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Asia Commercial Holdings

SEHK:104
Snowflake Description

Flawless balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
104
SEHK
HK$463M
Market Cap
  1. Home
  2. HK
  3. Retail
Company description

Asia Commercial Holdings Limited, an investment holding company, engages in the retail and wholesale of watches in the People’s Republic of China and Switzerland. The last earnings update was 26 days ago. More info.


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  • Asia Commercial Holdings has significant price volatility in the past 3 months.
104 Share Price and Events
7 Day Returns
1.6%
SEHK:104
-1.2%
HK Specialty Retail
-0.7%
HK Market
1 Year Returns
24%
SEHK:104
-7.9%
HK Specialty Retail
-5.7%
HK Market
104 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Asia Commercial Holdings (104) 1.6% 3.3% -29.5% 24% 29.7% 56.6%
HK Specialty Retail -1.2% 0.8% -8.9% -7.9% 16.1% -24.2%
HK Market -0.7% -0.9% -8.1% -5.7% 16.3% -0.3%
1 Year Return vs Industry and Market
  • 104 outperformed the Specialty Retail industry which returned -7.9% over the past year.
  • 104 outperformed the Market in Hong Kong which returned -5.7% over the past year.
Price Volatility
104
Industry
5yr Volatility vs Market

104 Value

 Is Asia Commercial Holdings undervalued based on future cash flows and its price relative to the stock market?

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

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

Below are the data sources, inputs and calculation used to determine the intrinsic value for Asia Commercial Holdings.

SEHK:104 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 8.7%
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:104
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Specialty Retail Unlevered Beta Simply Wall St/ S&P Global 0.83
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.829 (1 + (1- 25%) (28.22%))
1.003
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.003 * 6.65%)
8.67%

Discounted Cash Flow Calculation for SEHK:104 using 2 Stage Free Cash Flow to Equity Model

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

SEHK:104 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 8.67%)
2020 172.24 Est @ 6.71% 158.50
2021 181.37 Est @ 5.3% 153.58
2022 189.19 Est @ 4.31% 147.41
2023 196.03 Est @ 3.62% 140.56
2024 202.18 Est @ 3.13% 133.39
2025 207.83 Est @ 2.79% 126.18
2026 213.14 Est @ 2.56% 119.07
2027 218.23 Est @ 2.39% 112.19
2028 223.20 Est @ 2.27% 105.59
2029 228.09 Est @ 2.19% 99.29
Present value of next 10 years cash flows HK$1,295.75
SEHK:104 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= HK$228.09 × (1 + 2%) ÷ (8.67% – 2%)
HK$3,488.31
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$3,488.31 ÷ (1 + 8.67%)10
HK$1,518.48
SEHK:104 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$1,295.75 + HK$1,518.48
HK$2,814.23
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$2,814.23 / 747.12
HK$3.77
SEHK:104 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$3.77
Current discount Discount to share price of HK$0.62
= -1 x (HK$0.62 - HK$3.77) / HK$3.77
83.5%

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

Current Discount
Amount off the current price Asia Commercial Holdings is available for.
Intrinsic value
>50%
Share price is HK$0.62 vs Future cash flow value of HK$3.77
Current Discount Checks
For Asia Commercial Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Asia Commercial Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Asia Commercial Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Asia Commercial Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Asia Commercial Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:104 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in HKD HK$0.09
SEHK:104 Share Price ** SEHK (2019-07-22) in HKD HK$0.62
Hong Kong Specialty Retail Industry PE Ratio Median Figure of 35 Publicly-Listed Specialty Retail Companies 11.28x
Hong Kong Market PE Ratio Median Figure of 1,512 Publicly-Listed Companies 10.66x

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

** Primary Listing of Asia Commercial Holdings.

SEHK:104 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:104 Share Price ÷ EPS (both in HKD)

= 0.62 ÷ 0.09

6.87x

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

  • Asia Commercial Holdings is good value based on earnings compared to the HK Specialty Retail industry average.
  • Asia Commercial Holdings is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Asia Commercial Holdings's expected growth come at a high price?
Raw Data
SEHK:104 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.87x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
1.6%per year
Hong Kong Specialty Retail Industry PEG Ratio Median Figure of 12 Publicly-Listed Specialty Retail Companies 0.82x
Hong Kong Market PEG Ratio Median Figure of 481 Publicly-Listed Companies 0.8x

*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 Asia Commercial Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Asia Commercial Holdings's assets?
Raw Data
SEHK:104 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in HKD HK$0.67
SEHK:104 Share Price * SEHK (2019-07-22) in HKD HK$0.62
Hong Kong Specialty Retail Industry PB Ratio Median Figure of 58 Publicly-Listed Specialty Retail Companies 0.9x
Hong Kong Market PB Ratio Median Figure of 2,198 Publicly-Listed Companies 0.92x
SEHK:104 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:104 Share Price ÷ Book Value per Share (both in HKD)

= 0.62 ÷ 0.67

0.92x

* Primary Listing of Asia Commercial Holdings.

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

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

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

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

104 Future Performance

 How is Asia Commercial Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Asia Commercial Holdings, 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
1.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Asia Commercial Holdings expected to grow at an attractive rate?
  • Asia Commercial Holdings's earnings growth is positive but not above the low risk savings rate of 2%.
Growth vs Market Checks
  • Asia Commercial Holdings's earnings growth is positive but not above the Hong Kong market average.
  • Unable to compare Asia Commercial Holdings's revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:104 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:104 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 1.6%
Hong Kong Specialty Retail Industry Earnings Growth Rate Market Cap Weighted Average 16.6%
Hong Kong Specialty Retail Industry Revenue Growth Rate Market Cap Weighted Average 8.7%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.4%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.6%

*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:104 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 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:104 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SEHK:104 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2019-03-31 935 70
2018-12-31 923 78
2018-09-30 912 136 86
2018-06-30 952 151 75
2018-03-31 991 166 63
2017-12-31 963 119 48
2017-09-30 934 72 32
2017-06-30 892 32 32
2017-03-31 850 -9 31
2016-12-31 830 -10 6
2016-09-30 810 -11 -18
2016-06-30 822 0 -27

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Asia Commercial Holdings's earnings are expected to grow by 1.6% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Asia Commercial Holdings 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:104 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Asia Commercial Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:104 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SEHK:104 Past Financials Data
Date (Data in HKD Millions) EPS *
2019-03-31 0.09
2018-12-31 0.10
2018-09-30 0.11
2018-06-30 0.10
2018-03-31 0.08
2017-12-31 0.06
2017-09-30 0.04
2017-06-30 0.04
2017-03-31 0.04
2016-12-31 0.01
2016-09-30 -0.02
2016-06-30 -0.03

*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 Asia Commercial Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Asia Commercial Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Asia Commercial Holdings has a total score of 0/6, 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.

104 Past Performance

  How has Asia Commercial Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Asia Commercial Holdings's growth in the last year to its industry (Specialty Retail).
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.
  • Asia Commercial Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • Asia Commercial Holdings's 1-year earnings growth is less than its 5-year average (12% vs 77.1%)
  • Asia Commercial Holdings's earnings growth has exceeded the HK Specialty Retail industry average in the past year (12% vs 7.6%).
Earnings and Revenue History
Asia Commercial Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Asia Commercial Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:104 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 934.52 70.46 217.71
2018-12-31 923.29 78.41 217.61
2018-09-30 912.06 86.35 217.50
2018-06-30 951.75 74.64 210.91
2018-03-31 991.43 62.94 204.32
2017-12-31 962.71 47.65 197.59
2017-09-30 934.00 32.36 190.86
2017-06-30 892.11 31.73 195.72
2017-03-31 850.22 31.10 200.59
2016-12-31 830.20 6.43 208.87
2016-09-30 810.18 -18.24 217.16
2016-06-30 822.29 -26.96 224.39
2016-03-31 834.39 -35.68 231.62
2015-12-31 797.49 -21.12 233.40
2015-09-30 760.58 -6.56 235.18
2015-06-30 739.58 -18.75 247.11
2015-03-31 718.58 -30.94 259.05
2014-12-31 791.57 -71.61 289.51
2014-09-30 864.56 -112.29 319.97
2014-06-30 915.95 -132.79 353.39
2014-03-31 967.35 -153.28 386.80
2013-12-31 990.21 -187.38 412.07
2013-09-30 1,013.07 -221.48 437.34
2013-06-30 1,055.83 -215.11 447.49
2013-03-31 1,098.59 -208.75 457.64
2012-12-31 1,096.81 -180.18 455.39
2012-09-30 1,095.03 -151.62 453.14

*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.
  • Asia Commercial Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Asia Commercial Holdings used its assets more efficiently than the HK Specialty Retail industry average last year based on Return on Assets.
  • Asia Commercial Holdings 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 Asia Commercial Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Specialty Retail 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.
Asia Commercial Holdings has a total score of 4/6, 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.

104 Health

 How is Asia Commercial Holdings's financial health and their level of debt?

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

The boxes below represent the relative size of what makes up Asia Commercial Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Asia Commercial Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Asia Commercial Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Asia Commercial Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.7x 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 Asia Commercial Holdings Company Filings, last reported 3 months ago.

SEHK:104 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 523.10 130.74 111.94
2018-12-31 523.10 130.74 111.94
2018-09-30 488.18 26.97 114.50
2018-06-30 488.18 26.97 114.50
2018-03-31 502.77 14.35 99.16
2017-12-31 502.77 14.35 99.16
2017-09-30 439.82 58.49 68.81
2017-06-30 439.82 58.49 68.81
2017-03-31 429.83 110.27 39.35
2016-12-31 429.83 110.27 39.35
2016-09-30 405.89 104.53 53.46
2016-06-30 405.89 104.53 53.46
2016-03-31 405.78 101.98 41.57
2015-12-31 405.78 101.98 41.57
2015-09-30 427.34 65.52 28.11
2015-06-30 427.34 65.52 28.11
2015-03-31 411.24 109.08 46.97
2014-12-31 411.24 109.08 46.97
2014-09-30 409.55 147.29 125.88
2014-06-30 409.55 147.29 125.88
2014-03-31 406.48 187.45 74.99
2013-12-31 406.48 187.45 74.99
2013-09-30 477.76 243.14 111.87
2013-06-30 477.76 243.14 111.87
2013-03-31 547.03 270.00 181.45
2012-12-31 547.03 270.00 181.45
2012-09-30 479.34 376.59 106.47
  • Asia Commercial Holdings's level of debt (25%) 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 (46% vs 25% today).
  • Debt is well covered by operating cash flow (104.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 189x coverage).
X
Financial health checks
We assess Asia Commercial Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Asia Commercial Holdings has a total score of 6/6, 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.

104 Dividends

 What is Asia Commercial Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.13%
Current annual income from Asia Commercial Holdings dividends.
If you bought HK$2,000 of Asia Commercial Holdings shares you are expected to receive HK$83 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?
  • Asia Commercial Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • Asia Commercial Holdings's dividend is below the markets top 25% of dividend payers in Hong Kong (5.76%).
Upcoming dividend payment

Purchase Asia Commercial Holdings before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:104 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 Specialty Retail Industry Average Dividend Yield Market Cap Weighted Average of 27 Stocks 5.6%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 978 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

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

SEHK:104 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
SEHK:104 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-06-27 0.026 4.192
2018-05-11 0.026 5.081
2012-12-27 0.000 0.000
2012-11-26 0.000 0.000
2012-07-30 0.000 0.000
2012-06-27 0.000 0.000
2011-11-29 0.000 0.000
2011-07-27 0.080 1.517
2011-06-30 0.080 1.083
2010-11-25 0.080 0.974
2010-07-26 0.060 1.206
2009-07-27 0.040 1.492
2009-07-13 0.040 1.337
2008-12-10 0.000 0.000

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Asia Commercial Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x 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 Asia Commercial Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Asia Commercial Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Asia Commercial Holdings has a total score of 2/6, see the detailed checks below.


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

104 Management

 What is the CEO of Asia Commercial Holdings's salary, the management and board of directors tenure and is there insider trading?

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

Yin Eav

TITLE
Founder & Executive Chairman
COMPENSATION
HK$7M
AGE
79
TENURE
12.7 yrs

Henry Duong

TITLE
Executive Director
AGE
56

Rosanna Eav

TITLE
Executive Director
COMPENSATION
HK$990K
AGE
49

Ka Chung Cheng

TITLE
Finance Director & Company Secretary
AGE
50

Jonathan Eav

TITLE
Consultant & Executive Director
COMPENSATION
HK$1M
AGE
44
TENURE
3.9 yrs
Board of Directors Tenure

Average tenure and age of the Asia Commercial Holdings board of directors in years:

12.6
Average Tenure
49
Average Age
  • The average tenure for the Asia Commercial Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Yin Eav

TITLE
Founder & Executive Chairman
COMPENSATION
HK$7M
AGE
79
TENURE
12.7 yrs

Henry Duong

TITLE
Executive Director
AGE
56
TENURE
8 yrs

Rosanna Eav

TITLE
Executive Director
COMPENSATION
HK$990K
AGE
49
TENURE
3.9 yrs

Siming Lai

TITLE
Independent Non-Executive Director
COMPENSATION
HK$238K
AGE
61
TENURE
20.9 yrs

Jonathan Eav

TITLE
Consultant & Executive Director
COMPENSATION
HK$1M
AGE
44
TENURE
0.8 yrs

Vincent Lee

TITLE
Independent Non-Executive Director
COMPENSATION
HK$238K
AGE
49
TENURE
12.6 yrs

Rosaline Yue

TITLE
Independent Non-Executive Director
COMPENSATION
HK$238K
AGE
49
TENURE
12.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Asia Commercial Holdings individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
16. Jul 19 Buy Yin Eav Individual 12. Jul 19 12. Jul 19 115,000 HK$0.60 HK$69,000
30. Apr 19 Buy Yin Eav Individual 26. Apr 19 26. Apr 19 45,000 HK$0.84 HK$37,800
25. Apr 19 Buy Yin Eav Individual 18. Apr 19 18. Apr 19 700,000 HK$0.79 HK$548,626
24. Apr 19 Buy Yin Eav Individual 17. Apr 19 17. Apr 19 2,265,000 HK$0.79 HK$1,784,848
26. Apr 19 Buy Yin Eav Individual 24. Apr 19 24. Apr 19 4,580,000 HK$0.86 HK$3,938,799
25. Apr 19 Buy Yin Eav Individual 23. Apr 19 23. Apr 19 4,325,000 HK$0.81 HK$3,496,779
18. Apr 19 Buy Yin Eav Individual 16. Apr 19 16. Apr 19 205,000 HK$0.66 HK$135,709
17. Apr 19 Buy Yin Eav Individual 15. Apr 19 15. Apr 19 730,000 HK$0.63 HK$459,901
15. Apr 19 Buy Yin Eav Individual 10. Apr 19 10. Apr 19 1,270,000 HK$0.62 HK$793,372
15. Apr 19 Buy Yin Eav Individual 12. Apr 19 12. Apr 19 1,180,000 HK$0.63 HK$741,747
29. Mar 19 Buy Yin Eav Individual 28. Mar 19 28. Mar 19 490,000 HK$0.60 HK$294,002
28. Mar 19 Buy Yin Eav Individual 26. Mar 19 26. Mar 19 25,000 HK$0.62 HK$15,500
13. Mar 19 Buy Yin Eav Individual 11. Mar 19 11. Mar 19 200,000 HK$0.62 HK$124,001
11. Mar 19 Buy Yin Eav Individual 07. Mar 19 07. Mar 19 145,000 HK$0.60 HK$86,999
X
Management checks
We assess Asia Commercial Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Asia Commercial Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


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

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

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

104 News

Simply Wall St News

Is Asia Commercial Holdings (HKG:104) Using Too Much Debt?

We can see that Asia Commercial Holdings Limited (HKG:104) does use debt in its business. … View our latest analysis for Asia Commercial Holdings What Is Asia Commercial Holdings's Debt? … Since Asia Commercial Holdings does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time.

Simply Wall St -

How Does Asia Commercial Holdings Limited (HKG:104) Fare As A Dividend Stock?

Could Asia Commercial Holdings Limited (HKG:104) be an attractive dividend share to own for the long haul? Investors are often drawn to strong companies with the idea of reinvesting the dividends. Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. With Asia Commercial Holdings yielding 4.3% and having paid a dividend for over 10 years, many investors likely find the company quite interesting. We'd guess that plenty of investors have purchased it for the income. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … For the purpose of this article, we only scrutinise the last decade of Asia Commercial Holdings's dividend payments. … We struggle to make a case for buying Asia Commercial Holdings for its dividend, given that payments have shrunk over the past ten years.

Simply Wall St -

Should You Be Impressed By Asia Commercial Holdings Limited's (HKG:104) ROE?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Asia Commercial Holdings: 13% = HK$70m ÷ HK$523m (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does Asia Commercial Holdings Have A Good Return On Equity? … Combining Asia Commercial Holdings's Debt And Its 13% Return On Equity Although Asia Commercial Holdings does use debt, its debt to equity ratio of 0.25 is still low.

Simply Wall St -

I Ran A Stock Scan For Earnings Growth And Asia Commercial Holdings (HKG:104) Passed With Ease

So if you're like me, you might be more interested in profitable, growing companies, like Asia Commercial Holdings (HKG:104). … And the insider buying isn't the only sign of alignment between shareholders and the board, since Asia Commercial Holdings insiders own more than a third of the company. … The good news is that Asia Commercial Holdings is not the only growth stock with insider buying.

Simply Wall St -

What We Think Of Asia Commercial Holdings Limited’s (HKG:104) Investment Potential

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Asia Commercial Holdings: 0.12 = HK$63m ÷ (HK$678m - HK$157m) (Based on the trailing twelve months to September 2018.) Therefore, Asia Commercial Holdings has an ROCE of 12%. … How Asia Commercial Holdings's Current Liabilities Impact Its ROCE Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months. … The Bottom Line On Asia Commercial Holdings's ROCE This is good to see, and with a sound ROCE, Asia Commercial Holdings could be worth a closer look.

Simply Wall St -

The Asia Commercial Holdings (HKG:104) Share Price Is Up 113% And Shareholders Are Boasting About It

For example, the Asia Commercial Holdings Limited (HKG:104) share price has soared 113% in the last half decade. … Check out our latest analysis for Asia Commercial Holdings While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … During the five years of share price growth, Asia Commercial Holdings moved from a loss to profitability.

Simply Wall St -

What Kind Of Shareholders Own Asia Commercial Holdings Limited (HKG:104)?

A look at the shareholders of Asia Commercial Holdings Limited (HKG:104) can tell us which group is most powerful. … As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'. … With a market capitalization of HK$628m, Asia Commercial Holdings is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

Why We Think Asia Commercial Holdings Limited (HKG:104) Could Be Worth Looking At

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Asia Commercial Holdings Limited (HKG:104), it

Simply Wall St -

Read This Before Selling Asia Commercial Holdings Limited (HKG:104) Shares

So shareholders might well want to know whether insiders have been buying or selling shares in Asia Commercial Holdings Limited (HKG:104). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Asia Commercial Holdings Insider Transactions Over The Last Year

Simply Wall St -

Should You Be Impressed By Asia Commercial Holdings Limited's (HKG:104) ROE?

Our data shows Asia Commercial Holdings has a return on equity of 18% for the last year. … That means that for every HK$1 worth of shareholders' equity, it generated HK$0.18 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

104 Company Info

Description

Asia Commercial Holdings Limited, an investment holding company, engages in the retail and wholesale of watches in the People’s Republic of China and Switzerland. The company operates in two segments, Sale of Watches and Properties Leasing. It is also involved in the assembly and marketing of gold and jewelry watches; property holding, investment, and leasing activities; and brand development business. Asia Commercial Holdings Limited operates 8 stores. The company is based in Wanchai, Hong Kong. Asia Commercial Holdings Limited is a subsidiary of Century Hero International Limited.

Details
Name: Asia Commercial Holdings Limited
104
Exchange: SEHK
Founded:
HK$463,216,396
747,123,220
Website: http://www.asiacommercialholdings.com
Address: Asia Commercial Holdings Limited
Room 3901,
39th Floor,
Wanchai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 104 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 26. Nov 1987
Number of employees
Current staff
Staff numbers
149
Asia Commercial Holdings employees.
Industry
Specialty Stores
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/23 12:52
End of day share price update: 2019/07/22 00:00
Last estimates confirmation: 2017/07/27
Last earnings filing: 2019/06/27
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


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.