Upcoming Dividend • Jun 04
Upcoming dividend of HK$0.14 per share Eligible shareholders must have bought the stock before 11 June 2026. Payment date: 08 July 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.7%. Lower than top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (4.2%). Declared Dividend • Mar 23
Final dividend of HK$0.14 announced Shareholders will receive a dividend of HK$0.14. Ex-date: 11th June 2026 Payment date: 8th July 2026 Dividend yield will be 5.2%, which is lower than the industry average of 6.6%. Sustainability & Growth Dividend is not covered by earnings (166% earnings payout ratio). However, it is well covered by cash flows (19% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 85% to bring the payout ratio under control. However, EPS has declined by 26% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: HK$0.10 (vs HK$0.094 in FY 2024) Full year 2025 results: EPS: HK$0.10 (up from HK$0.094 in FY 2024). Revenue: HK$4.95b (down 8.1% from FY 2024). Net income: HK$130.6m (up 13% from FY 2024). Profit margin: 2.6% (up from 2.1% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Mar 20
Kowloon Development Company Limited, Annual General Meeting, Jun 03, 2026 Kowloon Development Company Limited, Annual General Meeting, Jun 03, 2026. Announcement • Mar 06
Kowloon Development Company Limited to Report Fiscal Year 2025 Results on Mar 20, 2026 Kowloon Development Company Limited announced that they will report fiscal year 2025 results on Mar 20, 2026 Upcoming Dividend • Dec 04
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 11 December 2025. Payment date: 07 January 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.4%. Lower than top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (4.6%). Reported Earnings • Aug 25
First half 2025 earnings released: EPS: HK$0.095 (vs HK$0.096 in 1H 2024) First half 2025 results: EPS: HK$0.095. Revenue: HK$2.43b (up 25% from 1H 2024). Net income: HK$124.6m (up 9.8% from 1H 2024). Profit margin: 5.1% (down from 5.8% in 1H 2024). Declared Dividend • Aug 25
First half dividend of HK$0.10 announced Dividend of HK$0.10 is the same as last year. Ex-date: 11th December 2025 Payment date: 7th January 2026 Dividend yield will be 6.5%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (226% earnings payout ratio). However, it is well covered by cash flows (16% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 151% to bring the payout ratio under control. However, EPS has declined by 27% over the last 5 years so the company would need to reverse this trend. Announcement • Aug 23
Kowloon Development Company Limited Declares Ordinary Interim (Semi-Annual) Cash Dividend for the Six Months Ended 30 June 2025, Payable on 7 January 2026 The Board of Directors of Kowloon Development Company Limited has declared ordinary interim (semi-annual) cash dividend of HKD 0.10 per share for the six months ended 30 June 2025 (2024: HKD 0.10). The interim dividend will be payable on 7 January 2026 to shareholders whose names appear on the register of members of the Company on 16 December 2025. Ex-dividend date is 11 December 2025. Announcement • Aug 09
Kowloon Development Company Limited to Report First Half, 2025 Results on Aug 22, 2025 Kowloon Development Company Limited announced that they will report first half, 2025 results on Aug 22, 2025 Announcement • Jun 29
Kowloon Development Company Limited Announces Changes in Composition of Nomination Committee, Effect from 1 July 2025 The board of directors of Kowloon Development Company Limited announced the following changes in the composition of the Nomination Committee of the Company (the "Nomination Committee") with effect from 1 July 2025: (1) Mr. Or Wai Sheun ("Mr Or"), the chairman of the Board and an Executive Director of the Company, will cease to act as the chairman of the Nomination Committee; (2) Mr. Hsu Duff Karman ("Mr Hsu"), an Independent Non-executive Director of the Company, will be re-designated from a member of the Nomination Committee to its chairman; and (3) Ms Ng Chi Man ("Ms Ng"), a Non-executive Director of the Company, will act as a member of the Nomination Committee. Upcoming Dividend • Jun 05
Upcoming dividend of HK$0.12 per share Eligible shareholders must have bought the stock before 12 June 2025. Payment date: 09 July 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.3%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (5.2%). Reported Earnings • Apr 28
Full year 2024 earnings released: EPS: HK$0.094 (vs HK$0.26 in FY 2023) Full year 2024 results: EPS: HK$0.094 (down from HK$0.26 in FY 2023). Revenue: HK$5.39b (up 83% from FY 2023). Net income: HK$115.7m (down 66% from FY 2023). Profit margin: 2.1% (down from 12% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: HK$0.09 (vs HK$0.26 in FY 2023) Full year 2024 results: EPS: HK$0.09 (down from HK$0.26 in FY 2023). Revenue: HK$5.39b (up 83% from FY 2023). Net income: HK$115.7m (down 66% from FY 2023). Profit margin: 2.1% (down from 12% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Announcement • Mar 22
Kowloon Development Company Limited Proposes Ordinary Final Cash Dividend for the Year Ended 31 December 2024, Payable on 09 July 2025 Kowloon Development Company Limited proposed ordinary final cash dividend of HKD 0.12 per share for the year ended 31 December 2024, payable on 09 July 2025. Record date is 17 June 2025. Ex-dividend date is 12 June 2025. Date of shareholders' approval is 04 June 2025. Announcement • Mar 21
Kowloon Development Company Limited, Annual General Meeting, Jun 04, 2025 Kowloon Development Company Limited, Annual General Meeting, Jun 04, 2025. Announcement • Mar 07
Kowloon Development Company Limited to Report Fiscal Year 2024 Results on Mar 21, 2025 Kowloon Development Company Limited announced that they will report fiscal year 2024 results on Mar 21, 2025 Upcoming Dividend • Dec 05
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 12 December 2024. Payment date: 08 January 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 16%. Within top quartile of Hong Kong dividend payers (8.1%). Higher than average of industry peers (5.7%). Reported Earnings • Sep 29
First half 2024 earnings released: EPS: HK$0.087 (vs HK$0.14 in 1H 2023) First half 2024 results: EPS: HK$0.087 (down from HK$0.14 in 1H 2023). Revenue: HK$1.94b (up 52% from 1H 2023). Net income: HK$113.5m (down 39% from 1H 2023). Profit margin: 5.8% (down from 14% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 26
Dividend of announced Shareholders will receive a dividend of . Sustainability & Growth Dividend is not covered by earnings (301% earnings payout ratio). However, it is covered by cash flows (67% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 235% to bring the payout ratio under control. However, EPS has declined by 38% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 26
First half 2024 earnings released: EPS: HK$0.087 (vs HK$0.14 in 1H 2023) First half 2024 results: EPS: HK$0.087 (down from HK$0.14 in 1H 2023). Revenue: HK$1.94b (up 52% from 1H 2023). Net income: HK$113.5m (down 39% from 1H 2023). Profit margin: 5.8% (down from 14% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Aug 09
Kowloon Development Company Limited to Report First Half, 2024 Results on Aug 23, 2024 Kowloon Development Company Limited announced that they will report first half, 2024 results on Aug 23, 2024 Announcement • Jun 06
Kowloon Development Company Limited Declares Final Dividend for the Year Ended 31 December 2023 Kowloon Development Company Limited at its AGM held on June 5, 2024, declared a final dividend of HKD 0.57 per share for the year ended 31 December 2023 (payable wholly in the form of new fully paid shares of the Company). Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: HK$0.29 (vs HK$1.03 in FY 2022) Full year 2023 results: EPS: HK$0.29 (down from HK$1.03 in FY 2022). Revenue: HK$2.94b (down 36% from FY 2022). Net income: HK$337.2m (down 72% from FY 2022). Profit margin: 12% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Announcement • Mar 22
Kowloon Development Company Limited, Annual General Meeting, Jun 05, 2024 Kowloon Development Company Limited, Annual General Meeting, Jun 05, 2024, at 10:00 China Standard Time. Location: 9th Floor, Pioneer Centre, 750 Nathan Road Kowloon Kowloon Hong Kong Announcement • Mar 09
Kowloon Development Company Limited to Report Fiscal Year 2023 Results on Mar 22, 2024 Kowloon Development Company Limited announced that they will report fiscal year 2023 results on Mar 22, 2024 Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to HK$4.81, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 7x in the Real Estate industry in Hong Kong. Total loss to shareholders of 27% over the past three years. Recent Insider Transactions • Jan 09
Chairman & CEO recently bought HK$590k worth of stock On the 2nd of January, Wai Sheun Or bought around 100k shares on-market at roughly HK$5.90 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$3.2m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$167m worth in shares. Recent Insider Transactions • Jan 05
Chairman & CEO recently bought HK$586k worth of stock On the 27th of December, Wai Sheun Or bought around 100k shares on-market at roughly HK$5.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$3.2m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$166m worth in shares. Recent Insider Transactions • Dec 27
Chairman & CEO recently bought HK$1.5m worth of stock On the 18th of December, Wai Sheun Or bought around 260k shares on-market at roughly HK$5.87 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$3.2m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$159m worth in shares. Recent Insider Transactions • Dec 19
Chairman & CEO recently bought HK$1.9m worth of stock On the 12th of December, Wai Sheun Or bought around 320k shares on-market at roughly HK$5.97 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$3.2m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$147m worth in shares. Upcoming Dividend • Dec 08
Upcoming dividend of HK$0.26 per share at 14% yield Eligible shareholders must have bought the stock before 15 December 2023. Payment date: 09 January 2024. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 14%. Within top quartile of Hong Kong dividend payers (8.5%). Higher than average of industry peers (6.0%). Recent Insider Transactions • Nov 28
Chairman & CEO recently bought HK$2.2m worth of stock On the 20th of November, Wai Sheun Or bought around 330k shares on-market at roughly HK$6.60 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$2.3m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$118m worth in shares. Recent Insider Transactions • Oct 31
Chairman & CEO recently bought HK$2.0m worth of stock On the 24th of October, Wai Sheun Or bought around 296k shares on-market at roughly HK$6.85 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$2.3m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$89m worth in shares. Recent Insider Transactions • Oct 25
Chairman & CEO recently bought HK$1.4m worth of stock On the 16th of October, Wai Sheun Or bought around 200k shares on-market at roughly HK$6.90 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$2.2m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$82m worth in shares. Recent Insider Transactions • Oct 10
Chairman & CEO recently bought HK$1.1m worth of stock On the 3rd of October, Wai Sheun Or bought around 160k shares on-market at roughly HK$6.75 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$4.0m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$91m worth in shares. Recent Insider Transactions • Oct 06
Chairman & CEO recently bought HK$1.1m worth of stock On the 27th of September, Wai Sheun Or bought around 160k shares on-market at roughly HK$6.89 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$4.0m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$93m worth in shares. Recent Insider Transactions • Sep 18
Chairman & CEO recently bought HK$322k worth of stock On the 11th of September, Wai Sheun Or bought around 46k shares on-market at roughly HK$7.01 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$4.0m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$102m worth in shares. Announcement • Aug 20
Kowloon Development Company Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 09 January 2024 Kowloon Development Company Limited announced the interim dividend of HKD 0.26 per share for the Six Months ended 30 June 2023. Ex-dividend date is on 15 December 2023 with Record date is on 20 December 2023. Payment date is on 09 January 2024. Reported Earnings • Aug 19
First half 2023 earnings released: EPS: HK$0.16 (vs HK$0.13 in 1H 2022) First half 2023 results: EPS: HK$0.16 (up from HK$0.13 in 1H 2022). Revenue: HK$1.28b (up 76% from 1H 2022). Net income: HK$184.5m (up 21% from 1H 2022). Profit margin: 14% (down from 21% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Aug 05
Kowloon Development Company Limited to Report Q2, 2023 Results on Aug 18, 2023 Kowloon Development Company Limited announced that they will report Q2, 2023 results on Aug 18, 2023 Recent Insider Transactions • Jul 26
Chairman & CEO recently bought HK$4.0m worth of stock On the 18th of July, Wai Sheun Or bought around 500k shares on-market at roughly HK$8.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$102m worth in shares. Recent Insider Transactions • Jul 04
Chairman & CEO recently bought HK$817k worth of stock On the 26th of June, Wai Sheun Or bought around 100k shares on-market at roughly HK$8.17 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$1.0m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$77m worth in shares. Recent Insider Transactions • Jun 29
Chairman & CEO recently bought HK$580k worth of stock On the 20th of June, Wai Sheun Or bought around 70k shares on-market at roughly HK$8.28 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$1.0m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$74m worth in shares. Upcoming Dividend • Jun 08
Upcoming dividend of HK$0.57 per share at 9.2% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 05 July 2023. Payout ratio is on the higher end at 80% but the company is not cash flow positive. Trailing yield: 9.2%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (5.2%). Recent Insider Transactions • Jun 03
Chairman & CEO recently bought HK$851k worth of stock On the 25th of May, Wai Sheun Or bought around 100k shares on-market at roughly HK$8.51 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$1.0m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$64m worth in shares. Recent Insider Transactions • May 13
Chairman & CEO recently bought HK$854k worth of stock On the 5th of May, Wai Sheun Or bought around 100k shares on-market at roughly HK$8.54 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$51m worth in shares. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: HK$1.03 (vs HK$1.88 in FY 2021) Full year 2022 results: EPS: HK$1.03 (down from HK$1.88 in FY 2021). Revenue: HK$4.58b (up 124% from FY 2021). Net income: HK$1.21b (down 45% from FY 2021). Profit margin: 27% (down from 108% in FY 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buying Opportunity • Dec 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be HK$9.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 56% over the last 3 years. Earnings per share has declined by 15%. Upcoming Dividend • Dec 09
Upcoming dividend of HK$0.26 per share Eligible shareholders must have bought the stock before 16 December 2022. Payment date: 04 January 2023. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 11%. Within top quartile of Hong Kong dividend payers (8.6%). Higher than average of industry peers (5.7%). Recent Insider Transactions • Nov 17
Chairman & CEO recently bought HK$727k worth of stock On the 15th of November, Wai Sheun Or bought around 100k shares on-market at roughly HK$7.27 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$3.2m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$51m worth in shares. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Non-Executive Director Duff Karman Hsu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Nov 04
Chairman & CEO recently bought HK$507k worth of stock On the 26th of October, Wai Sheun Or bought around 70k shares on-market at roughly HK$7.24 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$3.2m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$50m worth in shares. Recent Insider Transactions • Oct 25
Chairman & CEO recently bought HK$2.9m worth of stock On the 17th of October, Wai Sheun Or bought around 340k shares on-market at roughly HK$8.57 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$3.2m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$47m worth in shares. Recent Insider Transactions • Oct 18
Chairman & CEO recently bought HK$3.2m worth of stock On the 12th of October, Wai Sheun Or bought around 370k shares on-market at roughly HK$8.77 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$39m worth in shares. Recent Insider Transactions • Oct 11
Chairman & CEO recently bought HK$2.4m worth of stock On the 7th of October, Wai Sheun Or bought around 260k shares on-market at roughly HK$9.04 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$2.4m. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$24m worth in shares. Recent Insider Transactions • Sep 25
Chairman & CEO recently bought HK$1.3m worth of stock On the 21st of September, Wai Sheun Or bought around 140k shares on-market at roughly HK$9.20 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Wai Sheun has been a buyer over the last 12 months, purchasing a net total of HK$2.4m worth in shares. Reported Earnings • Aug 18
First half 2022 earnings released: EPS: HK$0.13 (vs HK$0.53 in 1H 2021) First half 2022 results: EPS: HK$0.13 (down from HK$0.53 in 1H 2021). Revenue: HK$723.6m (down 27% from 1H 2021). Net income: HK$152.2m (down 75% from 1H 2021). Profit margin: 21% (down from 62% in 1H 2021). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Buying Opportunity • Jun 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.0%. The fair value is estimated to be HK$12.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 35%. Upcoming Dividend • Jun 14
Upcoming dividend of HK$0.57 per share Eligible shareholders must have bought the stock before 21 June 2022. Payment date: 06 July 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 7.9%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (5.9%). Buying Opportunity • May 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be HK$12.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 35%. Reported Earnings • Apr 28
Full year 2021 earnings released: EPS: HK$1.88 (vs HK$0.50 in FY 2020) Full year 2021 results: EPS: HK$1.88 (up from HK$0.50 in FY 2020). Revenue: HK$2.05b (down 56% from FY 2020). Net income: HK$2.21b (up 274% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Non-Executive Director David John Shaw was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Nov 04
Upcoming dividend of HK$0.25 per share Eligible shareholders must have bought the stock before 11 November 2021. Payment date: 01 December 2021. Trailing yield: 7.7%. Within top quartile of Hong Kong dividend payers (7.1%). Higher than average of industry peers (5.6%). Reported Earnings • Sep 26
First half 2021 earnings released: EPS HK$0.53 (vs HK$0.43 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: HK$995.6m (down 71% from 1H 2020). Net income: HK$619.3m (up 23% from 1H 2020). Profit margin: 62% (up from 15% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 22
First half 2021 earnings released: EPS HK$0.53 (vs HK$0.49 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: HK$995.6m (down 73% from 1H 2020). Net income: HK$619.3m (up 7.6% from 1H 2020). Profit margin: 62% (up from 15% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • May 31
Upcoming dividend of HK$0.56 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 25 June 2021. Trailing yield: 8.4%. Within top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (4.5%). Is New 90 Day High Low • Feb 08
New 90-day high: HK$8.77 The company is up 17% from its price of HK$7.48 on 10 November 2020. The Hong Kong market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 4.0% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: HK$8.45 The company is up 8.0% from its price of HK$7.80 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. Is New 90 Day High Low • Oct 27
New 90-day low: HK$7.72 The company is down 6.0% from its price of HK$8.25 on 29 July 2020. The Hong Kong market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 09
New 90-day low: HK$7.83 The company is down 7.0% from its price of HK$8.44 on 10 July 2020. The Hong Kong market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 4.0% over the same period. Upcoming Dividend • Oct 02
Upcoming Dividend of HK$0.24 Per Share Will be paid on the 30th of October to those who are registered shareholders by the 9th of October. The trailing yield of 8.2% is in the top quartile of Hong Kong dividend payers (7.0%), and it is higher than industry peers (5.1%). Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of HK$1.17b, down 61% from the prior year. Total revenue was HK$9.69b over the last 12 months, up 24% from the prior year.