Upcoming Dividend • May 01
Upcoming dividend of S$0.20 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 14 May 2026. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Singaporean dividend payers (5.0%). Higher than average of industry peers (3.3%). Declared Dividend • Apr 17
Dividend of S$0.20 announced Shareholders will receive a dividend of S$0.20. Ex-date: 6th May 2026 Payment date: 14th May 2026 Dividend yield will be 4.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (168% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 11
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: CN¥2.19 (up from CN¥1.68 in FY 2024). Revenue: CN¥28.5b (up 7.4% from FY 2024). Net income: CN¥8.64b (up 30% from FY 2024). Profit margin: 30% (up from 25% in FY 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 10
Yangzijiang Shipbuilding (Holdings) Ltd., Annual General Meeting, Apr 28, 2026 Yangzijiang Shipbuilding (Holdings) Ltd., Annual General Meeting, Apr 28, 2026, at 14:30 Singapore Standard Time. Location: big picture theatre, 168 robinson road, level 9 capital tower, singapore 068912, Singapore Announcement • Mar 10
Yangzijiang Shipbuilding (Holdings) Ltd. (SGX:BS6) and unknown buyer entered into definitive agreement to acquire 14.58% stake in Atlas Corp. from Fairfax Financial Holdings Limited (TSX:FFH) and Washington Family for approximately $840 million. Yangzijiang Shipbuilding (Holdings) Ltd. (SGX:BS6) and unknown buyer entered into definitive agreement to acquire 14.58% stake in Atlas Corp. from Fairfax Financial Holdings Limited (TSX:FFH) and Washington Family for approximately $840 million on March 10, 2026.
The transaction is subject to approval by regulatory board / committee and third party approval needed. The expected completion of the transaction is April 1, 2026 to June 30, 2026. In a related transaction Ocean Network Express Pte. Ltd. is acquiring additional 18.51% stake in Atlas Corp. from Fairfax Financial Holdings Limited for $1.1 billion.
Following the sale of the Shares, which represent approximately 23.2% of the total issued and outstanding common shares of Atlas Corp, Fairfax would retain an equity ownership of approximately 22.1% of the issued and outstanding common shares as well as 12,000,000 Series J preferred shares in the capital of Poseidon’s wholly-owned subsidiary, Atlas Corp. Reported Earnings • Feb 26
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: CN¥2.19 (up from CN¥1.68 in FY 2024). Revenue: CN¥28.5b (up 7.4% from FY 2024). Net income: CN¥8.64b (up 30% from FY 2024). Profit margin: 30% (up from 25% in FY 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 43% per year. Major Estimate Revision • Aug 13
Consensus revenue estimates decrease by 12%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥30.8b to CN¥27.2b. EPS estimate increased from CN¥1.86 to CN¥2.06 per share. Net income forecast to grow 8.6% next year vs 12% growth forecast for Machinery industry in Singapore. Consensus price target up from S$3.02 to S$3.28. Share price rose 13% to S$2.90 over the past week. Reported Earnings • Aug 08
First half 2025 earnings released: EPS: CN¥1.06 (vs CN¥0.77 in 1H 2024) First half 2025 results: EPS: CN¥1.06 (up from CN¥0.77 in 1H 2024). Revenue: CN¥12.9b (down 1.3% from 1H 2024). Net income: CN¥4.18b (up 37% from 1H 2024). Profit margin: 33% (up from 23% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 44% per year. New Risk • Aug 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Upcoming Dividend • May 01
Upcoming dividend of S$0.12 per share Eligible shareholders must have bought the stock before 05 May 2025. Payment date: 13 May 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Singaporean dividend payers (6.0%). Higher than average of industry peers (3.5%). Declared Dividend • Apr 17
Dividend of S$0.12 announced Shareholders will receive a dividend of S$0.12. Ex-date: 2nd May 2025 Payment date: 13th May 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 15
Yangzijiang Shipbuilding (Holdings) Ltd. Proposes Final Dividend of the Financial Year Ended 31 December 2024, Payable on or About 13 May 2025 Yangzijiang Shipbuilding (Holdings) Ltd. for the tax exempt (one-tier) final dividend of SGD 0.12 per ordinary share in the capital of Yangzijiang Shipbuilding (Holdings) Ltd. in respect of the financial year ended 31 December 2024 ("Proposed Final Dividend") at the Nineteenth Annual General Meeting to be held on 29 April 2025 ("AGM"), the Share Transfer Books and Register of Members of the Company will be closed at 5.00 p.m. on 5 May 2025 for the purpose of determining entitlements of the Shareholders to the Proposed Final Dividend. Subject to the approval of the Shareholders at the upcoming AGM, payment of the Proposed Final Dividend will be made on or about 13 May 2025. Reported Earnings • Apr 09
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥1.68 (up from CN¥1.04 in FY 2023). Revenue: CN¥26.5b (up 10% from FY 2023). Net income: CN¥6.63b (up 62% from FY 2023). Profit margin: 25% (up from 17% in FY 2023). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 3.9%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Apr 08
Yangzijiang Shipbuilding (Holdings) Ltd., Annual General Meeting, Apr 29, 2025 Yangzijiang Shipbuilding (Holdings) Ltd., Annual General Meeting, Apr 29, 2025, at 15:00 Singapore Standard Time. Location: big picture theatre, 168 robinson road, level 9 capital tower, singapore 068912, Singapore Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to S$1.92, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Machinery industry in Singapore. Total returns to shareholders of 149% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$3.16 per share. Reported Earnings • Feb 27
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥1.68 (up from CN¥1.04 in FY 2023). Revenue: CN¥26.5b (up 10% from FY 2023). Net income: CN¥6.63b (up 62% from FY 2023). Profit margin: 25% (up from 17% in FY 2023). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 3.9%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to S$2.68, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Machinery industry in Singapore. Total returns to shareholders of 273% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$1.24 per share. Announcement • Jan 14
Yangzijiang Shipbuilding (Holdings) Ltd. Announces Company Secretary Changes The Board of Directors (the "Board") of Yangzijiang Shipbuilding (Holdings) Ltd. announced the appointment of Mr. Lee Wei Hsiung as Company Secretary in place of Ms. Peck Jen Jen ("Ms Peck") and Ms. Pan Mi Keay ("Ms Pan"), with effect from 15 January 2025. Major Estimate Revision • Aug 19
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CN¥1.27 to CN¥1.52. Revenue forecast steady at CN¥27.8b. Net income forecast to grow 19% next year vs 27% growth forecast for Machinery industry in Singapore. Consensus price target up from S$2.62 to S$3.01. Share price rose 5.5% to S$2.51 over the past week. Reported Earnings • Aug 15
First half 2024 earnings released: EPS: CN¥0.77 (vs CN¥0.44 in 1H 2023) First half 2024 results: EPS: CN¥0.77 (up from CN¥0.44 in 1H 2023). Revenue: CN¥13.0b (up 15% from 1H 2023). Net income: CN¥3.06b (up 77% from 1H 2023). Profit margin: 23% (up from 15% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock has risen 40% to S$2.44. The fair value is estimated to be S$3.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to S$2.20, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Machinery industry in Singapore. Total returns to shareholders of 208% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$1.89 per share. Board Change • May 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Executive Chairman & CEO Letian Ren is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 26
Dividend of S$0.065 announced Shareholders will receive a dividend of S$0.065. Ex-date: 29th April 2024 Payment date: 8th May 2024 Dividend yield will be 3.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 4.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 19
Yangzijiang Shipbuilding (Holdings) Ltd. Proposes Tax Exempt (One-Tier) Final Dividend for the Financial Year Ended 31 December 2023, Payable on or About 6 May 2024 Subject to the approval of the shareholders of Yangzijiang Shipbuilding (Holdings) Ltd. (the "Shareholders") for the tax exempt (one-tier) final dividend of SGD 0.065 per ordinary share in the capital of Yangzijiang Shipbuilding (Holdings) Ltd. (the "Company") in respect of the financial year ended 31 December 2023 ("Proposed Final Dividend") at the Eighteenth Annual General Meeting to be held on 25 April 2024 ("AGM"), the Share Transfer Books and Register of Members of the Company will be closed at 5.00 p.m. on 26 April 2024 ("Record Date") for the purpose of determining entitlements of the Shareholders to the Proposed Final Dividend. Duly completed registrable transfers received by the Company's Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. at 1 Harbourfront Avenue #14-07 Keppel Bay Tower Singapore 098632, up to 5.00 p.m. on the Record Date will be registered before Shareholders' entitlements to the Proposed Final Dividends are determined. Shareholders whose securities accounts with The Central Depository (Pte) Limited are credited with the Company's ordinary shares as at 5.00 p.m. on the Record Date will be entitled to the Proposed Final Dividend. Subject to the approval of the Shareholders at the upcoming AGM, payment of the Proposed Final Dividend will be made on or about 6 May 2024. Reported Earnings • Apr 12
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CN¥1.04 (up from CN¥0.66 in FY 2022). Revenue: CN¥24.1b (up 17% from FY 2022). Net income: CN¥4.10b (up 57% from FY 2022). Profit margin: 17% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 9.2%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 11% per year. Announcement • Apr 09
Yangzijiang Shipbuilding (Holdings) Ltd., Annual General Meeting, Apr 25, 2024 Yangzijiang Shipbuilding (Holdings) Ltd., Annual General Meeting, Apr 25, 2024, at 15:00 Singapore Standard Time. Location: The SingPost Auditorium, Singapore Post Centre, 10 Eunos Road 8 #05-30, Singapore 408600 Singapore Singapore Agenda: To receive and adopt the Audited Financial Statements for the financial year ended 31 December 2023 together with the Directors' Statement and Auditors' Report thereon; to declare a tax exempt (one-tier) final dividend of S$0.065 per ordinary shares in respect of the financial year ended 31 December 202; to approve the payment of Directors' fees of S$342,000 for the financial year ended 31 December 2023; to re-elect Mr Yee Kee Shian, Leon as Director; and to discuss other matters. Major Estimate Revision • Mar 05
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥26.5b to CN¥27.1b. EPS estimate increased from CN¥1.05 to CN¥1.25 per share. Net income forecast to grow 20% next year vs 45% growth forecast for Machinery industry in Singapore. Consensus price target up from S$1.90 to S$2.04. Share price rose 6.0% to S$1.77 over the past week. Reported Earnings • Feb 29
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CN¥1.04 (up from CN¥0.66 in FY 2022). Revenue: CN¥24.1b (up 17% from FY 2022). Net income: CN¥4.10b (up 57% from FY 2022). Profit margin: 17% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 8.4%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. Buying Opportunity • Dec 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be S$1.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 6.7%. Revenue is forecast to grow by 24% in 2 years. Earnings is forecast to grow by 30% in the next 2 years. Buying Opportunity • Nov 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be S$1.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 6.7%. Revenue is forecast to grow by 24% in 2 years. Earnings is forecast to grow by 30% in the next 2 years. Buying Opportunity • Aug 19
Now 20% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be S$2.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 6.7%. Revenue is forecast to grow by 24% in 2 years. Earnings is forecast to grow by 26% in the next 2 years. Reported Earnings • Aug 06
First half 2023 earnings released: EPS: CN¥0.44 (vs CN¥0.30 in 1H 2022) First half 2023 results: EPS: CN¥0.44 (up from CN¥0.30 in 1H 2022). Revenue: CN¥11.3b (up 16% from 1H 2022). Net income: CN¥1.73b (up 47% from 1H 2022). Profit margin: 15% (up from 12% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 14
Now 20% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be S$1.90, 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 grown by 7.9%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings is also forecast to grow by 8.3% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to S$1.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Machinery industry in Singapore. Total returns to shareholders of 227% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$1.91 per share. Upcoming Dividend • May 03
Upcoming dividend of S$0.05 per share at 3.9% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Singaporean dividend payers (6.4%). In line with average of industry peers (3.8%). Reported Earnings • Apr 07
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CN¥0.66 (up from CN¥0.51 in FY 2021). Revenue: CN¥20.7b (up 37% from FY 2021). Net income: CN¥2.61b (up 33% from FY 2021). Profit margin: 13% (in line with FY 2021). Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) exceeded analyst estimates by 6.6%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Board Change • Mar 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Non-Executive Lead Independent Director Timothy Chen is the most experienced director on the board, commencing their role in 2013. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CN¥0.66 (down from CN¥0.96 in FY 2021). Revenue: CN¥20.7b (up 24% from FY 2021). Net income: CN¥2.61b (down 29% from FY 2021). Profit margin: 13% (down from 22% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) exceeded analyst estimates by 6.6%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Singapore. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Announcement • Feb 03
Yangzijiang Shipbuilding (Holdings) Ltd. Announces Appointment of Poh Boon Hu Raymond as Independent Non-Executive Director Yangzijiang Shipbuilding (Holdings) Ltd. announced Appointment of Poh Boon Hu Raymond as Independent Non-Executive Director. The Board of Directors of the Company has reviewed and considered the qualifications and experience of Mr. Poh Boon Hu Raymond and upon the recommendation of the Nominating Committee, has approved the appointment of Mr. Poh Boon Hu Raymond as Independent Non-Executive Director of the Company. Job Title: Independent Non-Executive Director, Member of AC, Member of RC and Member of NC. Working Experience: June 2021 to Present: Chief Executive Officer of SDAX Exchange Pte Ltd. and SDAX Capital Markets Pte Ltd. August 2010 to May 2021: Executive Director of JPMorgan Chase Bank Singapore. Other DirectorShips Past: Executive Director with JPMorgan Chase Bank and JPMorgan Securities Pte Ltd. Other DirectorShips Present: CEO and Executive Director of SDAX Exchange Pte Ltd. and CEO of SDAX Capital Markets Pte Ltd. Director Experience Details: Mr. Poh Boon Hu Raymond will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange. Professional Qualifications - MAS Licensed Representative - Bachelor of Science in Aerospace Engineering. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 20% share price gain to S$1.24, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Machinery industry in Singapore. Total returns to shareholders of 163% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$1.68 per share. Reported Earnings • Aug 08
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down CN¥1.64b from profit in 1H 2021). Profit margin: (down from 25% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 11%, compared to a 9.7% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 16
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥22.6b to CN¥21.8b. EPS estimate also fell from CN¥0.93 per share to CN¥0.82 per share. Net income forecast to grow 7.6% next year vs 7.2% growth forecast for Machinery industry in Singapore. Consensus price target up from S$1.41 to S$1.46. Share price fell 3.0% to S$0.97 over the past week. Upcoming Dividend • May 05
Upcoming dividend of S$0.05 per share Eligible shareholders must have bought the stock before 12 May 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Singaporean dividend payers (5.8%). Lower than average of industry peers (7.2%). Reported Earnings • Apr 04
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥0.96 (up from CN¥0.64 in FY 2020). Revenue: CN¥16.8b (up 13% from FY 2020). Net income: CN¥3.70b (up 47% from FY 2020). Profit margin: 22% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 25%. Over the next year, revenue is forecast to grow 31%, compared to a 16% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: CN¥16.8b (up 13% from FY 2020). Net income: CN¥3.70b (up 47% from FY 2020). Profit margin: 22% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 33%, compared to a 28% growth forecast for the industry in Singapore. Recent Insider Transactions • Jan 25
Insider recently sold S$4.2m worth of stock On the 24th of January, Yuanlin Ren sold around 3m shares on-market at roughly S$1.33 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of S$4.7m more than they bought in the last 12 months.