Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: CN¥0.06 (vs CN¥0.04 in FY 2024) Full year 2025 results: EPS: CN¥0.06 (up from CN¥0.04 in FY 2024). Revenue: CN¥40.4b (down 5.9% from FY 2024). Net income: CN¥225.0m (up 51% from FY 2024). Profit margin: 0.6% (up from 0.3% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 3% per year. Announcement • Mar 31
China Oriental Group Company Limited, Annual General Meeting, Jun 10, 2026 China Oriental Group Company Limited, Annual General Meeting, Jun 10, 2026. Announcement • Mar 13
China Oriental Group Company Limited to Report Fiscal Year 2025 Results on Mar 30, 2026 China Oriental Group Company Limited announced that they will report fiscal year 2025 results on Mar 30, 2026 Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.52, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 17x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 31% over the past three years. Reported Earnings • Sep 28
First half 2025 earnings released: EPS: CN¥0.055 (vs CN¥0.025 in 1H 2024) First half 2025 results: EPS: CN¥0.055 (up from CN¥0.025 in 1H 2024). Revenue: CN¥19.9b (down 12% from 1H 2024). Net income: CN¥203.1m (up 116% from 1H 2024). Profit margin: 1.0% (up from 0.4% in 1H 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 28
First half 2025 earnings released: EPS: CN¥0.055 (vs CN¥0.025 in 1H 2024) First half 2025 results: EPS: CN¥0.055 (up from CN¥0.025 in 1H 2024). Revenue: CN¥19.9b (down 12% from 1H 2024). Net income: CN¥203.1m (up 116% from 1H 2024). Profit margin: 1.0% (up from 0.4% in 1H 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Announcement • Aug 15
China Oriental Group Company Limited to Report First Half, 2025 Results on Aug 27, 2025 China Oriental Group Company Limited announced that they will report first half, 2025 results on Aug 27, 2025 Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.77, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 11x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$1.46, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 10x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 5.5% over the past three years. Upcoming Dividend • Jun 12
Upcoming dividend of HK$0.06 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Hong Kong dividend payers (7.5%). In line with average of industry peers (4.1%). Reported Earnings • May 05
Full year 2024 earnings released: EPS: CN¥0.04 (vs CN¥0.043 loss in FY 2023) Full year 2024 results: EPS: CN¥0.04 (up from CN¥0.043 loss in FY 2023). Revenue: CN¥43.0b (down 7.1% from FY 2023). Net income: CN¥149.1m (up CN¥308.8m from FY 2023). Profit margin: 0.3% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 14% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 50% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$1.05, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 10x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 45% over the past three years. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: CN¥0.04 (vs CN¥0.043 loss in FY 2023) Full year 2024 results: EPS: CN¥0.04 (up from CN¥0.043 loss in FY 2023). Revenue: CN¥43.0b (down 7.1% from FY 2023). Net income: CN¥149.1m (up CN¥308.8m from FY 2023). Profit margin: 0.3% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Announcement • Mar 28
China Oriental Group Company Limited, Annual General Meeting, Jun 06, 2025 China Oriental Group Company Limited, Annual General Meeting, Jun 06, 2025. Announcement • Mar 13
China Oriental Group Company Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 China Oriental Group Company Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 New Risk • Feb 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 12% 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: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 44% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • Aug 31
First half 2024 earnings released: EPS: CN¥0.025 (vs CN¥0.076 in 1H 2023) First half 2024 results: EPS: CN¥0.025 (down from CN¥0.076 in 1H 2023). Revenue: CN¥22.6b (up 2.3% from 1H 2023). Net income: CN¥94.1m (down 67% from 1H 2023). Profit margin: 0.4% (down from 1.3% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Aug 19
China Oriental Group Company Limited Provides Unaudited Consolidated Earning Guidance for the Six Months Ended 30 June 2024 China Oriental Group Company Limited provided unaudited consolidated earning guidance for the six months ended 30 June 2024. For the period, the group expected to record a decrease in net profit for the Relevant Period by not less than 50 %, as compared with the net profit of the Group of approximately RMB 276 million for the six months ended 30 June 2023. Based on the information available to date, such expected decrease in net profit of the Group for the Relevant Period is mainly attributable to the combined effects of the following factors, including, among others, (i) a decrease in the average selling price of steel products of the Group due to a continuous sluggish downstream demand of the iron and steel industry and the sales recovery fell significantly below the industry expectation in the Relevant Period; (ii) the overall production costs of the Group remained at a relatively high level due to a steeper price decreasing trend of the steel products comparing to that of their major raw materials; and (iii) a fair value loss on the financial assets at fair value through profit or loss is expected to be recorded for the Relevant Period, as compared with a fair value gain of approximately RMB112 million for the six months ended 30 June 2023. Despite the expected decline in net profit for the Relevant Period, the Board is of the view that the overall operations and financial position of the Group remains healthy and sound. The Company will continue to make great efforts in creating value for the Shareholders in a long-term and sustainable manner. Announcement • Aug 15
China Oriental Group Company Limited to Report Q2, 2024 Results on Aug 29, 2024 China Oriental Group Company Limited announced that they will report Q2, 2024 results on Aug 29, 2024 Upcoming Dividend • Jul 05
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 20 August 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (2.2%). Announcement • May 09
China Oriental Group Company Limited Announces Board and Committee Retirements, Effective 28 June 2024 The Board of China Oriental Group Company Limited announced that with effect from the conclusion of the forthcoming AGM to be held on 28 June 2024, Mr. Zhu Hao will retire by rotation from the Board as a non-executive Director in accordance with the Bye-laws; and Mr. Wang Tianyi will retire by rotation from the Board as an independent non- executive Director in accordance with the Bye-laws and cease to be a member of each of the Audit Committee, the Nomination Committee and the Remuneration Committee. Each of Mr. Zhu and Mr. Wang has informed the Board that he will not offer himself for re-election at the forthcoming AGM as he would like to devote more time to pursue his own personal commitments. Announcement • Mar 28
China Oriental Group Company Limited, Annual General Meeting, Jun 28, 2024 China Oriental Group Company Limited, Annual General Meeting, Jun 28, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: CN¥0.04 loss per share (vs CN¥0.22 profit in FY 2022) Full year 2023 results: CN¥0.04 loss per share (down from CN¥0.22 profit in FY 2022). Revenue: CN¥46.3b (down 4.9% from FY 2022). Net loss: CN¥159.7m (down 120% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Announcement • Mar 27
China Oriental Group Company Limited Proposes Special Dividend for the Year Ended 31 December 2023 Payable on 20 August 2024 China Oriental Group Company Limited proposed Special Dividend of HKD 0.05 per share for the year ended 31 December 2023 payable on 20 August 2024. Date of shareholders' approval is on 28 June 2024. Ex-dividend date is on 11 July 2024. Record date is on 17 July 2024. Announcement • Mar 15
China Oriental Group Company Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 China Oriental Group Company Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 New Risk • Sep 19
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 02
First half 2023 earnings released: EPS: CN¥0.076 (vs CN¥0.32 in 1H 2022) First half 2023 results: EPS: CN¥0.076 (down from CN¥0.32 in 1H 2022). Revenue: CN¥22.1b (down 12% from 1H 2022). Net income: CN¥282.3m (down 77% from 1H 2022). Profit margin: 1.3% (down from 4.8% in 1H 2022). Revenue is expected to decline by 8.7% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 7.4%. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Aug 16
China Oriental Group Company Limited to Report First Half, 2023 Results on Aug 31, 2023 China Oriental Group Company Limited announced that they will report first half, 2023 results on Aug 31, 2023 Buying Opportunity • Jun 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be HK$1.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to decline by 10% per annum. Earnings is forecast to grow by 32% per annum over the same time period. Announcement • Jun 09
China Oriental Group Company Limited Approves Special Dividend for the Year Ended 31 December 2022 China Oriental Group Company Limited at its AGM held on June 8, 2023 approved special dividend of HKD 0.03 per share for the year ended 31 December 2022. Upcoming Dividend • Jun 08
Upcoming dividend of HK$0.03 per share at 9.0% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 9.0%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (3.2%). Major Estimate Revision • May 26
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥45.9b to CN¥38.1b. EPS estimate fell from CN¥0.46 to CN¥0.33 per share. Net income forecast to grow 54% next year vs 38% growth forecast for Metals and Mining industry in Hong Kong. Consensus price target down from HK$1.61 to HK$1.27. Share price fell 5.9% to HK$1.12 over the past week. Buying Opportunity • May 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be HK$1.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to decline by 13% in 2 years. Earnings is forecast to grow by 140% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Non-Executive Director Edward Tse was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: CN¥0.32 (vs CN¥0.42 in 1H 2021) First half 2022 results: EPS: CN¥0.32 (down from CN¥0.42 in 1H 2021). Revenue: CN¥25.0b (flat on 1H 2021). Net income: CN¥1.20b (down 24% from 1H 2021). Profit margin: 4.8% (down from 6.3% in 1H 2021). Revenue is expected to decline by 7.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 08
Upcoming dividend of HK$0.07 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 24 October 2022. Payout ratio is a comfortable 19% but the company is paying out more than the cash it is generating. Trailing yield: 16%. Within top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (5.3%). Major Estimate Revision • Sep 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from CN¥46.7b to CN¥47.4b. EPS estimate fell from CN¥0.70 to CN¥0.49 per share. Net income forecast to shrink 16% next year vs 12% growth forecast for Metals and Mining industry in Hong Kong . Consensus price target down from HK$2.51 to HK$1.65. Share price was steady at HK$1.46 over the past week. Reported Earnings • Sep 02
First half 2022 earnings released: EPS: CN¥0.32 (vs CN¥0.42 in 1H 2021) First half 2022 results: EPS: CN¥0.32 (down from CN¥0.42 in 1H 2021). Revenue: CN¥25.0b (flat on 1H 2021). Net income: CN¥1.20b (down 24% from 1H 2021). Profit margin: 4.8% (down from 6.3% in 1H 2021). Over the next year, revenue is expected to shrink by 10% compared to a 1.8% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jun 06
Upcoming dividend of HK$0.09 per share Eligible shareholders must have bought the stock before 13 June 2022. Payment date: 04 July 2022. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 12%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (4.5%). Reported Earnings • May 03
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: CN¥0.67 (up from CN¥0.43 in FY 2020). Revenue: CN¥52.0b (up 33% from FY 2020). Net income: CN¥2.49b (up 57% from FY 2020). Profit margin: 4.8% (up from 4.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is expected to shrink by 10% compared to a 22% growth forecast for the mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Edward Tse was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from CN¥38.8b to CN¥43.3b. EPS estimate fell from CN¥0.82 to CN¥0.70. Net income forecast to grow 4.3% next year vs 26% growth forecast for Metals and Mining industry in Hong Kong. Consensus price target down from HK$3.34 to HK$3.23. Share price fell 6.7% to HK$2.22 over the past week. Reported Earnings • Mar 31
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: CN¥0.67 (up from CN¥0.43 in FY 2020). Revenue: CN¥52.0b (up 33% from FY 2020). Net income: CN¥2.49b (up 57% from FY 2020). Profit margin: 4.8% (up from 4.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is expected to shrink by 25% compared to a 10% growth forecast for the mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 24% per year. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 19% share price gain to HK$2.27, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.05 per share. Recent Insider Transactions • Dec 18
Independent Non-Executive Director recently bought HK$576k worth of stock On the 14th of December, Man Chung Wong bought around 270k shares on-market at roughly HK$2.13 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Major Estimate Revision • Dec 11
Consensus EPS estimates fall to CN¥0.84 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from CN¥43.0b to CN¥42.6b. EPS estimate also fell from CN¥0.97 to CN¥0.84. Net income forecast to grow 26% next year vs 41% growth forecast for Metals and Mining industry in Hong Kong. Consensus price target down from HK$3.46 to HK$3.30. Share price fell 3.2% to HK$2.15 over the past week. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$2.70, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.41 per share. Upcoming Dividend • Sep 06
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 13 September 2021. Payment date: 22 October 2021. Trailing yield: 6.6%. Within top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (2.3%). Reported Earnings • Sep 03
First half 2021 earnings released: EPS CN¥0.42 (vs CN¥0.21 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥25.0b (up 47% from 1H 2020). Net income: CN¥1.57b (up 103% from 1H 2020). Profit margin: 6.3% (up from 4.6% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 18% share price gain to HK$2.88, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.16 per share. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥2.69, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.15 per share. Upcoming Dividend • May 31
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 08 July 2021. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (2.0%). Major Estimate Revision • May 13
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from CN¥0.62 to CN¥0.80. Revenue forecast steady at CN¥39.1b. Net income forecast to grow 88% next year vs 60% growth forecast for Metals and Mining industry in Hong Kong. Consensus price target up from HK$2.93 to HK$3.29. Share price rose 3.2% to HK$2.90 over the past week. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 26% share price gain to CN¥3.23, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$2.56 per share. Reported Earnings • May 04
Full year 2020 earnings released: EPS CN¥0.43 (vs CN¥0.86 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥39.1b (down 9.0% from FY 2019). Net income: CN¥1.59b (down 51% from FY 2019). Profit margin: 4.1% (down from 7.5% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS CN¥0.43 (vs CN¥0.86 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥39.1b (down 9.0% from FY 2019). Net income: CN¥1.59b (down 51% from FY 2019). Profit margin: 4.1% (down from 7.5% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥2.30, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 45% over the past three years. Is New 90 Day High Low • Feb 22
New 90-day high: HK$2.65 The company is up 22% from its price of HK$2.17 on 24 November 2020. The Hong Kong market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 49% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$22.20 per share. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥2.65, the stock is trading at a trailing P/E ratio of 3.5x, up from the previous P/E ratio of 3.1x. This compares to an average P/E of 12x in the Metals and Mining industry in Hong Kong. Total return to shareholders over the past three years is a loss of 46%. Is New 90 Day High Low • Jan 20
New 90-day high: HK$2.44 The company is up 31% from its price of HK$1.86 on 22 October 2020. The Hong Kong market is up 19% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 44% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$22.12 per share. Is New 90 Day High Low • Nov 26
New 90-day high: HK$2.35 The company is up 5.0% from its price of HK$2.24 on 28 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$18.12 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 18% share price gain to CN¥2.09, the stock is trading at a trailing P/E ratio of 2.9x, up from the previous P/E ratio of 2.4x. This compares to an average P/E of 9x in the Metals and Mining industry in Hong Kong. Total return to shareholders over the past three years is a loss of 57%. Reported Earnings • Oct 02
First half earnings released Over the last 12 months the company has reported total profits of CN¥2.32b, down 34% from the prior year. Total revenue was CN¥39.0b over the last 12 months, down 3.5% from the prior year. Is New 90 Day High Low • Sep 22
New 90-day low: HK$1.91 The company is down 13% from its price of HK$2.20 on 24 June 2020. The Hong Kong market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$1.85 per share. 
