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Mainland Headwear Holdings

SEHK:1100
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1100
SEHK
HK$446M
Market Cap
  1. Home
  2. HK
  3. Consumer Durables
Company description

Mainland Headwear Holdings Limited, an investment holding company, designs, manufactures, trades in, distributes, and retails casual headwear products in the United States, Europe, the People’s Republic of China, Hong Kong, and internationally. The last earnings update was 32 days ago. More info.


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1100 Share Price and Events
7 Day Returns
-1.8%
SEHK:1100
1.7%
HK Luxury
0.5%
HK Market
1 Year Returns
-5.2%
SEHK:1100
-5%
HK Luxury
-6.1%
HK Market
1100 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mainland Headwear Holdings (1100) -1.8% 0.9% -5.2% -5.2% -15.4% 57.1%
HK Luxury 1.7% 1% 14.6% -5% 17.2% 6%
HK Market 0.5% 1.1% 11.2% -6.1% 25.9% 19.4%
1 Year Return vs Industry and Market
Price Volatility
1100
Industry
5yr Volatility vs Market

Value

 Is Mainland Headwear Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Mainland Headwear Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Mainland Headwear Holdings.

SEHK:1100 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:1100
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Luxury Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.731 (1 + (1- 25%) (33.65%))
0.943
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.94
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.943 * 6.65%)
8.27%

Discounted Cash Flow Calculation for SEHK:1100 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Mainland Headwear Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:1100 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 8.27%)
2019 2.09 Est @ 8.67% 1.93
2020 2.23 Est @ 6.67% 1.90
2021 2.34 Est @ 5.27% 1.85
2022 2.44 Est @ 4.29% 1.78
2023 2.53 Est @ 3.6% 1.70
2024 2.61 Est @ 3.12% 1.62
2025 2.68 Est @ 2.79% 1.54
2026 2.75 Est @ 2.55% 1.46
2027 2.82 Est @ 2.39% 1.38
2028 2.88 Est @ 2.27% 1.30
Present value of next 10 years cash flows HK$16.45
SEHK:1100 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$2.88 × (1 + 2%) ÷ (8.27% – 2%)
HK$46.88
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$46.88 ÷ (1 + 8.27%)10
HK$21.17
SEHK:1100 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$16.45 + HK$21.17
HK$37.62
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$37.62 / 405.32
HK$0.09
SEHK:1100 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$0.09
Current discount Discount to share price of HK$1.10
= -1 x (HK$1.10 - HK$0.09) / HK$0.09
-1085.2%

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

  • The current share price of Mainland Headwear Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Mainland Headwear Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mainland Headwear Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1100 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$0.15
SEHK:1100 Share Price ** SEHK (2019-04-18) in HKD HK$1.1
Hong Kong Luxury Industry PE Ratio Median Figure of 76 Publicly-Listed Luxury Companies 10.37x
Hong Kong Market PE Ratio Median Figure of 1,474 Publicly-Listed Companies 12x

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

** Primary Listing of Mainland Headwear Holdings.

SEHK:1100 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1100 Share Price ÷ EPS (both in HKD)

= 1.1 ÷ 0.15

7.13x

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

  • Mainland Headwear Holdings is good value based on earnings compared to the HK Luxury industry average.
  • Mainland Headwear Holdings is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Mainland Headwear Holdings's expected growth come at a high price?
Raw Data
SEHK:1100 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.13x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
7.2%per year
Hong Kong Luxury Industry PEG Ratio Median Figure of 22 Publicly-Listed Luxury Companies 0.89x
Hong Kong Market PEG Ratio Median Figure of 462 Publicly-Listed Companies 0.86x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Mainland Headwear Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Mainland Headwear Holdings's assets?
Raw Data
SEHK:1100 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$1.74
SEHK:1100 Share Price * SEHK (2019-04-18) in HKD HK$1.1
Hong Kong Luxury Industry PB Ratio Median Figure of 120 Publicly-Listed Luxury Companies 1.11x
Hong Kong Market PB Ratio Median Figure of 2,149 Publicly-Listed Companies 1.03x
SEHK:1100 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1100 Share Price ÷ Book Value per Share (both in HKD)

= 1.1 ÷ 1.74

0.63x

* Primary Listing of Mainland Headwear Holdings.

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

  • Mainland Headwear Holdings is good value based on assets compared to the HK Luxury industry average.
X
Value checks
We assess Mainland Headwear Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Luxury industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Luxury industry average (and greater than 0)? (1 check)
  5. Mainland Headwear Holdings has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

Future Performance

 How is Mainland Headwear Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Mainland Headwear Holdings, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mainland Headwear Holdings expected to grow at an attractive rate?
  • Mainland Headwear Holdings's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Mainland Headwear Holdings's earnings growth is positive but not above the Hong Kong market average.
  • Unable to compare Mainland Headwear Holdings's revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:1100 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1100 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 7.2%
Hong Kong Luxury Industry Earnings Growth Rate Market Cap Weighted Average 15.8%
Hong Kong Luxury Industry Revenue Growth Rate Market Cap Weighted Average 11.5%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 11.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
SEHK:1100 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1100 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 941 63
2018-09-30 927 68
2018-06-30 913 96 74
2018-03-31 902 94 76
2017-12-31 891 92 77
2017-09-30 877 82 76
2017-06-30 864 72 74
2017-03-31 867 77 73
2016-12-31 870 81 72
2016-09-30 875 80 68
2016-06-30 879 78 64
2016-03-31 875 88 58

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Mainland Headwear Holdings's earnings are expected to grow by 7.2% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Mainland Headwear Holdings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:1100 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Mainland Headwear Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1100 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 0.15
2018-09-30 0.17
2018-06-30 0.18
2018-03-31 0.19
2017-12-31 0.19
2017-09-30 0.19
2017-06-30 0.18
2017-03-31 0.18
2016-12-31 0.18
2016-09-30 0.17
2016-06-30 0.16
2016-03-31 0.15

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Mainland Headwear Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Mainland Headwear Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Mainland Headwear Holdings has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

Past Performance

  How has Mainland Headwear Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Mainland Headwear Holdings's growth in the last year to its industry (Luxury).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Mainland Headwear Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • Mainland Headwear Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Mainland Headwear Holdings's 1-year earnings growth is negative, it can't be compared to the HK Luxury industry average.
Earnings and Revenue History
Mainland Headwear Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Mainland Headwear Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1100 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 941.49 62.51 233.75
2018-09-30 927.09 68.20 231.08
2018-06-30 912.69 73.89 228.41
2018-03-31 901.70 75.56 222.70
2017-12-31 890.71 77.23 216.99
2017-09-30 877.23 75.71 212.69
2017-06-30 863.76 74.19 208.39
2017-03-31 867.02 72.89 212.65
2016-12-31 870.29 71.59 216.92
2016-09-30 874.77 67.56 220.40
2016-06-30 879.25 63.53 223.88
2016-03-31 875.12 58.04 222.01
2015-12-31 871.00 52.55 220.15
2015-09-30 890.64 47.07 218.71
2015-06-30 910.27 41.58 217.26
2015-03-31 913.90 37.31 220.10
2014-12-31 917.53 33.04 222.94
2014-09-30 931.14 37.28 227.68
2014-06-30 944.75 41.52 232.41
2014-03-31 933.69 24.44 234.80
2013-12-31 922.63 7.37 237.18
2013-09-30 878.12 -7.77 227.12
2013-06-30 833.62 -22.91 217.06
2013-03-31 800.38 -7.13 201.04
2012-12-31 767.15 8.66 185.02
2012-09-30 759.80 21.91 174.48
2012-06-30 752.45 35.17 163.94

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Mainland Headwear Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Mainland Headwear Holdings used its assets less efficiently than the HK Luxury industry average last year based on Return on Assets.
  • Mainland Headwear Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Mainland Headwear Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Luxury industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Mainland Headwear Holdings has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

Health

 How is Mainland Headwear Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Mainland Headwear Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Mainland Headwear Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Mainland Headwear Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Mainland Headwear Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Mainland Headwear Holdings Company Filings, last reported 3 months ago.

SEHK:1100 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 714.49 150.02 129.85
2018-09-30 714.49 150.02 129.85
2018-06-30 694.77 127.35 191.58
2018-03-31 694.77 127.35 191.58
2017-12-31 673.77 112.53 233.60
2017-09-30 673.77 112.53 233.60
2017-06-30 633.30 53.40 247.36
2017-03-31 633.30 53.40 247.36
2016-12-31 605.31 59.28 241.50
2016-09-30 605.31 59.28 241.50
2016-06-30 604.73 66.40 231.93
2016-03-31 604.73 66.40 231.93
2015-12-31 550.71 68.20 213.24
2015-09-30 550.71 68.20 213.24
2015-06-30 533.95 38.72 217.44
2015-03-31 533.95 38.72 217.44
2014-12-31 513.92 33.44 166.43
2014-09-30 513.92 33.44 166.43
2014-06-30 505.43 25.95 192.72
2014-03-31 505.43 25.95 192.72
2013-12-31 489.96 27.52 196.01
2013-09-30 489.96 27.52 196.01
2013-06-30 468.72 34.14 186.32
2013-03-31 468.72 34.14 186.32
2012-12-31 491.21 40.52 210.32
2012-09-30 491.21 40.52 210.32
2012-06-30 506.70 0.84 242.48
  • Mainland Headwear Holdings's level of debt (21%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (5.6% vs 21% today).
  • Debt is well covered by operating cash flow (63.8%, greater than 20% of total debt).
  • Mainland Headwear Holdings earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Mainland Headwear Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Mainland Headwear Holdings has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is Mainland Headwear Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.55%
Current annual income from Mainland Headwear Holdings dividends.
If you bought HK$2,000 of Mainland Headwear Holdings shares you are expected to receive HK$91 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Mainland Headwear Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (1.94%).
  • Mainland Headwear Holdings's dividend is below the markets top 25% of dividend payers in Hong Kong (5.34%).
Upcoming dividend payment

Purchase Mainland Headwear Holdings before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:1100 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Hong Kong Luxury Industry Average Dividend Yield Market Cap Weighted Average of 56 Stocks 2.7%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 965 Stocks 3.4%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.1%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 1.9%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

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

SEHK:1100 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-04-12 0.050 4.513
2018-03-21 0.050 4.257
2017-04-19 0.060 4.093
2017-03-28 0.060 3.847
2016-05-10 0.030 1.885
2015-05-13 0.040 3.314
2014-09-10 0.020 1.761
2014-08-22 0.020 2.251
2014-05-15 0.020 2.664
2013-09-16 0.020 2.813
2013-08-30 0.020 2.789
2013-04-17 0.040 4.910
2013-03-26 0.040 4.273
2012-03-27 0.040 4.417
2011-08-29 0.030 4.186
2011-03-29 0.030 3.294
2010-08-26 0.030 2.937
2010-04-12 0.030 3.652
2009-09-09 0.040 4.265
2009-04-20 0.050 5.181

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • No dividend growth in 10 years.
Current Payout to shareholders
What portion of Mainland Headwear Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Mainland Headwear Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Mainland Headwear Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mainland Headwear Holdings has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of Mainland Headwear Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Pauline Ngan
COMPENSATION HK$7,069,000
AGE 58
CEO Bio

Madam Po Ling Ngan, also known as Pauline, BBS, JP, co-founded Mainland Headwear Holdings Ltd. and serves as its Managing Director and Deputy Chairman. Madam Ngan is responsible for Mainland Headwear Holdings Limited's Marketing Activities and the overall Operating system. She has over 20 years of experience in the manufacturing and sales of casual headwear products. She serves as a Senior Consultant of China Charity Federation. She serves as vice president of Hong Kong Young Industrialists Council and the vice president of the China Federation of Overseas Chinese Entrepreneurs. Madam Ngan serves as the Chairman of Yan Oi Tong and a Director of Po Leung Kuk. She serves as vice chairman of the Hong Kong General Chamber of Textiles Limited. She serves as a Director of China Charity Federation. Madam Ngan received the Young Industrialist Awards of Hongkong 2001. She earned an Executive Director Award in the “Directors of the Year Awards 2004” organised by the Hong Kong Institute of Directors and the Owner-Operator Award in the DHL/SCMP Hong Kong Business Awards 2004.

CEO Compensation
  • Pauline's compensation has been consistent with company performance over the past year.
  • Pauline's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the Mainland Headwear Holdings management team in years:

9
Average Tenure
50
Average Age
  • The average tenure for the Mainland Headwear Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Hei Keung Ngan

TITLE
Co-Founder & Chairman
COMPENSATION
HK$4M
AGE
62

Pauline Ngan

TITLE
Co-Founder
COMPENSATION
HK$7M
AGE
58

Maggie Gu

TITLE
COO & Executive Director
COMPENSATION
HK$2M
AGE
41
TENURE
6.6 yrs

Jim Patterson

TITLE
Executive Director
COMPENSATION
HK$431K
AGE
47

Alexander Ngan

TITLE
Executive Director
COMPENSATION
HK$807K
AGE
28

Andrew Ngan

TITLE
Consultant
COMPENSATION
HK$57K
AGE
31
TENURE
1.1 yrs

Thomas Lai

TITLE
Chief Financial Officer
AGE
50

Ada Leung

TITLE
Director of Administration & Human Resources
AGE
56
TENURE
11.3 yrs

Raj Kapoor

TITLE
Managing Director of European Operations
AGE
57

Hoi Ying Chan

TITLE
Company Secretary
TENURE
11.3 yrs
Board of Directors Tenure

Average tenure and age of the Mainland Headwear Holdings board of directors in years:

8.6
Average Tenure
56
Average Age
  • The tenure for the Mainland Headwear Holdings board of directors is about average.
Board of Directors

Hei Keung Ngan

TITLE
Co-Founder & Chairman
COMPENSATION
HK$4M
AGE
62

Pauline Ngan

TITLE
Co-Founder
COMPENSATION
HK$7M
AGE
58

Maggie Gu

TITLE
COO & Executive Director
COMPENSATION
HK$2M
AGE
41
TENURE
7.2 yrs

Jim Patterson

TITLE
Executive Director
COMPENSATION
HK$431K
AGE
47
TENURE
10 yrs

Alexander Ngan

TITLE
Executive Director
COMPENSATION
HK$807K
AGE
28
TENURE
3.3 yrs

William Leung

TITLE
Independent Non-Executive Director
COMPENSATION
HK$120K
AGE
69
TENURE
19.1 yrs

Ng Gordon

TITLE
Independent Non-Executive Director
COMPENSATION
HK$120K
AGE
54
TENURE
4.6 yrs

Brandon Liu

TITLE
Independent Non Executive Director
COMPENSATION
HK$120K
AGE
73
TENURE
12.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
X
Management checks
We assess Mainland Headwear Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Mainland Headwear Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

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

News

Simply Wall St News

Read This Before You Buy Mainland Headwear Holdings Limited (HKG:1100) Because Of Its P/E Ratio

We'll show how you can use Mainland Headwear Holdings Limited's (HKG:1100) P/E ratio to inform your assessment of the investment opportunity. … Mainland Headwear Holdings has a P/E ratio of 7.13, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Mainland Headwear Holdings Limited's (HKG:1100) Earnings Dropped -19%, Did Its Industry Show Weakness Too?

Assessing Mainland Headwear Holdings Limited's (HKG:1100) past track record of performance is a useful exercise for investors. … Was 1100's recent earnings decline indicative of a tough track record. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 20%, indicating the rate at which 1100 is growing has slowed down

Simply Wall St -

Is Mainland Headwear Holdings Limited (HKG:1100) A Good Dividend Stock?

Historically, Mainland Headwear Holdings Limited (HKG:1100) has been paying a dividend to shareholders. … Let's take a look at Mainland Headwear Holdings in more detail. … View our latest analysis for Mainland Headwear Holdings

Simply Wall St -

Update: Mainland Headwear Holdings Stock Gained71% In The Last Five Years

For example, long term Mainland Headwear Holdings Limited (HKG:1100) shareholders have enjoyed a 71% share price rise over the last half decade, well in excess of the market return of around 38%. … By comparing earnings per share (EPS) and and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … Over half a decade, Mainland Headwear Holdings managed to grow its earnings per share at 53% a year.

Simply Wall St -

Has Mainland Headwear Holdings Limited (HKG:1100) Been Employing Capital Shrewdly?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

What Kind Of Shareholder Owns Most Mainland Headwear Holdings Limited (HKG:1100) Stock?

A look at the shareholders of Mainland Headwear Holdings Limited (HKG:1100) can tell us which group is most powerful. … With a market capitalization of HK$442m, Mainland Headwear Holdings is a small cap stock, so it might not be well known by many institutional investors. … See our latest analysis for Mainland Headwear Holdings

Simply Wall St -

Here's What Mainland Headwear Holdings Limited's (HKG:1100) P/E Ratio Is Telling Us

We'll look at Mainland Headwear Holdings Limited's (HKG:1100) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, Mainland Headwear Holdings's P/E ratio is 6.2. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

What Investors Should Know About Mainland Headwear Holdings Limited's (HKG:1100) Financial Strength

However, an important fact which most ignore is: how financially healthy is the business? … So, understanding the company's financial health becomes. … Here are a few basic checks that are good enough to have a broad overview of the company’s financial strength.

Simply Wall St -

Is Mainland Headwear Holdings Limited (HKG:1100) A Smart Choice For Dividend Investors?

Historically, Mainland Headwear Holdings Limited (HKG:1100) has paid a dividend to shareholders. … Does Mainland Headwear Holdings tick all the boxes of a great dividend stock? … Check out our latest analysis for Mainland Headwear Holdings

Simply Wall St -

Has Mainland Headwear Holdings Limited (HKG:1100) Improved Earnings In Recent Times?

Understanding how Mainland Headwear Holdings Limited (HKG:1100) is performing as a company requires looking at more than just a years' earnings. … Today I will run you through a basic sense check to gain perspective on how Mainland Headwear Holdings is doing by comparing its latest earnings with its long-term trend as well as the performance of its luxury industry peers. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 34%, indicating the rate at which 1100 is growing has slowed down

Simply Wall St -

Company Info

Description

Mainland Headwear Holdings Limited, an investment holding company, designs, manufactures, trades in, distributes, and retails casual headwear products in the United States, Europe, the People’s Republic of China, Hong Kong, and internationally. The company operates through Manufacturing Business, Trading Business, and Retail Business segments. Its casual headwear products include baseball caps, bucket hats, winter caps, Gatsby hats, headbands, and sun visors. The company also offers headwear products for sports and racing, lifestyle and fashion, fishing/hunting and golf, and corporate events; character and entertainment, and O.D.M. headwear products; and knitted and winter hats. In addition, it is involved in the trading of apparels and accessories; provision of digitizing, research and development, quality control, and administrative services; and property holding, and retailing and wholesaling activities. As of December 31, 2017, Mainland Headwear Holdings Limited operated 31 self-owned and 49 franchise stores under the Sanrio name; and 7 self-owned and 4 NOP franchise stores under the NOP brand name. The company was founded in 1986 and is headquartered in Kowloon Bay, Hong Kong. Mainland Headwear Holdings Limited is a subsidiary of Successful Years International Company Limited.

Details
Name: Mainland Headwear Holdings Limited
1100
Exchange: SEHK
Founded: 1986
HK$445,855,612
405,323,284
Website: http://www.mainland.com.hk
Address: Mainland Headwear Holdings Limited
Rooms 1001-1005, Enterprise Square I,
Tower 2,
Kowloon Bay,
Kowloon, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1100 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 13. Dec 2000
Number of employees
Current staff
Staff numbers
5,943
Mainland Headwear Holdings employees.
Industry
Apparel, Accessories and Luxury Goods
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/19 12:36
End of day share price update: 2019/04/18 00:00
Last earnings filing: 2019/03/18
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.