Xinyi Solar Holdings
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Xinyi Solar Holdings Limited, an investment holding company, produces and sells solar glass products in the People’s Republic of China, Malaysia, and internationally. The last earnings update was 45 days ago. More info.
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968 Share Price and Events
7 Day Returns
1 Year Returns
968 Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Xinyi Solar Holdings (968) | -1.2% | -9.1% | 13.3% | 15.9% | 31.6% | 97.1% |
| HK Semiconductor | -1.2% | -9.5% | -1.6% | -12% | 20.4% | -34.8% |
| HK Market | -4.1% | -10.7% | -8.4% | -17.2% | 20% | 5.5% |
1 Year Return vs Industry and Market
- 968 outperformed the Semiconductor industry which returned -12% over the past year.
- 968 outperformed the Market in Hong Kong which returned -17.2% over the past year.
968 Value
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
Xinyi Solar 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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Xinyi Solar Holdings.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 21 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 9.4% |
| 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.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year HK Govt Bond Rate | 2% |
| Equity Risk Premium | S&P Global | 6% |
| Semiconductor Unlevered Beta | Simply Wall St/ S&P Global | 1.14 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.14 (1 + (1- 25%) (25.32%)) |
1.239 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.24 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.239 * 5.96%) |
9.39% |
Discounted Cash Flow Calculation for SEHK:968 using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Xinyi Solar 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.
| Levered FCF (HKD, Millions) | Source |
Present Value Discounted (@ 9.39%) |
|
|---|---|---|---|
| 2019 | 1,079.50 | Analyst x6 | 986.86 |
| 2020 | 1,706.67 | Analyst x9 | 1,426.30 |
| 2021 | 2,872.13 | Analyst x8 | 2,194.30 |
| 2022 | 3,079.33 | Analyst x3 | 2,150.70 |
| 2023 | 3,204.50 | Analyst x2 | 2,046.04 |
| 2024 | 3,313.18 | Est @ 3.39% | 1,933.88 |
| 2025 | 3,411.74 | Est @ 2.97% | 1,820.50 |
| 2026 | 3,503.29 | Est @ 2.68% | 1,708.92 |
| 2027 | 3,590.14 | Est @ 2.48% | 1,600.99 |
| 2028 | 3,674.02 | Est @ 2.34% | 1,497.78 |
| Present value of next 10 years cash flows | HK$17,366.27 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= HK$3,674.02 × (1 + 2%) ÷ (9.39% – 2%) |
HK$50,747.07 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= HK$50,747.07 ÷ (1 + 9.39%)10 |
HK$20,688.02 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= HK$17,366.27 + HK$20,688.02 |
HK$38,054.29 |
| Equity Value per Share (HKD) |
= Total value / Shares Outstanding
= HK$38,054.29 / 8,426.42 |
HK$4.52 |
| Calculation | Result | |
|---|---|---|
| Value per share (HKD) | From above. | HK$4.52 |
| Current discount | Discount to share price of
HK$4.08
= -1 x (HK$4.08 - HK$4.52) / HK$4.52 |
9.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Xinyi Solar Holdings's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- Xinyi Solar Holdings's share price is below the future cash flow value, but not 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 Xinyi Solar Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Xinyi Solar Holdings's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in HKD | HK$0.25 |
| SEHK:968 Share Price ** | SEHK (2019-05-24) in HKD | HK$4.08 |
| Hong Kong Semiconductor Industry PE Ratio | Median Figure of 17 Publicly-Listed Semiconductor Companies | 16.53x |
| Hong Kong Market PE Ratio | Median Figure of 1,478 Publicly-Listed Companies | 10.96x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Xinyi Solar Holdings.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SEHK:968 Share Price ÷ EPS (both in HKD) = 4.08 ÷ 0.25 |
16.41x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Xinyi Solar Holdings is good value based on earnings compared to the HK Semiconductor industry average.
- Xinyi Solar Holdings is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does
Xinyi Solar Holdings's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 16.41x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts |
19.7%per year |
| Hong Kong Semiconductor Industry PEG Ratio | Median Figure of 5 Publicly-Listed Semiconductor Companies | 0.84x |
| Hong Kong Market PEG Ratio | Median Figure of 463 Publicly-Listed Companies | 0.77x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 16.41x ÷ 19.7% |
0.83x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Xinyi Solar Holdings is good value based on expected growth next year.
Price based on value of assets
What value do investors place on
Xinyi Solar Holdings's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in HKD | HK$1.36 |
| SEHK:968 Share Price * | SEHK (2019-05-24) in HKD | HK$4.08 |
| Hong Kong Semiconductor Industry PB Ratio | Median Figure of 29 Publicly-Listed Semiconductor Companies | 1.61x |
| Hong Kong Market PB Ratio | Median Figure of 2,157 Publicly-Listed Companies | 0.94x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SEHK:968 Share Price ÷ Book Value per Share (both in HKD) = 4.08 ÷ 1.36 |
3x |
* Primary Listing of Xinyi Solar Holdings.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Xinyi Solar Holdings is overvalued based on assets compared to the HK Semiconductor industry average.
Value checks
We assess Xinyi Solar Holdings's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Semiconductor industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Semiconductor industry average (and greater than 0)? (1 check) Xinyi Solar Holdings has a total score of 2/6, 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.
968 Future Performance
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!
Earnings growth vs Low Risk Savings
- Xinyi Solar Holdings's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
- Xinyi Solar Holdings's earnings growth is expected to exceed the Hong Kong market average.
- Xinyi Solar Holdings's revenue growth is expected to exceed the Hong Kong market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SEHK:968 Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts | 19.7% |
| SEHK:968 Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts | 13.3% |
| Hong Kong Semiconductor Industry Earnings Growth Rate | Market Cap Weighted Average | 23.3% |
| Hong Kong Semiconductor Industry Revenue Growth Rate | Market Cap Weighted Average | 12.7% |
| Hong Kong Market Earnings Growth Rate | Market Cap Weighted Average | 11.6% |
| Hong Kong Market Revenue Growth Rate | Market Cap Weighted Average | 10.5% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 21 Analyst Estimates (S&P Global) | See Below |
| Date (Data in HKD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 13,488 | 2 | ||
| 2022-12-31 | 13,523 | 5,549 | 3 | |
| 2021-12-31 | 12,724 | 4,389 | 3,455 | 16 |
| 2020-12-31 | 11,070 | 3,297 | 2,934 | 20 |
| 2019-12-31 | 9,275 | 2,836 | 2,442 | 21 |
| Date (Data in HKD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 7,672 | 2,310 | 1,863 |
| 2018-09-30 | 8,033 | 2,102 | 2,077 |
| 2018-06-30 | 8,395 | 1,893 | 2,291 |
| 2018-03-31 | 8,961 | 1,595 | 2,312 |
| 2017-12-31 | 9,527 | 1,298 | 2,332 |
| 2017-09-30 | 8,834 | 872 | 2,228 |
| 2017-06-30 | 8,142 | 446 | 2,125 |
| 2017-03-31 | 7,074 | 563 | 2,055 |
| 2016-12-31 | 6,007 | 681 | 1,986 |
| 2016-09-30 | 5,939 | 924 | 1,853 |
| 2016-06-30 | 5,872 | 1,168 | 1,720 |
| 2016-03-31 | 5,311 | 1,010 | 1,463 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 21 Analyst Estimates (S&P Global) | See Below |
All data from Xinyi Solar Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in HKD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 0.45 | 0.68 | 0.30 | 12.00 |
| 2020-12-31 | 0.38 | 0.59 | 0.28 | 15.00 |
| 2019-12-31 | 0.32 | 0.43 | 0.20 | 16.00 |
| Date (Data in HKD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.25 |
| 2018-09-30 | 0.28 |
| 2018-06-30 | 0.31 |
| 2018-03-31 | 0.32 |
| 2017-12-31 | 0.33 |
| 2017-09-30 | 0.30 |
| 2017-06-30 | 0.31 |
| 2017-03-31 | 0.30 |
| 2016-12-31 | 0.29 |
| 2016-09-30 | 0.27 |
| 2016-06-30 | 0.26 |
| 2016-03-31 | 0.22 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Xinyi Solar Holdings's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Xinyi Solar Holdings has a total score of 4/6, 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.
968 Past Performance
How has Xinyi Solar 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
Past Earnings growth analysis
- Xinyi Solar Holdings has delivered over 20% year on year earnings growth in the past 5 years.
- Xinyi Solar Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Xinyi Solar Holdings's 1-year earnings growth is negative, it can't be compared to the HK Semiconductor industry average.
Earnings and Revenue History
All data from Xinyi Solar Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in HKD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 7,671.63 | 1,863.15 | 685.44 | |
| 2018-09-30 | 8,033.21 | 2,077.11 | 692.80 | |
| 2018-06-30 | 8,394.79 | 2,291.08 | 700.16 | |
| 2018-03-31 | 8,960.91 | 2,311.55 | 686.04 | |
| 2017-12-31 | 9,527.03 | 2,332.03 | 671.92 | |
| 2017-09-30 | 8,834.43 | 2,228.37 | 588.05 | |
| 2017-06-30 | 8,141.82 | 2,124.72 | 504.19 | |
| 2017-03-31 | 7,074.45 | 2,055.17 | 494.78 | |
| 2016-12-31 | 6,007.08 | 1,985.63 | 485.37 | |
| 2016-09-30 | 5,939.37 | 1,853.02 | 525.76 | |
| 2016-06-30 | 5,871.66 | 1,720.42 | 566.16 | |
| 2016-03-31 | 5,311.04 | 1,463.01 | 535.12 | |
| 2015-12-31 | 4,750.41 | 1,205.60 | 504.07 | |
| 2015-09-30 | 4,109.86 | 1,049.65 | 427.78 | |
| 2015-06-30 | 3,469.32 | 893.71 | 351.49 | |
| 2015-03-31 | 2,939.66 | 693.34 | 305.04 | |
| 2014-12-31 | 2,410.00 | 492.97 | 258.58 | |
| 2014-09-30 | 2,256.05 | 458.41 | 263.42 | |
| 2014-06-30 | 2,102.09 | 423.85 | 268.25 | |
| 2014-03-31 | 2,034.80 | 363.83 | 277.38 | |
| 2013-12-31 | 1,967.51 | 303.80 | 286.50 | |
| 2013-09-30 | 1,753.67 | 193.79 | 262.58 | |
| 2013-06-30 | 1,539.83 | 83.78 | 238.66 | |
| 2013-03-31 | 1,536.48 | 101.82 | 201.39 | |
| 2012-12-31 | 1,533.13 | 119.85 | 164.12 |
*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.
- Xinyi Solar Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Xinyi Solar Holdings used its assets more efficiently than the HK Semiconductor industry average last year based on Return on Assets.
- Xinyi Solar Holdings has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Xinyi Solar Holdings's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Semiconductor industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Xinyi Solar Holdings has a total score of 3/6, 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.
968 Health
How is Xinyi Solar 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 Xinyi Solar Holdings's finances.
The net worth of a company is the difference between its assets and liabilities.
- Xinyi Solar Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Xinyi Solar Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.8x 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.
All data from Xinyi Solar Holdings Company Filings, last reported 4 months ago.
| Date (Data in HKD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 12,058.92 | 8,769.51 | 981.29 |
| 2018-09-30 | 12,058.92 | 8,769.51 | 981.29 |
| 2018-06-30 | 12,227.25 | 8,469.46 | 1,556.43 |
| 2018-03-31 | 12,227.25 | 8,469.46 | 1,556.43 |
| 2017-12-31 | 11,680.36 | 7,932.69 | 1,550.02 |
| 2017-09-30 | 11,680.36 | 7,932.69 | 1,550.02 |
| 2017-06-30 | 10,350.59 | 7,541.67 | 2,577.95 |
| 2017-03-31 | 10,350.59 | 7,541.67 | 2,577.95 |
| 2016-12-31 | 7,427.79 | 6,665.93 | 994.29 |
| 2016-09-30 | 7,427.79 | 6,665.93 | 994.29 |
| 2016-06-30 | 7,653.02 | 5,071.31 | 1,896.08 |
| 2016-03-31 | 7,653.02 | 5,071.31 | 1,896.08 |
| 2015-12-31 | 6,891.37 | 3,590.26 | 2,959.56 |
| 2015-09-30 | 6,891.37 | 3,590.26 | 2,959.56 |
| 2015-06-30 | 4,880.94 | 1,800.00 | 1,511.35 |
| 2015-03-31 | 4,880.94 | 1,800.00 | 1,511.35 |
| 2014-12-31 | 3,305.89 | 1,300.00 | 589.57 |
| 2014-09-30 | 3,305.89 | 1,300.00 | 589.57 |
| 2014-06-30 | 2,360.35 | 400.00 | 477.81 |
| 2014-03-31 | 2,360.35 | 400.00 | 477.81 |
| 2013-12-31 | 2,310.44 | 0.00 | 279.12 |
| 2013-09-30 | 2,310.44 | 0.00 | 279.12 |
| 2013-06-30 | 1,638.81 | 0.00 | 40.95 |
| 2013-03-31 | 1,638.81 | 0.00 | 40.95 |
| 2012-12-31 | 1,065.12 | 0.00 | 54.18 |
- Xinyi Solar Holdings's level of debt (72.7%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (0.2% vs 72.7% today).
- Debt is well covered by operating cash flow (26.3%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 9.9x coverage).
Financial health checks
We assess Xinyi Solar Holdings's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Xinyi Solar Holdings has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
968 Dividends
What is Xinyi Solar 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
If you bought
HK$2,000 of
Xinyi Solar Holdings
shares you are expected to receive
HK$60
in your first year as a dividend.
Dividend Amount
- Xinyi Solar Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.1%).
- Xinyi Solar Holdings's dividend is below the markets top 25% of dividend payers in Hong Kong (5.84%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 21 Analyst Estimates (S&P Global) | See Below |
| Hong Kong Semiconductor Industry Average Dividend Yield | Market Cap Weighted Average of 8 Stocks | 2.6% |
| Hong Kong Market Average Dividend Yield | Market Cap Weighted Average of 967 Stocks | 3.7% |
| Hong Kong Minimum Threshold Dividend Yield | 10th Percentile | 1.2% |
| Hong Kong Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
| Hong Kong Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in HK$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | ||
| 2022-12-31 | 0.23 | 1.00 |
| 2021-12-31 | 0.21 | 15.00 |
| 2020-12-31 | 0.18 | 19.00 |
| 2019-12-31 | 0.15 | 20.00 |
| Date (Data in HK$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-04-09 | 0.122 | 2.871 |
| 2018-07-30 | 0.150 | 5.376 |
| 2018-02-26 | 0.150 | 5.110 |
| 2017-07-31 | 0.140 | 4.865 |
| 2017-03-28 | 0.140 | 5.927 |
| 2016-09-19 | 0.160 | 5.927 |
| 2016-05-31 | 0.090 | 2.859 |
| 2015-09-30 | 0.084 | 2.860 |
| 2015-07-28 | 0.084 | 2.957 |
| 2015-05-29 | 0.048 | 1.489 |
| 2014-09-30 | 0.032 | 1.316 |
| 2014-07-23 | 0.032 | 1.349 |
| 2014-04-30 | 0.018 | 0.865 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Xinyi Solar Holdings 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 Xinyi Solar Holdings only paid a dividend in the past 5 years.
Income/ dividend checks
We assess Xinyi Solar Holdings's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Xinyi Solar Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Xinyi Solar Holdings has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
968 Management
CEO
| COMPENSATION | HK$13,552,000 |
| AGE | 42 |
| TENURE AS CEO | 8.5 years |
CEO Bio
Mr. Yau Ching Lee is an Executive Director at Xinyi Energy Holdings Limited since June 26, 2015. He serves as the General Manager of both YiDe Glass (Shenzhen) Co., Ltd. and Xinyi Glass Technology (Shenzhen) Co., Ltd. Mr. Lee has been Chief Executive Officer of Xinyi Solar Holdings Ltd. since November 2010. He served as the Chief Operations Officer of Xinyi Glass Holdings Ltd. until February 28, 2011. Mr. Lee was responsible for planning Xinyi Glass Holdings overall operations strategy and overseeing Group's operations. He joined Xinyi Glass Holdings Ltd. in June 1999. He has been an Executive Director at Xinyi Solar Holdings Limited since January 11, 2011. He is a Co-Owner at Full Guang Holdings Limited. He served as an Executive Director of Xinyi Glass Holdings Ltd. from June 25, 2004 to December 12, 2013. Mr. Lee graduated from the Hong Kong University of Science and Technology in 1999 with a Bachelor Degree in Business Administration majoring in Finance.
CEO Compensation
- Yau's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
- Yau's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team
Yau Lee
CEO & Executive Director
HK$14M
42
8.5 yrs
Ching Sai Tung
Vice Chairman
52
Xi Chen
Executive Director
HK$1M
60
Man Li
Executive Director
HK$6M
63
Daniel Chu
Financial Controller & Company Secretary
48
Jie Wen
General Manager of Sales
56
10 yrs
Board of Directors Tenure
Average tenure and age of the Xinyi Solar Holdings board of directors in years:
- The tenure for the Xinyi Solar Holdings board of directors is about average.
Board of Directors
Yin Yee Lee
Chairman
65
Yau Lee
CEO & Executive Director
HK$14M
42
8.3 yrs
Ching Sai Tung
Vice Chairman
52
Xi Chen
Executive Director
HK$1M
60
5.7 yrs
Man Li
Executive Director
HK$6M
63
5.7 yrs
Vincent Lo
Independent Non-Executive Director
HK$200K
71
5.5 yrs
Paul Cheng
Independent Non-Executive Director
HK$250K
67
5.5 yrs
Martin Kan
Independent Non-Executive Director
HK$200K
35
5.5 yrs
Shing Lee
Non-Executive Director
HK$200K
41
5.7 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (HK$) | Value (HK$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 03. Jul 18 | Buy | Yin Yee Lee | Individual | 29. Jun 18 | 29. Jun 18 | 2,000,000 | HK$2.42 | HK$4,839,993 | ||
| 15. Mar 19 | Buy | Xinyi Group (Glass) Company Limited | Company | 08. Mar 19 | 08. Mar 19 | 380,000,000 | HK$3.47 | HK$1,318,599,904 | ||
| 12. Mar 19 | Sell | Xinyi Group (Glass) Company Limited | Company | 08. Mar 19 | 08. Mar 19 | -380,000,000 | HK$3.47 | HK$-1,318,599,904 | ||
| 21. Sep 18 | Buy | Xinyi Glass Holdings Limited | Company | 19. Sep 18 | 19. Sep 18 | 9,233,011 | HK$2.04 | HK$18,835,315 | ||
| 21. Sep 18 | Buy | Xinyi Group (Glass) Company Limited | Company | 19. Sep 18 | 19. Sep 18 | 76,728,636 | HK$2.04 | HK$156,526,188 | ||
| 19. Jun 18 | Sell | JPMorgan Chase & Co, Brokerage and Securities Investments | Company | 14. Jun 18 | 14. Jun 18 | -7,013,273 | HK$2.45 | HK$-17,196,552 | ||
| 18. Jun 18 | Buy | JPMorgan Chase & Co, Brokerage and Securities Investments | Company | 13. Jun 18 | 13. Jun 18 | 14,752,070 | HK$2.42 | HK$35,700,022 | ||
| 03. Jul 18 | Buy | Ching Wai Li | Individual | 29. Jun 18 | 29. Jun 18 | 1,000,000 | HK$2.41 | HK$2,410,000 | ||
| 28. Jun 18 | Buy | Yau Lee | Individual | 27. Jun 18 | 27. Jun 18 | 7,000,000 | HK$2.47 | HK$17,290,018 | ||
| 28. Jun 18 | Buy | Yin Yee Lee | Individual | 27. Jun 18 | 27. Jun 18 | 1,460,000 | HK$2.46 | HK$3,591,595 | ||
| 28. Jun 18 | Buy | Man Li | Individual | 27. Jun 18 | 27. Jun 18 | 1,000,000 | HK$2.50 | HK$2,499,997 | ||
| 27. Jun 18 | Buy | Yin Yee Lee | Individual | 26. Jun 18 | 26. Jun 18 | 5,952,000 | HK$2.47 | HK$14,695,446 | ||
| 26. Jun 18 | Buy | Kam Ha Li | Individual | 25. Jun 18 | 25. Jun 18 | 1,616,000 | HK$2.51 | HK$4,056,154 | ||
| 26. Jun 18 | Buy | Yau Lee | Individual | 25. Jun 18 | 25. Jun 18 | 1,616,000 | HK$2.51 | HK$4,056,154 | ||
| 25. Jun 18 | Buy | Kam Ha Li | Individual | 22. Jun 18 | 22. Jun 18 | 909,000 | HK$2.51 | HK$2,281,587 | ||
| 25. Jun 18 | Buy | Yau Lee | Individual | 22. Jun 18 | 22. Jun 18 | 909,000 | HK$2.51 | HK$2,281,587 | ||
| 21. Jun 18 | Buy | Yau Lee | Individual | 20. Jun 18 | 20. Jun 18 | 5,634,000 | HK$2.52 | HK$14,180,789 | ||
| 22. Jun 18 | Buy | Kam Ha Li | Individual | 21. Jun 18 | 21. Jun 18 | 4,194,000 | HK$2.58 | HK$10,799,559 | ||
| 22. Jun 18 | Buy | Yau Lee | Individual | 21. Jun 18 | 21. Jun 18 | 4,194,000 | HK$2.58 | HK$10,799,559 | ||
| 08. Jun 18 | Buy | JPMorgan Chase & Co, Brokerage and Securities Investments | Company | 05. Jun 18 | 05. Jun 18 | 10,333,724 | HK$2.60 | HK$26,877,976 | ||
| 12. Jun 18 | Sell | JPMorgan Chase & Co, Brokerage and Securities Investments | Company | 07. Jun 18 | 07. Jun 18 | -18,170,285 | HK$2.63 | HK$-47,842,412 | ||
Management checks
We assess Xinyi Solar Holdings's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Xinyi Solar 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.
968 News
Simply Wall St News
What Investors Should Know About Xinyi Solar Holdings Limited's (HKG:968) Financial Strength
Today we will look at 968’s financial liquidity and debt levels, which are strong indicators for whether the company can weather economic downturns or fund strategic acquisitions for future growth. … 968 has built up its total debt levels in the last twelve months, from HK$7.9b to HK$8.8b , which accounts for long term debt. … On top of this, 968 has produced HK$2.3b in operating cash flow during the same period of time, leading to an operating cash to total debt ratio of 26%, indicating that 968’s operating cash is sufficient to cover its debt.
Simply Wall St - – Full articleCan We See Significant Insider Ownership On The Xinyi Solar Holdings Limited (HKG:968) Share Register?
The big shareholder groups in Xinyi Solar Holdings Limited (HKG:968) have power over the company. … See our latest analysis for Xinyi Solar Holdings SEHK:968 Ownership Summary, May 15th 2019 What Does The Institutional Ownership Tell Us About Xinyi Solar Holdings? … Insider Ownership Of Xinyi Solar Holdings While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.
Simply Wall St - – Full articleHere's What You Should Know About Xinyi Solar Holdings Limited's (HKG:968) 2.8% Dividend Yield
A dividend paying company with growing earnings can be rewarding in the long term. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … Investors might not know much about Xinyi Solar Holdings's dividend prospects, even though it has been paying dividends for the last five years and offers a 2.8% yield.
Simply Wall St - – Full articleAre Xinyi Solar Holdings Limited’s (HKG:968) High Returns Really That Great?
In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.
Simply Wall St - – Full articleWhat Investors Should Know About Xinyi Solar Holdings Limited's (HKG:968) Financial Strength
While small-cap stocks, such as Xinyi Solar Holdings Limited (HKG:968) with its market cap of HK$37b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Evaluating financial health as part of your investment thesis is. … Let's work through some financial health checks you may wish to consider if you're interested in this stock.
Simply Wall St - – Full articleDoes Xinyi Solar Holdings Limited (HKG:968) Have A Particularly Volatile Share Price?
If you're interested in Xinyi Solar Holdings Limited (HKG:968), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.
Simply Wall St - – Full articleHave Insiders Been Buying Xinyi Solar Holdings Limited (HKG:968) Shares?
So shareholders might well want to know whether insiders have been buying or selling shares in Xinyi Solar Holdings Limited (HKG:968). … Xinyi Solar Holdings Insider Transactions Over The Last Year. … Even though the purchase was made at a significantly lower price, we still think insider buying is a positive.
Simply Wall St - – Full articleShould You Buy Xinyi Solar Holdings Limited (HKG:968) When Prices Drop?
I'm talking about the well-proven, robust track record Xinyi Solar Holdings Limited. … See our latest analysis for Xinyi Solar Holdings. … Xinyi Solar Holdings Limited, an investment holding company, produces and sells solar glass products in the People’s Republic of China, Malaysia, and internationally
Simply Wall St - – Full articleShould You Be Impressed By Xinyi Solar Holdings Limited's (HKG:968) ROE?
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Xinyi Solar Holdings Limited (HKG:968). … Xinyi Solar Holdings has a ROE of 17%, based on the last twelve months.
Simply Wall St - – Full articleDo You Like Xinyi Solar Holdings Limited (HKG:968) At This P/E Ratio?
We'll look at Xinyi Solar Holdings Limited's (HKG:968) P/E ratio and reflect on what it tells us about the company's share price. … Xinyi Solar Holdings has a price to earnings ratio of 14.6, based on the last twelve months. … How Do I Calculate Xinyi Solar Holdings's Price To Earnings Ratio
Simply Wall St - – Full article968 Company Info
Description
Xinyi Solar Holdings Limited, an investment holding company, produces and sells solar glass products in the People’s Republic of China, Malaysia, and internationally. It operates through three segments: Sales of Solar Glass; Solar Farm Business; and Engineering, Procurement and Construction (EPC) Services. The company offers double glass modules, ultraclear patterned glasses, back glasses, and AR photovoltaic glasses. It also develops and operates solar farms; and provides engineering, procurement, and construction services. In addition, the company engages in the provision of solar power systems; and trading of solar glass products. Xinyi Solar Holdings Limited was founded in 2008 and is headquartered in Wuhu, the People’s Republic of China.
Details
| Name: | Xinyi Solar Holdings Limited |
| 968 | |
| Exchange: | SEHK |
| Founded: | 2008 |
| HK$34,632,577,396 | |
| 8,426,417,858 | |
| Website: | http://www.xinyisolar.com |
| Address: |
Xinyi Solar Holdings Limited Xinyi PV Glass Industrial Zone, 2 Xinyi Road, Wuhu, Anhui Province, 241009, China |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SEHK | 968 | Ordinary Shares | The Stock Exchange of Hong Kong Ltd. | HK | HKD | 12. Dec 2013 | |
| DB | 13X | Ordinary Shares | Deutsche Boerse AG | DE | EUR | 12. Dec 2013 | |
| SHSC | 968 | Ordinary Shares | Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect | HK | HKD | 12. Dec 2013 | |
| SZSC | 968 | Ordinary Shares | The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect | HK | HKD | 12. Dec 2013 |
Number of employees
Current staff
Industry
| Semiconductor Equipment | |
| Semiconductors |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/24 12:59 |
| End of day share price update: | 2019/05/24 00:00 |
| Last estimates confirmation: | 2019/05/21 |
| Last earnings filing: | 2019/04/09 |
| 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.
