New Risk • Mar 28
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 0% Dividend yield: 3.2% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 81% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (0% payout ratio). Market cap is less than US$100m (HK$449.9m market cap, or US$57.4m). Reported Earnings • Mar 27
Full year 2025 earnings released: CN¥1.16 loss per share (vs CN¥0.024 profit in FY 2024) Full year 2025 results: CN¥1.16 loss per share (down from CN¥0.024 profit in FY 2024). Revenue: CN¥2.72b (down 4.1% from FY 2024). Net loss: CN¥1.37b (down CN¥1.40b from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Mar 26
Sino-Ocean Service Holding Limited, Annual General Meeting, May 21, 2026 Sino-Ocean Service Holding Limited, Annual General Meeting, May 21, 2026. Announcement • Mar 13
Sino-Ocean Service Holding Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 Sino-Ocean Service Holding Limited announced that they will report fiscal year 2025 results on Mar 25, 2026 New Risk • Oct 06
New major risk - Revenue and earnings growth Earnings have declined by 57% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 57% per year over the past 5 years. Minor Risk Market cap is less than US$100m (HK$574.2m market cap, or US$73.8m). Reported Earnings • Aug 29
First half 2025 earnings released: CN¥0.26 loss per share (vs CN¥0.05 profit in 1H 2024) First half 2025 results: CN¥0.26 loss per share (down from CN¥0.05 profit in 1H 2024). Revenue: CN¥1.39b (down 3.5% from 1H 2024). Net loss: CN¥310.1m (down CN¥369.4m from profit in 1H 2024). Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Commercial Services industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Announcement • Aug 15
Sino-Ocean Service Holding Limited to Report First Half, 2025 Results on Aug 27, 2025 Sino-Ocean Service Holding Limited announced that they will report first half, 2025 results on Aug 27, 2025 Reported Earnings • May 04
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥0.024 (down from CN¥0.036 in FY 2023). Revenue: CN¥2.84b (down 9.4% from FY 2023). Net income: CN¥28.9m (down 31% from FY 2023). Profit margin: 1.0% (down from 1.3% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 73%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Commercial Services industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Apr 24
Sino-Ocean Service Holding Limited Appoints ZHAI Senlin as Non-Executive Director and Member of the Audit Committee, Effective 22 April 2025 The board of directors of Sino-Ocean Service Holding Limited announced that Mr. ZHAI Senlin has been appointed as a non-executive Director and a member of the audit committee of the Company with effect from 22 April 2025. Mr. ZHAI Senlin, aged 38, is currently the general manager of the investment development center of Sino-Ocean Group Holding Limited (being the controlling shareholder of the Company and the shares of which are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the ``Stock Exchange'') (Stock Code: 03377)) (together with its subsidiaries, ``Sino-Ocean Group''). Mr. Zhai joined Sino-Ocean Group in February 2017 and previously served as deputy investment director of the office of CEO affairs, assistant to the general manager of the investment and finance business center, deputy general manager of the investment development center and executive deputy general manager (in charge) of the investment development center. Mr. Zhai was a non-executive director of Beijing Capital Grand Limited, a company formerly listed on the Stock Exchange. Mr. Zhai has extensive experience in project investment, large-scale transactions, compliance operations and strategic resources integration. Mr. Zhai graduated from Xi'an Jiaotong University with a bachelor's degree in science in 2008. Announcement • Mar 26
Sino-Ocean Service Holding Limited Do Not Recommend Final Dividend for the Year Ended 31 December 2024 Sino-Ocean Service Holding Limited announced that the Board did not recommend the payment of final dividend for the year ended 31 December 2024 (2023: RMB 0.0144 per Share (equivalent to HKD 0.0159 per Share)). Reported Earnings • Mar 25
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥0.024 (down from CN¥0.036 in FY 2023). Revenue: CN¥2.84b (down 9.4% from FY 2023). Net income: CN¥28.9m (down 31% from FY 2023). Profit margin: 1.0% (down from 1.3% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 73%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Commercial Services industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Mar 12
Sino-Ocean Service Holding Limited to Report Fiscal Year 2024 Final Results on Mar 24, 2025 Sino-Ocean Service Holding Limited announced that they will report fiscal year 2024 final results on Mar 24, 2025 Announcement • Dec 28
Sino-Ocean Service Holding Limited Appoints Zhu Geying as Chief Financial Officer, Effective from 31 December 2024 The board of directors of Sino-Ocean Service Holding Limited announced that Ms. ZHU Geying, an executive Director, has been appointed as the chief financial officer of the Company with effect from 31 December 2024. Following her appointment as the Chief Financial Officer, Ms. Zhu will no longer serve as the chief operating officer of the Company. Ms. ZHU Geying, aged 51, joined the Board in September 2020 and is an executive Director. She has also acted as the chief operating officer of the Company since August 2021 up to 31 December 2024, and has been appointed as the Chief Financial Officer with effect from 31 December 2024. She is also a director of certain subsidiaries of the Company. Ms. Zhu joined Sino-Ocean Group Holding Limited (being the controlling shareholder of the Company and the shares of which are listed on the Main Board of The Stock Exchange of Hong Kong Limited in July 2001 and served successively as the project finance manager and the chief financial officer of the enterprise division of Sino-Ocean Group; Ms. Zhu joined Ocean Homeplus Property Service Corporation Limited, a wholly-owned subsidiary of the Company, in October 2016, and has been appointed as a director since February 2018 and subsequently the chief financial officer since April 2019. She has been re-designated as the chief operating officer of the Company since August 2021. Ms. Zhu has over 27 years of financial management experience. Ms. Zhu graduated from the Capital University of Economics and Business with a bachelor's degree in economics in 1996. In July 2010, she was qualified as a senior accountant in the People's Republic of China. Buy Or Sell Opportunity • Oct 16
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to HK$0.63. The fair value is estimated to be HK$0.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 30
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to HK$0.61. The fair value is estimated to be HK$0.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Meanwhile, the company became loss making. New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 35% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (HK$639.4m market cap, or US$82.2m). Announcement • Sep 12
Sino-Ocean Group Provides Update on the Winding-Up Petition Hearing Reference is made to the announcement of the Sino-Ocean Service Holding Limited dated 28 June 2024 in relation to the winding-up Petition against Sino-Ocean Group, the holding company (as defined under the Listing Rules) of the Company. Unless otherwise defined, capitalized terms used herein shall have the same meanings as those defined in the Announcement. The Company was informed that, at the hearing of the High Court on 11 September 2024, the High Court ordered the hearing of the Petition to be adjourned to 23 September 2024. The Company will closely monitor the development of the Petition and keep the public informed of any material development by making further announcement(s) as and when appropriate in accordance with the applicable rules and regulations. Upcoming Dividend • Sep 05
Upcoming dividend of HK$0.014 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 26 September 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.5%. Lower than top quartile of Hong Kong dividend payers (8.4%). Higher than average of industry peers (5.6%). Reported Earnings • Aug 31
First half 2024 earnings released: EPS: CN¥0.05 (vs CN¥0.11 in 1H 2023) First half 2024 results: EPS: CN¥0.05 (down from CN¥0.11 in 1H 2023). Revenue: CN¥1.44b (down 7.7% from 1H 2023). Net income: CN¥59.3m (down 54% from 1H 2023). Profit margin: 4.1% (down from 8.3% in 1H 2023). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Commercial Services industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Announcement • Aug 28
Sino-Ocean Service Holding Limited Announces Interim (Semi-Annual) Dividend for the Six Month Ended June 30, 2024, Payable September 26, 2024 Sino-Ocean Service Holding Limited announces Interim (Semi-annual) dividend of RMB 0.0125 per share for the six month ended June 30, 2024. Ex-dividend date 12 September 2024, Record date 13 September 2024 and Payment date 26 September 2024. Announcement • Aug 17
Sino-Ocean Service Holding Limited Provides Preliminary Consolidated Earnings Guidance for the Six Months Ended 30 June 2024 Sino-Ocean Service Holding Limited provided preliminary consolidated earnings guidance for the six months ended 30 June 2024. Based on the Board's preliminary review of the latest unaudited consolidated management accounts of the Group for the six months ended 30 June 2024 (the "Period'') and the information currently available to the Board, the Group is expected to record a profit attributable to owners of the Company ranging between approximately RMB 56.0 million and RMB 62.0 million for the Period, as compared to a profit attributable to owners of the Company of approximately RMB 128.7 million for the six months ended 30 June 2023. Based on the information currently available, the expected decrease in profit attributable to owners of the Company was mainly attributable to (i) the continuous real estate market downturn which lengthened the settlement cycle of relevant businesses and in turn led to an increase in the provision for trade and other receivables; and (ii) the absence of disposal of investment in a joint venture during the Period, while the Group recorded a one-off gain on disposal of investment in a joint venture in the corresponding period last year. Announcement • Aug 15
Sino-Ocean Service Holding Limited to Report First Half, 2024 Results on Aug 27, 2024 Sino-Ocean Service Holding Limited announced that they will report first half, 2024 results on Aug 27, 2024 Announcement • May 31
Sino-Ocean Service Holding Limited Declares Final Dividend for the Year Ended 31 December 2023 Sino-Ocean Service Holding Limited Announced Poll Results of the Annual General Meeting Held on 30 May 2024 approved To declare a final dividend of RMB 0.0144 per share (equivalent to HKD 0.0159 per share, rounded to the nearest four decimal places) for the year ended 31 December 2023. Upcoming Dividend • May 28
Upcoming dividend of HK$0.016 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 18 June 2024. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Hong Kong dividend payers (7.5%). Lower than average of industry peers (5.2%). Reported Earnings • Apr 26
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: CN¥0.036 (down from CN¥0.064 in FY 2022). Revenue: CN¥3.13b (down 5.9% from FY 2022). Net income: CN¥42.1m (down 44% from FY 2022). Profit margin: 1.3% (down from 2.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) missed analyst estimates by 79%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Commercial Services industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 13 percentage points per year, which is a significant difference in performance. Announcement • Apr 26
Sino-Ocean Service Holding Limited, Annual General Meeting, May 30, 2024 Sino-Ocean Service Holding Limited, Annual General Meeting, May 30, 2024, at 10:00 China Standard Time. Location: Meeting Room, 2nd Floor, Tower A, No. A518 East Road of Chaoyang Sports Center, Chaoyang District Beijing China Agenda: To consider and adopt the audited consolidated financial statements and the reports of the directors and the auditor for the financial year ended 31 December 2023; to declare a final dividend of RMB 0.0144 per share (equivalent to HKD 0.0159 per share, rounded to the nearest four decimal places) for the year ended 31 December 2023; to authorise the board of directors of the Company to fix the remuneration of the directors of the Company; and to consider other matters. Announcement • Apr 19
Sino-Ocean Service Holding Limited Announces Board Changes The board of directors of Sino-Ocean Service Holding Limited announced the following changes in Directors and composition of Board committees with effect from 16 April 2024: Mr. ZHU Xiaoxing (Mr. Zhu) has resigned as the vice chairman of the Board, a non-executive Director and a member of the audit committee of the Company (the Audit Committee) due to work reallocation; Mr. HOU Min (Mr. Hou) has been appointed as the vice chairman of the Board, a non-executive Director and a member of each of the Audit Committee and the remuneration committee of the Company (the Remuneration Committee); and Mr. LEUNG Wai Hung, an independent non-executive Director, has been appointed as a member of the Remuneration Committee. Mr. Zhu has confirmed that he has no disagreement with the Board and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company and/or The Stock Exchange of Hong Kong Limited (the Stock Exchange). Mr. HOU Min, aged 43, is currently the deputy general manager of the office of CEO affairs of Sino-Ocean Group Holding Limited (being the controlling Shareholder and the shares of which are listed on the Main Board of the Stock Exchange. Mr. Hou joined Sino-Ocean Group in August 2008 and previously served as customer service director, deputy general manager and general manager of companies established in Hainan Province, and deputy general manager of property development department in the Southern Region of Sino-Ocean Group. Mr. Hou is currently a deputy to the 8th People's Congress of Sanya and a member of its Legislative Affairs Commission. Mr. Hou has extensive experience in real estate operations management, customer Management, Peking University with a master's degree in business administration in 2018. Mr. Hou is nominated by Sino-Ocean Holding. Major Estimate Revision • Apr 14
Consensus EPS estimates fall by 41% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥0.221 to CN¥0.131 per share. Revenue forecast steady at CN¥3.22b. Net income forecast to grow 560% next year vs 14% growth forecast for Commercial Services industry in Hong Kong. Consensus price target down from HK$0.69 to HK$0.50. Share price fell 5.1% to HK$0.47 over the past week. Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: CN¥0.036 (vs CN¥0.064 in FY 2022) Full year 2023 results: EPS: CN¥0.036 (down from CN¥0.064 in FY 2022). Revenue: CN¥3.13b (down 4.2% from FY 2022). Net income: CN¥42.1m (down 44% from FY 2022). Profit margin: 1.3% (down from 2.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Commercial Services industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 12 percentage points per year, which is a significant difference in performance. Announcement • Mar 26
Sino-Ocean Service Holding Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 18 June 2024 Sino-Ocean Service Holding Limited proposed final dividend of RMB 0.0144 per share for the year ended 31 December 2023 at its shareholders' meeting to be held on 30 May 2024. Ex-dividend date: 04 June 2024. Record date: 05 June 2024. Payment date: 18 June 2024. Announcement • Mar 15
Sino-Ocean Service Holding Limited to Report Fiscal Year 2023 Final Results on Mar 26, 2024 Sino-Ocean Service Holding Limited announced that they will report fiscal year 2023 final results on Mar 26, 2024 New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.0% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (HK$461.8m market cap, or US$59.1m). New Risk • Oct 12
New major risk - Revenue and earnings growth Earnings have declined by 7.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Sep 21
Sino-Ocean Service Holding Limited Resolves Not to Declare Interim Dividend for the Six Months Ended 30 June 2023 The Board of Sino-Ocean Service Holding Limited has resolved not to declare any payment of interim dividend for the six months ended 30 June 2023 (six months ended 30 June 2022: RMB 0.136 per Share (equivalent to HKD 0.156 per Share)). New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 7.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 24
First half 2023 earnings released: EPS: CN¥0.11 (vs CN¥0.23 in 1H 2022) First half 2023 results: EPS: CN¥0.11 (down from CN¥0.23 in 1H 2022). Revenue: CN¥1.56b (down 2.8% from 1H 2022). Net income: CN¥128.7m (down 52% from 1H 2022). Profit margin: 8.3% (down from 17% in 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Commercial Services industry in Hong Kong. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to HK$1.01, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 5x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 51% over the past year. Announcement • Aug 11
Sino-Ocean Service Holding Limited to Report First Half, 2023 Results on Aug 22, 2023 Sino-Ocean Service Holding Limited announced that they will report first half, 2023 results on Aug 22, 2023 Buying Opportunity • Jul 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be HK$1.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 43% in 2 years. Earnings is forecast to grow by 784% in the next 2 years. Announcement • May 31
Sino-Ocean Service Holding Limited Declares Final Dividend for the Year Ended 31 December 2022 Sino-Ocean Service Holding Limited at its AGM held on 30 May 2023, approved to declare a final dividend of RMB 0.123 per share (equivalent to HKD 0.141 per share, rounded to the nearest three decimal places) for the year ended 31 December 2022. Upcoming Dividend • May 25
Upcoming dividend of HK$0.14 per share at 16% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 14 June 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 16%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (5.6%). Reported Earnings • Apr 27
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥0.064 (down from CN¥0.37 in FY 2021). Revenue: CN¥3.27b (up 10% from FY 2021). Net income: CN¥75.4m (down 83% from FY 2021). Profit margin: 2.3% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) also missed analyst estimates by 85%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Commercial Services industry in Hong Kong. Major Estimate Revision • Apr 06
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥4.38b to CN¥4.07b. EPS estimate also fell from CN¥0.508 per share to CN¥0.408 per share. Net income forecast to grow 19% next year vs 24% growth forecast for Commercial Services industry in Hong Kong. Consensus price target down from HK$4.05 to HK$3.61. Share price fell 2.2% to HK$1.76 over the past week. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to HK$1.73, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 48% over the past year. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 15% share price gain to HK$2.45, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 39% over the past year. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$2.22, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 36% over the past year. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 17% share price gain to HK$2.60, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 24% over the past year. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Vice Chairman Xiaoxing Zhu is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Stanley Leung was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 16% share price gain to HK$1.91, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 53% over the past year. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to HK$2.04, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 53% over the past year. Upcoming Dividend • Sep 08
Upcoming dividend of HK$0.16 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 28 September 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 6.4%. Lower than top quartile of Hong Kong dividend payers (8.2%). In line with average of industry peers (6.2%). Reported Earnings • Sep 01
First half 2022 earnings released: EPS: CN¥0.23 (vs CN¥0.22 in 1H 2021) First half 2022 results: EPS: CN¥0.23 (up from CN¥0.22 in 1H 2021). Revenue: CN¥1.60b (up 16% from 1H 2021). Net income: CN¥266.7m (up 2.1% from 1H 2021). Profit margin: 17% (down from 19% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 58%, compared to a 13% growth forecast for the Commercial Services industry in Hong Kong. Announcement • Aug 31
Sino-Ocean Service Holding Limited Announces Interim (Semi-Annual) Ordinary Dividend for the Six Months Ended 30 June 2022, Payable on 28 September 2022 Sino-Ocean Service Holding Limited announced Interim (Semi-annual) Ordinary dividend of RMB 0.136 per share for the Six Months Ended 30 June 2022. Ex-dividend date is 15 September 2022. Record date is 16 September 2022. Payment date is 28 September 2022. Announcement • Aug 19
Sino-Ocean Service Holding Limited to Report First Half, 2022 Results on Aug 30, 2022 Sino-Ocean Service Holding Limited announced that they will report first half, 2022 results on Aug 30, 2022 Announcement • Aug 13
Sino-Ocean Service Holding Limited Announces Resignation of Chan King Tak as Company Secretary The board of directors of Sino-Ocean Service Holding Limited announced that Mr. CHAN King Tak has tendered his resignation as the company secretary and will cease to be an authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and an authorised representative of the Company to accept service of process and notices in Hong Kong under the Companies Ordinance with effect from 13 August 2022. Mr. Chan has confirmed that he has no disagreement with the Board and there is no other matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company and/or the Stock Exchange. The Board also announces that Mr. SUM Pui Ying has been appointed as the company secretary, an authorised representative of the Company under Rule 3.05 of the Listing Rules and the Process Agent with effect from 13 August 2022. Mr. Sum joined Sino-Ocean Group Holding Limited the controlling shareholder of the Company and listed on the Stock Exchange, in May 2007 and is the chief financial officer of Sino-Ocean Group. He is also a director of certain subsidiaries of Sino-Ocean Group. Mr. Sum is also the chairman of the board, an executive director, the chairman of the investment committee and the chairman of the nomination committee of Gemini Investments (Holdings) Limited, an associated company of Sino-Ocean Group and listed on the Stock Exchange. Mr. Sum has extensive experience in corporate management of listed companies, investment and financing and financial management. Mr. Sum graduated from The Hong Kong Polytechnic University and obtained a professional diploma in Accounting in 1988, graduated from University of Wales and obtained a master's degree in Business Administration in 1991, and graduated from The University of Hong Kong and obtained a diploma in Legal Studies in 1996. Mr. Sum is currently a fellow member of Hong Kong Institute of Certified Public Accountants and a fellow member of The Institute of Chartered Accountants in England and Wales. Announcement • Aug 06
Sino-Ocean Service Holding Limited Announces Change of Independent Non-Executive Directors and Change in Composition of Board Committees The board of directors of Sino-Ocean Service Holding Limited announced the following changes in Directors and composition of Board committees: Dr. XUE Jun has resigned as an independent non-executive Director, the chairman of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee of the Company with effect from 3 August 2022 due to adjustment of his work commitments and personal reasons; Mr. HO Chi Kin Sammy has been appointed as an independent non-executive Director, the chairman of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee of the Company with effect from 3 August 2022; Mr. ZHU Lin has resigned as an independent non-executive Director, the chairman of the Audit Committee and a member of the Nomination Committee of the Company with effect from 4 August 2022 due to other business engagements and family affairs; and Mr. LEUNG Wai Hung has been appointed as an independent non-executive Director, the chairman of the Audit Committee and a member of the Nomination Committee of the Company with effect from 4 August 2022. Mr. Ho, aged 51, has been working in Atherton Asset Management Limited (an asset management company licensed by the Securities and Futures Commission in Hong Kong) since 2013, and is currently a director, a responsible officer and a portfolio manager. Mr. Ho has over 25 years of experience in investment, asset management and finance. Mr. Ho graduated from Hong Kong Baptist College with a bachelor's degree of business administration in finance in 1993; and graduated from Seattle Pacific University with a master's degree of business administration in management in 1996. Mr. Ho is a Chartered Financial Analyst. Mr. Ho has entered into an appointment letter with the Company for a term of one year commencing from 3 August 2022, subject to retirement from office and re-election at the next general meeting of the Company in accordance with the amended and restated articles of association of the Company. Pursuant to the appointment letter with the Company, Mr. Ho will be entitled to a Director's fee of HKD600,000 per annum, which was determined with reference to his duties and responsibilities within the Company, the Company's remuneration policy and the prevailing market conditions. Mr. Leung, aged 54, holds a bachelor's degree in business administration from The Chinese University of Hong Kong, and he has been a fellow member of The Association of Chartered Certified Accountants and a member of the Hong Kong Institute of Certified Public Accountants. Mr. Leung has more than 20 years working experience in various listed companies in Hong Kong mainly engaged in property business including Cheung Kong (Holdings) Limited (now known as CK Hutchison Holdings Limited). Mr. Leung also has extensive financial experience in initial public offering merger and acquisition as well as fund raising and is familiar with the business environment of both Hong Kong and the Mainland China. In addition, Mr. Leung has extensive experience in real estate investment trusts. He participated in the IPO setup of the first private sector REIT, Prosperity REIT in Hong Kong in 2005 and worked for the manager of Fortune REIT as a Finance Director from 2011 to 2012. He has also worked as the financial controller of Shougang Concord International Enterprises Company Limited (now known as Shoucheng Holdings Limited) (stock code: 697) from 2013 to 2018. From April 2022 onwards, Mr. Leung has been the financial controller and company secretary of BeijingWest Industries International Limited (stock code: 2339). Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorated over the past week After last week's 15% share price decline to HK$2.35, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 51% over the past year. Announcement • May 26
Sino-Ocean Service Holding Limited Announces Dividend for the Year Ended December 31, 2021 Sino-Ocean Service Holding Limited declare a final dividend of RMB 0.093 per share (equivalent to HKD 0.114 per share, rounded to the nearest three decimal places) for the year ended 31 December 2021. Upcoming Dividend • May 20
Upcoming dividend of HK$0.11 per share Eligible shareholders must have bought the stock before 27 May 2022. Payment date: 14 June 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (5.5%). Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Vice Chairman Xiaoxing Zhu is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Lin Zhu was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 15
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥0.37 (up from CN¥0.29 in FY 2020). Revenue: CN¥2.97b (up 47% from FY 2020). Net income: CN¥439.0m (up 70% from FY 2020). Profit margin: 15% (up from 13% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 41%, compared to a 8.2% growth forecast for the industry in Hong Kong. Announcement • Apr 14
Sino-Ocean Service Holding Limited, Annual General Meeting, May 25, 2022 Sino-Ocean Service Holding Limited, Annual General Meeting, May 25, 2022, at 09:30 China Standard Time. Location: Meeting Room, 2nd Floor, Tower A, No. A518 East Road of Chaoyang Sports Center, Chaoyang District, Beijing China Agenda: To consider and adopt the audited consolidated financial statements and the reports of the directors and the auditor for the financial year ended 31 December 2021; to declare a final dividend for the year ended 31 December 2021; to re-elect the retiring directors and authorize the board of directors of the company to fix their remuneration; and to discuss other matters. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 20% share price decline to HK$3.10, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 27% over the past year. Announcement • Mar 07
Sino-Ocean Service Holding Limited Provides Consolidated Earnings Guidance for the Year Ended 31 December 2021 Sino-Ocean Service Holding Limited provided consolidated earnings guidance for the year ended 31 December 2021. For the year ended 31 December 2021 and the information currently available to the Company, as compared with the audited profit attributable to owners of the Group for the year ended 31 December 2020 of approximately RMB 258 million, the unaudited profit attributable to owners of the Group for the year ended 31 December 2021 is expected to record a significant increase by no less than 65%. The Board considers that such increase is mainly attributable to (i) the increase in revenue from property management services as a result of the continuous increase in gross floor area ofproperties under management of the Group; (ii) the significant increase in revenue from community value-added services and value-added services to non-property owners as a result of the increasing variety of value-added business types as well as the increase in intelligent property services and repair and maintenance projects; (iii) the extension of commercial operational services to the owners of shopping malls and office buildings; and (iv) the improvement in the overall profitability as a result of active implementation of refined management measures by the Group. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 21% share price gain to HK$4.50, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 16% over the past year. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 16% share price gain to HK$3.97, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Commercial Services industry in Hong Kong. Reported Earnings • Aug 18
First half 2021 earnings released: EPS CN¥0.22 (vs CN¥0.19 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥1.38b (up 53% from 1H 2020). Net income: CN¥261.3m (up 73% from 1H 2020). Profit margin: 19% (up from 17% in 1H 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥5.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Commercial Services industry in Hong Kong. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥5.67, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Commercial Services industry in Hong Kong. Announcement • May 26
Sino-Ocean Service Holding Limited Approves Declaration of Final Dividend for the Year Ended 31 December 2020 Sino-Ocean Service Holding Limited at the AGM held on May 25, 2021, approved to declare a final dividend of RMB 0.055 per share (equivalent to HKD 0.066 per share, rounded to the nearest three decimal places) for the year ended 31 December 2020. Reported Earnings • Apr 24
Full year 2020 earnings released: EPS CN¥0.29 (vs CN¥0.23 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.02b (up 11% from FY 2019). Net income: CN¥257.6m (up 25% from FY 2019). Profit margin: 13% (up from 11% in FY 2019). The increase in margin was driven by higher revenue. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS CN¥0.29 (vs CN¥0.26 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.02b (up 11% from FY 2019). Net income: CN¥257.6m (up 25% from FY 2019). Profit margin: 13% (up from 11% in FY 2019). The increase in margin was driven by higher revenue. Announcement • Mar 10
Sino-Ocean Service Holding Limited to Report Fiscal Year 2020 Results on Mar 19, 2021 Sino-Ocean Service Holding Limited announced that they will report fiscal year 2020 results on Mar 19, 2021 Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥3.88, the stock is trading at a trailing P/E ratio of 11.3x, down from the previous P/E ratio of 13.6x. This compares to an average P/E of 10x in the Commercial Services industry in Hong Kong. Announcement • Dec 18
Sino-Ocean Service Holding Limited has completed an IPO in the amount of HKD 1.74048 billion. Sino-Ocean Service Holding Limited has completed an IPO in the amount of HKD 1.74048 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 296,000,000
Price\Range: HKD 5.88
Discount Per Security: HKD 0.1176
Transaction Features: Regulation S; Rule 144A 
