Recent Insider Transactions • May 26
Executive Chairman of the Board recently sold HK$297k worth of stock On the 21st of May, Haitao Li sold around 49k shares on-market at roughly HK$6.11 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Haitao's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$6.20, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Infrastructure industry in Hong Kong. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$10.90 per share. Upcoming Dividend • May 08
Upcoming dividend of HK$0.46 per share Eligible shareholders must have bought the stock before 15 May 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (6.8%). Higher than average of industry peers (5.2%). Board Change • Apr 22
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. 5 non-independent directors. Independent Non-Executive Director Chunyan Ding was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 28
Dividend of HK$0.46 announced Shareholders will receive a dividend of HK$0.46. Ex-date: 15th May 2026 Payment date: 22nd June 2026 Dividend yield will be 6.0%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: HK$0.93 (vs HK$1.20 in FY 2024) Full year 2025 results: EPS: HK$0.93 (down from HK$1.20 in FY 2024). Revenue: HK$16.3b (up 5.0% from FY 2024). Net income: HK$2.25b (down 22% from FY 2024). Profit margin: 14% (down from 18% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Mar 26
Shenzhen International Holdings Limited, Annual General Meeting, May 13, 2026 Shenzhen International Holdings Limited, Annual General Meeting, May 13, 2026. Announcement • Mar 09
Shenzhen International Holdings Limited to Report Fiscal Year 2025 Results on Mar 26, 2026 Shenzhen International Holdings Limited announced that they will report fiscal year 2025 results on Mar 26, 2026 Announcement • Nov 28
Shenzhen International Holdings Limited Announces Appointment of Liu Xiuli as Executive Director and Financial Controller, Effective 28 November 2025 The board of directors of Shenzhen International Holdings Limited announced that, with effect from 28 November 2025, Ms. Liu Xiuli (Ms. Liu) has been appointed as an executive Director and the financial controller of the Company. Ms. Liu, aged 53, graduated from Dongbei University of Finance and Economics in China with a Bachelor of Economics degree in Monetary Banking and has obtained the qualification as a senior accountant. Ms. Liu has previously served as deputy general manager of Shenzhen Tianjian Real Estate Development Industrial Co. Ltd. a director and the financial controller of Shenzhen State-owned Duty-free Commodities (Group) Co. Ltd., and a director and the financial controller of Shenzhen Airport (Group) Co. Ltd. The Board believes that Ms. Liu, having held director and senior management positions in several large enterprises and with nearly 30 years of extensive financial management experience, is expected to make positive contributions to the Group's strategic planning, business development, financial management and corporate governance. Price Target Changed • Oct 29
Price target increased by 10% to HK$10.15 Up from HK$9.22, the current price target is an average from 4 analysts. New target price is 27% above last closing price of HK$8.01. Stock is up 21% over the past year. The company is forecast to post earnings per share of HK$1.43 for next year compared to HK$1.20 last year. Reported Earnings • Aug 29
First half 2025 earnings released: EPS: HK$0.20 (vs HK$0.27 in 1H 2024) First half 2025 results: EPS: HK$0.20 (down from HK$0.27 in 1H 2024). Revenue: HK$6.67b (flat on 1H 2024). Net income: HK$490.2m (down 25% from 1H 2024). Profit margin: 7.3% (down from 9.9% in 1H 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Aug 15
Shenzhen International Holdings Limited to Report First Half, 2025 Results on Aug 27, 2025 Shenzhen International Holdings Limited announced that they will report first half, 2025 results on Aug 27, 2025 Recent Insider Transactions • Jul 18
CEO & Executive Director recently sold HK$2.4m worth of stock On the 11th of July, Zhengyu Liu sold around 303k shares on-market at roughly HK$8.03 per share. This transaction amounted to 44% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Zhengyu has been a net seller over the last 12 months, reducing personal holdings by HK$3.3m. New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 23% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.2% operating cash flow to total debt). Earnings have declined by 23% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Jun 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.9% to HK$7.12. The fair value is estimated to be HK$8.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 1.2% per annum over the same time period. Recent Insider Transactions • May 17
CEO & Executive Director recently sold HK$867k worth of stock On the 12th of May, Zhengyu Liu sold around 110k shares on-market at roughly HK$7.89 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Zhengyu has been a net seller over the last 12 months, reducing personal holdings by HK$652k. Buy Or Sell Opportunity • May 14
Now 20% undervalued Over the last 90 days, the stock has risen 3.4% to HK$7.23. The fair value is estimated to be HK$9.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 1.2% per annum over the same time period. Upcoming Dividend • May 06
Upcoming dividend of HK$0.60 per share Eligible shareholders must have bought the stock before 13 May 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 7.5%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (6.2%). Buy Or Sell Opportunity • Apr 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.8% to HK$7.13. The fair value is estimated to be HK$9.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 1.2% per annum over the same time period. Declared Dividend • Mar 28
Dividend increased to HK$0.60 Dividend of HK$0.60 is 49% higher than last year. Ex-date: 13th May 2025 Payment date: 20th June 2025 Dividend yield will be 7.6%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 27
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: HK$1.20 (up from HK$0.80 in FY 2023). Revenue: HK$15.6b (down 24% from FY 2023). Net income: HK$2.87b (up 51% from FY 2023). Profit margin: 18% (up from 9.3% in FY 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Mar 15
Shenzhen International Holdings Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 Shenzhen International Holdings Limited announced that they will report fiscal year 2024 results at 9:30 AM, China Standard Time on Mar 26, 2025 Announcement • Jan 23
Shenzhen International Holdings Limited Announces Resignation of Mr. Dai Jingming as Executive Director, Effective from 24 January 2025 Shenzhen International Holdings Limited announced that Mr. Dai Jingming has resigned as an executive director and the financial controller of the Company with effect from 24 January 2025 as he has reached the retirement age. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$7.25, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Infrastructure industry in Hong Kong. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$7.48 per share. Major Estimate Revision • Sep 05
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$15.8b to HK$15.5b. EPS estimate also fell from HK$1.52 per share to HK$1.30 per share. Net income forecast to grow 38% next year vs 5.3% growth forecast for Infrastructure industry in Hong Kong. Consensus price target of HK$8.88 unchanged from last update. Share price was steady at HK$6.02 over the past week. Reported Earnings • Aug 31
First half 2024 earnings released: EPS: HK$0.27 (vs HK$0.039 in 1H 2023) First half 2024 results: EPS: HK$0.27 (up from HK$0.039 in 1H 2023). Revenue: HK$6.61b (down 4.5% from 1H 2023). Net income: HK$652.7m (up HK$560.7m from 1H 2023). Profit margin: 9.9% (up from 1.3% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 32% 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 • Aug 20
Shenzhen International Holdings Limited to Report First Half, 2024 Results on Aug 29, 2024 Shenzhen International Holdings Limited announced that they will report first half, 2024 results on Aug 29, 2024 Price Target Changed • Aug 08
Price target decreased by 10% to HK$8.93 Down from HK$9.95, the current price target is an average from 4 analysts. New target price is 37% above last closing price of HK$6.54. Stock is down 0.3% over the past year. The company is forecast to post earnings per share of HK$1.52 for next year compared to HK$0.80 last year. Board Change • Aug 01
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Chunyan Ding was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jul 26
Shenzhen International Holdings Limited Announces Board and Committee Changes The board of directors of Shenzhen International Holdings Limited announced that, with effect from 26 July 2024, Mr. Cai Xiaoping has been appointed as a non- executive director and a member of the Remuneration and Appraisal Committee of the Company. Mr. Cai, aged 50, holds a Bachelor's degree in Business Administration from Shenzhen University. Mr. Cai is currently a director of Shenzhen Trading Group Co. Ltd. (which is indirectly held as to approximately 20% by the controlling shareholder of the Company), Shenzhen Special Economic Zone Construction Group Co. Ltd. (), Shenzhen Environmental Water Affairs Group Co. Ltd. and Shenzhen Water Affairs (Group) Co. Ltd. Mr. Cai was the deputy director, researcher and director of the division of personnel appraisal and allocation of the State-owned Assets Supervision and Administration Commission of the Shenzhen Municipal People's Government, as well as a director of Shenzhen United Property Rights Exchange Co. Ltd. (), Shenzhen Talent Housing Group Co. Ltd., Shenzhen Investment Holdings Co. Ltd., and Shenzhen Major Industry Investment Group Co. Ltd. Mr. Cai has extensive experience in corporate operation and management, performance appraisal and incentives, and corporate governance. (2) CHANGE IN COMPOSITION OF BOARD COMMITTEES: The Board further announced that, with effect from 26 July 2024, the members of the Remuneration and Appraisal Committee and the Nomination Committee of the Company have changed as follows: (i) Mr. Cai has been appointed as a member of the Remuneration and Appraisal Committee; and Mr. Li Haitao has ceased to act as a member of the Remuneration and Appraisal Committee; and (ii) Professor Ding Chunyan has been appointed as a member of the Nomination Committee; and Dr. Zeng Zhi has ceased to act as a member of the Nomination Committee After the above changes, the Remuneration and Appraisal Committee comprises Mr. Pan Chaojin (Chairman), Dr. Wang Guowen and Mr. Cai; and the Nomination Committee comprises Mr. Pan Chaojin (Chairman), Mr. Wang Peihang and Professor Ding Chunyan. Recent Insider Transactions • Jun 07
CEO & Executive Director recently bought HK$216k worth of stock On the 29th of May, Zhengyu Liu bought around 33k shares on-market at roughly HK$6.54 per share. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Zhengyu has been a buyer over the last 12 months, purchasing a net total of HK$4.2m worth in shares. Buy Or Sell Opportunity • Jun 05
Now 21% undervalued Over the last 90 days, the stock has risen 8.2% to HK$6.74. The fair value is estimated to be HK$8.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has declined by 44%. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • May 25
Shenzhen International Holdings Limited Approves Payment of Final Dividend for the Year Ended 31 December 2023, Payable on 20 June 2024 At the annual general meeting of Shenzhen International Holdings Limited held on 14 May 2024, Shareholders approved the payment of a final dividend of HKD 0.40 per Share for the year ended 31 December 2023, which will be satisfied wholly in the form of an allotment and issue of Scrip Shares, while Shareholders will be given the option to receive the Final Dividend wholly in cash instead of Scrip Shares, or partly in cash and partly in the form of Scrip Shares. Record Date is on 22 May 2024. Ex-dividend date is 17 May 2024. Payment date is 20 June 2024. Buy Or Sell Opportunity • May 17
Now 21% undervalued Over the last 90 days, the stock has risen 8.3% to HK$6.77. The fair value is estimated to be HK$8.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has declined by 44%. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Upcoming Dividend • May 10
Upcoming dividend of HK$0.40 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 20 June 2024. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 5.7%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (6.4%). Announcement • Apr 20
Shenzhen International Holdings Limited, Annual General Meeting, May 14, 2024 Shenzhen International Holdings Limited, Annual General Meeting, May 14, 2024, at 11:00 China Standard Time. Location: Picasso Room, B1 Level, 70 Mody Road, Tsimshatsui East, Kowloon Hong Kong Agenda: To receive and consider the audited financial statements and the reports of the directors and of the auditor of the company for the year ended 31 December 2023; to declare the final dividend for the year ended 31 December 2023, the final dividend be satisfied in the form of an allotment of scrip shares, and shareholders of the company be given the option of receiving in cash; to re-elect Mr. Wang Peihang as a Director; to re-elect Mr. Pan Chaojin as a Director; to re-elect Dr. Zeng Zhi as a Director; to re-elect Professor Ding Chunyan as a Director; to authorize the Board of Directors to fix the Directors' remuneration; to re-appoint Deloitte Touche Tohmatsu as the Auditor of the company and to authorize the Board of Directors to fix its remuneration; and to consider other matters. Reported Earnings • Mar 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: HK$0.80 (up from HK$0.54 in FY 2022). Revenue: HK$20.5b (up 32% from FY 2022). Net income: HK$1.90b (up 52% from FY 2022). Profit margin: 9.3% (up from 8.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Mar 28
Shenzhen International Holdings Limited Proposes Ordinary Final Dividend for the Year Ended 31 December 2023, Payable on 20 June 2024 Shenzhen International Holdings Limited proposed ordinary final dividend for the year ended 31 December 2023 of HKD 0.4 per share. The dividend will be payable on 20 June 2024 with record date of 22 May 2024 and Ex-dividend date of 17 May 2024. Date of shareholders' approval on 14 May 2024. Announcement • Mar 19
Shenzhen International Holdings Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 Shenzhen International Holdings Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 Announcement • Mar 13
Shenzhen International Holdings Limited Announces Appointment of Ding Chunyan as Independent Non-Executive Director and Member of the Sustainability Committee The board of directors of Shenzhen International Holdings Limited announced that with effect from 13 March 2024, Professor Ding Chunyan (‘Professor Ding’) has been appointed as an independent non-executive director and a member of the Sustainability Committee of the Company. Professor Ding, aged 46, holds a Bachelor of Laws degree and a Master of Laws degree from Peking University, a Master of Laws degree from University College London and a Doctor of Philosophy in Law from the University of Hong Kong, and has been qualified as a PRC lawyer since 2001 and received the Legal Professional Qualification Certificate issued by the Ministry of Justice of the PRC in 2002. Professor Ding is an associate dean and professor at the Law School of the City University of Hong Kong. Professor Ding was a Fulbright research fellow at Harvard Law School, where she conducted research on comparative health and tort law, and an elected visiting scholar at the Max Planck Institute for Comparative and International Private Law in Germany. Professor Ding has extensive experience in law and administration. Announcement • Jan 16
Shenzhen International Holdings Limited Announces Resignation of Zhou Zhiwei as Non-Executive Director The board of directors of Shenzhen International Holdings Limited announced that, with effect from 16 January 2024, Dr. Zhou Zhiwei has resigned as a non-executive director of the Company due to the job re-designation. Dr. Zhou has been re-designated as a vice president of the Company to continue to serve the Company. Recent Insider Transactions • Dec 09
CEO & Executive Director recently bought HK$4.0m worth of stock On the 1st of December, Zhengyu Liu bought around 693k shares on-market at roughly HK$5.73 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Zhengyu's only on-market trade for the last 12 months. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: CN¥0.60 (vs CN¥0.13 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.60 (up from CN¥0.13 in 3Q 2022). Net income: CN¥1.45b (up 377% from 3Q 2022). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Price Target Changed • Sep 01
Price target decreased by 13% to HK$10.43 Down from HK$12.03, the current price target is an average from 3 analysts. New target price is 87% above last closing price of HK$5.58. Stock is down 15% over the past year. The company is forecast to post earnings per share of HK$1.19 for next year compared to HK$0.54 last year. Reported Earnings • Aug 31
First half 2023 earnings released: EPS: HK$0.039 (vs HK$0.26 in 1H 2022) First half 2023 results: EPS: HK$0.039 (down from HK$0.26 in 1H 2022). Revenue: HK$6.92b (down 7.6% from 1H 2022). Net income: HK$92.0m (down 84% from 1H 2022). Profit margin: 1.3% (down from 7.8% in 1H 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Infrastructure industry in Hong Kong. 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 23% per year, which means it has not declined as severely as earnings. Announcement • Aug 18
Shenzhen International Holdings Limited to Report First Half, 2023 Results on Aug 29, 2023 Shenzhen International Holdings Limited announced that they will report first half, 2023 results on Aug 29, 2023 Announcement • May 26
Shenzhen International Holdings Limited Approves Final Dividend for the Year Ended 31 December 2022 Shenzhen International Holdings Limited announced that At the annual general meeting of the Company held on 16 May 2023, Shareholders approved the payment of a Final Dividend of HKD 0.257 per Share for the year ended 31 December 2022. Upcoming Dividend • May 11
Upcoming dividend of HK$0.26 per share at 3.5% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (5.7%). Reported Earnings • Mar 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: HK$0.54 (down from HK$1.60 in FY 2021). Revenue: HK$15.5b (down 16% from FY 2021). Net income: HK$1.35b (down 62% from FY 2021). Profit margin: 8.7% (down from 19% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Infrastructure industry in Hong Kong. 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 20% per year, which means it has not declined as severely as earnings. Announcement • Feb 09
Shenzhen International Holdings Limited Provides Earnings Guidance for the Year Ended 31 December 2022 Shenzhen International Holdings Limited provided earnings guidance for the year ended 31 December 2022. For the period, the Group expects to record a profit attributable to ordinary shareholders ranging from approximately HKD 900 million to HKD 1,100 million for the Year, representing a decrease of approximately 69% to 75% as compared to that of last year. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Executive Chairman of the Board Haitao Li is the most experienced director on the board, commencing their role in 2016. Independent Non-Executive Director Guowen Wang was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 16% share price gain to HK$6.10, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Infrastructure industry in Hong Kong. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$10.01 per share. Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from HK$21.4b to HK$19.7b. EPS estimate also fell from HK$1.53 per share to HK$1.21 per share. Net income forecast to grow 2.5% next year vs 13% growth forecast for Infrastructure industry in Hong Kong. Consensus price target down from HK$14.23 to HK$12.70. Share price fell 4.9% to HK$6.61 over the past week. Price Target Changed • Sep 05
Price target decreased to HK$12.70 Down from HK$14.23, the current price target is an average from 4 analysts. New target price is 95% above last closing price of HK$6.50. Stock is down 36% over the past year. The company is forecast to post earnings per share of HK$1.21 for next year compared to HK$1.60 last year.