK HKD 16. Dec 2015
Number of employees
Current staff
Staff numbers
1,907
CRCC High-Tech Equipment employees.
Industry
Construction Machinery and Heavy Trucks
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 13:02
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/03
Last earnings filing: 2019/03/29
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.