Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$7.73, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 22x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 65% over the past three years. Major Estimate Revision • Aug 01
Consensus EPS estimates fall by 73% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥15.1b to CN¥14.6b. EPS estimate also fell from CN¥0.18 per share to CN¥0.049 per share. Net income forecast to shrink 30% next year vs 53% growth forecast for Semiconductor industry in Hong Kong . Consensus price target down from HK$11.16 to HK$10.64. Share price rose 7.4% to HK$6.95 over the past week. Announcement • Jul 14
Flat Glass Group Co., Ltd. Provides Preliminary Unaudited Consolidated Group Earnings Guidance for the Six Months Ended 30 June 2026 Flat Glass Group Co., Ltd. provided preliminary unaudited consolidated group earnings guidance for the six months ended 30 June 2026. For the period, the group expects the loss attributable to owners of the parent will range from RMB 300 million to RMB 400 million, as compared to a net profit attributable to owners of the parent of RMB 261.09 million for the six months ended 30 June 2025. The expected loss is primarily due to a combination of the following factors: During the Reporting Period, due to the overall volatility in the photovoltaic industry, the Company's photovoltaic glass business segment has been under operational pressure. Based on preliminary estimates, the Company expects to record a net loss attributable to Shareholders of the parent company for the period. This was mainly driven by a combination of temporary industry-wide supply-demand imbalances and sustained declines in selling prices, which are considered to be periodical impacts arising from industry adjustments. The Company expects to recognise impairment provisions in respect of glass furnaces undergoing cold repair and certain photovoltaic glass inventories. During the Reporting Period, affected by structural adjustments and temporary overcapacity in the photovoltaic industry, the Company expects to record a net loss. Nevertheless, the Company maintains strong comprehensive competitive advantages in the photovoltaic glass sector. From a financial perspective, the Company has long adhered to prudent operating strategies, with a healthy balance sheet and ample cash reserves. Announcement • Jun 30
Flat Glass Group Co., Ltd. to Report First Half, 2026 Results on Aug 26, 2026 Flat Glass Group Co., Ltd. announced that they will report first half, 2026 results on Aug 26, 2026 Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$5.96, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 76% over the past three years. Upcoming Dividend • May 07
Upcoming dividend of CN¥0.15 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 30 August 2026. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (1.0%). New Risk • Apr 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Apr 28
First quarter 2026 earnings released First quarter 2026 results: Revenue: CN¥3.67b (down 9.9% from 1Q 2025). Net income: CN¥38.1m (down 64% from 1Q 2025). Profit margin: 1.0% (down from 2.6% in 1Q 2025). Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. New Risk • Apr 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Announcement • Apr 17
Flat Glass Group Co., Ltd., Annual General Meeting, May 12, 2026 Flat Glass Group Co., Ltd., Annual General Meeting, May 12, 2026, at 14:00 China Standard Time. Location: large conference room, the 1st floor, flat glass group co., ltd., 1999 yunhe road, xiuzhou district, zhejiang province, jiaxing China Major Estimate Revision • Apr 02
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥17.5b to CN¥14.8b. EPS estimate fell from CN¥0.577 to CN¥0.451 per share. Net income forecast to grow 24% next year vs 43% growth forecast for Semiconductor industry in Hong Kong. Consensus price target down from HK$13.32 to HK$12.93. Share price was steady at HK$8.98 over the past week. Announcement • Mar 30
Flat Glass Group Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Flat Glass Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Reported Earnings • Mar 27
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: CN¥0.42 (down from CN¥0.43 in FY 2024). Revenue: CN¥15.6b (down 17% from FY 2024). Net income: CN¥992.6m (down 1.3% from FY 2024). Profit margin: 6.4% (up from 5.4% in FY 2024). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 27%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$9.73, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$11.90, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 18x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 49% over the past three years. Announcement • Dec 26
Flat Glass Group Co., Ltd. to Report Fiscal Year 2025 Results on Mar 27, 2026 Flat Glass Group Co., Ltd. announced that they will report fiscal year 2025 results on Mar 27, 2026 Announcement • Dec 09
Flat Glass Group Co., Ltd. Announces Supervisory Committee Changes, Effective December 9, 2025 Reference is made to the circular of Flat Glass Group Co., Ltd. (Company) dated 20 November 2025 in relation to, proposed amendments to the Articles of Association of the Company (Proposed Amendments to AoA) and cancellation of Supervisory Committee. The board of directors of the Company announced that, as the Proposed Amendments to AoA as set out in the Circular included the cancellation of the Supervisory Committee, following the approval of the resolution on Proposed Amendments to AoA and cancellation of the Supervisory Committee by the Shareholders at the 2025 first extraordinary general meeting (the "EGM") held on 9 December 2025, the Company no longer has a Supervisory Committee, and the powers and functions of the Supervisory Committee as stipulated under the Company Law of the People's Republic of China (the "PRC Company Law") will be exercised by the audit committee of the Board. Accordingly, Mr. Zheng Wenrong, Mr. Zhu Quanming, Mr. Shen Fuquan, Ms. Zhang Huizhen and Ms. Niu Liping shall no longer serve as supervisors of the Company upon the conclusion of the EGM. Mr. Zheng Wenrong, Mr. Zhu Quanming, Mr. Shen Fuquan, Ms. Zhang Huizhen and Ms. Niu Liping confirm that they have no disagreement with the Board and/or the Supervisory Committee, and there are no other matter in relation to their resignation that need to be brought to the attention of the Shareholders and the Stock Exchange of Hong Kong Limited. The Board announced that, on 9 December 2025, Employees' Representative Congress of the Company has elected to appoint Ms. Niu Liping ("Ms. Niu") as the employee director of the Company with effect from the date of the EGM, i.e. 9 December 2025. Ms. Niu, aged 40, joined the Group in October 2003. Ms. Niu held various positions of the Group when she joined the Group. Ms. Niu has been the chairman of the trade union of the Company since December 2009. She has been the head of treasury of the finance management department under the financial center of the Company since 2020. Ms. Niu acted as a staff representative supervisor of the Company from 23 September 2019 to 9 December 2025. Ms. Niu graduated from Northwestern Polytechnical University, majoring in accounting. Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: CN¥0.16 (vs CN¥0.085 loss in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.16 (up from CN¥0.085 loss in 3Q 2024). Revenue: CN¥4.73b (up 21% from 3Q 2024). Net income: CN¥376.5m (up CN¥579.4m from 3Q 2024). Profit margin: 8.0% (up from net loss in 3Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Flat Glass Group Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Flat Glass Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Reported Earnings • Aug 29
Second quarter 2025 earnings released: EPS: CN¥0.059 (vs CN¥0.32 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.059 (down from CN¥0.32 in 2Q 2024). Revenue: CN¥3.66b (down 26% from 2Q 2024). Net income: CN¥155.0m (down 79% from 2Q 2024). Profit margin: 4.2% (down from 15% in 2Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 06
Consensus EPS estimates increase by 22%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥16.5b to CN¥16.2b. EPS estimate rose from CN¥0.282 to CN¥0.344. Net income forecast to grow 156% next year vs 54% growth forecast for Semiconductor industry in Hong Kong. Consensus price target broadly unchanged at HK$10.54. Share price fell 3.9% to HK$10.38 over the past week. Major Estimate Revision • Jul 12
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥17.2b to CN¥16.9b. EPS estimate also fell from CN¥0.302 per share to CN¥0.269 per share. Net income forecast to grow 221% next year vs 66% growth forecast for Semiconductor industry in Hong Kong. Consensus price target broadly unchanged at HK$10.86. Share price rose 3.0% to HK$10.36 over the past week. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$9.78, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$5.85 per share. Announcement • Jun 30
Flat Glass Group Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Flat Glass Group Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 New Risk • May 25
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: HK$5.2m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Significant insider selling over the past 3 months (HK$5.2m sold). Announcement • May 22
Flat Glass Group Co., Ltd., Annual General Meeting, Jun 16, 2025 Flat Glass Group Co., Ltd., Annual General Meeting, Jun 16, 2025, at 14:00 China Standard Time. Location: large conference room, 1st floor, flat glass group co., ltd., 1999 yunhe road, xiuzhou district, jiaxing, zhejiang province, prc, China Reported Earnings • Apr 30
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: CN¥0.05 (down from CN¥0.32 in 1Q 2024). Revenue: CN¥4.08b (down 29% from 1Q 2024). Net income: CN¥106.1m (down 86% from 1Q 2024). Profit margin: 2.6% (down from 13% in 1Q 2024). Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$8.76, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 66% over the past three years. Major Estimate Revision • Apr 03
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥21.4b to CN¥18.6b. EPS estimate fell from CN¥0.628 to CN¥0.48 per share. Net income forecast to grow 12% next year vs 70% growth forecast for Semiconductor industry in Hong Kong. Consensus price target down from HK$14.22 to HK$13.25. Share price fell 8.9% to HK$10.42 over the past week. Announcement • Mar 28
Flat Glass Group Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Flat Glass Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Reported Earnings • Mar 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.43 (down from CN¥1.24 in FY 2023). Revenue: CN¥18.7b (down 13% from FY 2023). Net income: CN¥1.01b (down 64% from FY 2023). Profit margin: 5.4% (down from 13% in FY 2023). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$13.14, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 51% over the past three years. Announcement • Jan 23
Flat Glass Group Co., Ltd. Provides Group Earnings Guidance for the Year Ended 31 December 2024 Flat Glass Group Co., Ltd. provided group earnings guidance for the year ended 31 December 2024. The company expected that (i) the net profit attributable to Shareholders for the year ended 31 December 2024 will range from RMB938 million to RMB 1,076 million, representing a decrease in the range of RMB 1,684 million to RMB 1,822 million (or a year-on-year decrease in the range of 61.00% to 66.00%) as compared to the same period in 2023; and (ii) the net profit attributable to Shareholders excluding non-recurring items will range from RMB 916 million to RMB 1,051 million, representing a decrease in the range of RMB 1,643 million to RMB 1,778 million (or a year-on-year decrease in the range of 61.00% to 66.00%) as compared to the same period in 2023. Announcement • Dec 27
Flat Glass Group Co., Ltd. to Report Fiscal Year 2024 Results on Mar 28, 2025 Flat Glass Group Co., Ltd. announced that they will report fiscal year 2024 results on Mar 28, 2025 Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$13.86, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 55% over the past three years. Announcement • Nov 20
Flat Glass Group Co., Ltd. Approves Interim Dividend for the Six Months Ended 30 June 2024, Payable on 20 December 2024 Flat Glass Group Co., Ltd. announced that at the EGM held on 18 November 2024, approved the payment of an interim dividend of RMB 0.13 per ordinary Share (before tax) for the six months ended 30 June 2024. The board announced that the 2024 Interim Dividend will be distributed on 20 December 2024 to the H Shareholders. The record date for entitlement of H Shareholders to the 2024 Interim Dividend is 29 November 2024. In order to qualify for receiving the 2024 Interim Dividend, all transfer documents must be lodged with the Company's H share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong (for holders of H Shares), for registration before 21 November 2024. Reported Earnings • Oct 30
Third quarter 2024 earnings released: CN¥0.085 loss per share (vs CN¥0.38 profit in 3Q 2023) Third quarter 2024 results: CN¥0.085 loss per share (down from CN¥0.38 profit in 3Q 2023). Revenue: CN¥3.91b (down 37% from 3Q 2023). Net loss: CN¥203.0m (down 123% from profit in 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to HK$12.76, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 44% After last week's 44% share price gain to HK$13.86, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 56% over the past three years. Announcement • Sep 30
Flat Glass Group Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Flat Glass Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$8.78, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 73% over the past three years. Major Estimate Revision • Sep 03
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥24.5b to CN¥20.2b. EPS estimate fell from CN¥1.47 to CN¥0.914 per share. Net income forecast to shrink 5.8% next year vs 39% growth forecast for Semiconductor industry in Hong Kong . Consensus price target down from HK$20.68 to HK$17.24. Share price rose 8.0% to HK$11.34 over the past week. Announcement • Aug 29
Flat Glass Group Co., Ltd. Announces an Interim Dividend for the Six Months Ended 30 June 2024 Flat Glass Group Co., Ltd. announced an interim dividend of RMB 0.13 per share for the six months ended 30 June 2024. Reported Earnings • Aug 28
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: CN¥0.32 (up from CN¥0.27 in 2Q 2023). Revenue: CN¥4.97b (up 15% from 2Q 2023). Net income: CN¥738.7m (up 29% from 2Q 2023). Profit margin: 15% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Announcement • Jun 28
Flat Glass Group Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Flat Glass Group Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Announcement • May 25
Flat Glass Group Co., Ltd., Annual General Meeting, Jun 17, 2024 Flat Glass Group Co., Ltd., Annual General Meeting, Jun 17, 2024, at 13:30 China Standard Time. Location: large conference room, 1st floor, flat glass group co., ltd., 1999 yunhe road, xiuzhou district, zhejiang province, jiaxing China Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.32 (vs CN¥0.24 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.32 (up from CN¥0.24 in 1Q 2023). Revenue: CN¥5.73b (up 6.7% from 1Q 2023). Net income: CN¥759.9m (up 49% from 1Q 2023). Profit margin: 13% (up from 9.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$17.22, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 27% over the past three years. Announcement • Mar 29
Flat Glass Group Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Flat Glass Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: CN¥1.24 (vs CN¥0.99 in FY 2022) Full year 2023 results: EPS: CN¥1.24 (up from CN¥0.99 in FY 2022). Revenue: CN¥21.5b (up 39% from FY 2022). Net income: CN¥2.76b (up 30% from FY 2022). Profit margin: 13% (in line with FY 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 26
Flat Glass Group Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023 Flat Glass Group Co., Ltd. proposed final dividend of RMB 0.38 per share for the year ended 31 December 2023. Buy Or Sell Opportunity • Mar 14
Now 23% undervalued Over the last 90 days, the stock has risen 67% to HK$19.14. The fair value is estimated to be HK$24.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 7.4%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$16.24, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$24.00 per share. Announcement • Feb 23
Flat Glass Group Co., Ltd. (SEHK:6865) announces an Equity Buyback for CNY 600 million worth of its shares. Flat Glass Group Co., Ltd. (SEHK:6865) announces a share repurchase program. Under the program, the company will repurchase up to CNY 600 million worth of its Class A shares. The shares will be repurchased at no more than CNY 30 per share. The purpose of the program is to use the repurchased shares for share incentive or employee stock ownership scheme. If the company fails to use the repurchased shares within 3 years after the completion of the program, the repurchased shares will be cancelled. The company will use its own funds. The plan will be valid for 6 months. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$12.90, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$23.09 per share. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$14.78, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$23.74 per share. Announcement • Dec 29
Flat Glass Group Co., Ltd. to Report Fiscal Year 2023 Results on Mar 27, 2024 Flat Glass Group Co., Ltd. announced that they will report fiscal year 2023 results on Mar 27, 2024 Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$12.68, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 57% over the past three years. Recent Insider Transactions • Dec 12
President recently bought HK$5.5m worth of stock On the 8th of December, Zeyun Ruan bought around 460k shares on-market at roughly HK$11.93 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$5.6m. Zeyun has been a buyer over the last 12 months, purchasing a net total of HK$16m worth in shares. Recent Insider Transactions • Nov 30
President recently bought HK$5.6m worth of stock On the 28th of November, Zeyun Ruan bought around 427k shares on-market at roughly HK$13.17 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Zeyun has been a buyer over the last 12 months, purchasing a net total of HK$11m worth in shares. Recent Insider Transactions • Nov 11
President recently bought HK$2.8m worth of stock On the 9th of November, Zeyun Ruan bought around 177k shares on-market at roughly HK$15.88 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Zeyun has been a buyer over the last 12 months, purchasing a net total of HK$3.1m worth in shares. 
