Upcoming Dividend • Jun 16
Upcoming dividend of HK$0.36 per share Eligible shareholders must have bought the stock before 23 June 2026. Payment date: 20 July 2026. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Hong Kong dividend payers (7.1%). Lower than average of industry peers (3.3%). Declared Dividend • May 29
Final dividend of HK$0.36 announced Shareholders will receive a dividend of HK$0.36. Ex-date: 23rd June 2026 Payment date: 20th July 2026 Dividend yield will be 3.2%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 18% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 26
JF SmartInvest Holdings Ltd, Annual General Meeting, Jun 18, 2026 JF SmartInvest Holdings Ltd, Annual General Meeting, Jun 18, 2026, at 10:00 China Standard Time. Location: no. 51, 399 huiheng road, xujing town, qingpu district, shanghai China Live News • May 21
JF SmartInvest Wins SFC Nod for Virtual Asset Trading and Advisory Licences Forthright Securities and Forthright Capital, subsidiaries of JF SmartInvest Holdings, have received approval from Hong Kong’s Securities and Futures Commission to add virtual asset-related business to their existing regulated activities.
The approvals cover virtual asset business qualifications across Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) licences.
With these updated licences, Forthright can now provide clients with virtual asset trade execution, investment advisory and asset management services under a regulated framework.
This approval moves JF SmartInvest further into regulated virtual asset services, giving the group a broader product set within Hong Kong’s formal licensing regime.
For investors, the key angles to watch are how client demand for these virtual asset services develops and how the company manages regulatory, operational and custody risks in this segment. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$31.82, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 110% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$25.24 per share. Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥2.05 (up from CN¥0.61 in FY 2024). Revenue: CN¥3.43b (up 49% from FY 2024). Net income: CN¥921.8m (up 257% from FY 2024). Profit margin: 27% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
JF SmartInvest Holdings Ltd to Report Fiscal Year 2025 Results on Mar 26, 2026 JF SmartInvest Holdings Ltd announced that they will report fiscal year 2025 results on Mar 26, 2026 Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$39.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 62% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$17.64 per share. New Risk • Jan 28
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: 2.6% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (HK$98m sold). New Risk • Jan 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (HK$98m sold). Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to HK$42.08, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 85% over the past year. Announcement • Jan 07
JF SmartInvest Holdings Ltd (SEHK:9636) completed the acquisition of Yintech Financial Holdings Company Limited from Yintech Investment Holdings Limited. JF SmartInvest Holdings Ltd (SEHK:9636) entered into the Sale and Purchase Agreement to acquire Yintech Financial Holdings Company Limited from Yintech Investment Holdings Limited for approximately HKD 110 million on April 3, 2025. As part of the acquisition, JF SmartInvest Holdings Ltd will acquire the entire equity interest in Yintech Financial Holdings Company Limited. JF SmartInvest Holdings Ltd entered into the Sale and Purchase Agreement to acquire Core Information Systems of Shanghai Feixiu Internet Technology Co., Ltd for HKD 18.2 million. As part of consideration, 10% will be payable within ten business days of the approval of the Board and signing of the Sale and Purchase Agreement, 40% will be payable within ten business days of the approval of independent Shareholders, 40% will be payable within ten business days of the approval by the SFC of the change in controlling shareholder of Target Group; and remaining 10% will be payable within ten business days of the satisfaction or waiver of all completion conditions of the Acquisition and the completion of relevant registration filings for the change of the shareholding under the Acquisition. Upon completion of the Acquisition, members of Yintech Financial will be held as to 100% by the JF SmartInvest Holdings Ltd and will be consolidated as wholly owned subsidiaries of JF SmartInvest Holdings Ltd. The Company will obtain ownership of the Core Information Systems.
For the period ending December 31, 2024, Yintech Financial Holdings Company Limited reported total revenue of HKD 51.1 million and net loss of HKD 26.4 million. As of December 31, 2024, Yintech Financial Holdings Company Limited reported total assets of approximately HKD 500 million and net assets of HKD 79.64 million. The transaction is subject to all necessary regulatory approvals, consents, and/or exemptions for the Acquisition, approval from shareholders and consummation of due diligence investigation. The deal has been approved by the board of directors of JF SmartInvest Holdings Ltd. On June 20, 2025, the transaction has been approved by JF SmartInvest Holdings shareholders.
AVISTA Valuation Advisory Limited acted as fairness opinion provider to JF SmartInvest Holdings Ltd. Somerley Capital Limited acted as financial advisor and fairness opinion provider to JF SmartInvest Holdings Ltd.
JF SmartInvest Holdings Ltd (SEHK:9636) completed the acquisition of Yintech Financial Holdings Company Limited from Yintech Investment Holdings Limited on January 6, 2026. Following the transaction, Yintech Financial Holdings Company Limited is now known as JF Financial Company Limited. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$57.35, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 158% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$58.94 per share. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$51.45, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 187% over the past year. Upcoming Dividend • Oct 23
Upcoming dividend of HK$0.51 per share Eligible shareholders must have bought the stock before 30 October 2025. Payment date: 13 November 2025. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Hong Kong dividend payers (6.7%). Lower than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$65.50, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 735% over the past year. Major Estimate Revision • Sep 05
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥3.60b to CN¥4.00b. EPS estimate increased from CN¥2.50 to CN¥2.83 per share. Net income forecast to grow 8.6% next year vs 27% growth forecast for Capital Markets industry in Hong Kong. Consensus price target up from HK$56.94 to HK$93.96. Share price fell 7.9% to HK$70.25 over the past week. Reported Earnings • Aug 31
First half 2025 earnings released: EPS: CN¥1.96 (vs CN¥0.40 loss in 1H 2024) First half 2025 results: EPS: CN¥1.96 (up from CN¥0.40 loss in 1H 2024). Revenue: CN¥2.10b (up 134% from 1H 2024). Net income: CN¥837.2m (up CN¥1.01b from 1H 2024). Profit margin: 40% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Capital Markets industry in Hong Kong. New Risk • Aug 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (HK$743m sold). Announcement • Aug 15
JF SmartInvest Holdings Ltd to Report First Half, 2025 Results on Aug 28, 2025 JF SmartInvest Holdings Ltd announced that they will report first half, 2025 results on Aug 28, 2025 Recent Insider Transactions • Jul 24
Non-Executive Director recently sold HK$393m worth of stock On the 18th of July, Ming Yan sold around 10m shares on-market at roughly HK$39.25 per share. This transaction amounted to 11% 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$743m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$41.75, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 355% over the past year. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$48.35, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 443% over the past year. Upcoming Dividend • Jun 17
Upcoming dividend of HK$0.33 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 10 July 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (2.6%). Declared Dividend • May 22
Dividend of HK$0.33 announced Shareholders will receive a dividend of HK$0.33. Ex-date: 24th June 2025 Payment date: 10th July 2025 Dividend yield will be 0.9%, which is lower than the industry average of 4.2%. Payout Ratios Payout ratio: 51%. Cash payout ratio: 8%. Announcement • May 20
JF SmartInvest Holdings Ltd, Annual General Meeting, Jun 20, 2025 JF SmartInvest Holdings Ltd, Annual General Meeting, Jun 20, 2025, at 10:00 China Standard Time. Location: no. 51, 399 huiheng road, xujing town, qingpu district, shanghai China Reported Earnings • Apr 27
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥0.61 (up from CN¥0.45 in FY 2023). Revenue: CN¥2.31b (up 17% from FY 2023). Net income: CN¥258.1m (up 35% from FY 2023). Profit margin: 11% (up from 9.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Capital Markets industry in Hong Kong. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$34.60, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 225% over the past year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to HK$29.05, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 204% over the past year. Announcement • Apr 05
JF SmartInvest Holdings Ltd (SEHK:9636) entered into the Sale and Purchase Agreement to acquire Yintech Financial Holdings Company Limited from Yintech Investment Holdings Limited for approximately HKD 110 million. JF SmartInvest Holdings Ltd (SEHK:9636) entered into the Sale and Purchase Agreement to acquire Yintech Financial Holdings Company Limited from Yintech Investment Holdings Limited for approximately HKD 110 million on April 3, 2025. As part of the acquisition, JF SmartInvest Holdings Ltd will acquire the entire equity interest in Yintech Financial Holdings Company Limited. JF SmartInvest Holdings Ltd entered into the Sale and Purchase Agreement to acquire Core Information Systems of Shanghai Feixiu Internet Technology Co., Ltd for HKD 18.2 million. As part of consideration, 10% will be payable within ten business days of the approval of the Board and signing of the Sale and Purchase Agreement, 40% will be payable within ten business days of the approval of independent Shareholders, 40% will be payable within ten business days of the approval by the SFC of the change in controlling shareholder of Target Group; and remaining 10% will be payable within ten business days of the satisfaction or waiver of all completion conditions of the Acquisition and the completion of relevant registration filings for the change of the shareholding under the Acquisition. Upon completion of the Acquisition, members of Yintech Financial will be held as to 100% by the JF SmartInvest Holdings Ltd and will be consolidated as wholly owned subsidiaries of JF SmartInvest Holdings Ltd. The Company will obtain ownership of the Core Information Systems.
For the period ending December 31, 2024, Yintech Financial Holdings Company Limited reported total revenue of HKD 51.1 million and net loss of HKD 26.4 million. As of December 31, 2024, Yintech Financial Holdings Company Limited reported total assets of approximately HKD 500 million and net assets of HKD 79.64 million. The transaction is subject to all necessary regulatory approvals, consents, and/or exemptions for the Acquisition, approval from shareholders and consummation of due diligence investigation. The deal has been approved by the board of directors of JF SmartInvest Holdings Ltd.
AVISTA Valuation Advisory Limited acted as fairness opinion provider to JF SmartInvest Holdings Ltd. Somerley Capital Limited acted as financial advisor to JF SmartInvest Holdings Ltd. Announcement • Mar 28
JF SmartInvest Holdings Ltd Proposes Final Ordinary Cash Dividend for the Financial Year Ended 31 December 2024, Payable on 10 July 2025 JF SmartInvest Holdings Ltd. proposed final ordinary cash dividend of HKD 0.33 per share for the financial year ended 31 December 2024. Payment date is 10 July 2025. Announcement • Feb 17
JF SmartInvest Holdings Ltd Provides Consolidated Earnings Guidance for the Year Ended December 31, 2024 JF SmartInvest Holdings Ltd. provided consolidated earnings guidance for the year ended December 31, 2024. For the period, the Group is expected to record a net profit attributable to the Shareholders for the Reporting Period ranging from approximately RMB 260 million to RMB 280 million while the net profit attributable to Shareholders of approximately RMB 191 million for the year ended December 31, 2023; (ii) the gross billing is expected to be approximately RMB 3,509 million, with an increase of approximately RMB 1,161 million as compared to the corresponding period in 2023, the revenue recorded is expected to be approximately RMB 2,306 million, with an increase of approximately RMB 341 million as compared to the corresponding period in 2023 and the operating cash flow is expected to increase approximately RMB 1,184 million, with an increase of approximately 267% compared to the corresponding period in 2023; and (iii) as the gross billing from the Group's main products is recognized as revenue over the subscription period, the unrecognized portions of the revenue in the Reporting Period will be recorded as contract liabilities, and will be gradually recognized in the next reporting period. The balance of contract liabilities at the end of the Reporting Period was approximately RMB 1,489 million which will primarily be recognized as revenue in 2025. Announcement • Jan 10
JF SmartInvest Holdings Ltd. Launches Digital Intelligence Products The board of directors of JF SmartInvest Holdings Ltd. announced that the Company has launched the following new digital intelligence products: Enjoy-Stock Pad (Navigator Edition), which prioritizes user requirements with a fully upgraded UI, integrates the industry's first native market software system for learning, and introduces the intelligent investment advisory functions that incorporate nine major indicators. The hardware front features larger screen, higher resolution, and longer battery life. Through comprehensive upgrades and iterations in product functions, user experience and hardware, the Navigator Edition further enhances users' capabilities in understanding, stock selection, market timing, trading, risk management, and asset allocation, offering a more comfortable learning and user experience. FinSphere Agent (Jiang Ling Xi) is positioned as a "Next-Generation Conversational Stock Investment Assistant", which is tailored for the intelligent advisory segment. FinSphere Agent's three core functions, including financial knowledge Q&A, professional financial analysis, and comprehensive stock analysis, are driven by its AI technology to address a number of challenges faced by traditional intelligent advisory assistants, such as insufficient intelligence and professionalism, and less user-friendly interaction experiences. FinSphere Report (Jiang Zhi Yan) is built as an "All-New One-Stop Intelligent Investment Research Platform", targeting the intelligent investment research domain. It is mainly focused on the "investment research" functionality, enabling efficient and automated generation of research reports and intelligent interactions. These features significantly improve the investment research efficiency and capabilities of stock investors and analysts. The Board believes that the launch of new digital intelligent products highlights the Company's steadfast adherence to the "Technology + Investment and Research" dual-drive development strategy, which aims to accelerate the "Digital Intelligence" transformation to become a lifelong partnership with customers for investment and financial management by extensively exploring AI-empowered business scenarios, creating user-centric products, and enhancing the Company's competitiveness. Looking forward, such digital intelligent products are expected to bring better returns to Shareholders, enabling the Company to develop further and grow sustainably. Shareholders and potential investors of the Company are reminded to exercise caution when dealing in the shares of the Company. Buy Or Sell Opportunity • Oct 18
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.6% to HK$10.08. The fair value is estimated to be HK$8.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last year. Earnings per share has declined by 76%. Revenue is forecast to grow by 18% in a year. Earnings are forecast to grow by 494% in the next year. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorates as stock falls 38% After last week's 38% share price decline to HK$10.00, the stock trades at a forward P/E ratio of 70x. Average forward P/E is 11x in the Capital Markets industry in Hong Kong. Total loss to shareholders of 24% over the past year. Buy Or Sell Opportunity • Sep 30
Now 42% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to HK$12.24. The fair value is estimated to be HK$8.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last year. Earnings per share has declined by 76%. Revenue is forecast to grow by 4.6% in a year. Earnings are forecast to grow by 1.5% in the next year. New Risk • Sep 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Significant insider selling over the past 3 months (HK$78m sold). Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to HK$8.86, the stock trades at a forward P/E ratio of 62x. Average forward P/E is 8x in the Capital Markets industry in Hong Kong. Total loss to shareholders of 40% over the past year. Reported Earnings • Sep 26
First half 2024 earnings released: CN¥0.40 loss per share (vs CN¥0.091 loss in 1H 2023) First half 2024 results: CN¥0.40 loss per share (further deteriorated from CN¥0.091 loss in 1H 2023). Revenue: CN¥898.1m (up 4.4% from 1H 2023). Net loss: CN¥174.2m (loss widened 361% from 1H 2023). Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Capital Markets industry in Hong Kong. Major Estimate Revision • Sep 05
Consensus EPS estimates fall by 95% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥2.23b to CN¥2.03b. EPS estimate also fell from CN¥0.44 per share to CN¥0.02 per share. Net income forecast to grow 1.5% next year vs 48% growth forecast for Capital Markets industry in Hong Kong. Consensus price target down from HK$14.16 to HK$8.63. Share price fell 6.1% to HK$6.51 over the past week. Buy Or Sell Opportunity • Sep 02
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 49% to HK$6.42. The fair value is estimated to be HK$8.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last year. Earnings per share has declined by 76%. Revenue is forecast to grow by 4.6% in a year. Earnings are forecast to grow by 1.5% in the next year. Announcement • Aug 15
JF SmartInvest Holdings Ltd to Report First Half, 2024 Results on Aug 29, 2024 JF SmartInvest Holdings Ltd announced that they will report first half, 2024 results on Aug 29, 2024 Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$8.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 5x in the Capital Markets industry in Hong Kong. Total loss to shareholders of 50% over the past year. Buy Or Sell Opportunity • Jul 02
Now 21% overvalued Over the last 90 days, the stock has fallen 15% to HK$8.99. The fair value is estimated to be HK$7.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Buy Or Sell Opportunity • Jun 28
Now 23% overvalued Over the last 90 days, the stock has fallen 7.8% to HK$9.13. The fair value is estimated to be HK$7.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Announcement • Jun 21
JF Wealth Holdings Ltd Approves Final Dividend for the Year Ended December 31, 2023 JF Wealth Holdings Ltd. announced that at the annual general meeting held on June 20, 2024 approved a final dividend of HKD 0.22 per ordinary share (in cash) for the year ended December 31, 2023. Upcoming Dividend • Jun 17
Upcoming dividend of HK$0.22 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 10 July 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$10.52, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 6x in the Capital Markets industry in Hong Kong. Total loss to shareholders of 35% over the past year. Declared Dividend • May 23
Dividend of HK$0.22 announced Shareholders will receive a dividend of HK$0.22. Ex-date: 24th June 2024 Payment date: 10th July 2024 Dividend yield will be 1.8%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (21% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 16% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 22
JF Wealth Holdings Ltd, Annual General Meeting, Jun 20, 2024 JF Wealth Holdings Ltd, Annual General Meeting, Jun 20, 2024, at 10:00 China Standard Time. Location: meeting room, b1/f, no. 51, 399 huiheng road, xujing town, qingpu district, the prc, shanghai China Announcement • Apr 23
JF Wealth Holdings Ltd Announces Resignation of Cai Zi as Executive Director JF Wealth Holdings Ltd. announced that Mr. CAI Zi ("Mr. CAI") has tendered his resignation as the executive Director of the Company with effect from April 22, 2024 due to his pursuit of personal career planning. Buy Or Sell Opportunity • Apr 11
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to HK$9.12. The fair value is estimated to be HK$11.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Announcement • Apr 03
JF Wealth Holdings Ltd (SEHK:9636) commences an Equity Buyback Plan for 46,608,700 shares, representing 10% of its issued share capital, under the authorization approved on June 12, 2023. JF Wealth Holdings Ltd (SEHK:9636) commences share repurchases on April 2, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 12, 2023. As per the mandate, the company is authorized to repurchase up to 46,608,700 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company. The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of June 12, 2023, the company had 466,087,000 shares in issue.
On March 26, 2024, the company announced a share repurchase program. Under the program, the company will repurchase HKD 200 million worth of shares. Announcement • Mar 27
JF Wealth Holdings Ltd Proposes Final Dividend for the Year Ended 31 December 2023, Payable on July 10, 2024 JF Wealth Holdings Ltd. proposed final dividend of HKD 0.22 per share for the year ended 31 December 2023, payable on July 10, 2024. Announcement • Mar 15
JF Wealth Holdings Ltd to Report Fiscal Year 2023 Results on Mar 26, 2024 JF Wealth Holdings Ltd announced that they will report fiscal year 2023 results on Mar 26, 2024 Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$8.81, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Capital Markets industry in Hong Kong. Buying Opportunity • Dec 19
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be HK$15.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last year. Earnings per share has declined by 44%. Revenue is forecast to grow by 22% in a year. Earnings is forecast to grow by 19% in the next year. Buying Opportunity • Nov 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be HK$16.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last year. Earnings per share has declined by 44%. Revenue is forecast to grow by 22% in a year. Earnings is forecast to grow by 19% in the next year. Announcement • Oct 26
JF Wealth Holdings Ltd Announces Secretary Changes The board of directors of JF Wealth Holdings Ltd. announced that Ms. LEUNG Wing Han Sharon (Ms. LEUNG) has been appointed as a joint company secretary of the Company (the Joint Company Secretary) with effect from October 25, 2023. After the aforesaid appointment, the existing company secretary of the Company, Mr. QIAN Di will serve as the other Joint Company Secretary. Ms. LEUNG is a director of Corporate Services of Tricor Services Limited, a global professional services provider specializing in integrated business, corporate and investor services. Ms. LEUNG is a Chartered Secretary, a Chartered Governance Professional and a Fellow Member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom, and has over 15 years' experience in company secretarial practice. Ms. LEUNG possesses the qualifications of a company secretary as required under Rule 3.28 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Buying Opportunity • Sep 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be HK$17.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last year. Earnings per share has declined by 44%. Revenue is forecast to grow by 37% in a year. Earnings is forecast to grow by 231% in the next year. Reported Earnings • Aug 23
First half 2023 earnings released First half 2023 results: CN¥0.091 loss per share. Net loss: CN¥37.8m (flat on 1H 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Capital Markets industry in Hong Kong. Announcement • Aug 10
JF Wealth Holdings Ltd to Report First Half, 2023 Results on Aug 21, 2023 JF Wealth Holdings Ltd announced that they will report first half, 2023 results on Aug 21, 2023 Announcement • Jul 21
JF Wealth Holdings Ltd Provides Earnings Guidance for the Six Months Ended June 30, 2023 JF Wealth Holdings Ltd. provided earnings guidance for the six months ended June 30, 2023. The company expects six months ended June 30, 2023 to record a net loss attributable to the Shareholders for the Period in the range between RMB 32 million to RMB42 million as compared to the net profit attributable to Shareholders of approximately RMB 220 million recorded for the corresponding period in 2022. However, the non-HKFRS profit for the Period shall be in the range between RMB 15 million to RMB 25 million after excluding the share-based compensation expense of approximately RMB 57 million. Announcement • Jun 13
Jf Wealth Holdings Ltd Approves Final Dividend for the Year Ended December 31, 2022 JF Wealth Holdings Ltd. at the AGM held on June 12, 2023 approved final dividend of HKD 0.5 per ordinary share (in cash) for the year ended December 31, 2022. Announcement • May 16
JF Wealth Holdings Ltd, Annual General Meeting, Jun 12, 2023 JF Wealth Holdings Ltd, Annual General Meeting, Jun 12, 2023, at 10:00 China Standard Time. Location: Meeting Room, 16/F, Yintech Finance Center, 88 Xumin East Road, Qingpu District Shanghai China Agenda: To receive and adopt the audited consolidated financial statements of the Company for the year ended December 31, 2022 and the reports of the directors and independent auditor thereon; to declare a final dividend of HKD 0.5 per Share for the year ended December 31, 2022; to elect directors; to re-appoint KPMG as auditor of the Company to hold office until the conclusion of the next annual general meeting of the Company and to authorize the Board to fix their remuneration for the year ending December 31, 2023; and to transact other business. Reported Earnings • Apr 28
Full year 2022 earnings released Full year 2022 results: EPS: CN¥1.22. Revenue: CN¥1.85b (up 27% from FY 2021). Net income: CN¥460.6m (up 98% from FY 2021). Profit margin: 25% (up from 16% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Mar 10
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Non-Executive Chairman of the Board Wenbin Chen is the most experienced director on the board, commencing their role in 2021. Independent Non-Executive Director Yonghong Fan was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
