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Xinyi Solar Holdings

SEHK:968
Snowflake Description

Reasonable growth potential with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
968
SEHK
HK$32B
Market Cap
  1. Home
  2. HK
  3. Semiconductors
Company 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. The last earnings update was 72 days ago. More info.


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968 Share Price and Events
7 Day Returns
-7.3%
SEHK:968
-3.9%
HK Semiconductor
-0%
HK Market
1 Year Returns
47.5%
SEHK:968
-11.8%
HK Semiconductor
-13%
HK Market
968 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Xinyi Solar Holdings (968) -7.3% -7.3% 1.3% 47.5% 27.3% 89.1%
HK Semiconductor -3.9% -5.3% -8.6% -11.8% 16.9% -39.3%
HK Market -0% -1.1% -8.6% -13% 18.1% 5.4%
1 Year Return vs Industry and Market
  • 968 outperformed the Semiconductor industry which returned -11.8% over the past year.
  • 968 outperformed the Market in Hong Kong which returned -13% over the past year.
Price Volatility
968
Industry
5yr Volatility vs Market

968 Value

 Is Xinyi Solar 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 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.
Raw Data

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

SEHK:968 Discounted Cash Flow Data Sources
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 9.9%
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:968
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 1.23
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.23 (1 + (1- 25%) (27.67%))
1.325
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.33
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.325 * 5.96%)
9.9%

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.

SEHK:968 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 9.9%)
2019 893.00 Analyst x5 812.55
2020 1,882.00 Analyst x5 1,558.17
2021 3,221.67 Analyst x6 2,427.01
2022 3,181.33 Analyst x3 2,180.71
2023 3,370.50 Analyst x2 2,102.23
2024 3,527.08 Est @ 4.65% 2,001.70
2025 3,662.98 Est @ 3.85% 1,891.54
2026 3,783.78 Est @ 3.3% 1,777.89
2027 3,893.87 Est @ 2.91% 1,664.78
2028 3,996.57 Est @ 2.64% 1,554.75
Present value of next 10 years cash flows HK$17,971.32
SEHK:968 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$3,996.57 × (1 + 2%) ÷ (9.9% – 2%)
HK$51,614.01
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$51,614.01 ÷ (1 + 9.9%)10
HK$20,078.90
SEHK:968 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$17,971.32 + HK$20,078.90
HK$38,050.22
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$38,050.22 / 8,407.37
HK$4.53
SEHK:968 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$4.53
Current discount Discount to share price of HK$3.82
= -1 x (HK$3.82 - HK$4.53) / HK$4.53
15.6%

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

Current Discount
Amount off the current price Xinyi Solar Holdings is available for.
Intrinsic value
16%
Share price is HK$3.82 vs Future cash flow value of HK$4.53
Current Discount Checks
For Xinyi Solar Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
SEHK:968 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$0.25
SEHK:968 Share Price ** SEHK (2019-06-20) in HKD HK$3.82
Hong Kong Semiconductor Industry PE Ratio Median Figure of 17 Publicly-Listed Semiconductor Companies 14.64x
Hong Kong Market PE Ratio Median Figure of 1,489 Publicly-Listed Companies 10.66x

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

** Primary Listing of Xinyi Solar Holdings.

SEHK:968 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:968 Share Price ÷ EPS (both in HKD)

= 3.82 ÷ 0.25

15.36x

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

  • Xinyi Solar Holdings is overvalued 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?
Raw Data
SEHK:968 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.36x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts
19.9%per year
Hong Kong Semiconductor Industry PEG Ratio Median Figure of 6 Publicly-Listed Semiconductor Companies 0.76x
Hong Kong Market PEG Ratio Median Figure of 467 Publicly-Listed Companies 0.75x

*Line of best fit is calculated by linear regression .

SEHK:968 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.36x ÷ 19.9%

0.77x

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?
Raw Data
SEHK:968 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$1.36
SEHK:968 Share Price * SEHK (2019-06-20) in HKD HK$3.82
Hong Kong Semiconductor Industry PB Ratio Median Figure of 29 Publicly-Listed Semiconductor Companies 1.33x
Hong Kong Market PB Ratio Median Figure of 2,171 Publicly-Listed Companies 0.93x
SEHK:968 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:968 Share Price ÷ Book Value per Share (both in HKD)

= 3.82 ÷ 1.36

2.8x

* 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.
X
Value checks
We assess Xinyi Solar 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 Semiconductor 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 Semiconductor industry average (and greater than 0)? (1 check)
  5. Xinyi Solar Holdings has a total score of 1/6, 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

 How is Xinyi Solar Holdings expected to perform in the next 1 to 3 years based on estimates from 21 analysts?

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
19.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Xinyi Solar Holdings expected to grow at an attractive rate?
  • 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
Raw Data
SEHK:968 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:968 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts 19.9%
SEHK:968 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts 15.6%
Hong Kong Semiconductor Industry Earnings Growth Rate Market Cap Weighted Average 27.7%
Hong Kong Semiconductor Industry Revenue Growth Rate Market Cap Weighted Average 13.6%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.2%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.4%

*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:968 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:968 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 15,634 1
2022-12-31 14,999 5,549 2
2021-12-31 13,490 4,609 3,500 17
2020-12-31 11,393 3,407 2,958 20
2019-12-31 9,353 2,836 2,476 21
SEHK:968 Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Xinyi Solar Holdings's earnings are expected to grow by 19.9% yearly, however this is not considered high growth (20% yearly).
  • Xinyi Solar Holdings's revenue is expected to grow by 15.6% yearly, however this is not considered high growth (20% yearly).
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:968 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below

All data from Xinyi Solar Holdings Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:968 Future Estimates Data
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 0.34 13.00
2020-12-31 0.38 0.59 0.30 15.00
2019-12-31 0.32 0.43 0.23 16.00
SEHK:968 Past Financials Data
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.

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.
  • Xinyi Solar Holdings is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Xinyi Solar 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.
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
Below we compare Xinyi Solar Holdings's growth in the last year to its industry (Semiconductor).
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.
  • 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
Xinyi Solar 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 Xinyi Solar Holdings Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:968 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 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).
X
Past performance checks
We assess Xinyi Solar 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 Semiconductor 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.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Xinyi Solar 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 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.
Raw Data

All data from Xinyi Solar Holdings Company Filings, last reported 5 months ago.

SEHK:968 Past Debt and Equity Data
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).
X
Financial health checks
We assess Xinyi Solar 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. Xinyi Solar Holdings has a total score of 4/6, 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.

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
Dividend payments
3.19%
Current annual income from Xinyi Solar Holdings dividends. Estimated to be 4.74% next year.
If you bought HK$2,000 of Xinyi Solar Holdings shares you are expected to receive HK$64 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?
  • 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 (5.95%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:968 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 21 Analyst Estimates (S&P Global) See Below
Hong Kong Semiconductor Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 2.8%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 966 Stocks 3.7%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

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

SEHK:968 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.23 1.00
2021-12-31 0.21 16.00
2020-12-31 0.18 19.00
2019-12-31 0.15 20.00
SEHK:968 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-04-09 0.122 2.913
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.
Current Payout to shareholders
What portion of Xinyi Solar Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Xinyi Solar 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 Xinyi Solar Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. 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

 What is the CEO of Xinyi Solar 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.
CEO
Yau Lee
COMPENSATION HK$18,207,000
AGE 42
TENURE AS CEO 8.6 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 been consistent with company performance over the past year, both up more than 20%.
  • Yau's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the Xinyi Solar Holdings management team in years:

8.6
Average Tenure
58
Average Age
  • The average tenure for the Xinyi Solar Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Yin Yee Lee

TITLE
Chairman
AGE
65
TENURE
0.1 yrs

Yau Lee

TITLE
CEO & Executive Director
COMPENSATION
HK$18M
AGE
42
TENURE
8.6 yrs

Xi Chen

TITLE
Executive Director
COMPENSATION
HK$3M
AGE
60

Man Li

TITLE
Executive Director
COMPENSATION
HK$7M
AGE
63

Daniel Chu

TITLE
Financial Controller & Company Secretary
AGE
48

Jie Wen

TITLE
General Manager of Sales
AGE
56
TENURE
10.1 yrs
Board of Directors Tenure

Average tenure and age of the Xinyi Solar Holdings board of directors in years:

5.8
Average Tenure
60
Average Age
  • The tenure for the Xinyi Solar Holdings board of directors is about average.
Board of Directors

Yin Yee Lee

TITLE
Chairman
AGE
65

Yau Lee

TITLE
CEO & Executive Director
COMPENSATION
HK$18M
AGE
42
TENURE
8.4 yrs

Ching Sai Tung

TITLE
Vice Chairman
AGE
52

Xi Chen

TITLE
Executive Director
COMPENSATION
HK$3M
AGE
60
TENURE
5.8 yrs

Man Li

TITLE
Executive Director
COMPENSATION
HK$7M
AGE
63
TENURE
5.8 yrs

Vincent Lo

TITLE
Independent Non-Executive Director
COMPENSATION
HK$250K
AGE
71
TENURE
5.6 yrs

Paul Cheng

TITLE
Independent Non-Executive Director
COMPENSATION
HK$300K
AGE
67
TENURE
5.6 yrs

Martin Kan

TITLE
Independent Non-Executive Director
COMPENSATION
HK$250K
AGE
35
TENURE
5.6 yrs

Shing Lee

TITLE
Non-Executive Director
COMPENSATION
HK$250K
AGE
41
TENURE
5.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
05. Jun 19 Sell Full Guang Holdings Limited Company 05. Jun 19 05. Jun 19 -3,900,000 HK$4.29 HK$-16,712,270
05. Jun 19 Sell Full Guang Holdings Limited Company 03. Jun 19 03. Jun 19 -6,000,000 HK$4.34 HK$-26,066,989
05. Jun 19 Sell Full Guang Holdings Limited Company 04. Jun 19 04. Jun 19 -8,936,000 HK$4.21 HK$-37,635,727
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
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
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
X
Management checks
We assess Xinyi Solar 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. 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

At HK$4.13, Is Xinyi Solar Holdings Limited (HKG:968) Worth Looking At Closely?

Xinyi Solar Holdings Limited (HKG:968), which is in the semiconductor business, and is based in China, saw a decent share price growth in the teens level on the SEHK over the last few months. … According to my valuation model, Xinyi Solar Holdings seems to be fairly priced at around 10% below my intrinsic value, which means if you buy Xinyi Solar Holdings today, you’d be paying a reasonable price for it. … This is because Xinyi Solar Holdings’s beta (a measure of share price volatility) is high, meaning its price movements will be exaggerated relative to the rest of the market.

Simply Wall St -

Xinyi Solar Holdings Limited (HKG:968): Will The Growth Last?

The latest earnings announcement Xinyi Solar Holdings Limited (HKG:968) released in December 2018 suggested that the company endured a substantial headwind with earnings deteriorating by -20%. … Below, I've laid out key numbers on how market analysts view Xinyi Solar Holdings's earnings growth outlook over the next couple of years and whether the future looks brighter. … Check out our latest analysis for Xinyi Solar Holdings Analysts' outlook for next year seems positive, with earnings increasing by a robust 33%.

Simply Wall St -

Xinyi Solar Holdings Limited (HKG:968): What Are The Future Prospects?

Based on Xinyi Solar Holdings Limited's (HKG:968) earnings update in December 2018, it seems that analyst forecasts are fairly optimistic, with earnings growth rate expected to be 31% next year, which is within range of the past five-year average earnings growth of 32%. … In this article, I've outline a few earnings growth rates to give you a sense of the market sentiment for Xinyi Solar Holdings in the longer term. … Check out our latest analysis for Xinyi Solar Holdings Can we expect Xinyi Solar Holdings to keep growing?

Simply Wall St -

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 -

Can 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 -

Here'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 -

Are 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 -

What 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 -

Does 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 -

Have 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 -

968 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$31,695,769,190
8,407,365,833
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
Staff numbers
3,308
Xinyi Solar Holdings employees.
Industry
Semiconductor Equipment
Semiconductors
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/20 12:58
End of day share price update: 2019/06/20 00:00
Last estimates confirmation: 2019/06/18
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.