Recent Insider Transactions • May 29
CEO & Executive Chairman of the Board recently bought HK$152m worth of stock On the 22nd of May, Yong Zhang bought around 11m shares on-market at roughly HK$13.39 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 Yong's only on-market trade for the last 12 months. Upcoming Dividend • May 14
Upcoming dividend of HK$0.38 per share Eligible shareholders must have bought the stock before 21 May 2026. Payment date: 18 June 2026. Payout ratio and cash payout ratio are on the higher end at 87% and 88% respectively. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (4.3%). Reported Earnings • Apr 26
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CN¥0.75 (down from CN¥0.87 in FY 2024). Revenue: CN¥43.2b (up 1.1% from FY 2024). Net income: CN¥4.05b (down 14% from FY 2024). Profit margin: 9.4% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 26
Final dividend of HK$0.38 announced Shareholders will receive a dividend of HK$0.38. Ex-date: 21st May 2026 Payment date: 18th June 2026 Dividend yield will be 5.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 38% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 25
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CN¥0.75 (down from CN¥0.87 in FY 2024). Revenue: CN¥43.2b (up 1.1% from FY 2024). Net income: CN¥4.05b (down 14% from FY 2024). Profit margin: 9.4% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 24
Haidilao International Holding Ltd., Annual General Meeting, May 19, 2026 Haidilao International Holding Ltd., Annual General Meeting, May 19, 2026. Buy Or Sell Opportunity • Mar 23
Now 21% undervalued Over the last 90 days, the stock has risen 2.2% to HK$15.17. The fair value is estimated to be HK$19.24, 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 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 8.4% per annum over the same time period. Announcement • Mar 12
Haidilao International Holding Ltd. to Report Fiscal Year 2025 Results on Mar 24, 2026 Haidilao International Holding Ltd. announced that they will report fiscal year 2025 results on Mar 24, 2026 Buy Or Sell Opportunity • Jan 13
Now 22% undervalued Over the last 90 days, the stock has risen 8.6% to HK$14.42. The fair value is estimated to be HK$18.39, 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 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 8.7% per annum over the same time period. Buy Or Sell Opportunity • Dec 29
Now 21% undervalued Over the last 90 days, the stock has risen 6.9% to HK$14.35. The fair value is estimated to be HK$18.17, 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 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 8.8% per annum over the same time period. New Risk • Sep 23
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 105% Dividend yield: 8.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Major Estimate Revision • Sep 01
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥44.5b to CN¥43.0b. EPS estimate also fell from CN¥0.90 per share to CN¥0.777 per share. Net income forecast to grow 2.9% next year vs 26% growth forecast for Hospitality industry in Hong Kong. Consensus price target down from HK$18.82 to HK$17.28. Share price fell 7.3% to HK$13.79 over the past week. Declared Dividend • Aug 27
First half dividend of HK$0.34 announced Shareholders will receive a dividend of HK$0.34. Ex-date: 5th September 2025 Payment date: 15th October 2025 Dividend yield will be 6.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is covered by cash flows (82% cash payout ratio). The dividend has increased by an average of 56% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5.6% to bring the payout ratio under control. EPS is expected to grow by 33% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Buy Or Sell Opportunity • Aug 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to HK$14.47. The fair value is estimated to be HK$18.20, 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 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Aug 26
First half 2025 earnings released: EPS: CN¥0.33 (vs CN¥0.38 in 1H 2024) First half 2025 results: EPS: CN¥0.33 (down from CN¥0.38 in 1H 2024). Revenue: CN¥20.7b (down 3.7% from 1H 2024). Net income: CN¥1.76b (down 14% from 1H 2024). Profit margin: 8.5% (down from 9.5% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Aug 15
Haidilao International Holding Ltd. to Report First Half, 2025 Results on Aug 25, 2025 Haidilao International Holding Ltd. announced that they will report first half, 2025 results on Aug 25, 2025 Announcement • Jun 20
Haidilao International Holding Ltd. Announces Appointment of Members of the Nomination Committee, with Effect from June 20, 2025 The board of directors of Haidilao International Holding Ltd. hereby announced that, Ms. Song Qing, an executive Director and Dr. Ma Weihua, an independent non-executive Director, have been appointed as members of the nomination committee of the Company (the "Nomination Committee") with effect from June 20, 2025. Following the above change, the Nomination Committee comprises five members, namely Mr. Zhang Yong (chairman), Mr. Hee Theng Fong, Mr. Qi Daqing, Ms. Song Qing and Dr. Ma Weihua. Announcement • May 20
Haidilao International Holding Ltd. Declares Final Dividend for the Year Ended December 31, 2024 Haidilao International Holding Ltd. announced at the AGM held on May 19, 2025, approved to declare a final dividend of HKD 0.507 per share for the year ended December 31, 2024. Upcoming Dividend • May 14
Upcoming dividend of HK$0.51 per share Eligible shareholders must have bought the stock before 21 May 2025. Payment date: 19 June 2025. Payout ratio and cash payout ratio are on the higher end at 95% and 82% respectively. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (3.3%). Buy Or Sell Opportunity • May 01
Now 21% undervalued Over the last 90 days, the stock has risen 22% to HK$17.62. The fair value is estimated to be HK$22.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 8.9% per annum over the same time period. Reported Earnings • Apr 26
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥0.87 (up from CN¥0.83 in FY 2023). Revenue: CN¥42.8b (up 3.1% from FY 2023). Net income: CN¥4.71b (up 4.6% from FY 2023). Profit margin: 11% (in line with FY 2023). Same store sales growth: 4.1% vs FY 2023 Total stores: 1,368 (up by 6 from FY 2023). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 5.8%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 28
Now 22% undervalued Over the last 90 days, the stock has risen 9.9% to HK$18.02. The fair value is estimated to be HK$23.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period. Announcement • Mar 26
Haidilao International Holding Ltd., Annual General Meeting, May 19, 2025 Haidilao International Holding Ltd., Annual General Meeting, May 19, 2025. Reported Earnings • Mar 26
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥0.87 (up from CN¥0.83 in FY 2023). Revenue: CN¥43.4b (up 4.7% from FY 2023). Net income: CN¥4.71b (up 4.6% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 5.8%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 10
Haidilao International Holding Ltd. to Report Fiscal Year 2024 Results on Mar 25, 2025 Haidilao International Holding Ltd. announced that they will report fiscal year 2024 results on Mar 25, 2025 Buy Or Sell Opportunity • Feb 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.3% to HK$14.88. The fair value is estimated to be HK$19.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 80%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 9.3% per annum over the same time period. Buy Or Sell Opportunity • Dec 30
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to HK$15.50. The fair value is estimated to be HK$20.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 80%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 9.8% per annum over the same time period. Buy Or Sell Opportunity • Nov 11
Now 21% undervalued Over the last 90 days, the stock has risen 40% to HK$16.94. The fair value is estimated to be HK$21.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 80%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 9.7% per annum over the same time period. Buy Or Sell Opportunity • Oct 03
Now 21% undervalued Over the last 90 days, the stock has risen 35% to HK$18.50. The fair value is estimated to be HK$23.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 80%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 9.7% per annum over the same time period. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$14.62, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Hospitality industry in Hong Kong. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$23.39 per share. Upcoming Dividend • Sep 02
Upcoming dividend of HK$0.39 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 02 October 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (3.8%). Reported Earnings • Aug 28
First half 2024 earnings released: EPS: CN¥0.38 (vs CN¥0.42 in 1H 2023) First half 2024 results: EPS: CN¥0.38 (down from CN¥0.42 in 1H 2023). Revenue: CN¥21.5b (up 14% from 1H 2023). Net income: CN¥2.04b (down 9.7% from 1H 2023). Profit margin: 9.5% (down from 12% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Aug 28
Haidilao International Holding Ltd. Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on October 2, 2024 Haidilao International Holding Ltd. announced interim dividend of HKD 0.391 per share for the six months ended 30 June 2024. Ex-dividend date: 09 September 2024. Record date: 16 September 2024. Payment date: 02 October 2024. Announcement • Aug 27
Haidilao International Holding Ltd. Announces the Appointment of Zhang Junjie as an Independent Non-Executive Director The board of Haidilao International Holding Ltd. announced the appointment of Mr. ZHANG Junjie as an independent non-executive Director, with effect from August 27, 2024 mainly responsible for supervising and providing independent judgement to Board. Mr. Zhang Junjie founded Chagee in June 2017 and is currently serving as the chairman of the board of directors and chief executive officer of Chagee Holdings Limited. Mr. Zhang has more than 13 years of operational and managerial experience in the food and beverage industry. Prior to founding Chagee, Mr. Zhang worked at Shanghai Muye Robotics Co. Ltd. (currently known as Shanghai Nuoya Mumu Robotics Technology Co. Ltd.) from July 2015 to March 2017 and last served as the deputy head of cooperation department in charge of Asia Pacific businesses. Previously, Mr. Zhang served as a regional deputy manager and subsequently, a franchise partner of Yunnan David's Beverage Co. Ltd. Announcement • Aug 15
Haidilao International Holding Ltd. to Report First Half, 2024 Results on Aug 27, 2024 Haidilao International Holding Ltd. announced that they will report first half, 2024 results on Aug 27, 2024 Buy Or Sell Opportunity • Aug 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to HK$12.02. The fair value is estimated to be HK$15.08, 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 grown by 63%. For the next 3 years, revenue is forecast to grow by 8.4% per annum. Earnings are also forecast to grow by 9.7% per annum over the same time period. Announcement • Jun 06
Haidilao International Holding Ltd. Declares Final Dividend for the Year Ended December 31, 2023 Haidilao International Holding Ltd. at its AGM held on June 5, 2024, declared a final dividend of HKD 0.824 per share for the year ended December 31, 2023. Upcoming Dividend • May 31
Upcoming dividend of HK$0.82 per share Eligible shareholders must have bought the stock before 07 June 2024. Payment date: 05 July 2024. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (3.4%). Buy Or Sell Opportunity • May 30
Now 21% undervalued Over the last 90 days, the stock has risen 24% to HK$17.80. The fair value is estimated to be HK$22.50, 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 grown by 63%. For the next 3 years, revenue is forecast to grow by 8.8% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Apr 26
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: CN¥0.83 (up from CN¥0.30 in FY 2022). Revenue: CN¥41.5b (up 34% from FY 2022). Net income: CN¥4.50b (up 175% from FY 2022). Profit margin: 11% (up from 5.3% in FY 2022). The increase in margin was driven by higher revenue. Same store sales growth: 3.8% vs FY 2022 Total stores: 1,374 (up by 3 from FY 2022). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 3.9%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 28
Dividend of HK$0.82 announced Shareholders will receive a dividend of HK$0.82. Ex-date: 7th June 2024 Payment date: 5th July 2024 Dividend yield will be 4.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not adequately covered by earnings (90.0% earnings payout ratio). However, it is covered by cash flows (52% cash payout ratio). The dividend has increased by an average of 63% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 30% over the next 3 years, which should maintain adequate earnings cover for the dividend. Announcement • Mar 27
Haidilao International Holding Ltd., Annual General Meeting, Jun 05, 2024 Haidilao International Holding Ltd., Annual General Meeting, Jun 05, 2024. Reported Earnings • Mar 27
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: CN¥0.83 (up from CN¥0.30 in FY 2022). Revenue: CN¥41.5b (up 34% from FY 2022). Net income: CN¥4.50b (up 175% from FY 2022). Profit margin: 11% (up from 5.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 3.9%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Announcement • Mar 26
Haidilao International Holding Ltd. Proposes Ordinary Final Dividend for the Year Ended 31 December 2023, Payable on 05 July 2024 Haidilao International Holding Ltd. proposed ordinary final dividend of HKD 0.824 per share for the year ended 31 December 2023. Date of shareholders' approval is 05 June 2024; Ex-dividend date is 07 June 2024; Record date is 17 June 2024; Payment date is 05 July 2024. Buy Or Sell Opportunity • Mar 22
Now 22% undervalued Over the last 90 days, the stock has risen 28% to HK$17.58. The fair value is estimated to be HK$22.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • Mar 15
Haidilao International Holding Ltd. to Report Fiscal Year 2023 Results on Mar 26, 2024 Haidilao International Holding Ltd. announced that they will report fiscal year 2023 results on Mar 26, 2024 Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$16.68, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Hospitality 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$22.56 per share. Announcement • Dec 13
Haidilao International Holding Ltd. Announces Re-Designation of Zhou Zhaocheng to Executive Director and Vice Chairman The board of directors of Haidilao International Holding Ltd. announced that Mr. Zhou Zhaocheng has been re-designated from the non-executive Director to an executive Director and has been appointed as the vice chairman of the Board with effect from December 13, 2023. Mr. Zhou, aged 50, was appointed as the non-executive Director of the Company in December 2022, responsible for providing strategic advice and supervising the management and strategic development of our Group. He served as an executive Director of the Company from April 2020 to December 2022. Mr. Zhou was also a joint company secretary of the Company from May 2020 to December 2022 and the chief strategy officer of our Company from April 2018 to December 2022. Prior to joining the Group, Mr. Zhou worked as a journalist at Economic and Trade Reporter from September 1994 to June 1997 and a reporter at Xinhua Daily from June 1997 to July 1998. From September 1999 to October 2015, Mr. Zhou worked as a senior news sub-editor, the associate chief sub-editor of Lianhe Zaobao and the editor of Zaobao Online in Singapore, successively. During his tenure as the editor of Zaobao Online from 2011 to 2015, Mr. Zhou was responsible not only for news management, but also for strategic planning and operational management of the internet business of Zaobao Online. From April 2009 to October 2015, Mr. Zhou also worked as the editor at Crossroads of Lianhe Zaobao. Subsequently, Mr. Zhou worked as the assistant vice president (new growth) at Lianhe Zaobao from November 2015 to December 2016 and the vice president of new markets at Singapore Press Holdings Limited from January 2017 to March 2018, where he was directly responsible for the new markets outside Singapore and the development and management of new businesses such as electronic commerce. Mr. Zhou also served as a director at CulCreative International Pte. Ltd. and ZBJ-SPH Pte. Ltd. from June 2017 to March 2018 and from July 2017 to March 2018, respectively, where he was responsible for strategic guidance of corporate management and operations. ZBJ-SPH Pte. Ltd. is a Chinese e-commerce platform jointly established by Singapore Press Holdings Limited and ZBJ.com. Mr. Zhou worked at Nanyang Centre for Public Administration of Nanyang Technological University as an adjunct assistant professor since September 2012 and was promoted as an adjunct associated professor in October 2016, teaching the Master's programme in Media, Public Communication and Policy Practice. He has been a visiting professor at School of Journalism and Communication of Guangdong University of Foreign Studies) since September 2014. He is currently the president of Jiangsu Association (Singapore) and the consultant of Peking University Alumni Association (Singapore), as well as a standing committee member of Singapore Chinese Chamber of Commerce and Industry. From January 2011 to July 2011, he was also a media fellow of the Sanford School of Public Policy at Duke University. Mr. Zhou is also the author of Public Policy Communications Strategy in Singapore, a monograph focusing on public policy communication. Mr. Zhou obtained his bachelor 's degree in classical literature from Nanjing Normal University in 1994, his master's degree in Chinese studies from National University of Singapore in June 2000 and his doctoral degree from Nanyang Technological University in Singapore in January 2007. In August 2020, Mr. Zhou was awarded as one of the 100 Most Creative People in Business by Fast Company, a business media brand with an editorial focus on innovation. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$13.82, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Hospitality industry in Hong Kong. Total loss to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$22.70 per share. Buying Opportunity • Nov 01
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be HK$22.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Reported Earnings • Aug 30
First half 2023 earnings released: EPS: CN¥0.42 (vs CN¥0.049 loss in 1H 2022) First half 2023 results: EPS: CN¥0.42 (up from CN¥0.049 loss in 1H 2022). Revenue: CN¥18.9b (up 13% from 1H 2022). Net income: CN¥2.26b (up CN¥2.52b from 1H 2022). Profit margin: 12% (up from net loss in 1H 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Aug 16
Haidilao International Holding Ltd. to Report First Half, 2023 Results on Aug 29, 2023 Haidilao International Holding Ltd. announced that they will report first half, 2023 results on Aug 29, 2023 Major Estimate Revision • Aug 05
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from CN¥0.558 to CN¥0.619. Revenue forecast steady at CN¥42.1b. Net income forecast to grow 108% next year vs 191% growth forecast for Hospitality industry in Hong Kong. Consensus price target up from HK$22.19 to HK$23.05. Share price rose 10% to HK$21.50 over the past week. Announcement • Jul 31
Haidilao International Holding Ltd. Provides Earnings Guidance for the Six Months Ended June 30, 2023 Haidilao International Holding Ltd. provided earnings guidance for the six months ended June 30, 2023. For the period, the revenue of the Group from continuing operations is expected to be no less than RMB 18.8 billion, representing an increase of no less than 23.7% as compared to the revenue from continuing operations of RMB 15.2 billion for the six months ended June 30, 2022, mainly due to (i) the increase in customer flow and the improved operating performance of Haidilao restaurants as a result of the lifting of the COVID-19 pandemic control measures; and (ii) the increase in the number of restaurants as compared to the same period in 2022 following the re-opening of certain previously suspended restaurants under the "Hard Bone" plan. The Group is expected to record a net profit from continuing operations of no less than RMB 2,200 million for the six months ended June 30, 2023, as compared to the net profit from continuing operations of RMB 72 million for the six months ended June 30, 2022. The expected profit is mainly attributable to the increase in table turnover rate and the enhanced restaurant operation efficiency as a result of the improvement of internal management and operation. Upcoming Dividend • Jun 02
Upcoming dividend of HK$0.12 per share at 0.6% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 04 July 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (1.2%). Announcement • May 24
Haidilao International Holding Ltd. Announces Management Changes The board of directors of Haidilao International Holding Ltd. announced that Ms. So Shuk Yi Betty has tendered her resignation as a joint company secretary of the Company an authorized representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and an authorized representative of the Company under Part 16 of the Companies Ordinance for the acceptance of service of process and notices in Hong Kong with effect from May 23, 2023. The Board further announces that Mr. Cheng Ching Kit who possesses the qualifications required under Rule 3.28 of the Listing Rules, has been appointed as a Joint Company Secretary, the Authorized Representative and the Process Agent with effect from May 23, 2023, and Mr. Li Peng will remain as a Joint Company Secretary. Mr. Cheng Ching Kit is an assistant vice president of SWCS Corporate Services Group (Hong Kong) Limited, a professional services provider specializing in corporate services, and has over 10 years of experience in corporate secretarial field. He is an associate member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom. In addition, he holds a Bachelor of Commerce degree in finance from the University of Queensland, Australia and a Master of Laws degree in Chinese law from the University of Hong Kong. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: CN¥0.30 (vs CN¥0.78 loss in FY 2021) Full year 2022 results: EPS: CN¥0.30 (up from CN¥0.78 loss in FY 2021). Revenue: CN¥31.5b (down 23% from FY 2021). Net income: CN¥1.64b (up CN¥5.80b from FY 2021). Profit margin: 5.2% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Free Wu was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Sep 01
First half 2022 earnings released: CN¥0.05 loss per share (vs CN¥0.018 profit in 1H 2021) First half 2022 results: CN¥0.05 loss per share (down from CN¥0.018 profit in 1H 2021). Revenue: CN¥17.0b (down 16% from 1H 2021). Net loss: CN¥266.3m (down 382% from profit in 1H 2021). Over the next year, revenue is forecast to grow 24%, compared to a 43% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 28
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: CN¥0.78 loss per share (down from CN¥0.058 profit in FY 2020). Revenue: CN¥41.1b (up 44% from FY 2020). Net loss: CN¥4.16b (down CN¥4.47b from profit in FY 2020). Same store sales growth: 3.1% vs FY 2020 Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 110%. Over the next year, revenue is forecast to grow 11%, compared to a 39% growth forecast for the restaurants industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. 
