Upcoming Dividend • May 07
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 01 June 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 9.8%. Within top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (2.9%). Declared Dividend • Mar 28
Final dividend of HK$0.05 announced Dividend of HK$0.05 is the same as last year. Ex-date: 14th May 2026 Payment date: 1st June 2026 Dividend yield will be 11%, which is higher than the industry average of 4.2%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 4.6% to shift the payout ratio to a potentially unsustainable range, which is less than the 9.6% EPS decline seen over the last 5 years. Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: HK$0.089 (vs HK$0.096 in FY 2024) Full year 2025 results: EPS: HK$0.089 (down from HK$0.096 in FY 2024). Revenue: HK$16.5b (down 7.5% from FY 2024). Net income: HK$274.2m (down 9.2% from FY 2024). Profit margin: 1.7% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Mar 26
Truly International Holdings Limited, Annual General Meeting, May 12, 2026 Truly International Holdings Limited, Annual General Meeting, May 12, 2026, at 10:00 China Standard Time. Announcement • Mar 11
Truly International Holdings Limited to Report Fiscal Year 2025 Results on Mar 26, 2026 Truly International Holdings Limited announced that they will report fiscal year 2025 results on Mar 26, 2026 Upcoming Dividend • Oct 23
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 30 October 2025. Payment date: 01 December 2025. Trailing yield: 8.4%. Within top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (3.0%). Declared Dividend • Aug 29
First half dividend of HK$0.05 announced Dividend of HK$0.05 is the same as last year. Ex-date: 30th October 2025 Payment date: 1st December 2025 Dividend yield will be 8.3%, which is higher than the industry average of 4.2%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 30% to bring the payout ratio under control. However, EPS has declined by 17% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 28
First half 2025 earnings released: EPS: HK$0.045 (vs HK$0.055 in 1H 2024) First half 2025 results: EPS: HK$0.045 (down from HK$0.055 in 1H 2024). Revenue: HK$8.10b (down 5.7% from 1H 2024). Net income: HK$140.7m (down 19% from 1H 2024). Profit margin: 1.7% (down from 2.0% in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 47% 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. Announcement • Aug 15
Truly International Holdings Limited to Report First Half, 2025 Results on Aug 27, 2025 Truly International Holdings Limited announced that they will report first half, 2025 results on Aug 27, 2025 Announcement • May 12
Truly International Holdings Limited Approves Final Dividend for the Year Ended 31 December 2024 Truly International Holdings Limited at the AGM held on 12 May 2025, approved the final dividend of 5 HongKong cents per ordinary share of the Company in respect of the year ended 31 December 2024. Upcoming Dividend • May 09
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 16 May 2025. Payment date: 30 May 2025. Trailing yield: 10%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (3.6%). New Risk • Apr 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 98% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 23% per year over the past 5 years. Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). 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. Declared Dividend • Mar 28
Final dividend of HK$0.05 announced Dividend of HK$0.05 is the same as last year. Ex-date: 16th May 2025 Payment date: 30th May 2025 Dividend yield will be 8.9%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, it is well covered by cash flows (5% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. However, EPS has declined by 11% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: HK$0.096 (vs HK$0.083 in FY 2023) Full year 2024 results: EPS: HK$0.096 (up from HK$0.083 in FY 2023). Revenue: HK$17.8b (up 14% from FY 2023). Net income: HK$302.1m (up 15% from FY 2023). Profit margin: 1.7% (in line with FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
Truly International Holdings Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 Truly International Holdings Limited announced that they will report fiscal year 2024 results on Mar 26, 2025 Recent Insider Transactions • Jan 04
Executive Chairman & MD recently bought HK$1.2m worth of stock On the 31st of December, Wai Wah Lam bought around 1m shares on-market at roughly HK$1.15 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$4.7m. Wai Wah has been a buyer over the last 12 months, purchasing a net total of HK$106m worth in shares. Announcement • Nov 15
Truly International Holdings Limited Appoints Ms. Lam Po Chun, Jane as Non-Executive Director The board of directors of Truly International Holdings Limited announced that Ms. Lam Po Chun, Jane (Ms. Lam) has been appointed as a non-executive director of the company with effect from 15 November 2024. Ms. LAM Po Chun Jane, aged 59, has over 30 years of experience in the field of supply chain management, human resource and administration management. Ms. Lam joined the Group in 1992 as the shipping manager. She is currently the general manager of shipping and human resource and administration for Truly Semiconductors Limited and Truly Opto- Electronics Limited, both of which are subsidiaries of the Company in Hong Kong. Ms. Lam is the sister of Mr. Lam Wai Wah, the chairman and executive director of the Company and, as at the date of this announcement, she is beneficially interested in 2,453,000 ordinary shares of the Company, within the meaning of Part XV of the Securities and Future. Recent Insider Transactions • Nov 05
Executive Chairman & MD recently bought HK$1.1m worth of stock On the 31st of October, Wai Wah Lam bought around 1m shares on-market at roughly HK$1.07 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$4.7m. Wai Wah has been a buyer over the last 12 months, purchasing a net total of HK$94m worth in shares. Recent Insider Transactions • Oct 27
Executive Chairman & MD recently bought HK$2.2m worth of stock On the 24th of October, Wai Wah Lam bought around 2m shares on-market at roughly HK$1.12 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$4.7m. Wai Wah has been a buyer over the last 12 months, purchasing a net total of HK$96m worth in shares. Upcoming Dividend • Oct 24
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 31 October 2024. Payment date: 29 November 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.8%. Within top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$1.16, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 9x in the Electronic industry in Hong Kong. Total loss to shareholders of 33% over the past three years. Recent Insider Transactions • Sep 04
Executive Chairman & MD recently bought HK$3.1m worth of stock On the 30th of August, Wai Wah Lam bought around 3m shares on-market at roughly HK$0.94 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$6.2m. Wai Wah has been a buyer over the last 12 months, purchasing a net total of HK$75m worth in shares. Reported Earnings • Aug 31
First half 2024 earnings released: EPS: HK$0.055 (vs HK$0.053 in 1H 2023) First half 2024 results: EPS: HK$0.055 (up from HK$0.053 in 1H 2023). Revenue: HK$8.59b (up 18% from 1H 2023). Net income: HK$174.2m (up 3.9% from 1H 2023). Profit margin: 2.0% (down from 2.3% in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Announcement • Aug 12
Truly International Holdings Limited to Report First Half, 2024 Results on Aug 29, 2024 Truly International Holdings Limited announced that they will report first half, 2024 results on Aug 29, 2024 Recent Insider Transactions • Jul 05
Executive Chairman & MD recently bought HK$3.7m worth of stock On the 2nd of July, Wai Wah Lam bought around 4m shares on-market at roughly HK$0.92 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. Wai Wah has been a buyer over the last 12 months, purchasing a net total of HK$52m worth in shares. Upcoming Dividend • May 09
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 31 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 11%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (3.2%). Announcement • Mar 27
Truly International Holdings Limited, Annual General Meeting, May 13, 2024 Truly International Holdings Limited, Annual General Meeting, May 13, 2024, at 11:00 China Standard Time. Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: HK$0.083 (vs HK$0.098 in FY 2022) Full year 2023 results: EPS: HK$0.083 (down from HK$0.098 in FY 2022). Revenue: HK$15.6b (down 19% from FY 2022). Net income: HK$262.8m (down 17% from FY 2022). Profit margin: 1.7% (up from 1.6% in FY 2022). The increase in margin was driven by lower expenses. 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 15% per year, which means it has not declined as severely as earnings. Announcement • Mar 26
Truly International Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 31 May 2024 Truly International Holdings Limited proposed final dividend of HKD 0.05 per share for the year ended 31 December 2023. Date of shareholders' approval 13 May 2024, Ex-dividend date 16 May 2024, Record date 20 May 2024 and Payment date 31 May 2024. Announcement • Mar 05
Truly International Holdings Limited to Report Fiscal Year 2023 Results on Mar 26, 2024 Truly International Holdings Limited announced that they will report fiscal year 2023 results on Mar 26, 2024 Recent Insider Transactions • Dec 27
Executive Chairman & MD recently bought HK$2.9m worth of stock On the 21st of December, Wai Lam bought around 5m shares on-market at roughly HK$0.65 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$3.6m. Wai has been a buyer over the last 12 months, purchasing a net total of HK$34m worth in shares. Upcoming Dividend • Nov 03
Upcoming dividend of HK$0.05 per share at 12% yield Eligible shareholders must have bought the stock before 10 November 2023. Payment date: 01 December 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 12%. Within top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (3.8%). Recent Insider Transactions • Oct 06
Executive Chairman & MD recently bought HK$1.5m worth of stock On the 3rd of October, Wai Lam bought around 2m shares on-market at roughly HK$0.73 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. Wai has been a buyer over the last 12 months, purchasing a net total of HK$13m worth in shares. Recent Insider Transactions • Sep 03
Executive Chairman & MD recently bought HK$616k worth of stock On the 29th of August, Wai Lam bought around 716k shares on-market at roughly HK$0.86 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$1.2m. Wai has been a buyer over the last 12 months, purchasing a net total of HK$6.8m worth in shares. Reported Earnings • Aug 29
First half 2023 earnings released: EPS: HK$0.053 (vs HK$0.17 in 1H 2022) First half 2023 results: EPS: HK$0.053 (down from HK$0.17 in 1H 2022). Revenue: HK$7.26b (down 33% from 1H 2022). Net income: HK$167.6m (down 70% from 1H 2022). Profit margin: 2.3% (down from 5.2% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 18% 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. Announcement • Aug 12
Truly International Holdings Limited Provides Earnings Guidance for the Six Months Ended 30 June 2023 Truly International Holdings Limited provided earnings guidance for the six months ended 30 June 2023. For the period, it is expected that the consolidated profit attributable to owners of the Company for the six months ended 30 June 2023 (the "Period") would be decreased by approximately 70% to approximately HKD 167 million as compared to the consolidated profit attributable to owners of the Company for the six months ended 30 June 2022 (approximately HKD 560 million). Announcement • Aug 09
Truly International Holdings Limited to Report First Half, 2023 Results on Aug 28, 2023 Truly International Holdings Limited announced that they will report first half, 2023 results on Aug 28, 2023 Buying Opportunity • Aug 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.3%. The fair value is estimated to be HK$1.12, 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 grown by 19%. Recent Insider Transactions • Jul 22
Executive Chairman & MD recently bought HK$789k worth of stock On the 20th of July, Wai Lam bought around 822k shares on-market at roughly HK$0.96 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$947k. Wai has been a buyer over the last 12 months, purchasing a net total of HK$4.7m worth in shares. Recent Insider Transactions • Jul 05
Executive Chairman & MD recently bought HK$944k worth of stock On the 30th of June, Wai Lam bought around 1m shares on-market at roughly HK$0.94 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. This was Wai's only on-market trade for the last 12 months. Buying Opportunity • Jun 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be HK$1.12, 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 grown by 19%. Buying Opportunity • Jun 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be HK$1.12, 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 grown by 19%. Buying Opportunity • May 17
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be HK$1.12, 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 grown by 19%. Announcement • May 13
Truly International Holdings Limited Approves Final Dividend for Year Ended 31 December 2022 Truly International Holdings Limited held its AGM on 12 May 2023. To consider and approve the final dividend of 5 HK cents per ordinary share of the Company in respect of the year ended 31 December 2022. Upcoming Dividend • May 10
Upcoming dividend of HK$0.05 per share at 11% yield Eligible shareholders must have bought the stock before 17 May 2023. Payment date: 01 June 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 11%. Within top quartile of Hong Kong dividend payers (7.5%). Higher than average of industry peers (3.3%). Reported Earnings • Mar 26
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: HK$0.098 (down from HK$0.42 in FY 2021). Revenue: HK$19.3b (down 14% from FY 2021). Net income: HK$318.2m (down 77% from FY 2021). Profit margin: 1.6% (down from 6.1% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 67%. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target decreased to HK$2.00 Down from HK$2.78, the current price target is an average from 3 analysts. New target price is 57% above last closing price of HK$1.27. Stock is down 49% over the past year. The company is forecast to post earnings per share of HK$0.29 for next year compared to HK$0.42 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Non-Executive Director Bei Bei Song was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: HK$0.029 (down from HK$0.076 in 3Q 2021). Revenue: HK$4.35b (down 23% from 3Q 2021). Net income: HK$93.9m (down 63% from 3Q 2021). Profit margin: 2.2% (down from 4.4% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Hong Kong. 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 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 21% share price gain to HK$1.16, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Electronic industry in Hong Kong. Total returns to shareholders of 23% over the past three years. Recent Insider Transactions • Sep 24
Non-Executive Director recently sold HK$2.2m worth of stock On the 22nd of September, Bei Bei Song sold around 2m shares on-market at roughly HK$1.30 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$1.5m more than they bought in the last 12 months. Recent Insider Transactions • Sep 11
Non-Executive Director recently bought HK$2.8m worth of stock On the 7th of September, Bei Bei Song bought around 2m shares on-market at roughly HK$1.40 per share. This transaction amounted to 87% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$737k more in shares than they have sold in the last 12 months. Upcoming Dividend • Sep 09
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 16 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 6.4%. Lower than top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (5.5%). Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$1.42, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Electronic industry in Hong Kong. Total returns to shareholders of 49% over the past three years. Major Estimate Revision • Sep 02
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from HK$21.9b to HK$21.6b. EPS estimate also fell from HK$0.33 per share to HK$0.29 per share. Net income forecast to shrink 14% next year vs 16% growth forecast for Electronic industry in Hong Kong . Consensus price target down from HK$2.78 to HK$2.00. Share price fell 8.6% to HK$1.60 over the past week. Price Target Changed • Aug 31
Price target decreased to HK$2.10 Down from HK$2.93, the current price target is an average from 3 analysts. New target price is 21% above last closing price of HK$1.73. Stock is down 42% over the past year. The company is forecast to post earnings per share of HK$0.33 for next year compared to HK$0.42 last year. Reported Earnings • Aug 27
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: HK$0.075 (down from HK$0.12 in 2Q 2021). Revenue: HK$5.45b (down 4.4% from 2Q 2021). Net income: HK$245.3m (down 39% from 2Q 2021). Profit margin: 4.5% (down from 7.1% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) also missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 4.1%, compared to a 7.5% growth forecast for the Electronic industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 13
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from HK$24.5b to HK$22.3b. EPS estimate also fell from HK$0.44 per share to HK$0.33 per share. Net income forecast to shrink 11% next year vs 13% growth forecast for Electronic industry in Hong Kong . Consensus price target down from HK$3.33 to HK$2.93. Share price fell 12% to HK$1.90 over the past week. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 18% share price gain to HK$2.63, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Electronic industry in Hong Kong. Total returns to shareholders of 132% over the past three years. Upcoming Dividend • May 23
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 13 June 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (5.1%). Price Target Changed • May 08
Price target decreased to HK$3.43 Down from HK$4.07, the current price target is an average from 4 analysts. New target price is 72% above last closing price of HK$1.99. Stock is up 75% over the past year. The company is forecast to post earnings per share of HK$0.44 for next year compared to HK$0.42 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). SVP & Executive Director Bei Bei Song was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Apr 01
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from HK$25.7b to HK$24.3b. EPS estimate also fell from HK$0.50 per share to HK$0.43 per share. Net income forecast to grow 3.0% next year vs 11% growth forecast for Electronic industry in Hong Kong. Consensus price target down from HK$4.07 to HK$3.84. Share price fell 9.2% to HK$2.28 over the past week. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$2.23, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Electronic industry in Hong Kong. Total returns to shareholders of 55% over the past three years. Recent Insider Transactions • Jan 19
Executive Director recently sold HK$2.1m worth of stock On the 17th of January, Wing Cheung Cheung sold around 566k shares on-market at roughly HK$3.67 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$1.8m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 17% share price gain to HK$3.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Electronic industry in Hong Kong. Total returns to shareholders of 243% over the past three years. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS HK$0.076 (vs HK$0.033 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: HK$5.65b (down 2.6% from 3Q 2020). Net income: HK$250.7m (up 131% from 3Q 2020). Profit margin: 4.4% (up from 1.9% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. 
