Announcement • Jun 03
China Merchants Port Holdings Company Limited Approves A Final Dividend for the Year Ended 31 December 2025 China Merchants Port Holdings Company Limited at its AGM, held on 2 June 2026, approved to declare a final dividend of HKD 0.489 per share for the year ended 31 December 2025. Upcoming Dividend • May 28
Upcoming dividend of HK$0.49 per share Eligible shareholders must have bought the stock before 04 June 2026. Payment date: 10 July 2026. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (6.9%). Lower than average of industry peers (5.5%). Declared Dividend • Apr 02
Final dividend of HK$0.49 announced Shareholders will receive a dividend of HK$0.49. Ex-date: 4th June 2026 Payment date: 10th July 2026 Dividend yield will be 5.0%, which is lower than the industry average of 6.5%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 01
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: HK$1.54 (down from HK$1.89 in FY 2024). Revenue: HK$13.4b (up 13% from FY 2024). Net income: HK$6.46b (down 19% from FY 2024). Profit margin: 48% (down from 67% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates by 9.8%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Mar 31
China Merchants Port Holdings Company Limited, Annual General Meeting, Jun 02, 2026 China Merchants Port Holdings Company Limited, Annual General Meeting, Jun 02, 2026. Announcement • Mar 13
China Merchants Port Holdings Company Limited to Report Fiscal Year 2025 Results on Mar 31, 2026 China Merchants Port Holdings Company Limited announced that they will report fiscal year 2025 results on Mar 31, 2026 Board Change • Jan 15
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. 5 non-independent directors. Independent Non-executive Director Lawrence Wong was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 14
China Merchants Port Holdings Company Limited Appoints Huang Qiang Zhong As Executive Director And Announces Change In ESG Committee Composition, Effective January 14, 2026 China Merchants Port Holdings Company Limited announces that it has resolved to appoint Mr. Huang Qiang Zhong as an Executive Director of the Company with effect from January 14, 2026. Mr. Huang, aged 56, currently serves as the head of the International Exchange and Cooperation Institute of China Merchants Port Group Co. Ltd. He holds the title of Intermediate Engineer, graduated with a Bachelor’s degree in Automatic Control from Dalian Maritime University, and subsequently obtained a Master’s degree in Management Science and Engineering from Zhejiang University. He previously served as Deputy General Manager and General Counsel of China Merchants Industry Holdings Co. Ltd., Deputy Minister of Human Resources Department of China Merchants Group Limited, Chairman and General Manager of China Merchants Zhangzhou Development Zone Co. Ltd. and Director of the Management Committee of Zhangzhou China Merchants Economic and Technological Development Zone. The Board further announces that the Board has approved the change in composition of the environmental, social and governance committee of the Company (the “ESG Committee”) with effect from January 14, 2026, details of which are as follows: The ESG Committee shall consist of six members, namely Mr. Xu Song, Mr. Yim Kong, Mr. Lu Yongxin, Mr. Huang Qiang Zhong and Mr. Wong Chi Wing with Mr. Feng Boming serving as the chairman of the ESG Committee. Upcoming Dividend • Sep 19
Upcoming dividend of HK$0.25 per share Eligible shareholders must have bought the stock before 26 September 2025. Payment date: 19 November 2025. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Hong Kong dividend payers (6.6%). In line with average of industry peers (5.4%). Reported Earnings • Aug 31
First half 2025 earnings released: EPS: HK$0.85 (vs HK$1.06 in 1H 2024) First half 2025 results: EPS: HK$0.85 (down from HK$1.06 in 1H 2024). Revenue: HK$6.46b (up 11% from 1H 2024). Net income: HK$3.58b (down 20% from 1H 2024). Profit margin: 56% (down from 77% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Aug 29
China Merchants Port Holdings Company Limited Announces Ordinary Interim Dividend for the Six Months Ended 30 June 2025, Payable on 19 November 2025 China Merchants Port Holdings Company Limited announced the ordinary Interim Dividend of HKD 0.25 per share for the Six Months Ended 30 June 2025. Ex-dividend date is on 26 September 2025 with Record date on 06 October 2025. Payment date on 19 November 2025. Announcement • Aug 15
China Merchants Port Holdings Company Limited to Report First Half, 2025 Results on Aug 29, 2025 China Merchants Port Holdings Company Limited announced that they will report first half, 2025 results on Aug 29, 2025 Announcement • Jun 30
China Merchants Port Holdings Company Limited Announces Board and Committee Changes, Effective 1 July 2025 The board of directors of China Merchants Port Holdings Company Limited announced that Mr. Li Ka Fai David has tendered his resignation as an Independent Non-executive Director of the Company with effect from 1 July 2025 to comply with Rule 3.12A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited which will become effective on 1 July 2025. Accordingly, with effect from 1 July 2025, Mr. Li will also cease to be the chairman of the audit committee of the Company and a member of the remuneration committee of the Company. Change in Composition of Board Committees: The Board further announced that the Board has approved the change in composition of the Audit Committee, the nomination committee of the Company and the Remuneration Committee with effect from 1 July 2025, details of which are as follows: The Audit Committee shall consist of four members, namely Mr. Chan Hiu Fung Nicholas, Mr. Wong Chi Wing and Ms. Wong Pui Wah with Ms. Chan Yuen Sau Kelly serving as the chairman of the Audit Committee. The Nomination Committee shall consist of four members, namely Mr. Xu Song, Mr. Chan Hiu Fung Nicholas and Ms. Chan Yuen Sau Kelly with Ms. Wong Pui Wah serving as the chairman of the Nomination Committee. The Remuneration Committee shall consist of four members, namely Ms. Chan Yuen Sau Kelly, Mr. Wong Chi Wing and Ms. Wong Pui Wah with Mr. Chan Hiu Fung Nicholas serving as the chairman of the Remuneration Committee. Announcement • Jun 03
China Merchants Port Holdings Company Limited Declares Final Dividend for the Year Ended 31 December 2024 China Merchants Port Holdings Company Limited at its AGM held on June 3, 2025 declared a final dividend of HKD 0.636 per share for the year ended 31 December 2024. Upcoming Dividend • May 29
Upcoming dividend of HK$0.64 per share Eligible shareholders must have bought the stock before 05 June 2025. Payment date: 10 July 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (5.8%). Buy Or Sell Opportunity • May 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.3% to HK$12.42. The fair value is estimated to be HK$15.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 8.9%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are forecast to decline by 5.3% per annum over the same time period. Buy Or Sell Opportunity • Apr 07
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to HK$11.76. The fair value is estimated to be HK$16.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 8.9%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are forecast to decline by 0.2% per annum over the same time period. Reported Earnings • Apr 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: HK$1.89 (up from HK$1.53 in FY 2023). Revenue: HK$11.8b (up 3.1% from FY 2023). Net income: HK$7.92b (up 27% from FY 2023). Profit margin: 67% (up from 54% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 5.2%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Mar 14
China Merchants Port Holdings Company Limited to Report Fiscal Year 2024 Results on Mar 31, 2025 China Merchants Port Holdings Company Limited announced that they will report fiscal year 2024 results on Mar 31, 2025 Announcement • Dec 13
China Merchants Port Holdings Company Limited Announces Directorate and Committee Changes The board of directors (the "Board") of China Merchants Port Holdings Company Limited (the "Company") announces that Mr. Yang Guolin ("Mr. Yang") has tendered his resignation as a Non-executive Director of the Company with effect from 13 December 2024 due to change of work arrangement. The Board further announces that the Board has approved the change in composition of the nomination committee of the Company (the "Nomination Committee"), the remuneration committee of the Company (the "Remuneration Committee") and the environmental, social and governance committee of the Company (the "ESG Committee") with effect from 13 December 2024, details of which are as follows: The Nomination Committee shall consist of four members, namely Mr. Xu Song, Mr. Chan Hiu Fung Nicholas and Ms. Wong Pui Wah with Ms. Chan Yuen Sau Kelly serving as the chairman of the Nomination Committee. The Remuneration Committee shall consist of five members, namely Ms. Chan Yuen Sau Kelly, Mr. Li Ka Fai David, Mr. Wong Chi Wing and Ms. Wong Pui Wah with Mr. Chan Hiu Fung Nicholas serving as the chairman of the Remuneration Committee. The ESG Committee shall consist of six members, namely Mr. Xu Song, Mr. Yim Kong, Mr. Lu Yongxin, Mr. Tu Xiaoping and Mr. Wong Chi Wing with Mr. Feng Boming serving as the chairman of the ESG Committee. Announcement • Oct 14
China Merchants Port Holdings Company Limited Announces CFO The board of directors of China Merchants Port Holdings Company Limited announced that Mr. Tu Xiaoping has tendered his resignation as the Chief Financial Officer of the Company with effect from 14 October 2024 due to change of work arrangement. Following Mr. Tu's resignation as the Chief Financial Officer, he remains as an Executive Director of the Company. The Board further announced that it has resolved to appoint Mr. Huang Zhenzhou as the Chief Financial Officer of the Company with effect from 14 October 2024. Mr. Huang, aged 46, a Senior Accountant. He graduated from Accounting at Xiamen University with a Bachelor's Degree in Management, and subsequently obtained a Master's Degree in Engineering of Transportation Engineering from the School of Transportation of Wuhan University of Technology. Mr. Huang has over 20 years of working experiences in financial management. He previously served as the Senior Manager of the Finance Department of the Company (formerly known as China Merchants Holdings (International) Company Limited), the Chief Financial Officer of Zhanjiang Port (Group) Co. Ltd., the Assistant Minister of the Capital Operation Department of China Merchants Group Limited, the Chief Financial Officer of Liaoning Port Group Limited and the Chief Financial Officer of China Merchants Industry Holdings Co. Ltd. Upcoming Dividend • Sep 17
Upcoming dividend of HK$0.25 per share Eligible shareholders must have bought the stock before 24 September 2024. Payment date: 20 November 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Hong Kong dividend payers (8.7%). In line with average of industry peers (6.7%). Major Estimate Revision • Sep 06
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from HK$1.58 to HK$1.80. Revenue forecast steady at HK$12.1b. Net income forecast to grow 2.0% next year vs 5.3% growth forecast for Infrastructure industry in Hong Kong. Consensus price target up from HK$12.96 to HK$14.18. Share price rose 5.0% to HK$12.28 over the past week. Price Target Changed • Sep 03
Price target increased by 8.2% to HK$14.02 Up from HK$12.96, the current price target is an average from 9 analysts. New target price is 15% above last closing price of HK$12.24. Stock is up 29% over the past year. The company is forecast to post earnings per share of HK$1.78 for next year compared to HK$1.53 last year. Declared Dividend • Sep 01
First half dividend increased to HK$0.25 Dividend of HK$0.25 is 14% higher than last year. Ex-date: 24th September 2024 Payment date: 20th November 2024 Dividend yield will be 6.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 3.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: HK$0.58 (vs HK$0.45 in 2Q 2023) Second quarter 2024 results: EPS: HK$0.58 (up from HK$0.45 in 2Q 2023). Revenue: HK$1.93b (down 8.7% from 2Q 2023). Net income: HK$3.42b (up 37% from 2Q 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Aug 30
China Merchants Port Holdings Company Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payment Date Is on 20 November 2024 China Merchants Port Holdings Company Limited announced interim dividend of HKD 0.25 per share for the six months ended 30 June 2024. The ex-dividend date 24 September 2024 and the record date 02 October 2024. The payment date is on 20 November 2024. Announcement • Aug 15
China Merchants Port Holdings Company Limited to Report First Half, 2024 Results on Aug 30, 2024 China Merchants Port Holdings Company Limited announced that they will report first half, 2024 results on Aug 30, 2024 Upcoming Dividend • Jun 17
Upcoming dividend of HK$0.48 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (6.0%). Reported Earnings • Apr 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: HK$1.53 (down from HK$2.02 in FY 2022). Revenue: HK$11.5b (down 8.5% from FY 2022). Net income: HK$6.23b (down 20% from FY 2022). Profit margin: 54% (down from 62% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 4.0%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 6% per year and the company’s share price has also fallen by 6% per year. Announcement • Mar 29
China Merchants Port Holdings Company Limited, Annual General Meeting, May 27, 2024 China Merchants Port Holdings Company Limited, Annual General Meeting, May 27, 2024. Reported Earnings • Mar 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: HK$1.53 (down from HK$2.02 in FY 2022). Revenue: HK$11.5b (down 8.5% from FY 2022). Net income: HK$6.42b (down 17% from FY 2022). Profit margin: 56% (down from 62% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 4.0%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Infrastructure industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 8% per year. Announcement • Mar 28
China Merchants Port Holdings Company Limited Proposes Final Ordinary Dividend for the Year Ended 31 December 2023, Payable on 05 July 2024 China Merchants Port Holdings Company Limited proposed final ordinary dividend for the year ended 31 December 2023 of HKD 0.48 per share. The dividend will be payable on 05 July 2024 with record date of 07 June 2024 and Ex-dividend date of 06 June 2024. Date of shareholders' approval on 27 May 2024. Announcement • Mar 16
China Merchants Port Holdings Company Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 China Merchants Port Holdings Company Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 Announcement • Nov 21
China Merchants Port Holdings Company Limited (SEHK:144) agreed to acquire an 85% stake in PT Nusantara Pelabuhan Handal Tbk (IDX:PORT) from Pt Episenta Utama Investasi for HKD 480 million China Merchants Port Holdings Company Limited (SEHK:144) agreed to acquire an 51% stake in PT Nusantara Pelabuhan Handal Tbk (IDX:PORT) from Pt Episenta Utama Investasi for HKD 480 million on November 20, 2023. Announcement • Oct 19
China Merchants Port Holdings Company Limited Announces Interim Dividend for the Six Months Ended 30 June 2023 China Merchants Port Holdings Company Limited announced Interim Dividend for the Six Months Ended 30 June 2023 of HKD 0.22 per share. Ex-dividend date is 26 September 2023. Record date is 04 October 2023. Payment date is 22 November 2023. Major Estimate Revision • Sep 25
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from HK$12.1b to HK$13.5b. EPS estimate reaffirmed at HK$1.66. Net income forecast to grow 11% next year vs 13% growth forecast for Infrastructure industry in Hong Kong. Consensus price target of HK$12.20 unchanged from last update. Share price rose 2.5% to HK$9.97 over the past week. Upcoming Dividend • Sep 19
Upcoming dividend of HK$0.22 per share at 8.2% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 22 November 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 8.2%. Within top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (6.5%). Price Target Changed • Sep 05
Price target decreased by 7.5% to HK$12.20 Down from HK$13.19, the current price target is an average from 10 analysts. New target price is 28% above last closing price of HK$9.52. Stock is down 17% over the past year. The company is forecast to post earnings per share of HK$1.69 for next year compared to HK$2.02 last year. Announcement • Aug 31
China Merchants Port Holdings Company Limited Announces Interim Dividend for the Six Months Ended June 30, 2023, Payable on November 22, 2023 China Merchants Port Holdings Company Limited announced interim dividend of HKD 0.22 per share for the six months ended June 30, 2023. Ex-dividend date is September 26, 2023. Record date is October 04, 2023. Payment date is November 22, 2023. Announcement • Aug 18
China Merchants Port Holdings Company Limited to Report First Half, 2023 Results on Aug 30, 2023 China Merchants Port Holdings Company Limited announced that they will report first half, 2023 results on Aug 30, 2023 Announcement • Jun 15
China Merchants Port Holdings Company Limited Approves Final Dividend for the Year Ended 31 December 2022, Payable on 21 July 2023 China Merchants Port Holdings Company Limited approves Final Dividend of HKD 0.6 per share for the Year Ended 31 December 2022, payable on 21 July 2023. Ex-dividend date 09 June 2023 and Record date 12 June 2023. Upcoming Dividend • Jun 02
Upcoming dividend of HK$0.60 per share at 7.0% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 7.0%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (6.1%). Buying Opportunity • May 25
Now 22% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be HK$14.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to decline by 8.3% in the next 2 years. Announcement • May 09
China Merchants Port Holdings Company Limited Announces Executive Changes On 8 May 2023, the Board of China Merchants Port Holdings Company Limited received a notice of retirement from Mr. Bong Shu Ying Francis that he will retire from office upon the conclusion of the forthcoming AGM pursuant to the Articles of Association. Mr. Bong confirmed that he will not offer himself for re-election at the AGM as he wishes to devote more time to his other personal engagements and commitments. Accordingly, Mr. Bong will also cease to be a member of the audit committee of the Company, the nomination committee of the Company and the remuneration committee of the Company with effect from the conclusion of the AGM. The Board further announces that the Board has approved the change in composition of the Audit Committee, the Nomination Committee and the Remuneration Committee following the retirement of Mr. Bong, with effect from the conclusion of the AGM, details of which are as follows: The Audit Committee shall consist of four members, namely Mr. Chan Hiu Fung Nicholas, Ms. Chan Yuen Sau Kelly and Ms. Wong Pui Wah, with Mr. Li Ka Fai David serving as the chairman of the Audit Committee. The Nomination Committee shall consist of four members, namely Mr. Wang Xiufeng, Mr. Chan Hiu Fung Nicholas and Ms. Wong Pui Wah, with Ms. Chan Yuen Sau Kelly serving as the chairman of the Nomination Committee. The Remuneration Committee shall consist of four members, namely Mr. Xu Song, Ms. Chan Yuen Sau Kelly and Mr. Li Ka Fai David, with Mr. Chan Hiu Fung Nicholas serving as the chairman of the Remuneration Committee. Major Estimate Revision • Apr 14
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from CN¥1.47 to CN¥1.62. Revenue forecast steady at CN¥11.3b. Net income forecast to grow 101% next year vs 24% growth forecast for Infrastructure industry in Hong Kong. Consensus price target broadly unchanged at HK$13.31. Share price rose 5.2% to HK$11.80 over the past week. Reported Earnings • Apr 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: HK$2.02 (down from HK$2.20 in FY 2021). Revenue: HK$12.5b (up 5.9% from FY 2021). Net income: HK$7.78b (down 4.5% from FY 2021). Profit margin: 62% (down from 69% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Infrastructure industry in Hong Kong. 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 12% per year. Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non-Executive Director Tiffany Wong was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Sep 19
Upcoming dividend of HK$0.22 per share Eligible shareholders must have bought the stock before 26 September 2022. Payment date: 21 November 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 8.2%. Lower than top quartile of Hong Kong dividend payers (8.3%). In line with average of industry peers (7.7%). Reported Earnings • Aug 31
First half 2022 earnings released: EPS: HK$1.28 (vs HK$1.29 in 1H 2021) First half 2022 results: EPS: HK$1.28. Revenue: HK$6.51b (up 15% from 1H 2021). Net income: HK$4.94b (up 4.8% from 1H 2021). Profit margin: 76% (down from 83% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 4.3%, compared to a 10% growth forecast for the Infrastructure industry in Hong Kong. Upcoming Dividend • Jun 03
Upcoming dividend of HK$0.72 per share Eligible shareholders must have bought the stock before 10 June 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (7.0%). Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non-Executive Director Francis Bong was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Apr 06
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from HK$12.1b to HK$12.3b. EPS estimate increased from HK$1.93 to HK$2.27 per share. Net income forecast to grow 2.8% next year vs 5.2% growth forecast for Infrastructure industry in Hong Kong. Consensus price target up from HK$17.74 to HK$18.11. Share price rose 7.2% to HK$14.56 over the past week. 
