Announcement • Aug 15
Joy City Property Limited to Report First Half, 2025 Results on Aug 28, 2025 Joy City Property Limited announced that they will report first half, 2025 results on Aug 28, 2025 New Risk • Aug 01
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 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.5% operating cash flow to total debt). Earnings have declined by 44% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Board Change • Aug 01
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Fan Shing Chan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jun 30
Joy City Property Limited Announces Change of Composition of the Nomination Committee Joy City Property Limited announced that Ms. DONG Baoyun, a non-executive Director, has been appointed as a member of the nomination committee of the Company (the "Nomination Committee") with effect from 30 June 2025. Subsequent to the above change, the Nomination Committee comprises the chairman of the Board, namely Mr. YAO Changlin (chairman of the Nomination Committee), one non-executive Director, namely Ms. DONG Baoyun, and three independent non-executive Directors, namely Mr. LAU Hon Chuen, Ambrose, GBS, JP, Mr. LAM Kin Ming, Lawrence and Mr. CHAN Fan Shing, and has complied with the principle of gender diversity of the Nomination Committee. Reported Earnings • Mar 28
Full year 2024 earnings released: CN¥0.019 loss per share (vs CN¥0.022 profit in FY 2023) Full year 2024 results: CN¥0.019 loss per share (down from CN¥0.022 profit in FY 2023). Revenue: CN¥19.8b (up 40% from FY 2023). Net loss: CN¥78.4m (down 123% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Mar 27
Joy City Property Limited, Annual General Meeting, Jun 05, 2025 Joy City Property Limited, Annual General Meeting, Jun 05, 2025. Announcement • Mar 13
Joy City Property Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 Joy City Property Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Announcement • Dec 20
Joy City Property Limited Appoints Ms. Dong Baoyun as Non-Executive Director Joy City Property Limited announced that Ms. DONG Baoyun has been appointed as a non-executive Director with effect from 20 December 2024. Ms. DONG, aged 42, joined COFCO Group in June 2007 and is currently the director of the finance department of COFCO Corporation. She has been appointed as the vice chairman of the Supervisory Board of Grandjoy Holdings Group since August 2021. Prior to her current roles, Ms. DONG has successively held positions as the assistant general manager, deputy general manager, and general manager of the finance department of China Agri-Industries Holdings Limited, general manager of the listed company management department of COFCO Oils & Oilseeds, general manager of the capital management department of the finance department of COFCO Group, deputy director of the strategic department and general manager of the second operation management department of COFCO Group, and deputy director of the finance department of COFCO Group. Ms. DONG holds a Master's degree in Management from Nankai University. Announcement • Aug 15
Joy City Property Limited to Report First Half, 2024 Results on Aug 29, 2024 Joy City Property Limited announced that they will report first half, 2024 results on Aug 29, 2024 Board Change • Jul 09
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Fan Shing Chan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Jun 13
Upcoming dividend of HK$0.014 per share Eligible shareholders must have bought the stock before 20 June 2024. Payment date: 04 July 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (6.0%). Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CN¥0.022 (vs CN¥0.035 in FY 2022) Full year 2023 results: EPS: CN¥0.022 (down from CN¥0.035 in FY 2022). Revenue: CN¥14.2b (down 32% from FY 2022). Net income: CN¥340.0m (down 36% from FY 2022). Profit margin: 2.4% (down from 2.5% in FY 2022). 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 23% per year, which means it has not declined as severely as earnings. Announcement • Mar 29
Joy City Property Limited, Annual General Meeting, Jun 13, 2024 Joy City Property Limited, Annual General Meeting, Jun 13, 2024. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.022 (vs CN¥0.035 in FY 2022) Full year 2023 results: EPS: CN¥0.022. Revenue: CN¥13.3b (down 36% from FY 2022). Net income: CN¥634.4m (up 20% from FY 2022). Profit margin: 4.8% (up from 2.5% in FY 2022). The increase in margin was driven by lower expenses. Announcement • Mar 27
Joy City Property Limited Announces Ma Dewei to Retire as A Non-Executive Director The board of directors of Joy City Property Limited announced that Mr. MA Dewei ("Mr. MA") has decided to retire from his role as a non-executiveDirector (the "Retirement") with effect from 27 March 2024, as he has reached retirement age. Announcement • Mar 16
Joy City Property Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 Joy City Property Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 Announcement • Dec 11
Joy City Property Limited Announces Executive Changes Joy City Property Limited announced Mr. CAO Ronggen ("Mr. CAO") has resigned from his role as the executive Director and the general manager of the Company, and also ceased to be a member of each of the audit committee of the Company (the "Audit Committee"), the remuneration committee of the Company (the "Remuneration Committee") and the executive committee of the Company (the "Executive Committee") with effect from 11 December 2023, due to the reason of age. Mr. CAO has confirmed that he has no disagreement with the Board and that he is not aware of any matters relating to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). Since Mr. CAO became a Director and general manager of the Company, he has always been diligent and dedicated to his duties and has made strenuous efforts for the stable operation, reform and development of the Company. The Board would like to express its sincere appreciation to Mr. CAO for his invaluable contribution to the reform and development of the Company during his tenure of office. Following Mr. CAO's resignation, Mr. YAO Changlin has been appointed as the executive Director, the general manager of the Company, and a member of each of Remuneration Committee and the Executive Committee, with effect from 11 December 2023. Mr. YAO Changlin ("Mr. YAO"), aged 55, was a deputy general manager of the Company from December 2013 to December 2023. He is also a director of several subsidiaries of the Company. He has been appointed the general manager of Grandjoy Holdings Group Co. Ltd.* (stock code: 031) (the "Grandjoy Holdings Group"), a company listed on the Shenzhen Stock Exchange and a controlling shareholder of the Company with effect from 11 December 2023. He has been a director of Grandjoy Holdings Group since August 2021 and the general legal counsel and chief compliance officer since August 2023. Mr. YAO was a deputy general manager of Grandjoy Holdings Group from April 2019 to December 2023. Mr. YAO joined COFCO Corporation and its subsidiaries (the "COFCO Group") since March 1993, he had successively served as a finance officer of finance department of China Feed Group, a finance officer, assistant manager, manager of finance department and manager of capital development department of China Grain Trading Company, head of finance department, assistant to general manager of Zhonggu Group and the general manager of Zhonggu Sanya Trading Company, the deputy general manager of COFCO (Hainan) Investment Development Co. Ltd., the deputy general manager, the executive deputy general manager of Sanya Yalong Bay Investment Co. Ltd., and the general manager of the hotel business department of COFCO Corporation. All of the aforementioned companies are subsidiaries of the COFCO Corporation. Mr. YAO has been with the COFCO Group for over 30 years and has extensive experience in property investment, business management, accounting, legal and compliance matters. Mr. YAO holds a Bachelor degree in Economics from Anhui University of Finance and Economics in the People's Republic of China (the "PRC") and an Executive Master of Business Administration degree from Cheung Kong Graduate School of Business in the PRC. Reported Earnings • Aug 31
First half 2023 earnings released: EPS: CN¥0.063 (vs CN¥0.057 in 1H 2022) First half 2023 results: EPS: CN¥0.063 (up from CN¥0.057 in 1H 2022). Revenue: CN¥4.42b (down 51% from 1H 2022). Net income: CN¥960.0m (up 11% from 1H 2022). Profit margin: 22% (up from 9.5% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 22% per year. Announcement • Aug 18
Joy City Property Limited to Report First Half, 2023 Results on Aug 29, 2023 Joy City Property Limited announced that they will report first half, 2023 results on Aug 29, 2023 Announcement • Jun 08
Joy City Property Limited Approves Final Dividend for the Year Ended 31 December 2022 Joy City Property Limited announced that at its annual general meeting held on 7 June 2023, approved final dividend of 1.2 HK cents per share for the year ended 31 December 2022. Upcoming Dividend • Jun 05
Upcoming dividend of HK$0.012 per share at 4.1% yield Eligible shareholders must have bought the stock before 12 June 2023. Payment date: 06 July 2023. Trailing yield: 4.1%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (5.4%). Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: CN¥0.035 (vs CN¥0.039 in FY 2021) Full year 2022 results: EPS: CN¥0.035. Revenue: CN¥20.8b (up 66% from FY 2021). Net income: CN¥865.4m (up 46% from FY 2021). Profit margin: 4.2% (down from 4.7% in FY 2021). Revenue is forecast to stay flat during the next 2 years compared to a 8.7% growth forecast for the Real Estate industry in Hong Kong. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Fan Shing Chan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Price Target Changed • Nov 05
Price target decreased to HK$0.32 Down from HK$1.06, the current price target is provided by 1 analyst. New target price is 54% above last closing price of HK$0.21. Stock is down 47% over the past year. The company posted earnings per share of CN¥0.039 last year. Reported Earnings • Aug 29
First half 2022 earnings released: EPS: CN¥0.057 (vs CN¥0.04 in 1H 2021) First half 2022 results: EPS: CN¥0.057 (up from CN¥0.04 in 1H 2021). Revenue: CN¥9.10b (up 88% from 1H 2021). Net income: CN¥866.1m (up 41% from 1H 2021). Profit margin: 9.5% (down from 13% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.4%, compared to a 13% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jul 12
Price target decreased to HK$0.42 Down from HK$0.89, the current price target is an average from 2 analysts. New target price is 49% above last closing price of HK$0.28. Stock is down 37% over the past year. The company is forecast to post earnings per share of CN¥0.061 for next year compared to CN¥0.039 last year. Reported Earnings • May 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.039 (down from CN¥0.072 in FY 2020). Revenue: CN¥12.6b (down 9.8% from FY 2020). Net income: CN¥591.7m (down 46% from FY 2020). Profit margin: 4.7% (down from 7.9% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 45%. Over the next year, revenue is forecast to grow 33%, compared to a 16% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Fan Shing Chan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.039 (down from CN¥0.072 in FY 2020). Revenue: CN¥12.3b (down 12% from FY 2020). Net income: CN¥944.8m (down 14% from FY 2020). Profit margin: 7.7% (down from 7.9% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 45%. Over the next year, revenue is forecast to grow 32%, compared to a 14% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 29
First half 2021 earnings released: EPS CN¥0.04 (vs CN¥0.007 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥4.83b (up 42% from 1H 2020). Net income: CN¥613.5m (up 435% from 1H 2020). Profit margin: 13% (up from 3.4% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 23% per year. Executive Departure • Aug 03
Chief Financial Officer Jianguo Zhang has left the company On the 28th of July, Jianguo Zhang's tenure as Chief Financial Officer ended after 2.3 years in the role. We don't have any record of a personal shareholding under Jianguo's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Upcoming Dividend • Jun 16
Upcoming dividend of HK$0.03 per share Eligible shareholders must have bought the stock before 22 June 2021. Payment date: 19 July 2021. Trailing yield: 6.1%. Within top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (4.6%). Reported Earnings • Apr 24
Full year 2020 earnings released: EPS CN¥0.072 (vs CN¥0.11 in FY 2019) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥13.9b (up 36% from FY 2019). Net income: CN¥1.10b (down 33% from FY 2019). Profit margin: 7.9% (down from 16% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Apr 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from CN¥13.6b to CN¥15.6b. EPS estimate unchanged from CN¥0.073 at last update. Real Estate industry in Hong Kong expected to see average net income growth of 29% next year. Consensus price target up from HK$0.89 to HK$0.95. Share price was steady at HK$0.48 over the past week. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS CN¥0.072 (vs CN¥0.11 in FY 2019) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥14.1b (up 38% from FY 2019). Net income: CN¥1.32b (down 20% from FY 2019). Profit margin: 9.3% (down from 16% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Executive Departure • Mar 18
Executive Chairman Zheng Zhou has left the company On the 17th of March, Zheng Zhou's tenure as Executive Chairman ended after 7.2 years in the role. We don't have any record of a personal shareholding under Zheng's name. A total of 3 executives have left over the last 12 months. Executive Departure • Mar 18
Non-Executive Director has left the company On the 17th of March, Yong Jiang's tenure as Non-Executive Director ended after 3.0 years in the role. We don't have any record of a personal shareholding under Yong's name. A total of 3 executives have left over the last 12 months. Price Target Changed • Feb 19
Price target lowered to HK$0.89 Down from HK$0.97, the current price target is an average from 4 analysts. The new target price is 72% above the current share price of HK$0.52. As of last close, the stock is down 34% over the past year. Is New 90 Day High Low • Feb 17
New 90-day high: HK$0.54 The company is up 8.0% from its price of HK$0.50 on 19 November 2020. The Hong Kong market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$2.09 per share. Is New 90 Day High Low • Jan 18
New 90-day high: HK$0.53 The company is up 12% from its price of HK$0.47 on 20 October 2020. The Hong Kong market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$2.07 per share. Price Target Changed • Dec 16
Price target lowered to HK$0.98 Down from HK$1.14, the current price target is an average from 6 analysts. The new target price is 104% above the current share price of HK$0.48. As of last close, the stock is down 44% over the past year. Major Estimate Revision • Oct 28
Analysts increase EPS estimates to CN¥0.075 The 2020 consensus revenue estimate increased from CN¥12.2b to CN¥12.4b. The earnings per share estimate also received an upgrade from CN¥0.054 to CN¥0.075 for the same period. Net income is expected to grow by 29% next year compared to 29% growth forecast for the Real Estate industry in Hong Kong. The consensus price target of HK$1.08 was unchanged from the last update. Share price is up 1.1% to HK$0.48 over the past week. Announcement • Aug 20
Joy City Property Limited to Report Q2, 2020 Results on Aug 28, 2020 Joy City Property Limited announced that they will report Q2, 2020 results on Aug 28, 2020 
