Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to S$1.14, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 19x in the Electronic industry in Singapore. Total returns to shareholders of 97% over the past three years. Board Change • Apr 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Mar 03
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Feb 14
Willas-Array Electronics (Holdings) Limited Provides Unaudited Consolidated Earnings Guidance for the Year Ended December 31, 2025 Willas-Array Electronics (Holdings) Limited provided unaudited consolidated earnings guidance for the year ended December 31, 2025. The board of directors of the Company informed the shareholders and potential investors of the Company that, based on the Board's preliminary assessment of the unaudited consolidated management accounts of the Group (the "Unaudited Management Accounts") for the year ended December 31, 2025 (the "FY 2025"), it is expected that the Group is likely to record a consolidated net profit for the Fiscal Year 2025 in the range of HKD 45.0 million to HKD 55.0 million, as compared to a consolidated net loss of approximately HKD 61.6 million for the nine months ended December 31, 2024 (the "Period 2024"). Announcement • Feb 12
Willas-Array Electronics (Holdings) Limited to Report Fiscal Year 2025 Results on Feb 27, 2026 Willas-Array Electronics (Holdings) Limited announced that they will report fiscal year 2025 results on Feb 27, 2026 Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to S$1.07, the stock trades at a trailing P/E ratio of 38.9x. Average trailing P/E is 14x in the Electronic industry in Singapore. Total returns to shareholders of 98% over the past three years. Board Change • Dec 17
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Oct 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to S$1.11, the stock trades at a trailing P/E ratio of 40.4x. Average trailing P/E is 13x in the Electronic industry in Singapore. Total returns to shareholders of 76% over the past three years. New Risk • Aug 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (S$85.4m market cap, or US$66.6m). Reported Earnings • Aug 15
First half 2025 earnings released: EPS: HK$0.24 (vs HK$0.90 loss in 1H 2024) First half 2025 results: EPS: HK$0.24 (up from HK$0.90 loss in 1H 2024). Revenue: HK$1.16b (down 2.1% from 1H 2024). Net income: HK$20.7m (up HK$99.3m from 1H 2024). Profit margin: 1.8% (up from net loss in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Aug 04
Willas-Array Electronics (Holdings) Limited to Report First Half, 2025 Results on Aug 14, 2025 Willas-Array Electronics (Holdings) Limited announced that they will report first half, 2025 results on Aug 14, 2025 New Risk • Jul 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 38% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (S$72.4m market cap, or US$56.4m). Board Change • Jul 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jul 15
Willas-Array Electronics (Holdings) Limited has completed a Follow-on Equity Offering in the amount of HKD 39.9 million. Willas-Array Electronics (Holdings) Limited has completed a Follow-on Equity Offering in the amount of HKD 39.9 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,000,000
Price\Range: HKD 2.66
Transaction Features: Subsequent Direct Listing Announcement • Jun 30
Willas-Array Electronics (Holdings) Limited Appoints Huang Shaoli as Member of Nomination Committee, Effective June 30, 2025 Willas-Array Electronics (Holdings) Limited announced appointment of Ms. Huang Shaoli as Member of Nomination Committee. Role And Responsibilities: Non-executive. Job Title: Non-executive Director, Member of Nomination Committee. Working Experience: Vice President, Shanghai YCT Electronics Group Co. Ltd. ("Shanghai YCT") (2010 - 2019) Director, Shanghai YCT (2019 - present). Other DirectorShips Present: Director, Shanghai YCT Electronics Group Co. Ltd. Director, Kunshan Archer Electronics Co. Ltd. Director, Texin (HongKong) Electronics Co. Limited Chairman, Shenzhen E-MANTECH Ltd. Director, Jieyang Xuze Electronic Parts Co. Ltd. Director, Nanjing Shenlichuang Technology Co. Ltd. Director, Shanghai Xuhe Energy Saving Technology Co. Ltd. Director, Shanghai Xuze Electronic Components Co. Ltd. Director, Shanghai YCT Shengxin Engineering Management Co. Ltd. Director, Shenzhen Ouchuangxin Semiconductor Co. Ltd. Director, Sunac Micro (Shanghai) Electronic Technology Co. Ltd. Director, WE COMPONENTS (SHANGHAI) CO LTD Director, WINSTAR INVESTMENT MANAGEMENT PTE LTD Director, Xinsida Components (Shanghai) Co. Ltd. Director Experience Details: Non-executive director, Willas-Array Electronics (Holdings) Limited (May 2023 - present). Professional Qualifications: Master of business administration, Raffles University, 2023 Junior College Degree in International Business, Shanghai Institute of Science & Technology Management, 1999. Appointment Date is June 30, 2025. Board Change • Jun 20
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 22
Willas-Array Electronics (Holdings) Limited, Annual General Meeting, Jun 27, 2025 Willas-Array Electronics (Holdings) Limited, Annual General Meeting, Jun 27, 2025, at 09:30 Singapore Standard Time. Board Change • May 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 07
Willas-Array Electronics (Holdings) Limited to Report Q3, 2025 Results on May 21, 2025 Willas-Array Electronics (Holdings) Limited announced that they will report Q3, 2025 results on May 21, 2025 Announcement • Mar 10
Willas-Array Electronics (Holdings) Limited to Report Fiscal Year 2025 Results on Mar 31, 2025 Willas-Array Electronics (Holdings) Limited announced that they will report fiscal year 2025 results at 5:00 PM, Singapore Standard Time on Mar 31, 2025 Board Change • Feb 21
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jan 23
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 27
First half 2025 earnings released: HK$0.71 loss per share (vs HK$1.09 loss in 1H 2024) First half 2025 results: HK$0.71 loss per share (improved from HK$1.09 loss in 1H 2024). Revenue: HK$1.19b (down 13% from 1H 2024). Net loss: HK$62.2m (loss narrowed 35% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Board Change • Nov 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Nov 14
Willas-Array Electronics (Holdings) Limited to Report First Half, 2025 Results on Nov 22, 2024 Willas-Array Electronics (Holdings) Limited announced that they will report first half, 2025 results on Nov 22, 2024 Announcement • Oct 21
Willas-Array Electronics (Holdings) Limited Announces Re-Designation of Mr. Xie Lishu from A Non-Executive Director to an Executive Director The board of directors of Willas-Array Electronics (Holdings) Limited announced that Mr. Xie Lishu has been re-designated from a non-executive Director to an executive Director with effect from October 21, 2024. Mr. Xie will remain as the chairman of the Board as well as the chairman of the employee share option scheme committee of the Company. Mr. Xie, aged 52, was appointed as a non-executive Director and the chairman of the Board as well as the chairman of the ESOS Committee on May 20, 2023. Mr. Xie also serves as a director for various subsidiaries of the Company. Mr. Xie obtained a bachelor's degree in applied chemistry from Tongji University in 1996. He has over 27 years of experience in the electronics industry. He was a sales manager of China Circuit Technology (Shantou) Corporation from 1996 to 1999. Since 2008, Mr. Xie served as the chief executive officer of Shanghai YCT Electronics Group Co. Ltd., which is a company listed on the ChiNext Board of the Shenzhen Stock Exchange and Mr. Xie also served as the chairman of the board of directors of Shanghai YCT since 2019. Reported Earnings • Jun 23
Full year 2024 earnings released: HK$1.93 loss per share (vs HK$0.031 profit in FY 2023) Full year 2024 results: HK$1.93 loss per share (down from HK$0.031 profit in FY 2023). Revenue: HK$2.66b (down 15% from FY 2023). Net loss: HK$169.2m (down HK$171.9m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Jun 22
Willas-Array Electronics (Holdings) Limited, Annual General Meeting, Jul 31, 2024 Willas-Array Electronics (Holdings) Limited, Annual General Meeting, Jul 31, 2024, at 09:30 Singapore Standard Time. Announcement • Jun 13
Willas-Array Electronics (Holdings) Limited to Report Fiscal Year 2024 Results on Jun 21, 2024 Willas-Array Electronics (Holdings) Limited announced that they will report fiscal year 2024 results on Jun 21, 2024 Board Change • Dec 28
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Shaoli Huang is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Dec 03
First half 2024 earnings released: HK$1.09 loss per share (vs HK$0.15 profit in 1H 2023) First half 2024 results: HK$1.09 loss per share (down from HK$0.15 profit in 1H 2023). Revenue: HK$1.36b (down 24% from 1H 2023). Net loss: HK$95.2m (down HK$108.1m from profit in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Announcement • Nov 24
Willas-Array Electronics (Holdings) Limited Provides Unaudited Consolidated Earnings Guidance for the First Half of Fiscal Year 2024 Willas-Array Electronics (Holdings) Limited provided unaudited consolidated earnings guidance for the first half of fiscal year 2024. For the period, the company expects net loss of approximately HKD 95.2 million for 1H FY2024 as compared to a consolidated net profit of approximately HKD12.8 million for the six months ended September 30, 2022. The expected consolidated net loss for 1H FY2024 was mainly attributable to: (i) a decline in sales revenue of the Group as a result of the weak demand, strong inflation and continuous interest rate increase in 1H FY2024; (ii) a decrease in gross margin due to severe price competition in the overall electronic components market, which has exerted pressure on product margin; (iii) an increase in stock provision made for the slow-moving inventories due to a slowdown of market demand in 1H FY2024 as compared to 1H FY2023 where there was no stock provision; (iv) net impairment losses recognised under expected credit loss on trade receivables in 1H FY2024 as compared to 1H FY2023 where no such impairment losses was made; and (v) an increase in finance costs mainly due to rising weighted average effective interest rate in 1H FY2024 as compared to 1H FY2023. The adjusted loss attributable to owners of the Company was approximately HKD34.5 million in 1H FY2024, if excluding the stock provision of approximately HKD37.0 million, net impairment losses recognised under expected credit loss on trade receivables of approximately HKD8.4 million, and a net exchange loss of approximately HKD15.4 million. Announcement • Nov 15
Willas-Array Electronics (Holdings) Limited Announces Appointment of Fan Qinsheng as Executive Director The board of directors of Willas-Array Electronics (Holdings) Limited announced that Mr. Fan Qinsheng ("Mr. Fan") has been appointed by the Board as an executive Director with effect from November 14, 2023. Mr. Fan, aged 50, is responsible for overseeing financial internal control and compliance, external information distribution and risk management of the Group. He is also the supervisor of two subsidiaries of the Company in People's Republic of China. Mr. Fan graduated with a degree of Finance from Sun Yat-sen University in 2017. Before joining the Group, he was the assistant branch manager of Jieyang City Rongcheng Branch, Bank of China from May 2002 to June 2004, a sales officer of Jieyang City Branch Bank, Bank of China from November 2005 to December 2008, the branch manager of Jieyang Rongcheng Branch, Bank of China from July 2007 to June 2009, the branch manager of Jieyang Dongshan Branch, Bank of China from June 2008 to June 2010, the General Manager of International Business Department of Guangdong Jieyang Rural Commercial Bank from 2013 to 2021, a senior manager of Shanghai YCT Electronics Group Co. Ltd. (a company listed on the ChiNext Board of the Shenzhen Stock Exchange) from October 2021 to July 2023. Mr. Fan joined the Group as a financial manager in September 2023. Announcement • Nov 03
Willas-Array Electronics (Holdings) Limited to Report First Half, 2024 Results on Nov 14, 2023 Willas-Array Electronics (Holdings) Limited announced that they will report first half, 2024 results on Nov 14, 2023 Announcement • Oct 05
Willas-Array Electronics (Holdings) Limited Announces Change in Company Secretary The board of directors of the Willas-Array Electronics (Holdings) Limited announced that Ms. Chan Lai Yee (‘Ms. Chan’) has been appointed as a joint company secretary of the Company (the ‘Joint Company Secretary’) with effect from October 3, 2023. The existing Company Secretary, Mr. Leung, has become the other Joint Company Secretary with effect from the same day and will assist Ms. Chan in discharging her duties as a Joint Company Secretary for smooth transition of the role of company secretary. Mr. Leung will cease to be the Joint Company Secretary on November 2, 2023 and Ms. Chan will be the Company Secretary effective from November 2, 2023. The biographical details of Ms. Chan are set out as follows: Ms. Chan, aged 37, is an associate of The Hong Kong Chartered Governance Institute and an associate of The Chartered Governance Institute. She joined the Group in July 2021 as the Company Secretarial Officer and her scope of work includes assisting the Company Secretary in performing company secretarial duties for the Company. Ms. Chan graduated with a degree of Bachelor of Arts in Fashion and Textiles from The Hong Kong Polytechnic University in 2012, has been awarded Professional Diploma for Company Secretaries from The Hong Kong Management Association in 2015 and a degree of Master of Corporate Governance from The Open University of Hong Kong (currently known as Hong Kong Metropolitan University) in 2018. Prior to joining the Group, Ms. Chan has worked in other companies listed on the Main Board of The Stock Exchange of Hong Kong Limited from 2017 to 2021, as well as international corporate services provider company and local accounting firm from 2014 to 2017, where she gained over 9 years of experience in company secretarial area. Board Change • Sep 19
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. 1 highly experienced director. CFO, Company Secretary & Executive Director Raymond Leung is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Sep 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Zhang Yingwei Chong was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 15
Willas-Array Electronics (Holdings) Limited Announces Board Changes The board of directors of Willas-Array Electronics (Holdings) Limited announced that Mr. Chong Eng Wee ("Mr. Chong") has been appointed by the Board as an independent non-executive Director (the "Independent Non-executive Director") with effect from August 11, 2023. Mr. Chong has also been appointed as a member of each of the audit committee of the Company (the "Audit Committee"), nomination committee of the Company (the "Nomination Committee"), remuneration committee of the Company (the "Remuneration Committee") and compliance committee of the Company, with effect from August 11, 2023. Upon the effective date of the resignation of Mr. Tang Wai Loong Kenneth ("Mr. Tang") as an Independent Non-executive Director on August 30, 2023, Mr. Chong shall also be appointed as the chairman of the Nomination Committee with effect from August 30, 2023 to replace Mr. Tang. Mr. Chong, aged 43, graduated with a degree of Bachelor of Laws from Victoria University of Wellington, completed the Professional Legal Studies Course (New Zealand) from Institution of Professional Legal Studies, was awarded the Graduate Diploma in Singapore Law from National University of Singapore and completed the Postgraduate Practical Course in Law from Board of Legal Education, Singapore. Mr. Chong is an Advocate and Solicitor of the Supreme Court of Singapore, a Solicitor of the High Court of Hong Kong, a Barrister and Solicitor of the High Court of New Zealand and a lawyer of the Supreme Court of New South Wales, Australia. Mr. Chong is the managing director of Chevalier Law LLC since August 2021, a director of Chevalier CS Pte. Ltd. since April 2022 and a partner of Nixon Peabody CWL since July 2023. He was a consultant of Nixon Peabody CWL from December 2021 to June 2023, a partner and head of Corporate at Kennedys Legal Solutions Pte. Ltd. from October 2017 to July 2021, a partner and deputy head of Capital Markets & International China Practice at RHTLaw Taylor Wessing LLP from July 2015 to October 2017, and an associate director and representative of Shanghai representative office at Duane Morris & Selvam LLP from April 2011 to June 2015. Reported Earnings • Jul 05
Full year 2023 earnings released: EPS: HK$0.031 (vs HK$0.96 in FY 2022) Full year 2023 results: EPS: HK$0.031 (down from HK$0.96 in FY 2022). Revenue: HK$3.14b (down 8.5% from FY 2022). Net income: HK$2.72m (down 97% from FY 2022). Profit margin: 0.1% (down from 2.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 32% per year. Board Change • Jun 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Kai Tong was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 02
Full year 2023 earnings released: EPS: HK$0.031 (vs HK$0.96 in FY 2022) Full year 2023 results: EPS: HK$0.031 (down from HK$0.96 in FY 2022). Revenue: HK$3.14b (down 8.5% from FY 2022). Net income: HK$2.72m (down 97% from FY 2022). Profit margin: 0.1% (down from 2.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 34% per year. Announcement • Jun 01
Willas-Array Electronics (Holdings) Limited Announces Resignation of Mr. Tang Wai Loong Kenneth as Independent Non-Executive Director, Chairman of the Nomination Committee, Member of the Audit Committee, the Remuneration Committee and the Compliance Committee Willas-Array Electronics (Holdings) Limited announced resignation of Mr. Tang Wai Loong Kenneth as Independent Non-executive Director, Chairman of the Nomination Committee, Member of the Audit Committee, the Remuneration Committee and the Compliance Committee. Mr. Tang Wai Loong Kenneth has tendered his resignation as the Independent Non-executive Director, Chairman of the Nomination Committee, Member of the Audit Committee, the Remuneration Committee and the Compliance Committee of the Company due to his belief that the Company's next phase of development should be helmed by a refreshed Board after recent significant shareholding and leadership change of the Company and his having to devote more time and attention to his personal commitments. Board Change • May 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Kai Tong was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 17
Willas-Array Electronics (Holdings) Limited to Report Fiscal Year 2023 Results on May 30, 2023 Willas-Array Electronics (Holdings) Limited announced that they will report fiscal year 2023 results on May 30, 2023 Recent Insider Transactions • Apr 29
Insider recently sold S$25m worth of stock On the 26th of April, Chun Wah Leung sold around 15m shares on-market at roughly S$1.70 per share. This transaction amounted to 68% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of S$25m more than they bought in the last 12 months. Board Change • Dec 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Kai Tong was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 18
First half 2023 earnings released: EPS: HK$0.15 (vs HK$0.51 in 1H 2022) First half 2023 results: EPS: HK$0.15 (down from HK$0.51 in 1H 2022). Revenue: HK$1.78b (flat on 1H 2022). Net income: HK$12.8m (down 71% from 1H 2022). Profit margin: 0.7% (down from 2.4% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Kai Tong was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 29
Upcoming dividend of HK$0.73 per share Eligible shareholders must have bought the stock before 05 September 2022. Payment date: 21 September 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 7.7%. Within top quartile of Singaporean dividend payers (6.0%). Higher than average of industry peers (4.5%). Buying Opportunity • Aug 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.4%. The fair value is estimated to be S$0.95, 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. Meanwhile, the company has become profitable. Reported Earnings • Aug 02
Full year 2022 earnings released: EPS: HK$0.96 (vs HK$1.09 in FY 2021) Full year 2022 results: EPS: HK$0.96 (down from HK$1.09 in FY 2021). Revenue: HK$3.43b (down 3.7% from FY 2021). Net income: HK$82.2m (down 11% from FY 2021). Profit margin: 2.4% (down from 2.6% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 01
Now 20% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be S$0.96, 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. Meanwhile, the company has become profitable. Buying Opportunity • Jul 06
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be S$0.97, 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. Meanwhile, the company has become profitable. Buying Opportunity • Jun 17
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be S$0.96, 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. Meanwhile, the company has become profitable. Reported Earnings • May 29
Full year 2022 earnings released: EPS: HK$0.96 (vs HK$1.09 in FY 2021) Full year 2022 results: EPS: HK$0.96 (down from HK$1.09 in FY 2021). Revenue: HK$3.43b (down 3.7% from FY 2021). Net income: HK$82.2m (down 11% from FY 2021). Profit margin: 2.4% (down from 2.6% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 13
Insider recently bought S$52k worth of stock On the 10th of May, Seng Chong Yeo bought around 74k shares on-market at roughly S$0.70 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought S$94k more in shares than they have sold in the last 12 months. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Kenneth Tang was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 17
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: HK$0.51 (up from HK$0.26 in 1H 2021). Revenue: HK$1.79b (up 5.8% from 1H 2021). Net income: HK$43.5m (up 94% from 1H 2021). Profit margin: 2.4% (up from 1.3% in 1H 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Dec 07
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Lee Meng Lim was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
First half 2022 earnings released The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down HK$22.4m from profit in 1H 2021). Profit margin: (down from 1.3% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 30
Upcoming dividend of HK$0.33 per share Eligible shareholders must have bought the stock before 06 August 2021. Payment date: 27 August 2021. Trailing yield: 7.8%. Within top quartile of Singaporean dividend payers (5.0%). Higher than average of industry peers (3.7%). Reported Earnings • Jun 30
Full year 2021 earnings released: EPS HK$1.09 (vs HK$0.85 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: HK$3.56b (up 12% from FY 2020). Net income: HK$92.5m (up HK$165.0m from FY 2020). Profit margin: 2.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. 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. Reported Earnings • May 29
Full year 2021 earnings released: EPS HK$1.09 (vs HK$0.85 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: HK$3.56b (up 12% from FY 2020). Net income: HK$92.5m (up HK$165.0m from FY 2020). Profit margin: 2.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. 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 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS HK$0.44 (vs HK$0.053 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: HK$1.06b (up 25% from 3Q 2020). Net income: HK$37.3m (up HK$41.8m from 3Q 2020). Profit margin: 3.5% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 74% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 14
Second quarter 2021 earnings released: EPS HK$0.18 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: HK$925.9m (up 5.2% from 2Q 2020). Net income: HK$15.3m (up HK$46.5m from 2Q 2020). Profit margin: 1.7% (up from net loss in 2Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 97% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Second quarter 2021 earnings released: EPS HK$0.18 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: HK$925.9m (up 5.2% from 2Q 2020). Net income: HK$15.3m (up HK$46.5m from 2Q 2020). Profit margin: 1.7% (up from net loss in 2Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 97% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings.