Declared Dividend • Aug 05
First half dividend increased to HK$0.11 Dividend of HK$0.11 is 70% higher than last year. Ex-date: 13th August 2026 Payment date: 3rd September 2026 Dividend yield will be 4.6%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 04
First half 2026 earnings released: EPS: HK$0.32 (vs HK$0.19 in 1H 2025) First half 2026 results: EPS: HK$0.32 (up from HK$0.19 in 1H 2025). Revenue: HK$14.8b (up 21% from 1H 2025). Net income: HK$1.37b (up 69% from 1H 2025). Profit margin: 9.3% (up from 6.6% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 03
Lee & Man Paper Manufacturing Limited Announces Ordinary Interim (Semi-annual) Dividend for Six Months Ended June 30, 2026, Payable on 3 September 2026 Lee & Man Paper Manufacturing Limited Announces Ordinary Interim Dividend (Semi-annual) of HKD 0.112 per share for Six Months Ended June 30, 2026, Payable 3 September 2026. Record date 19 August 2026, Ex-dividend date 13 August 2026. Announcement • Jul 23
Lee & Man Paper Manufacturing Limited to Report First Half, 2026 Results on Aug 03, 2026 Lee & Man Paper Manufacturing Limited announced that they will report first half, 2026 results on Aug 03, 2026 Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$3.96, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Forestry industry in Asia. Total returns to shareholders of 75% over the past three years. Announcement • Jul 20
Lee & Man Paper Manufacturing Limited Provides Preliminary Unaudited Group Earnings Guidance for the Six Months Ended 30 June 2026 Lee & Man Paper Manufacturing Limited provided preliminary unaudited group earnings guidance for the six months ended 30 June 2026. For the period, the group expects to record the profit to be ranging from approximately HKD 1.33 billion to HKD 1.39 billion, an increase ranging from 64% to 71%, as compared to HKD 811 million for the six months ended 30 June 2025 (the Corresponding Period). The increase in profit is mainly contributed by the increase in profit margin of the Group. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Ronald Chan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 10
Lee & Man Paper Manufacturing Limited, Annual General Meeting, Apr 29, 2026 Lee & Man Paper Manufacturing Limited, Annual General Meeting, Apr 29, 2026. Announcement • Feb 26
Lee & Man Paper Manufacturing Limited to Report Fiscal Year 2025 Final Results on Mar 10, 2026 Lee & Man Paper Manufacturing Limited announced that they will report fiscal year 2025 final results on Mar 10, 2026 Announcement • Jul 28
Lee & Man Paper Manufacturing Limited to Report First Half, 2025 Results on Aug 07, 2025 Lee & Man Paper Manufacturing Limited announced that they will report first half, 2025 results on Aug 07, 2025 Announcement • Mar 06
Lee & Man Paper Manufacturing Limited, Annual General Meeting, May 08, 2025 Lee & Man Paper Manufacturing Limited, Annual General Meeting, May 08, 2025. Announcement • Feb 24
Lee & Man Paper Manufacturing Limited to Report Fiscal Year 2024 Final Results on Mar 06, 2025 Lee & Man Paper Manufacturing Limited announced that they will report fiscal year 2024 final results on Mar 06, 2025 Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$2.54, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Forestry industry in Asia. Total loss to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$1.71 per share. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$2.38, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Forestry industry in Asia. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$1.71 per share. Buy Or Sell Opportunity • Sep 19
Now 21% overvalued Over the last 90 days, the stock has fallen 17% to HK$2.06. The fair value is estimated to be HK$1.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.7% over the last 3 years. Earnings per share has declined by 51%. Revenue is forecast to grow by 7.2% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Recent Insider Transactions • Aug 09
Deputy GM & Executive Director recently bought HK$1.1m worth of stock On the 5th of August, Ho Chung Lee bought around 483k shares on-market at roughly HK$2.27 per share. This transaction increased Ho Chung's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$2.0m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 04
First half 2024 earnings released: EPS: HK$0.18 (vs HK$0.071 in 1H 2023) First half 2024 results: EPS: HK$0.18 (up from HK$0.071 in 1H 2023). Revenue: HK$12.5b (up 2.4% from 1H 2023). Net income: HK$760.2m (up 147% from 1H 2023). Profit margin: 6.1% (up from 2.5% in 1H 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 03
First half dividend increased to HK$0.062 Dividend of HK$0.062 is 148% higher than last year. Ex-date: 14th August 2024 Payment date: 5th September 2024 Dividend yield will be 5.3%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 01
Lee & Man Paper Manufacturing Limited declares Interim Dividend Declared for the Six Months Ended 30 June 2024 Lee & Man Paper Manufacturing Limited declared interim dividend of HKD 0.062 per share for Six Months Ended 30 June 2024. Ex-dividend date is 14 August 2024. Record date is 21 August 2024. Payment date is 05 September 2024. Announcement • Jul 13
Lee & Man Paper Manufacturing Limited to Report First Half, 2024 Results on Aug 01, 2024 Lee & Man Paper Manufacturing Limited announced that they will report first half, 2024 results on Aug 01, 2024 Recent Insider Transactions • Jul 05
Deputy GM & Executive Director recently bought HK$219k worth of stock On the 28th of June, Ho Chung Lee bought around 95k shares on-market at roughly HK$2.30 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$687k. Insiders have collectively bought HK$905k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 14
Deputy GM & Executive Director recently bought HK$687k worth of stock On the 6th of June, Ho Chung Lee bought around 300k shares on-market at roughly HK$2.29 per share. This trade did not impact their existing holding. 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. Upcoming Dividend • May 06
Upcoming dividend of HK$0.061 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (1.9%). Reported Earnings • Apr 12
Full year 2023 earnings released: EPS: HK$0.24 (vs HK$0.28 in FY 2022) Full year 2023 results: EPS: HK$0.24 (down from HK$0.28 in FY 2022). Revenue: HK$24.9b (down 14% from FY 2022). Net income: HK$1.05b (down 11% from FY 2022). Profit margin: 4.2% (up from 4.1% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: HK$0.24 (vs HK$0.28 in FY 2022) Full year 2023 results: EPS: HK$0.24 (down from HK$0.28 in FY 2022). Revenue: HK$24.9b (down 14% from FY 2022). Net income: HK$1.15b (down 2.8% from FY 2022). Profit margin: 4.6% (up from 4.1% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Announcement • Mar 09
Lee & Man Paper Manufacturing Limited, Annual General Meeting, May 09, 2024 Lee & Man Paper Manufacturing Limited, Annual General Meeting, May 09, 2024. Announcement • Mar 08
Lee & Man Paper Manufacturing Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 05 June 2024 Lee & Man Paper Manufacturing Limited proposed Final dividend of HKD 0.061 per share for the year ended 31 December 2023, payable on 05 June 2024. Record date is on 21 May 2024. Ex-dividend date is on 13 May 2024. Date of shareholders' approval: 09 May 2024. Announcement • Feb 27
Lee & Man Paper Manufacturing Limited to Report Fiscal Year 2023 Final Results on Mar 08, 2024 Lee & Man Paper Manufacturing Limited announced that they will report fiscal year 2023 final results on Mar 08, 2024 Reported Earnings • Aug 05
First half 2023 earnings released: EPS: HK$0.071 (vs HK$0.18 in 1H 2022) First half 2023 results: EPS: HK$0.071 (down from HK$0.18 in 1H 2022). Revenue: HK$12.2b (down 20% from 1H 2022). Net income: HK$307.9m (down 61% from 1H 2022). Profit margin: 2.5% (down from 5.2% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Forestry industry in Asia. 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 20% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 04
Upcoming dividend of HK$0.025 per share at 3.9% yield Eligible shareholders must have bought the stock before 11 August 2023. Payment date: 05 September 2023. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (1.9%). New Risk • Aug 03
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.6% net profit margin). Announcement • Aug 03
Lee & Man Paper Manufacturing Limited Announces Executive Changes Lee & Man Paper Manufacturing Limited announced that with effect from 2 August 2023, Mr. Wong Kai Tung Tony has resigned as an independent non-executive director of the Company and a member of each of the audit committee, remuneration committee and nomination committee of the Board. Mr. Peter A. Davies has resigned as an independent non-executive director of the Company and a member of each of the audit committee, remuneration committee and nomination committee of the Board. Ms. Lo Wing Sze BBS, JP has been appointed as an independent non-executive director of the Company and a member of each of the audit committee, remuneration committee and nomination committee of the Board. Mr. Chan Wai Yan Ronald has been appointed as an independent non-executive director of the Company and a member of each of the audit committee, remuneration committee and nomination committee of the Board. Ms. Lo Wing Sze BBS, JP, aged 51, holds a Bachelor of Economics Degree from the University of Sydney and a Master of Commerce in Finance Degree from the University of New South Wales in Australia. She is a member of the Hong Kong Institute of Certified Public Accountants and a fellow member of CPA Australia. She is the general manager and financial director of Million Tour Limited and the founder and financial director of M1 Hotel Group. Ms. Lo has been appointed as a member of the Chief Executive's Policy Unit Social Development Expert Group from 30 May 2023. Ms. Lo was appointed as a Justice of the Peace in 2017 and awarded the Bronze Bauhinia Star in 2020 by the Hong Kong Special Administrative Region ("HKSAR") Government. She is a member of the Election Committee 2021 (The Fourth Sector) of the HKSAR and was a member of the Election Committee for the Fifth Government of the HKSAR (Tourism Subsector). Ms. Lo is a member of the Social Workers Registration Board, the Advisory Committee on Post-office Employment for Former Chief Executives and Politically Appointed Officials, the Advisory Committee on Admission of Quality Migrants and Professionals and the District Fire Safety Committee (Wan Chai District). She is also an Honorary Court Member of the Lingnan University. Mr. Chan Wai Yan Ronald, aged 43, obtained a Bachelor of Science degree in finance and accounting from the Leonard N. Stern School of Business at New York University in the United States in May 2002. Mr. Chan founded Chartwell Capital Limited, an investment management company, in October 2007 and is currently the chief investment officer. He has been its responsible officer for Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the SFO since November 2008 and February 2008, respectively. From July 2016 to July 2022, he served as a member of the Listing Committee of the Main Board and GEM of The Stock Exchange of Hong Kong Limited. Mr. Chan is an independent non-executive director of Powerlong Commercial Management Holdings Limited (Hong Kong Stock Code: 9909) since December 2019 and an independent non-executive director of Hong Kong Ferry (Holdings) Company Limited since 20 March 2023. From December 2017 to December 2021, Mr. Chan was an independent non-executive director of Wine's Link International Holdings Limited. Announcement • Aug 02
Lee & Man Paper Manufacturing Limited Declares Interim Dividend for the Six Months Ended 30 June 2023, Payable on September 5, 2023 Lee & Man Paper Manufacturing Limited declared interim dividend of HKD 0.025 per share for Six Months Ended 30 June 2023. Ex-dividend date is 11 August 2023. Record date is 18 August 2023. Payment date is 05 September 2023. Announcement • Jul 15
Lee & Man Paper Manufacturing Limited Provides Earnings Guidance for the Six Months Ended 30 June 2023 Lee & Man Paper Manufacturing Limited provided earnings guidance for the six months ended 30 June 2023. Based on the preliminary review of the management accounts of the Group, the profit for the period of the Company for the six months ended 30 June 2023 is expected to decrease by approximately 58% as compared to the six months ended 30 June 2022 (the "Corresponding Period") due to a decrease in profit margin of the Group. Upcoming Dividend • May 04
Upcoming dividend of HK$0.033 per share at 3.1% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 31 May 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (2.3%). Reported Earnings • Apr 07
Full year 2022 earnings released: EPS: HK$0.28 (vs HK$0.72 in FY 2021) Full year 2022 results: EPS: HK$0.28 (down from HK$0.72 in FY 2021). Revenue: HK$29.2b (down 10% from FY 2021). Net income: HK$1.19b (down 62% from FY 2021). Profit margin: 4.1% (down from 9.6% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: HK$0.28 (vs HK$0.72 in FY 2021) Full year 2022 results: EPS: HK$0.28 (down from HK$0.72 in FY 2021). Revenue: HK$29.2b (down 10% from FY 2021). Net income: HK$1.32b (down 58% from FY 2021). Profit margin: 4.5% (down from 9.6% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 17% per year. Announcement • Feb 18
Lee & Man Paper Manufacturing Limited to Report Fiscal Year 2022 Final Results on Mar 01, 2023 Lee & Man Paper Manufacturing Limited announced that they will report fiscal year 2022 final results on Mar 01, 2023 Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$3.90, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Forestry industry in Asia. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.37 per share. Announcement • Feb 14
Lee & Man Paper Manufacturing Limited Provides Earnings Guidance for the Year Ended 31 December 2022 Lee & Man Paper Manufacturing Limited provided earnings guidance for the year ended 31 December 2022. For the year, the profit is expected to decrease by approximately 60% as compared to the year ended 31 December 2021 due to a decrease in profit margin of the Group. Buying Opportunity • Feb 07
Now 22% undervalued Over the last 90 days, the stock is up 35%. The fair value is estimated to be HK$4.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 6.1%. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Buying Opportunity • Jan 17
Now 21% undervalued Over the last 90 days, the stock is up 39%. The fair value is estimated to be HK$4.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 6.1%. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 22% share price gain to HK$3.69, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Forestry industry in Asia. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.81 per share. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director David Chau was the last independent director to join the board, commencing their role in 2008. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 14
Insider recently bought HK$3.4m worth of stock On the 7th of September, Wan Lee bought around 1m shares on-market at roughly HK$2.74 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. Insiders have collectively bought HK$89m more in shares than they have sold in the last 12 months. Upcoming Dividend • Aug 12
Upcoming dividend of HK$0.065 per share Eligible shareholders must have bought the stock before 19 August 2022. Payment date: 06 September 2022. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 8.2%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 09
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down HK$1.94b from profit in 1H 2021). Profit margin: (down from 13% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 9% per year. Recent Insider Transactions • May 11
Insider recently bought HK$5.0m worth of stock On the 6th of May, Wan Lee bought around 1m shares on-market at roughly HK$3.60 per share. In the last 3 months, they made an even bigger purchase worth HK$8.1m. Insiders have collectively bought HK$82m more in shares than they have sold in the last 12 months. Upcoming Dividend • May 09
Upcoming dividend of HK$0.11 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 02 June 2022. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 7.2%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (2.9%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director David Chau was the last independent director to join the board, commencing their role in 2008. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 10
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: HK$0.72 (down from HK$0.81 in FY 2020). Revenue: HK$32.5b (up 26% from FY 2020). Net income: HK$3.12b (down 11% from FY 2020). Profit margin: 9.6% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 2.6%, compared to a 25% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Dec 14
Insider recently bought HK$20m worth of stock On the 13th of December, Wan Lee bought around 4m shares on-market at roughly HK$5.54 per share. In the last 3 months, they made an even bigger purchase worth HK$22m. Insiders have collectively bought HK$42m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 03
Insider recently bought HK$22m worth of stock On the 2nd of December, Wan Lee bought around 4m shares on-market at roughly HK$5.52 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. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 18% share price decline to HK$5.93, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Forestry industry in Asia. Total loss to shareholders of 2.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$11.83 per share. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 16% share price gain to HK$7.57, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Forestry industry in Asia. Total returns to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$12.89 per share. Upcoming Dividend • Aug 10
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 03 September 2021. Trailing yield: 4.5%. Lower than top quartile of Hong Kong dividend payers (6.5%). Higher than average of industry peers (2.1%). Reported Earnings • Aug 05
First half 2021 earnings released: EPS HK$0.45 (vs HK$0.31 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: HK$15.2b (up 37% from 1H 2020). Net income: HK$1.94b (up 45% from 1H 2020). Profit margin: 13% (in line with 1H 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 27
Upcoming dividend of HK$0.18 per share Eligible shareholders must have bought the stock before 04 May 2021. Payment date: 26 May 2021. Trailing yield: 4.3%. Lower than top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (2.0%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS HK$0.81 (vs HK$0.74 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: HK$25.9b (down 4.7% from FY 2019). Net income: HK$3.52b (up 8.9% from FY 2019). Profit margin: 14% (up from 12% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue misses expectations Revenue missed analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 19%, compared to a 17% growth forecast for the Forestry industry in Hong Kong. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS HK$0.81 (vs HK$0.74 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: HK$25.9b (down 4.7% from FY 2019). Net income: HK$3.52b (up 8.9% from FY 2019). Profit margin: 14% (up from 12% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 21% share price gain to HK$8.61, the stock is trading at a trailing P/E ratio of 13x, up from the previous P/E ratio of 10.8x. This compares to an average P/E of 13x in the Forestry industry in Hong Kong. Total returns to shareholders over the past three years are 13%. Is New 90 Day High Low • Feb 17
New 90-day high: HK$7.33 The company is up 29% from its price of HK$5.67 on 19 November 2020. The Hong Kong market is up 17% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Forestry industry, which is also up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$7.03 per share. Is New 90 Day High Low • Jan 29
New 90-day high: HK$6.83 The company is up 17% from its price of HK$5.85 on 30 October 2020. The Hong Kong market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Forestry industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$7.32 per share. Is New 90 Day High Low • Jan 14
New 90-day high: HK$6.78 The company is up 20% from its price of HK$5.64 on 16 October 2020. The Hong Kong market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$7.41 per share. Is New 90 Day High Low • Nov 23
New 90-day high: HK$6.30 The company is up 32% from its price of HK$4.79 on 25 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$8.47 per share. Is New 90 Day High Low • Oct 22
New 90-day high: HK$6.02 The company is up 29% from its price of HK$4.67 on 24 July 2020. The Hong Kong market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Forestry industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$8.05 per share. 
