Board Change • Jul 29
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. No experienced directors. 9 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-executive Director Alan Lung was the last independent director to join the board, commencing their role in 2025. 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 • Jun 24
Full year 2026 earnings released: EPS: HK$0.15 (vs HK$0.15 in FY 2025) Full year 2026 results: EPS: HK$0.15 (in line with FY 2025). Revenue: HK$1.57b (flat on FY 2025). Net income: HK$301.6m (flat on FY 2025). Profit margin: 19% (in line with FY 2025). Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jun 23
Jacobson Pharma Corporation Limited, Annual General Meeting, Aug 11, 2026 Jacobson Pharma Corporation Limited, Annual General Meeting, Aug 11, 2026. Announcement • Jun 05
Jacobson Pharma Corporation Limited to Report Fiscal Year 2026 Results on Jun 23, 2026 Jacobson Pharma Corporation Limited announced that they will report fiscal year 2026 results on Jun 23, 2026 Price Target Changed • Apr 22
Price target decreased by 7.9% to HK$2.45 Down from HK$2.66, the current price target is provided by 1 analyst. New target price is 115% above last closing price of HK$1.14. Stock is down 6.6% over the past year. The company is forecast to post earnings per share of HK$0.14 for next year compared to HK$0.15 last year. Upcoming Dividend • Nov 24
Upcoming dividend of HK$0.043 per share Eligible shareholders must have bought the stock before 01 December 2025. Payment date: 18 December 2025. Payout ratio is a comfortable 64% and the cash payout ratio is 79%. Trailing yield: 8.2%. Within top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (2.2%). Reported Earnings • Nov 23
First half 2026 earnings released: EPS: HK$0.071 (vs HK$0.071 in 1H 2025) First half 2026 results: EPS: HK$0.071 (in line with 1H 2025). Revenue: HK$766.6m (down 5.4% from 1H 2025). Net income: HK$142.0m (up 1.2% from 1H 2025). Profit margin: 19% (up from 17% in 1H 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 17% per year. Price Target Changed • Nov 19
Price target decreased by 7.3% to HK$2.53 Down from HK$2.73, the current price target is provided by 1 analyst. New target price is 82% above last closing price of HK$1.39. Stock is up 76% over the past year. The company is forecast to post earnings per share of HK$0.16 for next year compared to HK$0.15 last year. Announcement • Nov 05
Jacobson Pharma Corporation Limited to Report First Half, 2026 Results on Nov 18, 2025 Jacobson Pharma Corporation Limited announced that they will report first half, 2026 results on Nov 18, 2025 Upcoming Dividend • Aug 04
Upcoming dividend of HK$0.12 per share Eligible shareholders must have bought the stock before 11 August 2025. Payment date: 28 August 2025. Payout ratio is a comfortable 59% and the cash payout ratio is 79%. Trailing yield: 6.6%. Lower than top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$1.64, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 11x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 340% over the past three years. Reported Earnings • Jun 14
Full year 2025 earnings released: EPS: HK$0.15 (vs HK$0.097 in FY 2024) Full year 2025 results: EPS: HK$0.15 (up from HK$0.097 in FY 2024). Revenue: HK$1.58b (up 7.4% from FY 2024). Net income: HK$300.8m (up 61% from FY 2024). Profit margin: 19% (up from 13% in FY 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 27
Jacobson Pharma Corporation Limited Provides Consolidated Earnings Guidance for the Year Ended 31 March 2025 Jacobson Pharma Corporation Limited provided consolidated earnings guidance for the year ended 31 March 2025. For the year company expects to record an increase of over 40% in the profit from continuing operations for year 2025 compared to that for the year ended 31 March 2024. The significant increase in profit for the year from continuing operations was primarily driven by promising performance in both the specialty medicines and overall generic drug business, complemented by revenue contributions from newly in-licensed products and the robust launch of new products. Additionally, increased operating leverage across our production facilities and financial savings from effective cost control measures also contributed to the growth. Announcement • May 26
Jacobson Pharma Corporation Limited to Report Fiscal Year 2025 Results on Jun 13, 2025 Jacobson Pharma Corporation Limited announced that they will report fiscal year 2025 results on Jun 13, 2025 Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$1.27, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 10x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 216% over the past three years. Upcoming Dividend • Feb 18
Upcoming dividend of HK$0.035 per share Eligible shareholders must have bought the stock before 25 February 2025. Payment date: 02 April 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$1.28, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 8x in the Pharmaceuticals industry in Hong Kong. Total returns to shareholders of 219% over the past three years. New Risk • Dec 17
New major risk - Revenue and earnings growth Earnings have declined by 0.6% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.6% 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. Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Reported Earnings • Nov 26
First half 2025 earnings released: EPS: HK$0.071 (vs HK$0.038 in 1H 2024) First half 2025 results: EPS: HK$0.071 (up from HK$0.038 in 1H 2024). Revenue: HK$810.0m (up 13% from 1H 2024). Net income: HK$140.3m (up 91% from 1H 2024). Profit margin: 17% (up from 10% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 16% per year. Announcement • Nov 22
Jacobson Pharma Corporation Limited Announces the Interim Dividend for the Six Months Ended 30 September 2024, Payable on 02 April 2025 Jacobson Pharma Corporation Limited announced the Interim Dividend of HKD 0.035 per share for the Six Months Ended 30 September 2024. Ex-dividend date 25 February 2025, Record date 28 February 2025 and Payment date 02 April 2025. Announcement • Nov 12
Europharm Laboratoires Company Limited agreed to acquire 20.10% stake in Li Chung Shing Tong (Holdings) Limited from Jacobson Pharma Corporation Limited (SEHK:2633) for HKD 46.2 million. Europharm Laboratoires Company Limited agreed to acquire 20.10% stake in Li Chung Shing Tong (Holdings) Limited from Jacobson Pharma Corporation Limited (SEHK:2633) for HKD 46.2 million on November 11, 2024. A cash consideration of HKD 46.23 million valued at HKD 460 per share will be paid by Europharm Laboratoires Company Limited. As part of consideration, HKD 46.23 million is paid towards common equity of Li Chung Shing Tong (Holdings) Limited. The transaction will be financed through equity investment of HKD 46.23 million.
As of October 31, 2024, Li Chung Shing Tong (Holdings) Limited reported total common equity of HKD 132.51 million. Announcement • Nov 08
Jacobson Pharma Corporation Limited to Report First Half, 2025 Results on Nov 21, 2024 Jacobson Pharma Corporation Limited announced that they will report first half, 2025 results on Nov 21, 2024 Announcement • Aug 28
Jacobson Pharma Corporation Limited Approves Final Cash Dividend for the Year Ended 31 March 2024 At the annual general meeting of Jacobson Pharma Corporation Limited held on 28 August 2024, approved to declare a final dividend of 3.00 HK cents per share for the year ended 31 March 2024. Upcoming Dividend • Aug 27
Upcoming dividend of HK$0.03 per share Eligible shareholders must have bought the stock before 03 September 2024. Payment date: 04 October 2024. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 9.3%. Within top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (3.8%). Announcement • Jun 21
Jacobson Pharma Corporation Limited, Annual General Meeting, Aug 28, 2024 Jacobson Pharma Corporation Limited, Annual General Meeting, Aug 28, 2024. Reported Earnings • Jun 21
Full year 2024 earnings released: EPS: HK$0.11 (vs HK$0.13 in FY 2023) Full year 2024 results: EPS: HK$0.11 (down from HK$0.13 in FY 2023). Revenue: HK$1.47b (down 18% from FY 2023). Net income: HK$214.6m (down 14% from FY 2023). Profit margin: 15% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Feb 29
Jacobson Pharma Corporation Limited has completed a Follow-on Equity Offering in the amount of HKD 39.6 million. Jacobson Pharma Corporation Limited has completed a Follow-on Equity Offering in the amount of HKD 39.6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 66,000,000
Price\Range: HKD 0.6
Discount Per Security: HKD 0.009
Transaction Features: Subsequent Direct Listing New Risk • Feb 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.1% 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. Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Upcoming Dividend • Dec 11
Upcoming dividend of HK$0.025 per share at 7.7% yield Eligible shareholders must have bought the stock before 18 December 2023. Payment date: 10 January 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 7.7%. Lower than top quartile of Hong Kong dividend payers (8.5%). Higher than average of industry peers (3.1%). Reported Earnings • Nov 28
First half 2024 earnings released: EPS: HK$0.053 (vs HK$0.077 in 1H 2023) First half 2024 results: EPS: HK$0.053 (down from HK$0.077 in 1H 2023). Revenue: HK$714.9m (down 13% from 1H 2023). Net income: HK$101.6m (down 31% from 1H 2023). Profit margin: 14% (down from 18% in 1H 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Nov 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.6% 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. Announcement • Nov 25
Jacobson Pharma Corporation Limited Announces Interim Dividend for the Six Months Ended September 30, 2023, Payable on 10 January 2024 Jacobson Pharma Corporation Limited announced interim dividend of HKD 0.025 per share for the six months ended September 30, 2023. Ex-dividend date is 18 December 2023, Record date is 21 December 2023 and Payment date is 10 January 2024. Announcement • Nov 11
Jacobson Pharma Corporation Limited to Report Q2, 2024 Results on Nov 24, 2023 Jacobson Pharma Corporation Limited announced that they will report Q2, 2024 results on Nov 24, 2023 New Risk • Aug 16
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 10% 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 Risk Earnings have declined by 1.9% 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. Share price has been volatile over the past 3 months (10% average weekly change). Buying Opportunity • Aug 15
Now 40% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be HK$1.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 9.1%. Upcoming Dividend • Aug 08
Upcoming dividend of HK$0.024 per share at 5.3% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (3.3%). Announcement • Jul 08
Jacobson Pharma Corporation Limited, Annual General Meeting, Aug 01, 2023 Jacobson Pharma Corporation Limited, Annual General Meeting, Aug 01, 2023, at 11:30 China Standard Time. Agenda: To receive, consider and approve the audited consolidated financial statements of the Company and the reports of the directors and the independent auditor for the year ended 31 March 2023; to consider final dividend of HK2.38 cents per share for the year ended 31 March 2023; to re-elect Mr. Sum Kwong Yip, Derek as an executive director of the Company; to re-elect Mr. Young Chun Man, Kenneth as an independent non-executive director of the Company; to re-elect Professor Lam Sing Kwong, Simon as an independent non-executive director of the Company; to authorise the board of directors (the "Board") to fix the respective directors remuneration; and to consider other business matters. Announcement • Jun 16
Jacobson Pharma Corporation Limited Proposes Final Dividend for the Year Ended 31 March 2023, Payable on 1 September 2023 Jacobson Pharma Corporation Limited proposed final dividend of HKD 0.0238 per share for the year ended 31 March 2023 at its annual general meeting to be held on 01 August 2023. Ex-dividend date is 15 August 2023. Record date is 18 August 2023. Payment date is 01 September 2023. Reported Earnings • Jun 16
Full year 2023 earnings released: EPS: HK$0.13 (vs HK$0.093 in FY 2022) Full year 2023 results: EPS: HK$0.13 (up from HK$0.093 in FY 2022). Revenue: HK$1.79b (up 12% from FY 2022). Net income: HK$251.0m (up 41% from FY 2022). Profit margin: 14% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 01
Upcoming dividend of HK$0.028 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 29 December 2022. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Hong Kong dividend payers (8.7%). Higher than average of industry peers (2.1%). Announcement • Nov 26
Jacobson Pharma Corporation Limited Announces Interim Dividend for the Six Months Ended 30 September 2022, Payable on 29 December 2022 Jacobson Pharma Corporation Limited announced interim dividend of HKD 0.028 per share for the six months ended 30 September 2022. Ex-dividend date is 08 December 2022; Record date is 13 December 2022; and Payment date is 29 December 2022. Reported Earnings • Nov 26
First half 2023 earnings released: EPS: HK$0.071 (vs HK$0.042 in 1H 2022) First half 2023 results: EPS: HK$0.071 (up from HK$0.042 in 1H 2022). Revenue: HK$817.4m (up 8.9% from 1H 2022). Net income: HK$136.2m (up 70% from 1H 2022). Profit margin: 17% (up from 11% in 1H 2022). The increase in margin was driven by higher revenue. 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 13% per year, which means it is performing significantly worse than earnings. 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. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Kenneth Young was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Sep 26
Upcoming dividend of HK$0.027 per share Eligible shareholders must have bought the stock before 03 October 2022. Payment date: 18 October 2022. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Hong Kong dividend payers (8.5%). Higher than average of industry peers (2.9%). Announcement • Sep 24
Jacobson Pharma Corporation Limited Approves Final Dividend for the Year Ended 31 March 2022 Jacobson Pharma Corporation Limited approved to declare a final dividend of 2.68 Hong kong cents per share for the year ended 31 March 2022 at its AGM held on September 23, 2022. Announcement • Jul 28
Jacobson Pharma Corporation Limited, Annual General Meeting, Sep 23, 2022 Jacobson Pharma Corporation Limited, Annual General Meeting, Sep 23, 2022, at 11:30 China Standard Time. Location: 24/F, Tower 1, Admiralty Centre, 18 Harcourt Road Hong Kong Hong Kong Agenda: To receive, consider and approve the audited consolidated financial statements of the Company and the reports of the directors and the independent auditor for the year ended 31 March 2022; to declare a final dividend of 2.68 HKcents per share for the year ended 31 March 2022; to consider the re-election of directors; to authorise the board of directors to fix the respective directors's remuneration; to re-appoint Messrs. KPMG as auditors until the conclusion of the next annual general meeting and to authorise the Board to fix their remuneration; to grant general mandate to repurchase shares; to grant general mandate to allot, issue and deal with additional Shares; to consider amendments to the amended and restated memorandum and articles of association; and to consider other matters. Recent Insider Transactions • Jul 06
Chairman recently bought HK$1.6m worth of stock On the 4th of July, Kwong Yip Sum bought around 2m shares on-market at roughly HK$0.71 per share. This was the largest purchase by an insider in the last 3 months. Kwong Yip has been a buyer over the last 12 months, purchasing a net total of HK$16m worth in shares. Reported Earnings • Jul 01
Full year 2022 earnings released Full year 2022 results: Revenue: HK$1.60b (up 10% from FY 2021). Net income: HK$177.7m (up 2.3% from FY 2021). Profit margin: 11% (in line with FY 2021). Post-clinical trial products Pre-registration: 15 Announcement • Jun 11
Jacobson Pharma Corporation Limited to Report Fiscal Year 2022 Results on Jun 29, 2022 Jacobson Pharma Corporation Limited announced that they will report fiscal year 2022 results on Jun 29, 2022 Board Change • Apr 27
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. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Kenneth Young was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Mar 03
Chairman recently bought HK$237k worth of stock On the 1st of March, Kwong Yip Sum bought around 300k shares on-market at roughly HK$0.79 per share. In the last 3 months, they made an even bigger purchase worth HK$746k. Kwong Yip has been a buyer over the last 12 months, purchasing a net total of HK$9.5m worth in shares. Recent Insider Transactions • Feb 09
Chairman recently bought HK$341k worth of stock On the 31st of January, Kwong Yip Sum bought around 500k shares on-market at roughly HK$0.68 per share. In the last 3 months, they made an even bigger purchase worth HK$746k. Kwong Yip has been a buyer over the last 12 months, purchasing a net total of HK$8.6m worth in shares. Recent Insider Transactions • Dec 22
Chairman recently bought HK$377k worth of stock On the 17th of December, Kwong Yip Sum bought around 824k shares on-market at roughly HK$0.46 per share. This was the largest purchase by an insider in the last 3 months. Kwong Yip has been a buyer over the last 12 months, purchasing a net total of HK$2.3m worth in shares. Upcoming Dividend • Dec 02
Upcoming dividend of HK$0.012 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 23 December 2021. Trailing yield: 5.4%. Lower than top quartile of Hong Kong dividend payers (7.2%). Higher than average of industry peers (2.2%). Reported Earnings • Nov 29
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: EPS: HK$0.042 (down from HK$0.053 in 1H 2021). Revenue: HK$750.4m (up 7.9% from 1H 2021). Net income: HK$80.0m (down 22% from 1H 2021). Profit margin: 11% (down from 15% in 1H 2021). Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 25%. Earnings per share (EPS) missed analyst estimates by 25%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 28
Upcoming dividend of HK$0.015 per share Eligible shareholders must have bought the stock before 05 October 2021. Payment date: 19 October 2021. Trailing yield: 3.6%. Lower than top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (2.0%). Reported Earnings • Jun 30
Full year 2021 earnings released: EPS HK$0.091 (vs HK$0.11 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: HK$1.45b (down 8.0% from FY 2020). Net income: HK$173.7m (down 19% from FY 2020). Profit margin: 12% (down from 14% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Announcement • Feb 06
The board of Jacobson Pharma Corporation Limited (SEHK:2633) completed the spin off of an unknown stake of Branded healthcare business. The board of Jacobson Pharma Corporation Limited (SEHK:2633) announced the spin off of an unknown stake of Branded healthcare business on January 20, 2020. As of January 15, 2021, Jacobson Pharma Corporation Limited will spin off 241.78 million shares of Branded healthcare business amounting to 27.1% stake in JBM (Healthcare) Limited as of the record date of January 29, 2021. The distribution ratio is one JBM share for every eight shares held on January 29, 2021. However, if there is any change in number of shares issued of Jacobson Pharma Corporation Limited, the number of shares available for distribution will not change. However, the distribution basis will be adjusted. The branded healthcare business to be spun-off is expected to comprise proprietary medicines, proprietary Chinese medicines and branded health and wellness products such as health supplements, personal care products and diagnostic kits. The potential spin-off listing is expected to facilitate the expansion of the branded healthcare business under a separate platform from the generic drug business of the company. As per the terms of the transaction, Branded healthcare business will be listing on Hong Kong Stock Exchange Limited as JBM and is expected to remain as a subsidiary of Jacobson Pharma Corporation Limited. Transaction is subject to approval from shareholders of Jacobson Pharma Corporation and public offering for JBM (Healthcare) Limited becoming unconditional in all respects. The board of Jacobson Pharma Corporation Limited approved the transaction on January 20, 2020. Tricor Investor Services Limited acted as the registrar to Jacobson Pharma Corporation Limited.
The board of Jacobson Pharma Corporation Limited (SEHK:2633) completed the spin off of an unknown stake of Branded healthcare business on February 5, 2021. Recent Insider Transactions • Feb 03
Independent Non-Executive Director recently bought HK$144k worth of stock On the 28th of January, Kwing Tong Lam bought around 130k shares on-market at roughly HK$1.11 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 • Jan 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$1.05, the stock is trading at a trailing P/E ratio of 10.6x, down from the previous P/E ratio of 12.6x. This compares to an average P/E of 11x in the Pharmaceuticals industry in Hong Kong. Total return to shareholders over the past three years is a loss of 38%. Is New 90 Day High Low • Jan 28
New 90-day low: HK$1.07 The company is down 6.0% from its price of HK$1.14 on 30 October 2020. The Hong Kong market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$1.22 per share. Reported Earnings • Dec 19
Second quarter 2021 earnings released: EPS HK$0.027 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: HK$347.7m (down 8.2% from 2Q 2020). Net income: HK$51.3m (down 18% from 2Q 2020). Profit margin: 15% (down from 17% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Dec 12
New 90-day high: HK$1.20 The company is up 3.0% from its price of HK$1.17 on 11 September 2020. The Hong Kong market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$3.56 per share.