Recent Insider Transactions • May 06
Executive Director recently sold HK$1.2m worth of stock On the 27th of April, Ching Keung Lee sold around 101k shares on-market at roughly HK$12.22 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth HK$5.1m. Insiders have been net sellers, collectively disposing of HK$5.6m more than they bought in the last 12 months. Recent Insider Transactions • Mar 11
Executive Director recently sold HK$5.1m worth of stock On the 3rd of March, Wing Kwong Chan sold around 405k shares on-market at roughly HK$12.57 per share. This transaction amounted to 100% 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 HK$4.4m more than they bought in the last 12 months. Price Target Changed • Mar 04
Price target increased by 9.2% to HK$13.17 Up from HK$12.07, the current price target is an average from 11 analysts. New target price is 14% above last closing price of HK$11.60. Stock is up 45% over the past year. The company is forecast to post earnings per share of HK$0.48 for next year compared to HK$0.45 last year. Declared Dividend • Mar 02
First half dividend of HK$0.15 announced Dividend of HK$0.15 is the same as last year. Ex-date: 12th March 2026 Payment date: 23rd April 2026 Dividend yield will be 4.5%, which is lower than the industry average of 6.6%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio) nor is it covered by cash flows (148% cash payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 58% to bring the payout ratio under control. EPS is expected to grow by 37% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Price Target Changed • Feb 18
Price target increased by 9.6% to HK$11.88 Up from HK$10.84, the current price target is an average from 11 analysts. New target price is 5.6% below last closing price of HK$12.59. Stock is up 64% over the past year. The company is forecast to post earnings per share of HK$0.50 for next year compared to HK$0.45 last year. Announcement • Jan 23
Sino Land Company Limited to Report First Half, 2026 Results on Feb 27, 2026 Sino Land Company Limited announced that they will report first half, 2026 results on Feb 27, 2026 Recent Insider Transactions • Nov 22
Executive Director recently bought HK$764k worth of stock On the 14th of November, Sio Un Tin bought around 100k shares on-market at roughly HK$7.64 per share. This transaction increased Sio Un's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$681k more in shares than they have sold in the last 12 months. Announcement • Oct 22
Sino Land Company Limited Declares Final Dividend Sino Land Company Limited declared a final dividend of HKD 0.43 per ordinary share with an option for scrip dividend. Upcoming Dividend • Oct 17
Upcoming dividend of HK$0.43 per share Eligible shareholders must have bought the stock before 24 October 2025. Payment date: 02 December 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.7%. Lower than top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (4.6%). Reported Earnings • Sep 30
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: HK$0.45 (down from HK$0.52 in FY 2024). Revenue: HK$8.18b (down 6.6% from FY 2024). Net income: HK$4.02b (down 8.7% from FY 2024). Profit margin: 49% (down from 50% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 29
Final dividend of HK$0.43 announced Dividend of HK$0.43 is the same as last year. Ex-date: 24th October 2025 Payment date: 2nd December 2025 Dividend yield will be 6.3%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (128% earnings payout ratio) nor is it covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 42% to bring the payout ratio under control. EPS is expected to grow by 20% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: HK$0.45 (down from HK$0.52 in FY 2024). Revenue: HK$8.18b (down 6.6% from FY 2024). Net income: HK$4.02b (down 8.7% from FY 2024). Profit margin: 49% (down from 50% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Aug 27
Sino Land Company Limited, Annual General Meeting, Oct 22, 2025 Sino Land Company Limited, Annual General Meeting, Oct 22, 2025. Announcement • Jul 28
Sino Land Company Limited to Report Fiscal Year 2025 Results on Aug 27, 2025 Sino Land Company Limited announced that they will report fiscal year 2025 results at 4:00 PM, China Standard Time on Aug 27, 2025 Announcement • Jul 18
Sino Land Company Limited Announces Appointment of Liu Yee Lei as an Executive Director, Effective August 1, 2025 Sino Land Company Limited announced the appointment of Ms. Liu Yee Lei as an Executive Director, effective August 1, 2025. Ms. Liu, aged 54, joined the company in 2019 and is currently the Director of Human Resources. She possesses over 30 years of leadership experience in Human Resources management, gained from various local and multi-national companies in the property, airline, and engineering industries. Ms. Liu holds a Bachelor Degree in Commerce from the University of British Columbia and a Master Degree in Business Administration from the University of Michigan. She is a member of several committees, including the People Strategies Committee of the Employers' Federation of Hong Kong, the Employment-Related Hong Kong Legislation and Issues Committee of the Hong Kong Institute of Human Resource Management, the Programme Advisory Committee - People Management of The Hong Kong Management Association, and the Career Development Advisory Committee of Hong Kong Metropolitan University. Announcement • Jun 20
Sino Land Company Limited Appoints the Honourable Rock Chen Chung-Nin as Independent Non-Executive Director, Effective July 1, 2025 Sino Land Company Limited announced that the Honourable Rock Chen Chung-Nin will be appointed as an Independent Non-Executive Director of both Sino Land Company Limited with effect from 1st July, 2025. The Honourable Rock Chen Chung-nin, NPC Deputy, SBS, BBS, JP, aged 58, is a Founding Partner of Acuity Capital Partner (HK) Limited. He has over 30 years of experience in the financial industry and has been licensed as a Responsible Officer by the Hong Kong Securities and Futures Commission for over 15 years. He is currently a Member of the Legislative Council representing the Election Committee Constituency, the Chairman of the Hong Kong Council for Accreditation of Academic and Vocational Qualifications, a Member of the Council of The University of Hong Kong, a Board Member of The Hong Kong Airport Authority, an Independent Non-Executive Director of The Bank of East Asia (China) Limited, an Independent Non-Executive Director of Chu Kong Shipping Enterprises (Group) Company Limited which is listed on the main board of The Stock Exchange of Hong Kong Limited, and a Deputy to the 14th National People's Congress of the People's Republic of China. He was a Member of the 12th and 13th National Committees of the Chinese People's Political Consultative Conference. Mr. Chen holds a Bachelor's Degree in Economics from the Wharton School, the University of Pennsylvania, and a Master's Degree in Business Administration from J.L. Kellogg Graduate School of Management, Northwestern University. Announcement • Jun 19
Sino Land Company Limited Announces Board Changes, Effective 1St July, 2025 The board of directors of Sino Land Company Limited announced that Mr. Steven Ong Kay Eng will retire from his positions as an Independent Non-Executive Director, a member of the Audit Committee and the Chairman of the Remuneration Committee of the Company with effect from 1st July, 2025 as he wishes to spend more time with his family. The Board announced that The Honourable Rock Chen Chung-nin will be appointed as an Independent Non-Executive Director and a member of the Audit Committee of the Company with effect from 1st July, 2025. Mr. Chen will also be appointed as an Independent Non-Executive Director of both Tsim Sha Tsui Properties Limited and Sino Hotels (Holdings) Limited with effect from 1st July, 2025. The Honourable Rock Chen Chung-nin, NPC Deputy, SBS, BBS, JP, aged 58, is a Founding Partner of Acuity Capital Partner (HK) Limited. He has over 30 years of experience in the financial industry and has been licensed as a Responsible Officer by the Hong Kong Securities and Futures Commission for over 15 years. He is currently a Member of the Legislative Council representing the Election Committee Constituency, the Chairman of the Hong Kong Council for Accreditation of Academic and Vocational Qualifications, a Member of the Council of The University of Hong Kong, a Board Member of The Hong Kong Airport Authority, an Independent Non-Executive Director of The Bank of East Asia (China) Limited, an Independent Non-Executive Director of Chu Kong Shipping Enterprises (Group) Company Limited which is listed on the main board of The Stock Exchange of Hong Kong Limited, and a Deputy to the 14th National People's Congress of the People's Republic of China. He was a Member of the 12th and 13th National Committees of the Chinese People's Political Consultative Conference. Mr. Chen holds a Bachelor's Degree in Economics from the Wharton School, the University of Pennsylvania, and a Master's Degree in Business Administration from J.L. Kellogg Graduate School of Management, Northwestern University. The Board announced the following changes of composition of board committees of the Company with effect from 1st July, 2025:- (1) Mr. Adrian David Li Man-kiu, an Independent Non-Executive Director, the Chairman of the Audit Committee, a member of the Remuneration Committee and the Nomination Committee of the Company, will be appointed as the Chairman of the Remuneration Committee of the Company; (2) Mr. Wong Cho Bau, an Independent Non-Executive Director of the Company, will be appointed as a member of the Nomination Committee of the Company; and (3) Ms. Nikki Ng Mien Hua, a Non-Executive Director of the Company, will be appointed as a member of the Nomination Committee of the Company. Major Estimate Revision • Mar 05
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from HK$9.47b to HK$8.53b. EPS estimate fell from HK$0.634 to HK$0.595 per share. Net income forecast to grow 49% next year vs 24% growth forecast for Real Estate industry in Hong Kong. Consensus price target broadly unchanged at HK$9.50. Share price was steady at HK$7.99 over the past week. Declared Dividend • Feb 28
First half dividend of HK$0.15 announced Dividend of HK$0.15 is the same as last year. Ex-date: 11th March 2025 Payment date: 22nd April 2025 Dividend yield will be 7.4%, which is higher than the industry average of 6.6%. Sustainability & Growth Dividend is not covered by earnings (139% earnings payout ratio) nor is it covered by cash flows (484% cash payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 54% to bring the payout ratio under control. EPS is expected to grow by 40% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Feb 26
Sino Land Company Limited Announces Interim Dividend for the Six Months Ended 31 December 2024, Payable on 22 April 2025 Sino Land Company Limited announced interim dividend of HKD 0.15 per share for the six months ended 31 December 2024. Ex-dividend date is 11 March 2025. Record date is 17 March 2025. Payment date is 22 April 2025. Announcement • Jan 22
Sino Land Company Limited to Report First Half, 2025 Results on Feb 26, 2025 Sino Land Company Limited announced that they will report first half, 2025 results on Feb 26, 2025 New Risk • Dec 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.7% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 111% Cash payout ratio: 484% Minor Risk Shareholders have been diluted in the past year (5.7% increase in shares outstanding). Recent Insider Transactions • Nov 03
Deputy Chairman recently bought HK$10m worth of stock On the 29th of October, Win-Kong Ng bought around 1m shares on-market at roughly HK$7.84 per share. This transaction increased Win-Kong's direct individual holding by 7x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Win-Kong has been a buyer over the last 12 months, purchasing a net total of HK$19m worth in shares. Announcement • Oct 23
Sino Land Company Limited Approves Final Dividend Sino Land Company Limited at its AGM held on October 23, 2024 approved final dividend of HKD 0.43 per share. Upcoming Dividend • Oct 18
Upcoming dividend of HK$0.43 per share Eligible shareholders must have bought the stock before 25 October 2024. Payment date: 02 December 2024. The company is paying out more than 100% of its profits and is paying out 88% of its cash flow. Trailing yield: 6.7%. Lower than top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (5.5%). Reported Earnings • Sep 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: HK$0.52 (down from HK$0.74 in FY 2023). Revenue: HK$8.77b (down 26% from FY 2023). Net income: HK$4.40b (down 25% from FY 2023). Profit margin: 50% (up from 49% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Sep 03
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from HK$10.7b to HK$9.62b. EPS estimate fell from HK$0.704 to HK$0.619 per share. Net income forecast to grow 23% next year vs 23% growth forecast for Real Estate industry in Hong Kong. Consensus price target broadly unchanged at HK$9.82. Share price was steady at HK$8.17 over the past week. Declared Dividend • Aug 29
Final dividend of HK$0.43 announced Dividend of HK$0.43 is the same as last year. Ex-date: 25th October 2024 Payment date: 2nd December 2024 Dividend yield will be 6.9%, which is higher than the industry average of 6.6%. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 23% to bring the payout ratio under control. EPS is expected to grow by 16% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: HK$0.52 (down from HK$0.74 in FY 2023). Revenue: HK$8.77b (down 26% from FY 2023). Net income: HK$4.40b (down 25% from FY 2023). Profit margin: 50% (up from 49% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Jul 26
Sino Land Company Limited to Report Fiscal Year 2024 Results on Aug 27, 2024 Sino Land Company Limited announced that they will report fiscal year 2024 results on Aug 27, 2024 Upcoming Dividend • Feb 28
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 06 March 2024. Payment date: 17 April 2024. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 6.8%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (6.1%). Declared Dividend • Feb 24
First half dividend of HK$0.15 announced Dividend of HK$0.15 is the same as last year. Ex-date: 6th March 2024 Payment date: 17th April 2024 Dividend yield will be 6.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (79% 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 1.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 9.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 23
First half 2024 earnings released: EPS: HK$0.32 (vs HK$0.32 in 1H 2023) First half 2024 results: EPS: HK$0.32 (up from HK$0.32 in 1H 2023). Revenue: HK$4.92b (down 23% from 1H 2023). Net income: HK$2.62b (up 6.3% from 1H 2023). Profit margin: 53% (up from 39% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Announcement • Feb 22
Sino Land Company Limited Announces Interim (Semi-Annual) Dividend for the Year Ended June 30, 2024 Sino Land Company Limited announced interim (semi-annual) dividend of HKD 0.15 per share for the year ended June 30, 2024. Ex-dividend date is March 06, 2024. Record date is March 12, 2024. Announcement • Jan 19
Sino Land Company Limited to Report First Half, 2024 Results on Feb 22, 2024 Sino Land Company Limited announced that they will report first half, 2024 results on Feb 22, 2024 Upcoming Dividend • Oct 20
Upcoming dividend of HK$0.43 per share at 6.7% yield Eligible shareholders must have bought the stock before 27 October 2023. Payment date: 04 December 2023. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 6.7%. Lower than top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (5.7%). Reported Earnings • Sep 30
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: HK$0.74. Revenue: HK$11.9b (down 24% from FY 2022). Net income: HK$5.85b (up 2.0% from FY 2022). Profit margin: 49% (up from 37% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) also missed analyst estimates by 4.6%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Real Estate industry in Hong Kong. Reported Earnings • Aug 30
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: HK$0.74. Revenue: HK$11.9b (down 24% from FY 2022). Net income: HK$5.85b (up 2.0% from FY 2022). Profit margin: 49% (up from 37% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) also missed analyst estimates by 4.6%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Hong Kong. Announcement • Aug 16
Sino Land Company Limited to Report Fiscal Year 2023 Results on Aug 29, 2023 Sino Land Company Limited announced that they will report fiscal year 2023 results on Aug 29, 2023 Announcement • Aug 11
Tsim Sha Tsui Properties Limited, Sino Land Company Limited and Sino Hotels (Holdings) Limited Appoint Nikki Ng Mien Hua as a Non-Executive Director The board of directors of Tsim Sha Tsui Properties Limited announced that Ms. Nikki Ng Mien Hua has been appointed as a Non-Executive Director of the Company with effect from 10 August, 2023. Ms. Ng has also been appointed as a Non-Executive Director of both Sino Land Company Limited and Sino Hotels (Holdings) Limited on 10 August, 2023. Ms. Nikki Ng Mien Hua, aged 43, holds a Bachelor of Arts degree from Yale University and a Master of Arts degree from the School of Oriental and African Studies, the University College of London. She joined the Group in 2002 and had previously been the Group General Manager participating in managing the leasing operations and hotels of the Group. She is a member of the Environmental, Social and Governance Steering Committee of the Company and a director of certain subsidiaries and associates of the Company. She is a member of the 12th, 13th and 14th Shanghai Committee of the Chinese People's Political Consultative Conference. She is a member of the General Committee and the Chairman of the Retail & Tourism Committee of the Hong Kong General Chamber of Commerce. She is a non-official member of The Commission on Poverty and a member of its Community Care Fund Task Force and Social Innovation and Entrepreneurship Development Fund Task Force. She is also a member of The Hospital Governing Committee, the Finance Sub-Committee and the Hospital Governing Committee Task Group on Enhancing Patient-Centric Services of Queen Elizabeth Hospital. She also serves as a trustee member of Ocean Park Conservation Foundation, Hong Kong and The Society for Panda Conservation. Ms. Ng is a daughter of the Chairman of the Group Mr. Robert Ng Chee Siong and a sister of the Deputy Chairman of the Group Mr. Daryl Ng Win Kong, and a granddaughter of the late substantial shareholder of the Company Mr. Ng Teng Fong. Upcoming Dividend • Feb 27
Upcoming dividend of HK$0.15 per share at 5.7% yield Eligible shareholders must have bought the stock before 06 March 2023. Payment date: 17 April 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.7%. Lower than top quartile of Hong Kong dividend payers (8.1%). In line with average of industry peers (5.6%). Reported Earnings • Feb 22
First half 2023 earnings released: EPS: HK$0.32 (vs HK$0.57 in 1H 2022) First half 2023 results: EPS: HK$0.32 (down from HK$0.57 in 1H 2022). Revenue: HK$6.38b (down 41% from 1H 2022). Net income: HK$2.46b (down 42% from 1H 2022). Profit margin: 39% (in line with 1H 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Feb 08
Sino Land Company Limited to Report First Half, 2023 Results on Feb 21, 2023 Sino Land Company Limited announced that they will report first half, 2023 results on Feb 21, 2023 Recent Insider Transactions • Nov 30
Chairman & CEO recently bought HK$276k worth of stock On the 24th of November, Chee Siong Ng bought around 28k shares on-market at roughly HK$9.87 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Chee Siong's only on-market trade for the last 12 months. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Cho Bau Wong was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 21
Upcoming dividend of HK$0.42 per share Eligible shareholders must have bought the stock before 28 October 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Hong Kong dividend payers (9.1%). Lower than average of industry peers (6.4%). Major Estimate Revision • Sep 01
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2023 has deteriorated. 2023 revenue forecast decreased from HK$17.7b to HK$15.6b. EPS estimate fell from HK$1.03 to HK$0.89 per share. Net income forecast to grow 12% next year vs 16% growth forecast for Real Estate industry in Hong Kong. Consensus price target up from HK$11.59 to HK$12.01. Share price was steady at HK$11.44 over the past week. Reported Earnings • Aug 26
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: HK$0.76 (down from HK$1.34 in FY 2021). Revenue: HK$15.6b (down 37% from FY 2021). Net income: HK$5.74b (down 41% from FY 2021). Profit margin: 37% (down from 39% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 4.8%, compared to a 13% growth forecast for the Real Estate industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Non-Executive Director Cho Bau Wong was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Feb 23
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 02 March 2022. Payment date: 11 April 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Hong Kong dividend payers (7.1%). In line with average of industry peers (5.6%). Reported Earnings • Feb 20
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: EPS: HK$0.57 (up from HK$0.18 in 1H 2021). Revenue: HK$10.9b (up 166% from 1H 2021). Net income: HK$4.23b (up 228% from 1H 2021). Profit margin: 39% (up from 31% in 1H 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Over the next year, revenue is expected to shrink by 41% compared to a 17% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 22
Upcoming dividend of HK$0.69 per share Eligible shareholders must have bought the stock before 29 October 2021. Payment date: 06 December 2021. Trailing yield: 5.0%. Lower than top quartile of Hong Kong dividend payers (6.8%). In line with average of industry peers (5.2%). Recent Insider Transactions • Oct 09
Chairman & CEO recently bought HK$703k worth of stock On the 7th of October, Chee Siong Ng bought around 66k shares on-market at roughly HK$10.65 per share. In the last 3 months, there was an even bigger purchase from another insider worth HK$1.1m. This was Chee Siong's only on-market trade for the last 12 months. Recent Insider Transactions • Aug 31
Executive Director recently bought HK$571k worth of stock On the 27th of August, Wing Kwong Chan bought around 50k shares on-market at roughly HK$11.42 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$1.7m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 27
Full year 2021 earnings released: EPS HK$1.33 (vs HK$0.24 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: HK$24.5b (up 317% from FY 2020). Net income: HK$9.65b (up 471% from FY 2020). Profit margin: 39% (up from 29% in FY 2020). The increase in margin was driven by higher revenue. 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 5% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Apr 08
Executive Director recently bought HK$1.1m worth of stock On the 1st of April, Wing Kwong Chan bought around 100k shares on-market at roughly HK$10.85 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 17
First half 2021 earnings released: EPS HK$0.18 (vs HK$0.41 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: HK$4.10b (up 29% from 1H 2020). Net income: HK$1.29b (down 54% from 1H 2020). Profit margin: 31% (down from 88% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 69% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. 
