Declared Dividend • Mar 23
Dividend of HK$0.24 announced Shareholders will receive a dividend of HK$0.24. Ex-date: 23rd June 2026 Payment date: 9th July 2026 Dividend yield will be 5.6%, which is lower than the industry average of 6.6%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 14% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 22
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.28 (up from CN¥0.21 in FY 2024). Revenue: CN¥19.2b (up 7.1% from FY 2024). Net income: CN¥880.2m (up 32% from FY 2024). Profit margin: 4.6% (up from 3.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 6.6%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Mar 22
Greentown Service Group Co. Ltd. announces Annual dividend, payable on July 09, 2026 Greentown Service Group Co. Ltd. announced Annual dividend of HKD 0.1600 per share payable on July 09, 2026, ex-date on June 23, 2026 and record date on June 24, 2026. Announcement • Mar 20
Greentown Service Group Co. Ltd., Annual General Meeting, Jun 18, 2026 Greentown Service Group Co. Ltd., Annual General Meeting, Jun 18, 2026. Announcement • Mar 10
Greentown Service Group Co. Ltd. to Report Fiscal Year 2025 Results on Mar 20, 2026 Greentown Service Group Co. Ltd. announced that they will report fiscal year 2025 results on Mar 20, 2026 Reported Earnings • Sep 28
First half 2025 earnings: EPS and revenues exceed analyst expectations First half 2025 results: EPS: CN¥0.20 (up from CN¥0.16 in 1H 2024). Revenue: CN¥9.29b (up 6.1% from 1H 2024). Net income: CN¥612.8m (up 24% from 1H 2024). Profit margin: 6.6% (up from 5.7% in 1H 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 8.3%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 23
First half 2025 earnings released: EPS: CN¥0.20 (vs CN¥0.16 in 1H 2024) First half 2025 results: EPS: CN¥0.20 (up from CN¥0.16 in 1H 2024). Revenue: CN¥9.29b (up 2.4% from 1H 2024). Net income: CN¥612.8m (up 21% from 1H 2024). Profit margin: 6.6% (up from 5.6% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Aug 22
Greentown Service Group Co. Ltd. Announces Change of Company Secretary, Effective from 22 August 2025 Greentown Service Group Co. Ltd. Board announced that Ms. NG Sau Mei (Ms. Ng) has tendered her resignation as the company secretary of the Company (the Company Secretary) and the authorised representative for acceptance of the service of process and notices on behalf of the Company in Hong Kong under Part 16 of the Companies Ordinance (Chapter 622 of the
Laws of Hong Kong) (the Process Agent) due to other work arrangements with effect from 22 August 2025. Ms. Ng has confirmed that she has no disagreement with the Board and there are no other matters relating to her resignation that need to be brought to the attention of the Stock Exchange and the Shareholders. The Board announced that Ms. TSUI Ka Yan (Ms. Tsui) has been appointed as the Company Secretary and the Process Agent in replacement of Ms. Ng, with effect from 22 August 2025. Ms. Tsui is an assistant manager of the Listing Services Department of TMF Hong Kong Limited and is responsible for provision of corporate secretarial and compliance services to listed company clients. She has over eight years of experience in the company secretarial field. She obtained a bachelor's degree of business administration in accountancy from City University of Hong Kong in July 2017. She is an associate member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom. Announcement • Aug 12
Greentown Service Group Co. Ltd. to Report First Half, 2025 Results on Aug 22, 2025 Greentown Service Group Co. Ltd. announced that they will report first half, 2025 results on Aug 22, 2025 Upcoming Dividend • Jun 17
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 09 July 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (4.9%). Reported Earnings • Apr 27
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥0.21 (up from CN¥0.18 in FY 2023). Revenue: CN¥17.9b (up 6.4% from FY 2023). Net income: CN¥669.4m (up 13% from FY 2023). Profit margin: 3.7% (up from 3.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Declared Dividend • Mar 24
Dividend of HK$0.20 announced Shareholders will receive a dividend of HK$0.20. Ex-date: 24th June 2025 Payment date: 9th July 2025 Dividend yield will be 4.9%, which is lower than the industry average of 6.6%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 17% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 23
Greentown Service Group Co. Ltd. Proposes Final Ordinary Dividend for the Year Ended 31 December 2024, Payable on 09 July 2025 Greentown Service Group Co. Ltd. proposed final ordinary dividend of HKD 0.13 per share for the year ended 31 December 2024. Date of shareholders' approval is 20 June 2025; Ex-dividend date is 24 June 2025; Record date is 27 June 2025; Payment date is 09 July 2025. Reported Earnings • Mar 22
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥0.21 (up from CN¥0.19 in FY 2023). Revenue: CN¥17.9b (up 2.9% from FY 2023). Net income: CN¥669.3m (up 11% from FY 2023). Profit margin: 3.7% (up from 3.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Mar 22
Greentown Service Group Co. Ltd. Proposes Special Dividend for the Year Ended 31 December 2024, Payable on 09 July 2025 Greentown Service Group Co. Ltd. proposed special dividend of HKD 0.07 per share for the year ended 31 December 2024. Date of shareholders' approval is 20 June 2025; Ex-dividend date is 24 June 2025; Record date is 27 June 2025; Payment date is 09 July 2025. Announcement • Mar 21
Greentown Service Group Co. Ltd., Annual General Meeting, Jun 20, 2025 Greentown Service Group Co. Ltd., Annual General Meeting, Jun 20, 2025. Announcement • Mar 10
Greentown Service Group Co. Ltd. to Report Fiscal Year 2024 Results on Mar 21, 2025 Greentown Service Group Co. Ltd. announced that they will report fiscal year 2024 results on Mar 21, 2025 New Risk • Jan 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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: 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 • Dec 17
Charles Peter Assaf acquired an additional 11.64% stake in Montessori Academy Group Holdings Pty. Ltd. from Greentown Service Group Co. Ltd. (SEHK:2869) for AUD 16.2 million. Charles Peter Assaf agreed to acquire an additional 11.64% stake in Montessori Academy Group Holdings Pty. Ltd. from Greentown Service Group Co. Ltd. (SEHK:2869) for AUD 16.2 million on November 8, 2024. As of June 30, 2024, Montessori Academy Group Holdings Pty. Ltd. reported total common equity of AUD 13.02 million. The transaction is subject to approval of offer by target shareholders.
As at the date of this announcement Montessori Academy Group Holdings Pty. Ltd. is held as to approximately 53.90% by Greentown Service Group Co. Ltd., approximately 3.75% by the management shareholder, approximately 21.92% by the Charles Peter Assaf, and approximately 20.43% by CCA Investment Group Pty. Limited.
Charles Peter Assaf completed the acquisition of an additional 11.64% stake in Montessori Academy Group Holdings Pty. Ltd. from Greentown Service Group Co. Ltd. (SEHK:2869) on December 16, 2024. All the conditions have been fulfilled. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$4.54, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 7x in the Real Estate industry in Hong Kong. Total loss to shareholders of 43% over the past three years. Reported Earnings • Sep 28
First half 2024 earnings: EPS misses analyst expectations First half 2024 results: EPS: CN¥0.16 (up from CN¥0.13 in 1H 2023). Revenue: CN¥9.07b (up 11% from 1H 2023). Net income: CN¥504.7m (up 22% from 1H 2023). Profit margin: 5.6% (up from 5.1% in 1H 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.9%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$4.45, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 7x in the Real Estate industry in Hong Kong. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$3.63, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total loss to shareholders of 53% over the past three years. Reported Earnings • Aug 26
First half 2024 earnings: EPS misses analyst expectations First half 2024 results: EPS: CN¥0.16 (up from CN¥0.13 in 1H 2023). Revenue: CN¥9.07b (up 11% from 1H 2023). Net income: CN¥504.7m (up 22% from 1H 2023). Profit margin: 5.6% (up from 5.1% in 1H 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.9%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Announcement • Aug 12
Greentown Service Group Co. Ltd. to Report First Half, 2024 Results on Aug 23, 2024 Greentown Service Group Co. Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 Upcoming Dividend • Jun 18
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 11 July 2024. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (6.0%). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$4.69, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 6x in the Real Estate industry in Hong Kong. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$7.70 per share. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$3.68, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 6x in the Real Estate industry in Hong Kong. Total loss to shareholders of 68% over the past three years. Reported Earnings • Apr 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.19 (up from CN¥0.17 in FY 2022). Revenue: CN¥17.4b (up 17% from FY 2022). Net income: CN¥605.4m (up 11% from FY 2022). Profit margin: 3.5% (down from 3.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Apr 02
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥20.8b to CN¥19.8b. EPS estimate also fell from CN¥0.273 per share to CN¥0.242 per share. Net income forecast to grow 28% next year vs 16% growth forecast for Real Estate industry in Hong Kong. Consensus price target down from HK$4.04 to HK$3.74. Share price rose 18% to HK$3.11 over the past week. New Risk • Mar 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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: 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 • Mar 27
Greentown Service Group Co. Ltd., Annual General Meeting, Jun 21, 2024 Greentown Service Group Co. Ltd., Annual General Meeting, Jun 21, 2024. Reported Earnings • Mar 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.19 (up from CN¥0.17 in FY 2022). Revenue: CN¥17.4b (up 17% from FY 2022). Net income: CN¥605.4m (up 11% from FY 2022). Profit margin: 3.5% (down from 3.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Mar 27
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 2.4% to HK$2.94. The fair value is estimated to be HK$2.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Announcement • Mar 26
Greentown Service Group Co. Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 11 July 2024 Greentown Service Group Co. Ltd. proposed final dividend of HKD 0.15 per share for the year ended 31 December 2023 at its shareholders' meeting to be held on 21 June 2024. Ex-dividend date: 25 June 2024. Record date: 28 June 2024. Payment date: 11 July 2024. Announcement • Mar 14
Greentown Service Group Co. Ltd. to Report Fiscal Year 2023 Results on Mar 26, 2024 Greentown Service Group Co. Ltd. announced that they will report fiscal year 2023 results on Mar 26, 2024 Reported Earnings • Sep 30
First half 2023 earnings released: EPS: CN¥0.13 (vs CN¥0.10 in 1H 2022) First half 2023 results: EPS: CN¥0.13 (up from CN¥0.10 in 1H 2022). Revenue: CN¥8.20b (up 20% from 1H 2022). Net income: CN¥415.5m (up 22% from 1H 2022). Profit margin: 5.1% (in line with 1H 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 26
First half 2023 earnings released: EPS: CN¥0.13 (vs CN¥0.10 in 1H 2022) First half 2023 results: EPS: CN¥0.13 (up from CN¥0.10 in 1H 2022). Revenue: CN¥8.20b (up 20% from 1H 2022). Net income: CN¥415.5m (up 22% from 1H 2022). Profit margin: 5.1% (in line with 1H 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Announcement • Aug 16
Greentown Service Group Co. Ltd. to Report First Half, 2023 Results on Aug 25, 2023 Greentown Service Group Co. Ltd. announced that they will report first half, 2023 results on Aug 25, 2023 Buying Opportunity • Jul 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be HK$5.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Buying Opportunity • Jun 21
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be HK$4.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Upcoming Dividend • Jun 13
Upcoming dividend of HK$0.10 per share at 2.3% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 11 July 2023. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (5.2%). Announcement • May 30
Greentown Service Group Co. Ltd. Announces Board Changes and Changes in the Composition of Board Committees The board of directors of Greentown Service Group Co. Ltd. announced that Ms. Wu Aiping will resign as an independent non-executive Director, and a member of each of the audit committee, the remuneration committee and the nomination committee of the Company with effect from 1 June 2023 due to her desire to devote more time to her personal affairs. The Board further announced that Mr. Jia Shenghua will be appointed as an independent non-executive Director, and a member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee with effect from 1 June 2023. The biographical details of Mr. Jia are as follows: Mr. Jia, aged 61, is currently a professor and a tutor of doctoral students of the School of Management of Zhejiang University. He worked at Northwest Agricultural University from July 1989 to February 1995, where he was engaged in teaching and research of land economic management. He has joined Zhejiang University since March 1995. Mr. Jia is currently also a standing director of the Global Chinese Real Estate Congress. In addition to the working experience above, Mr. Jia is currently an independent non-executive director of Greentown China Holdings Limited, as well as an independent director of each of Hangzhou Binjiang Real Estate Co. Ltd., Nandu Property Services Group Co. Ltd. and Guangyu Group Co. Ltd. Moreover, Mr. Jia served as an independent non-executive director of Dexin Services Group Limited from June 2021 to April 2023. Mr. Jia obtained his bachelor's degree in agricultural economics and management from the Northwest A&F University in the People's Republic of China in July 1983 and his doctor's degree in agricultural economics and management from the Northwest Agricultural University in the PRC in July 1989. The Board considered and accepted the recommendation from the Nomination Committee to appoint Mr. Jia as an independent non-executive Director and a member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee, after reviewing his academic qualifications and work experience. Reported Earnings • Mar 26
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥0.17 (down from CN¥0.26 in FY 2021). Revenue: CN¥14.9b (up 18% from FY 2021). Net income: CN¥547.5m (down 35% from FY 2021). Profit margin: 3.7% (down from 6.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Announcement • Feb 11
Greentown Service Group Co. Ltd. Announces Resignation of Wu Zhihua as Executive Director The board of directors of Greentown Service Group Co. Ltd. announced that due to personal health reason, Mr. Wu Zhihua ("Mr. Wu'') has tendered his resignation as an executive Director and an authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited with effect from 10 February 2023. After the resignation of Mr. Wu, the Board is composed of eleven members, including three executive Directors, four non-executive Directors and four independent non-executive Directors, which is still in compliance with Rule 3.10A of the Listing Rules. Mr. Wu has been a member of the Group since June 2003 and held various senior management positions of the Group. He was appointed as an executive Director in November 2015 and successively served as the chief operating officer, chief executive officer and chief financial officer of the Company, and made contributions to the Company's business development, financial management, capital markets and corporate governance. Following his resignation, Mr. Wu will remain in the Group and will focus on the development of the Group's technology business and continue to provide services to the Group. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 17% share price gain to HK$5.36, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$9.34 per share. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Non-Executive Director Aiping Wu was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 15% share price gain to HK$4.02, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 4x in the Real Estate industry in Hong Kong. Total loss to shareholders of 52% over the past three years. Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥15.9b to CN¥15.6b. EPS estimate also fell from CN¥0.33 per share to CN¥0.29 per share. Net income forecast to grow 67% next year vs 33% growth forecast for Real Estate industry in Hong Kong. Consensus price target down from HK$9.11 to HK$8.41. Share price fell 3.4% to HK$5.40 over the past week. Recent Insider Transactions • Sep 02
Insider recently bought HK$10m worth of stock On the 30th of August, Weiping Song bought around 2m shares on-market at roughly HK$5.57 per share. This transaction increased Weiping Song's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$20m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 27
First half 2022 earnings released: EPS: CN¥0.11 (vs CN¥0.17 in 1H 2021) First half 2022 results: EPS: CN¥0.11 (down from CN¥0.17 in 1H 2021). Revenue: CN¥6.83b (up 22% from 1H 2021). Net income: CN¥341.1m (down 38% from 1H 2021). Profit margin: 5.0% (down from 9.8% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 30%, 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 increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$7.57, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$12.94 per share. Upcoming Dividend • Jun 14
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 21 June 2022. Payment date: 12 July 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (5.9%). Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 15% share price gain to HK$7.91, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$12.34 per share. Reported Earnings • Apr 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.26 (up from CN¥0.23 in FY 2020). Revenue: CN¥12.6b (up 24% from FY 2020). Net income: CN¥846.3m (up 19% from FY 2020). Profit margin: 6.7% (down from 7.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 27%, compared to a 16% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Non-Executive Director Aiping Wu was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 01
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥16.4b to CN¥16.0b. EPS estimate also fell from CN¥0.38 per share to CN¥0.33 per share. Net income forecast to grow 27% next year vs 19% growth forecast for Real Estate industry in Hong Kong. Consensus price target down from HK$10.31 to HK$9.31. Share price rose 12% to HK$8.05 over the past week. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.26 (up from CN¥0.23 in FY 2020). Revenue: CN¥12.6b (up 24% from FY 2020). Net income: CN¥846.3m (up 19% from FY 2020). Profit margin: 6.7% (down from 7.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 29%, compared to a 15% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorated over the past week After last week's 21% share price decline to HK$5.87, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 20% share price gain to HK$8.62, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 5x in the Real Estate industry in Hong Kong. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$14.98 per share.