SEHK:1134

Stock Analysis Report

Executive Summary

Kelfred Holdings Limited, an investment holding company, manufactures and sells eyewear products in the People’s Republic of China and Hong Kong.

Snowflake

Fundamentals

Excellent balance sheet with questionable track record.

Share Price & News

How has Kelfred Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.2%

1134

1.3%

HK Medical Equipment

2.2%

HK Market


1 Year Return

n/a

1134

8.1%

HK Medical Equipment

-1.3%

HK Market

Return vs Industry: Insufficient data to determine how 1134 performed against the Hong Kong Medical Equipment industry.

Return vs Market: Insufficient data to determine how 1134 performed against the Hong Kong Market.


Share holder returns

1134IndustryMarket
7 Day1.2%1.3%2.2%
30 Day-3.3%-1.0%-2.9%
90 Dayn/a19.0%-5.8%
1 Yearn/a9.3%8.1%2.3%-1.3%
3 Yearn/a10.9%7.5%15.6%3.9%
5 Yearn/a3.3%-1.8%20.1%0.06%

Price Volatility Vs. Market

How volatile is Kelfred Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Kelfred Holdings undervalued based on future cash flows and its price relative to the stock market?

13.16x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Undervalued: 1134 (HK$0.87) is trading above our estimate of fair value (HK$0.81)

Significantly Undervalued: 1134 is trading above our estimate of fair value.


Price Based on Earnings

PE vs Industry: 1134 is good value based on its PE Ratio (13.2x) compared to the Medical Equipment industry average (15.7x).

PE vs Market: 1134 is poor value based on its PE Ratio (13.2x) compared to the Hong Kong market (10.3x).


Price Based on Expected Growth

Low PEG Ratio: Insufficient data to calculate 1134's PEG Ratio to determine if it is good value.


Price Based on Value of Assets

PB vs Industry: 1134 is overvalued based on its PB Ratio (3.2x) compared to the HK Medical Equipment industry average (1.6x).


Next Steps

Future Growth

How is Kelfred Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

-0.002%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: 1134's earnings are forecast to decline over the next 3 years (-0% per year).

Earnings vs Market: 1134's earnings are forecast to decline over the next 3 years (-0% per year).

High Growth Earnings: 1134's earnings are forecast to decline over the next 3 years.

Revenue vs Market: Insufficient data to determine if 1134's revenue is forecast to grow faster than the Hong Kong market.

High Growth Revenue: Insufficient data to determine if 1134's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: Insufficient data to determine if 1134's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Kelfred Holdings performed over the past 5 years?

-21.0%

Last years earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if 1134's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: 1134's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 1134 had negative earnings growth (-21%) over the past year, making it difficult to compare to the Medical Equipment industry average (50.2%).


Return on Equity

High ROE: 1134's Return on Equity (24.7%) is considered high.


Return on Assets

ROA vs Industry: 1134 has a higher Return on Assets than the Medical Equipment industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate 1134's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Kelfred Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: 1134's short term assets (HK$173.6M) exceeds its short term liabilities (HK$112.4M)

Long Term Liabilities: 1134's short term assets (HK$173.6M) exceeds its long term liabilities (HK$4.6M)


Debt to Equity History and Analysis

Debt Level: 1134's debt to equity ratio (29.8%) is considered satisfactory

Reducing Debt: Insufficient data to determine if 1134's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: 1134's debt is well covered by operating cash flow (138.1%).

Interest Coverage: 1134's interest payments on its debt are well covered by EBIT (19.4x coverage).


Balance Sheet

Inventory Level: 1134 has a high level of physical assets or inventory.

Debt Coverage by Assets: 1134's debt is covered by short term assets (assets are 5.624310x debt).


Next Steps

Dividend

What is Kelfred Holdings's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%2.3%markettop25%6.3%industryaverage1.6%forecastin3Yearsn/a

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: Unable to evaluate 1134's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate 1134's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if 1134's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if 1134's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of 1134's dividend in 3 years as they are not forecast to pay a notable one for the Hong Kong market.


Next Steps

Management

What is the CEO of Kelfred Holdings's salary, the management and board of directors tenure and is there insider trading?

0.8yrs

Average board tenure


CEO

Ken Kwok (41yo)

0yrs

Tenure

0

Mr. Ken Kwok is an Executive Director and Chief Executive Officer of Kelfred Holdings Limited. Mr. Ken Kwok joined Kelfred Holdings in December 1999 and has over 18 years of experience in trading, manufact ...


Board Age and Tenure

0.8yrs

Average Tenure

52yo

Average Age

Experienced Board: 1134's board of directors are not considered experienced ( 0.8 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Wing-Kiu Tsang (45yo)

    CFO & Company Secretary

    • Tenure: 0.5yrs
  • Ken Kwok (41yo)

    CEO & Director

    • Tenure: 0yrs

Board Members

  • David Lee (52yo)

    Independent Non-Executive Director

    • Tenure: 0.3yrs
  • Joseph Chan (67yo)

    Independent Non-Executive Director

    • Tenure: 0.3yrs
  • Marcus Chu (38yo)

    Independent Non-Executive Director

    • Tenure: 0.3yrs
  • Joe Kwok (46yo)

    Chairman

    • Tenure: 0yrs
  • Ken Kwok (41yo)

    CEO & Director

    • Tenure: 0yrs
  • - Kwok (75yo)

    Non-Executive Director

    • Tenure: 1.4yrs
  • - Kwok (68yo)

    Non-Executive Director

    • Tenure: 1.3yrs

Company Information

Kelfred Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Kelfred Holdings Limited
  • Ticker: 1134
  • Exchange: SEHK
  • Founded: 1986
  • Industry: Health Care Supplies
  • Sector: Healthcare
  • Market Cap: HK$435.000m
  • Shares outstanding: 500.00m
  • Website: https://www.kelfred.com.hk

Number of Employees


Location

  • Kelfred Holdings Limited
  • New Trade Plaza
  • Room 1606, 16th Floor, Block B
  • Sha Tin
  • New Territories
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
1134SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDJul 2019

Biography

Kelfred Holdings Limited, an investment holding company, manufactures and sells eyewear products in the People’s Republic of China and Hong Kong. The company produces a range of spectacle frames and sungla ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/12 13:17
End of Day Share Price2019/10/11 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.

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