Buy Or Sell Opportunity • Jun 29
Now 20% overvalued Over the last 90 days, the stock has fallen 5.8% to HK$10.76. The fair value is estimated to be HK$8.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 8.2% per annum over the same time period. Upcoming Dividend • Jun 25
Upcoming dividend of HK$0.30 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 27% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of Hong Kong dividend payers (7.5%). Lower than average of industry peers (5.2%). Buy Or Sell Opportunity • Jun 09
Now 24% overvalued Over the last 90 days, the stock has fallen 4.2% to HK$11.08. The fair value is estimated to be HK$8.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 8.2% per annum over the same time period. Reported Earnings • Apr 24
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥1.32 (up from CN¥1.17 in FY 2024). Revenue: CN¥6.55b (up 4.4% from FY 2024). Net income: CN¥2.25b (up 11% from FY 2024). Profit margin: 34% (up from 32% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Mar 30
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 27
Final dividend of HK$0.30 announced Shareholders will receive a dividend of HK$0.30. Ex-date: 2nd July 2026 Payment date: 24th July 2026 Dividend yield will be 3.3%, which is lower than the industry average of 6.2%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 21% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 26
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥1.32 (up from CN¥1.17 in FY 2024). Revenue: CN¥6.55b (up 4.4% from FY 2024). Net income: CN¥2.25b (up 11% from FY 2024). Profit margin: 34% (up from 32% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 26
China Conch Venture Holdings Limited, Annual General Meeting, Jun 25, 2026 China Conch Venture Holdings Limited, Annual General Meeting, Jun 25, 2026. Announcement • Mar 13
China Conch Venture Holdings Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 China Conch Venture Holdings Limited announced that they will report fiscal year 2025 results on Mar 25, 2026 Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$13.12, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Construction industry in Hong Kong. Total loss to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$21.18 per share. Upcoming Dividend • Oct 09
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 16 October 2025. Payment date: 10 November 2025. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Hong Kong dividend payers (6.7%). Lower than average of industry peers (4.2%). Reported Earnings • Sep 27
First half 2025 earnings released: EPS: CN¥0.76 (vs CN¥0.68 in 1H 2024) First half 2025 results: EPS: CN¥0.76 (up from CN¥0.68 in 1H 2024). Revenue: CN¥3.09b (down 1.6% from 1H 2024). Net income: CN¥1.29b (up 9.3% from 1H 2024). Profit margin: 42% (up from 38% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 29
First half 2025 earnings released: EPS: CN¥0.76 (vs CN¥0.68 in 1H 2024) First half 2025 results: EPS: CN¥0.76 (up from CN¥0.68 in 1H 2024). Revenue: CN¥3.09b (down 1.6% from 1H 2024). Net income: CN¥1.29b (up 9.3% from 1H 2024). Profit margin: 42% (up from 38% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
China Conch Venture Holdings Limited to Report First Half, 2025 Results on Aug 27, 2025 China Conch Venture Holdings Limited announced that they will report first half, 2025 results on Aug 27, 2025 Buy Or Sell Opportunity • Jul 01
Now 21% undervalued Over the last 90 days, the stock has risen 13% to HK$9.06. The fair value is estimated to be HK$11.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 47%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Upcoming Dividend • Jun 26
Upcoming dividend of HK$0.30 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (5.3%). Announcement • Jun 25
China Conch Venture Holdings Limited Declares A Final Dividend for the Year Ended 31 December 2024 China Conch Venture Holdings Limited at its AGM, held on 25 June 2025, declared a final dividend of HKD 0.30 per share for the year ended 31 December 2024. Buy Or Sell Opportunity • Jun 02
Now 23% undervalued Over the last 90 days, the stock has risen 21% to HK$8.40. The fair value is estimated to be HK$10.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 47%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • Apr 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥1.17 (down from CN¥1.36 in FY 2023). Revenue: CN¥6.27b (down 22% from FY 2023). Net income: CN¥2.02b (down 18% from FY 2023). Profit margin: 32% (up from 31% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 1.3% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥1.17 (down from CN¥1.36 in FY 2023). Revenue: CN¥6.27b (down 22% from FY 2023). Net income: CN¥2.02b (down 18% from FY 2023). Profit margin: 32% (up from 31% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Announcement • Mar 14
China Conch Venture Holdings Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 China Conch Venture Holdings Limited announced that they will report fiscal year 2024 results at 4:00 PM, China Standard Time on Mar 26, 2025 Buy Or Sell Opportunity • Jan 14
Now 21% overvalued Over the last 90 days, the stock has fallen 15% to HK$6.13. The fair value is estimated to be HK$5.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 46%. Revenue is forecast to grow by 3.8% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. Announcement • Jan 07
China Conch Venture Holdings Limited Announces Resignation of Academician Peng Suping as an Independent Non-Executive Director and Member of Each of the Audit Committee and the Remuneration and Nomination Committee China Conch Venture Holdings Limited announced that Academician Peng Suping (Academician Peng) has resigned as (i) an independent non-executive Director; and (ii) a member of each of the audit committee and the remuneration and nomination committee of the Board with effect from 7 January 2025, in accordance with the relevant regulations governing part-time engagement of academicians of the Chinese Academy of Engineering. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$7.42, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Construction industry in Hong Kong. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$5.06 per share. Announcement • Oct 11
China Conch Venture Holdings Limited Announces Resignation of Lee Leong Yin as Joint Company Secretary China Conch Venture Holdings Limited dated 11 October 2021 in relation to, among others, the appointment of Mr. Chen Xingqiang (``Mr. Chen'') as a joint company secretary of the Company (the ``Joint Company Secretary'') and the waiver granted to the Company by The Stock Exchange of Hong Kong Limited (the ``Stock Exchange'') from strict compliance with Rules 3.28 and 8.17 of the Rules Governing the Listing of Securities on the Stock Exchange (the ``Listing Rules'') in respect of the appointment of Mr. Chen as the Joint Company Secretary for a period of three years from 11 October 2021 to 10 October 2024; and the announcement of the Company dated 29 August 2022 in relation to, among others, the change of the other joint company secretary of the Company and the new waiver granted to the Company by the Stock Exchange from strict compliance with Rules 3.28 and 8.17 of the Listing Rules in respect of the appointment of Mr. Chen as the Joint Company Secretary for a period from 29 August 2022 to 10 October 2024. The board of directors of the Company hereby announced that the Company has recently obtained confirmation from the Stock Exchange that Mr. Chen has been qualified to act as the company secretary of the Company under Rule 3.28 of the Listing Rules such that a further waiver will not be necessary. Accordingly, Mr. Lee Leong Yin (``Mr. Lee''), the other joint company secretary of the Company, has resigned as a joint company secretary of the Company with effect from 10 October 2024, and Mr. Chen will continue to serve as the secretary of the Company with effect from 10 October 2024 following the resignation of Mr. Lee. Mr. Lee has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company and the Stock Exchange. Upcoming Dividend • Oct 10
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 17 October 2024. Payment date: 08 November 2024. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (5.4%). Reported Earnings • Sep 27
First half 2024 earnings released: EPS: CN¥0.68 (vs CN¥1.00 in 1H 2023) First half 2024 results: EPS: CN¥0.68 (down from CN¥1.00 in 1H 2023). Revenue: CN¥3.13b (down 29% from 1H 2023). Net income: CN¥1.18b (down 35% from 1H 2023). Profit margin: 38% (down from 41% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 8.0% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 46% per year whereas the company’s share price has fallen by 42% per year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$6.65, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Construction industry in Hong Kong. Total loss to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$5.11 per share. Buy Or Sell Opportunity • Sep 24
Now 21% overvalued Over the last 90 days, the stock has fallen 16% to HK$6.18. The fair value is estimated to be HK$5.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 46%. Revenue is forecast to grow by 3.8% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. Major Estimate Revision • Sep 05
Consensus revenue estimates decrease by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CN¥8.32b to CN¥7.47b. EPS estimate unchanged at CN¥1.45 per share. Net income forecast to grow 53% next year vs 14% growth forecast for Construction industry in Hong Kong. Consensus price target up from HK$10.43 to HK$10.66. Share price fell 4.3% to HK$5.78 over the past week. Reported Earnings • Aug 29
First half 2024 earnings released: EPS: CN¥0.68 (vs CN¥1.00 in 1H 2023) First half 2024 results: EPS: CN¥0.68 (down from CN¥1.00 in 1H 2023). Revenue: CN¥3.13b (down 29% from 1H 2023). Net income: CN¥1.18b (down 35% from 1H 2023). Profit margin: 38% (down from 41% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 46% per year whereas the company’s share price has fallen by 43% per year. Buy Or Sell Opportunity • Aug 23
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to HK$6.03. The fair value is estimated to be HK$4.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to decline by 0.04% per annum. Earnings are forecast to grow by 8.7% per annum over the same time period. Announcement • Aug 15
China Conch Venture Holdings Limited to Report First Half, 2024 Results on Aug 27, 2024 China Conch Venture Holdings Limited announced that they will report first half, 2024 results on Aug 27, 2024 Upcoming Dividend • Jun 27
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (5.5%). Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$7.40, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Construction industry in Hong Kong. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.25 per share. Reported Earnings • May 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.36 (down from CN¥2.12 in FY 2022). Revenue: CN¥8.02b (up 1.5% from FY 2022). Net income: CN¥2.46b (down 36% from FY 2022). Profit margin: 31% (down from 49% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Announcement • Apr 27
China Conch Venture Holdings Limited, Annual General Meeting, Jun 25, 2024 China Conch Venture Holdings Limited, Annual General Meeting, Jun 25, 2024, at 10:00 China Standard Time. Location: Meeting Room 582, Conch International Conference Centre, No. 1011 Jiuhua South Road, Yijiang District, Wuhu City, Anhui Province, China Anhui China Agenda: To receive, consider and adopt the audited consolidated financial statements of the Company and its subsidiaries and the reports of the directors and auditors of the Company for the year ended 31 December 2023; To declare a final dividend of HK$0.20 per share for the year ended 31 December 2023; To re-elect Mr. GUO Jingbin as an executive Director; To re-elect Mr. WANG Xuesen as an executive Director; To re-elect Mr. HE Guangyuan as an executive Director; To re-elect Mr. WAN Changbao as an executive Director; To re-elect Mr. LIU Yan as a non-executive Director. Announcement • Apr 13
China Conch Venture Holdings Limited to Report Q1, 2024 Results on Apr 26, 2024 China Conch Venture Holdings Limited announced that they will report Q1, 2024 results on Apr 26, 2024 Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$5.44, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Construction industry in Hong Kong. Total loss to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$2.98 per share. Declared Dividend • Mar 27
Dividend of HK$0.20 announced Shareholders will receive a dividend of HK$0.20. Ex-date: 4th July 2024 Payment date: 26th July 2024 Dividend yield will be 3.8%, which is lower than the industry average of 6.2%. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 62% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x 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 Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (31% net profit margin). Reported Earnings • Mar 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.36 (down from CN¥2.12 in FY 2022). Revenue: CN¥8.02b (up 1.5% from FY 2022). Net income: CN¥2.46b (down 36% from FY 2022). Profit margin: 31% (down from 49% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Announcement • Mar 13
China Conch Venture Holdings Limited to Report Fiscal Year 2023 Results on Mar 25, 2024 China Conch Venture Holdings Limited announced that they will report fiscal year 2023 results on Mar 25, 2024 Announcement • Mar 12
China Conch Venture Holdings Limited Announces Li Jian Resigns as an Executive Director The board of China Conch Venture Holdings Limited announces that Mr. LI Jian resigned as an executive Director and a deputy general manager of the Company with effect from 11 March 2024, due to his decision to devote more time to his personal affairs. Mr. Li has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the Company. Announcement • Mar 08
China Conch Venture Holdings Limited to Report Fiscal Year 2023 Results on Mar 19, 2024 China Conch Venture Holdings Limited announced that they will report fiscal year 2023 results on Mar 19, 2024 Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to HK$7.41, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 3x in the Construction industry in Hong Kong. Total loss to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$7.18 per share. Buy Or Sell Opportunity • Jan 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.8% to HK$5.80. The fair value is estimated to be HK$7.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Reported Earnings • Aug 22
First half 2023 earnings released First half 2023 results: Revenue: CN¥65.4b (up CN¥61.6b from 1H 2022). Net income: CN¥7.13b (up 193% from 1H 2022). Profit margin: 11% (down from 64% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Construction industry in Hong Kong are expected to grow by 12%. Announcement • Aug 12
China Conch Venture Holdings Limited to Report First Half, 2023 Results on Aug 25, 2023 China Conch Venture Holdings Limited announced that they will report first half, 2023 results on Aug 25, 2023 Announcement • Jun 27
China Conch Venture Holdings Limited Announces Board Changes China Conch Venture Holdings Limited announced that with effect from 26 June 2023: Mr. YU Kaijun has resigned as a non-executive Director, a member of the Remuneration and Nomination Committee and a member of the Strategy, Sustainability and Risk Management Committee; and Mr. LIU Yan has been appointed as a non-executive Director, a member of the Remuneration and Nomination Committee and a member of the Strategy, Sustainability and Risk Management Committee. Mr. Liu, aged 57, possesses extensive experience in corporate management. Mr. Liu has been an executive director of China National Building Material Company Limited since December 2022, a director of Xinjiang Tianshan Cement Co. Ltd. since November 2022, a director of Gansu Qilianshan Cement Group Co. Ltd. since November 2022, the deputy secretary of the Party Committee of CNBM since September 2022, a director of China Jushi Co. Ltd. since September 2022 and the chairman of the board of directors of Sinoma International Engineering Co. Ltd. since July 2020. Mr. Liu was the vice chairman of the board of directors of Tianshan Cement from November 2022 to March 2023, the vice president of CNBM from May 2018 to September 2022, the vice president of China National Materials Co. Ltd. from March 2010 to May 2018 and the chairman of the board of directors of Sinoma Advanced Materials Co. Ltd. from January 2010 to December 2020. He was the president of Sinoma Science & Technology Co. Ltd. from May 2003 to October 2009, a vice president of Sinoma Science & Technology from December 2001 to May 2003 and an associate dean of Nanjing Fiberglass R&D Institute Co. Ltd. from November 1999 to December 2001. He served successively as an assistant to the general manager, vice general manager and general manager of the Second Engineering Institute of Nanjing Fiberglass R&D Institute Co. Ltd. of the State Bureau of Building Materials Industry and at the same time the deputy general manager of Nanjing Shuangwei Industrial Co. Ltd. from August 1985 to June 1999. Mr. Liu received a bachelor's degree in silicate engineering from Nanjing Tech University in July 1985 and a master's degree in inorganic non-metallic materials engineering from Nanjing Tech University in December 2006. He is a senior engineer and enjoys a special government allowance approved by the State Council. Mr. Liu was awarded the Outstanding Entrepreneur of the Building National Materials Industry. Upcoming Dividend • Jun 22
Upcoming dividend of HK$0.40 per share at 3.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (5.0%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: CN¥2.11 (vs CN¥3.80 in FY 2021) Full year 2022 results: EPS: CN¥2.11 (down from CN¥3.80 in FY 2021). Revenue: CN¥7.90b (up 18% from FY 2021). Net income: CN¥3.85b (down 44% from FY 2021). Profit margin: 49% (down from 103% in FY 2021). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. 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. 6 non-independent directors. Independent Non Executive Director Derek Chan was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
