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United Laboratories International Holdings

SEHK:3933
Snowflake Description

Excellent balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
3933
SEHK
HK$7B
Market Cap
  1. Home
  2. HK
  3. Pharmaceuticals & Biotech
Company description

The United Laboratories International Holdings Limited, an investment holding company, manufactures and sells pharmaceutical products. The last earnings update was 77 days ago. More info.


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3933 Share Price and Events
7 Day Returns
2.4%
SEHK:3933
-2.2%
HK Pharmaceuticals
-1.1%
HK Market
1 Year Returns
-47.3%
SEHK:3933
-30%
HK Pharmaceuticals
-6.5%
HK Market
3933 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
United Laboratories International Holdings (3933) 2.4% 6.8% -11.4% -47.3% 37% -21%
HK Pharmaceuticals -2.2% 10.4% -10.2% -30% 45.4% 24.6%
HK Market -1.1% 3.4% -7.7% -6.5% 17.4% 4.2%
1 Year Return vs Industry and Market
  • 3933 underperformed the Pharmaceuticals industry which returned -30% over the past year.
  • 3933 underperformed the Market in Hong Kong which returned -6.5% over the past year.
Price Volatility
3933
Industry
5yr Volatility vs Market

Value

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

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of United Laboratories International Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for United Laboratories International Holdings.

SEHK:3933 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.2%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:3933
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.733 (1 + (1- 25%) (71.23%))
1.084
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.08
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.084 * 6.65%)
9.21%

Discounted Cash Flow Calculation for SEHK:3933 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for United Laboratories International Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:3933 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 9.21%)
2020 689.59 Est @ 2.94% 631.44
2021 707.91 Est @ 2.66% 593.55
2022 725.33 Est @ 2.46% 556.86
2023 742.18 Est @ 2.32% 521.75
2024 758.71 Est @ 2.23% 488.39
2025 775.10 Est @ 2.16% 456.86
2026 791.47 Est @ 2.11% 427.17
2027 807.93 Est @ 2.08% 399.28
2028 824.55 Est @ 2.06% 373.13
2029 841.38 Est @ 2.04% 348.63
Present value of next 10 years cash flows CN¥4,797.04
SEHK:3933 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥841.38 × (1 + 2%) ÷ (9.21% – 2%)
CN¥11,908.28
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥11,908.28 ÷ (1 + 9.21%)10
CN¥4,934.29
SEHK:3933 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥4,797.04 + CN¥4,934.29
CN¥9,731.33
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥9,731.33 / 1,639.72
CN¥5.93
SEHK:3933 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:3933)
1.137
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥5.93 x 1.137
HK$6.75
Value per share (HKD) From above. HK$6.75
Current discount Discount to share price of HK$4.26
= -1 x (HK$4.26 - HK$6.75) / HK$6.75
36.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price United Laboratories International Holdings is available for.
Intrinsic value
37%
Share price is HK$4.26 vs Future cash flow value of HK$6.75
Current Discount Checks
For United Laboratories International Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • United Laboratories International Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • United Laboratories International Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for United Laboratories International Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are United Laboratories International Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:3933 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥0.42
SEHK:3933 Share Price ** SEHK (2019-07-15) in HKD HK$4.26
SEHK:3933 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥3.75
Hong Kong Pharmaceuticals Industry PE Ratio Median Figure of 31 Publicly-Listed Pharmaceuticals Companies 12.19x
Hong Kong Market PE Ratio Median Figure of 1,503 Publicly-Listed Companies 10.71x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of United Laboratories International Holdings.

SEHK:3933 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:3933 Share Price ÷ EPS (both in CNY)

= 3.75 ÷ 0.42

8.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • United Laboratories International Holdings is good value based on earnings compared to the HK Pharmaceuticals industry average.
  • United Laboratories International Holdings is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does United Laboratories International Holdings's expected growth come at a high price?
Raw Data
SEHK:3933 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.96x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
8.6%per year
Hong Kong Pharmaceuticals Industry PEG Ratio Median Figure of 18 Publicly-Listed Pharmaceuticals Companies 1.06x
Hong Kong Market PEG Ratio Median Figure of 477 Publicly-Listed Companies 0.79x

*Line of best fit is calculated by linear regression .

SEHK:3933 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.96x ÷ 8.6%

1.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • United Laboratories International Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on United Laboratories International Holdings's assets?
Raw Data
SEHK:3933 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥3.73
SEHK:3933 Share Price * SEHK (2019-07-15) in HKD HK$4.26
SEHK:3933 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥3.75
Hong Kong Pharmaceuticals Industry PB Ratio Median Figure of 37 Publicly-Listed Pharmaceuticals Companies 1.39x
Hong Kong Market PB Ratio Median Figure of 2,190 Publicly-Listed Companies 0.92x
SEHK:3933 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:3933 Share Price ÷ Book Value per Share (both in CNY)

= 3.75 ÷ 3.73

1x

* Primary Listing of United Laboratories International Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • United Laboratories International Holdings is good value based on assets compared to the HK Pharmaceuticals industry average.
X
Value checks
We assess United Laboratories International Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Pharmaceuticals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. United Laboratories International Holdings has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is United Laboratories International Holdings expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is United Laboratories International Holdings expected to grow at an attractive rate?
  • United Laboratories International Holdings's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • United Laboratories International Holdings's earnings growth is positive but not above the Hong Kong market average.
  • United Laboratories International Holdings's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:3933 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:3933 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 8.6%
SEHK:3933 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 6.7%
Hong Kong Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 15.4%
Hong Kong Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 15.1%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.2%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:3933 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:3933 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 9,262 1,423 860 4
2020-12-31 8,550 1,929 739 7
2019-12-31 8,139 1,390 639 6
SEHK:3933 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 7,511 1,213 683
2018-09-30 7,395 1,104 373
2018-06-30 7,280 995 64
2018-03-31 7,053 883 73
2017-12-31 6,827 770 82
2017-09-30 6,640 957 -34
2017-06-30 6,454 1,144 -150
2017-03-31 6,266 1,109 -211
2016-12-31 6,078 1,074 -272
2016-09-30 6,105 998 -213
2016-06-30 6,076 875 -159
2016-03-31 6,195 1,182 -32

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • United Laboratories International Holdings's earnings are expected to grow by 8.6% yearly, however this is not considered high growth (20% yearly).
  • United Laboratories International Holdings's revenue is expected to grow by 6.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:3933 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from United Laboratories International Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:3933 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.54 0.59 0.47 3.00
2020-12-31 0.44 0.51 0.36 6.00
2019-12-31 0.37 0.44 0.28 7.00
SEHK:3933 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 0.42
2018-09-30 0.23
2018-06-30 0.04
2018-03-31 0.04
2017-12-31 0.05
2017-09-30 -0.02
2017-06-30 -0.09
2017-03-31 -0.13
2016-12-31 -0.17
2016-09-30 -0.13
2016-06-30 -0.10
2016-03-31 -0.02

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • United Laboratories International Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess United Laboratories International Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
United Laboratories International Holdings has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has United Laboratories International Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare United Laboratories International Holdings's growth in the last year to its industry (Pharmaceuticals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • United Laboratories International Holdings's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • United Laboratories International Holdings's 1-year earnings growth exceeds its 5-year average (735.3% vs -18.1%)
  • United Laboratories International Holdings's earnings growth has exceeded the HK Pharmaceuticals industry average in the past year (735.3% vs 18.9%).
Earnings and Revenue History
United Laboratories International Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from United Laboratories International Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:3933 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 7,510.59 682.93 1,839.19
2018-09-30 7,395.07 373.37 1,779.31 27.96
2018-06-30 7,279.56 63.81 1,716.54 55.93
2018-03-31 7,053.10 72.78 1,694.08 27.96
2017-12-31 6,826.65 81.76 1,674.50
2017-09-30 6,640.17 -34.00 1,688.39 2.63
2017-06-30 6,453.69 -149.75 1,702.27 5.27
2017-03-31 6,265.82 -211.06 1,687.26 2.63
2016-12-31 6,077.94 -272.36 1,672.24
2016-09-30 6,104.97 -213.41 1,678.77 4.93
2016-06-30 6,076.22 -159.07 1,666.95 9.33
2016-03-31 6,194.51 -31.52 1,663.10 5.09
2015-12-31 6,445.98 92.45 1,695.18
2015-09-30 6,596.87 148.38 1,683.85 -11.81
2015-06-30 6,711.20 201.11 1,665.44 -23.04
2015-03-31 6,565.15 372.83 1,620.58 -11.52
2014-12-31 6,422.41 544.74 1,576.55
2014-09-30 6,179.21 551.78 1,504.93 3.88
2014-06-30 6,100.90 573.64 1,473.43 7.87
2014-03-31 6,111.86 305.74 1,452.11 3.93
2013-12-31 5,971.79 37.51 1,395.55
2013-09-30 5,828.93 33.11 1,384.41 2.27
2013-06-30 5,639.28 28.39 1,362.49 4.56
2013-03-31 5,662.02 79.20 1,358.18 2.31
2012-12-31 5,646.94 130.27 1,344.66
2012-09-30 5,554.03 51.77 1,292.50 19.15

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • United Laboratories International Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • United Laboratories International Holdings used its assets less efficiently than the HK Pharmaceuticals industry average last year based on Return on Assets.
  • United Laboratories International Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess United Laboratories International Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Pharmaceuticals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
United Laboratories International Holdings has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is United Laboratories International Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up United Laboratories International Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • United Laboratories International Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • United Laboratories International Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of United Laboratories International Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from United Laboratories International Holdings Company Filings, last reported 6 months ago.

SEHK:3933 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 6,122.04 4,136.49 1,578.54
2018-09-30 6,122.04 4,136.49 1,578.54
2018-06-30 5,527.38 4,647.96 1,664.29
2018-03-31 5,527.38 4,647.96 1,664.29
2017-12-31 5,441.77 4,455.77 1,593.77
2017-09-30 5,441.77 4,455.77 1,593.77
2017-06-30 5,458.91 5,005.73 1,522.06
2017-03-31 5,458.91 5,005.73 1,522.06
2016-12-31 5,347.49 5,248.46 1,782.88
2016-09-30 5,136.90 4,622.33 1,704.92
2016-06-30 5,622.00 4,589.94 1,144.47
2016-03-31 5,459.72 4,457.46 1,111.44
2015-12-31 5,628.42 4,295.87 933.68
2015-09-30 5,510.78 4,206.09 914.17
2015-06-30 5,787.35 4,809.97 683.91
2015-03-31 5,785.91 4,808.78 683.74
2014-12-31 5,574.03 4,811.86 802.28
2014-09-30 5,509.11 4,755.82 792.94
2014-06-30 5,575.77 5,053.94 953.71
2014-03-31 5,569.43 5,048.19 952.62
2013-12-31 5,060.92 5,070.78 843.81
2013-09-30 5,116.24 5,126.21 853.03
2013-06-30 4,949.12 5,593.85 943.55
2013-03-31 5,004.01 5,655.89 954.01
2012-12-31 4,901.48 4,718.29 519.63
2012-09-30 4,941.89 4,757.19 523.91
  • United Laboratories International Holdings's level of debt (69.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (118.9% vs 69.5% today).
  • Debt is well covered by operating cash flow (28.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4x coverage).
X
Financial health checks
We assess United Laboratories International Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. United Laboratories International Holdings has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is United Laboratories International Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.6%
Current annual income from United Laboratories International Holdings dividends. Estimated to be 1.54% next year.
If you bought HK$2,000 of United Laboratories International Holdings shares you are expected to receive HK$32 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • United Laboratories International Holdings's pays a lower dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • United Laboratories International Holdings's dividend is below the markets top 25% of dividend payers in Hong Kong (5.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:3933 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Hong Kong Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 26 Stocks 1.7%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 978 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:3933 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31 0.08 2.00
2019-12-31 0.05 3.00
SEHK:3933 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-04-29 0.060 1.595
2018-04-27 0.050 0.993
2013-04-25 0.000 0.000
2013-03-27 0.000 0.000
2012-09-26 0.000 0.000
2012-08-22 0.000 0.000
2012-03-28 0.000 0.000
2011-08-31 0.170 4.057
2011-03-22 0.295 3.510
2010-08-05 0.202 1.669
2010-03-22 0.165 2.046
2009-04-27 0.132 4.334
2009-04-08 0.132 5.284

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of United Laboratories International Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (7x coverage).
X
Income/ dividend checks
We assess United Laboratories International Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can United Laboratories International Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. United Laboratories International Holdings has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • United Laboratories International Holdings has no CEO, or we have no data on them.
Management Team

Hoi Shan Tsoi

TITLE
Executive Chairman
COMPENSATION
CN¥3M
AGE
41

Wing Hon Leung

TITLE
Vice Chairman
COMPENSATION
CN¥3M
AGE
57

Su Yan Zhu

TITLE
VP & Executive Director
COMPENSATION
CN¥2M
AGE
54

Xian Hong Zou

TITLE
VP & Executive Director
COMPENSATION
CN¥2M
AGE
54

Siu Chit Choy

TITLE
Global Director of Intermediate & Bulk Medicine and Executive Director
COMPENSATION
CN¥3M
AGE
46

Yu Ping Fang

TITLE
VP, GM of China Sales Division & Executive Director
COMPENSATION
CN¥2M
AGE
56

Shou Wu

TITLE
Head of Production Plant -Zhongshan
AGE
52
Board of Directors Tenure

Average tenure and age of the United Laboratories International Holdings board of directors in years:

8.7
Average Tenure
54
Average Age
  • The tenure for the United Laboratories International Holdings board of directors is about average.
Board of Directors

Hoi Shan Tsoi

TITLE
Executive Chairman
COMPENSATION
CN¥3M
AGE
41
TENURE
6.3 yrs

Wing Hon Leung

TITLE
Vice Chairman
COMPENSATION
CN¥3M
AGE
57
TENURE
6.3 yrs

Su Yan Zhu

TITLE
VP & Executive Director
COMPENSATION
CN¥2M
AGE
54
TENURE
8.7 yrs

Xian Hong Zou

TITLE
VP & Executive Director
COMPENSATION
CN¥2M
AGE
54
TENURE
8.7 yrs

Siu Chit Choy

TITLE
Global Director of Intermediate & Bulk Medicine and Executive Director
COMPENSATION
CN¥3M
AGE
46
TENURE
6.1 yrs

Yu Ping Fang

TITLE
VP, GM of China Sales Division & Executive Director
COMPENSATION
CN¥2M
AGE
56
TENURE
8.7 yrs

Ming Song

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥204K
AGE
57
TENURE
12.2 yrs

Peng Oon Chong

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥204K
AGE
70
TENURE
10.3 yrs

Xiao Nan Fu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥204K
AGE
49
TENURE
6.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
11. Apr 19 Buy Credit Suisse, Investment Banking and Securities Investments Company 08. Apr 19 08. Apr 19 3,034,000 HK$5.16 HK$15,655,447
12. Dec 18 Buy Siu Chit Choy Individual 07. Dec 18 07. Dec 18 10,000 HK$4.77 HK$47,700
07. Dec 18 Buy Siu Chit Choy Individual 06. Dec 18 06. Dec 18 10,000 HK$5.10 HK$51,000
29. Nov 18 Sell Yu Ping Fang Individual 26. Nov 18 26. Nov 18 -18,000 HK$5.50 HK$-99,000
24. Sep 18 Sell Siu Chit Choy Individual 19. Sep 18 19. Sep 18 -1,600,000 HK$6.76 HK$-10,809,602
19. Sep 18 Sell Siu Chit Choy Individual 17. Sep 18 17. Sep 18 -100,000 HK$6.60 HK$-660,360
17. Sep 18 Sell Siu Chit Choy Individual 13. Sep 18 13. Sep 18 -1,600,000 HK$6.71 HK$-10,742,400
17. Sep 18 Sell Siu Chit Choy Individual 14. Sep 18 14. Sep 18 -700,000 HK$6.73 HK$-4,708,763
03. Sep 18 Buy Siu Chit Choy Individual 30. Aug 18 30. Aug 18 12,000 HK$7.32 HK$87,840
X
Management checks
We assess United Laboratories International Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. United Laboratories International Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

The United Laboratories International Holdings Limited (HKG:3933): Will The Growth Last?

The most recent earnings update The United Laboratories International Holdings Limited's (HKG:3933) released in April 2019 signalled that the business gained from a significant tailwind, more than doubling its earnings from the prior year. … Below is a brief commentary on my key takeaways on how market analysts perceive United Laboratories International Holdings's earnings growth outlook over the next couple of years and whether the future looks even brighter than the past. … See our latest analysis for United Laboratories International Holdings Analysts' expectations for the coming year seems pessimistic, with earnings decreasing by -6.4%.

Simply Wall St -

Imagine Owning United Laboratories International Holdings (HKG:3933) And Wondering If The 45% Share Price Slide Is Justified

Unfortunately the The United Laboratories International Holdings Limited (HKG:3933) share price slid 45% over twelve months. … Investors should note that there's a difference between United Laboratories International Holdings's total shareholder return (TSR) and its share price change, which we've covered above. … Its history of dividend payouts mean that United Laboratories International Holdings's TSR, which was a 44% drop over the last year, was not as bad as the share price return.

Simply Wall St -

What Kind Of Share Price Volatility Should You Expect For The United Laboratories International Holdings Limited (HKG:3933)?

If you're interested in The United Laboratories International Holdings Limited (HKG:3933), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … With a market capitalisation of HK$6.9b, United Laboratories International Holdings is a small cap stock. … What this means for you: Since United Laboratories International Holdings tends to moves up when the market is going up, and down when it's going down, potential investors may wish to reflect on the overall market, when considering the stock.

Simply Wall St -

Is The United Laboratories International Holdings Limited (HKG:3933) An Attractive Dividend Stock?

Is The United Laboratories International Holdings Limited (HKG:3933) a good dividend stock? … Investors might not know much about United Laboratories International Holdings's dividend prospects, even though it has been paying dividends for the last nine years and offers a 1.7% yield. … Looking at the last decade of data, we can see that United Laboratories International Holdings paid its first dividend at least nine years ago.

Simply Wall St -

Should You Be Holding The United Laboratories International Holdings Limited (HKG:3933)?

3933's share price is trading at below its true value, meaning that the market sentiment for the stock is currently bearish. … Also, relative to the rest of its peers with similar levels of earnings, 3933's share price is trading below the group's average. … SEHK:3933 Price Estimation Relative to Market, May 30th 2019 Next Steps: For United Laboratories International Holdings, I've put together three fundamental aspects you should further research: Future Outlook: What are well-informed industry analysts predicting for 3933’s future growth?

Simply Wall St -

What Can We Expect From The United Laboratories International Holdings Limited's (HKG:3933) Earnings In Next 12 Months?

After The United Laboratories International Holdings Limited's (HKG:3933) earnings announcement on 31 December 2018, it seems that analyst forecasts are fairly pessimistic, with earnings expected to decline by 5.5% in the upcoming year. … Below is a brief commentary around United Laboratories International Holdings's earnings outlook going forward, which may give you a sense of market sentiment for the company. … Check out our latest analysis for United Laboratories International Holdings How will United Laboratories International Holdings perform in the near future?

Simply Wall St -

Who Has Been Selling The United Laboratories International Holdings Limited (HKG:3933) Shares?

So before you buy or sell The United Laboratories International Holdings Limited (HKG:3933), you may well want to know whether insiders have been buying or selling. … The Last 12 Months Of Insider Transactions At United Laboratories International Holdings. … While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price

Simply Wall St -

How Good Is The United Laboratories International Holdings Limited (HKG:3933), When It Comes To ROE?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of The United Laboratories International Holdings Limited (HKG:3933). … Over the last twelve months United Laboratories International Holdings has recorded a ROE of 11%. … See our latest analysis for United Laboratories International Holdings?

Simply Wall St -

Does United Laboratories International Holdings (HKG:3933) Deserve A Spot On Your Watchlist?

If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in United Laboratories International Holdings (HKG:3933). … How Fast Is United Laboratories International Holdings Growing Its Earnings Per Share. … The good news is that United Laboratories International Holdings is growing revenues, and EBIT margins improved by 3.6 percentage points to 12%, over the last year.

Simply Wall St -

What Should We Expect From The United Laboratories International Holdings Limited's (HKG:3933) Earnings In The Next Couple Of Years?

The United Laboratories International Holdings Limited's (HKG:3933) announced its latest earnings update in December 2018, whicha

Simply Wall St -

Company Info

Description

The United Laboratories International Holdings Limited, an investment holding company, manufactures and sells pharmaceutical products. It operates in three segments: Intermediate Products, Bulk Medicine, and Finished Products. The company offers oral antibiotics, antimicrobials for injection, anti-cold products, cough medicines, ophthalmic drugs, antiviral drugs, anti-hepatitis B drugs, diabetes drugs, skin drugs for external use, cardiovascular and cerebrovascular drugs, nervous system drugs, vitamins, and vacant gelatin capsules, as well as non-antibiotics finished products and soft capsule casings. It also provides chemical pharmaceuticals and food products. In addition, the company manufactures and sells organic fertilizers; holds trademarks; trades in pharmaceutical products; and offers management services. It has operations in the People's Republic of China, Europe, India, Hong Kong, the Middle East, South America, other Asian regions, and other regions. The company was founded in 1990 and is headquartered in Yuen Long, Hong Kong. The United Laboratories International Holdings Limited is a subsidiary of Heren Far East Limited.

Details
Name: The United Laboratories International Holdings Limited
3933
Exchange: SEHK
Founded: 1990
HK$6,788,443,987
1,639,720,770
Website: http://www.tul.com.cn
Address: The United Laboratories International Holdings Limited
6 Fuk Wang Street,
Yuen Long Industrial Estate,
Yuen Long,
New Territories, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 3933 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 15. Jun 2007
OTCPK ULIH.F Ordinary Shares Pink Sheets LLC US USD 15. Jun 2007
DB UNJ Ordinary Shares Deutsche Boerse AG DE EUR 15. Jun 2007
SHSC 3933 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 15. Jun 2007
SZSC 3933 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 15. Jun 2007
Number of employees
Current staff
Staff numbers
12,200
United Laboratories International Holdings employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 12:47
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/07/15
Last earnings filing: 2019/04/29
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.