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Stella International Holdings

SEHK:1836
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1836
SEHK
HK$11B
Market Cap
  1. Home
  2. HK
  3. Consumer Durables
Company description

Stella International Holdings Limited designs, develops, manufactures, sells, and retails footwear products and leather goods for men and women. The last earnings update was 110 days ago. More info.


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1836 Share Price and Events
7 Day Returns
3.3%
SEHK:1836
2.1%
HK Luxury
0.6%
HK Market
1 Year Returns
47%
SEHK:1836
-1.3%
HK Luxury
-4.5%
HK Market
1836 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Stella International Holdings (1836) 3.3% -4.6% 6.6% 47% 0.9% -38.6%
HK Luxury 2.1% 5% -2.8% -1.3% 26.9% 4.1%
HK Market 0.6% 0.4% -7% -4.5% 17.8% 1.1%
1 Year Return vs Industry and Market
  • 1836 outperformed the Luxury industry which returned -1.3% over the past year.
  • 1836 outperformed the Market in Hong Kong which returned -4.5% over the past year.
Price Volatility
1836
Industry
5yr Volatility vs Market

1836 Value

 Is Stella International 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 Stella International 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 Stella International Holdings.

SEHK:1836 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.9%
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:1836
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 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.812 (1 + (1- 25%) (4.75%))
0.894
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.894 * 6.65%)
7.95%

Discounted Cash Flow Calculation for SEHK:1836 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Stella International 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:1836 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.95%)
2020 96.00 Analyst x1 88.93
2021 141.00 Analyst x1 121.00
2022 156.43 Est @ 10.95% 124.37
2023 169.36 Est @ 8.26% 124.73
2024 180.17 Est @ 6.38% 122.93
2025 189.31 Est @ 5.07% 119.65
2026 197.16 Est @ 4.15% 115.44
2027 204.07 Est @ 3.51% 110.69
2028 210.31 Est @ 3.06% 105.68
2029 216.07 Est @ 2.74% 100.58
Present value of next 10 years cash flows $1,134.01
SEHK:1836 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $216.07 × (1 + 2%) ÷ (7.95% – 2%)
$3,708.29
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $3,708.29 ÷ (1 + 7.95%)10
$1,726.21
SEHK:1836 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,134.01 + $1,726.21
$2,860.22
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,860.22 / 792.63
$3.61
SEHK:1836 Discount to Share Price
Calculation Result
Exchange Rate USD/HKD
(Reporting currency to currency of SEHK:1836)
7.806
Value per Share
(HKD)
= Value per Share in USD x Exchange Rate (USD/HKD)
= $3.61 x 7.806
HK$28.17
Value per share (HKD) From above. HK$28.17
Current discount Discount to share price of HK$13.20
= -1 x (HK$13.20 - HK$28.17) / HK$28.17
53.1%

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

Current Discount
Amount off the current price Stella International Holdings is available for.
Intrinsic value
>50%
Share price is HK$13.2 vs Future cash flow value of HK$28.17
Current Discount Checks
For Stella International Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Stella International Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Stella International Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
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 Stella International Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Stella International Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1836 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.08
SEHK:1836 Share Price ** SEHK (2019-07-22) in HKD HK$13.2
SEHK:1836 Share Price converted to USD reporting currency Exchange rate (HKD/ USD) 0.128 $1.69
Hong Kong Luxury Industry PE Ratio Median Figure of 75 Publicly-Listed Luxury Companies 9.97x
Hong Kong Market PE Ratio Median Figure of 1,512 Publicly-Listed Companies 10.77x

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

** Primary Listing of Stella International Holdings.

SEHK:1836 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1836 Share Price ÷ EPS (both in USD)

= 1.69 ÷ 0.08

20.48x

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

  • Stella International Holdings is overvalued based on earnings compared to the HK Luxury industry average.
  • Stella International Holdings is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Stella International Holdings's expected growth come at a high price?
Raw Data
SEHK:1836 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
21.7%per year
Hong Kong Luxury Industry PEG Ratio Median Figure of 22 Publicly-Listed Luxury Companies 0.99x
Hong Kong Market PEG Ratio Median Figure of 481 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

SEHK:1836 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.48x ÷ 21.7%

0.94x

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

  • Stella International Holdings is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Stella International Holdings's assets?
Raw Data
SEHK:1836 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $1.20
SEHK:1836 Share Price * SEHK (2019-07-22) in HKD HK$13.2
SEHK:1836 Share Price converted to USD reporting currency Exchange rate (HKD/ USD) 0.128 $1.69
Hong Kong Luxury Industry PB Ratio Median Figure of 123 Publicly-Listed Luxury Companies 0.97x
Hong Kong Market PB Ratio Median Figure of 2,198 Publicly-Listed Companies 0.92x
SEHK:1836 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1836 Share Price ÷ Book Value per Share (both in USD)

= 1.69 ÷ 1.20

1.41x

* Primary Listing of Stella International Holdings.

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

  • Stella International Holdings is overvalued based on assets compared to the HK Luxury industry average.
X
Value checks
We assess Stella International 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. Stella International 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.

1836 Future Performance

 How is Stella International Holdings expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Stella International Holdings expected to grow at an attractive rate?
  • Stella International Holdings's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Stella International Holdings's earnings growth is expected to exceed the Hong Kong market average.
  • Stella International Holdings's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:1836 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1836 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 21.7%
SEHK:1836 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 3.1%
Hong Kong Luxury Industry Earnings Growth Rate Market Cap Weighted Average 15.9%
Hong Kong Luxury Industry Revenue Growth Rate Market Cap Weighted Average 11.8%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.3%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.6%

*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:1836 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1836 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,746 196 134 4
2020-12-31 1,670 112 114 6
2019-12-31 1,622 216 94 6
SEHK:1836 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 1,589 95 65
2018-09-30 1,571 71 61
2018-06-30 1,554 48 56
2018-03-31 1,566 47 59
2017-12-31 1,577 46 62
2017-09-30 1,585 82 71
2017-06-30 1,592 118 80
2017-03-31 1,571 110 81
2016-12-31 1,551 101 82
2016-09-30 1,622 143 89
2016-06-30 1,693 185 97
2016-03-31 1,732 178 109

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Stella International Holdings's earnings are expected to grow significantly at over 20% yearly.
  • Stella International Holdings's revenue is expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:1836 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Stella International Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1836 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.17 0.19 0.15 5.00
2020-12-31 0.15 0.16 0.12 7.00
2019-12-31 0.12 0.14 0.10 7.00
SEHK:1836 Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.08
2018-09-30 0.08
2018-06-30 0.07
2018-03-31 0.07
2017-12-31 0.08
2017-09-30 0.09
2017-06-30 0.10
2017-03-31 0.10
2016-12-31 0.10
2016-09-30 0.11
2016-06-30 0.12
2016-03-31 0.14

*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.
  • Stella International Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Stella International 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.
Stella International Holdings has a total score of 3/6, 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.

1836 Past Performance

  How has Stella International 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 Stella International 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.
  • Stella International Holdings's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Stella International Holdings's 1-year earnings growth exceeds its 5-year average (5.6% vs -16.9%)
  • Stella International Holdings's earnings growth has exceeded the HK Luxury industry average in the past year (5.6% vs 1.2%).
Earnings and Revenue History
Stella International 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 Stella International Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1836 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,588.58 65.46 227.82
2018-09-30 1,571.34 60.93 219.39 -0.90
2018-06-30 1,554.09 56.40 154.28 54.89
2018-03-31 1,565.68 59.18 162.67 55.78
2017-12-31 1,577.27 61.96 227.73
2017-09-30 1,584.59 70.83 207.60 30.21
2017-06-30 1,591.91 79.70 187.46 60.42
2017-03-31 1,571.39 80.64 183.35 61.23
2016-12-31 1,550.86 81.58 179.23 62.05
2016-09-30 1,622.03 89.49 185.81 62.79
2016-06-30 1,693.19 97.41 192.38 63.53
2016-03-31 1,731.52 109.23 195.22 61.71
2015-12-31 1,769.85 121.05 198.06 59.89
2015-09-30 1,754.19 121.59 187.27 57.67
2015-06-30 1,738.53 122.14 176.49 55.45
2015-03-31 1,700.81 121.42 172.16 54.05
2014-12-31 1,663.09 120.70 167.82 52.64
2014-09-30 1,614.81 122.84 173.77 51.40
2014-06-30 1,566.53 124.98 179.72 50.16
2014-03-31 1,554.00 123.82 184.23 49.43
2013-12-31 1,541.47 122.66 188.75 48.69
2013-09-30 1,552.96 129.88 187.26 48.80
2013-06-30 1,564.45 137.11 185.77 48.91
2013-03-31 1,557.23 145.26 188.60 49.21
2012-12-31 1,550.00 153.40 191.44 49.50
2012-09-30 1,527.77 149.02 185.27 48.76

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

1836 Health

 How is Stella International 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 Stella International Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Stella International Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Stella International Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Stella International 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 10.7x 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 Stella International Holdings Company Filings, last reported 6 months ago.

SEHK:1836 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 946.79 65.40 184.90
2018-09-30 946.79 65.40 184.90
2018-06-30 953.18 159.87 123.38
2018-03-31 953.18 159.87 123.38
2017-12-31 967.96 63.27 230.44
2017-09-30 967.96 63.27 230.44
2017-06-30 966.05 121.22 103.77
2017-03-31 966.05 121.22 103.77
2016-12-31 977.86 3.36 149.49
2016-09-30 977.86 3.36 149.49
2016-06-30 958.23 159.49 127.60
2016-03-31 958.23 159.49 127.60
2015-12-31 984.29 18.35 186.21
2015-09-30 984.29 18.35 186.21
2015-06-30 949.54 138.94 141.10
2015-03-31 949.54 138.94 141.10
2014-12-31 952.71 0.00 174.48
2014-09-30 952.71 0.00 174.48
2014-06-30 918.02 108.01 178.72
2014-03-31 918.02 108.01 178.72
2013-12-31 933.55 0.00 278.00
2013-09-30 933.55 0.00 278.00
2013-06-30 891.23 30.00 198.46
2013-03-31 891.23 30.00 198.46
2012-12-31 916.75 0.00 303.60
2012-09-30 916.75 0.00 303.60
  • Stella International Holdings's level of debt (6.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0.1% vs 6.9% today).
  • Debt is well covered by operating cash flow (144.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 27.4x coverage).
X
Financial health checks
We assess Stella International 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. Stella International 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.

1836 Dividends

 What is Stella International 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
6.78%
Current annual income from Stella International Holdings dividends. Estimated to be 6.9% next year.
If you bought HK$2,000 of Stella International Holdings shares you are expected to receive HK$136 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?
  • Stella International Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.07%).
  • Stella International Holdings's dividend is above the markets top 25% of dividend payers in Hong Kong (5.71%).
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:1836 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 6 Analyst Estimates (S&P Global) See Below
Hong Kong Luxury Industry Average Dividend Yield Market Cap Weighted Average of 57 Stocks 2.9%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 978 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

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

SEHK:1836 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.13 5.00
2020-12-31 0.12 7.00
2019-12-31 0.10 6.00
SEHK:1836 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-03 0.115 7.001
2019-03-21 0.115 7.711
2018-08-28 0.076 6.943
2018-08-16 0.076 7.401
2018-04-10 0.076 6.481
2018-03-15 0.076 5.713
2017-08-29 0.077 4.936
2017-08-17 0.077 4.357
2017-03-16 0.077 4.486
2016-04-11 0.109 6.230
2016-03-23 0.110 4.629
2015-03-30 0.109 4.385
2015-03-20 0.110 4.537
2014-04-10 0.109 4.120
2013-04-03 0.135 5.307
2013-03-21 0.135 4.574
2012-03-21 0.126 4.855
2011-08-18 0.106 4.626
2011-03-17 0.106 4.428
2010-08-19 0.090 4.411
2010-03-18 0.090 4.632
2009-03-27 0.103 6.171
2009-03-20 0.103 9.679
2008-08-21 0.115 12.228

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%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Stella International Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Stella International Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Stella International Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Stella International Holdings has a total score of 3/6, see the detailed checks below.


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

1836 Management

 What is the CEO of Stella International 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
Stephen Chi
COMPENSATION $824,000
AGE 47
TENURE AS CEO 0.5 years
CEO Bio

Mr. Lo-Jen Chi, also known as Stephen, has been Chief Executive Officer at Stella International Holdings Ltd. since January 1, 2019 and served as the Chief Executive Officer of The Women's Footwear Business Division & The Retail Business Division until January 1, 2019. Mr. Chi served as Chief Operating Officer for the women's Footwear Business Division at Stella International Holdings Ltd. He is responsible for the supervision of the daily operations and business development of women's footwear business. He joined Stella International Holdings Ltd in 1995. He has over 23 years of experience in the footwear industry. Mr. Chi has been an Executive Director at Stella International Holdings Ltd since June 15, 2007. Mr. Chi studied mechanical engineering at Carnegie Mellon University in the United States.

CEO Compensation
  • Stephen's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Stephen's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team

Stephen Chi

TITLE
CEO & Executive Director
COMPENSATION
$824K
AGE
47
TENURE
0.5 yrs

Don Lee

TITLE
Chief Financial Officer
AGE
61

Dermot Smowton

TITLE
Chief Operating Officer
AGE
64
TENURE
3.6 yrs

Katie Kan

TITLE
Company Secretary
AGE
48
Board of Directors Tenure

Average tenure and age of the Stella International Holdings board of directors in years:

7.8
Average Tenure
66
Average Age
  • The tenure for the Stella International Holdings board of directors is about average.
Board of Directors

Lawrence Chen

TITLE
Chairman of the Board
COMPENSATION
$576K
AGE
58
TENURE
0.3 yrs

Stephen Chi

TITLE
CEO & Executive Director
COMPENSATION
$824K
AGE
47
TENURE
12.1 yrs

Johnny Chen

TITLE
Independent Non Executive Director
COMPENSATION
$61K
AGE
60
TENURE
10.4 yrs

Peter Bolliger

TITLE
Independent Non-Executive Director
COMPENSATION
$54K
AGE
74
TENURE
8.8 yrs

William Chan

TITLE
Independent Non-Executive Director
COMPENSATION
$67K
AGE
70
TENURE
6.8 yrs

Thomas Yue

TITLE
Independent Non-Executive Director
COMPENSATION
$68K
AGE
65
TENURE
6.5 yrs

Jack Chiang

TITLE
Non-Executive Director
COMPENSATION
$692K
AGE
68
TENURE
12.1 yrs

Eric Chao

TITLE
Non-Executive Director
COMPENSATION
$581K
AGE
67
TENURE
12.1 yrs

Jie Lian

TITLE
Independent Non-Executive Director
COMPENSATION
$52K
AGE
44
TENURE
2.4 yrs

Nan Sun Shi

TITLE
Independent Non-Executive Director
AGE
67
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
29. Apr 19 Sell Marathon Asset Management, LLP Company 25. Apr 19 25. Apr 19 -694,000 HK$13.64 HK$-9,463,728
15. Oct 18 Buy Marathon Asset Management, LLP Company 12. Oct 18 12. Oct 18 1,031,000 HK$7.31 HK$7,536,508
12. Oct 18 Buy Jeh-Chung Chiang Individual 11. Oct 18 11. Oct 18 3,592,500 HK$7.29 HK$26,174,588
09. Oct 18 Buy Jeh-Chung Chiang Individual 08. Oct 18 08. Oct 18 75,500 HK$7.08 HK$534,382
29. Aug 18 Buy Ming-Cheng Chao Individual 28. Aug 18 28. Aug 18 2,000,000 HK$8.18 HK$16,359,994
24. Aug 18 Buy Li-Ming Chen Individual 22. Aug 18 22. Aug 18 1,000,000 HK$8.20 HK$8,199,998
24. Aug 18 Buy Li-Ming Chen Individual 21. Aug 18 21. Aug 18 2,500,000 HK$8.18 HK$20,449,994
24. Aug 18 Buy Jeh-Chung Chiang Individual 21. Aug 18 21. Aug 18 2,500,000 HK$8.18 HK$20,449,994
X
Management checks
We assess Stella International 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. Stella International 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.

1836 News

Simply Wall St News

Why Stella International Holdings Limited’s (HKG:1836) Return On Capital Employed Looks Uninspiring

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Stella International Holdings: 0.052 = US$49m ÷ (US$1.2b - US$217m) (Based on the trailing twelve months to December 2018.) Therefore, Stella International Holdings has an ROCE of 5.2%. … What Are Current Liabilities, And How Do They Affect Stella International Holdings's ROCE? … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

Introducing Stella International Holdings (HKG:1836), The Stock That Dropped 37% In The Last Five Years

Looking back five years, both Stella International Holdings's share price and EPS declined; the latter at a rate of 12% per year. … We note that for Stella International Holdings the TSR over the last 5 years was -18%, which is better than the share price return mentioned above. … A Different Perspective We're pleased to report that Stella International Holdings shareholders have received a total shareholder return of 45% over one year.

Simply Wall St -

Could Stella International Holdings Limited's (HKG:1836) Investor Composition Influence The Stock Price?

View our latest analysis for Stella International Holdings SEHK:1836 Ownership Summary, June 9th 2019 What Does The Institutional Ownership Tell Us About Stella International Holdings? … As you can see, institutional investors own 21% of Stella International Holdings. … Insider Ownership Of Stella International Holdings The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

Stella International Holdings Limited (HKG:1836): Will The Growth Last?

Stella International Holdings Limited's (HKG:1836) released its most recent earnings update in December 2018, which suggested that the business benefited from a slight tailwind, eventuating to a single-digit earnings growth of 5.6%. … Below is my commentary, albeit very simple and high-level, on how market analysts predict Stella International Holdings's earnings growth outlook over the next couple of years and whether the future looks even brighter than the past. … See our latest analysis for Stella International Holdings Market analysts' prospects for the coming year seems optimistic, with earnings climbing by a robust 41%.

Simply Wall St -

Here's What Stella International Holdings Limited's (HKG:1836) P/E Is Telling Us

Check out our latest analysis for Stella International Holdings How Do I Calculate Stella International Holdings's Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS) Or for Stella International Holdings: P/E of 20.83 = $1.72 (Note: this is the share price in the reporting currency, namely, USD ) ÷ $0.083 (Based on the trailing twelve months to December 2018.) Is A High Price-to-Earnings Ratio Good? … The Bottom Line On Stella International Holdings's P/E Ratio Stella International Holdings trades on a P/E ratio of 20.8, which is above the HK market average of 11.2.

Simply Wall St -

Have Insiders Been Buying Stella International Holdings Limited (HKG:1836) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Stella International Holdings Limited (HKG:1836). … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' View our latest analysis for Stella International Holdings Stella International Holdings Insider Transactions Over The Last Year In the last twelve months, the biggest single purchase by an insider was when Non-Executive Director Jeh-Chung Chiang bought HK$26m worth of shares at a price of HK$7.29 per share. … With high insider ownership and encouraging transactions, it seems like Stella International Holdings insiders think the business has merit.

Simply Wall St -

Want To Invest In Stella International Holdings Limited (HKG:1836)? Here's How It Performed Lately

Measuring Stella International Holdings Limited's (HKG:1836) track record of past performance is a valuable exercise for investors. … Today I will assess 1836's recent performance announced on 31 December 2018 and compare these figures to its historical trend and industry movements. … Check out our latest analysis for Stella International Holdings?

Simply Wall St -

Is Stella International Holdings Limited (HKG:1836) Investing Your Capital Efficiently?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Is Stella International Holdings Limited's (HKG:1836) ROE Of 6.6% Concerning?

Our data shows Stella International Holdings has a return on equity of 6.6% for the last year. … See our latest analysis for Stella International Holdings? … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Are Analysts Saying About The Future Of Stella International Holdings Limited's (HKG:1836)?

As Stella International Holdings Limited (HKG:1836) released its earnings announcement on 31 December 2018, … the consensus outlook from analysts appear fairly confident, … the past 5-year average growth rate of -17%.

Simply Wall St -

1836 Company Info

Description

Stella International Holdings Limited designs, develops, manufactures, sells, and retails footwear products and leather goods for men and women. The company operates through Men’s Footwear, Women’s Footwear, and Footwear Retailing and Wholesaling segments. It is involved in holding of intellectual property rights; and provision of secretary and accounting services. The company operates its stores under the Stella Luna, What For, and JKJY by Stella names. It operates in the United States, the People’s Republic of China, the United Kingdom, the Netherlands, Canada, Japan, Germany, Belgium, and internationally. The company was founded in 1982 and is based in Kowloon, Hong Kong.

Details
Name: Stella International Holdings Limited
1836
Exchange: SEHK
Founded: 1982
HK$10,748,110,260
792,633,500
Website: http://www.stella.com.hk
Address: Stella International Holdings Limited
MG Tower,
Flat C,
Kowloon,
Kowloon, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1836 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 06. Jul 2007
OTCPK SLNL.F Ordinary Shares Pink Sheets LLC US USD 06. Jul 2007
DB 31S Ordinary Shares Deutsche Boerse AG DE EUR 06. Jul 2007
SZSC 1836 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 06. Jul 2007
Number of employees
Current staff
Staff numbers
63,000
Stella International Holdings employees.
Industry
Footwear
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/22 12:45
End of day share price update: 2019/07/22 00:00
Last estimates confirmation: 2019/07/22
Last earnings filing: 2019/04/03
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.