Announcement • Jun 25
Shenzhen Investment Holdings Bay Area Development Company Limited Approves Final Dividend for the Year 2025, Payable on 27 August 2026 Shenzhen Investment Holdings Bay Area Development Company Limited at its Annual General Meeting held on June 24, 2026, approved the Final Dividend of 7.60 RMB cents per Share for 2025. The Record Date is 23 July 2026. It is expected that the final dividend will be paid on 27 August 2026 to Shareholders who are registered at the close of business on 23 July 2026. Upcoming Dividend • Jun 19
Upcoming dividend of HK$0.086 per share Eligible shareholders must have bought the stock before 26 June 2026. Payment date: 31 July 2026. Payout ratio and cash payout ratio are on the higher end at 100% and 85% respectively. Trailing yield: 9.2%. Within top quartile of Hong Kong dividend payers (7.3%). Higher than average of industry peers (5.9%). Reported Earnings • Apr 18
First quarter 2026 earnings released: EPS: CN¥0.042 (vs CN¥0.039 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.042 (up from CN¥0.039 in 1Q 2025). Revenue: CN¥195.2m (up 7.9% from 1Q 2025). Net income: CN¥129.0m (up 8.8% from 1Q 2025). Profit margin: 66% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Apr 03
Shenzhen Investment Holdings Bay Area Development Company Limited to Report Q1, 2026 Results on Apr 17, 2026 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report Q1, 2026 results on Apr 17, 2026 Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: CN¥0.15 (vs CN¥0.15 in FY 2024) Full year 2025 results: EPS: CN¥0.15 (up from CN¥0.15 in FY 2024). Revenue: CN¥786.4m (down 11% from FY 2024). Net income: CN¥467.5m (up 1.4% from FY 2024). Profit margin: 60% (up from 52% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 18
Shenzhen Investment Holdings Bay Area Development Company Limited, Annual General Meeting, Jun 24, 2026 Shenzhen Investment Holdings Bay Area Development Company Limited, Annual General Meeting, Jun 24, 2026. Announcement • Mar 05
Shenzhen Investment Holdings Bay Area Development Company Limited to Report Fiscal Year 2025 Results on Mar 18, 2026 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report fiscal year 2025 results on Mar 18, 2026 Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: CN¥0.048 (vs CN¥0.043 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.048 (up from CN¥0.043 in 3Q 2024). Revenue: CN¥210.0m (down 4.5% from 3Q 2024). Net income: CN¥146.9m (up 12% from 3Q 2024). Profit margin: 70% (up from 60% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Oct 09
Shenzhen Investment Holdings Bay Area Development Company Limited to Report Nine Months, 2025 Results on Oct 24, 2025 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report nine months, 2025 results on Oct 24, 2025 Reported Earnings • Sep 24
Second quarter 2025 earnings released: EPS: CN¥0.037 (vs CN¥0.042 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.037 (down from CN¥0.042 in 2Q 2024). Revenue: CN¥190.2m (up 95% from 2Q 2024). Net income: CN¥115.4m (down 10.0% from 2Q 2024). Profit margin: 61% (down from 131% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Buy Or Sell Opportunity • Sep 23
Now 20% undervalued Over the last 90 days, the stock has risen 2.2% to HK$1.83. The fair value is estimated to be HK$2.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 10%. Upcoming Dividend • Sep 15
Upcoming dividend of HK$0.083 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 07 November 2025. Payout ratio and cash payout ratio are on the higher end at 100% and 87% respectively. Trailing yield: 8.6%. Within top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (5.5%). Buy Or Sell Opportunity • Aug 20
Now 20% undervalued Over the last 90 days, the stock has risen 1.6% to HK$1.87. The fair value is estimated to be HK$2.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 10%. Declared Dividend • Aug 17
First half dividend of HK$0.083 announced Shareholders will receive a dividend of HK$0.083. Ex-date: 22nd September 2025 Payment date: 7th November 2025 Dividend yield will be 8.6%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio). However, it is covered by cash flows (87% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control, which is less than the 19% EPS growth achieved over the last 5 years. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: CN¥0.037 (vs CN¥0.042 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.037 (down from CN¥0.042 in 2Q 2024). Revenue: CN¥190.2m (up 95% from 2Q 2024). Net income: CN¥115.4m (down 10.0% from 2Q 2024). Profit margin: 61% (down from 131% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Aug 04
Shenzhen Investment Holdings Bay Area Development Company Limited to Report First Half, 2025 Results on Aug 15, 2025 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report first half, 2025 results on Aug 15, 2025 Announcement • May 21
Shenzhen Investment Holdings Bay Area Development Company Limited Approves Final Ordinary Dividend for the Financial Year End 31 December 2024, Payable on 15 July 2025 Shenzhen Investment Holdings Bay Area Development Company Limited at its AGM held on May 21, 2025 approved the recommended final dividend of RMB 7.15 cents per share (equivalent to HKD 7.74202 cents per share at the exchange rate of RMB1:HKD 1.08280) as published by The People's Bank of China on 20 March 2025) for the financial year ended 31 December 2024. It is expected that the final dividend will be paid on 15 July 2025 to Shareholders who are registered at the close of business on 27 May 2025. Upcoming Dividend • May 16
Upcoming dividend of HK$0.077 per share Eligible shareholders must have bought the stock before 23 May 2025. Payment date: 15 July 2025. Payout ratio and cash payout ratio are on the higher end at 100% and 87% respectively. Trailing yield: 8.8%. Within top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (5.9%). Reported Earnings • Apr 25
Full year 2024 earnings released: EPS: CN¥0.15 (vs CN¥0.17 in FY 2023) Full year 2024 results: EPS: CN¥0.15 (down from CN¥0.17 in FY 2023). Revenue: CN¥879.5m (down 6.9% from FY 2023). Net income: CN¥460.9m (down 13% from FY 2023). Profit margin: 52% (down from 56% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Apr 11
Shenzhen Investment Holdings Bay Area Development Company Limited to Report Q1, 2025 Results on Apr 25, 2025 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report Q1, 2025 results on Apr 25, 2025 Declared Dividend • Mar 22
Final dividend of HK$0.077 announced Shareholders will receive a dividend of HK$0.077. Ex-date: 23rd May 2025 Payment date: 15th July 2025 Dividend yield will be 9.1%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio) nor is it covered by cash flows (dividend approximately 6x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. However, EPS has declined by 5.5% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: CN¥0.15 (vs CN¥0.17 in FY 2023) Full year 2024 results: EPS: CN¥0.15 (down from CN¥0.17 in FY 2023). Revenue: CN¥879.5m (down 6.9% from FY 2023). Net income: CN¥460.9m (down 13% from FY 2023). Profit margin: 52% (down from 56% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Mar 07
Shenzhen Investment Holdings Bay Area Development Company Limited to Report Fiscal Year 2024 Results on Mar 20, 2025 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report fiscal year 2024 results on Mar 20, 2025 Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.043 (vs CN¥0.054 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.043 (down from CN¥0.054 in 3Q 2023). Revenue: CN¥220.0m (up 27% from 3Q 2023). Net income: CN¥131.2m (down 20% from 3Q 2023). Profit margin: 60% (down from 95% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 13% per year. Announcement • Oct 09
Shenzhen Investment Holdings Bay Area Development Company Limited to Report Nine Months, 2024 Results on Oct 24, 2024 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report nine months, 2024 results on Oct 24, 2024 Reported Earnings • Sep 25
Second quarter 2024 earnings released: EPS: CN¥0.042 (vs CN¥0.021 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.042 (up from CN¥0.021 in 2Q 2023). Revenue: CN¥97.5m (down 54% from 2Q 2023). Net income: CN¥128.2m (up 98% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 16
Upcoming dividend of HK$0.085 per share Eligible shareholders must have bought the stock before 23 September 2024. Payment date: 08 November 2024. Payout ratio is on the higher end at 100% but the company is not cash flow positive. Trailing yield: 10.0%. Within top quartile of Hong Kong dividend payers (8.7%). Higher than average of industry peers (6.7%). Declared Dividend • Aug 26
First half dividend of HK$0.085 announced Shareholders will receive a dividend of HK$0.085. Ex-date: 23rd September 2024 Payment date: 8th November 2024 Dividend yield will be 12%, which is higher than the industry average of 6.5%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. However, EPS is expected to decline by 35% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Buy Or Sell Opportunity • Aug 26
Now 22% overvalued Over the last 90 days, the stock has fallen 1.6% to HK$1.79. The fair value is estimated to be HK$1.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has declined by 29%. Reported Earnings • Aug 24
Second quarter 2024 earnings released: EPS: CN¥0.042 (vs CN¥0.021 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.042 (up from CN¥0.021 in 2Q 2023). Revenue: CN¥97.5m (down 54% from 2Q 2023). Net income: CN¥128.2m (up 98% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Aug 23
Shenzhen Investment Holdings Bay Area Development Company Limited Declares Interim Dividend for Six Months Ended 30 June 2024, Payable on 8 November 2024 Shenzhen Investment Holdings Bay Area Development Company Limited declared interim dividend of RMB 0.078 per share for Six Months Ended 30 June 2024, Payable on 8 November 2024. Record date: 25 September 2024. Ex-dividend date: 23 September 2024. Announcement • Aug 09
Shenzhen Investment Holdings Bay Area Development Company Limited to Report First Half, 2024 Results on Aug 23, 2024 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report first half, 2024 results on Aug 23, 2024 Buy Or Sell Opportunity • Jul 10
Now 21% undervalued Over the last 90 days, the stock has risen 2.3% to HK$1.75. The fair value is estimated to be HK$2.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Earnings per share has declined by 38%. Buy Or Sell Opportunity • Jul 02
Now 21% undervalued Over the last 90 days, the stock has risen 4.1% to HK$1.77. The fair value is estimated to be HK$2.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Earnings per share has declined by 38%. Buy Or Sell Opportunity • Jun 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.7% to HK$1.78. The fair value is estimated to be HK$2.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Earnings per share has declined by 38%. Buy Or Sell Opportunity • Jun 17
Now 20% undervalued Over the last 90 days, the stock has risen 7.9% to HK$1.78. The fair value is estimated to be HK$2.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Earnings per share has declined by 38%. Buy Or Sell Opportunity • May 23
Now 22% undervalued Over the last 90 days, the stock has risen 17% to HK$1.80. The fair value is estimated to be HK$2.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Earnings per share has declined by 38%. Upcoming Dividend • May 16
Upcoming dividend of HK$0.13 per share Eligible shareholders must have bought the stock before 23 May 2024. Payment date: 15 July 2024. Payout ratio is on the higher end at 100% but the company is not cash flow positive. Trailing yield: 9.5%. Within top quartile of Hong Kong dividend payers (7.5%). Higher than average of industry peers (6.0%). Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: CN¥0.037 (vs CN¥0.035 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.037 (up from CN¥0.035 in 1Q 2023). Revenue: CN¥350.3m (up 49% from 1Q 2023). Net income: CN¥112.4m (up 5.0% from 1Q 2023). Profit margin: 32% (down from 46% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Apr 14
Shenzhen Investment Holdings Bay Area Development Company Limited to Report Q1, 2024 Results on Apr 25, 2024 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report Q1, 2024 results on Apr 25, 2024 Announcement • Mar 21
Shenzhen Investment Holdings Bay Area Development Company Limited Proposes Final Ordinary Dividend for the Financial Year End 31 December 2023, Payable on July 15, 2024 Shenzhen Investment Holdings Bay Area Development Company Limited proposes final ordinary dividend of RMB 0.1155 per share for the financial year end 31 December 2023. Ex-dividend date 23 May 2024, Record date 27 May 2024 and Payment date 15 July 2024. Announcement • Mar 20
Shenzhen Investment Holdings Bay Area Development Company Limited, Annual General Meeting, May 21, 2024 Shenzhen Investment Holdings Bay Area Development Company Limited, Annual General Meeting, May 21, 2024. Agenda: To consider final dividend. Announcement • Feb 28
Shenzhen Investment Holdings Bay Area Development Company Limited to Report Fiscal Year 2023 Results on Mar 19, 2024 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report fiscal year 2023 results on Mar 19, 2024 Buying Opportunity • Dec 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be HK$1.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 78% over the last 3 years. Earnings per share has declined by 34%. Announcement • Oct 11
Shenzhen Investment Holdings Bay Area Development Company Limited to Report Nine Months, 2023 Results on Oct 24, 2023 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report nine months, 2023 results on Oct 24, 2023 Upcoming Dividend • Sep 14
Upcoming dividend of HK$0.06 per share at 12% yield Eligible shareholders must have bought the stock before 21 September 2023. Payment date: 10 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 12%. Within top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (6.6%). Announcement • Aug 24
Shenzhen Investment Holdings Bay Area Development Company Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on November 10, 2023 Shenzhen Investment Holdings Bay Area Development Company Limited announced dividend of RMB 0.0555 per share for the six months ended June 30, 2023. Ex-dividend date is September 21, 2023. Record date is September 25, 2023. Payment date is November 10, 2023. Announcement • Aug 12
Shenzhen Investment Holdings Bay Area Development Company Limited to Report First Half, 2023 Results on Aug 23, 2023 Shenzhen Investment Holdings Bay Area Development Company Limited announced that they will report first half, 2023 results on Aug 23, 2023 Announcement • Jul 01
Shenzhen Investment Holdings Bay Area Development Company Limited Announces Executive Changes The board of directors of Shenzhen Investment Holdings Bay Area Development Company Limited announced that Mr. Weiguo ZONG ("Mr. ZONG") has resigned as a non-executive director of the Company with effect from 30 June 2023 due to other work allocation. The Board announced that Mr. Xuan WANG ("Mr. WANG") has been appointed as a non-executive director of the Company with effect from 30 June 2023. Mr. WANG, aged 49, obtained a Master's Degree in National Economics from Zhongnan University of Economics and Law in 2000. From 2002 to 2006, he successively worked for Wuhan Vanke Real Estate Co. Ltd. and Shenzhen Vanke Development Co. Ltd. During 2007 to 2022, he served successively as the business manager of project investment center, assistant general manager and partner of business development center of China Vanke Co. Ltd. (Shenzhen Stock Exchange stock code: 000002 and the Hong Kong Stock Exchange stock code: 2202). Since 2023, he has been transferred to the southern region headquarters of China Vanke Co. Ltd. and is currently the regional partner and investment and strategy research general manager of the southern region headquarters of China Vanke Co. Ltd. Upcoming Dividend • May 16
Upcoming dividend of HK$0.037 per share at 5.2% yield Eligible shareholders must have bought the stock before 23 May 2023. Payment date: 14 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.2%. Lower than top quartile of Hong Kong dividend payers (7.5%). In line with average of industry peers (5.7%). Buying Opportunity • Mar 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be HK$2.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 172% over the last 3 years. Earnings per share has declined by 3.4%. Announcement • Feb 04
Shenzhen Investment Holdings Bay Area Development Company Limited Announces Board Changes The board of directors of Shenzhen Investment Holdings Bay Area Development Company Limited announced that Mr. Junye CAI has resigned as a Non-executive Director of the Company with effect from 3 February 2023 due to other work allocation. The Board announced that Ms. Siyan CHEN has been appointed as a Non-executive Director of the Company with effect from 3 February 2023. Ms. CHEN, aged 36, graduated from Peking University in 2010 with a double bachelor's degree in Science and Economics and obtained a master's degree in finance from Peking University in 2013. She is a registered Chinese Certified Public Accountant (CPA). After graduation, Ms. CHEN had successively worked in Zhongrong International Trust Co. Ltd. and Western Trust Co. Ltd. and has an extensive experience in corporate investment and financing in real estate, infrastructure and other areas. In December 2016, Ms. CHEN joined Taiping Investment Holdings Co. Ltd. Currently, Ms. CHEN is the executive director of Taiping Financial Holdings Equity Investment Fund Management (Shenzhen) Co. Ltd. and is responsible for insurance capital investment and fund businesses. Announcement • Jan 07
Shenzhen Investment Holdings Bay Area Development Company Limited Announces Directorate, Board and Committee Changes The board of directors of Shenzhen Investment Holdings Bay Area Development Company Limited announced that Mr. Wei HU has resigned as an Executive Director and the Chairman of the Board, a member and the chairman of the committee of the Executive Directors of the Company, and a member and the chairman of the nomination committee of the Company with effect from 6 January 2023 due to retirement. The Board announced that Mr. Xiangwen LIAO has been appointed as an Executive Director, the Chairman of the Board, a member and the chairman of the Executive Committee and a member and the chairman of the Nomination Committee with effect from 6 January 2023. Mr. LIAO, aged 54, obtained a Doctor degree in Laws from Southwest University of Political Science and Law. He has extensive experience in toll highway management, legal affairs and human resource management. Mr. LIAO has previously served in the Transport Commission of Shenzhen Municipality. He joined Shenzhen Expressway Corporation Limited in November 2004 and had successively served as the deputy manager of the public relations department and the general manager of the human resources department. From September 2009 to September 2018, Mr. LIAO was the vice president of Shenzhen Expressway and was appointed as president since September 2018. Mr. LIAO has been a Director of Shenzhen Expressway since November 2016 and chaired the operation of the board of directors of Shenzhen Expressway for the moment since December 2022. Mr. LIAO now also holds directorship in some subsidiaries and investment enterprises of Shenzhen Expressway. CHANGE IN COMPOSITION OF THE EXECUTIVE COMMITTEE: With effect from 6 January 2023, the composition of the Executive Committee has been changed as follows: Mr. HU has resigned as a member and the chairman of the Executive Committee, and Mr. LIAO has been appointed as a member and the chairman of the Executive Committee. The composition of the Executive Committee immediately after the abovementioned changes becoming effective is as follows: Mr. Xiangwen LIAO (Chairman); Mr. Tianliang ZHANG; Mr. Jianming WU; Mr. Cheng WU; Mr. Ji LIU. CHANGE IN COMPOSITION OF THE NOMINATION COMMITTEE: With effect from 6 January 2023, the composition of the Nomination Committee has been changed as follows: Mr. HU has resigned as a member and the chairman of the Nomination Committee, and Mr. LIAO has been appointed as a member and the chairman of the Nomination Committee. The composition of the Nomination Committee immediately after the abovementioned changes becoming effective is as follows: Mr. Xiangwen LIAO (Chairman); Mr. Brian David Man Bun LI; Mr. Yu Lung CHING; Mr. Tony Chung Nin KAN. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Peng Xue was the last independent director to join the board, commencing their role in 2022. 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 • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$1.69, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 5x in the Infrastructure industry in Hong Kong. Total loss to shareholders of 45% over the past three years. Buying Opportunity • Sep 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be HK$2.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Aug 25
Upcoming dividend of HK$0.067 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 21 October 2022. Payout ratio is on the higher end at 100% but the company is not cash flow positive. Trailing yield: 7.5%. Lower than top quartile of Hong Kong dividend payers (8.3%). In line with average of industry peers (7.8%). Upcoming Dividend • Apr 27
Upcoming dividend of HK$0.13 per share Eligible shareholders must have bought the stock before 04 May 2022. Payment date: 15 July 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 9.1%. Within top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (7.5%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Peng Xue was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 26
Upcoming dividend of HK$0.11 per share Eligible shareholders must have bought the stock before 02 September 2021. Payment date: 22 October 2021. Trailing yield: 7.6%. Within top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (6.6%). Upcoming Dividend • Apr 28
Upcoming dividend of HK$0.11 per share Eligible shareholders must have bought the stock before 04 May 2021. Payment date: 27 July 2021. Trailing yield: 3.5%. Lower than top quartile of Hong Kong dividend payers (6.0%). Lower than average of industry peers (5.7%). Analyst Estimate Surprise Post Earnings • Feb 27
Revenue behind estimates Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 299%, compared to a 17% growth forecast for the Infrastructure industry in Hong Kong. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥3.34, the stock is trading at a trailing P/E ratio of 44.2x, up from the previous P/E ratio of 37.7x. This compares to an average P/E of 11x in the Infrastructure industry in Hong Kong. Total return to shareholders over the past three years is a loss of 12%. Is New 90 Day High Low • Feb 23
New 90-day high: HK$3.00 The company is up 21% from its price of HK$2.48 on 25 November 2020. The Hong Kong market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 7.0% over the same period. Upcoming Dividend • Jan 14
Upcoming Dividend of HK$0.12 Per Share Will be paid on the 26th of February to those who are registered shareholders by the 21st of January. The company last paid an ordinary dividend in April 2020. The average dividend yield among industry peers is 6.5%. Is New 90 Day High Low • Jan 04
New 90-day high: HK$2.66 The company is up 15% from its price of HK$2.32 on 06 October 2020. The Hong Kong market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: HK$2.61 The company is up 4.0% from its price of HK$2.51 on 04 September 2020. The Hong Kong market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 8.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: HK$2.46 The company is down 8.0% from its price of HK$2.67 on 24 June 2020. The Hong Kong market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$1.88 per share. 
