Upcoming Dividend • Jun 25
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 23 July 2026. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (7.5%). In line with average of industry peers (6.2%). Upcoming Dividend • Jun 18
Upcoming dividend of HK$0.20 per share Eligible shareholders must have bought the stock before 25 June 2026. Payment date: 23 July 2026. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Hong Kong dividend payers (7.2%). In line with average of industry peers (6.0%). Announcement • Apr 16
Guangdong Investment Limited to Report Q1, 2026 Results on Apr 28, 2026 Guangdong Investment Limited announced that they will report Q1, 2026 results at 12:30 PM, China Standard Time on Apr 28, 2026 Declared Dividend • Apr 01
Final dividend increased to HK$0.20 Dividend of HK$0.20 is 170% higher than last year. Ex-date: 25th June 2026 Payment date: 23rd July 2026 Dividend yield will be 5.6%, which is lower than the industry average of 11%. Sustainability & Growth The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 4.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 31
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: HK$0.71 (up from HK$0.63 in FY 2024). Revenue: HK$18.8b (up 1.7% from FY 2024). Net income: HK$4.67b (up 14% from FY 2024). Profit margin: 25% (up from 22% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Revenue is expected to decline by 1.4% p.a. on average during the next 2 years, while revenues in the Water Utilities industry in Asia are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Announcement • Mar 31
Guangdong Investment Limited, Annual General Meeting, Jun 18, 2026 Guangdong Investment Limited, Annual General Meeting, Jun 18, 2026, at 15:00 China Standard Time. Location: concord room, 8th floor, renaissance harbour view hotel hong kong, one harbour road, wanchai Hong Kong Announcement • Mar 18
Guangdong Investment Limited to Report Fiscal Year 2025 Results on Mar 30, 2026 Guangdong Investment Limited announced that they will report fiscal year 2025 results on Mar 30, 2026 Announcement • Jan 28
Guangdong Investment Limited Provides Preliminary Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2025 Guangdong Investment Limited provided preliminary unaudited consolidated earnings guidance for the year ended 31 December 2025. For the year, the company expects consolidated profit attributable to owners of the Company is expected to increase by approximately 43%, by reference to the audited consolidated profit attributable to owners of the Company of approximately HKD 3,142 million in 2024. The expected increase in the consolidated profit attributable to owners of the Company is primarily attributable to the following: on 21 January 2025, the Company completed the payment of a special dividend in the form of a distribution in specie of shares of Guangdong Land Holdings Limited ("GDL"). Since then, GDL ceased to be a subsidiary of the Company and the financial result of GDL was no longer consolidated in the financial statements of the Company, whereas its full-year loss had been included in the financial statements of the Company in 2024; and profit from continuing operations during the year under review increased when compared with that in 2024, mainly attributed to the saving on net finance costs and administrative expenses. Announcement • Jan 08
Guangdong Investment Limited Announces Resignation of BAI Tao as Executive Director and Chairman of the Board and the Chairman of the Nomination Committee, with Effect from 6 January 2026 The board of directors of Guangdong Investment Limited announced that Ms. BAI Tao (‘Ms. Bai’) has tendered her resignation as an Executive Director of the Company due to other work arrangements. Accordingly, she ceased to be the Chairman of the Board and the Chairman of the Nomination Committee of the Company with effect from 6 January 2026. Ms. Bai has confirmed that she has no disagreement with the Board and there is no matter relating to each of her resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. Following the resignation of Ms. Bai, the Nomination Committee of the Company comprises of four Independent Non-executive Directors and it has no chairman. The Company is identifying suitable candidate(s) to fill the vacancy of relevant position to ensure compliance with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Company will make further announcement(s) on relevant appointment(s) in due course. Announcement • Oct 15
Guangdong Investment Limited to Report Nine Months, 2025 Results on Oct 27, 2025 Guangdong Investment Limited announced that they will report nine months, 2025 results on Oct 27, 2025 Upcoming Dividend • Oct 01
Upcoming dividend of HK$0.27 per share Eligible shareholders must have bought the stock before 08 October 2025. Payment date: 23 October 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Hong Kong dividend payers (6.7%). Lower than average of industry peers (5.1%). Declared Dividend • Aug 27
Dividend of HK$0.27 announced Shareholders will receive a dividend of HK$0.27. Ex-date: 8th October 2025 Payment date: 23rd October 2025 Dividend yield will be 5.5%, which is lower than the industry average of 11%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 1.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 5.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 26
Second quarter 2025 earnings released: EPS: HK$0.21 (vs HK$0.17 in 2Q 2024) Second quarter 2025 results: EPS: HK$0.21 (up from HK$0.17 in 2Q 2024). Revenue: HK$4.81b (down 19% from 2Q 2024). Net income: HK$1.38b (up 21% from 2Q 2024). Profit margin: 29% (up from 19% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.0% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Aug 15
Guangdong Investment Limited to Report First Half, 2025 Results on Aug 25, 2025 Guangdong Investment Limited announced that they will report first half, 2025 results on Aug 25, 2025 Upcoming Dividend • Jun 18
Upcoming dividend of HK$0.073 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 24 July 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (5.1%). Announcement • Jun 13
Guangdong Investment Limited Announces Resignation of Fan Fan as Non-Executive Director, Effective June 13, 2025 The board of directors of Guangdong Investment Limited announced that Mr. FAN Fan has tendered his resignation as Non-Executive Director of the Company with effect from 13 June 2025 to pursue his career development. Reported Earnings • Apr 29
First quarter 2025 earnings released First quarter 2025 results: Revenue: HK$4.62b (down 28% from 1Q 2024). Net income: HK$1.32b (up 3.9% from 1Q 2024). Profit margin: 29% (up from 20% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.4% growth forecast for the Water Utilities industry in Asia. Announcement • Apr 14
Guangdong Investment Limited to Report Q1, 2025 Results on Apr 28, 2025 Guangdong Investment Limited announced that they will report Q1, 2025 results on Apr 28, 2025 Major Estimate Revision • Mar 31
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from HK$23.5b to HK$18.5b. EPS estimate fell from HK$0.65 to HK$0.634 per share. Net income forecast to grow 1.1% next year vs 16% growth forecast for Water Utilities industry in Hong Kong. Consensus price target up from HK$7.10 to HK$7.25. Share price fell 9.1% to HK$5.72 over the past week. Declared Dividend • Mar 26
Dividend of HK$0.073 announced Shareholders will receive a dividend of HK$0.073. Ex-date: 25th June 2025 Payment date: 24th July 2025 Dividend yield will be 6.1%, which is lower than the industry average of 11%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 3.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 7.1% over the next 3 years. However, it would need to fall by 51% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 25
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: HK$0.71 (up from HK$0.48 in FY 2023). Revenue: HK$18.5b (down 24% from FY 2023). Net income: HK$4.64b (up 49% from FY 2023). Profit margin: 25% (up from 13% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 28%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Announcement • Mar 25
Guangdong Investment Limited, Annual General Meeting, Jun 17, 2025 Guangdong Investment Limited, Annual General Meeting, Jun 17, 2025, at 15:30 China Standard Time. Location: concord room, 8th floor, renaissance harbour view hotel hong kong, one harbour road, wanchai, Hong Kong Announcement • Mar 24
Guangdong Investment Limited Proposes Final Dividend for the Year Ended 31 December 2024, Payable on 24 July 2025 Guangdong Investment Limited proposed the final ordinary dividend of HKD 0.0727 per share for the year ended 31 December 2024, payable on 24 July 2025. Ex-dividend date is on 25 June 2025 with Record date on 27 June 2025. Date of shareholders' approval on 17 June 2025. Announcement • Mar 12
Guangdong Investment Limited to Report Fiscal Year 2024 Results on Mar 24, 2025 Guangdong Investment Limited announced that they will report fiscal year 2024 results on Mar 24, 2025 Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$5.97, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total loss to shareholders of 22% over the past three years. Price Target Changed • Dec 10
Price target increased by 7.0% to HK$5.70 Up from HK$5.32, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of HK$5.65. Stock is up 9.9% over the past year. The company is forecast to post earnings per share of HK$0.52 for next year compared to HK$0.48 last year. Reported Earnings • Oct 30
Third quarter 2024 earnings released Third quarter 2024 results: EPS: HK$0.18. Revenue: HK$5.85b (up 16% from 3Q 2023). Net income: HK$1.18b (down 9.1% from 3Q 2023). Profit margin: 20% (down from 26% in 3Q 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Water Utilities industry in Asia. Announcement • Oct 17
Guangdong Investment Limited to Report Nine Months, 2024 Results on Oct 29, 2024 Guangdong Investment Limited announced that they will report nine months, 2024 results on Oct 29, 2024 Upcoming Dividend • Oct 02
Upcoming dividend of HK$0.24 per share Eligible shareholders must have bought the stock before 09 October 2024. Payment date: 30 October 2024. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (7.9%). In line with average of industry peers (6.6%). Declared Dividend • Aug 30
First half dividend of HK$0.24 announced Shareholders will receive a dividend of HK$0.24. Ex-date: 9th October 2024 Payment date: 30th October 2024 Dividend yield will be 8.2%, which is lower than the industry average of 11%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 3.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: HK$0.17 (vs HK$0.19 in 2Q 2023) Second quarter 2024 results: EPS: HK$0.17 (down from HK$0.19 in 2Q 2023). Revenue: HK$5.90b (down 2.2% from 2Q 2023). Net income: HK$1.14b (down 8.4% from 2Q 2023). Profit margin: 19% (down from 21% in 2Q 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Price Target Changed • Aug 28
Price target increased by 11% to HK$5.15 Up from HK$4.63, the current price target is an average from 4 analysts. New target price is 25% above last closing price of HK$4.12. Stock is down 34% over the past year. The company is forecast to post earnings per share of HK$0.59 for next year compared to HK$0.48 last year. Announcement • Aug 16
Guangdong Investment Limited to Report First Half, 2024 Results on Aug 28, 2024 Guangdong Investment Limited announced that they will report first half, 2024 results on Aug 28, 2024 Upcoming Dividend • Jun 19
Upcoming dividend of HK$0.12 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 25 July 2024. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 6.8%. Lower than top quartile of Hong Kong dividend payers (7.8%). In line with average of industry peers (6.4%). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$4.29, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Water Utilities industry in Asia. Total loss to shareholders of 55% over the past three years. Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: EPS: HK$0.20. Revenue: HK$6.39b (up 20% from 1Q 2023). Net income: HK$1.27b (flat on 1Q 2023). Profit margin: 20% (down from 24% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Water Utilities industry in Asia. Announcement • Apr 16
Guangdong Investment Limited to Report Q1, 2024 Results on Apr 25, 2024 Guangdong Investment Limited announced that they will report Q1, 2024 results on Apr 25, 2024 Major Estimate Revision • Apr 02
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$26.4b to HK$24.8b. EPS estimate also fell from HK$0.642 per share to HK$0.546 per share. Net income forecast to grow 14% next year vs 14% growth forecast for Water Utilities industry in Hong Kong. Consensus price target down from HK$7.41 to HK$4.63. Share price fell 9.1% to HK$3.48 over the past week. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to HK$3.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Water Utilities industry in Asia. Total loss to shareholders of 66% over the past three years. Declared Dividend • Mar 27
Final dividend of HK$0.12 announced Shareholders will receive a dividend of HK$0.12. Ex-date: 26th June 2024 Payment date: 25th July 2024 Dividend yield will be 8.9%, which is lower than the industry average of 11%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 4.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 26
Guangdong Investment Limited, Annual General Meeting, Jul 25, 2024 Guangdong Investment Limited, Annual General Meeting, Jul 25, 2024, at 14:30 China Standard Time. Location: Concord Room, 8th Floor, Renaissance Harbour View Hotel Hong Kong, One Harbour Road, Wanchai, Hong Kong Hong Kong China Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: HK$0.48 (vs HK$0.73 in FY 2022) Full year 2023 results: EPS: HK$0.48 (down from HK$0.73 in FY 2022). Revenue: HK$24.2b (up 4.3% from FY 2022). Net income: HK$3.12b (down 35% from FY 2022). Profit margin: 13% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Price Target Changed • Mar 25
Price target decreased by 11% to HK$6.59 Down from HK$7.41, the current price target is an average from 5 analysts. New target price is 42% above last closing price of HK$4.65. Stock is down 40% over the past year. The company is forecast to post earnings per share of HK$0.55 for next year compared to HK$0.73 last year. Announcement • Mar 14
Guangdong Investment Limited to Report Fiscal Year 2023 Results on Mar 25, 2024 Guangdong Investment Limited announced that they will report fiscal year 2023 results on Mar 25, 2024 Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to HK$4.54, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Water Utilities industry in Asia. Total loss to shareholders of 58% over the past three years. Major Estimate Revision • Jan 30
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from HK$0.662 to HK$0.593 per share. Revenue forecast steady at HK$22.9b. Net income forecast to grow 1.1% next year vs 14% growth forecast for Water Utilities industry in Hong Kong. Consensus price target down from HK$7.75 to HK$7.49. Share price fell 15% to HK$4.77 over the past week. Price Target Changed • Dec 27
Price target decreased by 16% to HK$7.75 Down from HK$9.19, the current price target is an average from 5 analysts. New target price is 40% above last closing price of HK$5.54. Stock is down 31% over the past year. The company is forecast to post earnings per share of HK$0.66 for next year compared to HK$0.73 last year. Announcement • Oct 28
Guangdong Investment Limited Announces Change of Executive Director, Chairman of the Board and Chairman and Member of the Nomination Committee The Board announces that as Mr. HOU Wailin has reached his retirement age, he has tendered his resignation as an Executive Director of the Company. Accordingly, he will cease to be the Chairman of the Board and the Chairman and a member of the Nomination Committee of the Company with effect from 26 October 2023; and Ms. BAI Tao is appointed as an Executive Director, the Chairman of the Board and the Chairman and a member of the Nomination Committee of the Company effective upon the conclusion of the relevant board meeting held on 26 October 2023. Ms. BAI Tao (), aged 56, holds a bachelor's degree in engineering from Lanzhou University of Technology (formerly known as Gansu University of Technology) and a Doctorate degree in economics from Jinan University. She is a senior economist and a senior engineer. Ms. Bai was appointed the chairman of (Guangdong Holdings Limited) ("Guangdong Holdings") and GDH Limited ("GDH") in September 2023. Prior to joining the Guangdong Holdings group, Ms. Bai had served for a number of large-scale enterprises which specialized in manufacturing, industrial construction and real estate industries. She had been a director and general manager of (Guangdong Province Second Light Industry Group Corporation), chairman of (Guangdong Province Guangqing Holdings Group Co. Ltd.) and chairman of (Guangdong Guangxin Holdings Group Co. Ltd., being an enterprise of the 2023 Fortune Global 500). Ms. Bai was awarded the in 2005, and an expert entitled to special grants of the State Council of the People's Republic of China in 2018. In addition, Ms. Bai actively involves in public services. She is currently serving as vice chairman of China Enterprise Reform and Development Society, and previously acted as vice chairman of the Guangdong Women's Federation and a director of the (Guangdong Provincial Urban Collective Enterprises Federation) etc. Guangdong Holdings and GDH are the ultimate controlling shareholder and the immediate controlling shareholder of the Company, respectively. Reported Earnings • Oct 27
Third quarter 2023 earnings released Third quarter 2023 results: EPS: HK$0.20. Revenue: HK$5.07b (down 14% from 3Q 2022). Net income: HK$1.30b (down 26% from 3Q 2022). Profit margin: 26% (down from 30% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Water Utilities industry in Asia. Announcement • Oct 13
Guangdong Investment Limited to Report Nine Months, 2023 Results on Oct 26, 2023 Guangdong Investment Limited announced that they will report nine months, 2023 results on Oct 26, 2023 Upcoming Dividend • Sep 29
Upcoming dividend of HK$0.19 per share at 10% yield Eligible shareholders must have bought the stock before 06 October 2023. Payment date: 26 October 2023. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 10%. Within top quartile of Hong Kong dividend payers (8.1%). In line with average of industry peers (9.5%). Price Target Changed • Sep 11
Price target decreased by 13% to HK$9.71 Down from HK$11.21, the current price target is an average from 6 analysts. New target price is 63% above last closing price of HK$5.96. Stock is down 16% over the past year. The company is forecast to post earnings per share of HK$0.71 for next year compared to HK$0.73 last year. Reported Earnings • Aug 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: HK$6.04b (down 5.8% from 2Q 2022). Net income: HK$1.24b (down 15% from 2Q 2022). Profit margin: 21% (down from 23% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Announcement • Aug 18
Guangdong Investment Limited to Report First Half, 2023 Results on Aug 29, 2023 Guangdong Investment Limited announced that they will report first half, 2023 results on Aug 29, 2023 Buying Opportunity • Aug 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be HK$7.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 41% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. Upcoming Dividend • Jun 20
Upcoming dividend of HK$0.43 per share at 8.7% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 27 July 2023. Payout ratio is on the higher end at 84% but the company is not cash flow positive. Trailing yield: 8.7%. Within top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (8.2%). Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: HK$0.73 (vs HK$0.72 in FY 2021) Full year 2022 results: EPS: HK$0.73 (up from HK$0.72 in FY 2021). Revenue: HK$23.2b (down 22% from FY 2021). Net income: HK$4.76b (up 1.4% from FY 2021). Profit margin: 21% (up from 16% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jan 11
Price target increased to HK$11.36 Up from HK$10.59, the current price target is an average from 7 analysts. New target price is 32% above last closing price of HK$8.59. Stock is down 13% over the past year. The company is forecast to post earnings per share of HK$0.75 for next year compared to HK$0.72 last year. 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. 8 non-independent directors. Independent Non-Executive Director Brian David Li was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 22% share price gain to HK$6.02, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Water Utilities industry in Asia. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.98 per share. Reported Earnings • Oct 29
Third quarter 2022 earnings released Third quarter 2022 results: EPS: HK$0.27. Revenue: HK$5.87b (down 31% from 3Q 2021). Net income: HK$1.75b (down 11% from 3Q 2021). Profit margin: 30% (up from 23% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Water Utilities industry in Asia. Upcoming Dividend • Sep 30
Upcoming dividend of HK$0.19 per share Eligible shareholders must have bought the stock before 07 October 2022. Payment date: 27 October 2022. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 9.7%. Within top quartile of Hong Kong dividend payers (8.9%). Higher than average of industry peers (8.6%). Major Estimate Revision • Sep 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from HK$0.76 to HK$0.63 per share. Revenue forecast steady at HK$27.0b. Net income forecast to shrink 3.2% next year vs 22% growth forecast for Water Utilities industry in Hong Kong . Consensus price target down from HK$12.63 to HK$12.15. Share price was steady at HK$6.96 over the past week. Reported Earnings • Sep 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: HK$6.41b (down 12% from 2Q 2021). Net income: HK$1.46b (up 5.1% from 2Q 2021). Profit margin: 23% (up from 19% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 2.5%, compared to a 12% growth forecast for the Water Utilities industry in Hong Kong. 
