SEHK:2300

Stock Analysis Report

Executive Summary

AMVIG Holdings Limited, an investment holding company, engages in printing of cigarette packages for state-owned cigarette manufacturers in the People’s Republic of China.

Snowflake

Fundamentals

Flawless balance sheet, undervalued and pays a dividend.

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

-2.1%

2300

1.1%

HK Packaging

0.9%

HK Market


1 Year Return

-4.5%

2300

-20.5%

HK Packaging

0.6%

HK Market

Return vs Industry: 2300 exceeded the Hong Kong Packaging industry which returned -20.5% over the past year.

Return vs Market: 2300 underperformed the Hong Kong Market which returned 0.6% over the past year.


Shareholder returns

2300IndustryMarket
7 Day-2.1%1.1%0.9%
30 Day-1.0%0.6%0.5%
90 Day3.2%-11.0%-4.3%
1 Year3.1%-4.5%-15.5%-20.5%4.2%0.6%
3 Year-9.8%-25.7%-30.6%-38.0%15.6%4.0%
5 Year-17.4%-46.0%-20.9%-36.1%20.0%-0.08%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is AMVIG Holdings undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 2300 (HK$1.91) is trading below our estimate of fair value (HK$15.93)

Significantly Below Fair Value: 2300 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 2300 is good value based on its PE Ratio (6.1x) compared to the Packaging industry average (12.8x).

PE vs Market: 2300 is good value based on its PE Ratio (6.1x) compared to the Hong Kong market (10.3x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 2300's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: 2300 is good value based on its PB Ratio (0.5x) compared to the HK Packaging industry average (0.6x).


Next Steps

Future Growth

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

9.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2300's forecast earnings growth (9% per year) is above the savings rate (2%).

Earnings vs Market: 2300's earnings (9% per year) are forecast to grow slower than the Hong Kong market (11.3% per year).

High Growth Earnings: 2300's earnings are forecast to grow, but not significantly.

Revenue vs Market: Insufficient data to determine if 2300's revenue is forecast to grow faster than the Hong Kong market.

High Growth Revenue: Insufficient data to determine if 2300's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if 2300's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has AMVIG Holdings performed over the past 5 years?

-4.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: 2300's earnings have declined by -4.8% per year over the past 5 years.

Accelerating Growth: 2300's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 2300 had negative earnings growth (-13.2%) over the past year, making it difficult to compare to the Packaging industry average (-9.4%).


Return on Equity

High ROE: 2300's Return on Equity (8.5%) is considered low.


Return on Assets

ROA vs Industry: 2300's Return on Assets is below or equal to the Packaging industry average last year.


Return on Capital Employed

ROCE Improving: 2300 has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is AMVIG Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: 2300's short term assets (HK$2.2B) exceeds its short term liabilities (HK$1.9B)

Long Term Liabilities: 2300's short term assets (2.2B) exceeds its long term liabilities (424.1M)


Debt to Equity History and Analysis

Debt Level: 2300's debt to equity ratio (37.5%) is considered satisfactory

Reducing Debt: 2300's debt to equity ratio has reduced from 44.1% to 37.5% over the past 5 years.

Debt Coverage: 2300's debt is well covered by operating cash flow (44.1%).

Interest Coverage: 2300's interest payments on its debt are well covered by EBIT (7x coverage).


Balance Sheet

Inventory Level: 2300 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 2300's debt is covered by short term assets (assets are 1.397440x debt).


Next Steps

Dividend

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

7.59%

Current Dividend Yield


Upcoming Dividend Payment

Purchase AMVIG Holdings before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company7.6%marketbottom25%2.3%markettop25%6.3%industryaverage5.0%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: 2300's dividend (7.59%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.27%).

High Dividend: 2300's dividend (7.59%) is in the top 25% of dividend payers in the Hong Kong market (6.25%)

Stable Dividend: 2300's dividend payments have been volatile in the past 10 years.

Growing Dividend: 2300's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.4%), 2300's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

6.2yrs

Average management tenure


CEO

Su Ge (62yo)

9.9yrs

Tenure

HK$4,834,000

Compensation

Mr. Su Ge has been the Chief Executive Officer and President of AMVIG Holdings Limited since November 19, 2009. Mr. Ge has more than 17 years of experience in the Chinese tobacco industry. Mr. Ge has a dee ...


CEO Compensation Analysis

Compensation vs. Market: Su's total compensation ($USD616.41K) is about average for companies of similar size in the Hong Kong market ($USD287.10K).

Compensation vs Earnings: Su's compensation has been consistent with company performance over the past year.


Management Age and Tenure

6.2yrs

Average Tenure

47yo

Average Age

Experienced Management: 2300's management team is seasoned and experienced (6.2 years average tenure).


Board Age and Tenure

11.8yrs

Average Tenure

58.5yo

Average Age

Experienced Board: 2300's board of directors are seasoned and experienced ( 11.8 years average tenure).


Insider Trading

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


Recent Insider Transactions

BuyHK$3,421,59331 May 19
Wellington Management Group LLP
EntityCompany
Shares1,820,000
Max PriceHK$1.88
BuyHK$4,785,64602 Apr 19
FMR LLC
EntityCompany
Shares2,644,000
Max PriceHK$1.81
BuyHK$3,436,64518 Mar 19
FMR LLC
EntityCompany
Shares1,828,000
Max PriceHK$1.88
SellHK$2,733,52518 Mar 19
Wellington Management Group LLP
EntityCompany
Shares1,454,000
Max PriceHK$1.88
SellHK$875,37924 Jan 19
FIL Limited
EntityCompany
Shares506,000
Max PriceHK$1.73
SellHK$1,206,38514 Jan 19
FIL Limited
EntityCompany
Shares702,000
Max PriceHK$1.72

Ownership Breakdown


Management Team

  • Shun Fai Liu (48yo)

    CFO, Company Secretary & Executive Director

    • Tenure: 4.6yrs
    • Compensation: HK$3.22m
  • Su Ge (62yo)

    CEO, President & Executive Director

    • Tenure: 9.9yrs
    • Compensation: HK$4.83m
  • Bella Lui (46yo)

    Head of Internal Audit

    • Tenure: 0yrs
  • Hui Ma (47yo)

    General Manager of Qingdao Plant

    • Tenure: 2.8yrs
  • Neng Zhou (45yo)

    Group Director of Human Resources

    • Tenure: 1.8yrs

Board Members

  • Keith Tay (75yo)

    Independent Non-Executive Director

    • Tenure: 13.5yrs
    • Compensation: HK$905.00k
  • Shun Fai Liu (48yo)

    CFO, Company Secretary & Executive Director

    • Tenure: 4.6yrs
    • Compensation: HK$3.22m
  • Eric Oh (57yo)

    Independent Non-Executive Director

    • Tenure: 13.4yrs
    • Compensation: HK$873.00k
  • Jerzy Czubak (60yo)

    Non-Executive Director

    • Tenure: 7.8yrs
    • Compensation: HK$376.00k
  • Billy Chan (68yo)

    Non-Executive Chairman

    • Tenure: 13.5yrs
    • Compensation: HK$491.00k
  • Ellis Au-Yeung (56yo)

    Independent Non-Executive Director

    • Tenure: 13.4yrs
    • Compensation: HK$875.00k
  • Michael John Casamento (48yo)

    Non-Executive Director

    • Tenure: 3.3yrs
    • Compensation: HK$376.00k
  • Su Ge (62yo)

    CEO, President & Executive Director

    • Tenure: 9.9yrs
    • Compensation: HK$4.83m

Company Information

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


Key Information

  • Name: AMVIG Holdings Limited
  • Ticker: 2300
  • Exchange: SEHK
  • Founded: 1998
  • Industry: Paper Packaging
  • Sector: Materials
  • Market Cap: HK$1.802b
  • Shares outstanding: 929.05m
  • Website: https://www.amvig.com

Number of Employees


Location

  • AMVIG Holdings Limited
  • COFCO Tower
  • Room 601-602
  • Causeway Bay
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
2300SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDMar 2004
AMVG.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMar 2004

Biography

AMVIG Holdings Limited, an investment holding company, engages in printing of cigarette packages for state-owned cigarette manufacturers in the People’s Republic of China. It also manufactures transfer pap ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/21 12:30
End of Day Share Price2019/10/21 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.