Announcement • May 08
Sany Heavy Equipment International Holdings Company Limited to Report Q1, 2026 Results on May 20, 2026 Sany Heavy Equipment International Holdings Company Limited announced that they will report Q1, 2026 results at 4:00 PM, China Standard Time on May 20, 2026 Buy Or Sell Opportunity • May 07
Now 22% overvalued Over the last 90 days, the stock has fallen 8.2% to HK$12.43. The fair value is estimated to be HK$10.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 8.2%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Declared Dividend • Apr 02
Dividend of HK$0.35 announced Shareholders will receive a dividend of HK$0.35. Ex-date: 3rd June 2026 Payment date: 30th June 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.8%. Sustainability & Growth The dividend has increased by an average of 17% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 116% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 01
Sany Heavy Equipment International Holdings Company Limited announces Annual dividend, payable on June 30, 2026 Sany Heavy Equipment International Holdings Company Limited announced Annual dividend of HKD 0.3500 per share payable on June 30, 2026, ex-date on June 03, 2026 and record date on June 04, 2026. Announcement • Mar 31
Sany Heavy Equipment International Holdings Company Limited, Annual General Meeting, May 28, 2026 Sany Heavy Equipment International Holdings Company Limited, Annual General Meeting, May 28, 2026. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$11.07, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Machinery industry in Hong Kong. Total returns to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$18.14 per share. Announcement • Mar 17
Sany Heavy Equipment International Holdings Company Limited to Report Fiscal Year 2025 Results on Mar 31, 2026 Sany Heavy Equipment International Holdings Company Limited announced that they will report fiscal year 2025 results on Mar 31, 2026 Announcement • Mar 15
Sany Heavy Equipment International Holdings Company Limited Announces Chief Financial Officer Changes, Effective 20 February 2026 The board (the "Board") of directors (the "Directors") of Sany Heavy Equipment International Holdings Company Limited announced that Mr. Tang Ziwei ("Mr. Tang") has tendered his resignation as the chief financial officer of the Company, with effect from 20 February 2026 due to work re-arrangement. He also no longer holds any other position in the Company. The Board announced that Mr. Zhou Huidong ("Mr. Zhou") has been appointed as the chief financial officer of the Company with effect from 20 February 2026. Mr. Zhou Huidong, aged 49, was appointed as the Company's chief financial officer on 20 February 2026. Mr. Zhou has over 20 years of experience in finance and accounting. Prior to joining
Sany Group, from October 2017 to February 2018, he served as the vice president of finance of Aux Group Company Limited. From July 1998 to September 2017, Mr. Zhou served as various head positions of the financial system integrated accounting department, the securities financial department, the financial monitoring department and the supervisor of Zhongxing Telecommunication Equipment Corporation, responsible for the accounting and financial management. He also served as a director and/or supervisor of several subsidiaries of Zhongxing Telecommunication Equipment Corporation during such period of time. Mr. Zhou joined in April 2018, serving as vice president and deputy chief financial officer of Sany Group. From January 2019 to February 2021, he served as the joint company secretary of the Company. From February 2021 to February 2026, he served as deputy general manager
of the finance headquarters of Sany Heavy Industry Co. Ltd. and the H shares of which have been listed on the Hong Kong Stock Exchange and chief financial officer of Sany Heavy Machinery Co. Ltd. In July 1998, Mr. Zhou obtained a bachelor's degree in finance and accounting from Beijing University. In July 2014, he obtained a master's degree in business administration from Guanghua School of Management of Beijing University. Mr. Zhou is qualified as a Chinese Certified Tax Agent since June 2001 and a Chinese Certified Public Accountant since November 2004. Buy Or Sell Opportunity • Mar 03
Now 23% undervalued Over the last 90 days, the stock has risen 90% to HK$14.49. The fair value is estimated to be HK$18.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 46% in 2 years. Earnings are forecast to grow by 143% in the next 2 years. Buy Or Sell Opportunity • Feb 13
Now 21% undervalued Over the last 90 days, the stock has risen 99% to HK$14.45. The fair value is estimated to be HK$18.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 45% in 2 years. Earnings are forecast to grow by 139% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$14.30, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Machinery industry in Hong Kong. Total returns to shareholders of 96% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$18.03 per share. Recent Insider Transactions Derivative • Jan 31
Chief Executive Officer exercised options to buy HK$21m worth of stock. On the 27th of January, Jian Qi exercised 2.00m options at around HK$12.18, then sold 250.00k of them at HK$12.05 each and kept the remainder. Since June 2025, Jian's direct individual holding has increased from 1.76m shares to 3.51m. Company insiders have collectively bought HK$12m more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$11.00, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Machinery industry in Hong Kong. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$17.03 per share. Board Change • Nov 14
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Lan Zhou was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 01
Third quarter 2025 earnings released Third quarter 2025 results: EPS: CN¥0.13. Revenue: CN¥5.91b (up 15% from 3Q 2024). Net income: CN¥414.1m (up 16% from 3Q 2024). Profit margin: 7.0% (up from 6.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Oct 16
Sany Heavy Equipment International Holdings Company Limited to Report Nine Months, 2025 Results on Oct 30, 2025 Sany Heavy Equipment International Holdings Company Limited announced that they will report nine months, 2025 results on Oct 30, 2025 Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CN¥0.20 (vs CN¥0.16 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.20 (up from CN¥0.16 in 2Q 2024). Revenue: CN¥6.36b (up 13% from 2Q 2024). Net income: CN¥659.1m (up 28% from 2Q 2024). Profit margin: 10% (up from 9.2% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Announcement • Aug 15
Sany Heavy Equipment International Holdings Company Limited to Report First Half, 2025 Results on Aug 28, 2025 Sany Heavy Equipment International Holdings Company Limited announced that they will report first half, 2025 results on Aug 28, 2025 Reported Earnings • May 31
First quarter 2025 earnings released First quarter 2025 results: EPS: CN¥0.20. Revenue: CN¥5.88b (up 15% from 1Q 2024). Net income: CN¥635.2m (up 23% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 7% per year. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$6.33, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Machinery industry in Hong Kong. Total loss to shareholders of 12% over the past three years. Announcement • May 28
Sany Heavy Equipment International Holdings Company Limited Declares Final Dividend for the Year Ended 31 December 2024 Sany Heavy Equipment International Holdings Company Limited at its annual general meeting held on 28 May 2025, declared a final dividend of HKD 0.29 per ordinary share for the year ended 31 December 2024. Upcoming Dividend • May 27
Upcoming dividend of HK$0.29 per share Eligible shareholders must have bought the stock before 03 June 2025. Payment date: 20 June 2025. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (3.9%). Announcement • May 15
Sany Heavy Equipment International Holdings Company Limited to Report Q1, 2025 Results on May 29, 2025 Sany Heavy Equipment International Holdings Company Limited announced that they will report Q1, 2025 results on May 29, 2025 Reported Earnings • May 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥0.34 (down from CN¥0.61 in FY 2023). Revenue: CN¥21.9b (up 8.0% from FY 2023). Net income: CN¥1.10b (down 43% from FY 2023). Profit margin: 5.0% (down from 9.5% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 48%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery 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 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$5.95, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Machinery industry in Hong Kong. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$9.43 per share. Buy Or Sell Opportunity • Apr 09
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.2% to HK$4.70. The fair value is estimated to be HK$3.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$4.42, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Machinery industry in Hong Kong. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.85 per share. Declared Dividend • Apr 02
Dividend of HK$0.29 announced Shareholders will receive a dividend of HK$0.29. Ex-date: 3rd June 2025 Payment date: 20th June 2025 Dividend yield will be 5.2%, which is higher than the industry average of 2.8%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 6 years and payments have been stable during that time. EPS is expected to grow by 147% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 01
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: 5.0% Last year net profit margin: 9.5% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 01
Full year 2024 earnings released: EPS: CN¥0.32 (vs CN¥0.61 in FY 2023) Full year 2024 results: EPS: CN¥0.32 (down from CN¥0.61 in FY 2023). Revenue: CN¥21.9b (up 8.0% from FY 2023). Net income: CN¥1.10b (down 43% from FY 2023). Profit margin: 5.0% (down from 9.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Mar 17
Sany Heavy Equipment International Holdings Company Limited to Report Fiscal Year 2024 Results on Mar 31, 2025 Sany Heavy Equipment International Holdings Company Limited announced that they will report fiscal year 2024 results on Mar 31, 2025 Buy Or Sell Opportunity • Feb 21
Now 21% overvalued Over the last 90 days, the stock has fallen 2.7% to HK$4.67. The fair value is estimated to be HK$3.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 8.9%. Revenue is forecast to grow by 44% in 2 years. Earnings are forecast to grow by 78% in the next 2 years. Buy Or Sell Opportunity • Jan 21
Now 20% overvalued Over the last 90 days, the stock has fallen 7.2% to HK$4.88. The fair value is estimated to be HK$4.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 8.9%. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 79% in the next 2 years. Announcement • Jan 08
Sany Heavy Equipment International Holdings Company Limited Provides Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2024 Sany Heavy Equipment International Holdings Company Limited provided unaudited consolidated earnings guidance for the year ended 31 December 2024. For the period, the Group expected that the Group will record an impairment loss on goodwill for the oil & gas equipment business cash-generating unit of approximately RMB 470.0 million; and the Group's impairment loss on properties for sale of approximately RMB 280.0 million. As a result of the aforementioned expected impairment losses, the net profit of the Group for the Year is expected to decrease by approximately 25% to 45% to approximately RMB 1,379.0 million to approximately RMB 1,011.0 million when compared to the net profit of approximately RMB 1,838.8 million for the same period in 2023. As the financial results of the Group for the Year, including the aforementioned impairments losses are subject to, among others, finalisation of the valuation amount by the valuer, review of the audit committee of the Company and audit by the auditor of the Company, and therefore may be subject to further adjustments. Buy Or Sell Opportunity • Nov 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to HK$4.75. The fair value is estimated to be HK$3.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 8.9%. Revenue is forecast to grow by 63% in 2 years. Earnings are forecast to grow by 91% in the next 2 years. Reported Earnings • Nov 02
Third quarter 2024 earnings released Third quarter 2024 results: EPS: CN¥0.11. Revenue: CN¥5.15b (up 3.1% from 3Q 2023). Net income: CN¥357.1m (down 37% from 3Q 2023). Profit margin: 6.9% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Hong Kong. Announcement • Oct 17
Sany Heavy Equipment International Holdings Company Limited to Report Nine Months, 2024 Results on Oct 31, 2024 Sany Heavy Equipment International Holdings Company Limited announced that they will report nine months, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to HK$6.15, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Machinery industry in Hong Kong. Total loss to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.05 per share. Announcement • Sep 27
Sany Heavy Equipment International Holdings Company Limited Appoints Yang Shuyong as an Independent Non-Executive Director, and Member of Each of the Audit Committee and Remuneration Committee The board of directors of Sany Heavy Equipment International Holdings Company Limited announced that Mr. Yang Shuyong has been appointed as an independent non-executive Director, and member of each of the audit committee and remuneration committee of the Company, all with effect from 27 September 2024. The biographical details of Mr. Yang are set out below. Mr. Yang, aged 59, graduated from Anhui University of Science and Technology (formerly known as Huainan Mining College) in July 1984 with a degree in coal mining mechanisation Mr. Yang is currently the Chairman of the China Coal Machinery Industry Association and holds the title of Senior Engineer. Mr. Yang has over 40 years of experience in the coal and mining field. From July 1984 to November 2004, he worked at the Zhuzhuang coal mine of Huaibei Mining Industry Co. Ltd. (formerly known as Huaibei Mining (Group) and Coal Limited Liability Company and over the years served as technician, assistant engineer, director of machinery factory, deputy district chief, district chief, party branch secretary, and deputy chief engineer. From November 2004 to April 2012, Mr. Yang successively served as the deputy director of the Mechanical and Electrical Department of Huaibei Mining, the deputy director of the Equipment Management Center of Huaibei Mining and deputy mine manager of the Xutuan coal mine of Huaibei Mining. From May 2012 to June 2015, Mr. Yang served as the director of the Enterprise Reform Department and the director of the Infrastructure Department of the China Coal Industry Association, and concurrently served as the vice president and secretary general of the Coal Mine Support Professional Committee of the China Coal Industry Association. From June 2015 to October 2019, Mr. Yang served as the deputy director of the Industry Coordination Department of the China Coal Industry Association, and concurrently served as vice chairman and secretary-general of the Coal Mine Support Professional Committee of the China Coal Industry Association. Since October 2019 to date, Mr. Yang has served as the chairman of the China Coal Machinery Industry Association. Mr. Yang has been awarded honors such as Outstanding Technical Talent in the Mining, Top Ten Outstanding Youths, and Model Worker. Mr. Yang has won various awards, which include, among others, the first prize of China Coal Industry Science and Technology Award, the first prize of Safety Science and Technology Achievement Award of the State Administration of Work Safety, the second prize of China Coal Industry Science and Technology Award twice, Anhui Province Major Rationalization Suggestion and Technology Improvement Achievement Award thrice, Municipal (Department) Science and Technology Progress Award, Rationalization Suggestion and Technology Improvement Achievement Award over ten times. Buy Or Sell Opportunity • Sep 27
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to HK$5.13. The fair value is estimated to be HK$4.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 66% in 2 years. Earnings are forecast to grow by 65% in the next 2 years. Reported Earnings • Aug 29
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CN¥5.63b (up 4.2% from 2Q 2023). Net income: CN¥517.1m (down 6.3% from 2Q 2023). Profit margin: 9.2% (down from 10% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Aug 16
Sany Heavy Equipment International Holdings Company Limited to Report First Half, 2024 Results on Aug 28, 2024 Sany Heavy Equipment International Holdings Company Limited announced that they will report first half, 2024 results on Aug 28, 2024 Buy Or Sell Opportunity • Jul 26
Now 21% overvalued Over the last 90 days, the stock has fallen 9.5% to HK$4.57. The fair value is estimated to be HK$3.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 76% in 2 years. Earnings are forecast to grow by 62% in the next 2 years. Buy Or Sell Opportunity • Jul 09
Now 21% overvalued Over the last 90 days, the stock has fallen 11% to HK$4.70. The fair value is estimated to be HK$3.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 76% in 2 years. Earnings are forecast to grow by 62% in the next 2 years. Buy Or Sell Opportunity • Jul 05
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to HK$4.82. The fair value is estimated to be HK$3.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 76% in 2 years. Earnings are forecast to grow by 62% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$5.25, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Machinery industry in Hong Kong. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.76 per share. Announcement • Jun 01
Sany Heavy Equipment International Holdings Company Limited Approves Final Dividend for the Year Ended 31 December 2023 Sany Heavy Equipment International Holdings Company Limited at its AGM held on May 31, 2024 approved final dividend of HK19 cents per ordinary share for the year ended 31 December 2023. Upcoming Dividend • May 29
Upcoming dividend of HK$0.19 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Hong Kong dividend payers (7.5%). In line with average of industry peers (3.1%). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$6.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Machinery industry in Hong Kong. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$12.17 per share. Announcement • Apr 28
Sany Heavy Equipment International Holdings Company Limited to Report Q1, 2024 Results on May 16, 2024 Sany Heavy Equipment International Holdings Company Limited announced that they will report Q1, 2024 results on May 16, 2024 Reported Earnings • Apr 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.61 (up from CN¥0.53 in FY 2022). Revenue: CN¥20.3b (up 31% from FY 2022). Net income: CN¥1.93b (up 16% from FY 2022). Profit margin: 9.5% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Apr 19
Non-Executive Director recently bought HK$11m worth of stock On the 15th of April, Xiuguo Tang bought around 2m shares on-market at roughly HK$5.13 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$22m more in shares than they have sold in the last 12 months. New Risk • Apr 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to HK$4.25, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Machinery industry in Hong Kong. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.24 per share. Declared Dividend • Mar 29
Dividend of HK$0.19 announced Shareholders will receive a dividend of HK$0.19. Ex-date: 5th June 2024 Payment date: 26th June 2024 Dividend yield will be 3.8%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but not covered by cash flows (288% cash payout ratio). The dividend has increased by an average of 16% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 76% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 28
Sany Heavy Equipment International Holdings Company Limited, Annual General Meeting, May 31, 2024 Sany Heavy Equipment International Holdings Company Limited, Annual General Meeting, May 31, 2024. Agenda: To propose final dividend for the year. Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.58 (up from CN¥0.53 in FY 2022). Revenue: CN¥20.3b (up 31% from FY 2022). Net income: CN¥1.93b (up 16% from FY 2022). Profit margin: 9.5% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Mar 27
Sany Heavy Equipment International Holdings Company Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 26 June 2024 Sany Heavy Equipment International Holdings Company Limited proposed final dividend of HKD 0.19 per share for the year ended 31 December 2023. Ex-dividend date is 5 June 2024. Record date is 12 June 2024. Payment date is 26 June 2024. Date of shareholders' approval is 31 May 2024. Announcement • Mar 15
Sany Heavy Equipment International Holdings Company Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 Sany Heavy Equipment International Holdings Company Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$5.45, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Machinery industry in Hong Kong. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.73 per share. Reported Earnings • Nov 01
Third quarter 2023 earnings released Third quarter 2023 results: EPS: CN¥0.18. Revenue: CN¥5.00b (up 26% from 3Q 2022). Net income: CN¥569.8m (up 46% from 3Q 2022). Profit margin: 11% (up from 9.8% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 18
Sany Heavy Equipment International Holdings Company Limited to Report Nine Months, 2023 Results on Oct 31, 2023 Sany Heavy Equipment International Holdings Company Limited announced that they will report nine months, 2023 results on Oct 31, 2023 New Risk • Sep 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 01
Second quarter 2023 earnings released: EPS: CN¥0.38 (vs CN¥0.15 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.38 (up from CN¥0.15 in 2Q 2022). Revenue: CN¥10.8b (up 208% from 2Q 2022). Net income: CN¥1.20b (up 160% from 2Q 2022). Profit margin: 11% (down from 13% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 18
Sany Heavy Equipment International Holdings Company Limited to Report First Half, 2023 Results on Aug 31, 2023 Sany Heavy Equipment International Holdings Company Limited announced that they will report first half, 2023 results on Aug 31, 2023 Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$12.78, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Machinery industry in Hong Kong. Total returns to shareholders of 226% over the past three years. Recent Insider Transactions • Jun 29
Non-Executive Director recently bought HK$8.0m worth of stock On the 21st of June, Xiuguo Tang bought around 782k shares on-market at roughly HK$10.25 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$9.3m. Insiders have collectively bought HK$8.9m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 20
Vice Chairman of the Board & CEO recently sold HK$3.8m worth of stock On the 16th of June, Jian Qi sold around 381k shares on-market at roughly HK$10.04 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth HK$4.6m. Jian has been a net seller over the last 12 months, reducing personal holdings by HK$6.0m. Upcoming Dividend • May 29
Upcoming dividend of HK$0.19 per share at 1.7% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (2.7%). Recent Insider Transactions • May 27
Executive Director recently sold HK$4.6m worth of stock On the 23rd of May, Weizhong Fu sold around 413k shares on-market at roughly HK$11.04 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$6.7m more than they bought in the last 12 months. 
