Declared Dividend • May 20
Final dividend of US$0.31 announced Shareholders will receive a dividend of US$0.31. Ex-date: 4th June 2026 Payment date: 24th June 2026 Dividend yield will be 5.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (40% 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 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 20
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Bernard Yeung was the last independent 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: Minority of independent directors. Lack of board continuity. Duyuru • Mar 19
BOC Aviation Limited, Annual General Meeting, Jun 02, 2026 BOC Aviation Limited, Annual General Meeting, Jun 02, 2026. Duyuru • Mar 09
BOC Aviation Limited to Report Fiscal Year 2025 Results on Mar 19, 2026 BOC Aviation Limited announced that they will report fiscal year 2025 results on Mar 19, 2026 Duyuru • Aug 09
BOC Aviation Limited to Report First Half, 2025 Results on Aug 21, 2025 BOC Aviation Limited announced that they will report first half, 2025 results on Aug 21, 2025 Duyuru • May 29
BOC Aviation Limited Approves Final Dividend for the Year Ended December 31 2024 BOC Aviation Limited at its AGM held on 29 May 2025, approved final dividend of USD 0.2670 per Share for the year ended 31 December 2024. Duyuru • Mar 03
BOC Aviation Limited to Report Fiscal Year 2024 Final Results on Mar 13, 2025 BOC Aviation Limited announced that they will report fiscal year 2024 final results on Mar 13, 2025 Duyuru • Feb 28
BOC Aviation Limited Announces Chief Financial Officer Changes The Board of Directors of BOC Aviation Limited announced that Mdm. Wen Lan is appointed as Chief Financial Officer of the Company and a member of senior management with effect from 1 March 2025 in place of Mr. Wu Jianguang, who has retired on 28 February 2025. Mdm. Wen Lan, aged 46, joined the Company in September 2024 and is currently the Deputy Chief Financial Officer of the Company. Mdm. Wen joined Bank of China Limited ("BOC") in July 1999 and was the Deputy General Manager of the Financial Management Department and the Team Lead of the working group of the Enterprise Structure Construction Office of Bank of China from April 2021 to August 2024. From August 2013 to April 2021, Mdm. Wen served as the General Manager of the Financial Management Department of BOC Sydney branch and the President of BOC Brisbane branch, and the Assistant General Manager of the Financial Management Department of BOC. Mdm. Wen graduated from Renmin University of China in July 1999 with a Bachelor's degree in Economics majoring in International Accounting and obtained a Master's degree in Business Administration from Tsinghua University in July 2006. She holds the following professional qualifications: Certified Public Accountant in China, Certified Practicing Accountant in Australia, Certified Management Accountant in the United States, and is a designated Senior Accountant in China. Duyuru • Sep 24
BOC Aviation Limited Declares an Interim Dividend for the 2024, Payable on 10 October 2024 The Board of Directors of BOC Aviation Limited has approved a distribution of USD 0.1988 per share by way of interim dividend, which represents 30% of NPAT and a 76% increase on last year's interim dividend of USD 0.1131 per share. The interim dividend will be paid in Hong Kong Dollar (converted from US Dollar at the prevailing market rate at least one week before the payment date) on 10 October 2024 to Shareholders registered at the close of business on the record date, being 27 September 2024. The register of members will be closed from 25 September 2024 to 27 September 2024 (both dates inclusive), during which no transfer of Shares will be effected. In order to qualify for entitlement to the interim dividend, all transfer forms accompanied by the relevant share certificates must be lodged with the Company's Hong Kong Share Registrar, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong, for registration not later than 4:30 p.m. on 24 September 2024. Upcoming Dividend • Sep 16
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 23 September 2024. Payment date: 10 October 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (2.1%). Duyuru • Sep 02
BOC Aviation Limited Announces Executive Changes The Board of BOC Aviation Limited announced that Mr. Deng Lei, Chief Commercial Officer (Asia Pacific and the Middle East) and a member of the Senior Management team, has left his role with effect from 31 August 2024 in order to take up a new position with Bank of China Limited, the Company's indirect majority shareholder. Mr. Deng has confirmed that he has no disagreement with the Board and there is no matter which needs to be brought to the attention of the shareholders of the Company in relation to leaving this role. The Board announced that Mr. Qian Xiaofeng is appointed as Chief Commercial Officer (Asia Pacific and the Middle East) and a member of the Senior Management team with effect from 2 September 2024. Mr. Qian Xiaofeng, aged 51, joined Bank of China in 1993 and held various positions, including serving as the general manager of Bank of China Zheshang Industrial Fund Management (Zhejiang) Co. Ltd. from October 2015 to August 2024. From July 2010 to October 2015, Mr. Qian served as the General Manager of the Financial Market Department, the General Manager of the Corporate Business Department of Bank of China Zhejiang Branch. Mr. Qian graduated from Hangzhou University in July 1993 with a Bachelor's degree in Economics majoring in International Finance. He obtained a Master's degree in Business Administration from London Metropolitan University in June 2005. Declared Dividend • Aug 18
First half dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 23rd September 2024 Payment date: 10th October 2024 Dividend yield will be 6.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (34% 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 15% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 9.6% over the next 3 years. However, it would need to fall by 62% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 16
First half 2024 earnings released: EPS: US$0.66 (vs US$0.38 in 1H 2023) First half 2024 results: EPS: US$0.66 (up from US$0.38 in 1H 2023). Revenue: US$1.06b (up 5.9% from 1H 2023). Net income: US$460.0m (up 76% from 1H 2023). Profit margin: 43% (up from 26% in 1H 2023). Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Trade Distributors industry in Europe. 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 8% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 15
BOC Aviation Limited Declares Interim Dividend for the Six Months Ended 30 June 2024, Payable on 10 October 2024 BOC Aviation Limited declared Interim Dividend for the Six Months Ended 30 June 2024 of USD 0.1988 per share with Ex-dividend date of 23 September 2024; Record date of 27 September 2024 and Payment date of 10 October 2024. Duyuru • Aug 02
BOC Aviation Limited to Report First Half, 2024 Results on Aug 15, 2024 BOC Aviation Limited announced that they will report first half, 2024 results on Aug 15, 2024 Duyuru • Jul 29
BOC Aviation Limited Announces Board Changes BOC Aviation Limited announced that Mdm. Zhang Xiaolu, the Chairman and a non-executive director of the Company, is appointed as the Nomination Committee Chairman with effect from 29 July 2024. In addition, Mdm. Zhang Xiaolu ceases to be a member of the Strategy and Budget Committee and Mdm. Chen Jing, a non-executive director of the Company, is appointed as a member of the Strategy and Budget Committee on 29 July 2024. The Board announces that Mr. Jonathan James Edward Mahony will leave his role as the Hong Kong Secretary and an authorised representative of the Company for the purpose of Rule 3.05 of the Listing Rules with effect from 29 July 2024, in order to focus on his duties as General Counsel of the Company. Mr. Mahony has confirmed that he has no disagreement with the Board and there is no matter which needs to be brought to the attention of the shareholders of the Company in relation to leaving this role. The Board announces that Mr. So Yiu Fung is appointed as the Company Secretary and an authorised representative of the Company for the purpose of Rule 3.05 of the Listing Rules with effect from 29 July 2024. Mr. So, aged 42, is a fellow member of the Hong Kong Institute of Certified Public Accountants, a fellow member of the Association of International Accountants and a member of the Association of International Accountants Singapore Branch. He holds a Bachelor's Degree in Civil Engineering from the University of Hong Kong. Before joining the Company in May 2024, Mr. So worked as the company secretary of certain companies listed on the Main Board of the Stock Exchange including certain constituents of the Hang Seng Index. Prior to that, he also worked as the deputy finance director of a property development company listed on the Main Board of the Stock Exchange, the senior company secretarial officer of a state-owned conglomerate and the manager of a corporate finance advisory firm. Mr. So has over 15 years of experience in corporate finance, merger and acquisition, company secretary and accounting matters. Buy Or Sell Opportunity • Jul 11
Now 22% overvalued Over the last 90 days, the stock has fallen 7.5% to €6.75. The fair value is estimated to be €5.54, 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 6.8%. For the next 3 years, revenue is forecast to grow by 9.1% per annum. Earnings are also forecast to grow by 3.1% per annum over the same time period. Duyuru • Jul 01
BOC Aviation Limited Appoints Mdm. Zhang Xiaolu as Chairman of the Board BOC Aviation Limited announced that Mdm. Zhang Xiaolu has been appointed as chairman of the board with effect from 30 June 2024. Mdm. Zhang remains as a member of the Strategy and Budget Committee. Mdm. Zhang, aged 56, is currently the General Manager of Equity Investment and Subsidiary Management Department of Bank of China Limited (BOC). She joined the Company as Deputy Managing Director, an Executive Director and Vice Chairman of the Board in January 2020, and was redesignated as a Non-executive Director and left her executive role of the company in April 2024. Prior to that, Mdm. Zhang had worked at BOC since July 1990 in various positions, including serving as Deputy CEO and COO at Bank of China (Suisse) S.A., as an Executive Director and Special Advisor of Bank Julius Baer & Co. Ltd. in Zurich and as Deputy General Manager of BOC Luxembourg Branch and Bank of China (Luxembourg) S.A. Mdm. Zhang graduated with a Bachelor of Economics degree from Beijing Union University in 1990, a Bachelor of Arts degree from Beijing Foreign Studies University in 2006 and a Master's degree in Business Administration from Southwestern University of Finance and Economics in 2000. Duyuru • May 31
BOC Aviation Limited Approves Final Dividend for the Year Ended 31 December 2023 BOC Aviation Limited approved final dividend of USD 0.2721 per share for the year ended 31 December 2023 at its AGM held on May 30, 2024. Buy Or Sell Opportunity • May 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.6% to €6.80. The fair value is estimated to be €5.61, 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 6.8%. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings are also forecast to grow by 5.9% per annum over the same time period. Upcoming Dividend • May 27
Upcoming dividend of US$0.27 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.1%). Duyuru • Apr 19
BOC Aviation Limited Announces Resignation of Wang Xiao as A Non-Executive Director and A Member of the Risk Committee and the Strategy and Budget Committee BOC Aviation Limited announced the resignation of Mr. Wang Xiao as a Non-executive Director and a member of the Risk Committee and the Strategy and Budget Committee on 15 April 2024. Mr. Wang Xiao has left his role as a Non-executive Director and a member of the Risk Committee and the Strategy and Budget Committee for business reasons. Duyuru • Mar 27
BOC Aviation Limited Announces Resignation of Liu Jin as Non-Executive Director, Chairman of the Board and Chairman of the Nomination Committee The Board of Directors of BOC Aviation Limited announced that Mr. Liu Jin has resigned as a Non-executive Director, Chairman of the Board and Chairman of the Nomination Committee with effect from 27 March 2024 due to work arrangements. Mr. Liu Jin has confirmed that he has no disagreement with the Board and there is no matter with respect to his resignation that needs to be brought to the attention of the shareholders of the Company. The Company will announce the appointment of the successor Chairman of the Board and Chairman of the Nomination Committee in due course. Buy Or Sell Opportunity • Mar 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.2% to €6.90. The fair value is estimated to be €5.69, 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 6.8%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings are also forecast to grow by 6.5% per annum over the same time period. Declared Dividend • Mar 17
Final dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 3rd June 2024 Payment date: 21st June 2024 Dividend yield will be 5.6%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (35% 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 18% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 15
BOC Aviation Limited, Annual General Meeting, May 30, 2024 BOC Aviation Limited, Annual General Meeting, May 30, 2024. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: US$1.10 (vs US$0.029 in FY 2022) Full year 2023 results: EPS: US$1.10 (up from US$0.029 in FY 2022). Revenue: US$2.46b (up 28% from FY 2022). Net income: US$763.9m (up US$743.8m from FY 2022). Profit margin: 31% (up from 1.0% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Duyuru • Mar 14
BOC Aviation Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 21 June 2024 BOC Aviation Limited proposed final dividend of USD 0.2721 per share for the year ended 31 December 2023, payable on 21 June 2024. Ex-dividend date is on 03 June 2024 with Record date on 07 June 2024. Date of shareholders' approval on 30 May 2024. Buy Or Sell Opportunity • Feb 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to €6.80. The fair value is estimated to be €5.63, 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. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Jan 24
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 8.4% to €6.45. The fair value is estimated to be €5.11, 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. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Duyuru • Nov 18
BOC Aviation Limited Announces Management Changes BOC Aviation Limited announced that, with effect from 16 November 2023, (i) Mr. Dong Zonglin has resigned as a Non-executive Director, Chairman of the Strategy and Budget Committee and a member of the Audit Committee due to business reasons and (ii) Mdm. Wei Hanguang has resigned as a Non-executive Director, and a member of the Nomination Committee and the Remuneration Committee due to business reasons. The Board announces that, with effect from 16 November 2023, (i) Mr. Jin Hongju is appointed as a Non-executive Director, Chairman of the Strategy and Budget Committee and a member of the Audit Committee and (ii) Mdm. Li Ke is appointed as a Non-executive Director and a member of the Nomination Committee and the Remuneration Committee. Mr. Jin Hongju, aged 45, joined Bank of China ("BOC") in July 2000 and is currently the ExecutiveManager of the Equity Investment and Subsidiary Management Department of BOC. Mr. Jin is also a Director of Zhong Yi Shan Yuan (Beijing) Technology Co. Ltd., BOC Fullerton Community Bank Co. Ltd. and Bank of China Group Investment Fund Management (Beijing) Co. Ltd. From August 2012 to February 2019, he served successively as Deputy General Manager of BOC Jinan Branch, General Manager of the Investment Banking and Asset Management Department of BOC Shandong Branch and Executive Manager of the BOC Board Secretariat Department. He graduated from Renmin University of China in July 2000 with a Bachelor's degree in International Accounting, and then graduated from the China Europe International Business School in China in September 2010 with a Master's degree in Business Administration. Mdm. Li Ke, aged 47, joined BOC in July 1999 and is currently the Deputy General Manager of the Human Resources Department of BOC. Mdm. Li is also a Director of Bank of China (Australia) Limited and Bank of China Group Investment Fund Management (Beijing) Co. Ltd. From January 2021 to September 2023, she served successively as the Executive Internal Control and Compliance Manager and the Deputy General Manager of the Internal Control and Legal Compliance Department of BOC. Mdm. Li graduated from Peking University in July 1998 with a Bachelor of Laws degree and received her Master of Laws degree from Peking University in September 2004. Upcoming Dividend • Sep 18
Upcoming dividend of US$0.11 per share at 3.5% yield Eligible shareholders must have bought the stock before 25 September 2023. Payment date: 12 October 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (2.7%). Duyuru • Aug 18
BOC Aviation Limited Declares Interim Dividend for the Six Months Ended 30 June 2023, Payable on 12 October 2023 BOC Aviation Limited have declared an interim dividend of USD 0.1131 per Share for the six months ended 30 June 2023. The interim dividend will be paid in Hong Kong Dollar (converted from US Dollar at the prevailing market rate at least one week before the payment date) on 12 October 2023 to Shareholders registered at the close of business on the record date, being 29 September 2023. This declared interim dividend is not reflected as a dividend payable in the Interim Financial Statements, but will be reflected as an appropriation of retained earnings for the year ending 31 December 2023. The register of members will be closed from 27 September 2023 to 29 September 2023 (both dates inclusive), during which no transfer of Shares will be effected. In order to qualify for entitlement to the interim dividend, all transfer forms accompanied by the relevant share certificates must be lodged with the Company's Hong Kong Share Registrar, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong, for registration not later than 4:30 p.m. on 26 September 2023. Reported Earnings • Aug 18
First half 2023 earnings released: EPS: US$0.38 (vs US$0.45 loss in 1H 2022) First half 2023 results: EPS: US$0.38 (up from US$0.45 loss in 1H 2022). Revenue: US$1.00b (up 5.2% from 1H 2022). Net income: US$261.6m (up US$574.1m from 1H 2022). Profit margin: 26% (up from net loss in 1H 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • Aug 05
BOC Aviation Limited to Report First Half, 2023 Results on Aug 17, 2023 BOC Aviation Limited announced that they will report first half, 2023 results on Aug 17, 2023 Duyuru • Jul 13
BOC Aviation Limited Appoints Thomas Chandler as Chief Operating Officer BOC Aviation Limited announces that Mr. Thomas Chandler has been appointed as Chief Operating Officer and a member of the Senior Management team. Mr. Thomas Chandler, aged 49, joined the Company in January 2023 as Deputy Chief Operating Officer. He currently oversees the Legal and Transaction Management, Compliance and Insurance, Technical, Procurement and Information Technology Departments. Mr. Chandler has more than 25 years of experience in aircraft leasing, financing and procurement and has worked in the legal, banking and aviation sectors. Prior to joining the Company, Mr. Chandler was the Managing Director, Fleet and Asset Management of TUI Group responsible for the TUI Group aircraft fleet activities. He graduated from Swansea University in the United Kingdom with a Bachelor of Art (Honours) degree in History. He also received Post Graduate Diplomas in Law and in Legal Practice from the University of the West of England in the United Kingdom. Duyuru • Jul 04
BOC Aviation Limited Announces Retirement of David Walton as Deputy Managing Director, Chief Operating Officer and Member of Senior Management Team The Board of BOC Aviation Limited announced that Mr. David Walton, Deputy Managing Director and Chief Operating Officer and a member of the Senior Management team, retired from the Company in accordance with the Company's retirement policy on 30 June 2023. Duyuru • May 31
BOC Aviation Limited Approves to Declare Final Dividend for the Year Ended December 31, 2022 BOC Aviation Limited approved to declare a final dividend of USD 0.1770 per Share for the year ended December 31, 2022 at the Annual General Meeting held on May 30, 2023. Upcoming Dividend • May 25
Upcoming dividend of US$0.18 per share at 3.5% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 23 June 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.7%). Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: US$0.03 (vs US$0.81 in FY 2021) Full year 2022 results: EPS: US$0.03 (down from US$0.81 in FY 2021). Revenue: US$2.31b (up 13% from FY 2021). Net income: US$20.1m (down 96% from FY 2021). Profit margin: 0.9% (down from 28% in FY 2021). Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Duyuru • Feb 04
BOC Aviation Limited Announces Resignation of Chen Huaiyu as Non-Executive Director, Chairman of the Board and Chairman of the Nomination Committee BOC Aviation Limited announced that Mr. Chen Huaiyu has resigned as a Non-executive Director, Chairman of the Board and Chairman of the Nomination Committee with effect from 3 February 2023 due to being appointed to a new role. Mr. Chen Huaiyu has confirmed that he has no disagreement with the Board and there is no matter with respect to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board would like to take this opportunity to express their gratitude to Mr. Chen for his contribution during his term of office. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Bernard Yeung was the last independent 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: Minority of independent directors. Lack of board continuity. Duyuru • Oct 04
BOC Aviation Limited Announces Interim Dividend for the Six Months Ended June 30, 2022, Payable on October 12, 2022 BOC Aviation Limited announced an interim dividend of USD 0.0889 per share for the six months ended June 30, 2022. As disclosed in the Announcement, the Interim Dividend will be paid in Hong Kong Dollars based on the prevailing US Dollar/Hong Kong Dollar market conversion rate at least one week before the payment date on 12 October 2022. Based on the exchange rate of US Dollar 1: Hong Kong Dollars 7.8497 being the rate at which the Company purchased Hong Kong Dollars on 30 September 2022 for the purpose of making the Interim Dividend payment, the Company announced that the amount of the Interim Dividend payable per Share for the six months ended 30 June 2022 is HKD 0.6978. Upcoming Dividend • Sep 19
Upcoming dividend of US$0.089 per share Eligible shareholders must have bought the stock before 26 September 2022. Payment date: 12 October 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 19
First half 2022 earnings released: US$0.45 loss per share (vs US$0.37 profit in 1H 2021) First half 2022 results: US$0.45 loss per share (down from US$0.37 profit in 1H 2021). Revenue: US$1.20b (up 17% from 1H 2021). Net loss: US$312.5m (down 223% from profit in 1H 2021). Over the next year, revenue is forecast to grow 11%, compared to a 8.3% growth forecast for the Trade Distributors industry in Germany. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Aug 19
BOC Aviation Limited Announces Interim Dividend for the Six Months Ended 30 June 2022, Payable on 12 October 2022 BOC Aviation Limited announced interim dividend of USD 0.0889 per share for the six months ended 30 June 2022. With an Ex-dividend date of 26 September 2022, Record date of 30 September 2022 and Payment date of 12 October 2022. Duyuru • Aug 06
BOC Aviation Limited to Report First Half, 2022 Results on Aug 18, 2022 BOC Aviation Limited announced that they will report first half, 2022 results on Aug 18, 2022 Duyuru • Jul 04
BOC Aviation Limited Provides Earnings Guidance for the Six Months Ended 30 June 2022 BOC Aviation Limited provided earnings guidance for the six months ended 30 June 2022. For the period, the company expected to report a net loss after tax of between USD 310 million and USD 330 million as compared with a net profit after tax of USD 254 million for the six month period ended 30 June 2021. Duyuru • Jun 17
BOC Aviation Limited Announces Final Dividend for the Financial Year Ended 31 December 2021, Payable on 24 June 2022 BOC Aviation Limited announced final dividend of USD 0.1733 per share for the financial year ended 31 December 2021. With an Ex-dividend date of 13 June 2022, Record date of 17 June 2022 and Payment date of 24 June 2022. Duyuru • Jun 10
BOC Aviation Limited Approves Final Dividend for the Year Ended 31 December 2021 BOC Aviation Limited approved final dividend of USD 0.1733 per share for the year ended 31 December 2021. Upcoming Dividend • Jun 06
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 13 June 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.2%). Higher than average of industry peers (2.5%). Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Bernard Yeung was the last independent 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: Minority of independent directors. Lack of board continuity. Duyuru • Apr 27
BOC Aviation Limited Proposes Final Dividend for the Year Ended 31 December 2021 BOC Aviation Limited proposed declare a final dividend of USD 0.1733 per share for the year ended 31 December 2021, at its AGM to be held on June 9, 2022. Duyuru • Apr 20
BOC Aviation Limited Announces Executive Changes, with Effect from April 18, 2022 BOC Aviation Limited announced that, with effect from April 18, 2022, Liu Chenggang has resigned as a Non-executive Director, Chairman of the Strategy and Budget Committee and a member of the Audit Committee due to business reasons and Mdm. Zhu Lin has resigned as a Non-executive Director, and a member of the Audit Committee and the Risk Committee due to business reasons. The Board also announced that, with effect from April 18, 2022, Mr. Dong Zonglin is appointed as a Non-executive Director, Chairman of the Strategy and Budget Committee and a member of the Audit Committee and Mdm. Chen Jing is appointed as a Non-executive Director, and a member of the Audit Committee and the Risk Committee. Mr. Dong Zonglin, aged 57, joined Bank of China in July 1988 and is currently in charge of Equity Investment and Subsidiary Management Department of BOC. From April 2002 to March 2022, Mr. Dong served successively as Assistant General Manager of BOC Shaanxi Branch, Deputy General Manager of BOC Heilongjiang Branch, General Manager of BOC Operation Service Unit, General Manager of BOC Operation Control Department, and General Manager of BOC Suzhou Branch. Mdm. Chen Jing, aged 46, joined Bank of China in April 2000 and is currently the Deputy General Manager of Credit Management Department. Prior to her current role, she served as Deputy General Manager of BOC Jinan Branch from August 2012 to August 2015. Mdm. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$0.81 (up from US$0.73 in FY 2020). Revenue: US$2.18b (up 11% from FY 2020). Net income: US$561.3m (up 10% from FY 2020). Profit margin: 26% (in line with FY 2020). Revenue missed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 6.6%, compared to a 9.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €6.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Trade Distributors industry in Europe. Total returns to shareholders of 1.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.26 per share. Buying Opportunity • Mar 05
Now 24% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be US$8.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% per annum over the last 3 years. Earnings per share has declined by 8.5% per annum over the last 3 years. Duyuru • Mar 03
BOC Aviation Limited to Report Fiscal Year 2021 Results on Mar 10, 2022 BOC Aviation Limited announced that they will report fiscal year 2021 results on Mar 10, 2022 Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 15% share price gain to €7.25, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Trade Distributors industry in Europe. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.47 per share. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €6.05, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 18x in the Trade Distributors industry in Europe. Total returns to shareholders of 2.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.70 per share. Upcoming Dividend • Sep 20
Upcoming dividend of US$0.11 per share Eligible shareholders must have bought the stock before 27 September 2021. Payment date: 13 October 2021. Trailing yield: 3.2%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 21
First half 2021 earnings released: EPS US$0.37 (vs US$0.47 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: US$1.10b (up 9.4% from 1H 2020). Net income: US$253.9m (down 22% from 1H 2020). Profit margin: 23% (down from 32% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Jul 06
BOC Aviation Limited Provides Group Earnings Guidance for the Six Month Period Ended 30 June 2021 BOC Aviation Limited provided group earnings guidance for the six month period ended 30 June 2021. The COVID-19 pandemic and consequent global travel restrictions which continued into 2021 have had a material adverse impact on many airlines, including certain of the Group's customers. As a result, the Board expects that the Group will incur provisions for doubtful debts and impairment charges for the six month period ending on 30 June 2021 that will result in the net profit after tax for that period being between 20% and 25% lower than the net profit after tax for the six month period ending on 30 June 2020. Executive Departure • Jun 18
Non-Executive Director Mang Li has left the company On the 17th of June, Mang Li's tenure as Non-Executive Director ended after 5.5 years in the role. We don't have any record of a personal shareholding under Mang's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 12.92 years. Executive Departure • Jun 14
Non-Executive Director Zhiheng Wang has left the company On the 4th of June, Zhiheng Wang's tenure as Non-Executive Director ended after 2.6 years in the role. We don't have any record of a personal shareholding under Zhiheng's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 12.92 years. Upcoming Dividend • Jun 01
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 18 June 2021. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.3%). Duyuru • May 06
BOC Aviation Limited Proposes Final Dividend for the Year Ended December 31, 2020 BOC Aviation Limited proposed to declare a final dividend of USD 0.1173 per share for the year ended December 31, 2020 in the annual general meeting to be held on June 3, 2021. The register of members of the Company will be closed, for the purpose of determining Shareholders' entitlement to the proposed final dividend, from 9 June 2021 to 11 June 2021 (both days inclusive), during which period no transfer of Shares will be registered. In order to qualify for the proposed final dividend, Shareholders should ensure that all transfer documents, accompanied by the relevant share certificates, are lodged with the Company's Share Registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong, not later than 4:30 p.m. on 8 June 2021. Duyuru • Mar 12
BOC Aviation Limited Proposes Final Dividend for the Year 2020, Payable on June 18, 2021 BOC Aviation Limited at its AGM to be held on June 3, 2021 proposed a final dividend for 2020 of USD 0.1173 per share. The final dividend will be payable to shareholders registered at the close of business on the record date, being June 11, 2021, bringing the total dividend for the financial year 2020 to USD 0.25711 per share. If approved, the final dividend will be paid on 18 June 2021 to shareholder. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS US$0.73 (vs US$1.01 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: US$2.05b (up 14% from FY 2019). Net income: US$509.8m (down 27% from FY 2019). Profit margin: 25% (down from 39% in FY 2019). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 0.9%. Over the next year, revenue is forecast to grow 15%, compared to a 4.8% growth forecast for the Trade Distributors industry in Germany. Duyuru • Mar 12
BOC Aviation Limited, Annual General Meeting, Jun 03, 2021 BOC Aviation Limited, Annual General Meeting, Jun 03, 2021. Agenda: To approve the audited financial statements for the financial year ended 31 December 2020; to consider a final dividend for the year ended 31 December 2020; and to consider other matters. Duyuru • Mar 02
BOC Aviation Limited to Report Fiscal Year 2020 Results on Mar 11, 2021 BOC Aviation Limited announced that they will report fiscal year 2020 results on Mar 11, 2021 Is New 90 Day High Low • Feb 26
New 90-day high: €7.90 The company is up 9.0% from its price of €7.25 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.98 per share. Duyuru • Dec 25
Boc Aviation Limited Announces Resignation of Sun Yu as Non-Executive Director, Chairman The Board of Directors of BOC Aviation Limited announces that Mr. Sun Yu has resigned as a Non-executive Director, Chairman of the Board and Chairman of the Nomination Committee with effect from 23 December 2020 due to being appointed to a new role. Is New 90 Day High Low • Nov 10
New 90-day high: €6.90 The company is up 29% from its price of €5.35 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.80 per share. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 31% share price gain to US$6.90, the stock is trading at a trailing P/E ratio of 8.2x, up from the previous P/E ratio of 6.2x. This compares to an average P/E of 22x in the Trade Distributors industry in Germany. Total returns to shareholders over the past three years are 79%. Duyuru • Aug 11
BOC Aviation Limited to Report First Half, 2020 Results on Aug 20, 2020 BOC Aviation Limited announced that they will report first half, 2020 results on Aug 20, 2020 
