Upcoming Dividend • Jun 29
Upcoming dividend of HK$0.14 per share Eligible shareholders must have bought the stock before 06 July 2026. Payment date: 31 July 2026. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Hong Kong dividend payers (7.6%). Lower than average of industry peers (6.3%). Declared Dividend • May 02
Dividend of HK$0.14 announced Shareholders will receive a dividend of HK$0.14. Ex-date: 6th July 2026 Payment date: 31st July 2026 Dividend yield will be 3.0%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Apr 07
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥2.33b to CN¥2.65b. EPS estimate increased from CN¥0.444 to CN¥0.59 per share. Net income forecast to grow 33% next year vs 16% growth forecast for Consumer Durables industry in Hong Kong. Consensus price target up from HK$5.63 to HK$6.28. Share price fell 4.3% to HK$4.73 over the past week. Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: CN¥0.47 (down from CN¥0.81 in FY 2024). Revenue: CN¥2.16b (up 4.0% from FY 2024). Net income: CN¥257.8m (down 28% from FY 2024). Profit margin: 12% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Consumer Durables industry in Hong Kong. Announcement • Mar 26
Carote Ltd, Annual General Meeting, May 29, 2026 Carote Ltd, Annual General Meeting, May 29, 2026. Announcement • Mar 10
Carote Ltd to Report Fiscal Year 2025 Results on Mar 26, 2026 Carote Ltd announced that they will report fiscal year 2025 results on Mar 26, 2026 Major Estimate Revision • Oct 29
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥2.71b to CN¥2.35b. EPS estimate fell from CN¥0.681 to CN¥0.554 per share. Net income forecast to grow 28% next year vs 16% growth forecast for Consumer Durables industry in Hong Kong. Consensus price target down from HK$7.40 to HK$6.10. Share price was steady at HK$4.47 over the past week. Reported Earnings • Sep 30
First half 2025 earnings released First half 2025 results: EPS: CN¥0.19. Net income: CN¥102.8m (up CN¥102.8m from 1H 2024). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Hong Kong. Announcement • Aug 18
Carote Ltd to Report First Half, 2025 Results on Aug 28, 2025 Carote Ltd announced that they will report first half, 2025 results on Aug 28, 2025 Major Estimate Revision • Jun 27
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥2.69b to CN¥2.59b. EPS estimate also fell from CN¥0.695 per share to CN¥0.611 per share. Net income forecast to grow 24% next year vs 25% growth forecast for Consumer Durables industry in Hong Kong. Consensus price target down from HK$8.32 to HK$7.68. Share price fell 7.9% to HK$5.22 over the past week. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$6.11, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Consumer Durables industry in Hong Kong. Reported Earnings • May 04
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥0.81 (up from CN¥0.59 in FY 2023). Revenue: CN¥2.07b (up 31% from FY 2023). Net income: CN¥356.0m (up 50% from FY 2023). Profit margin: 17% (up from 15% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Consumer Durables industry in Hong Kong. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$4.75, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Consumer Durables industry in Hong Kong. Announcement • Apr 18
Carote Ltd (SEHK:2549) commences an Equity Buyback Plan for 53,552,310 shares, representing 10% of its issued share capital, under the authorization approved on September 13, 2024. Carote Ltd (SEHK:2549) commences share repurchases on April 17, 2025, under the program mandated by the shareholders in the Annual General Meeting held on September 13, 2024. As per the mandate, the company is authorized to repurchase up to 53,552,310 shares, representing 10% of its issued share capital. The purpose for the buyback is to enhance the net asset value per share and/or earnings per share. The repurchases will be funded from the funds legally available for such purpose in accordance with the Articles, the Listing Rules and the applicable laws and regulations of the Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting.
On April 10, 2025, the company announced a share repurchase program. Under the program, the company will repurchase up to HKD 5 million worth of its shares. The program will be funded from company's available cash reserves. Major Estimate Revision • Apr 09
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥2.56b to CN¥2.69b. EPS estimate increased from CN¥0.60 to CN¥0.695 per share. Net income forecast to grow 24% next year vs 19% growth forecast for Consumer Durables industry in Hong Kong. Consensus price target broadly unchanged at HK$8.10. Share price fell 31% to HK$3.59 over the past week. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to HK$3.59, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Consumer Durables industry in Hong Kong. New Risk • Apr 07
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 11% 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. This is currently the only risk that has been identified for the company. Announcement • Mar 28
Carote Ltd announces Annual dividend, payable on August 01, 2025 Carote Ltd. announced Annual dividend of HKD 0.1408 per share payable on August 01, 2025, ex-date on July 07, 2025 and record date on July 08, 2025. Announcement • Mar 27
Carote Ltd, Annual General Meeting, May 30, 2025 Carote Ltd, Annual General Meeting, May 30, 2025. Buy Or Sell Opportunity • Mar 20
Now 22% undervalued Over the last 90 days, the stock has risen 10% to HK$5.70. The fair value is estimated to be HK$7.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 85% over the last year. Earnings per share has grown by 92%. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 78% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$6.14, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Consumer Durables industry in Hong Kong. Simply Wall St's valuation model estimates the intrinsic value at HK$7.29 per share. Announcement • Mar 13
Carote Ltd to Report Fiscal Year 2024 Results on Mar 26, 2025 Carote Ltd announced that they will report fiscal year 2024 results on Mar 26, 2025 Buy Or Sell Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock has risen 3.6% to HK$5.80. The fair value is estimated to be HK$7.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 85% over the last year. Earnings per share has grown by 92%. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 78% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$5.84, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Consumer Durables industry in Hong Kong. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to HK$6.41, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Consumer Durables industry in Hong Kong. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to HK$4.92, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 8x in the Consumer Durables industry in Hong Kong. 
