Upcoming Dividend • May 27
Upcoming dividend of HK$0.70 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 18 June 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (4.5%). Price Target Changed • Apr 08
Price target decreased by 9.2% to HK$15.80 Down from HK$17.39, the current price target is provided by 1 analyst. New target price is 14% above last closing price of HK$13.92. Stock is up 26% over the past year. The company is forecast to post earnings per share of HK$2.05 for next year compared to HK$1.86 last year. Declared Dividend • Apr 01
Final dividend of HK$0.70 announced Shareholders will receive a dividend of HK$0.70. Ex-date: 3rd June 2026 Payment date: 18th June 2026 Dividend yield will be 8.1%, which is higher than the industry average of 7.3%. Sustainability & Growth The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 31
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: HK$1.86 (down from HK$2.58 in FY 2024). Revenue: HK$20.8b (down 28% from FY 2024). Net income: HK$2.02b (down 28% from FY 2024). Profit margin: 9.7% (in line with FY 2024). Revenue missed analyst estimates by 27%. Earnings per share (EPS) also missed analyst estimates by 30%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Industrials industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Mar 30
Shanghai Industrial Holdings Limited, Annual General Meeting, May 21, 2026 Shanghai Industrial Holdings Limited, Annual General Meeting, May 21, 2026, at 15:00 China Standard Time. Location: conference room of the company, 26th floor, harcourt house, 39 gloucester road, wanchai, Hong Kong Announcement • Mar 13
Shanghai Industrial Holdings Limited to Report Fiscal Year 2025 Results on Mar 30, 2026 Shanghai Industrial Holdings Limited announced that they will report fiscal year 2025 results at 9:30 AM, China Standard Time on Mar 30, 2026 Upcoming Dividend • Sep 17
Upcoming dividend of HK$0.42 per share Eligible shareholders must have bought the stock before 24 September 2025. Payment date: 15 October 2025. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 6.4%. Lower than top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (4.8%). Reported Earnings • Aug 31
First half 2025 earnings released: EPS: HK$0.96 (vs HK$1.11 in 1H 2024) First half 2025 results: EPS: HK$0.96 (down from HK$1.11 in 1H 2024). Revenue: HK$9.48b (down 8.6% from 1H 2024). Net income: HK$1.04b (down 13% from 1H 2024). Profit margin: 11% (in line with 1H 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Industrials industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 10% per year. Declared Dividend • Aug 30
First half dividend of HK$0.42 announced Dividend of HK$0.42 is the same as last year. Ex-date: 24th September 2025 Payment date: 15th October 2025 Dividend yield will be 6.5%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (21% earnings payout ratio) but not covered by cash flows (107% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 29
Shanghai Industrial Holdings Limited Announces Board and Committee Changes, with Effect from 29 August 2025 Shanghai Industrial Holdings Limited Board announced that with effect from 29 August 2025: Prof. Zhang Qian has been appointed as an Independent Non-Executive Director, and a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company; Mr. Tang, William Harry Jiasheng has been appointed as an Independent Non-Executive Director, and a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company; and Mr. Yuen Tin Fan, Francis has been appointed as the chairman of the Remuneration Committee and Nomination Committee of the Company. Prof. Zhang, aged 52, is a Tencent Professor of Engineering, the head of the Division of Integrative Systems and Design and the chair professor of the Department of Computer Science and Engineering of The Hong Kong University of Science and Technology . She is also a director of HKUST MOE/MSRA Information Technology Key Laboratory and Digital Life Research Center of HKUST, as well as a co-director of Huawei-HKUST Joint Laboratory. Prof. Zhang received the bachelor of science, master of science and PhD degrees from Wuhan University, all in computer science. She is a fellow of the Hong Kong Academy of Engineering and Institute of Electrical and Electronics Engineers. Prof. Zhang served as a research manager of Wireless and Networking Group, Microsoft Research Asia from 1999 to 2005 and a non-independent director of Hubei Forbon Technology Co. Ltd. from November 2019 to May 2023. She has extensive experience in the areas of computer networking, AIoT . Mr. Tang, aged 37, is an executive director and senior manager of Su Sih Enterprises Limited, Peninsula Knitters Limited and other companies, as well as an executive director of Shanghai Tangjunyuan Education Foundation. He is also a director of Shenzhen Qingyi Photomask Limited and a supervisor of Shengyi Technology Co. Ltd. He received a bachelor of arts with major in economics from Occidental College in Los Angeles, USA. He is an executive vice president of Federation of HK Jiangsu Community organizations Limited and Wusih Residents (H.K.) Association Limited and vice president of HK Wuxi Trade Association Limited. He is also a member of the 14th Shanghai Municipal Committee of the Chinese People's Political Consultative Conference and the 15th Wuxi Municipal Committee of the Chinese People's Political Consultative Conference. He has many years' experience in enterprise management and professional investment. With effect from 29 August 2025: Mr. Yuen Tin Fan, Francis has been appointed as the chairman of the Remuneration Committee and Nomination Committee of the Company; Prof. Zhang has been appointed as a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company; and Mr. Tang has been appointed as a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company. Announcement • Aug 15
Shanghai Industrial Holdings Limited to Report First Half, 2025 Results on Aug 28, 2025 Shanghai Industrial Holdings Limited announced that they will report first half, 2025 results on Aug 28, 2025 Upcoming Dividend • May 28
Upcoming dividend of HK$0.52 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 18 June 2025. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 7.5%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (5.7%). Declared Dividend • Mar 30
Final dividend of HK$0.52 announced Dividend of HK$0.52 is the same as last year. Ex-date: 4th June 2025 Payment date: 18th June 2025 Dividend yield will be 8.0%, which is higher than the industry average of 7.3%. Sustainability & Growth The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: HK$2.58 (down from HK$3.15 in FY 2023). Revenue: HK$28.9b (down 12% from FY 2023). Net income: HK$2.81b (down 18% from FY 2023). Profit margin: 9.7% (in line with FY 2023). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Industrials industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Announcement • Mar 12
Shanghai Industrial Holdings Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 Shanghai Industrial Holdings Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Board Change • Mar 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Francis Yuen was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 05
Shanghai Industrial Holdings Limited Announces Passing Away of Prof. Woo Chia-Wei an Independent Non-Executive Director Shanghai Industrial Holdings Limited announced with deepest sorrow that Prof. Woo Chia-Wei, an independent non-executive Director, the chairman of each of the remuneration committee and nomination committee, and a member of audit committee of the Company, passed away on March 2, 2025. Announcement • Nov 06
Ping An Securities Co., Ltd agreed to acquire Ningbo Hangzhou Bay Bridge Development Co.,Ltd. from a group of shareholders for CNY 1.9 billion. Ping An Securities Co., Ltd agreed to acquire Ningbo Hangzhou Bay Bridge Development Co.,Ltd. from a group of shareholders for CNY 1.9 billion on November 5, 2024. A cash consideration of CNY 1.92 billion will be paid by Ping An Securities Co., Ltd. As part of consideration, CNY 1.92 billion is paid towards common equity of Ningbo Hangzhou Bay Bridge Development Co.,Ltd.
For the period ending December 31, 2023, Ningbo Hangzhou Bay Bridge Development Co.,Ltd. reported total revenue of CNY 219.64 million.
The Group currently intends to use the net proceeds from the Disposal for the purpose of investing in an expressway widening and re-construction project. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$12.12, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Industrials industry in Hong Kong. Total returns to shareholders of 34% over the past three years. Reported Earnings • Sep 21
First half 2024 earnings released: EPS: HK$1.11 (vs HK$1.27 in 1H 2023) First half 2024 results: EPS: HK$1.11 (down from HK$1.27 in 1H 2023). Revenue: HK$10.4b (down 19% from 1H 2023). Net income: HK$1.20b (down 13% from 1H 2023). Profit margin: 12% (in line with 1H 2023). Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Industrials industry in Hong Kong are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Declared Dividend • Aug 31
First half dividend of HK$0.42 announced Shareholders will receive a dividend of HK$0.42. Ex-date: 20th September 2024 Payment date: 10th October 2024 Dividend yield will be 8.2%, which is higher than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Aug 30
Price target decreased by 9.8% to HK$12.40 Down from HK$13.75, the current price target is provided by 1 analyst. New target price is 8.8% above last closing price of HK$11.40. Stock is up 11% over the past year. The company is forecast to post earnings per share of HK$2.96 for next year compared to HK$3.15 last year. Announcement • Aug 15
Shanghai Industrial Holdings Limited to Report First Half, 2024 Results on Aug 29, 2024 Shanghai Industrial Holdings Limited announced that they will report first half, 2024 results on Aug 29, 2024 Announcement • Aug 08
Shanghai Industrial Holdings Limited Appoints Xu You Li as Chief Financial Officer The board of directors of Shanghai Industrial Holdings Limited announced that Mr. Xu You Li has been appointed as the Chief Financial Officer of the Company with effect from 8 August 2024. Particulars of Mr. Xu: Mr. Xu, aged 50, is a vice president, the chief legal counsel, the chief financial officer of Shanghai Industrial Investment (Holdings) Company Limited, a vice president of SIIC Shanghai (Holdings) Ltd., the chairman of the supervisory committee of Shanghai Pharmaceutical (Group) Co. Ltd. and the chairman of SIIC Shanghai (Holdings) Financial Co. Ltd. He graduated from Shanghai University of Finance and Economics and Fudan University with a bachelor's degree in economics and a master's degree in business administration, and holds the designation of a senior economist, certified public accountant, certified internal auditor, corporate lawyer. Mr. Xu joined SIIC since November 2009, and was a deputy general manager and the general manager of the internal audit department of SIIC, the chairman of Shanghai Shangtou Asset Management Limited, a vice chairman and the president of SIIC Shanghai Capital Management Co. Ltd. and the chairman of Shanghai Cultural Industries Development and Investment Fund Management Co. Ltd. He has extensive experience in corporate investment and financing, finance and corporate management. He is a vice president of Shanghai Youth Entrepreneurs Association. Upcoming Dividend • May 23
Upcoming dividend of HK$0.52 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 14 June 2024. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 7.7%. Within top quartile of Hong Kong dividend payers (7.4%). Higher than average of industry peers (5.9%). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$11.10, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Industrials industry in Hong Kong. Total returns to shareholders of 26% over the past three years. Announcement • Mar 28
Shanghai Industrial Holdings Limited, Annual General Meeting, May 23, 2024 Shanghai Industrial Holdings Limited, Annual General Meeting, May 23, 2024, at 15:00 China Standard Time. Location: Conference Room of the Company, 26th Floor, Harcourt House, Wanchai, Hong Kong Wanchai Hong Kong Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: HK$3.15 (up from HK$2.13 in FY 2022). Revenue: HK$32.7b (up 4.3% from FY 2022). Net income: HK$3.42b (up 48% from FY 2022). Profit margin: 11% (up from 7.4% in FY 2022). Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to stay flat during the next 3 years compared to a 2.4% growth forecast for the Industrials industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Announcement • Mar 27
Shanghai Industrial Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on June 14, 2024 Shanghai Industrial Holdings Limited proposed final dividend of HKD 0.52 per share for the year ended 31 December 2023, Ex-dividend date of 30 May 2024, Record date of 03 June 2024, Payment date of 14 June 2024. Date of shareholders' approval is 23 May 2024. Announcement • Mar 13
Shanghai Industrial Holdings Limited to Report Fiscal Year 2023 Final Results on Mar 27, 2024 Shanghai Industrial Holdings Limited announced that they will report fiscal year 2023 final results on Mar 27, 2024 Announcement • Sep 21
Shanghai Industrial Holdings Limited Announces Deputy CEO Changes The board of directors of Shanghai Industrial Holdings Limited announced Mr. Yang, currently a Deputy CEO of the Company, was no longer a Deputy CEO of the Company with effect from 20 September 2023 due to deployment of work arrangement, and he will continue to serve as a director and senior management of other subsidiaries of the Group. Mr. Zhu, aged 46, has been appointed as a Deputy CEO of the Company with effect from 20September 2023. He is currently an executive director of SIIC Environment Holdings Ltd., and will be appointed as a director and senior management of other subsidiaries of the Group. Mr. Zhu graduated from the Chinese People's Liberation Army University of International Relations with a bachelor's degree in arts and a master's degree in military science. He joined Shanghai Industrial Investment (Holdings) Company Limited in January 2019, and was a deputy general manager of the administration department of SIIC, and a deputy general manager of Shanghai Galaxy Investment Co. Ltd. and SIIC Management (Shanghai) Ltd. He has extensive experience in enterprise management. Upcoming Dividend • Sep 15
Upcoming dividend of HK$0.42 per share at 8.9% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 12 October 2023. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 8.9%. Within top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (6.9%). Reported Earnings • Sep 01
First half 2023 earnings released: EPS: HK$1.27 (vs HK$1.02 in 1H 2022) First half 2023 results: EPS: HK$1.27 (up from HK$1.02 in 1H 2022). Revenue: HK$12.8b (down 16% from 1H 2022). Net income: HK$1.38b (up 25% from 1H 2022). Profit margin: 11% (up from 7.3% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Industrials industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. Announcement • Aug 31
Shanghai Industrial Holdings Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 12 October 2023 Shanghai Industrial Holdings Limited announced the interim dividend of HKD 0.42 per share for the six months ended 30 June 2023. Ex-dividend date is on 22 September 2023 with Record date is on 26 September 2023. Payment date is on 12 October 2023. Announcement • Aug 16
Shanghai Industrial Holdings Limited to Report First Half, 2023 Results on Aug 30, 2023 Shanghai Industrial Holdings Limited announced that they will report first half, 2023 results on Aug 30, 2023 Board Change • Jul 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Francis Tin was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 25
Shanghai Industrial Holdings Limited Announces Change of Directors and Change of Board Committee Members Shanghai Industrial Holdings Limited announced that due to the reason of age, Mr. Xu Bo ("Mr. Xu") has resigned as an Executive Director and a Deputy CEO of the Company and a member of the Executive Committee of the Company with effect from 24 July 2023. Mr. Xu has confirmed that he has no disagreement with the Board and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. Mr. Zhang Qian ("Mr. Zhang") has been appointed as an Executive Director and a Deputy CEO of the Company and a member of the Executive Committee of the Company with effect from 24 July 2023. Mr. Zhang, aged 49, is a vice president and the chief financial controller of Shanghai Industrial Investment (Holdings) Company Limited, a vice president of SIIC Shanghai (Holdings) Ltd. and the chairman of SIIC Shanghai Holdings Finance Limited, and will be appointed as a director of certain other subsidiaries of the Group. He graduated with a bachelor's degree majoring in International Corporate Management from Shanghai International Studies University, and obtained a master's degree in Business Administration from Shanghai University of Finance and Economics - Webster University in the United States and holds the designation of a senior economist. Mr. Zhang was a deputy general manager of Shenergy (Group) Co. Ltd. and the deputy general manager and general manager of Shenergy Group Finance Co. Ltd. Mr. Zhang is currently the vice chairman of Shanghai Young Entrepreneurs Association and Shanghai Enterprise Federation. He has extensive experience in finance and corporate management. Announcement • Jun 06
Shanghai Industrial Holdings Limited Appoints Shu Dong as Executive Director The board of directors of Shanghai Industrial Holdings Limited announced that Mr. Shu Dong has been appointed as an Executive Director of the Company with effect from 5 June 2023. Particulars of Mr. Shu Mr. Shu, aged 54, is the general manager of the audit department of Shanghai Industrial Investment (Holdings) Company Limited ("SIIC"). He graduated from Shanghai Institute of Urban Construction with a bachelor's degree in engineering and is designated as a senior engineer. Mr. Shu is also a member of the supervisory committee of Shanghai Industrial Development Co. Ltd., and was a senior manager, the assistant general manager and deputy general manager of the audit department of SIIC. He has extensive experience in auditing and engineering construction. Mr. Shu is currently a member of the 16th Shanghai Municipal People's Congress. According to the Articles of Association of the Company, Mr. Shu will hold office until the annual general meeting of the Company in 2024, or at the next general meeting (if any) held earlier than the 2024 AGM, and shall then be eligible for re-election at that meeting. Thereafter, he will be subject to retirement by rotation at an annual general meeting of the Company in accordance with the Articles of Association of the Company. Buying Opportunity • Jun 01
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be HK$13.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • May 25
Upcoming dividend of HK$0.50 per share at 8.1% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 16 June 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 8.1%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (6.0%). Price Target Changed • Apr 04
Price target increased by 8.7% to HK$13.75 Up from HK$12.65, the current price target is provided by 1 analyst. New target price is 28% above last closing price of HK$10.72. Stock is down 9.2% over the past year. The company is forecast to post earnings per share of HK$3.02 for next year compared to HK$2.13 last year. Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: HK$2.13 (down from HK$3.43 in FY 2021). Revenue: HK$31.3b (down 19% from FY 2021). Net income: HK$2.31b (down 38% from FY 2021). Profit margin: 7.4% (down from 9.6% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Industrials industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 04
Shanghai Industrial Holdings Limited Announces Resignation of Xu Zhan as Director The Board of Directors (the ‘Board’) of Shanghai Industrial Holdings Limited (the ‘Company’) announced that Mr. Xu Zhan (‘Mr. Xu’) has resigned as Executive Director of the Company with effect from 3 February 2023 for pursuing his personal career development. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Francis Yuen was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Sep 14
Upcoming dividend of HK$0.42 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 11 October 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 9.2%. Within top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (6.5%). Reported Earnings • Sep 01
First half 2022 earnings released: EPS: HK$1.02 (vs HK$1.95 in 1H 2021) First half 2022 results: EPS: HK$1.02 (down from HK$1.95 in 1H 2021). Revenue: HK$15.2b (down 6.7% from 1H 2021). Net income: HK$1.10b (down 48% from 1H 2021). Profit margin: 7.3% (down from 13% in 1H 2021). Over the next year, revenue is forecast to grow 4.7%, compared to a 16% growth forecast for the Industrials industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 13
Price target decreased to HK$13.70 Down from HK$15.10, the current price target is provided by 1 analyst. New target price is 25% above last closing price of HK$10.96. Stock is down 5.5% over the past year. The company is forecast to post earnings per share of HK$2.99 for next year compared to HK$3.43 last year. Upcoming Dividend • May 31
Upcoming dividend of HK$0.54 per share Eligible shareholders must have bought the stock before 07 June 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 8.6%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (5.6%). Reported Earnings • Apr 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: HK$3.43 (up from HK$2.01 in FY 2020). Revenue: HK$38.7b (up 43% from FY 2020). Net income: HK$3.73b (up 70% from FY 2020). Profit margin: 9.6% (up from 8.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to stay flat compared to a 14% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Executive Chairman Xiao Chu Shen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from HK$30.6b to HK$38.7b. EPS estimate fell from HK$3.19 to HK$2.99. Net income forecast to shrink 3.0% next year vs 10% growth forecast for Industrials industry in Hong Kong . Consensus price target down from HK$15.50 to HK$15.10. Share price rose 4.6% to HK$11.76 over the past week. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: HK$3.43 (up from HK$2.01 in FY 2020). Revenue: HK$38.7b (up 43% from FY 2020). Net income: HK$3.75b (up 71% from FY 2020). Profit margin: 9.7% (up from 8.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to stay flat compared to a 14% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 09
Price target increased to HK$15.50 Up from HK$14.10, the current price target is an average from 2 analysts. New target price is 42% above last closing price of HK$10.90. Stock is down 4.7% over the past year. The company is forecast to post earnings per share of HK$3.02 for next year compared to HK$2.01 last year.