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Wah Sun Handbags International Holdings

SEHK:2683
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2683
SEHK
HK$233M
Market Cap
  1. Home
  2. HK
  3. Consumer Durables
Company description

Wah Sun Handbags International Holdings Limited, an investment holding company, manufactures and trades in non-leather hand-bag products in the People's Republic of China, Hong Kong, and Cambodia. The last earnings update was 149 days ago. More info.


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2683 Share Price and Events
7 Day Returns
1.8%
SEHK:2683
0.4%
HK Luxury
-0.9%
HK Market
1 Year Returns
-41.2%
SEHK:2683
-5.4%
HK Luxury
-6.3%
HK Market
2683 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Wah Sun Handbags International Holdings (2683) 1.8% 5.6% -1.7% -41.2% - -
HK Luxury 0.4% -0.2% 13.9% -5.4% 16.9% 7.1%
HK Market -0.9% 1.7% 10.8% -6.3% 27.3% 20.1%
1 Year Return vs Industry and Market
  • 2683 underperformed the Luxury industry which returned -5.4% over the past year.
  • 2683 underperformed the Market in Hong Kong which returned -6.3% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

2683 Value

 Is Wah Sun Handbags 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 Wah Sun Handbags 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 Wah Sun Handbags International Holdings.

SEHK:2683 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 7.7%
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:2683
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))
= 0.73 (1 + (1- 25%) (9.02%))
0.852
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.852 * 6.65%)
7.67%

Discounted Cash Flow Calculation for SEHK:2683 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Wah Sun Handbags 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:2683 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 7.67%)
2019 0.03 Est @ -48.55% 0.03
2020 0.02 Est @ -33.38% 0.02
2021 0.02 Est @ -22.77% 0.01
2022 0.01 Est @ -15.34% 0.01
2023 0.01 Est @ -10.13% 0.01
2024 0.01 Est @ -6.49% 0.01
2025 0.01 Est @ -3.94% 0.01
2026 0.01 Est @ -2.16% 0.01
2027 0.01 Est @ -0.91% 0.01
2028 0.01 Est @ -0.04% 0.00
Present value of next 10 years cash flows HK$0.10
SEHK:2683 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$0.01 × (1 + 2%) ÷ (7.67% – 2%)
HK$0.18
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$0.18 ÷ (1 + 7.67%)10
HK$0.09
SEHK:2683 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$0.10 + HK$0.09
HK$0.19
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$0.19 / 408.63
HK$0
SEHK:2683 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$0.00
Current discount Discount to share price of HK$0.57
= -1 x (HK$0.57 - HK$0.00) / HK$0.00
-121252.3%

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

  • The current share price of Wah Sun Handbags International 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 Wah Sun Handbags International Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Wah Sun Handbags International Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:2683 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in HKD HK$0.10
SEHK:2683 Share Price ** SEHK (2019-04-24) in HKD HK$0.57
Hong Kong Luxury Industry PE Ratio Median Figure of 76 Publicly-Listed Luxury Companies 10.52x
Hong Kong Market PE Ratio Median Figure of 1,474 Publicly-Listed Companies 12.13x

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

** Primary Listing of Wah Sun Handbags International Holdings.

SEHK:2683 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:2683 Share Price ÷ EPS (both in HKD)

= 0.57 ÷ 0.10

5.46x

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

  • Wah Sun Handbags International Holdings is good value based on earnings compared to the HK Luxury industry average.
  • Wah Sun Handbags International Holdings is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Wah Sun Handbags International Holdings's expected growth come at a high price?
Raw Data
SEHK:2683 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.46x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-0.4%per year
Hong Kong Luxury Industry PEG Ratio Median Figure of 22 Publicly-Listed Luxury Companies 0.88x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.87x

*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 Wah Sun Handbags International Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Wah Sun Handbags International Holdings's assets?
Raw Data
SEHK:2683 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in HKD HK$0.53
SEHK:2683 Share Price * SEHK (2019-04-24) in HKD HK$0.57
Hong Kong Luxury Industry PB Ratio Median Figure of 120 Publicly-Listed Luxury Companies 1.09x
Hong Kong Market PB Ratio Median Figure of 2,150 Publicly-Listed Companies 1.02x
SEHK:2683 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:2683 Share Price ÷ Book Value per Share (both in HKD)

= 0.57 ÷ 0.53

1.07x

* Primary Listing of Wah Sun Handbags International Holdings.

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

  • Wah Sun Handbags International Holdings is good value based on assets compared to the HK Luxury industry average.
X
Value checks
We assess Wah Sun Handbags 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. Wah Sun Handbags 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.

2683 Future Performance

 How is Wah Sun Handbags International Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Wah Sun Handbags International 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
-0.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Wah Sun Handbags International Holdings expected to grow at an attractive rate?
  • Wah Sun Handbags International Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2%.
Growth vs Market Checks
  • Wah Sun Handbags International Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Hong Kong market average.
  • Unable to compare Wah Sun Handbags International Holdings's revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:2683 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:2683 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -0.4%
Hong Kong Luxury Industry Earnings Growth Rate Market Cap Weighted Average 15.9%
Hong Kong Luxury Industry Revenue Growth Rate Market Cap Weighted Average 11.5%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.7%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 11.1%

*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:2683 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 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:2683 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SEHK:2683 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-09-30 703 15 39
2018-06-30 700 21 42
2018-03-31 697 27 46
2017-03-31 677 54 55
2016-03-31 586 18 48

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Wah Sun Handbags International Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Wah Sun Handbags International 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:2683 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 0 Analyst Estimates (S&P Global) See Below

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

SEHK:2683 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SEHK:2683 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-09-30 0.10
2018-06-30 0.12
2018-03-31 0.14
2017-03-31 0.18
2016-03-31

*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 Wah Sun Handbags International Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Wah Sun Handbags 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.
Wah Sun Handbags International Holdings has a total score of 0/6, 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.

2683 Past Performance

  How has Wah Sun Handbags 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 Wah Sun Handbags 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.
  • Wah Sun Handbags International Holdings's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Wah Sun Handbags International Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Wah Sun Handbags International Holdings's 1-year earnings growth is negative, it can't be compared to the HK Luxury industry average.
Earnings and Revenue History
Wah Sun Handbags 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 Wah Sun Handbags International Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:2683 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 702.73 39.06 88.52
2018-06-30 700.11 42.32 80.67
2018-03-31 697.49 45.58 72.82
2017-03-31 677.21 54.93 64.90
2016-03-31 585.94 48.13 52.18
2015-03-31 546.04 7.24 47.34

*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.
  • Wah Sun Handbags International Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Wah Sun Handbags International Holdings used its assets more efficiently than the HK Luxury industry average last year based on Return on Assets.
  • Wah Sun Handbags International Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Wah Sun Handbags 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.
Wah Sun Handbags International Holdings has a total score of 2/6, 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.

2683 Health

 How is Wah Sun Handbags 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 Wah Sun Handbags International Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Wah Sun Handbags International Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Wah Sun Handbags International Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Wah Sun Handbags 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 18x 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 Wah Sun Handbags International Holdings Company Filings, last reported 6 months ago.

SEHK:2683 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 217.78 21.01 79.17
2018-06-30 217.78 21.01 79.17
2018-03-31 208.59 20.15 108.90
2017-03-31 68.22 35.63 52.44
2016-03-31 54.45 14.21 38.66
2015-03-31 23.58 14.95 43.26
  • Wah Sun Handbags International Holdings's level of debt (9.6%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Wah Sun Handbags International Holdings's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (72.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 16.1x coverage).
X
Financial health checks
We assess Wah Sun Handbags 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. Wah Sun Handbags 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.

2683 Dividends

 What is Wah Sun Handbags 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
1.75%
Current annual income from Wah Sun Handbags International Holdings dividends.
If you bought HK$2,000 of Wah Sun Handbags International Holdings shares you are expected to receive HK$35 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?
  • Wah Sun Handbags International Holdings's pays a lower dividend yield than the bottom 25% of dividend payers in Hong Kong (1.96%).
  • Wah Sun Handbags International Holdings's dividend is below the markets top 25% of dividend payers in Hong Kong (5.38%).
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:2683 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 966 Stocks 3.4%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.1%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

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

SEHK:2683 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
SEHK:2683 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2018-09-10 0.010 1.597

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

  • It is too early to tell whether Wah Sun Handbags International Holdings has stable dividend payments.
  • Wah Sun Handbags International Holdings only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Wah Sun Handbags International Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (10.4x 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 Wah Sun Handbags International 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 Wah Sun Handbags International Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Wah Sun Handbags International Holdings has a total score of 1/6, see the detailed checks below.


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

2683 Management

 What is the CEO of Wah Sun Handbags 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
Hing Ma
COMPENSATION HK$1,708,000
AGE 54
TENURE AS CEO 1.8 years
CEO Bio

Mr. Hing Ming Ma has been Chief Executive Officer and Executive Director of Wah Sun Handbags International Holdings Limited since June 19, 2017 and also served as its Director since May 29, 2017. Mr. Ma is also a Director of each of Wah Sun HK and Wah Sun Cambodia, and a marketing manager of each of Union Gold, Dongguan Quickmind and Wah Sun Cambodia. He is primarily responsible for overseeing Group’s market development, sales and customer relationships management. Mr. Ma has over 29 years of experience in manufacturing and trading industry.

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

Hing-Man Ma

TITLE
Chairman
COMPENSATION
HK$2M
AGE
60

Hing Ma

TITLE
CEO & Executive Director
COMPENSATION
HK$2M
AGE
54
TENURE
1.8 yrs

Lan Ma

TITLE
Executive Director
COMPENSATION
HK$1M
AGE
63

Yum Ma

TITLE
Executive Director
COMPENSATION
HK$642K
AGE
66

Lan Ma

TITLE
Executive Director
COMPENSATION
HK$590K
AGE
70

Lee Yeung

TITLE
Chief Financial Officer & Company Secretary
AGE
35
TENURE
0.7 yrs
Board of Directors Tenure

Average tenure and age of the Wah Sun Handbags International Holdings board of directors in years:

1.9
Average Tenure
62.5
Average Age
  • The average tenure for the Wah Sun Handbags International Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Hing-Man Ma

TITLE
Chairman
COMPENSATION
HK$2M
AGE
60
TENURE
1.8 yrs

Hing Ma

TITLE
CEO & Executive Director
COMPENSATION
HK$2M
AGE
54
TENURE
1.9 yrs

Lan Ma

TITLE
Executive Director
COMPENSATION
HK$1M
AGE
63
TENURE
1.9 yrs

Yum Ma

TITLE
Executive Director
COMPENSATION
HK$642K
AGE
66
TENURE
1.9 yrs

Lan Ma

TITLE
Executive Director
COMPENSATION
HK$590K
AGE
70
TENURE
1.9 yrs

Kwok Cheong Lam

TITLE
Independent Non-Executive Director
COMPENSATION
HK$39K
AGE
64
TENURE
1.3 yrs

Frederick Wong

TITLE
Independent Non-Executive Director
COMPENSATION
HK$39K
AGE
62
TENURE
1.3 yrs

Chi Wai Yeung

TITLE
Independent Non-Executive Director
COMPENSATION
HK$39K
AGE
57
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
30. Nov 18 Buy Wah Sun International Holdings Limited Company 27. Nov 18 27. Nov 18 500,000 HK$0.62 HK$311,050
X
Management checks
We assess Wah Sun Handbags 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. Wah Sun Handbags 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.

2683 News

Simply Wall St News

Why We Like Wah Sun Handbags International Holdings Limited’s (HKG:2683) 23% Return On Capital Employed

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

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Does Wah Sun Handbags International Holdings Limited (HKG:2683) Have A Good P/E Ratio?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll look at Wah Sun Handbags International Holdings Limited's (HKG:2683) P/E ratio and reflect on what it tells us about the company's share price. … Wah Sun Handbags International Holdings has a price to earnings ratio of 5.17, based on the last twelve months.

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Can Wah Sun Handbags International Holdings Limited (HKG:2683) Maintain Its Strong Returns?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Wah Sun Handbags International Holdings Limited (HKG:2683). … That means that for every HK$1 worth of shareholders' equity, it generated HK$0.18 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

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Read This Before You Buy Wah Sun Handbags International Holdings Limited (HKG:2683) Because Of Its P/E Ratio

To keep it practical, we'll show how Wah Sun Handbags International Holdings Limited's (HKG:2683) P/E ratio could help you assess the value on offer. … Wah Sun Handbags International Holdings has a price to earnings ratio of 4.77, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

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With An ROE Of 22%, Has Wah Sun Handbags International Holdings Limited's (HKG:2683) Management Done Well?

Our data shows Wah Sun Handbags International Holdings has a return on equity of 22% for the last year. … That means that for every HK$1 worth of shareholders' equity, it generated HK$0.22 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

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Wah Sun Handbags International Holdings Limited (HKG:2683): The Return Story

and want to better understand how you can grow your money by investing in Wah Sun Handbags International Holdings Limited (HKG:2683). … To understand Wah Sun Handbags International Holdings’s capital returns we will look at a useful metric called return on capital employed. … Wah Sun Handbags International Holdings's Return On Capital Employed

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How Did Wah Sun Handbags International Holdings Limited's (HKG:2683) 21.85% ROE Fare Against The Industry?

and want to begin learning the link between Wah Sun Handbags International Holdings Limited (HKG:2683)’s return fundamentals and stock market performance. … Wah Sun Handbags International Holdings Limited (HKG:2683) outperformed the apparel, accessories and luxury goods industry on the basis of its ROE – producing a higher 21.85% relative to the peer average of 9.84% over the past 12 months. … With more debt, 2683 can invest even more and earn more money, thus pushing up its returns.

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Does Wah Sun Handbags International Holdings Limited's (HKG:2683) Recent Track Record Look Strong?

Check out our latest analysis for Wah Sun Handbags International Holdings How 2683 fared against its long-term earnings performance and its industry I prefer to use data from the most recent 12 months, which annualizes the most recent half-year data, or in some cases, the latest annual report is already the most recent financial year data. … Given that these figures are relatively short-term, I have created an annualized five-year figure for 2683's net income, which stands at HK$36.77M This means on average, Wah Sun Handbags International Holdings has been able to consistently raise its earnings over the last couple of years as well. … This means in the recent industry expansion, Wah Sun Handbags International Holdings is able to amplify this to its advantage.What does this mean?

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How Financially Strong Is Wah Sun Handbags International Holdings Limited (HKG:2683)?

On top of this, 2683 has produced cash from operations of HK$54.33M during the same period of time, leading to an operating cash to total debt ratio of 152.47%, indicating that 2683’s current level of operating cash is high enough to cover debt. … Looking at 2683’s most recent HK$220.56M liabilities, it appears that the company has been able to meet these obligations given the level of current assets of HK$246.39M, with a current ratio of 1.12x. … In 2683's case, the ratio of 55.05x suggests that interest is comfortably covered, which means that debtors may be willing to loan the company more money, giving 2683 ample headroom to grow its debt facilities.Next Steps: Although 2683’s debt level is towards the higher end of the spectrum, its cash flow coverage seems adequate to meet obligations which means its debt is being efficiently utilised.

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Breaking Down Wah Sun Handbags International Holdings Limited's (HKG:2683) Ownership Structure

See our latest analysis for Wah Sun Handbags International Holdings SEHK:2683 Ownership_summary Mar 8th 18 General Public Ownership The general public holds a substantial 26.58% stake in 2683, making it a highly popular stock among retail investors. … Public Company Ownership Potential investors in 2683 should also look at another important group of investors: other public companies, with a stake of 73.42%, who are primarily invested because of strategic and capital gain interests. … As a result, potential investors should further explore the company's business relations with these companies and find out if they can affect shareholder returns in the long-term.Next Steps: A large shareholding of 2683 by the general public could mean higher market liquidity to buy and sell shares for retail investors, and also the potential to have more influence over company policies as a collective.

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2683 Company Info

Description

Wah Sun Handbags International Holdings Limited, an investment holding company, manufactures and trades in non-leather hand-bag products in the People's Republic of China, Hong Kong, and Cambodia. Its hand-bag products are made of PU, PVC, and various textile materials. The company was founded in 1989 and is headquartered in Shatin, Hong Kong. Wah Sun Handbags International Holdings Limited is a subsidiary of Wah Sun International Holdings Limited.

Details
Name: Wah Sun Handbags International Holdings Limited
2683
Exchange: SEHK
Founded: 1989
HK$232,916,820
408,626,000
Website: http://www.wahsun.com.hk
Address: Wah Sun Handbags International Holdings Limited
Room 9, Wah Yiu Industrial Centre,
6th Floor,
Shatin,
New Territories, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 2683 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 22. Jan 2018
Number of employees
Current staff
Staff numbers
4,953
Wah Sun Handbags International Holdings employees.
Industry
Apparel, Accessories and Luxury Goods
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 13:04
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2018/06/27
Last earnings filing: 2018/11/26
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/03/31


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.