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Melco International Development

SEHK:200
Snowflake Description

Proven track record with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
200
SEHK
HK$27B
Market Cap
  1. Home
  2. HK
  3. Consumer Services
Company description

Melco International Development Limited, an investment holding company, engages in the leisure and entertainment business in Hong Kong, the People’s Republic of China, Cambodia, the Philippines, and Cyprus. The last earnings update was 180 days ago. More info.


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200 Share Price and Events
7 Day Returns
3.6%
SEHK:200
0.7%
HK Hospitality
2.3%
HK Market
1 Year Returns
-19%
SEHK:200
-17.9%
HK Hospitality
-11.2%
HK Market
200 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Melco International Development (200) 3.6% 9.9% 22.4% -19% 80.8% -31.4%
HK Hospitality 0.7% 4.8% 8.9% -17.9% 25.1% -35.3%
HK Market 2.3% 4.2% 10.2% -11.2% 27.9% 21.8%
1 Year Return vs Industry and Market
  • 200 underperformed the Hospitality industry which returned -17.9% over the past year.
  • 200 underperformed the Market in Hong Kong which returned -11.2% over the past year.
Price Volatility
200
Industry
5yr Volatility vs Market

Value

 Is Melco International Development 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 Melco International Development 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    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Melco International Development.

SEHK:200 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.9%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:200
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.96
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.964 (1 + (1- 25%) (136.9%))
1.639
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.64
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.639 * 6.65%)
12.9%

Discounted Cash Flow Calculation for SEHK:200 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Melco International Development 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:200 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 12.9%)
2019 7,563.50 Analyst x2 6,699.30
2020 8,973.00 Analyst x2 7,039.66
2021 8,060.00 Analyst x1 5,600.87
2022 7,503.19 Est @ -6.91% 4,618.21
2023 7,185.43 Est @ -4.23% 3,917.30
2024 7,015.60 Est @ -2.36% 3,387.71
2025 6,941.69 Est @ -1.05% 2,969.02
2026 6,932.20 Est @ -0.14% 2,626.19
2027 6,967.23 Est @ 0.51% 2,337.88
2028 7,033.74 Est @ 0.95% 2,090.52
Present value of next 10 years cash flows HK$41,286.66
SEHK:200 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$7,033.74 × (1 + 2%) ÷ (12.9% – 2%)
HK$65,841.61
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$65,841.61 ÷ (1 + 12.9%)10
HK$19,569.02
SEHK:200 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$41,286.66 + HK$19,569.02
HK$60,855.67
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$60,855.67 / 1,508.63
HK$40.34
SEHK:200 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$40.34
Current discount Discount to share price of HK$18.26
= -1 x (HK$18.26 - HK$40.34) / HK$40.34
54.7%

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

Current Discount
Amount off the current price Melco International Development is available for.
Intrinsic value
>50%
Share price is HK$18.26 vs Future cash flow value of HK$40.34
Current Discount Checks
For Melco International Development to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Melco International Development's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Melco International Development's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Melco International Development's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Melco International Development's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:200 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in HKD HK$0.43
SEHK:200 Share Price ** SEHK (2019-03-18) in HKD HK$18.26
Hong Kong Hospitality Industry PE Ratio Median Figure of 63 Publicly-Listed Hospitality Companies 14.53x
Hong Kong Market PE Ratio Median Figure of 1,494 Publicly-Listed Companies 10.91x

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

** Primary Listing of Melco International Development.

SEHK:200 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:200 Share Price ÷ EPS (both in HKD)

= 18.26 ÷ 0.43

42.62x

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

  • Melco International Development is overvalued based on earnings compared to the HK Hospitality industry average.
  • Melco International Development is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Melco International Development's expected growth come at a high price?
Raw Data
SEHK:200 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 42.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
33.5%per year
Hong Kong Hospitality Industry PEG Ratio Median Figure of 15 Publicly-Listed Hospitality Companies 1.51x
Hong Kong Market PEG Ratio Median Figure of 469 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

SEHK:200 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 42.62x ÷ 33.5%

1.27x

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

  • Melco International Development is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Melco International Development's assets?
Raw Data
SEHK:200 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in HKD HK$12.55
SEHK:200 Share Price * SEHK (2019-03-18) in HKD HK$18.26
Hong Kong Hospitality Industry PB Ratio Median Figure of 104 Publicly-Listed Hospitality Companies 1.1x
Hong Kong Market PB Ratio Median Figure of 2,137 Publicly-Listed Companies 0.99x
SEHK:200 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:200 Share Price ÷ Book Value per Share (both in HKD)

= 18.26 ÷ 12.55

1.45x

* Primary Listing of Melco International Development.

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

  • Melco International Development is overvalued based on assets compared to the HK Hospitality industry average.
X
Value checks
We assess Melco International Development'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 Hospitality 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 Hospitality industry average (and greater than 0)? (1 check)
  5. Melco International Development has a total score of 2/6, 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.

Future Performance

 How is Melco International Development expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

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

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
33.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Melco International Development expected to grow at an attractive rate?
  • Melco International Development's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Melco International Development's earnings growth is expected to exceed the Hong Kong market average.
  • Melco International Development's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:200 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:200 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 33.5%
SEHK:200 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 3.7%
Hong Kong Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 16.4%
Hong Kong Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 13.5%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 12.1%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.2%

*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:200 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:200 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 45,510 11,846 2,504 2
2020-12-31 44,406 11,791 2,230 4
2019-12-31 43,676 10,120 1,698 7
2018-12-31 40,868 8,357 1,008 7
SEHK:200 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-06-30 40,908 8,471 654
2018-03-31 41,065 9,492 564
2017-12-31 41,221 10,513 474
2017-09-30 39,853 10,988 319
2017-06-30 38,485 11,462 163
2017-03-31 31,205 9,827 5,265
2016-12-31 23,924 8,193 10,366
2016-09-30 14,846 4,930 10,362
2016-06-30 5,767 1,668 10,357
2016-03-31 3,102 829 5,229
2015-12-31 437 -10 101
2015-09-30 412 -17 396

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Melco International Development's earnings are expected to grow significantly at over 20% yearly.
  • Melco International Development's revenue is expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:200 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Melco International Development Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:200 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.64 2.00 1.27 2.00
2020-12-31 1.46 1.61 1.22 4.00
2019-12-31 1.08 1.49 0.82 6.00
2018-12-31 0.67 0.93 0.45 6.00
SEHK:200 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-06-30 0.43
2018-03-31 0.37
2017-12-31 0.31
2017-09-30 0.21
2017-06-30 0.11
2017-03-31 3.43
2016-12-31 6.74
2016-09-30 6.73
2016-06-30 6.72
2016-03-31 3.39
2015-12-31 0.07
2015-09-30 0.26

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

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

Past Performance

  How has Melco International Development 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 Melco International Development's growth in the last year to its industry (Hospitality).
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.
  • Melco International Development's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Melco International Development's 1-year earnings growth exceeds its 5-year average (301% vs 11.7%)
  • Melco International Development's earnings growth has exceeded the HK Hospitality industry average in the past year (301% vs 17%).
Earnings and Revenue History
Melco International Development'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 Melco International Development Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:200 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 40,908.04 654.13 1,677.02
2018-03-31 41,064.75 564.14 1,548.44
2017-12-31 41,221.47 474.14 1,419.87
2017-09-30 39,853.25 318.63 1,344.99
2017-06-30 38,485.04 163.12 1,282.43
2017-03-31 31,204.73 5,264.53 1,190.26
2016-12-31 23,924.42 10,365.94 1,098.09
2016-09-30 14,845.67 10,361.56 643.68
2016-06-30 5,766.91 10,357.18 189.27
2016-03-31 3,101.80 5,229.05 161.52
2015-12-31 436.69 100.92 133.77
2015-09-30 411.60 395.81 151.36
2015-06-30 386.52 690.69 168.95
2015-03-31 326.12 1,088.93 180.04
2014-12-31 265.71 1,487.17 191.12
2014-09-30 237.66 1,707.32 138.48
2014-06-30 209.60 1,927.47 85.84
2014-03-31 208.94 1,762.09 86.86
2013-12-31 208.27 1,596.72 87.89
2013-09-30 208.75 1,443.54 132.34
2013-06-30 209.23 1,290.37 176.79
2013-03-31 195.60 1,206.14 167.44
2012-12-31 181.96 1,121.90 158.10
2012-09-30 160.76 818.29 153.74
2012-06-30 139.55 514.68 149.39
2012-03-31 143.70 397.38 142.36

*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.
  • Melco International Development has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Melco International Development used its assets less efficiently than the HK Hospitality industry average last year based on Return on Assets.
  • Melco International Development has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Melco International Development'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 Hospitality 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.
Melco International Development has a total score of 4/6, 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.

Health

 How is Melco International Development'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 Melco International Development's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Melco International Development is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Melco International Development's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Melco International Development'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 not covered by short term assets, assets are 0.4x 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 Melco International Development Company Filings, last reported 8 months ago.

SEHK:200 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 46,136.82 36,555.38 12,508.82
2018-03-31 46,136.82 36,555.38 12,508.82
2017-12-31 45,852.05 36,795.16 12,853.91
2017-09-30 45,852.05 36,795.16 12,853.91
2017-06-30 44,974.15 38,052.53 12,323.47
2017-03-31 44,974.15 38,052.53 12,323.47
2016-12-31 57,043.49 32,690.60 17,728.67
2016-09-30 57,043.49 32,690.60 17,728.67
2016-06-30 63,183.45 33,590.71 13,406.76
2016-03-31 63,183.45 33,590.71 13,406.76
2015-12-31 12,778.45 1,340.27 2,220.29
2015-09-30 12,778.45 1,340.27 2,220.29
2015-06-30 12,816.06 1,342.76 2,315.34
2015-03-31 12,816.06 1,342.76 2,315.34
2014-12-31 12,719.54 1,189.25 2,107.75
2014-09-30 12,719.54 1,189.25 2,107.75
2014-06-30 13,102.95 1,214.74 2,849.71
2014-03-31 13,102.95 1,214.74 2,849.71
2013-12-31 11,615.35 1,217.23 1,545.31
2013-09-30 11,615.35 1,217.23 1,545.31
2013-06-30 10,490.78 1,219.72 1,433.83
2013-03-31 10,490.78 1,219.72 1,433.83
2012-12-31 9,297.89 489.21 729.68
2012-09-30 9,297.89 489.21 729.68
2012-06-30 7,618.32 1,323.00 649.96
2012-03-31 7,618.32 1,323.00 649.96
  • Melco International Development's level of debt (79.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (11.6% vs 79.2% today).
  • Debt is well covered by operating cash flow (23.2%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Melco International Development'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. Melco International Development has a total score of 2/6, 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.

Dividends

 What is Melco International Development'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
0.49%
Current annual income from Melco International Development dividends. Estimated to be 0.87% next year.
If you bought HK$2,000 of Melco International Development shares you are expected to receive HK$10 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?
  • Melco International Development's pays a lower dividend yield than the bottom 25% of dividend payers in Hong Kong (1.98%).
  • Melco International Development's dividend is below the markets top 25% of dividend payers in Hong Kong (5.33%).
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:200 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 7 Analyst Estimates (S&P Global) See Below
Hong Kong Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 3.4%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 922 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 5.3%

Industry and Market average data is calculated daily.

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

SEHK:200 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.34 2.00
2020-12-31 0.07 4.00
2019-12-31 0.16 9.00
2018-12-31 0.12 9.00
SEHK:200 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2018-08-27 0.090 0.561
2018-04-26 0.080 0.331
2018-03-29 0.080 0.317
2017-08-31 0.064 0.290
2017-04-26 0.035 0.186
2017-03-31 0.035 0.234
2016-09-20 0.015 0.133
2016-08-31 0.015 0.152
2016-04-27 0.000 0.000
2016-03-31 0.000 0.000
2015-09-21 0.030 0.288
2015-08-31 0.030 0.259
2015-04-28 0.150 1.204
2015-03-27 0.150 1.088
2014-09-18 0.232 1.389
2014-08-28 0.232 1.188
2014-04-25 0.208 0.904
2014-03-28 0.208 0.807
2013-04-24 0.015 0.073
2013-04-02 0.015 0.111
2012-04-23 0.015 0.197
2012-03-28 0.015 0.196
2009-09-28 0.000 0.000
2009-09-11 0.000 0.000
2009-04-28 0.000 0.000
2009-03-19 0.010 0.350

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

  • Melco International Development is not paying a notable dividend for Hong Kong, therefore no need to check if the payments are stable.
  • Melco International Development is not paying a notable dividend for Hong Kong, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Melco International Development's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Melco International Development's dividends as it is not paying a notable one for Hong Kong.
Future Payout to shareholders
  • No need to calculate the sustainability of Melco International Development's dividends in 3 years as they are not expected to pay a notable one for Hong Kong.
X
Income/ dividend checks
We assess Melco International Development'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 Melco International Development afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Melco International Development has a total score of 0/6, see the detailed checks below.


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

Management

 What is the CEO of Melco International Development'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
Lawrence Ho
COMPENSATION HK$199,644,000
AGE 41
TENURE AS CEO 13 years
CEO Bio

Mr. Yau Lung Ho, also known as Lawrence, has been Executive Director of Melco Resorts & Entertainment Limited (formerly known as, Melco Crown Entertainment Limited) since December 20, 2004 and served as the its Co-Chairman and Chief Executive Officer since December 2004, and re-designated as Chairman and Chief Executive Officer since May 2016. Since November 2001, Mr. Ho has also served as the Managing Director and, since March 2006, the Chairman and Chief Executive Officer of Melco International Development Limited. Mr. Ho served as the Chairman and Non-Executive Director of Summit Ascent Holdings Limited since July 2013 until December 28, 2017. He has been Director of Studio City International Holdings Limited since July 2011. He serves as a Managing Director of Melco Resorts (Macau) Limited. He is a Member of the Board of Directors and a Vice Patron of The Community Chest of Hong Kong; Member of All China Youth Federation; Member of Macau Basic Law Promotion Association; Chairman of Macau International Volunteers Association; Member of the Board of Governors of The Canadian Chamber of Commerce in Hong Kong; Honorary Lifetime Director of The Chinese General Chamber of Commerce of Hong Kong; Honorary Patron of The Canadian Chamber of Commerce in Macao; Honorary President of Association of Property Agents and Real Estate Developers of Macau and Director Executive of Macao Chamber of Commerce. In recognition of Mr. Ho’s excellent directorship and entrepreneurial spirit, Institutional Investor honored him as the “Best CEO” in 2005. He was also granted the “5th China Enterprise Award for Creative Businessmen” by the China Marketing Association and China Enterprise News, “Leader of Tomorrow” by Hong Kong Tatler and the “Directors of the Year Award” by the Hong Kong Institute of Directors in 2005. As a socially–responsible young entrepreneur in Hong Kong, Mr. Ho was selected as one of the “Ten Outstanding Young Persons Selection 2006,” organized by Junior Chamber International Hong Kong. In 2007, he was elected as a finalist in the “Best Chairman” category in the “Stevie International Business Awards” and one of the “100 Most Influential People across Asia Pacific” by Asiamoney magazine. In 2008, he was granted the “China Charity Award” by the Ministry of Civil Affairs of the People’s Republic of China. And in 2009, Mr. Ho was selected as one of the “China Top Ten Financial and Intelligent Persons” judged by a panel led by the Beijing Cultural Development Study Institute and Fortune Times, and was named “Young Entrepreneur of the Year” at Hong Kong’s first Asia Pacific Entrepreneurship Awards. Mr. Ho was selected by Finance Asia magazine as one of the “Best CEOs in Hong Kong” for the fifth time in 2014 and was granted the “Leadership Gold Award” in the Business Awards of Macau in 2015. In 2017, Mr. Ho was awarded the Medal of Merit-Tourism by the Macau SAR government for his significant contributions to tourism in the territory. Mr. Ho was honored as one of the recipients of the “Asian Corporate Director Recognition Awards” by Corporate Governance Asia magazine for five consecutive years since 2012, and was awarded “Asia’s Best CEO” at the Asian Excellence Awards for the sixth time in 2017. Mr. Ho has been the Chairman of Maple Peak Investment Inc. since July 2016. He is a Vice Chairman of the All-China Federation of Industry and Commerce. Mr. Ho graduated with a Bachelor of Arts degree in commerce from the University of Toronto, Canada in June 1999 and was awarded the Honorary Doctor of Business Administration degree by Edinburgh Napier University, Scotland in July 2009 for his contribution to business, education and the community in Hong Kong, Macau and China. Mr. Yau Lung Ho serves as Director at Studio City International Holdings Limited.

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

Average tenure and age of the Melco International Development management team in years:

12.8
Average Tenure
44
Average Age
  • The average tenure for the Melco International Development management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Lawrence Ho

TITLE
Chairman & CEO
COMPENSATION
HK$200M
AGE
41
TENURE
13 yrs

Evan Winkler

TITLE
President
COMPENSATION
HK$54M
AGE
43

Clarence Chung

TITLE
Executive Director
COMPENSATION
HK$18M
AGE
55
TENURE
12.8 yrs

Geoffrey Stuart Davis

TITLE
Chief Financial Officer
AGE
49
TENURE
1.3 yrs

Vincent Leung

TITLE
Group General Counsel & Company Secretary
AGE
44
Board of Directors Tenure

Average tenure and age of the Melco International Development board of directors in years:

10.8
Average Tenure
57.5
Average Age
  • The average tenure for the Melco International Development board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Lawrence Ho

TITLE
Chairman & CEO
COMPENSATION
HK$200M
AGE
41
TENURE
13 yrs

Evan Winkler

TITLE
President
COMPENSATION
HK$54M
AGE
43
TENURE
2.6 yrs

Clarence Chung

TITLE
Executive Director
COMPENSATION
HK$18M
AGE
55
TENURE
12.8 yrs

Ching Ng

TITLE
Non-Executive Director
COMPENSATION
HK$1M
AGE
68
TENURE
14.5 yrs

Anthony Tyen

TITLE
Independent Non-Executive Director
AGE
62
TENURE
8.8 yrs

Frank Tsui

TITLE
Non-Executive Director
COMPENSATION
HK$6M
AGE
60
TENURE
17.3 yrs

Edward Chow

TITLE
Independent Non-Executive Director
COMPENSATION
HK$505K
AGE
66
TENURE
3.8 yrs

Karuna Shinsho

TITLE
Independent Non-Executive Director
AGE
50
TENURE
0.6 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$) Value (HK$)
27. Feb 19 Sell Southeastern Asset Management, Inc. Company 22. Feb 19 22. Feb 19 -1,803,000 HK$19.85 HK$-35,785,940
20. Feb 19 Buy Southeastern Asset Management, Inc. Company 15. Feb 19 15. Feb 19 3,683,000 HK$17.11 HK$63,016,124
26. Nov 18 Buy Great Respect Limited Company 22. Nov 18 22. Nov 18 2,000,000 HK$14.59 HK$29,188,597
26. Nov 18 Buy Great Respect Limited Company 23. Nov 18 23. Nov 18 116,000 HK$14.55 HK$1,687,754
23. Nov 18 Buy Yau Lung Ho Individual 20. Nov 18 20. Nov 18 1,140,000 HK$13.64 HK$15,553,704
23. Nov 18 Buy Great Respect Limited Company 21. Nov 18 21. Nov 18 978,000 HK$14.14 HK$13,830,684
22. Nov 18 Buy Yau Lung Ho Individual 16. Nov 18 16. Nov 18 816,000 HK$13.86 HK$11,308,293
20. Nov 18 Buy Yau Lung Ho Individual 15. Nov 18 15. Nov 18 214,000 HK$13.78 HK$2,948,814
20. Nov 18 Buy Yau Lung Ho Individual 19. Nov 18 19. Nov 18 2,184,000 HK$14.38 HK$31,413,565
15. Nov 18 Buy Yau Lung Ho Individual 12. Nov 18 12. Nov 18 2,000,000 HK$13.14 HK$26,273,797
15. Nov 18 Buy Yau Lung Ho Individual 13. Nov 18 13. Nov 18 1,711,000 HK$13.10 HK$22,415,468
15. Nov 18 Buy Yau Lung Ho Individual 14. Nov 18 14. Nov 18 3,162,000 HK$13.59 HK$42,971,890
29. Oct 18 Buy Southeastern Asset Management, Inc. Company 24. Oct 18 24. Oct 18 2,282,000 HK$13.92 HK$31,763,154
18. Oct 18 Buy Southeastern Asset Management, Inc. Company 15. Oct 18 15. Oct 18 1,082,000 HK$14.62 HK$15,821,006
26. Sep 18 Buy Southeastern Asset Management, Inc. Company 21. Sep 18 21. Sep 18 32,000 HK$16.50 HK$527,936
05. Sep 18 Buy Capital Research and Management Company Company 03. Sep 18 03. Sep 18 601,000 HK$20.54 HK$12,343,698
24. Aug 18 Buy Southeastern Asset Management, Inc. Company 21. Aug 18 21. Aug 18 1,605,000 HK$20.47 HK$32,862,373
23. Aug 18 Sell Southeastern Asset Management, Inc. Company 20. Aug 18 20. Aug 18 -1,001,000 HK$20.57 HK$-20,594,575
22. Aug 18 Buy Southeastern Asset Management, Inc. Company 17. Aug 18 17. Aug 18 752,000 HK$20.35 HK$15,303,200
17. Aug 18 Buy Southeastern Asset Management, Inc. Company 14. Aug 18 14. Aug 18 1,889,000 HK$21.59 HK$40,783,510
17. Aug 18 Sell Capital Research and Management Company Company 15. Aug 18 15. Aug 18 -6,382,000 HK$21.32 HK$-136,071,260
14. Aug 18 Buy Capital Research and Management Company Company 10. Aug 18 10. Aug 18 292,000 HK$22.19 HK$6,479,713
24. Jul 18 Sell Kan Hee Tyen Individual 20. Jul 18 20. Jul 18 -12,000 HK$22.12 HK$-265,400
24. Jul 18 Buy Southeastern Asset Management, Inc. Company 20. Jul 18 20. Jul 18 2,811,000 HK$22.08 HK$62,064,072
24. Jul 18 Sell Kan Hee Tyen Individual 23. Jul 18 23. Jul 18 -13,000 HK$22.35 HK$-290,501
24. Jul 18 Sell Kan Hee Tyen Individual 19. Jul 18 19. Jul 18 -5,000 HK$22.24 HK$-111,200
18. Jul 18 Buy Capital Research and Management Company Company 17. Jul 18 17. Jul 18 1,894,000 HK$22.11 HK$41,881,069
09. May 18 Sell Sui Sham Individual 07. May 18 07. May 18 -100,000 HK$29.12 HK$-2,912,500
09. May 18 Sell Sui Sham Individual 04. May 18 04. May 18 -100,000 HK$28.85 HK$-2,885,000
X
Management checks
We assess Melco International Development'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. Melco International Development 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.

News

Simply Wall St News

Does Melco International Development Limited's (HKG:200) CEO Pay Compare Well With Peers?

In 2006 Lawrence Ho was appointed CEO of Melco International Development Limited (HKG:200). … How Does Lawrence Ho's Compensation Compare With Similar Sized Companies. … Our data indicates that Melco International Development Limited is worth HK$26b, and total annual CEO compensation is HK$200m.

Simply Wall St -

Can You Imagine How Melco International Development's Shareholders Feel About The 95% Share Price Increase?

For example, Melco International Development Limited (HKG:200) shareholders have seen the share price rise 95% over three years, well in excess of the market return (31%, not including dividends). … During the three years of share price growth, Melco International Development actually saw its earnings per share (EPS) drop 1.3% per year. … It may well be that Melco International Development revenue growth rate of 81% over three years has convinced shareholders to believe in a brighter future.

Simply Wall St -

Should You Care About Melco International Development Limited’s (HKG:200) Investment Potential?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Melco International Development Limited (HKG:200): Time For A Financial Health Check

Mid-caps stocks, like Melco International Development Limited (HKG:200) with a market capitalization of HK$27b, aren’t the focus of most investors who prefer to direct their investments towards either large-cap or small-cap stocks. … This article will examine 200’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … View our latest analysis for Melco International Development

Simply Wall St -

When Should You Buy Melco International Development Limited (HKG:200)?

Melco International Development Limited (HKG:200), which is in the hospitality business, and is based in Hong Kong,. … As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s take a look at Melco International Development’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

Is Melco International Development Limited's (HKG:200) ROE Of 3.8% Concerning?

We'll use ROE to examine Melco International Development Limited (HKG:200), by way of a worked example. … Melco International Development has a ROE of 3.8%, based on the last twelve months. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Kind Of Investor Owns Most Of Melco International Development Limited (HKG:200)?

Melco International Development has a market capitalization of HK$22b, so we would expect some institutional investors to have noticed the stock. … institutional investors have bought into the company … View our latest analysis for Melco International Development

Simply Wall St -

What Does Melco International Development Limited's (HKG:200) P/E Ratio Tell You?

We'll show how you can use Melco International Development Limited's (HKG:200) P/E ratio to inform your assessment of the investment opportunity. … Melco International Development has a price to earnings ratio of 33.89, based on the last twelve months. … How Do You Calculate Melco International Development's P/E Ratio

Simply Wall St -

Is Melco International Development Limited (HKG:200) A Financially Sound Company?

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as Melco International Development Limited (HKG:200) with a market-capitalization of HK$21.1b, rarely draw their attention. … However, history shows that overlooked mid-cap companies have performed better on a risk-adjusted manner than the smaller and larger segment of the market. … See our latest analysis for Melco International Development

Simply Wall St -

Should You Worry About Melco International Development Limited's (HKG:200) CEO Pay Check?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Lawrence Ho's Compensation Compare With Similar Sized Companies. … Our data indicates that Melco International Development Limited is worth HK$22.3b, and total annual CEO compensation is HK$105m.

Simply Wall St -

Company Info

Description

Melco International Development Limited, an investment holding company, engages in the leisure and entertainment business in Hong Kong, the People’s Republic of China, Cambodia, the Philippines, and Cyprus. It operates through two segments, Casino and Hospitality, and Others. The company develops, owns, and operates a network of casino gaming and entertainment casino resorts. It is also involved in the integrated entertainment resort development and related operations; provision of financing services; leasing of electronic gaming machines; development and operation of social gaming platforms; property investment and restaurant operation activities; and development, construction, equipment ownership, and supervision of an integrated casino resorts. In addition, the company enrages in the slot machine participation and catering businesses. Further, it provides services and solutions for distribution of lottery products, as well as trades in lottery terminals and parts. The company was formerly known as The Macao Electric Lighting Company, Limited and changed its name to Melco International Development Limited in 1988. Melco International Development Limited was founded in 1910 and is headquartered in Central, Hong Kong.

Details
Name: Melco International Development Limited
200
Exchange: SEHK
Founded: 1910
HK$26,702,720,379
1,508,628,270
Website: http://www.melco-group.com
Address: Melco International Development Limited
The Centrium,
37th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 200 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 02. Jan 1992
OTCPK MDEV.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB MX7A Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
SHSC 200 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 02. Jan 1992
SZSC 200 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 02. Jan 1992
Number of employees
Current staff
Staff numbers
21,678
Melco International Development employees.
Industry
Casinos and Gaming
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/18 12:39
End of day share price update: 2019/03/18 00:00
Last estimates confirmation: 2019/03/07
Last earnings filing: 2018/09/19
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.