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Tian An China Investments

SEHK:28
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
28
SEHK
HK$6B
Market Cap
  1. Home
  2. HK
  3. Real Estate
Company description

Tian An China Investments Company Limited, an investment holding company, invests in, develops, and manages properties in the People's Republic of China, Hong Kong, the United Kingdom, and Australia. The last earnings update was 65 days ago. More info.


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28 Share Price and Events
7 Day Returns
-0.5%
SEHK:28
1.1%
HK Real Estate
0.5%
HK Market
1 Year Returns
-14.1%
SEHK:28
-10.1%
HK Real Estate
-15.9%
HK Market
28 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tian An China Investments (28) -0.5% -3% -11.4% -14.1% -3% -35.8%
HK Real Estate 1.1% -3.3% -3.4% -10.1% 53% 49.2%
HK Market 0.5% -4% -8.6% -15.9% 20.6% 3%
1 Year Return vs Industry and Market
  • 28 underperformed the Real Estate industry which returned -10.1% over the past year.
  • 28 outperformed the Market in Hong Kong which returned -15.9% over the past year.
Price Volatility
28
Industry
5yr Volatility vs Market

Value

 Is Tian An China Investments 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 Tian An China Investments 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 Tian An China Investments.

SEHK:28 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 12.1%
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:28
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.02
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.025 (1 + (1- 25%) (96.68%))
1.514
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.51
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.514 * 6.65%)
12.07%

Discounted Cash Flow Calculation for SEHK:28 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tian An China Investments 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:28 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 12.07%)
2019 17.31 Est @ -73.34% 15.45
2020 8.53 Est @ -50.74% 6.79
2021 5.55 Est @ -34.91% 3.94
2022 4.23 Est @ -23.84% 2.68
2023 3.55 Est @ -16.09% 2.01
2024 3.17 Est @ -10.66% 1.60
2025 2.95 Est @ -6.86% 1.33
2026 2.83 Est @ -4.2% 1.14
2027 2.76 Est @ -2.34% 0.99
2028 2.73 Est @ -1.04% 0.87
Present value of next 10 years cash flows HK$36.80
SEHK:28 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$2.73 × (1 + 2%) ÷ (12.07% – 2%)
HK$27.69
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$27.69 ÷ (1 + 12.07%)10
HK$8.86
SEHK:28 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$36.80 + HK$8.86
HK$45.66
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$45.66 / 1,506.77
HK$0.03
SEHK:28 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$0.03
Current discount Discount to share price of HK$3.90
= -1 x (HK$3.90 - HK$0.03) / HK$0.03
-12771.2%

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

  • The current share price of Tian An China Investments is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Tian An China Investments's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tian An China Investments's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:28 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$0.83
SEHK:28 Share Price ** SEHK (2019-06-14) in HKD HK$3.9
Hong Kong Real Estate Industry PE Ratio Median Figure of 188 Publicly-Listed Real Estate Companies 6.28x
Hong Kong Market PE Ratio Median Figure of 1,487 Publicly-Listed Companies 10.68x

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

** Primary Listing of Tian An China Investments.

SEHK:28 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:28 Share Price ÷ EPS (both in HKD)

= 3.9 ÷ 0.83

4.7x

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

  • Tian An China Investments is good value based on earnings compared to the HK Real Estate industry average.
  • Tian An China Investments is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Tian An China Investments's expected growth come at a high price?
Raw Data
SEHK:28 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.7x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
11.8%per year
Hong Kong Real Estate Industry PEG Ratio Median Figure of 60 Publicly-Listed Real Estate Companies 0.27x
Hong Kong Market PEG Ratio Median Figure of 466 Publicly-Listed Companies 0.76x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Tian An China Investments, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tian An China Investments's assets?
Raw Data
SEHK:28 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$15.85
SEHK:28 Share Price * SEHK (2019-06-14) in HKD HK$3.9
Hong Kong Real Estate Industry PB Ratio Median Figure of 229 Publicly-Listed Real Estate Companies 0.56x
Hong Kong Market PB Ratio Median Figure of 2,169 Publicly-Listed Companies 0.93x
SEHK:28 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:28 Share Price ÷ Book Value per Share (both in HKD)

= 3.9 ÷ 15.85

0.25x

* Primary Listing of Tian An China Investments.

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

  • Tian An China Investments is good value based on assets compared to the HK Real Estate industry average.
X
Value checks
We assess Tian An China Investments'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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Tian An China Investments has a total score of 3/6, 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 Tian An China Investments expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Tian An China Investments, future earnings growth has been estimated based on fundamentals.
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
11.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tian An China Investments expected to grow at an attractive rate?
  • Tian An China Investments's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Tian An China Investments's earnings growth is expected to exceed the Hong Kong market average.
  • Unable to compare Tian An China Investments's revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:28 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:28 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 11.8%
Hong Kong Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 5.4%
Hong Kong Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 16.6%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.2%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.7%

*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:28 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:28 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 3,292 85 1,251
2018-09-30 3,128 -8 1,236
2018-06-30 2,964 -102 1,220
2018-03-31 2,038 57 1,637
2017-12-31 1,113 217 2,054
2017-09-30 1,548 61 4,463
2017-06-30 1,983 -95 6,871
2017-03-31 1,939 -606 6,292
2016-12-31 1,894 -1,117 5,713
2016-09-30 1,384 -1,279 4,308
2016-06-30 873 -1,440 2,903
2016-03-31 951 -1,377 2,752

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tian An China Investments's earnings are expected to grow by 11.8% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Tian An China Investments is high growth as no revenue estimate data is available.
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:28 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Tian An China Investments Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:28 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 0.83
2018-09-30 0.82
2018-06-30 0.81
2018-03-31 1.09
2017-12-31 1.36
2017-09-30 2.96
2017-06-30 4.56
2017-03-31 4.18
2016-12-31 3.79
2016-09-30 2.86
2016-06-30 1.93
2016-03-31 1.83

*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.
  • Unable to establish if Tian An China Investments will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Tian An China Investments'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.
Tian An China Investments has a total score of 2/6, 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 Tian An China Investments 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 Tian An China Investments's growth in the last year to its industry (Real Estate).
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.
  • Tian An China Investments has delivered over 20% year on year earnings growth in the past 5 years.
  • Tian An China Investments's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Tian An China Investments's 1-year earnings growth is negative, it can't be compared to the HK Real Estate industry average.
Earnings and Revenue History
Tian An China Investments'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 Tian An China Investments Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:28 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 3,291.72 1,251.20 396.46
2018-09-30 3,127.84 1,235.59 368.47
2018-06-30 2,963.95 1,219.99 340.47
2018-03-31 2,038.42 1,637.06 366.65
2017-12-31 1,112.88 2,054.14 392.82
2017-09-30 1,547.78 4,462.52 408.08
2017-06-30 1,982.68 6,870.89 423.34
2017-03-31 1,938.57 6,291.92 398.14
2016-12-31 1,894.47 5,712.95 372.93
2016-09-30 1,383.56 4,308.07 360.46
2016-06-30 872.66 2,903.20 347.99
2016-03-31 951.01 2,751.61 352.20
2015-12-31 1,029.36 2,600.02 356.42
2015-09-30 1,097.29 1,952.36 361.51
2015-06-30 1,165.22 1,304.69 366.61
2015-03-31 1,098.50 1,234.69 353.51
2014-12-31 1,031.79 1,164.69 340.40
2014-09-30 946.02 729.76 337.21
2014-06-30 860.25 294.84 334.03
2014-03-31 945.05 299.75 332.10
2013-12-31 1,029.85 304.67 330.18
2013-09-30 1,178.62 283.11 354.37
2013-06-30 1,327.39 261.55 378.55
2013-03-31 1,368.74 331.48 381.63
2012-12-31 1,410.09 401.40 384.70
2012-09-30 1,638.05 454.96 362.04
2012-06-30 1,866.01 508.52 339.39

*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.
  • Tian An China Investments has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tian An China Investments used its assets less efficiently than the HK Real Estate industry average last year based on Return on Assets.
  • Tian An China Investments has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Tian An China Investments'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 Real Estate 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.
Tian An China Investments has a total score of 2/6, 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 Tian An China Investments'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 Tian An China Investments's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tian An China Investments is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Tian An China Investments's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Tian An China Investments'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.1x 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 Tian An China Investments Company Filings, last reported 5 months ago.

SEHK:28 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 25,253.01 5,681.04 2,572.66
2018-09-30 25,253.01 5,681.04 2,572.66
2018-06-30 25,051.76 4,752.85 3,622.54
2018-03-31 25,051.76 4,752.85 3,622.54
2017-12-31 24,885.04 4,399.41 4,864.28
2017-09-30 24,885.04 4,399.41 4,864.28
2017-06-30 24,004.48 4,072.09 4,810.43
2017-03-31 24,004.48 4,072.09 4,810.43
2016-12-31 22,051.40 3,736.05 4,428.33
2016-09-30 22,051.40 3,736.05 4,428.33
2016-06-30 17,048.14 5,525.39 3,396.71
2016-03-31 17,048.14 5,525.39 3,396.71
2015-12-31 17,154.34 5,576.43 4,234.08
2015-09-30 17,154.34 5,576.43 4,234.08
2015-06-30 16,021.52 5,944.29 1,843.04
2015-03-31 16,021.52 5,944.29 1,843.04
2014-12-31 15,477.80 4,996.59 1,537.84
2014-09-30 15,477.80 4,996.59 1,537.84
2014-06-30 14,451.39 4,848.20 1,959.06
2014-03-31 14,451.39 4,848.20 1,959.06
2013-12-31 15,017.37 4,754.31 2,542.86
2013-09-30 15,017.37 4,754.31 2,542.86
2013-06-30 14,627.93 4,077.51 2,433.37
2013-03-31 14,627.93 4,077.51 2,433.37
2012-12-31 14,412.31 4,003.42 1,750.11
2012-09-30 14,412.31 4,003.42 1,750.11
2012-06-30 14,211.52 3,494.68 2,208.64
  • Tian An China Investments's level of debt (22.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (31.7% vs 22.5% today).
  • Debt is not well covered by operating cash flow (1.5%, less than 20% of total debt).
  • Tian An China Investments earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Tian An China Investments'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. Tian An China Investments 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 Tian An China Investments'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
5.13%
Current annual income from Tian An China Investments dividends.
If you bought HK$2,000 of Tian An China Investments shares you are expected to receive HK$103 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?
  • Tian An China Investments's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • Tian An China Investments's dividend is below the markets top 25% of dividend payers in Hong Kong (5.95%).
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:28 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 0 Analyst Estimates (S&P Global) See Below
Hong Kong Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 143 Stocks 4.1%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 966 Stocks 3.7%
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 6%

Industry and Market average data is calculated daily.

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

SEHK:28 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-03-15 0.200 4.807
2018-04-17 0.200 4.665
2018-03-16 0.200 4.150
2016-04-15 0.150 3.137
2016-03-18 0.150 3.718
2015-04-17 0.100 2.264
2015-03-20 0.100 2.053
2014-04-15 0.065 1.222
2014-03-21 0.065 1.024
2013-04-18 0.040 0.666
2013-03-25 0.040 0.774
2012-03-26 0.040 0.939
2011-03-18 0.100 2.336
2010-03-19 0.070 1.344

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

  • Tian An China Investments has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Tian An China Investments only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Tian An China Investments's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Tian An China Investments'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 Tian An China Investments afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tian An China Investments 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 Tian An China Investments'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.
CEO
Patrick Lee
COMPENSATION HK$21,227,000
AGE 66
TENURE AS CEO 12.2 years
CEO Bio

Mr. Seng Wei Lee, also known as Patrick, has been Chairman of Asiasec Properties Ltd since January 4, 2018. He served as Chief Executive Officer of Asiasec Properties Ltd(also known as Dan Form Holdings Company Limited) since December 22, 2016 until January 4, 2018. He has been Executive Director of Asiasec Properties Ltd since November 18, 2016. Mr. Lee has been Managing Director of Tian An China Investments Co. Ltd. since April 2, 2007. Mr. Lee has been an Executive Director of Tian An China Investments Co. Limited since June 1996. He served as the Chief Executive Officer of Allied Properties (H.K.) Ltd., the holding company of Sun Hung Kai & Co Ltd., since March 1994. He served as Executive Director of Sun Hung Kai & Co. Limited from June 22, 1996 to January 30, 2007. He served as an Executive Director of Allied Properties (H.K.) Limited, substantial shareholders of Tian An China Investments Co Ltd., since February 1987. He served as the Chairman of Tian An China Investments Co. Ltd. from February 2004 to April 2, 2007 and served as its Acting Managing Director from December 1, 2005 to April 2, 2007. Mr. Lee is an Architect and has worked for IBM Australia before becoming involved in property development in Malaysia and Hong Kong for more than 20 years. Mr. Lee has extensive experience in the property field. Mr. Lee served as Non Executive Director of Sun Hung Kai & Co. Ltd. from January 30, 2007 to September 30, 2011.

CEO Compensation
  • Patrick's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Patrick's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the Tian An China Investments management team in years:

10.2
Average Tenure
60
Average Age
  • The average tenure for the Tian An China Investments management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Patrick Lee

TITLE
MD & Executive Director
COMPENSATION
HK$21M
AGE
66
TENURE
12.2 yrs

Zengbin Song

TITLE
Deputy Chairman
COMPENSATION
HK$8M
AGE
63

Sunny Tao

TITLE
Financial Controller of the Group & Executive Director
COMPENSATION
HK$14M
AGE
54

Edwin Lo

TITLE
Executive Director
COMPENSATION
HK$16M
AGE
57

Sun Ma

TITLE
Deputy MD & Executive Director
COMPENSATION
HK$20M
AGE
77
TENURE
10.2 yrs

Chee Choong Chew

TITLE
Group Chief Operating Officer
AGE
46
TENURE
0.4 yrs

Zhu Song

TITLE
General Manager of Contracts Department
AGE
57

Aimin Hu

TITLE
Group Director of Special Projects
COMPENSATION
HK$4M
AGE
70

Saifang Chen

TITLE
General Manager of the Southern China Region
AGE
66

Zhimin Zhou

TITLE
General Manager of the Property Management Department
AGE
57
Board of Directors Tenure

Average tenure and age of the Tian An China Investments board of directors in years:

15.5
Average Tenure
61
Average Age
  • The average tenure for the Tian An China Investments board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Seng-Hui Lee

TITLE
Non-Executive Chairman
COMPENSATION
HK$40M
AGE
49
TENURE
12.2 yrs

Patrick Lee

TITLE
MD & Executive Director
COMPENSATION
HK$21M
AGE
66
TENURE
23 yrs

Zengbin Song

TITLE
Deputy Chairman
COMPENSATION
HK$8M
AGE
63
TENURE
11 yrs

Sunny Tao

TITLE
Financial Controller of the Group & Executive Director
COMPENSATION
HK$14M
AGE
54
TENURE
9.7 yrs

Edwin Lo

TITLE
Executive Director
COMPENSATION
HK$16M
AGE
57
TENURE
19.8 yrs

Sun Ma

TITLE
Deputy MD & Executive Director
COMPENSATION
HK$20M
AGE
77
TENURE
16.2 yrs

Lisa Yang

TITLE
Independent Non-Executive Director
COMPENSATION
HK$192K
AGE
51
TENURE
19.6 yrs

Wah Sang Ngai

TITLE
Independent Non-Executive Director
COMPENSATION
HK$121K
AGE
59
TENURE
14.8 yrs

Johnson Francis Chang

TITLE
Independent Non-Executive Director
COMPENSATION
HK$96K
AGE
64
TENURE
14.8 yrs

Moses Cheng

TITLE
Non-Executive Director
COMPENSATION
HK$10K
AGE
68
TENURE
22.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Tian An China Investments insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
12. Apr 19 Buy Sok Un Chong Individual 08. Apr 19 08. Apr 19 3,000,000 HK$4.20 HK$12,600,010
16. Jan 19 Sell Penta Investment Advisers Ltd. Company 11. Jan 19 11. Jan 19 -9,000,000 HK$4.10 HK$-36,899,986
11. Jan 19 Buy Sok Un Chong Individual 09. Jan 19 09. Jan 19 9,000,000 HK$4.10 HK$36,900,029
16. Jul 18 Sell Penta Investment Advisers Ltd. Company 11. Jul 18 11. Jul 18 -230,000 HK$4.31 HK$-991,300
X
Management checks
We assess Tian An China Investments'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. Tian An China Investments 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

Does Tian An China Investments Company Limited's (HKG:28) P/E Ratio Signal A Buying Opportunity?

The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Tian An China Investments: P/E of 4.73 = HK$3.93 ÷ HK$0.83 (Based on the year to December 2018.) Is A High P/E Ratio Good? … Tian An China Investments saw earnings per share decrease by 39% last year. … The Bottom Line On Tian An China Investments's P/E Ratio Tian An China Investments trades on a P/E ratio of 4.7, which is below the HK market average of 11.1.

Simply Wall St -

Have Insiders Been Buying Tian An China Investments Company Limited (HKG:28) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Tian An China Investments Company Limited (HKG:28). … Tian An China Investments Insider Transactions Over The Last Year. … Happily, the Tian An China Investments insider decided to buy shares at close to current prices

Simply Wall St -

Should Tian An China Investments Company Limited (HKG:28) Be Part Of Your Portfolio?

Historically, Tian An China Investments Company Limited (HKG:28) has been paying a dividend to shareholders. … Let's take a look at Tian An China Investments in more detail. … View our latest analysis for Tian An China Investments

Simply Wall St -

Volatility 101: Should Tian An China Investments (HKG:28) Shares Have Dropped 30%?

So we wouldn't blame long term Tian An China Investments Company Limited (HKG:28) shareholders for doubting their decision to hold, with the stock down 30% over a half decade. … While the share price declined over five years, Tian An China Investments actually managed to increase EPS by an average of 36% per year. … Because of the sharp contrast between the EPS growth rate and the share price growth, we're inclined to look to other metrics to understand the changing market sentiment around the stock.

Simply Wall St -

Is Tian An China Investments Company Limited's (HKG:28) CEO Pay Justified?

In 2007 Patrick Lee was appointed CEO of Tian An China Investments Company Limited (HKG:28). … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Patrick Lee's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Are Tian An China Investments Company Limited's (HKG:28) Interest Costs Too High?

Investors are always looking for growth in small-cap stocks like Tian An China Investments Company Limited (HKG:28), with a market cap of HK$6.4b. … However, an important fact which most ignore is: how financially healthy is the business? … I believe these basic checks tell most of the story you need to know.

Simply Wall St -

Is Tian An China Investments Company Limited (HKG:28) Excessively Paying Its CEO?

First, this article will compare CEO compensation with compensation at similar sized companies. … Our data indicates that Tian An China Investments Company Limited is worth HK$6.4b, and total annual CEO compensation is HK$7m. … Thus we can conclude that Patrick Lee receives more in total compensation than the median of a group of companies in the same market, and of similar size to Tian An China Investments Company Limited

Simply Wall St -

What To Know Before Buying Tian An China Investments Company Limited (HKG:28) For Its Dividend

In the past 10 years Tian An China Investments Company Limited (HKG:28) has returned an average of 2.00% per year to investors in the form of dividend payouts. … Let's take a look at Tian An China Investments in more detail. … Check out our latest analysis for Tian An China Investments

Simply Wall St -

Tian An China Investments Company Limited (HKG:28): Ex-Dividend Is In 2 Days, Should You Buy?

Check out our latest analysis for Tian An China Investments 5 questions I ask before picking a dividend stock If you are a dividend investor, you should always assess these five key metrics: Does it pay an annual yield higher than 75% of dividend payers? … In terms of its peers, Tian An China Investments generates a yield of 4.08%, which is high for Real Estate stocks but still below the market's top dividend payers. … Next Steps: Taking all the above into account, Tian An China Investments is a complicated pick for dividend investors given that there are a couple of positive things about it as well as negative.

Simply Wall St -

Company Info

Description

Tian An China Investments Company Limited, an investment holding company, invests in, develops, and manages properties in the People's Republic of China, Hong Kong, the United Kingdom, and Australia. It operates through Property Development, Property Investment, and Other Operations segments. The company develops apartments, villas, office buildings, and commercial properties. It is also involved in the golf course and club house operations, and hotel management activities. In addition, the company provides property leasing and estate management, car parking space, securities dealing, and money lending services. Tian An China Investments Company Limited was founded in 1986 and is based in Wan Chai, Hong Kong.

Details
Name: Tian An China Investments Company Limited
28
Exchange: SEHK
Founded: 1986
HK$5,876,401,014
1,506,769,491
Website: http://www.tiananchina.com
Address: Tian An China Investments Company Limited
Allied Kajima Building,
22nd Floor,
Wan Chai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 28 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 02. Jan 1992
OTCPK TIAC.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
Number of employees
Current staff
Staff numbers
1,429
Tian An China Investments employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 12:41
End of day share price update: 2019/06/14 00:00
Last earnings filing: 2019/04/12
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.