Valuation Update With 7 Day Price Move • 1h
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$1.12, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 18x in the Electronic industry in Hong Kong. Total returns to shareholders of 212% over the past three years. Buy Or Sell Opportunity • Jul 07
Now 24% undervalued Over the last 90 days, the stock has risen 131% to HK$1.25. The fair value is estimated to be HK$1.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 39%. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$1.08, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 19x in the Electronic industry in Hong Kong. Total returns to shareholders of 200% over the past three years. Declared Dividend • Jul 01
Dividend of HK$0.02 announced Shareholders will receive a dividend of HK$0.02. Ex-date: 8th September 2026 Payment date: 5th October 2026 Dividend yield will be 1.8%, which is lower than the industry average of 4.2%. Sustainability & Growth The dividend has increased by an average of 2.0% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 96% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.8% EPS decline seen over the last 5 years. Reported Earnings • Jun 28
Full year 2026 earnings released: EPS: HK$0.26 (vs HK$0.059 in FY 2025) Full year 2026 results: EPS: HK$0.26 (up from HK$0.059 in FY 2025). Revenue: HK$1.33b (up 12% from FY 2025). Net income: HK$231.7m (up 331% from FY 2025). Profit margin: 17% (up from 4.5% in FY 2025). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Jun 27
AV Concept Holdings Limited, Annual General Meeting, Sep 04, 2026 AV Concept Holdings Limited, Annual General Meeting, Sep 04, 2026. New Risk • Jun 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$781.3m (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Earnings have declined by 30% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (4.2% net profit margin). Market cap is less than US$100m (HK$781.3m market cap, or US$99.7m). Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to HK$1.17, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 18x in the Electronic industry in Hong Kong. Total returns to shareholders of 200% over the past three years. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to HK$1.19, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 17x in the Electronic industry in Hong Kong. Total returns to shareholders of 201% over the past three years. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to HK$1.31, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 15x in the Electronic industry in Hong Kong. Total returns to shareholders of 217% over the past three years. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Market cap is less than US$100m (HK$534.4m market cap, or US$68.2m). Reported Earnings • Jan 01
First half 2026 earnings released: EPS: HK$0.069 (vs HK$0.062 in 1H 2025) First half 2026 results: EPS: HK$0.069 (up from HK$0.062 in 1H 2025). Revenue: HK$857.2m (up 36% from 1H 2025). Net income: HK$62.4m (up 11% from 1H 2025). Profit margin: 7.3% (down from 8.9% in 1H 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 6% per year. Buy Or Sell Opportunity • Dec 09
Now 21% overvalued Over the last 90 days, the stock has fallen 1.3% to HK$0.40. The fair value is estimated to be HK$0.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 5.5%. Reported Earnings • Nov 30
First half 2026 earnings released: EPS: HK$0.069 (vs HK$0.062 in 1H 2025) First half 2026 results: EPS: HK$0.069 (up from HK$0.062 in 1H 2025). Revenue: HK$857.2m (up 36% from 1H 2025). Net income: HK$62.4m (up 11% from 1H 2025). Profit margin: 7.3% (down from 8.9% in 1H 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Announcement • Nov 29
AV Concept Holdings Limited Recommends No Dividend for the Six Months Ended September 30, 2025 AV Concept Holdings Limited's board of directors does not recommend the payment of any interim dividend for the six months ended 30 September 2025. Announcement • Nov 17
AV Concept Holdings Limited to Report First Half, 2026 Results on Nov 28, 2025 AV Concept Holdings Limited announced that they will report first half, 2026 results on Nov 28, 2025 Announcement • Sep 05
AV Concept Holdings Limited Declares Final Dividend for the Year Ended 31 March 2025 AV Concept Holdings Limited at its AGM held on September 5, 2025, declared a final dividend of HK 1.00 cents per share for the year ended 31 March 2025. Upcoming Dividend • Sep 02
Upcoming dividend of HK$0.01 per share Eligible shareholders must have bought the stock before 09 September 2025. Payment date: 03 October 2025. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 05
Full year 2025 earnings released: EPS: HK$0.059 (vs HK$0.12 in FY 2024) Full year 2025 results: EPS: HK$0.059 (down from HK$0.12 in FY 2024). Revenue: HK$1.19b (up 21% from FY 2024). Net income: HK$53.7m (down 51% from FY 2024). Profit margin: 4.5% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. 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 8% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 03
Final dividend of HK$0.01 announced Shareholders will receive a dividend of HK$0.01. Ex-date: 9th September 2025 Payment date: 3rd October 2025 Dividend yield will be 5.2%, which is higher than the industry average of 4.2%. Sustainability & Growth The dividend has increased by an average of 2.3% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 62% to shift the payout ratio to a potentially unsustainable range, which is more than the 10% EPS decline seen over the last 5 years. Announcement • Jul 03
Av Concept Holdings Limited Announces Ordinary Final Dividend for the Year Ended 31 March 2025, Payable on 03 October 2025 AV Concept Holdings Limited announced ordinary final dividend of HKD 0.01 per share for Year Ended 31 March 2025. Payable on 03 October 2025; Record date: 12 September 2025; Ex-dividend date: 09 September 2025. Date of shareholders' approval: 05 September 2025. New Risk • Jul 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (HK$358.9m market cap, or US$45.7m). Reported Earnings • Jul 01
Full year 2025 earnings released: EPS: HK$0.059 (vs HK$0.12 in FY 2024) Full year 2025 results: EPS: HK$0.059 (down from HK$0.12 in FY 2024). Revenue: HK$1.19b (up 21% from FY 2024). Net income: HK$53.7m (down 51% from FY 2024). Profit margin: 4.5% (down from 11% in FY 2024). 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 10% per year, which means it has not declined as severely as earnings. Announcement • Jul 01
AV Concept Holdings Limited, Annual General Meeting, Sep 05, 2025 AV Concept Holdings Limited, Annual General Meeting, Sep 05, 2025. Buy Or Sell Opportunity • Jun 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to HK$0.39. The fair value is estimated to be HK$0.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Earnings per share has declined by 45%. Announcement • Jun 16
AV Concept Holdings Limited to Report Fiscal Year 2025 Results on Jun 30, 2025 AV Concept Holdings Limited announced that they will report fiscal year 2025 results at 4:00 PM, China Standard Time on Jun 30, 2025 Buy Or Sell Opportunity • Apr 07
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to HK$0.36. The fair value is estimated to be HK$0.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Earnings per share has declined by 45%. Reported Earnings • Jan 03
First half 2025 earnings released: EPS: HK$0.062 (vs HK$0.035 in 1H 2024) First half 2025 results: EPS: HK$0.062 (up from HK$0.035 in 1H 2024). Revenue: HK$629.3m (up 55% from 1H 2024). Net income: HK$56.3m (up 78% from 1H 2024). Profit margin: 8.9% (up from 7.8% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 02
Upcoming dividend of HK$0.01 per share Eligible shareholders must have bought the stock before 09 December 2024. Payment date: 30 December 2024. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Hong Kong dividend payers (8.1%). Higher than average of industry peers (3.0%). Reported Earnings • Nov 28
First half 2025 earnings released: EPS: HK$0.062 (vs HK$0.035 in 1H 2024) First half 2025 results: EPS: HK$0.062 (up from HK$0.035 in 1H 2024). Revenue: HK$629.3m (up 55% from 1H 2024). Net income: HK$56.3m (up 78% from 1H 2024). Profit margin: 8.9% (up from 7.8% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Nov 15
AV Concept Holdings Limited to Report First Half, 2025 Results on Nov 26, 2024 AV Concept Holdings Limited announced that they will report first half, 2025 results on Nov 26, 2024 Buy Or Sell Opportunity • Oct 02
Now 24% overvalued Over the last 90 days, the stock has fallen 9.8% to HK$0.41. The fair value is estimated to be HK$0.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 59%. Recent Insider Transactions • Sep 13
Founder recently bought HK$66k worth of stock On the 11th of September, Yuk Kwan So bought around 170k shares on-market at roughly HK$0.39 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$176k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$4.3m worth in shares. Upcoming Dividend • Aug 27
Upcoming dividend of HK$0.02 per share Eligible shareholders must have bought the stock before 03 September 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (3.3%). Buy Or Sell Opportunity • Aug 22
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 9.0% to HK$0.42. The fair value is estimated to be HK$0.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 59%. Reported Earnings • Jul 30
Full year 2024 earnings released: EPS: HK$0.12 (vs HK$0.045 in FY 2023) Full year 2024 results: EPS: HK$0.12 (up from HK$0.045 in FY 2023). Revenue: HK$984.3m (up 49% from FY 2023). Net income: HK$109.2m (up 168% from FY 2023). Profit margin: 11% (up from 6.2% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jul 27
Founder recently bought HK$58k worth of stock On the 25th of July, Yuk Kwan So bought around 130k shares on-market at roughly HK$0.44 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$176k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$4.7m worth in shares. Recent Insider Transactions • Jul 16
Founder recently bought HK$176k worth of stock On the 12th of July, Yuk Kwan So bought around 382k shares on-market at roughly HK$0.46 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$385k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$4.8m worth in shares. Declared Dividend • Jun 24
Dividend of HK$0.02 announced Shareholders will receive a dividend of HK$0.02. Ex-date: 3rd September 2024 Payment date: 30th September 2024 Dividend yield will be 4.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 21
AV Concept Holdings Limited, Annual General Meeting, Aug 30, 2024 AV Concept Holdings Limited, Annual General Meeting, Aug 30, 2024. Reported Earnings • Jun 21
Full year 2024 earnings released: EPS: HK$0.12 (vs HK$0.045 in FY 2023) Full year 2024 results: EPS: HK$0.12 (up from HK$0.045 in FY 2023). Revenue: HK$984.3m (up 49% from FY 2023). Net income: HK$109.2m (up 168% from FY 2023). Profit margin: 11% (up from 6.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.0% net profit margin). Market cap is less than US$100m (HK$449.8m market cap, or US$57.6m). Recent Insider Transactions • Apr 11
Founder recently bought HK$205k worth of stock On the 9th of April, Yuk Kwan So bought around 500k shares on-market at roughly HK$0.41 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$312k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$3.7m worth in shares. Recent Insider Transactions • Mar 20
Founder recently bought HK$84k worth of stock On the 15th of March, Yuk Kwan So bought around 200k shares on-market at roughly HK$0.42 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$312k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$3.8m worth in shares. Recent Insider Transactions • Mar 08
Founder recently bought HK$241k worth of stock On the 6th of March, Yuk Kwan So bought around 580k shares on-market at roughly HK$0.42 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$312k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$3.6m worth in shares. New Risk • Jan 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.0% net profit margin). Market cap is less than US$100m (HK$345.3m market cap, or US$44.2m). Announcement • Jan 05
AV Concept Holdings Limited Announces Board and Committee Changes The board of directors of AV Concept Holdings Limited announced that Ms. Au-Yeung Kit Ping (Ms. Au-Yeung) has been appointed as an independent non-executive Director, the chairman of the nomination committee (the "Nomination Committee"), and a member of each of the audit committee (the "Audit Committee"), the remuneration committee (the "Remuneration Committee") and the corporate governance committee (the "Corporate Governance Committee") of the Company with effect from 5 January 2024. Ms. Au-Yeung, aged 55, has 27 years of international business experience with multinational corporations. She joined Coats Plc ("Coats"), a UK public listed company and the world's leading industrial thread manufacturer serving the Apparel, Footwear and Speciality markets in 1994. During her 25 years tenure with Coats, Ms. Au-Yeung held various senior leadership positions as the Global Commercial Director, Regional Chief Executive North-East Asia, Managing Director Vietnam, Cambodia and Laos, Sales & Marketing Director across different regions and continents. She subsequently joined Amann Group, headquartered in Germany serving the apparel and automotive industries with worldwide operations as the Chief Commercial Officer, Global Apparel & Specialty from 2020 to 2021. Ms. Au-Yeung has over two decades of board experience as an executive and non-executive director for various organizations. She has been the founder and director of UTransform Life and Business Limited in Hong Kong since 2022, and appointed as an Independent Non-Executive Director of IOP Publishing Limited in 2023. Ms. Au-Yeung obtained a Bachelor's Degree in Business Administration with honours from the Chinese University of Hong Kong in 1991, and a Master's Degree in Business Administration in Murdoch University at Perth, Western Australia in 1994. She was accredited the Financial Times Level7 Advanced Professional Diploma, a formal post-graduate qualification for non-executive directors in 2022. Ms. Au-Yeung is also a certified Fellow of the Hong Kong Institute of Directors. Following the appointment of Ms. Au-Yeung as an independent non-executive Director, the chairman ofthe Nomination Committee and a member of each of the Audit Committee, the Remuneration Committee and the Corporate Governance Committee, the Company is in compliance with the requirements on the minimum number of independent non-executive Directors, the minimum number of members of the Audit Committee, and having the Nomination Committee chaired by an independent non-executive Director under Rules 3.10(1), 3.21 and 3.27A of the Listing Rules. Announcement • Dec 28
AV Concept Holdings Omits to Pay Dividend for Six Months Ended 30 September 2023 AV Concept Holdings Limited's Board of Directors does not recommend the payment of an interim dividend for the six months ended 30 September 2023. Recent Insider Transactions • Nov 30
Founder recently bought HK$154k worth of stock On the 28th of November, Yuk Kwan So bought around 480k shares on-market at roughly HK$0.32 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$166k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$4.1m worth in shares. Reported Earnings • Nov 28
First half 2024 earnings released: EPS: HK$0.035 (vs HK$0.042 in 1H 2023) First half 2024 results: EPS: HK$0.035 (down from HK$0.042 in 1H 2023). Revenue: HK$405.7m (up 5.1% from 1H 2023). Net income: HK$31.6m (down 18% from 1H 2023). Profit margin: 7.8% (down from 10.0% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Nov 14
AV Concept Holdings Limited to Report First Half, 2024 Results on Nov 24, 2023 AV Concept Holdings Limited announced that they will report first half, 2024 results on Nov 24, 2023 Announcement • Nov 04
AV Concept Holdings Limited Announces Demise of Charles Edward Chapman, Independent Non-Executive Director, Chairman of the Nomination Committee and Member of the Audit Committee, Remuneration Committee and Corporate Governance Committee of the Board The board of directors of AV Concept Holdings Limited has been sadly informed that Mr. Charles Edward Chapman (Mr. Chapman), an independent non-executive director of the Company, the chairman of the nomination committee and a member of the audit committee, remuneration committee and corporate governance committee of the Board, passed away on 1 November 2023. Mr. Chapman has been an independent non-executive director of the Company since year 2000. Following the passing away of Mr. Chapman, the Company has two independent non-executive directors with the number of independent non-executive directors falling below the minimum number of three and does not meet the requirements under Rules 3.10, 3.21, 3.25 and 3.27A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Company will seek to appoint a new independent non-executive director and to fill the vacancy of the committees of the Board as soon as practicable and within three months as stipulated under Rules 3.11, 3.23 and 3.27 of the Listing Rules. Recent Insider Transactions • Oct 21
Founder recently bought HK$106k worth of stock On the 19th of October, Yuk Kwan So bought around 300k shares on-market at roughly HK$0.35 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$166k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$5.5m worth in shares. Recent Insider Transactions • Sep 29
Founder recently bought HK$65k worth of stock On the 27th of September, Yuk Kwan So bought around 160k shares on-market at roughly HK$0.41 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$166k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$8.0m worth in shares. Recent Insider Transactions • Sep 07
Founder recently bought HK$166k worth of stock On the 4th of September, Yuk Kwan So bought around 400k shares on-market at roughly HK$0.41 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$7.9m worth in shares. Announcement • Sep 05
Av Concept Holdings Limited Approves Dividend for the Year Ended 31 March 2023 Av Concept Holdings Limited approved to declare a final dividend of HKD 1.00 cent per share for the year ended 31 March 2023. Upcoming Dividend • Aug 30
Upcoming dividend of HK$0.01 per share at 4.9% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 27 September 2023. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (4.0%). Reported Earnings • Jul 30
Full year 2023 earnings released: EPS: HK$0.045 (vs HK$0.25 in FY 2022) Full year 2023 results: EPS: HK$0.045 (down from HK$0.25 in FY 2022). Revenue: HK$660.0m (down 37% from FY 2022). Net income: HK$40.7m (down 82% from FY 2022). Profit margin: 6.2% (down from 22% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jul 28
Av Concept Holdings Limited Proposes Final Dividend for the Year Ended 31 March 2023 AV Concept Holdings Limited at its AGM to be held on September 4, 2023 proposes final dividend of HK1.00 cent per share for the year ended 31 March 2023. Recent Insider Transactions • Jul 27
Founder recently bought HK$126k worth of stock On the 25th of July, Yuk Kwan So bought around 300k shares on-market at roughly HK$0.42 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$7.5m worth in shares. New Risk • Jun 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (104% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.2% net profit margin). Market cap is less than US$100m (HK$399.8m market cap, or US$51.1m). Reported Earnings • Jun 24
Full year 2023 earnings released: EPS: HK$0.045 (vs HK$0.25 in FY 2022) Full year 2023 results: EPS: HK$0.045 (down from HK$0.25 in FY 2022). Revenue: HK$660.0m (down 37% from FY 2022). Net income: HK$40.7m (down 82% from FY 2022). Profit margin: 6.2% (down from 22% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Jun 15
AV Concept Holdings Limited Provides Group Earnings Guidance for the Year Ended 31 March 2023 AV Concept Holdings Limited provided group earnings guidance for the year ended 31 March 2023. For the year, the group is expected to record a decrease in consolidated profit attributable to owners of the Company by not less than 80% for the Year, as compared to that of approximately HKD 231.0 million for the year ended 31 March 2022. It is expected the aforesaid decline in consolidated profit attributable to owners of the Company was mainly attributable to, among others, a decrease in revenue due to decrease in demand of semiconductor components in the market; a decrease in gross profit as a result of decrease in revenue and due to the market fluctuation for semiconductor industry, there has been a decline in the gross profit margin; and a decrease in share of profits and losses of joint ventures and associates as compared to that for the year ended 31 March 2022 primarily resulting from poor performance of the joint venture during the Year. Announcement • Jun 13
AV Concept Holdings Limited to Report Fiscal Year 2023 Results on Jun 23, 2023 AV Concept Holdings Limited announced that they will report fiscal year 2023 results on Jun 23, 2023 Buying Opportunity • Jun 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be HK$0.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has grown by 31%. Buying Opportunity • May 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.2%. The fair value is estimated to be HK$0.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has grown by 31%. Recent Insider Transactions • Apr 06
Founder recently bought HK$132k worth of stock On the 3rd of April, Yuk Kwan So bought around 280k shares on-market at roughly HK$0.47 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$345k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$7.3m worth in shares. Recent Insider Transactions • Feb 28
Founder recently bought HK$166k worth of stock On the 24th of February, Yuk Kwan So bought around 350k shares on-market at roughly HK$0.47 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$345k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$6.9m worth in shares. Recent Insider Transactions • Jan 29
Founder recently bought HK$345k worth of stock On the 26th of January, Yuk Kwan So bought around 702k shares on-market at roughly HK$0.49 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$6.3m worth in shares. Recent Insider Transactions • Jan 04
Founder recently bought HK$73k worth of stock On the 29th of December, Yuk Kwan So bought around 150k shares on-market at roughly HK$0.49 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$863k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$5.6m worth in shares. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Edmund Lai was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Dec 30
First half 2023 earnings released: EPS: HK$0.042 (vs HK$0.14 in 1H 2022) First half 2023 results: EPS: HK$0.042 (down from HK$0.14 in 1H 2022). Revenue: HK$386.2m (down 16% from 1H 2022). Net income: HK$38.6m (down 70% from 1H 2022). Profit margin: 10.0% (down from 28% in 1H 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 08
Founder recently bought HK$136k worth of stock On the 6th of December, Yuk Kwan So bought around 290k shares on-market at roughly HK$0.47 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$863k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$4.5m worth in shares. Upcoming Dividend • Dec 06
Upcoming dividend of HK$0.01 per share Eligible shareholders must have bought the stock before 13 December 2022. Payment date: 03 January 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Hong Kong dividend payers (8.6%). Higher than average of industry peers (5.4%). Reported Earnings • Dec 01
First half 2023 earnings released: EPS: HK$0.042 (vs HK$0.14 in 1H 2022) First half 2023 results: EPS: HK$0.042 (down from HK$0.14 in 1H 2022). Revenue: HK$386.2m (down 16% from 1H 2022). Net income: HK$38.6m (down 70% from 1H 2022). Profit margin: 10.0% (down from 28% in 1H 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Dec 01
AV Concept Holdings Limited Announces Interim Dividend for the Six Months Ended 30 September 2022, Payable on 03 January 2023 AV Concept Holdings Limited announced interim dividend of HKD 0.01 per share for the six months ended 30 September 2022, payable on 03 January 2023. Record date is 16 December 2022. Ex-dividend date is 13 December 2022. Announcement • Nov 16
AV Concept Holdings Limited to Report Q2, 2023 Results on Nov 30, 2022 AV Concept Holdings Limited announced that they will report Q2, 2023 results on Nov 30, 2022 Announcement • Nov 12
AV Concept Holdings Limited Provides Earnings Guidance for the Six Months Ending September 30, 2022 AV Concept Holdings Limited provided earnings guidance for the six months ending September 30, 2022. For the period, the company expects to record a decrease in consolidated profit attributable to owners of the Company by around 65% to 75% for the Period, as compared to thatof approximately HKD 126.6 million for the six months ended 30 September 2021. It is expected the aforesaid decline in consolidated profit attributable to owners of the Company was mainly attributable to, among others, due to the market fluctuation for semiconductor industry,a gross loss was incurred for the Period, as compared to a gross profit for the six months ended 30 September 2021; an increase in fair value losses on financial assets at fair value through profit or loss as compared to that for the six months ended 30 September 2021; and a decrease in share of profits and losses of joint ventures and associates as compared to that for the six months ended 30 September 2021 primarily resulting from poor performance of the joint venture during the Period. Recent Insider Transactions • Nov 01
Founder recently bought HK$296k worth of stock On the 25th of October, Yuk Kwan So bought around 600k shares on-market at roughly HK$0.49 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$863k. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$3.6m worth in shares. Recent Insider Transactions • Oct 25
Founder recently bought HK$863k worth of stock On the 21st of October, Yuk Kwan So bought around 2m shares on-market at roughly HK$0.50 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Yuk Kwan has been a buyer over the last 12 months, purchasing a net total of HK$2.7m worth in shares. Upcoming Dividend • Aug 30
Upcoming dividend of HK$0.04 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 26 September 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 8.6%. Within top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (5.7%). Reported Earnings • Aug 02
Full year 2022 earnings released: EPS: HK$0.25 (vs HK$0.30 in FY 2021) Full year 2022 results: EPS: HK$0.25 (down from HK$0.30 in FY 2021). Revenue: HK$1.04b (down 16% from FY 2021). Net income: HK$231.0m (down 14% from FY 2021). Profit margin: 22% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jul 29
AV Concept Holdings Limited Recommends Final Dividend for the Year Ended 31 March 2022, Payable on 26 September 2022 The board of directors of AV Concept Holdings Limited has recommended the payment of a final dividend of HKD 0.04 (2021: HKD 0.03) per share for the year ended 31 March 2022. The proposed final dividend, if approved at the forthcoming annual general meeting to be held on 2 September 2022, will be payable on 26 September 2022 to shareholders whose names appear on the registrar of members of the Company on 9 September 2022. Based on 908,663,302 shares in issue as of the date of this report, the total dividend will amount to approximately HKD 36.3 million.