Upcoming Dividend • May 04
Upcoming dividend of HK$0.015 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 22 May 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.1%. Within top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (5.6%). New Risk • Mar 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 226% Dividend yield: 8.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 226% Minor Risks Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (HK$181.8m market cap, or US$23.2m). Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: HK$0.001 (vs HK$0.019 in FY 2024) Full year 2025 results: EPS: HK$0.001 (down from HK$0.019 in FY 2024). Revenue: HK$76.8m (down 33% from FY 2024). Net income: HK$787.0k (down 95% from FY 2024). Profit margin: 1.0% (down from 14% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Mar 20
Hing Lee (HK) Holdings Limited, Annual General Meeting, May 06, 2026 Hing Lee (HK) Holdings Limited, Annual General Meeting, May 06, 2026. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by cash flows (226% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (HK$226.3m market cap, or US$28.9m). Announcement • Mar 09
Hing Lee (HK) Holdings Limited to Report Fiscal Year 2025 Results on Mar 20, 2026 Hing Lee (HK) Holdings Limited announced that they will report fiscal year 2025 results on Mar 20, 2026 Buy Or Sell Opportunity • Jan 28
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 8.6% to HK$0.11. The fair value is estimated to be HK$0.089, 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 has become profitable. New Risk • Jan 17
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 9.4% 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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (226% cash payout ratio). Share price has been volatile over the past 3 months (9.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (HK$83.2m market cap, or US$10.7m). Buy Or Sell Opportunity • Jan 08
Now 27% overvalued Over the last 90 days, the stock has fallen 7.3% to HK$0.11. The fair value is estimated to be HK$0.09, 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 has become profitable. Buy Or Sell Opportunity • Oct 31
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to HK$0.12. The fair value is estimated to be HK$0.09, 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 has become profitable. Buy Or Sell Opportunity • Oct 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to HK$0.11. The fair value is estimated to be HK$0.091, 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 has become profitable. Buy Or Sell Opportunity • Aug 20
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to HK$0.12. The fair value is estimated to be HK$0.091, 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 has become profitable. New Risk • Aug 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 127% Dividend yield: 10.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (127% cash payout ratio). Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (HK$80.8m market cap, or US$10.3m). Declared Dividend • Aug 17
Dividend of HK$0.01 announced Shareholders will receive a dividend of HK$0.01. Ex-date: 28th August 2025 Payment date: 9th September 2025 Dividend yield will be 10.0%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not covered by cash flows (127% cash payout ratio). The dividend has increased by an average of 1.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 60% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 25
Hing Lee (HK) Holdings Limited to Report First Half, 2025 Results on Aug 15, 2025 Hing Lee (HK) Holdings Limited announced that they will report first half, 2025 results on Aug 15, 2025 Board Change • May 09
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. 2 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Yuen Man Leung was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 01
Full year 2024 earnings released: EPS: HK$0.019 (vs HK$0.014 loss in FY 2023) Full year 2024 results: EPS: HK$0.019 (up from HK$0.014 loss in FY 2023). Revenue: HK$113.9m (up 21% from FY 2023). Net income: HK$15.3m (up HK$26.8m from FY 2023). Profit margin: 14% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • May 01
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. 2 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Yuen Man Leung was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 25
Hing Lee (HK) Holdings Limited, Annual General Meeting, May 23, 2025 Hing Lee (HK) Holdings Limited, Annual General Meeting, May 23, 2025, at 17:00 China Standard Time. Location: unit 1101, 11/f, delta house, 3 on yiu street, shatin, n.t., Hong Kong Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: HK$0.019 (vs HK$0.014 loss in FY 2023) Full year 2024 results: EPS: HK$0.019 (up from HK$0.014 loss in FY 2023). Revenue: HK$113.9m (up 21% from FY 2023). Net income: HK$15.3m (up HK$26.8m from FY 2023). Profit margin: 14% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 18
Hing Lee (HK) Holdings Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 Hing Lee (HK) Holdings Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 New Risk • Aug 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$50.1m (US$6.43m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (42% average weekly change). Market cap is less than US$10m (HK$50.1m market cap, or US$6.43m). Upcoming Dividend • Aug 13
Upcoming dividend of HK$0.075 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 30 August 2024. The company last paid an ordinary dividend in August 2014. The average dividend yield among industry peers is 5.3%. Announcement • Jul 26
Hing Lee (Hk) Holdings Limited Proposes to Approve the Payment of Special Dividend Hing Lee (HK) Holdings Limited at its Special General Meeting to Be Held on 16 August 2024, proposed to approve the payment of a special dividend of HK7.51 cents per share of the Company in cash out of
the contributed surplus account of the Company to shareholders of the Company. Announcement • Jun 18
Hing Lee (HK) Holdings Limited Proposes Special Dividend Hing Lee (HK) Holdings Limited proposed special dividend of HKD 0.0751 per share. Announcement • Jun 15
Sung, Cheung, Chan and Mr. Huang agreed to acquire Shenzhen Xingli Furniture Co. Ltd from Hing Lee (HK) Holdings Limited (SEHK:396) for HKD 62 million. Sung, Cheung, Chan and Mr. Huang agreed to acquire Shenzhen Xingli Furniture Co. Ltd from Hing Lee (HK) Holdings Limited (SEHK:396) for HKD 62 million on June 13, 2024. For the period ending December 31, 2023, Shenzhen Xingli Furniture Co. Ltd reported total revenue of HKD 27.42 million. Sung, Cheung, Chan and Mr. Huang acquired 0.013 million shares of Shenzhen Xingli Furniture Co. Ltd. The transaction is subject to approval of offer by acquirer shareholders. The completion shall take place on the 2nd business day after the date on which all of the conditions precedents are satisfied. The net proceeds of HKD 60.7 million will be distributed to the Shareholders of Hing Lee (HK) Holdings Limited. LCH (Asia-Pacific) Surveyors Limited prepared the valuation report. Announcement • Apr 17
Hing Lee (HK) Holdings Limited, Annual General Meeting, May 17, 2024 Hing Lee (HK) Holdings Limited, Annual General Meeting, May 17, 2024, at 10:30 China Standard Time. Location: Unit 1101, 11/F, Delta House, 3 On Yiu Street, Shatin, N.T. Shatin Hong Kong Agenda: To receive and consider the audited financial statements and the reports of the directors of the Company and the independent auditors for the year ended 31 December 2023; to consider re-election of Directors of the Company; to re-appoint Baker Tilly Hong Kong Limited as the auditors of the Company and to authorize the board of directors of the Company to fix their remuneration; and to consider any other matters. Reported Earnings • Mar 23
Full year 2023 earnings released: HK$0.014 loss per share (vs HK$0.033 loss in FY 2022) Full year 2023 results: HK$0.014 loss per share (improved from HK$0.033 loss in FY 2022). Revenue: HK$94.2m (down 6.2% from FY 2022). Net loss: HK$11.5m (loss narrowed 57% from FY 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Mar 14
Hing Lee (HK) Holdings Limited to Report Fiscal Year 2023 Results on Mar 22, 2024 Hing Lee (HK) Holdings Limited announced that they will report fiscal year 2023 results on Mar 22, 2024 Reported Earnings • Aug 27
First half 2023 earnings released: EPS: HK$0.001 (vs HK$0.015 loss in 1H 2022) First half 2023 results: EPS: HK$0.001 (up from HK$0.015 loss in 1H 2022). Revenue: HK$37.0m (down 35% from 1H 2022). Net income: HK$766.0k (up HK$13.3m from 1H 2022). Profit margin: 2.1% (up from net loss in 1H 2022). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Aug 16
Hing Lee (HK) Holdings Limited to Report Q2, 2023 Results on Aug 25, 2023 Hing Lee (HK) Holdings Limited announced that they will report Q2, 2023 results on Aug 25, 2023 Reported Earnings • Mar 26
Full year 2022 earnings released: HK$0.033 loss per share (vs HK$0.007 loss in FY 2021) Full year 2022 results: HK$0.033 loss per share (further deteriorated from HK$0.007 loss in FY 2021). Revenue: HK$100.4m (down 43% from FY 2021). Net loss: HK$26.8m (loss widened 386% from FY 2021). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 27
First half 2022 earnings released: HK$0.015 loss per share (vs HK$0.001 profit in 1H 2021) First half 2022 results: HK$0.015 loss per share (down from HK$0.001 profit in 1H 2021). Revenue: HK$57.1m (down 34% from 1H 2021). Net loss: HK$12.5m (down HK$13.5m from profit in 1H 2021). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Aug 16
Hing Lee (HK) Holdings Limited to Report First Half, 2022 Results on Aug 26, 2022 Hing Lee (HK) Holdings Limited announced that they will report first half, 2022 results on Aug 26, 2022 Announcement • Aug 13
Hing Lee (HK) Holdings Limited Provides Group Earnings Guidance for the Six Months Ended 30 June 2022 Hing Lee (HK) Holdings Limited provided group earnings guidance for the six months ended 30 June 2022. The Board informed the shareholders of the Company and the potential investors that, based on the information currently available, the results of the Group for the six months ended 30 June 2022, the Group is expected to record a net loss of approximately HKD 12.5 million as compared to the profit of approximately HKD 1.0 million recorded for the corresponding period in 2021. Announcement • Apr 16
Hing Lee (HK) Holdings Limited, Annual General Meeting, May 20, 2022 Hing Lee (HK) Holdings Limited, Annual General Meeting, May 20, 2022, at 10:30 China Standard Time. Location: Unit 1101, 11/F, Delta House, 3 On Yiu Street Shatin New Territories Hong Kong Agenda: To receive and consider the audited financial statements and the reports of the directors of the Company and the independent auditors for the year ended 31 December 2021; to approve election of directors and fix the remuneration of the directors; to re-appoint Baker Tilly Hong Kong Limited as the auditors and fix their remuneration; and to approve ordinary resolution. Announcement • Apr 03
Hing Lee (HK) Holdings Limited Announces Board Changes Hing Lee (HK) Holdings Limited announced that Mr. Sun Jian (Mr. Sun) has resigned as an independent non-executive Director, the chairman of the remuneration committee of the Board and a member of each of the audit committee and nomination committee of the Board with effect from 1 April 2022 due to the pursuit of personal and other business commitments. The Board announced that Ms. Leung Yuen Man (also known as Ms. Ho, Windi Yuen Man) (Ms. Leung) has been appointed as an independent non-executive Director with effect from 1 April 2022. Since 1999, Ms. Leung has served as a director (sole proprietor) of EduCare International Student Services Centre, a consultancy firm founded by Ms. Leung with operations in both Hong Kong and Australia and engages in Australian study and migration related services. The Board further announces that following the resignation of Mr. Sun, Ms. Leung will be appointed as the chairman of the Remuneration Committee, and a member of each of the Audit Committee and Nomination Committee with effect from 1 April 2022. Board Change • Mar 29
High number of new directors Independent Non-Executive Director Jianzhong Feng was the last director to join the board, commencing their role in 2022. Announcement • Feb 11
Hing Lee (HK) Holdings Limited Announces Changes to its Board The board of directors of Hing Lee (HK) Holdings Limited announced changes of the Board and the committees of the Board. Ms. Shao Hanqing has resigned as an independent non-executive Director, the chairman of the nomination committee of the Board and a member of each of the audit committee and remuneration committee of the Board with effect from 10 February 2022 for the enjoyment of her retirement. The Board announced that Mr. Feng Jianzhong has been appointed as an independent non-executive Director with effect from 10 February 2022. Mr. Feng, has accumulated more than twenty years of experience in accounting, compliance and project development. Since 2004, Mr. Feng has been the finance manager and project manager of Vitar Insulation Manufacturers Limited. The Board further announced that following the resignation of Ms. Shao, Mr. Feng will be appointed as the chairman of the Nomination Committee, and a member of each of the Audit Committee and Remuneration Committee with effect from 10 February 2022. Reported Earnings • Aug 23
First half 2021 earnings released: EPS HK$0.001 (vs HK$0.011 loss in 1H 2020) The company reported a solid first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: HK$87.0m (flat on 1H 2020). Net income: HK$1.03m (up HK$10.2m from 1H 2020). Profit margin: 1.2% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: HK$0.073 loss per share (vs HK$0.13 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: HK$203.5m (down 32% from FY 2019). Net loss: HK$59.2m (loss narrowed 44% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Announcement • Mar 16
Hing Lee (HK) Holdings Limited to Report Fiscal Year 2020 Results on Mar 25, 2021 Hing Lee (HK) Holdings Limited announced that they will report fiscal year 2020 results on Mar 25, 2021 Announcement • Aug 31
Hing Lee (HK) Holdings Limited to Report First Half, 2020 Results on Aug 18, 2020 Hing Lee (HK) Holdings Limited announced that they will report first half, 2020 results on Aug 18, 2020 
