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China All Access (Holdings)

SEHK:633
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
633
SEHK
HK$628M
Market Cap
  1. Home
  2. HK
  3. Tech
Company description

China All Access (Holdings) Limited, an investment holding company, provides communication application solutions and services in the People’s Republic of China. The last earnings update was 58 days ago. More info.


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  • China All Access (Holdings) has significant price volatility in the past 3 months.
633 Share Price and Events
7 Day Returns
-1.8%
SEHK:633
-2.1%
HK Communications
-0.2%
HK Market
1 Year Returns
-63.6%
SEHK:633
-23.3%
HK Communications
-6.6%
HK Market
633 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China All Access (Holdings) (633) -1.8% -36.4% -45.1% -63.6% -87.4% -91.2%
HK Communications -2.1% 1.3% -9.6% -23.3% 23% -13.4%
HK Market -0.2% 2.3% -5.5% -6.6% 22.5% 4.4%
1 Year Return vs Industry and Market
  • 633 underperformed the Communications industry which returned -23.3% over the past year.
  • 633 underperformed the Market in Hong Kong which returned -6.6% over the past year.
Price Volatility
633
Industry
5yr Volatility vs Market

633 Value

 Is China All Access (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 China All Access (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 China All Access (Holdings).

SEHK:633 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 15.3%
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:633
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Communications Unlevered Beta Simply Wall St/ S&P Global 1.1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.098 (1 + (1- 25%) (282.73%))
2.625
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (2 * 6.65%)
15.3%

Discounted Cash Flow Calculation for SEHK:633 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China All Access (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:633 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 15.3%)
2019 109.53 Est @ -63.57% 94.99
2020 61.45 Est @ -43.9% 46.22
2021 42.94 Est @ -30.13% 28.01
2022 34.14 Est @ -20.49% 19.32
2023 29.45 Est @ -13.74% 14.45
2024 26.79 Est @ -9.02% 11.40
2025 25.26 Est @ -5.71% 9.32
2026 24.41 Est @ -3.4% 7.81
2027 23.97 Est @ -1.78% 6.65
2028 23.82 Est @ -0.64% 5.73
Present value of next 10 years cash flows CN¥243.92
SEHK:633 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥23.82 × (1 + 2%) ÷ (15.3% – 2%)
CN¥182.67
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥182.67 ÷ (1 + 15.3%)10
CN¥43.98
SEHK:633 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥243.92 + CN¥43.98
CN¥287.90
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥287.90 / 2,282.05
CN¥0.13
SEHK:633 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:633)
1.135
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥0.13 x 1.135
HK$0.14
Value per share (HKD) From above. HK$0.14
Current discount Discount to share price of HK$0.28
= -1 x (HK$0.28 - HK$0.14) / HK$0.14
-95.5%

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

  • The current share price of China All Access (Holdings) is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 China All Access (Holdings)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China All Access (Holdings)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:633 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥-0.15
SEHK:633 Share Price ** SEHK (2019-06-26) in HKD HK$0.28
SEHK:633 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.881 CN¥0.25
Hong Kong Communications Industry PE Ratio Median Figure of 14 Publicly-Listed Communications Companies 11.42x
Hong Kong Market PE Ratio Median Figure of 1,488 Publicly-Listed Companies 10.77x

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

** Primary Listing of China All Access (Holdings).

SEHK:633 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:633 Share Price ÷ EPS (both in CNY)

= 0.25 ÷ -0.15

-1.61x

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

  • China All Access (Holdings) is loss making, we can't compare its value to the HK Communications industry average.
  • China All Access (Holdings) is loss making, we can't compare the value of its earnings to the Hong Kong market.
Price based on expected Growth
Does China All Access (Holdings)'s expected growth come at a high price?
Raw Data
SEHK:633 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
39.4%per year
Asia Communications Industry PEG Ratio Median Figure of 7 Publicly-Listed Communications Companies 0.91x
Hong Kong Market PEG Ratio Median Figure of 470 Publicly-Listed Companies 0.77x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for China All Access (Holdings), we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on China All Access (Holdings)'s assets?
Raw Data
SEHK:633 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥1.67
SEHK:633 Share Price * SEHK (2019-06-26) in HKD HK$0.28
SEHK:633 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.881 CN¥0.25
Hong Kong Communications Industry PB Ratio Median Figure of 25 Publicly-Listed Communications Companies 1.24x
Hong Kong Market PB Ratio Median Figure of 2,173 Publicly-Listed Companies 0.93x
SEHK:633 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:633 Share Price ÷ Book Value per Share (both in CNY)

= 0.25 ÷ 1.67

0.15x

* Primary Listing of China All Access (Holdings).

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

  • China All Access (Holdings) is good value based on assets compared to the HK Communications industry average.
X
Value checks
We assess China All Access (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 Communications 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 Communications industry average (and greater than 0)? (1 check)
  5. China All Access (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.

633 Future Performance

 How is China All Access (Holdings) expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover China All Access (Holdings), future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
39.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China All Access (Holdings) expected to grow at an attractive rate?
  • China All Access (Holdings)'s earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • China All Access (Holdings)'s earnings growth is expected to exceed the Hong Kong market average.
  • Unable to compare China All Access (Holdings)'s revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:633 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:633 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 39.4%
Hong Kong Communications Industry Earnings Growth Rate Market Cap Weighted Average 7.7%
Hong Kong Communications Industry Revenue Growth Rate Market Cap Weighted Average 8.5%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.1%
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:633 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:633 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SEHK:633 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 1,703 381 -297
2018-06-30 2,228 1,247 226
2018-03-31 2,458 1,087 228
2017-12-31 2,516 928 124
2017-09-30 3,206 229
2017-06-30 3,723 679 229
2017-03-31 3,397 435 152
2016-12-31 3,072 191 75
2016-06-30 2,155 -814 117
2016-03-31 2,499 -718 156

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China All Access (Holdings)'s earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if China All Access (Holdings) is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:633 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 0 Analyst Estimates (S&P Global) See Below

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

SEHK:633 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SEHK:633 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 -0.15
2018-06-30 0.11
2018-03-31 0.12
2017-12-31 0.06
2017-09-30 0.12
2017-06-30 0.12
2017-03-31 0.08
2016-12-31 0.04
2016-06-30 0.06
2016-03-31 0.09

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if China All Access (Holdings) will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess China All Access (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.
China All Access (Holdings) has a total score of 3/6, 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.

633 Past Performance

  How has China All Access (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 China All Access (Holdings)'s growth in the last year to its industry (Communications).
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.
  • China All Access (Holdings) does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare China All Access (Holdings)'s 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare China All Access (Holdings)'s 1-year growth to the HK Communications industry average as it is not currently profitable.
Earnings and Revenue History
China All Access (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 China All Access (Holdings) Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:633 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,702.67 -296.69 252.90 9.42
2018-06-30 2,227.79 226.24 240.16 17.75
2018-03-31 2,458.09 227.51 230.89 15.43
2017-12-31 2,516.50 124.35 206.02 9.26
2017-09-30 3,205.65 228.77 248.36 23.40
2017-06-30 3,722.90 228.75 275.10 33.69
2017-03-31 3,397.38 152.08 290.86 33.36
2016-12-31 3,071.87 75.41 306.62 33.04
2016-06-30 2,155.19 117.13 249.16 11.20
2016-03-31 2,498.79 155.88 235.54 14.42
2015-12-31 2,842.39 194.62 221.92 17.63
2015-06-30 383.05 -74.50 215.05 -4.07
2015-03-31 1,436.10 9.62 243.57 9.25
2014-12-31 2,489.15 93.74 272.09 22.56
2014-09-30 6,446.02 224.18 331.13 70.86
2014-06-30 5,853.60 240.65 292.16 78.70
2014-03-31 5,273.62 231.72 289.97 79.53
2013-12-31 4,693.64 222.80 287.78 80.37
2013-09-30 3,671.77 234.09 229.07 60.64
2013-06-30 2,649.90 245.38 170.37 40.91
2013-03-31 1,628.42 207.83 111.43 20.95
2012-12-31 606.93 170.29 52.50 1.00
2012-09-30 587.49 174.90 49.47 0.70
2012-06-30 568.05 179.52 46.44 0.41

*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.
  • It is difficult to establish if China All Access (Holdings) has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if China All Access (Holdings) has efficiently used its assets last year compared to the HK Communications industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if China All Access (Holdings) improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess China All Access (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 Communications 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.
China All Access (Holdings) has a total score of 0/6, 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.

633 Health

 How is China All Access (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 China All Access (Holdings)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China All Access (Holdings) is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China All Access (Holdings)'s cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China All Access (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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.8x 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 China All Access (Holdings) Company Filings, last reported 5 months ago.

SEHK:633 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,145.33 1,562.57 76.13
2018-06-30 3,948.03 1,531.29 2,331.89
2018-03-31 3,948.03 1,531.29 2,331.89
2017-12-31 3,990.52 2,040.84 2,160.41
2017-09-30 3,990.52 2,040.84 2,160.41
2017-06-30 3,893.57 2,366.22 1,989.65
2017-03-31 3,893.57 2,366.22 1,989.65
2016-12-31 3,875.44 2,809.67 1,784.01
2016-06-30 3,189.71 2,150.93 1,669.09
2016-03-31 3,189.71 2,150.93 1,669.09
2015-12-31 3,517.95 2,954.91 1,368.07
2015-06-30 3,754.38 2,448.82 2,319.24
2015-03-31 3,754.38 2,448.82 2,319.24
2014-12-31 3,225.54 2,739.22 1,324.78
2014-09-30 3,225.54 2,739.22 1,324.78
2014-06-30 2,873.66 2,676.71 1,179.34
2014-03-31 2,873.66 2,676.71 1,179.34
2013-12-31 2,619.79 1,936.51 1,271.15
2013-09-30 2,619.79 1,936.51 1,271.15
2013-06-30 2,516.46 1,180.33 1,006.68
2013-03-31 2,516.46 1,180.33 1,006.68
2012-12-31 2,206.55 907.90 975.42
2012-09-30 2,206.55 907.90 975.42
2012-06-30 1,344.78 13.22 951.88
  • China All Access (Holdings)'s level of debt (49.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (74.2% vs 49.7% today).
  • Debt is well covered by operating cash flow (24.4%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on China All Access (Holdings)'s debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess China All Access (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. China All Access (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.

633 Dividends

 What is China All Access (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
0%
Current annual income from China All Access (Holdings) dividends.
If you bought HK$2,000 of China All Access (Holdings) shares you are expected to receive HK$0 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?
  • Unable to evaluate China All Access (Holdings)'s dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate China All Access (Holdings)'s dividend against the top 25% market benchmark as the company has not reported any payouts.
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:633 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Hong Kong Communications Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 3.8%
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:633 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
SEHK:633 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-04-29 0.000 0.000
2019-03-29 0.000 0.000
2018-03-29 0.040 8.864
2017-04-27 0.020 1.107
2017-03-31 0.022 1.100
2016-09-22 0.000 0.000
2016-08-31 0.000 0.000
2016-03-30 0.067 3.218
2015-04-23 0.064 3.003
2015-03-31 0.064 2.853
2014-04-24 0.063 2.676
2014-03-31 0.064 2.362
2013-04-23 0.056 2.538
2013-04-02 0.057 2.906
2012-03-28 0.056 4.333
2011-08-24 0.057 4.229
2011-03-31 0.049 2.756
2010-09-06 0.017 0.923
2010-08-30 0.017 1.214
2010-03-31 0.009 0.610

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

  • Unable to perform a dividend volatility check as China All Access (Holdings) has not reported any payouts.
  • Unable to verify if China All Access (Holdings)'s dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of China All Access (Holdings)'s earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as China All Access (Holdings) has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess China All Access (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 China All Access (Holdings) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China All Access (Holdings) has a total score of 0/6, see the detailed checks below.


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

633 Management

 What is the CEO of China All Access (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
Kwok Shao
COMPENSATION CN¥2,989,000
AGE 56
CEO Bio

Mr. Kwok Keung Shao, FCPA, is the Chief Executive Officer of China All Access (Holdings) Limited. Mr. Shao serves as Company Secretary and Qualified Accountant of International Capital Network Holdings Ltd. Mr. Shao served as Group Financial Controller of IDT International Ltd. since June 2004. At IDT International, he was responsible statutory reporting, management accounting, compliance with accounting standards and listing requirements, treasury, taxation and finance and accounting functions of head office as well as overseas operating subsidiaries. Mr. Shao has 20 years of accounting and financial management experience in multi-national companies and Hong Kong listed companies. He served as Chief Operating Officer and Chief Financial Officer of Asia Wireless Pacific Limited. He has been an Executive Director of China All Access (Holdings) Limited since December 4, 2007. Mr. Shao graduated with honors diploma from Hong Kong Baptist College in 1984 and a master degree in business administration from Warwick University, U. K., in 1994. He is a fellow of the Chartered Association of Certified Accountants and a Member of the Hong Kong Institute of Certified Public Accountants.

CEO Compensation
  • Kwok's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kwok's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the China All Access (Holdings) management team in years:

10.7
Average Tenure
49
Average Age
  • The average tenure for the China All Access (Holdings) management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Yuen Chan

TITLE
Founder & Executive Chairman
COMPENSATION
CN¥3M
AGE
62
TENURE
13.4 yrs

Kwok Shao

TITLE
CEO & Executive Director
COMPENSATION
CN¥3M
AGE
56

Ping Yu

TITLE
Head of Satellite Communication Technology Business Department
AGE
45
TENURE
12.8 yrs

Hai Jun Zhao

TITLE
Head of Research and Development Department
AGE
47
TENURE
10.7 yrs

Yong Wang

TITLE
Executive Vice President
AGE
49
TENURE
1 yrs

Munkin Wong

TITLE
Deputy Chief Executive Officer
TENURE
3.8 yrs
Board of Directors Tenure

Average tenure and age of the China All Access (Holdings) board of directors in years:

9.8
Average Tenure
59
Average Age
  • The tenure for the China All Access (Holdings) board of directors is about average.
Board of Directors

Yuen Chan

TITLE
Founder & Executive Chairman
COMPENSATION
CN¥3M
AGE
62

Kwok Shao

TITLE
CEO & Executive Director
COMPENSATION
CN¥3M
AGE
56
TENURE
11.5 yrs

Tiejun Bao

TITLE
Vice-Chairman
AGE
60
TENURE
0.3 yrs

Eddy Wong

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
58
TENURE
9.8 yrs

Patrick Lam

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
60
TENURE
9.8 yrs

Ka Fung

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥250K
AGE
47
TENURE
3.2 yrs
Who owns this company?
Recent Insider Trading
  • China All Access (Holdings) individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
12. Jun 19 Sell Yuen Chan Individual 10. Jun 19 10. Jun 19 -4,470,000 HK$0.30 HK$-1,347,241
11. Jun 19 Sell Yuen Chan Individual 06. Jun 19 06. Jun 19 -19,300,000 HK$0.31 HK$-5,921,277
06. Jun 19 Sell Yuen Chan Individual 05. Jun 19 05. Jun 19 -394,000 HK$0.41 HK$-161,146
06. Jun 19 Sell Yuen Chan Individual 04. Jun 19 04. Jun 19 -610,000 HK$0.41 HK$-247,051
X
Management checks
We assess China All Access (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. China All Access (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.

633 News

Simply Wall St News

Does Market Volatility Impact China All Access (Holdings) Limited's (HKG:633) Share Price?

Anyone researching China All Access (Holdings) Limited (HKG:633) might want to consider the historical volatility of the share price. … View our latest analysis for China All Access (Holdings) What 633's beta value tells investors Given that it has a beta of 1.21, we can surmise that the China All Access (Holdings) share price has been fairly sensitive to market volatility (over the last 5 years). … If this beta value holds true in the future, China All Access (Holdings) shares are likely to rise more than the market when the market is going up, but fall faster when the market is going down.

Simply Wall St -

Do Insiders Own Lots Of Shares In China All Access (Holdings) Limited (HKG:633)?

The big shareholder groups in China All Access (Holdings) Limited (HKG:633) have power over the company. … See our latest analysis for China All Access (Holdings) SEHK:633 Ownership Summary, May 13th 2019 What Does The Institutional Ownership Tell Us About China All Access (Holdings)? … General Public Ownership The general public -- mostly retail investors -- own 51% of China All Access (Holdings).

Simply Wall St -

Does China All Access (Holdings) Limited's (HKG:633) CEO Salary Reflect Performance?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Kwok Shao's Compensation Compare With Similar Sized Companies. … According to our data, China All Access (Holdings) Limited has a market capitalization of HK$957m, and pays its CEO total annual compensation worth CN¥4.3m.

Simply Wall St -

Those Who Purchased China All Access (Holdings) (HKG:633) Shares Five Years Ago Have A 85% Loss To Show For It

Like a ship taking on water, the share price has sunk 85% in that time. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … That would generally be considered a positive, so we are surprised to see the share price is down.

Simply Wall St -

Why You Should Care About China All Access (Holdings) Limited’s (HKG:633) Low Return On Capital

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 measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Does China All Access (Holdings) Limited (HKG:633) Have A High Beta?

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … 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 -

Is China All Access (Holdings) Limited's (HKG:633) Balance Sheet Strong Enough To Weather A Storm?

While small-cap stocks, such as China All Access (Holdings) Limited (HKG:633) with its market cap of HK$650m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

Could China All Access (Holdings) Limited's (HKG:633) Investor Composition Influence The Stock Price?

Generally speaking, as a company grows, institutions will increase their ownership. … China All Access (Holdings) is a smaller company with a market capitalization of HK$612m, so it may still be flying under the radar of many institutional investors. … Check out our latest analysis for China All Access (Holdings)

Simply Wall St -

China All Access (Holdings) Limited (HKG:633) Insiders Have Been Selling

So shareholders might well want to know whether insiders have been buying or selling shares in China All Access (Holdings) Limited (HKG:633). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … China All Access (Holdings) Insider Transactions Over The Last Year.

Simply Wall St -

One Thing To Remember About The China All Access (Holdings) Limited (HKG:633) Share Price

If you're interested in China All Access (Holdings) Limited (HKG:633), 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. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … The first thing to understand about beta is that the beta of the overall market is one.

Simply Wall St -

633 Company Info

Description

China All Access (Holdings) Limited, an investment holding company, provides communication application solutions and services in the People’s Republic of China. The company operates through ICT, New Energy, and Investment Activities. The company offers system installation, testing, and software development services, as well as application services for satellite and wireless communication; distributes satellite receivers and equipment; researches and develops, manufactures, and distributes wireless terminals and equipment, including display modules, casings, and keyboards. Its information communication solutions comprise command center solutions, such as All Access platform, a multi-media audio and video command and control system; emergency communication solutions for government and public security departments; and mobile office solutions to access the cloud data base to transmit, review, and control operations. The company’s information communication solutions also include broadband machine-to-machine (M2M) systems that allow to control household appliances and to monitor the interior of property from remote locations; M2M wireless data communication for telemetering, and remote control and adjustment in the field of public utilities, such as social public security, municipal comprehensive management, and others; and call center solutions, including the maintenance of system devices, as well as their operation, development/maintenance/upgrade of application software and personnel training. It is also involved in the research and development, installation, and application of device for photovoltaic plants; investment activities; provision of communication equipment, and supply chain management and cargo agency services; and manufacture of handset screens and shells. The company has a strategic cooperation framework agreement with China Comservice (Hong Kong) Limited. The company was incorporated in 2007 and is headquartered in Tsim Sha Tsui, Hong Kong.

Details
Name: China All Access (Holdings) Limited
633
Exchange: SEHK
Founded: 2007
HK$627,563,937
2,282,050,683
Website: http://www.chinaallaccess.com
Address: China All Access (Holdings) Limited
Greenfield Tower,
Room 1506-08, 15th Floor,
Tsim Sha Tsui,
Kowloon, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 633 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 16. Sep 2009
DB C5K Ordinary Shares Deutsche Boerse AG DE EUR 16. Sep 2009
Number of employees
Current staff
Staff numbers
1,172
China All Access (Holdings) employees.
Industry
Communications Equipment
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 12:51
End of day share price update: 2019/06/26 00:00
Last estimates confirmation: 2018/03/29
Last earnings filing: 2019/04/29
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.