Buy Or Sell Opportunity • 59m
Now 22% overvalued Over the last 90 days, the stock has fallen 32% to CN¥4.55. The fair value is estimated to be CN¥3.74, however this is not to be taken as a sell 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 15%. Revenue is forecast to grow by 6.7% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Declared Dividend • Jun 15
Dividend of CN¥0.10 announced Shareholders will receive a dividend of CN¥0.10. Ex-date: 18th June 2026 Payment date: 18th June 2026 Dividend yield will be 4.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (56% 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 1.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Apr 28
Vatti Corporation Limited, Annual General Meeting, May 19, 2026 Vatti Corporation Limited, Annual General Meeting, May 19, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Zhongshan, Guangdong China Duyuru • Mar 31
Vatti Corporation Limited to Report Q1, 2026 Results on Apr 28, 2026 Vatti Corporation Limited announced that they will report Q1, 2026 results on Apr 28, 2026 Duyuru • Dec 31
Vatti Corporation Limited to Report Fiscal Year 2025 Results on Apr 28, 2026 Vatti Corporation Limited announced that they will report fiscal year 2025 results on Apr 28, 2026 Duyuru • Sep 30
Vatti Corporation Limited to Report Q3, 2025 Results on Oct 28, 2025 Vatti Corporation Limited announced that they will report Q3, 2025 results on Oct 28, 2025 Duyuru • Jul 02
Vatti Corporation Limited to Report First Half, 2025 Results on Aug 30, 2025 Vatti Corporation Limited announced that they will report first half, 2025 results on Aug 30, 2025 Duyuru • Apr 29
Vatti Corporation Limited, Annual General Meeting, May 20, 2025 Vatti Corporation Limited, Annual General Meeting, May 20, 2025, at 14:30 China Standard Time. Duyuru • Mar 31
Vatti Corporation Limited to Report Q1, 2025 Results on Apr 29, 2025 Vatti Corporation Limited announced that they will report Q1, 2025 results on Apr 29, 2025 Duyuru • Dec 31
Vatti Corporation Limited to Report Fiscal Year 2024 Results on Apr 29, 2025 Vatti Corporation Limited announced that they will report fiscal year 2024 results on Apr 29, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.12 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.13 (up from CN¥0.12 in 3Q 2023). Revenue: CN¥1.47b (down 4.9% from 3Q 2023). Net income: CN¥104.2m (up 5.7% from 3Q 2023). Profit margin: 7.1% (up from 6.4% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CN¥7.99, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Consumer Durables industry in China. Total returns to shareholders of 28% over the past three years. Duyuru • Sep 30
Vatti Corporation Limited to Report Q3, 2024 Results on Oct 31, 2024 Vatti Corporation Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥6.61, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Consumer Durables industry in China. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥5.22 per share. Duyuru • Jun 29
Vatti Corporation Limited to Report First Half, 2024 Results on Aug 30, 2024 Vatti Corporation Limited announced that they will report first half, 2024 results on Aug 30, 2024 Declared Dividend • Jun 22
Dividend increased to CN¥0.30 Dividend of CN¥0.30 is 200% higher than last year. Ex-date: 26th June 2024 Payment date: 26th June 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 63% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Apr 28
Vatti Corporation Limited, Annual General Meeting, May 16, 2024 Vatti Corporation Limited, Annual General Meeting, May 16, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Zhongshan, Guangdong China Agenda: To consider the 2023 annual report and its summary; to consider the 2023 work report of the board of directors; to consider the 2023 work report of the supervisory committee; to consider the 2023 annual accounts report; to consider the 2024 financial budget report; to consider the 2023 profit distribution plan; to consider the adjustment of the quota of idle proprietary funds for entrusted wealth management; to consider the 2024 remuneration plan for directors; and to consider the 2024 remuneration plan for supervisors. Duyuru • Apr 27
Vatti Corporation Limited Proposes Final Cash Dividend for the Year 2023 Vatti Corporation Limited proposed final cash dividend/10 shares (tax included) is CNY 3.0000000 for the year 2023. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: CN¥0.15 (vs CN¥0.11 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.15 (up from CN¥0.11 in 1Q 2023). Revenue: CN¥1.38b (up 16% from 1Q 2023). Net income: CN¥124.1m (up 35% from 1Q 2023). Profit margin: 9.0% (up from 7.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Duyuru • Mar 30
Vatti Corporation Limited to Report Q1, 2024 Results on Apr 26, 2024 Vatti Corporation Limited announced that they will report Q1, 2024 results on Apr 26, 2024 Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥4.95, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Consumer Durables industry in China. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥3.37 per share. Duyuru • Dec 29
Vatti Corporation Limited to Report Fiscal Year 2023 Results on Apr 26, 2024 Vatti Corporation Limited announced that they will report fiscal year 2023 results on Apr 26, 2024 Duyuru • Dec 07
Vatti Corporation Limited (SZSE:002035) announces an Equity Buyback for CNY 200 million worth of its shares. Vatti Corporation Limited (SZSE:002035) announces a share repurchase program. Under the program, the company will repurchase up to CNY 200 million worth of its shares. The plan will be valid for 12 months. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: CN¥0.12 (vs CN¥0.046 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.12 (up from CN¥0.046 in 3Q 2022). Revenue: CN¥1.55b (up 6.6% from 3Q 2022). Net income: CN¥98.6m (up 152% from 3Q 2022). Profit margin: 6.4% (up from 2.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has fallen by 41% 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 • Aug 30
Second quarter 2023 earnings released: EPS: CN¥0.20 (vs CN¥0.19 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.20 (up from CN¥0.19 in 2Q 2022). Revenue: CN¥1.68b (flat on 2Q 2022). Net income: CN¥168.9m (up 4.3% from 2Q 2022). Profit margin: 10.0% (in line with 2Q 2022). Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Durables industry in China. 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 19% per year, which means it has not declined as severely as earnings. Duyuru • May 23
Vatti Corporation Limited Approves Cash Dividend for the Year 2022 Vatti Corporation Limited approved cash dividend per ten shares (tax included) of CNY 1.00000000 for the year 2022, at its Annual General Meeting of 2022 on 19 May 2023. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: CN¥0.11 (vs CN¥0.094 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.11 (up from CN¥0.094 in 1Q 2022). Revenue: CN¥1.19b (up 6.2% from 1Q 2022). Net income: CN¥92.2m (up 16% from 1Q 2022). Profit margin: 7.7% (up from 7.1% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥7.45, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Consumer Durables industry in China. Total loss to shareholders of 24% over the past three years. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.046 (vs CN¥0.045 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.046 (up from CN¥0.045 in 3Q 2021). Revenue: CN¥1.46b (up 12% from 3Q 2021). Net income: CN¥39.2m (up 2.4% from 3Q 2021). Profit margin: 2.7% (down from 2.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has fallen by 42% 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. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.19 (vs CN¥0.19 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.19 (vs CN¥0.19 in 2Q 2021). Revenue: CN¥1.68b (up 4.4% from 2Q 2021). Net income: CN¥161.9m (flat on 2Q 2021). Profit margin: 9.6% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 11%, compared to a 14% growth forecast for the Consumer Durables industry in China. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 30
Full year 2021 earnings released: EPS: CN¥0.24 (vs CN¥0.47 in FY 2020) Full year 2021 results: EPS: CN¥0.24 (down from CN¥0.47 in FY 2020). Revenue: CN¥5.59b (up 28% from FY 2020). Net income: CN¥207.3m (down 49% from FY 2020). Profit margin: 3.7% (down from 9.4% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.7%, compared to a 14% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 28% per year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. Non Independent Director Jianhui Yang was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.044 (vs CN¥0.13 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: CN¥1.31b (flat on 3Q 2020). Net income: CN¥38.3m (down 65% from 3Q 2020). Profit margin: 2.9% (down from 8.3% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 13% per year. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS CN¥0.19 (vs CN¥0.14 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥1.61b (up 65% from 2Q 2020). Net income: CN¥161.9m (up 37% from 2Q 2020). Profit margin: 10% (down from 12% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 17% per year. Reported Earnings • May 01
First quarter 2021 earnings released: EPS CN¥0.089 (vs CN¥0.053 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥1.05b (up 52% from 1Q 2020). Net income: CN¥77.4m (up 67% from 1Q 2020). Profit margin: 7.4% (up from 6.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Jan 28
New 90-day low: CN¥7.80 The company is down 13% from its price of CN¥8.94 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥3.28 per share. Is New 90 Day High Low • Jan 11
New 90-day low: CN¥8.10 The company is down 19% from its price of CN¥9.99 on 14 October 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥3.29 per share. Is New 90 Day High Low • Dec 24
New 90-day low: CN¥8.93 The company is down 10.0% from its price of CN¥9.88 on 25 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥3.04 per share. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 10% at CN¥1.31b. Revenue is forecast to grow 22% over the next year, compared to a 16% growth forecast for the Consumer Durables industry in China. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥503.3m, down 33% from the prior year. Total revenue was CN¥4.45b over the last 12 months, down 22% from the prior year. Is New 90 Day High Low • Oct 23
New 90-day low: CN¥9.48 The company is down 9.0% from its price of CN¥10.40 on 24 July 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥2.74 per share. Is New 90 Day High Low • Sep 25
New 90-day low: CN¥9.88 The company is down 3.0% from its price of CN¥10.21 on 24 June 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥2.57 per share.