Announcement • May 30
APT Satellite Holdings Limited Announces Board Changes, Effective May 26, 2026 APT Satellite Holdings Limited announced that Dr. Yin Yen-liang, a non-executive director of the Company, passed away on May 26, 2026. Dr. Yin had acted as a non-executive director of the Company since 2003. Due to the passing away of Dr. Yin, Mr. Tseng Ta-mon ceased to be an alternate director to Dr. Yin with effect from May 26, 2026. Yin with effect from 26 May 2026. Mr. Tseng has confirmed that he has no disagreement with the Board and there are no matters in respect of his cessation that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. Upcoming Dividend • May 26
Upcoming dividend of HK$0.06 per share Eligible shareholders must have bought the stock before 02 June 2026. Payment date: 17 June 2026. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Hong Kong dividend payers (6.9%). Lower than average of industry peers (5.8%). Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$3.58, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 13x in the Telecom industry in Hong Kong. Total returns to shareholders of 84% over the past three years. Buy Or Sell Opportunity • May 15
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at HK$3.59. The fair value is estimated to be HK$4.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.2% over the last 3 years. Earnings per share has declined by 13%. Buy Or Sell Opportunity • Apr 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to HK$3.57. The fair value is estimated to be HK$4.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.2% over the last 3 years. Earnings per share has declined by 13%. Reported Earnings • Apr 23
Full year 2025 earnings released: EPS: HK$0.15 (vs HK$0.22 in FY 2024) Full year 2025 results: EPS: HK$0.15 (down from HK$0.22 in FY 2024). Revenue: HK$739.1m (down 5.8% from FY 2024). Net income: HK$141.4m (down 31% from FY 2024). Profit margin: 19% (down from 26% in FY 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$3.79, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 14x in the Telecom industry in Hong Kong. Total returns to shareholders of 88% over the past three years. Declared Dividend • Mar 21
Final dividend reduced to HK$0.06 Dividend of HK$0.06 is 7.7% lower than last year. Ex-date: 2nd June 2026 Payment date: 17th June 2026 Dividend yield will be 2.7%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 1.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 63% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.4% EPS decline seen over the last 5 years. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: HK$0.15 (vs HK$0.22 in FY 2024) Full year 2025 results: EPS: HK$0.15 (down from HK$0.22 in FY 2024). Revenue: HK$739.1m (down 5.8% from FY 2024). Net income: HK$141.4m (down 31% from FY 2024). Profit margin: 19% (down from 26% in FY 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Mar 19
APT Satellite Holdings Limited, Annual General Meeting, May 22, 2026 APT Satellite Holdings Limited, Annual General Meeting, May 22, 2026. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$3.31, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 15x in the Telecom industry in Hong Kong. Total returns to shareholders of 52% over the past three years. Announcement • Feb 27
APT Satellite Holdings Limited to Report Fiscal Year 2025 Results on Mar 19, 2026 APT Satellite Holdings Limited announced that they will report fiscal year 2025 results on Mar 19, 2026 Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to HK$4.75, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 16x in the Telecom industry in Hong Kong. Total returns to shareholders of 166% over the past three years. New Risk • Jan 02
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 11% 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 4.2% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$2.40, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 13x in the Telecom industry in Hong Kong. Total returns to shareholders of 42% over the past three years. Upcoming Dividend • Sep 15
Upcoming dividend of HK$0.025 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 14 October 2025. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Hong Kong dividend payers (6.6%). In line with average of industry peers (4.9%). Declared Dividend • Aug 25
First half dividend reduced to HK$0.025 Dividend of HK$0.025 is 44% lower than last year. Ex-date: 22nd September 2025 Payment date: 14th October 2025 Dividend yield will be 4.0%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 3.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 49% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.6% EPS decline seen over the last 5 years. Reported Earnings • Aug 24
First half 2025 earnings released: EPS: HK$0.083 (vs HK$0.11 in 1H 2024) First half 2025 results: EPS: HK$0.083 (down from HK$0.11 in 1H 2024). Revenue: HK$379.7m (down 3.1% from 1H 2024). Net income: HK$77.4m (down 24% from 1H 2024). Profit margin: 20% (down from 26% in 1H 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Aug 04
APT Satellite Holdings Limited to Report First Half, 2025 Results on Aug 22, 2025 APT Satellite Holdings Limited announced that they will report first half, 2025 results on Aug 22, 2025 Announcement • Jul 02
APT Satellite Holdings Limited Provides Earnings Guidance for the First Half of the Financial Year Ended 30 June 2025 APT Satellite Holdings Limited provided earnings guidance for the first half of the financial year ended 30 June 2025. The Group expects that the profit attributable to shareholders for the first half of the financial year ending 30 June 2025 will drop by slightly more than 20% when compared with the same period last year. The decline in profit attributable to shareholders in the first half of 2025 is mainly due to (i) the continuing oversupply of satellite transponders in the Asia Pacific region and fierce market competition which has led to price declines, which in turn has affected operating income; and (ii) rising sublease costs. Upcoming Dividend • May 26
Upcoming dividend of HK$0.065 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 13 June 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (4.9%). Announcement • May 23
APT Satellite Holdings Limited Approves Final Dividend for the Year Ended 31 December 2024 APT Satellite Holdings Limited at its AGM held on May 23, 2025 approved to declare a final dividend of HKD 6.50 cents per share for the year ended 31 December 2024. Reported Earnings • Apr 18
Full year 2024 earnings released: EPS: HK$0.22 (vs HK$0.26 in FY 2023) Full year 2024 results: EPS: HK$0.22 (down from HK$0.26 in FY 2023). Revenue: HK$784.7m (down 5.9% from FY 2023). Net income: HK$205.2m (down 14% from FY 2023). Profit margin: 26% (down from 28% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year and the company’s share price has also fallen by 8% per year. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$1.88, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 15x in the Telecom industry in Hong Kong. Total returns to shareholders of 5.5% over the past three years. Declared Dividend • Mar 17
Final dividend reduced to HK$0.065 Dividend of HK$0.065 is 55% lower than last year. Ex-date: 2nd June 2025 Payment date: 13th June 2025 Dividend yield will be 5.7%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 45% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: HK$0.22 (vs HK$0.26 in FY 2023) Full year 2024 results: EPS: HK$0.22 (down from HK$0.26 in FY 2023). Revenue: HK$784.7m (down 5.9% from FY 2023). Net income: HK$205.2m (down 14% from FY 2023). Profit margin: 26% (down from 28% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Announcement • Mar 14
APT Satellite Holdings Limited, Annual General Meeting, May 23, 2025 APT Satellite Holdings Limited, Annual General Meeting, May 23, 2025. Announcement • Mar 13
Apt Satellite Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2024, Payable on 13 June 2025 APT Satellite Holdings Limited proposed final Dividend of HKD 0.065 per share for the year ended 31 December 2024 to its shareholders' meeting to be held on 23 May 2025. Ex-dividend date: 02 June 2025. Record date: 04 June 2025. Payment date: 13 June 2025. Announcement • Feb 28
APT Satellite Holdings Limited to Report Fiscal Year 2024 Results on Mar 13, 2025 APT Satellite Holdings Limited announced that they will report fiscal year 2024 results at 12:30 PM, China Standard Time on Mar 13, 2025 Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$2.48, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 11x in the Telecom industry in Hong Kong. Total returns to shareholders of 40% over the past three years. Upcoming Dividend • Sep 13
Upcoming dividend of HK$0.045 per share Eligible shareholders must have bought the stock before 20 September 2024. Payment date: 14 October 2024. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 9.3%. Within top quartile of Hong Kong dividend payers (8.7%). Higher than average of industry peers (6.0%). Reported Earnings • Aug 26
First half 2024 earnings released: EPS: HK$0.11 (vs HK$0.13 in 1H 2023) First half 2024 results: EPS: HK$0.11 (down from HK$0.13 in 1H 2023). Revenue: HK$391.8m (down 6.6% from 1H 2023). Net income: HK$101.7m (down 14% from 1H 2023). Profit margin: 26% (down from 28% in 1H 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Declared Dividend • Aug 24
First half dividend of HK$0.045 announced Shareholders will receive a dividend of HK$0.045. Ex-date: 20th September 2024 Payment date: 14th October 2024 Dividend yield will be 9.1%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 7.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 32% to shift the payout ratio to a potentially unsustainable range, which is more than the 14% EPS decline seen over the last 5 years. Announcement • Aug 23
APT Satellite Holdings Limited Announces Ordinary Interim Dividend for the Six Months Ended 30 June 2024, Payable on 14 October 2024 APT Satellite Holdings Limited announced ordinary interim dividend for the six months ended 30 June 2024 of HKD 0.045 per share. The dividend will be payable on 14 October 2024 with Record date of 24 September 2024 and Ex-dividend date of 20 September 2024. Announcement • Aug 02
APT Satellite Holdings Limited to Report First Half, 2024 Results on Aug 22, 2024 APT Satellite Holdings Limited announced that they will report first half, 2024 results on Aug 22, 2024 Upcoming Dividend • May 24
Upcoming dividend of HK$0.14 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 14 June 2024. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 8.4%. Within top quartile of Hong Kong dividend payers (7.5%). Higher than average of industry peers (5.8%). Announcement • May 24
APT Satellite Holdings Limited Approves Final Dividend for the Year Ended 31 December 2023 APT Satellite Holdings Limited at its AGM held on May 23, 2024, approved Final Dividend of 14.50 Hong Kong cents per share for the year ended 31 December 2023. Reported Earnings • Apr 20
Full year 2023 earnings released: EPS: HK$0.26 (vs HK$0.25 in FY 2022) Full year 2023 results: EPS: HK$0.26 (up from HK$0.25 in FY 2022). Revenue: HK$834.0m (down 12% from FY 2022). Net income: HK$237.7m (up 2.6% from FY 2022). Profit margin: 28% (up from 25% 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 5% per year whereas the company’s share price has fallen by 6% per year. Announcement • Mar 28
APT Satellite Holdings Limited Announces Board Changes, Effective on March 31, 2024 APT Satellite Holdings Limited announced that Mr. Lim Seng Kong (Mr. Lim) will resign as a non-executive Director with effect from 31 March 2024 due to retirement. The Board would like to thank Mr. Lim and express its appreciation for his contribution to the Company during his term of office. The Board also announces that Mr. Leong Kah Fai Keith (Mr. Leong) will be appointed as a non-executive Director with effect from 31 March 2024. Mr. Leong, aged 60, graduated from Singapore Institute of Management with a Bachelor Degree in Business Administration. Mr. Leong is currently the Managing Partner, Business Excellence & Global Business of NCS (a subsidiary of Singapore Telecommunications Limited (Singtel) group), driving business excellence in areas of risk and governance, operations, and delivery. Prior to this, he was part of the Singtel EDMS (Enterprise Data Managed Services) team driving infrastructure business for the Singtel group before he was assigned to NCS as the Managing Partner for NCS Global Delivery, managing delivery teams across all projects for Applications, Infrastructure, Cybersecurity and Engineering Service Organizations, where he managed client's critical applications and infrastructure projects in both Singapore and across the Asia Pacific region. Mr. Leong has over 30 years of experience in the information technology sector across multinational corporations such as Hewlett-Packard, Oracle, and Sun Microsystems where he held various senior leadership positions. In HP Singapore, he was the General Manager of Enterprise Services and Director of Sales for the global and strategic clients in Singapore. Announcement • Mar 13
APT Satellite Holdings Limited, Annual General Meeting, May 23, 2024 APT Satellite Holdings Limited, Annual General Meeting, May 23, 2024. Agenda: To consider dividend. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: HK$0.26 (vs HK$0.25 in FY 2022) Full year 2023 results: EPS: HK$0.26 (up from HK$0.25 in FY 2022). Revenue: HK$834.0m (down 12% from FY 2022). Net income: HK$237.7m (up 2.6% from FY 2022). Profit margin: 28% (up from 25% 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 5% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Mar 12
Apt Satellite Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 14 June 2024 APT Satellite Holdings Limited proposed final Dividend of HKD 0.145 per share for the year ended 31 December 2023 to its shareholders' meeting to be held on 23 May 2024. Ex-dividend date: 31 May 2024. Record date: 04 June 2024. Payment date: 14 June 2024. Announcement • Feb 28
APT Satellite Holdings Limited to Report Fiscal Year 2023 Results on Mar 12, 2024 APT Satellite Holdings Limited announced that they will report fiscal year 2023 results on Mar 12, 2024 Announcement • Sep 26
APT Satellite Holdings Limited Announces Board Changes The Board (the "Board") of Directors (the "Director(s)") of APT Satellite Holdings Limited announced the following changes of the Board. With effect from 25 September 2023, Dr. Lui King Man ("Dr. Lui") has resigned as the independent non-executive Director, the Chairman of each of the Audit and Risk Management Committee and Remuneration Committee and the Member of the Nomination Committee of the Company due to the reason of retirement. The Board also announces that with effect from 25 September 2023, Ms. Yim Ka Man ("Ms. Yim") has been appointed as the independent non-executive Director of the Company. Ms. Yim, aged 43, has over 15 years of experience in external audit, management accounting, operations management, internal control review, ESG reporting and enterprise risk assessment. She has been the Head of Risk Advisory Services at Mazars CPA Limited ("Mazars"), an international audit, tax and advisory firm, in Hong Kong since April 2021. Prior to joining Mazars, she worked at BDO Risk Advisory from March 2014 to May 2015 as manager, and at Baker Tilly Hong Kong -- Risk Advisory from May 2015 to April 2021, with her last position as director. Ms. Yim has been appointed as the independent non-executive Director of Scholar Education Group (a corporation listed on the Stock Exchange (Stock code: 1769)) since May 2023. Prior to that, she has worked at various international accounting firms as stated above, where she was responsible for supervising auditors in a number of systems reviews and audit assignments for both listed companies, large private enterprises and listing applicants, and she has also worked at the internal audit departments of Miramar Group, a renowned hospitality group, and Hang Lung Properties, a leading property developer in Hong Kong. Ms. Yim is a member of CPA Australia and the Hong Kong Institute of Certified Public Accountants. Ms. Yim also received a Master of Laws (International and Commercial Law) degree from the University of Greenwich, the United Kingdom in November 2020 and a Bachelor of Business (Accounting and Banking & Finance) degree from Monash University, Australia in July 2002. The Board further announces that following the resignation of Dr. Lui, Ms. Yim will be appointed as the Chairman of the Audit and Risk Management Committee and a Member of each of the Nomination Committee and Remuneration Committee with effect from 25 September 2023. At the same time, Mr. Cui Liguo, the independent non-executive Director of the Company, was re-designated from acting as the Member of the Remuneration Committee to act as the Chairman of the Remuneration Committee. Upcoming Dividend • Sep 11
Upcoming dividend of HK$0.05 per share at 9.4% yield Eligible shareholders must have bought the stock before 18 September 2023. Payment date: 11 October 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 9.4%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (6.4%). Announcement • Sep 01
APT Satellite Holdings Limited Announces Directorate Changes The Board of Directors of APT Satellite Holdings Limited announced the following changes of the Board. With effect from 31 August 2023, Mr. He Xing ("Mr. He") has resigned as the non-executive Director of the Company due to new job arrangement. The Board also announces that with effect from 31 August 2023, Ms. Li Xiaomei ("Ms. Li") has been appointed as the non-executive Director of the Company. Ms. Li is also a director of APT Satellite International Company Limited, which currently holds approximately 51.90% of the issued share capital of the Company and is a controlling shareholder of the Company. Ms. Li has also been appointed as a director of APT Satellite Company Limited, which is a subsidiary of the Company. Ms. Li, aged 49, graduated from Xian University of Technology's Graduate School of Management Science and Engineering in 1999, with a master's degree in Management Science and Engineering. Since 1999, Ms. Li has worked consecutively as an engineer and deputy director at the China Academy of Space Technology, mainly responsible for work related to business investment; as the general manager of the development planning department, the general manager of the investment management department, and as the assistant to the president of China Dongfanghong Satellite Co. Ltd., mainly responsible for development planning and investment management. In July 2021, she joined China Satellite Communications Company Limited ("China Satcom"), a corporation listed on the Shanghai Stock Exchange. Ms. Li is currently the assistant general manager and head of corporate strategy department of China Satcom, and also serves as a director of Sino Satellite Communications Company Limited, which is the wholly-owned subsidiary of China Satcom. She is also a director of AeroSat Link Technology Company Limited, which is a subsidiary of China Satcom, a director of Zhongwei Puxin Broadband Communications Co. Ltd., and a supervisor of Bei Qing Media Co. Ltd. Reported Earnings • Aug 25
First half 2023 earnings released: EPS: HK$0.13 (vs HK$0.14 in 1H 2022) First half 2023 results: EPS: HK$0.13 (down from HK$0.14 in 1H 2022). Revenue: HK$419.7m (down 16% from 1H 2022). Net income: HK$117.8m (down 12% from 1H 2022). Profit margin: 28% (up from 27% in 1H 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Announcement • Aug 24
Apt Satellite Holdings Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 11 October 2023 APT Satellite Holdings Limited announced interim dividend of HKD 0.05 per share for the Interim Dividend for the six months ended 30 June 2023. Ex-dividend date 18 September 2023, Record date 20 September 2023 and Payment date 11 October 2023. Announcement • Aug 03
APT Satellite Holdings Limited to Report First Half, 2023 Results on Aug 23, 2023 APT Satellite Holdings Limited announced that they will report first half, 2023 results on Aug 23, 2023 Announcement • Jun 28
APT Satellite Holdings Limited Announces Executive Changes APT Satellite Holdings Limited announced executive changes. With effect from 27 June 2023, Mr. Li Zhongbao has resigned as the Non-executive Director and Chairman of the Company due to new working promotion arrangement. The Board also announces that with effect from 27 June 2023, Mr. Sun Jing has been appointed as the Non-executive Director and Chairman of the Company. Mr. Sun is also a Director of APT Satellite International Company Limited, which currently holds approximately 51.90% of the issued share capital of the Company and is a controlling shareholder of the Company. Mr. Sun has also been appointed as a Director of APT Satellite Company Limited, which is a subsidiary of the Company. Mr. Sun, aged 50, graduated from the Department of Aerospace Engineering and Mechanics at Harbin Institute of Technology with a Master's degree in General Mechanics in 1997. He then went on to graduate from the China Academy of Space Technology with a Ph.D. in Aircraft Design in 2008. Since 1997, Mr. Sun has worked at the China Academy of Space Technology, serving in various positions including Director Factory Head and General Manager. In September 2018, he was appointed as a Director and General Manager of China Satellite Communications Company Limited and starting from May 2023, he serves as the Chairman of China Satcom. Upcoming Dividend • May 29
Upcoming dividend of HK$0.17 per share at 9.2% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 16 June 2023. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 9.2%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (5.6%). Announcement • May 24
Apt Satellite Holdings Limited Approves Final Dividend for the Year Ended 31 December 2022 APT Satellite Holdings Limited at its AGM held on May 23, 2023, approved Final Dividend of HKD 0.17 per share for the year ended 31 December 2022. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: HK$0.25 (vs HK$0.28 in FY 2021) Full year 2022 results: EPS: HK$0.25 (down from HK$0.28 in FY 2021). Revenue: HK$944.3m (up 1.8% from FY 2021). Net income: HK$231.6m (down 12% from FY 2021). Profit margin: 25% (down from 28% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Announcement • Jan 14
APT Satellite Holdings Limited Announces Successful Launch of APSTAR 6E Satellite by Long March 2C Launch Vehicle The Board of Directors of APT Satellite Holdings Limited announced that APSTAR 6E Satellite was successfully launched on 13 January 2023 on board of Long March 2C launch vehicle. Following the launch, orbit raising operations will be performed via all-electric propulsion system, consuming several months before the satellite arrives at the geostationary orbit. In-orbit test will be conducted subsequently to ensure the satellite's performance. The APSTAR 6E Satellite is procured by APSTAR Alliance Satcom Limited ("APSTAR Alliance"), an associate of the Group established in Hong Kong, the satellite is a high throughput satellite based on DFH-3E platform and equipped with multiple high-capacity spot beams and advanced features which will provide regional high quality satellite broadband mobility services. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Non-Executive Director Xingguo Meng was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 12
Upcoming dividend of HK$0.05 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 11 October 2022. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 11%. Within top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (7.8%). Reported Earnings • Aug 24
First half 2022 earnings released: EPS: HK$0.14 (vs HK$0.13 in 1H 2021) First half 2022 results: EPS: HK$0.14 (up from HK$0.13 in 1H 2021). Revenue: HK$498.4m (up 11% from 1H 2021). Net income: HK$133.8m (up 11% from 1H 2021). Profit margin: 27% (in line with 1H 2021). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 30
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 17 June 2022. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 10%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (6.0%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Non-Executive Director Xingguo Meng was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 17% share price gain to HK$2.30, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 13x in the Telecom industry in Hong Kong. Total loss to shareholders of 18% over the past three years. Upcoming Dividend • Sep 09
Upcoming dividend of HK$0.04 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 11 October 2021. Trailing yield: 9.2%. Within top quartile of Hong Kong dividend payers (6.5%). Higher than average of industry peers (4.9%). Reported Earnings • Aug 26
First half 2021 earnings released: EPS HK$0.13 (vs HK$0.085 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: HK$450.0m (down 1.3% from 1H 2020). Net income: HK$120.5m (up 51% from 1H 2020). Profit margin: 27% (up from 17% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% 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. Upcoming Dividend • May 28
Upcoming dividend of HK$0.19 per share Eligible shareholders must have bought the stock before 04 June 2021. Payment date: 18 June 2021. Trailing yield: 8.7%. Within top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (4.7%). Reported Earnings • Apr 18
Full year 2020 earnings released: EPS HK$0.25 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: HK$889.2m (down 16% from FY 2019). Net income: HK$231.5m (down 36% from FY 2019). Profit margin: 26% (down from 34% in FY 2019). The decrease in margin was driven by lower revenue. 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 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS HK$0.25 (vs HK$0.39 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: HK$889.2m (down 16% from FY 2019). Net income: HK$231.5m (down 36% from FY 2019). Profit margin: 26% (down from 34% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% 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. Is New 90 Day High Low • Jan 14
New 90-day high: HK$2.11 The company is up 7.0% from its price of HK$1.98 on 16 October 2020. The Hong Kong market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Telecom industry, which is down 11% over the same period. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 18% share price gain to HK$2.11, the stock is trading at a trailing P/E ratio of 9.5x, up from the previous P/E ratio of 8x. This compares to an average P/E of 10x in the Telecom industry in Hong Kong. Total return to shareholders over the past three years is a loss of 32%. Is New 90 Day High Low • Dec 21
New 90-day low: HK$1.75 The company is down 17% from its price of HK$2.11 on 22 September 2020. The Hong Kong market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is down 11% over the same period. Is New 90 Day High Low • Dec 02
New 90-day low: HK$1.84 The company is down 16% from its price of HK$2.19 on 03 September 2020. The Hong Kong market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is down 11% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: HK$1.94 The company is down 16% from its price of HK$2.30 on 29 July 2020. The Hong Kong market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 5.0% over the same period. Is New 90 Day High Low • Oct 05
New 90-day low: HK$2.02 The company is down 1.0% from its price of HK$2.05 on 07 July 2020. The Hong Kong market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is down 8.0% over the same period. 
