Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 179% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -CN¥0.047 to -CN¥0.13 per share. Revenue forecast unchanged at CN¥4.01b. Hospitality industry in Hong Kong expected to see average net income growth of 27% next year. Consensus price target down from HK$0.97 to HK$0.87. Share price fell 6.5% to HK$0.43 over the past week. Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: CN¥0.29 loss per share (improved from CN¥0.39 loss in FY 2024). Revenue: CN¥3.84b (down 20% from FY 2024). Net loss: CN¥300.5m (loss narrowed 25% from FY 2024). Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 58% per year, which means it is performing significantly worse than earnings. Announcement • Mar 26
Xiabuxiabu Catering Management (China) Holdings Co., Ltd., Annual General Meeting, May 18, 2026 Xiabuxiabu Catering Management (China) Holdings Co., Ltd., Annual General Meeting, May 18, 2026. Announcement • Mar 16
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. to Report Fiscal Year 2025 Results on Mar 26, 2026 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced that they will report fiscal year 2025 results on Mar 26, 2026 New Risk • Mar 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$771.2m (US$98.6m) This is considered a minor 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. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Oct 15
CEO & Executive Chairman of the Board recently bought HK$972k worth of stock On the 13th of October, Kuang-Chi Ho bought around 1m shares on-market at roughly HK$0.97 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Kuang-Chi has been a buyer over the last 12 months, purchasing a net total of HK$4.2m worth in shares. Recent Insider Transactions • Sep 30
CEO & Executive Chairman of the Board recently bought HK$879k worth of stock On the 26th of September, Kuang-Chi Ho bought around 880k shares on-market at roughly HK$1.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Kuang-Chi has been a buyer over the last 12 months, purchasing a net total of HK$3.2m worth in shares. Recent Insider Transactions • Sep 17
CEO & Executive Chairman of the Board recently bought HK$839k worth of stock On the 12th of September, Kuang-Chi Ho bought around 1m shares on-market at roughly HK$0.84 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Kuang-Chi has been a buyer over the last 12 months, purchasing a net total of HK$1.4m worth in shares. Reported Earnings • Sep 01
First half 2025 earnings: EPS exceeds analyst expectations First half 2025 results: CN¥0.08 loss per share (improved from CN¥0.26 loss in 1H 2024). Revenue: CN¥1.94b (down 19% from 1H 2024). Net loss: CN¥84.1m (loss narrowed 69% from 1H 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 27%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Announcement • Aug 15
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • Aug 04
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. Provides Unaudited Consolidated Earnings Guidance for Six Months Ended 30 June, 2025 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. provided unaudited consolidated earnings guidance for six months ended 30 June, 2025. For the period, the company informed the shareholders and prospective investors of the Company that, based on its preliminary assessment of the Group's unaudited consolidated management accounts for the six months ended 30 June 2025 and information currently available to the Board, the Group is expected to record a revenue of approximately RMB 1.9 billion for the six months ended 30 June 2025, representing a decrease of approximately 18.9% as compared to that for the six months ended 30 June 2024. Compared to a net loss of approximately RMB 274 million for the six months ended 30 June 2024, the Group is expected to record a significantly reduced net loss of approximately RMB 80 million to RMB 100 million for the six months ended 30 June 2025, representing a decrease of approximately 63.2% to 70.5%, reflecting a substantial year-on-year improvement. The significant reduction in the net loss of the Group for the six months ended 30 June 2025 was primarily attributable to (i) the Group continued to focus on cost optimization by driving structural cost reductions and efficiency improvements through digitalized supply chain and leveraging the centralized procurement advantages to establish collaborative supply chain network with suppliers; (ii) the Group continued to upgrade the new logistic center and standardized logistic processes to optimizing delivery routes and networks in order to enhance operational efficiency and to achieve overall cost reductions and to improve operating performance; and (iii) the Group continued to optimize restaurant structure by closing under-performing restaurants, and opening new restaurants focusing on expanding into high-potential areas, etc, thereby improving restaurant operational efficiency. The amount of provision for asset impairment losses on closed and continuously loss-making restaurants was expected to a significant decrease of approximately 64.1% compared to the same period in 2024. Recent Insider Transactions • Jul 10
CEO & Executive Chairman of the Board recently bought HK$334k worth of stock On the 4th of July, Kuang-Chi Ho bought around 452k shares on-market at roughly HK$0.74 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Kuang-Chi's only on-market trade for the last 12 months. 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. 3 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Man Tat Kot was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 19
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. (SEHK:520) agreed to acquire remaining 40% stake in Xiabuxiabu (HK) Food Holdings Co., Limited from Ho Kuang-Chi for HKD 89 million. Xiabuxiabu Catering Management (China) Holdings Co., Ltd. (SEHK:520) agreed to acquire remaining 40% stake in Xiabuxiabu (HK) Food Holdings Co., Limited from Ho Kuang-Chi for HKD 89 million on April 17, 2025. A cash consideration of CNY 89 million will be paid by Xiabuxiabu Catering Management (China) Holdings Co., Ltd. As part of consideration, CNY 89 million is paid towards common equity of Xiabuxiabu (HK) Food Holdings Co., Limited. Upon completion, Xiabuxiabu Catering Management (China) Holdings Co., Ltd. will own 100% stake in Xiabuxiabu (HK) Food Holdings Co., Limited. The transaction is subject to approval of offer by acquirer shareholders.
Octal Capital Limited acted as financial advisor for Xiabuxiabu Catering Management Holdings Co., Ltd. Announcement • Apr 17
Xiabuxiabu Catering Management (China) Holdings Co., Ltd., Annual General Meeting, May 16, 2025 Xiabuxiabu Catering Management (China) Holdings Co., Ltd., Annual General Meeting, May 16, 2025, at 10:00 China Standard Time. Location: 21st floor, grand millennium plaza, 183 queen`s road central, sheung wan, Hong Kong New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (HK$703.7m market cap, or US$90.6m). Major Estimate Revision • Apr 03
Consensus revenue estimates fall by 30% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥5.70b to CN¥4.01b. Forecast losses increased from -CN¥0.032 to -CN¥0.207 per share. Hospitality industry in Hong Kong expected to see average net income growth of 31% next year. Consensus price target down from HK$1.15 to HK$1.13. Share price fell 8.0% to HK$0.80 over the past week. Reported Earnings • Mar 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: CN¥0.39 loss per share (further deteriorated from CN¥0.19 loss in FY 2023). Revenue: CN¥4.81b (down 19% from FY 2023). Net loss: CN¥400.7m (loss widened 101% from FY 2023). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Announcement • Mar 17
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. to Report Fiscal Year 2024 Results on Mar 27, 2025 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced that they will report fiscal year 2024 results on Mar 27, 2025 Announcement • Mar 07
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. Provides Earnings Guidance for the Year Ended 31 December 2024 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. provided earnings guidance for the year ended 31 December 2024. For the period, the Group is expected to record a revenue of approximately RMB 4.8 billion for the year ended 31 December 2024, representing a decrease of approximately 20% as compared to that of the year ended 31 December 2023. The Group is expected to record a net loss ranging from approximately RMB 390 million to RMB 410 million for the year ended 31 December 2024 as compared to the Group's net loss of approximately RMB 190 million for the year ended 31 December 2023. Announcement • Oct 16
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. Announces Executive Changes Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced that Ms. So Lai Shan has tendered her resignation as the company secretary of the Company, with effect from 16 October 2024. The Board announced that Ms. Tam Shuk Wah Carrie has been appointed as the Company Secretary and the Authorised Representative with effect from 16 October 2024. Ms. Tam has worked for various listed companies and an international accounting firm in Hong Kong, with over 20 years of experience in fields of corporate secretarial, financial management, project administration and auditing. She is a corporate services director of Incorp Hong Kong Limited. Ms. Tam is a member of the Hong Kong Institute of Certified Public Accountants and a fellow member of the Institute of Chartered Accountants in England and Wales. Ms. Tam acted as the company secretary of the Company from 17 December 2020 to 16 January 2024. New Risk • Sep 26
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 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. New Risk • Sep 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$770.3m (US$98.8m) This is considered a minor 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. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 02
First half 2024 earnings: EPS and revenues miss analyst expectations First half 2024 results: CN¥0.26 loss per share (down from CN¥0.002 profit in 1H 2023). Revenue: CN¥2.40b (down 16% from 1H 2023). Net loss: CN¥272.8m (down CN¥275.2m from profit in 1H 2023). Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. Announcement • Aug 16
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Announcement • May 25
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. Approves Final Dividend for the Year Ended 31 December 2023 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. at its AGM held on May 24, 2024, approved to pay a final dividend of RMB 0.028 per ordinary share of the Company for the year ended 31 December 2023 out of the share premium account of the Company. Upcoming Dividend • May 22
Upcoming dividend of CN¥0.028 per share Eligible shareholders must have bought the stock before 29 May 2024. Payment date: 17 June 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Hong Kong dividend payers (7.4%). In line with average of industry peers (3.1%). Reported Earnings • Apr 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CN¥0.19 loss per share (improved from CN¥0.33 loss in FY 2022). Revenue: CN¥5.94b (up 25% from FY 2022). Net loss: CN¥199.5m (loss narrowed 44% from FY 2022). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Apr 20
CEO & Executive Chairman of the Board recently bought HK$4.0m worth of stock On the 15th of April, Kuang-Chi Ho bought around 3m shares on-market at roughly HK$1.58 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$4.0m. Kuang-Chi has been a buyer over the last 12 months, purchasing a net total of HK$7.9m worth in shares. Recent Insider Transactions • Apr 05
CEO & Executive Chairman of the Board recently bought HK$4.0m worth of stock On the 2nd of April, Kuang-Chi Ho bought around 3m shares on-market at roughly HK$1.59 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Kuang-Chi's only on-market trade for the last 12 months. Announcement • Mar 29
Xiabuxiabu Catering Management (China) Holdings Co., Ltd., Annual General Meeting, May 24, 2024 Xiabuxiabu Catering Management (China) Holdings Co., Ltd., Annual General Meeting, May 24, 2024. Agenda: To consider approval of final dividend. Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CN¥0.19 loss per share (improved from CN¥0.33 loss in FY 2022). Revenue: CN¥6.06b (up 28% from FY 2022). Net loss: CN¥199.5m (loss narrowed 44% from FY 2022). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has fallen by 55% per year, which means it is performing significantly worse than earnings. Announcement • Mar 27
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 17 June 2024 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. proposed final dividend for the year ended 31 December 2023 of RMB 0.028 per share. Ex-dividend date is 29 May 2024, Record date is 05 June 2024 and Payment date is 17 June 2024. Date of shareholders' approval will be 24 May 2024. Announcement • Mar 16
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. to Report Fiscal Year 2023 Results on Mar 27, 2024 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced that they will report fiscal year 2023 results on Mar 27, 2024 Announcement • Jan 16
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. Announces Executive Changes Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced the resignation of Ms. Tam Shuk Wah, Carrie as company secretary with effect from 16 January 2024. The Board announced that Ms. So Lai Shan has been appointed as the Company Secretary, and the Authorized Representative with effect from 16 January 2024. Ms. So is currently a manager of corporate services of Vistra Corporate Services (HK) Limited. She has over ten years of experience in the corporate secretarial field and has been providing a full range of corporate and compliance services. Ms. So is an associate member of The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom. She acted/is currently acting as the company secretary or a joint company secretary of a few listed companies on the Stock Exchange. Reported Earnings • Sep 29
First half 2023 earnings released: EPS: CN¥0.002 (vs CN¥0.26 loss in 1H 2022) First half 2023 results: EPS: CN¥0.002 (up from CN¥0.26 loss in 1H 2022). Revenue: CN¥2.85b (up 32% from 1H 2022). Net income: CN¥2.41m (up CN¥281.9m from 1H 2022). Profit margin: 0.1% (up from net loss in 1H 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Announcement • Sep 29
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. Announces Final Dividend for the Full Year of 2023, Payable on or About 20 October 2023 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced that the Group plans to pay the 2023 Interim Dividend of RMB 0.028 per Share, amounting to a total of approximately RMB 30.4 million. The planned dividend payout ratio will be subject to the full year financial performance and business plan of the Company and market outlook early next year, therefore a final dividend for the full year of 2023 may or may not be paid. The 2023 Interim Dividend is declared in Renminbi and will be paid in Hong Kong dollars, the exchange rate of which will be calculated based on the rate of exchange as quoted to the Company by The Hong Kong and Shanghai Banking Corporation Limited at its middle rate of exchange prevailing on 11 October 2023. The 2023 Interim Dividend will be paid on or about 20 October 2023 to those Shareholders whose names appear on the register of members of the Company on 11 October 2023. Upcoming Dividend • Sep 28
Upcoming dividend of CN¥0.028 per share at 1.9% yield Eligible shareholders must have bought the stock before 05 October 2023. Payment date: 20 October 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (1.4%). Announcement • Aug 29
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. Declares Interim Dividend for the Six Months Ended June 30, 2023, Payable on 20 October 2023 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. declared an interim dividend of RMB 0.028 per Share, amounting to approximately a total of RMB 30.4 million for the six months ended 30 June 2023. Ex-dividend date is 05 October 2023. Record date is 11 October 2023 and Payment date is 20 October 2023. Reported Earnings • Aug 29
First half 2023 earnings released: EPS: CN¥0.002 (vs CN¥0.26 loss in 1H 2022) First half 2023 results: EPS: CN¥0.002 (up from CN¥0.26 loss in 1H 2022). Revenue: CN¥2.85b (up 32% from 1H 2022). Net income: CN¥2.41m (up CN¥281.9m from 1H 2022). Profit margin: 0.1% (up from net loss in 1H 2022). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Aug 16
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. to Report First Half, 2023 Results on Aug 25, 2023 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced that they will report first half, 2023 results on Aug 25, 2023 Buying Opportunity • May 31
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 51%. The fair value is estimated to be HK$5.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 26
Xiabuxiabu Catering Management (China) Holdings Co., Ltd. Approves Final Dividend for the Year Ended 31 December 2022 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. approved To declare and pay a final dividend of RMB 0.028 per ordinary share for the year ended 31 December 2022. Upcoming Dividend • May 24
Upcoming dividend of CN¥0.028 per share at 1.3% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 16 June 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (1.1%). Reported Earnings • Mar 30
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: CN¥0.33 loss per share (further deteriorated from CN¥0.27 loss in FY 2021). Revenue: CN¥4.72b (down 23% from FY 2021). Net loss: CN¥353.1m (loss widened 20% from FY 2021). Same store sales growth: Down 23.0% vs FY 2021 Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Buying Opportunity • Mar 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be HK$8.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 14% in a year. Earnings is forecast to grow by 100% in the next year. Reported Earnings • Oct 02
First half 2022 earnings: EPS misses analyst expectations First half 2022 results: CN¥0.26 loss per share (further deteriorated from CN¥0.046 loss in 1H 2021). Revenue: CN¥2.16b (down 29% from 1H 2021). Net loss: CN¥279.5m (loss widened 460% from 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 87%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 31% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 28
Upcoming dividend of CN¥0.028 per share Eligible shareholders must have bought the stock before 05 October 2022. Payment date: 20 October 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Hong Kong dividend payers (8.7%). Higher than average of industry peers (1.0%). Reported Earnings • Aug 30
First half 2022 earnings released: CN¥0.26 loss per share (vs CN¥0.046 loss in 1H 2021) First half 2022 results: CN¥0.26 loss per share (down from CN¥0.046 loss in 1H 2021). Revenue: CN¥2.20b (down 28% from 1H 2021). Net loss: CN¥279.5m (loss widened 460% from 1H 2021). Over the next year, revenue is forecast to grow 40%, compared to a 43% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Board Change • May 31
High number of new directors Independent Non-Executive Director Man Tat Kot was the last director to join the board, commencing their role in 2022. Upcoming Dividend • May 30
Upcoming dividend of CN¥0.028 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 21 June 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (1.3%). Reported Earnings • May 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: CN¥0.27 loss per share (down from CN¥0.002 profit in FY 2020). Revenue: CN¥6.16b (up 13% from FY 2020). Net loss: CN¥293.2m (down CN¥295.0m from profit in FY 2020). Same store sales growth: Down 8.3% vs FY 2020 Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 403%. Over the next year, revenue is forecast to grow 9.1%, compared to a 38% growth forecast for the restaurants industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
High number of new directors Independent Non-Executive Director Man Tat Kot was the last director to join the board, commencing their role in 2022. Reported Earnings • Mar 30
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: CN¥0.27 loss per share (down from CN¥0.002 profit in FY 2020). Revenue: CN¥6.15b (up 12% from FY 2020). Net loss: CN¥293.2m (down CN¥295.0m from profit in FY 2020). Same store sales growth: Down 8.3% vs FY 2020 Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) exceeded analyst estimates by 403%. Over the next year, revenue is forecast to grow 20%, compared to a 51% growth forecast for the restaurants industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Mar 16
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from CN¥6.61b to CN¥6.15b. EPS estimate also fell from CN¥0.07 per share to CN¥0.05 per share. Net income forecast to shrink 22% next year vs 8.5% growth forecast for Hospitality industry in Hong Kong . Consensus price target down from HK$7.59 to HK$7.38. Share price fell 21% to HK$3.23 over the past week. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$4.09, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 27x in the Hospitality industry in Hong Kong. Total loss to shareholders of 70% over the past three years. Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from CN¥6.74b to CN¥6.64b. EPS estimate also fell from CN¥0.11 per share to CN¥0.09 per share. Net income forecast to shrink 0.03% next year vs 9.6% growth forecast for Hospitality industry in Hong Kong . Consensus price target down from HK$8.04 to HK$7.66. Share price was steady at HK$5.62 over the past week. Major Estimate Revision • Feb 11
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from CN¥0.13 to CN¥0.11 per share. Revenue forecast steady at CN¥6.74b. Net income forecast to grow 14% next year vs 11% growth forecast for Hospitality industry in Hong Kong. Consensus price target down from HK$8.31 to HK$8.01. Share price rose 7.2% to HK$5.65 over the past week. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$4.97, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 25x in the Hospitality industry in Hong Kong. Total loss to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to HK$6.66, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 38x in the Hospitality industry in Hong Kong. Total loss to shareholders of 38% over the past three years. Reported Earnings • Oct 03
First half 2021 earnings released: CN¥0.046 loss per share (vs CN¥0.24 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: CN¥3.06b (up 58% from 1H 2020). Net loss: CN¥49.9m (loss narrowed 80% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 29
Upcoming dividend of CN¥0.028 per share Eligible shareholders must have bought the stock before 06 October 2021. Payment date: 22 October 2021. Trailing yield: 0.9%. Lower than top quartile of Hong Kong dividend payers (6.8%). Lower than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 17% share price gain to HK$7.59, the stock trades at a trailing P/E ratio of 32.7x. Average trailing P/E is 24x in the Hospitality industry in Hong Kong. Total loss to shareholders of 27% over the past three years. Reported Earnings • Sep 01
First half 2021 earnings released: CN¥0.046 loss per share (vs CN¥0.24 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: CN¥3.07b (up 58% from 1H 2020). Net loss: CN¥49.9m (loss narrowed 80% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Executive Departure • Aug 04
Executive Director Yi Zhao has left the company On the 28th of July, Yi Zhao was replaced as CEO by Kuang-Chi Ho after 1.7 years in the role. As of March 2021, Yi still personally held 424.42k shares (HK$2.5m worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Under Yi's leadership, the company delivered a total shareholder return of 8.0%. Major Estimate Revision • Aug 01
Consensus EPS estimates fall to CN¥0.37 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from CN¥7.99b to CN¥7.77b. EPS estimate also fell from CN¥0.42 to CN¥0.37. Net income forecast to grow 22,354% next year vs 240% growth forecast for Hospitality industry in Hong Kong. Consensus price target down from HK$12.66 to HK$10.52. Share price fell 12% to HK$6.93 over the past week. Upcoming Dividend • May 25
Upcoming dividend of CN¥0.028 per share Eligible shareholders must have bought the stock before 01 June 2021. Payment date: 18 June 2021. Trailing yield: 0.7%. Lower than top quartile of Hong Kong dividend payers (6.0%). In line with average of industry peers (0.7%). Recent Insider Transactions • Apr 18
CEO & Executive Director recently sold HK$5.7m worth of stock On the 14th of April, Yi Zhao sold around 424k shares on-market at roughly HK$13.52 per share. This was the largest sale by an insider in the last 3 months. Yi has been a seller over the last 12 months, reducing personal holdings by HK$18m. 
