Announcement • Jul 17
Texhong International Group Limited Provides Preliminary Unaudited Consolidated Earnings Guidance for the Six Months Ended 30 June 2026 Texhong International Group Limited provided preliminary unaudited consolidated earnings guidance for the six months ended 30 June 2026. For the period, the group is expected to record a net profit increase of approximately 75%, compared to the net profit of approximately RMB 464 million for the six months ended 30 June 2025. The expected significant increase in net profit of the Group is mainly due to robust demand in the textile market with sufficient business orders of the Group during 2026 First Half, driving improvements in sales volume and capacity utilisation compared to 2025 First Half and leading to a significant increase in gross profit. Additionally, the Group benefited from the continuous improvement in its asset-liability structure, which resulted in a marked decrease in finance costs during 2026 First Half compared to 2025 First Half. Reported Earnings • Mar 27
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CN¥0.99 (up from CN¥0.60 in FY 2024). Revenue: CN¥22.7b (down 1.4% from FY 2024). Net income: CN¥913.0m (up 65% from FY 2024). Profit margin: 4.0% (up from 2.4% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 26
Texhong International Group Limited, Annual General Meeting, May 22, 2026 Texhong International Group Limited, Annual General Meeting, May 22, 2026. Buy Or Sell Opportunity • Mar 23
Now 22% undervalued Over the last 90 days, the stock has risen 43% to HK$6.47. The fair value is estimated to be HK$8.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has declined by 6.0%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Announcement • Mar 16
Texhong International Group Limited to Report Fiscal Year 2025 Results on Mar 26, 2026 Texhong International Group Limited announced that they will report fiscal year 2025 results on Mar 26, 2026 Buy Or Sell Opportunity • Mar 02
Now 24% undervalued Over the last 90 days, the stock has risen 39% to HK$6.28. The fair value is estimated to be HK$8.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has declined by 6.0%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Announcement • Jan 16
Texhong International Group Limited Provides Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2025 Texhong International Group Limited provides unaudited consolidated earnings guidance for the year ended 31 December 2025. For the period, the company expects to record a net profit increase of approximately 60%, compared to the net profit of approximately RMB 589 million for the year ended 31 December 2024. The expected significant increase in net profit of the Group is mainly due to a rebound in domestic and international market orders during Year 2025, driving improvements in sales volume and capacity utilisation of the Group compared to Year 2024 and leading to enhancement in the product gross profit margin for Year 2025. Additionally, the Group benefited from the continuous improvement in its asset-liability structure, which resulted in a marked decrease in finance costs during Year 2025 compared to Year 2024. Reported Earnings • Sep 27
First half 2025 earnings released: EPS: CN¥0.46 (vs CN¥0.30 in 1H 2024) First half 2025 results: EPS: CN¥0.46 (up from CN¥0.30 in 1H 2024). Revenue: CN¥11.0b (down 1.9% from 1H 2024). Net income: CN¥418.8m (up 53% from 1H 2024). Profit margin: 3.8% (up from 2.4% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 3% per year. Major Estimate Revision • Sep 03
Consensus EPS estimates increase by 23%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥23.5b to CN¥22.9b. EPS estimate rose from CN¥0.64 to CN¥0.79. Net income forecast to grow 6.7% next year vs 12% growth forecast for Luxury industry in Hong Kong. Consensus price target up from HK$4.54 to HK$5.50. Share price fell 6.2% to HK$4.87 over the past week. Reported Earnings • Aug 28
First half 2025 earnings released: EPS: CN¥0.46 (vs CN¥0.29 in 1H 2024) First half 2025 results: EPS: CN¥0.46 (up from CN¥0.29 in 1H 2024). Revenue: CN¥11.0b (down 1.9% from 1H 2024). Net income: CN¥418.8m (up 55% from 1H 2024). Profit margin: 3.8% (up from 2.4% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Announcement • Aug 15
Texhong International Group Limited to Report First Half, 2025 Results on Aug 27, 2025 Texhong International Group Limited announced that they will report first half, 2025 results on Aug 27, 2025 Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$4.69, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Luxury industry in Hong Kong. Total loss to shareholders of 28% over the past three years. Upcoming Dividend • Jun 02
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 09 June 2025. Payment date: 04 July 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (3.5%). Announcement • May 23
Texhong International Group Limited Declares Final Dividend for the Year Ended 31 December 2024 Texhong International Group Limited at its Annual General Meeting held on 23 May 2025, approved to declare a final dividend for the year ended 31 December 2024 of HKD 0.10 per share of HKD 0.10 each in the capital of the Company. Reported Earnings • Mar 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.60 (up from CN¥0.41 loss in FY 2023). Revenue: CN¥23.0b (up 1.3% from FY 2023). Net income: CN¥553.5m (up CN¥929.2m from FY 2023). Profit margin: 2.4% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury 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 40 percentage points per year, which is a significant difference in performance. Announcement • Mar 27
Texhong International Group Limited, Annual General Meeting, May 23, 2025 Texhong International Group Limited, Annual General Meeting, May 23, 2025. Announcement • Mar 14
Texhong International Group Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 Texhong International Group Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Announcement • Jan 24
Texhong International Group Limited Provides Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2024 Texhong International Group Limited provided unaudited consolidated earnings guidance for the year ended 31 December 2024. For the year, the the Group is expected to record a net profit of about RMB 580 million, as compared to the net loss of the Group for the year ended 31 December 2023 of approximately RMB 299 million. The Group expects to record a net profit mainly due to the recovery in market demand in the textile industry during the Year, such that both the sales volume and capacity utilization rate of the Group increased when compared with the year ended 31 December 2023, allowing the product gross profit margin to gradually return to normal levels during the Year. In addition, benefiting from the Group's proactive cost management and control policies, selling expenses and interest expenses during the Year decreased significantly when compared with the year ended 31 December 2023. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$4.36, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$4.18, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Total loss to shareholders of 57% over the past three years. Upcoming Dividend • Sep 18
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 25 September 2024. Payment date: 18 October 2024. Trailing yield: 5.6%. Lower than top quartile of Hong Kong dividend payers (8.6%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 28
First half 2024 earnings released: EPS: CN¥0.29 (vs CN¥0.81 loss in 1H 2023) First half 2024 results: EPS: CN¥0.29 (up from CN¥0.81 loss in 1H 2023). Revenue: CN¥11.2b (up 4.2% from 1H 2023). Net income: CN¥269.9m (up CN¥1.02b from 1H 2023). Profit margin: 2.4% (up from net loss in 1H 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Luxury 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 50 percentage points per year, which is a significant difference in performance. Announcement • Aug 27
Texhong International Group Limited Proposes Interim Dividend for the Six Months Ended 30 June 2024, Payable on or About 18 October 2024 Texhong International Group Limited announced that an interim dividend of HKD 0.10 per share (2023: nil) for the six months ended 30 June 2024 was proposed by the board of directors on 26 August 2024. It will be payable on or about 18 October 2024 to shareholders whose names are on the register on 30 September 2024. This interim dividend, amounting to RMB 83,786,000 (2023: nil), has not been recognised as a liability in these financial statements. It will be recognised in shareholders' equity in the financial statements of the Company for the year ending 31 December 2024. Announcement • Aug 15
Texhong International Group Limited to Report First Half, 2024 Results on Aug 26, 2024 Texhong International Group Limited announced that they will report first half, 2024 results on Aug 26, 2024 Buy Or Sell Opportunity • Jul 30
Now 21% overvalued Over the last 90 days, the stock has fallen 3.8% to HK$4.09. The fair value is estimated to be HK$3.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Announcement • May 29
Texhong International Group Limited Approves the Election of Ye Lixin as Executive Director Texhong International Group Limited at its Annual General Meeting held on May 27, 2024, approved the election of Mr. Ye Lixin as an executive director of the Company. Announcement • Apr 21
Texhong International Group Limited, Annual General Meeting, May 27, 2024 Texhong International Group Limited, Annual General Meeting, May 27, 2024, at 14:30 China Standard Time. Location: Function Room 2, 11th Floor, Nina Hotel Tsuen Wan West, 8 Yeung Uk Road Tsuen Wan Hong Kong Agenda: To receive and consider the audited consolidated financial statements and the reports of the directors of the Company and the Company's auditors for the year ended 31 December 2023; to re-elect Mr. Zhu Yongxiang as an executive director of the Company; to re-elect Professor Cheng Longdi as an independent non-executive director of the Company; and to discuss other matters. Reported Earnings • Mar 26
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: CN¥0.41 loss per share (down from CN¥0.17 profit in FY 2022). Revenue: CN¥22.7b (down 4.5% from FY 2022). Net loss: CN¥375.7m (down 340% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.8%. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Luxury 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 43 percentage points per year, which is a significant difference in performance. New Risk • Mar 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Announcement • Mar 09
Texhong International Group Limited to Report Fiscal Year 2023 Results on Mar 25, 2024 Texhong International Group Limited announced that they will report fiscal year 2023 results on Mar 25, 2024 Announcement • Jan 27
Texhong International Group Limited Provides Consolidated Earnings Guidance for the Year Ended December 31, 2023 Texhong International Group Limited provided consolidated earnings guidance for the year ended December 31, 2023. Based on the consolidated management accounts of the Group for the year ended 31 December 2023, the Group is expected to record a net loss of about RMB 0.3 billion for the Year, as compared to the net profit of the Group for the year ended 31 December 2022 of approximately RMB 0.2 billion. The expected net loss is mainly attributable to the continued weak demand for textiles in the overseas markets during the Year, resulting in weak product selling prices and low utilization rates of the Group's production capacity, which in turn affected the unit production costs and gross profit margins of the Group. Moreover, the increase in interest rates by the United States of America (“USA'') Federal Reserve during the Year increased the finance costs of the Group, thereby aggravating the loss for the Group. However, the gross profit margins of the Group has improved in the second half of the Year with the slight recovery of the demand in the overseas textile markets, and together with the stabilization of cotton prices, the Group's profitability is expected to gradually improve. The Group shall continue to closely monitor the market situation and will focus on optimizing product mix to improve the utilization of the Group's production capacity, as well as improving technological transformation and upgrading so as to decrease unit costs. Announcement • Dec 08
Texhong International Group Limited Announces Board Changes The board of directors of Texhong International Group Limited announced that with effect from 8 December 2023, Mr. Tang Daoping has tendered his resignation as an executive Director, and has on the same day ceased to be the chairman of the environmental, social and governance committee of the Company due to personal reasons as he would like to devote more time to his family. The Board further announces that, with effect from 8 December 2023, Mr. Zhu Yongxiang, an executive Director, has been appointed as the chairman of the Environmental, Social and Governance Committee. Buying Opportunity • Oct 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be HK$4.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 19
First half 2023 earnings released: CN¥0.81 loss per share (vs CN¥1.08 profit in 1H 2022) First half 2023 results: CN¥0.81 loss per share (down from CN¥1.08 profit in 1H 2022). Revenue: CN¥10.8b (down 17% from 1H 2022). Net loss: CN¥747.2m (down 175% from profit in 1H 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Aug 09
Texhong International Group Limited to Report First Half, 2023 Results on Aug 18, 2023 Texhong International Group Limited announced that they will report first half, 2023 results on Aug 18, 2023 Announcement • Jul 01
Texhong International Group Limited Announces Executive Changes The board of directors of Texhong International Group Limited announced that Mr. Hui Tsz Wai has resigned as the company secretary of the Company and also ceased to act as an authorised representative of the Company with effect from 30 June 2023 as he would like to spend more time with his family. The Board further announced that Ms. Ng Sau Mei has been appointed as the company secretary and an authorised representative of the Company with effect from 30 June 2023. Ms. Ng is the director and head of the Listing Services Department of TMF Hong Kong Limited and is responsible for the provision of corporate secretarial and compliance services to listed company clients. She has over 20 years of experience in the company secretarial field and has extensive knowledge and experience in dealing with corporate governance, regulatory and compliance affairs of listed companies. Ms. Ng holds a Master's Degree in Laws from University of London and a Bachelor's Degree in Laws from City University of Hong Kong, and is a Chartered Secretary, a Chartered Governance Professional and a fellow member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom. Announcement • Jun 20
Texhong International Group Limited Provides Preliminary Assessment of the Unaudited Consolidated Management Accounts Guidance for the Five Months Ended 31 May 2023 The board of directors of Texhong International Group Limited and potential investors that based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the five months ended 31 May 2023 and the information currently available to the Board, the Group is expected to record a net loss of about RMB 800 million for the six months ending 30 June 2023 as compared to the net profit of the Group for the six months ended 30 June 2022 of approximately RMB 1 billion. The net loss is expected to be mainly attributable to the continued weak demand for textiles in the overseas markets during the Period, resulting in weak product selling prices and low utilization rates of the Group's production capacity, which in turn affected the unit production costs and gross profit margins of the Group. However, the situation has started to improve in the second quarter of 2023, and together with the stabilization of cotton prices, the Group's profitability is expected to gradually improve. Despite the difficult operating environment, the cash position of the Group remains strong. The Group will closely monitor the market situation and will focus on optimizing product mix to improve utilization of the Group's production capacity. Announcement • May 26
Texhong International Group Limited Appoints Shu Wa Tung, Laurence as an Independent Non-Executive Director Texhong International Group Limited at its AGM held on 25 May 2023, elect Mr. Shu Wa Tung, Laurence as an independent non-executive director of the Company. Reported Earnings • Mar 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥0.17 (down from CN¥2.93 in FY 2021). Revenue: CN¥23.8b (down 10% from FY 2021). Net income: CN¥156.8m (down 94% from FY 2021). Profit margin: 0.7% (down from 10% in FY 2021). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 92%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 03
Texhong International Group Limited Provides Earnings Guidance for the Year Ended 31 December 2022 Texhong International Group Limited provided earnings guidance for the year ended 31 December 2022. The company expected that the net profit of the Group will record a significant decrease of more than 90% as compared to the net profit of the Group of approximately RMB 2.7 billion for the yearended 31 December 2021. The decrease in net profit of the Group was mainly attributable to the decrease in rawmaterials prices and product selling prices and a weaker market demand for yarns in 2022 ascompared to 2021. In addition, certain foreign exchange loss arising from the depreciation ofRenminbi is expected to be recorded for the year ended 31 December 2022. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Independent Non-Executive Director Xiaoming Tao was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 16
Upcoming dividend of HK$0.38 per share Eligible shareholders must have bought the stock before 23 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 15%. Within top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (2.4%). Major Estimate Revision • Sep 05
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥28.7b to CN¥27.5b. EPS estimate also fell from CN¥2.40 per share to CN¥2.09 per share. Net income forecast to shrink 18% next year vs 20% growth forecast for Luxury industry in Hong Kong . Consensus price target down from HK$17.21 to HK$11.12. Share price fell 14% to HK$6.54 over the past week. Reported Earnings • Aug 31
First half 2022 earnings released: EPS: CN¥1.08 (vs CN¥1.41 in 1H 2021) First half 2022 results: EPS: CN¥1.08 (down from CN¥1.41 in 1H 2021). Revenue: CN¥13.0b (up 3.9% from 1H 2021). Net income: CN¥992.0m (down 23% from 1H 2021). Profit margin: 7.6% (down from 10% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.6%, compared to a 17% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 05
Upcoming dividend of HK$0.57 per share Eligible shareholders must have bought the stock before 12 May 2022. Payment date: 01 June 2022. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 12%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (2.1%). Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Independent Non-Executive Director Xiaoming Tao was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 23% share price gain to HK$10.64, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Luxury industry in Hong Kong. Total returns to shareholders of 5.6% over the past three years. Reported Earnings • Mar 18
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: CN¥2.93 (up from CN¥0.56 in FY 2020). Revenue: CN¥26.5b (up 36% from FY 2020). Net income: CN¥2.69b (up 419% from FY 2020). Profit margin: 10% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Over the next year, revenue is forecast to grow 6.1%, compared to a 41% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 15
Company Secretary & Executive Director recently sold HK$3.1m worth of stock On the 9th of September, Tsz Wai Hui sold around 260k shares on-market at roughly HK$11.76 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$21m more than they bought in the last 12 months. Upcoming Dividend • Sep 09
Upcoming dividend of HK$0.50 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 08 October 2021. Trailing yield: 4.2%. Lower than top quartile of Hong Kong dividend payers (6.5%). Higher than average of industry peers (1.1%). Recent Insider Transactions • Sep 08
Company Secretary & Executive Director recently sold HK$1.4m worth of stock On the 2nd of September, Tsz Wai Hui sold around 120k shares on-market at roughly HK$11.30 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$18m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Aug 26
Company Secretary & Executive Director exercised options to buy HK$2.4m worth of stock. On the 24th of August, Tsz Wai Hui exercised options to buy 200k shares at a strike price of around HK$5.70, costing a total of HK$1.1m. As of today, Tsz Wai currently holds no shares directly. Company insiders have collectively sold HK$6.0m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 26
First half 2021 earnings released: EPS CN¥1.41 (vs CN¥0.011 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥12.5b (up 53% from 1H 2020). Net income: CN¥1.29b (up CN¥1.28b from 1H 2020). Profit margin: 10% (up from 0.1% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Executive Departure • May 07
Executive Director has left the company On the 3rd of May, Zhongliang Ji's tenure as Executive Director ended after 5.7 years in the role. We don't have any record of a personal shareholding under Zhongliang's name. Zhongliang is the only executive to leave the company over the last 12 months. Recent Insider Transactions Derivative • May 04
COO & Executive Director exercised options to buy HK$12m worth of stock. On the 28th of April, Daoping Tang exercised options to buy 1m shares at a strike price of around HK$8.70, costing a total of HK$8.7m. This transaction amounted to 395% of their direct individual holding at the time of the trade. Since December 2020, Daoping's direct individual holding has decreased from 580.00k shares to 253.00k. Company insiders have collectively sold HK$7.1m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Apr 29
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 27 May 2021. Trailing yield: 1.7%. Lower than top quartile of Hong Kong dividend payers (6.1%). Higher than average of industry peers (1.1%). Recent Insider Transactions • Apr 27
COO & Executive Director recently sold HK$8.4m worth of stock On the 23rd of April, Daoping Tang sold around 685k shares on-market at roughly HK$12.28 per share. This was the largest sale by an insider in the last 3 months. Daoping has been a seller over the last 12 months, reducing personal holdings by HK$16m. Recent Insider Transactions • Apr 10
COO & Executive Director recently sold HK$4.2m worth of stock On the 7th of April, Daoping Tang sold around 364k shares on-market at roughly HK$11.54 per share. This was the largest sale by an insider in the last 3 months. This was Daoping's only on-market trade for the last 12 months. Is New 90 Day High Low • Mar 16
New 90-day high: HK$13.66 The company is up 112% from a price of HK$6.45 on 16 December 2020. Outperformed the Hong Kong market which is up 12% over the last 90 days. Exceeded the Luxury industry, which is up 9.0% over the same period. Simply Wall St's valuation model estimates the intrinsic value at HK$16.26 per share. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS CN¥0.57 (vs CN¥0.97 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥19.6b (down 11% from FY 2019). Net income: CN¥517.1m (down 42% from FY 2019). Profit margin: 2.6% (down from 4.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 13
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 21%, compared to a 18% growth forecast for the Luxury industry in Hong Kong. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥10.28, the stock is trading at a trailing P/E ratio of 18.6x, down from the previous P/E ratio of 22.5x. This compares to an average P/E of 14x in the Luxury industry in Hong Kong. Total returns to shareholders over the past three years are 7.2%. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 27% share price gain to CN¥12.74, the stock is trading at a trailing P/E ratio of 22.9x, up from the previous P/E ratio of 18x. This compares to an average P/E of 14x in the Luxury industry in Hong Kong. Total returns to shareholders over the past three years are 39%. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥9.36, the stock is trading at a trailing P/E ratio of 16.9x, up from the previous P/E ratio of 14.5x. This compares to an average P/E of 12x in the Luxury industry in Hong Kong. Total return to shareholders over the past three years is a loss of 3.3%. Is New 90 Day High Low • Feb 01
New 90-day high: HK$8.79 The company is up 46% from its price of HK$6.03 on 03 November 2020. The Hong Kong market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$39.83 per share. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥7.96, the stock is trading at a trailing P/E ratio of 14.3x, up from the previous P/E ratio of 12x. This compares to an average P/E of 12x in the Luxury industry in Hong Kong. Total return to shareholders over the past three years is a loss of 21%. Is New 90 Day High Low • Jan 07
New 90-day high: HK$7.96 The company is up 45% from its price of HK$5.49 on 09 October 2020. The Hong Kong market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$36.43 per share. Is New 90 Day High Low • Nov 26
New 90-day high: HK$7.50 The company is up 28% from its price of HK$5.85 on 28 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$31.34 per share. 
