Announcement • Jun 30
Postal Savings Bank of China Co., Ltd. to Report First Half, 2026 Results on Aug 29, 2026 Postal Savings Bank of China Co., Ltd. announced that they will report first half, 2026 results on Aug 29, 2026 Upcoming Dividend • Jun 26
Upcoming dividend of CN¥0.095 per share Eligible shareholders must have bought the stock before 03 July 2026. Payment date: 19 August 2026. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 5.3%. Lower than top quartile of Hong Kong dividend payers (7.5%). In line with average of industry peers (5.4%). Announcement • Jun 05
Postal Savings Bank of China Co., Ltd. Announces Board and Committee Changes Postal Savings Bank of China Co., Ltd. held the 2025 Second Extraordinary General Meeting, at which the resolution on the election of Mr. Song Xiaodong as Non-executive Director of the Bank was considered and approved. The Bank has recently received the Approval of the Qualification of Song Xiaodong as Director of Postal Savings Bank of China by the National Financial Regulatory Administration (Jin Fu [2026] No. 294). Accordingly, the qualification of Mr. Song Xiaodong has been approved by the National Financial Regulatory Administration. Pursuant to relevant regulations, Mr. Song Xiaodong shall assume the position as Non-executive Director of the Bank with effect from June 1, 2026, with a term of three years. Additionally, Mr. Song Xiaodong shall serve as a member of the Strategic Planning Committee of the Board of Directors and the Related Party Transactions Control Committee of the Board of Directors of the Bank. For the biography of Mr. Song Xiaodong and information regarding his appointment, please refer to the circular of the 2025 Second Extraordinary General Meeting of the Bank. As of the date of this announcement, there has been no material change to such information. From the date of Mr. Song Xiaodong taking office, Mr. Ding Xiangming resigned from his positions as Non-executive Director, member of the Related Party Transactions Control Committee of the Board of Directors, and member of the Social Responsibility and Consumer Rights Protection Committee of the Board of Directors of the Bank due to a change of job. Mr. Ding Xiangming has confirmed that he has no disagreement with the Board of Directors of the Bank and there are no matters in relation to his resignation that need to be brought to the attention of the Bank's shareholders and creditors. He has completed the work handover in accordance with relevant requirements. The resignation of Mr. Ding Xiangming will not result in the number of Board members of the Bank falling below the statutory quorum. The Board of Directors of the Bank expresses its sincere gratitude to Mr. Ding Xiangming for his contribution to the Bank during his tenure. Announcement • Jun 04
Postal Savings Bank of China Co., Ltd., Annual General Meeting, Jun 26, 2026 Postal Savings Bank of China Co., Ltd., Annual General Meeting, Jun 26, 2026, at 10:00 China Standard Time. Location: block a, jinding building, no. 3 financial street, xicheng district, beijing China Announcement • May 26
Postal Savings Bank of China Co., Ltd. Announces Appointment of Lu Wei as Chief Compliance Officer, Effective May 26, 2026 Postal Savings Bank of China Co., Ltd. had the Board of Directors consider and approve the proposal on the appointment of Mr. Lu Wei as Chief Compliance Officer of the Bank on May 26, 2026. In accordance with relevant regulations, as Mr. Lu Wei serves as President of the Bank, his concurrent appointment as Chief Compliance Officer of the Bank shall take effect on the date of approval by the Board. Mr. Lu Wei shall assume the concurrent position of Chief Compliance Officer of the Bank with effect from May 26, 2026. Lu Wei, male, born in 1971, obtained a master’s degree in Accounting from Deakin University in Australia. He previously held various positions at China CITIC Bank, including Deputy General Manager of the Business Department at the Head Office; General Manager of the Budget and Finance Department, General Manager of the Finance and Accounting Department, General Manager of the Asset and Liability Department at the Head Office, and Deputy Head of the preparatory team for the establishment of Hong Kong Branch; Board Secretary at the Head Office, and Deputy Head of the preparatory team for the establishment of the JSC Altyn Bank; President of Shenzhen Branch; and Corporate Business Director and Vice President at the Head Office. He also served as General Manager, Vice Chairman and Chairman of CITIC Trust Co., Ltd.; Executive Director and President of China CITIC Bank, etc. He currently serves as Vice President of China Post Group Corporation Limited, as well as Executive Director and President of the Bank. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: CN¥0.20 (vs CN¥0.24 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.20. Revenue: CN¥78.5b (flat on 1Q 2025). Net income: CN¥25.7b (up 1.9% from 1Q 2025). Profit margin: 33% (in line with 1Q 2025). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Hong Kong. Announcement • Mar 30
Postal Savings Bank of China Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Postal Savings Bank of China Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Mar 29
Postal Savings Bank of China Co., Ltd. Proposes Ordinary Final Dividends for the Year Ended 31 December 2025, Payable on 19 August 2026 Postal Savings Bank of China Co., Ltd. proposed ordinary final dividends of RMB 0.953 per 10 share for the year ended 31 December 2025. Ex-dividend date is 03 July 2026. Record date is 10 July 2026. Payment date is 19 August 2026. Announcement • Jan 01
Postal Savings Bank of China Co., Ltd. Approves the Election of Ms. Chen Xue as Non-Executive Director Postal Savings Bank of China Co., Ltd. held the 2025 Second Extraordinary General Meeting, at which the resolution on the election of Ms. Chen Xue as Non-executive Director of the Bank was considered and approved. The Bank has recently received the Approval of the Qualification of Chen Xue as Director of Postal Savings Bank of China by the National Financial Regulatory Administration (Jin Fu [2025] No. 777). Accordingly, the qualification of Ms. Chen Xue has been approved by the National Financial Regulatory Administration. Pursuant to relevant regulations, Ms. Chen Xue shall assume the position as Non-executive Director of the Bank since December 29, 2025 with a term of three years. Additionally, Ms. Chen Xue shall serve as a member of the Risk Management Committee and the Nomination and Remuneration Committee of the Board of Directors of the Bank. Upcoming Dividend • Dec 26
Upcoming dividend of HK$0.14 per share Eligible shareholders must have bought the stock before 02 January 2026. Payment date: 13 February 2026. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (6.8%). In line with average of industry peers (5.4%). Announcement • Dec 26
Postal Savings Bank of China Co., Ltd. to Report Fiscal Year 2025 Results on Mar 28, 2026 Postal Savings Bank of China Co., Ltd. announced that they will report fiscal year 2025 results on Mar 28, 2026 Announcement • Dec 20
Postal Savings Bank of China Co., Ltd. Approves Interim Dividend for the Six Months Ended 30 June 2025, Payable on 13 February 2026 Postal Savings Bank of China Co., Ltd. approved interim dividend of RMB 1.23 per 10 share for the Six Months Ended 30 June 2025. Date of shareholders' approval 19 December 2025. Ex-dividend date 02 January 2026. Record date 09 January 2026. Payment date 13 February 2026. Declared Dividend • Dec 04
Dividend of CN¥0.12 announced Shareholders will receive a dividend of CN¥0.12. Ex-date: 2nd January 2026 Payment date: 13th February 2026 Dividend yield will be 4.6%, which is lower than the industry average of 8.3%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 2.6% over the next 2 years. However, it would need to fall by 65% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.23 (vs CN¥0.27 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.23. Revenue: CN¥84.1b (up 4.0% from 3Q 2024). Net income: CN¥27.3b (up 1.2% from 3Q 2024). Profit margin: 33% (in line with 3Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Banks industry in Hong Kong. Announcement • Oct 09
Postal Savings Bank of China Co., Ltd. Announces Directorate Elections Postal Savings Bank of China Co., Ltd. in its AGM held on October 9, 2025 approve the election of Ms. Chen Xue and Mr. Song Xiaodong as Non-executive Director of the Bank. Announcement • Sep 30
Postal Savings Bank of China Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Postal Savings Bank of China Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Announcement • Sep 24
Postal Savings Bank of China Co., Ltd. Announces Resignation of Chen Yuejun, as the Chairman of the Board of Supervisors and the Shareholder Representative Supervisor, Effective from September 23, 2025 Postal Savings Bank of China Co., Ltd. announced that Mr. Chen Yuejun, the chairman of the Board of Supervisors and the shareholder representative supervisor of Postal Savings Bank of China Co., Ltd. (the "Bank"), tendered his resignation to the Board of Supervisors of the Bank to resign from the positions as the chairman of the Board of Supervisors and the shareholder representative supervisor of the Bank due to reaching the statutory retirement age. This resignation shall take effect from September 23, 2025. Mr. Chen Yuejun has confirmed that he has no disagreement with the Board of Supervisors of the Bank and does not have any matters in relation to his resignation that should be brought to the attention of the shareholders and creditors of the Bank. Mr. Chen Yuejun joined the Bank in 2012. During his tenure, he consistently adhered to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and performed his duties with integrity and diligence. He led the Board of Supervisors to earnestly implement the major decisions and plans of the CPC Central Committee and regulatory requirements, actively promoted the organic integration of the Party's leadership and corporate governance, innovated supervision methods, improved supervision mechanisms, effectively played the role of supervision and checks and balances, earnestly safeguarded the legitimate rights and interests of the Bank, shareholders, employees, creditors and other stakeholders, and made significant contributions to promoting the Bank's sustained and stable operation, improving corporate governance and achieving high-quality development. The Board of Supervisors of the Bank would like to express its sincere gratitude to Mr. Chen Yuejun. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CN¥0.18 (vs CN¥0.19 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.18. Revenue: CN¥79.1b (up 1.1% from 2Q 2024). Net income: CN¥17.8b (up 1.6% from 2Q 2024). Profit margin: 23% (in line with 2Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in Hong Kong. Announcement • Aug 29
Postal Savings Bank of China Co., Ltd. Proposes Interim (Semi-Annual) Dividend for the Six Months Ended 30 June 2025 Postal Savings Bank of China Co., Ltd. proposed Interim (Semi-annual) Dividend of RMB 1.23 per 10 share for the Six Months Ended 30 June 2025. Announcement • Jun 30
Postal Savings Bank of China Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Postal Savings Bank of China Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 New Risk • Jun 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (21% increase in shares outstanding). Reported Earnings • May 01
First quarter 2025 earnings released: EPS: CN¥0.24 (vs CN¥0.25 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.24 (down from CN¥0.25 in 1Q 2024). Revenue: CN¥78.7b (down 4.6% from 1Q 2024). Net income: CN¥25.2b (down 2.6% from 1Q 2024). Profit margin: 32% (in line with 1Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Announcement • Apr 17
Postal Savings Bank of China Co., Ltd. Elects Mr. Pu Yonghao as Independent Non-Executive Director Postal Savings Bank of China Co., Ltd. announced that at its AGM held on April 17, 2025, shareholders elected Mr. Pu Yonghao as Independent Non-executive Director of the Bank. Upcoming Dividend • Apr 16
Upcoming dividend of CN¥0.11 per share Eligible shareholders must have bought the stock before 23 April 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of Hong Kong dividend payers (8.0%). Lower than average of industry peers (6.2%). New Risk • Mar 31
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Mar 28
Postal Savings Bank of China Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Postal Savings Bank of China Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 28
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥0.81. Revenue: CN¥320.7b (up 1.3% from FY 2023). Net income: CN¥86.5b (up 6.8% from FY 2023). Profit margin: 27% (up from 26% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Banks industry in Hong Kong. Announcement • Mar 28
Postal Savings Bank of China Co., Ltd., Annual General Meeting, Apr 17, 2025 Postal Savings Bank of China Co., Ltd., Annual General Meeting, Apr 17, 2025, at 10:00 China Standard Time. Location: Tower A, No. 6, Jinrong Avenue, Xicheng District, Beijing China Announcement • Mar 27
Postal Savings Bank of China Co., Ltd. Proposes Final Dividends for the Year Ended 31 December 2024, Payable on 22 May 2025 Postal Savings Bank of China Co., Ltd. proposed final dividend of RMB 1.139 per 10 share for the year ended 31 December 2024. Ex-dividend date is 23 April 2025. Record date is 29 April 2025. Payment date is 22 May 2025. Date of shareholders' approval is 17 April 2025. Announcement • Jan 22
Postal Savings Bank of China Co., Ltd. Approves Board Elections Postal Savings Bank of China Co., Ltd. at its EGM held on January 22, 2025 approved election of Mr. Zheng Guoyu as Non-executive Director and Mr. Yang Yong as Independent Non-executive Director of the Bank. Announcement • Jan 02
Postal Savings Bank of China Co., Ltd. Approves Board Appointments The Board of Directors of Postal Savings Bank of China Co., Ltd. held a meeting on January 2, 2025 and considered and approved the proposal on the nomination of Mr. Zheng Guoyu as the candidate of Non-executive Director of the Bank. The proposal on the election of Mr. Zheng Guoyu as Non-executive Director of the Bank will be submitted to the shareholders' general meeting of the Bank for consideration. The qualification of Mr. Zheng Guoyu as Director is subject to the approval of the National Financial Regulatory Administration and his term of office as Director will be three years commencing from the date of approval of his qualification by the National Financial Regulatory Administration. On the same date, the Board also considered and approved the proposal on the election of Mr. Zheng Guoyu as Chairman of the Board of the Bank. The qualification of Mr. Zheng Guoyu as Chairman of the Board is subject to the approval of the National Financial Regulatory Administration and his term of office will be three years commencing from the date of approval of his qualification by the National Financial Regulatory Administration. According to the Articles of Association of the Bank, Mr. Zheng Guoyu will also act as the legal representative of the Bank and the Chairman and a member of the Strategic Planning Committee of the Board after his qualification is approved by the National Financial Regulatory Administration. From the day when Mr. Zheng Guoyu takes office, Mr. Liu Jianjun will cease to act on behalf of the Chairman of the Board and the Chairman of the Strategic Planning Committee of the Board of the Bank, and will cease to act on behalf of the legal representative of the Bank. The profile of Mr. Zheng Guoyu is set out as follows: Zheng Guoyu, male, Chinese nationality, born in 1967, obtained a Master's degree in Business Administration from Huazhong University of Science and Technology and holds the title of Senior Economist. He was Assistant General Manager and Deputy General Manager of Hubei Branch, General Manager of Shanxi Branch, General Manager of Sichuan Branch of Bank of China, a member of the Executive Committee and Executive Vice President of Bank of China, and Executive Director and Senior Executive Vice President of Industrial and Commercial Bank of China, etc. He currently serves as Director, President and Chief Compliance Officer of China Post Group Corporation Limited. Announcement • Dec 27
Postal Savings Bank of China Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 Postal Savings Bank of China Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Upcoming Dividend • Dec 20
Upcoming dividend of CN¥0.15 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 24 January 2025. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 7.0%. Lower than top quartile of Hong Kong dividend payers (8.1%). In line with average of industry peers (6.5%). Announcement • Dec 20
Postal Savings Bank of China Co., Ltd. Approves Interim (Semi-Annual) Cash Dividend for the Six Months Ended 30 June 2024, Payable on 24 January 2025 Postal Savings Bank of China Co., Ltd. approved interim (semi-annual) cash dividend of RMB 1.477 per 10 share for the six months ended 30 June 2024, payable on 24 January 2025. Record date is 07 January 2025. Ex-dividend date is 27 December 2024. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.27 (vs CN¥0.26 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.27 (up from CN¥0.26 in 3Q 2023). Revenue: CN¥80.8b (flat on 3Q 2023). Net income: CN¥27.0b (up 3.5% from 3Q 2023). Profit margin: 33% (up from 32% in 3Q 2023). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$5.26, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 4x in the Banks industry in Hong Kong. Total returns to shareholders of 21% over the past three years. Announcement • Sep 30
Postal Savings Bank of China Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Postal Savings Bank of China Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.19 (vs CN¥0.21 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.19 (down from CN¥0.21 in 2Q 2023). Revenue: CN¥78.3b (flat on 2Q 2023). Net income: CN¥22.9b (down 1.7% from 2Q 2023). Profit margin: 29% (in line with 2Q 2023). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 26
Upcoming dividend of CN¥0.26 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 08 August 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (7.0%). Announcement • Jun 08
Postal Savings Bank of China Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 08 August 2024 Postal Savings Bank of China Co., Ltd. proposed final dividend of RMB 2.61 per 10 share for the year ended 31 December 2023, payable on 08 August 2024. Record date is 10 July 2024. Ex-dividend date is 03 July 2024. Date of shareholders' approval is 28 June 2024. Reported Earnings • Apr 30
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: CN¥0.25 (down from CN¥0.27 in 1Q 2023). Revenue: CN¥82.5b (up 3.6% from 1Q 2023). Net income: CN¥25.9b (down 1.3% from 1Q 2023). Profit margin: 31% (down from 33% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.8%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 30
Dividend of CN¥0.26 announced Shareholders will receive a dividend of CN¥0.26. Ex-date: 3rd July 2024 Payment date: 8th August 2024 Dividend yield will be 6.4%, which is lower than the industry average of 8.3%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (33% forecast payout ratio). The dividend has increased by an average of 20% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 29
Postal Savings Bank of China Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Postal Savings Bank of China Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 29
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: CN¥316.7b (up 5.6% from FY 2022). Net income: CN¥86.3b (up 9.9% from FY 2022). Profit margin: 27% (up from 26% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Hong Kong. Announcement • Mar 28
Postal Savings Bank of China Co., Ltd. Proposes Final Dividends for the Year Ended 31 December 2023, Payable on 08 August 2024 Postal Savings Bank of China Co., Ltd. proposed final dividend of RMB 2.61 per 10 share for the year ended 31 December 2023. Ex-dividend date is 03 July 2024. Record date is 10 July 2024. Payment date is 08 August 2024. Announcement • Jan 23
Postal Savings Bank of China Co., Ltd. Appoints Huang Jie as Member of the Strategic Planning Committee and Member of the Audit Committee of the Board of Directors Postal Savings Bank of China Co., Ltd. held the 2022 annual general meeting on June 30, 2023, at which the resolution on the election of Mr. Huang Jie as a Non-executive Director of the Bank was considered and approved. The Bank has recently received the Reply on the Qualification of Huang Jie of Postal Savings Bank of China from the National Financial Regulatory Administration, pursuant to which the qualification of Mr. Huang Jie as a Director of the Bank has been approved by the National Financial Regulatory Administration. Mr. Huang Jie has been appointed as a Non-executive Director of the Bank as well as a member of the Strategic Planning Committee and a member of the Audit Committee of the Board of Directors of the Bank since January 19, 2024. Mr. Huang Jie serves as a Non-executive Director of the Bank for a term of three years. Announcement • Dec 30
Postal Savings Bank of China Co., Ltd. to Report Fiscal Year 2023 Results on Mar 29, 2024 Postal Savings Bank of China Co., Ltd. announced that they will report fiscal year 2023 results on Mar 29, 2024 Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.29 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.26 (down from CN¥0.29 in 3Q 2022). Revenue: CN¥81.3b (up 2.7% from 3Q 2022). Net income: CN¥26.1b (down 2.4% from 3Q 2022). Profit margin: 32% (down from 34% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Postal Savings Bank of China Co., Ltd. to Report Q3, 2023 Results on Oct 28, 2023 Postal Savings Bank of China Co., Ltd. announced that they will report Q3, 2023 results on Oct 28, 2023 New Risk • Sep 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (7.3% increase in shares outstanding). New Risk • Aug 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥0.20 (vs CN¥0.19 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.20 (up from CN¥0.19 in 2Q 2022). Revenue: CN¥78.2b (up 7.3% from 2Q 2022). Net income: CN¥23.3b (up 5.2% from 2Q 2022). Profit margin: 30% (in line with 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jun 28
Postal Savings Bank of China Co., Ltd. to Report First Half, 2023 Results on Aug 31, 2023 Postal Savings Bank of China Co., Ltd. announced that they will report first half, 2023 results on Aug 31, 2023 Upcoming Dividend • Jun 28
Upcoming dividend of CN¥0.26 per share at 5.7% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 5.7%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (7.6%). Announcement • Jun 10
Postal Savings Bank of China Co., Ltd., Annual General Meeting, Jun 30, 2023 Postal Savings Bank of China Co., Ltd., Annual General Meeting, Jun 30, 2023, at 10:00 China Standard Time. Location: Block A, Jinjia Plaza No. 6 Financial Street, Xicheng District Beijing China Agenda: To consider and approve the 2022 Work Report of the Board of Directors; to consider and approve the 2022 Work Report of the Board of Supervisors; to consider and approve the Final Financial Accounts for 2022; to consider and approve the Profit Distribution Plan for 2022; to consider and approve the Budget Plan of Fixed Asset Investment for 2023; to consider and approve the Appointment of Accounting Firms for 2023; to consider and approve the Change of Registered Capital of the Bank; to consider and approve the Amendments to the Articles of Association; to consider and approve the Amendments to the Rules of Procedures of Shareholders General Meeting; to consider and approve the Amendments to the Rules of Procedures of the Board of Directors; to consider and approve the Election of Huang Jie as a Non-executive Director of the Bank; and to consider and approve the Election of Li Chaokun as a Non-executive Director of the Bank. Announcement • May 30
Postal Savings Bank of China Co., Ltd. Announces Resignation of Bu Dongsheng as an Employee Supervisor and A Member of the Finance and Internal Control Risk Supervision Committee Postal Savings Bank of China Co., Ltd. Mr. Bu Dongsheng, an employee supervisor of Postal Savings Bank of China Co., Ltd. (the "Bank"), has tendered his resignation to the Board of Supervisors of the Bank on May 29, 2023 to resign from the positions as an employee supervisor and a member of the Finance and Internal Control Risk Supervision Committee of the Board of Supervisors of the Bank due to the expiry of his term of office, with immediate effect. Mr. Bu Dongsheng has confirmed that he has no disagreement with the Board of Supervisors of the Bank and does not have any matters in relation to his resignation that should be brought to the attention of the shareholders and creditors of the Bank. Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥0.85 (up from CN¥0.78 in FY 2021). Revenue: CN¥300.1b (up 10% from FY 2021). Net income: CN¥78.5b (up 11% from FY 2021). Profit margin: 26% (in line with FY 2021). Net interest margin (NIM): 2.20% (down from 2.36% in FY 2021). Cost-to-income ratio: 61.4% (up from 59.1% in FY 2021). Non-performing loans: 0.84% (up from 0.82% in FY 2021). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 2.4%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Oct 27
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: CN¥79.2b (up 8.6% from 3Q 2021). Net income: CN¥26.7b (up 14% from 3Q 2021). Profit margin: 34% (up from 32% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Banks industry in Hong Kong. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: CN¥0.24 (vs CN¥0.17 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.24 (up from CN¥0.17 in 2Q 2021). Revenue: CN¥72.9b (up 15% from 2Q 2021). Net income: CN¥22.1b (up 12% from 2Q 2021). Profit margin: 30% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 25%, compared to a 30% growth forecast for the Banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 27
Upcoming dividend of CN¥0.25 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 10 August 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (7.3%). Reported Earnings • Apr 28
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: CN¥0.78 (up from CN¥0.71 in FY 2020). Revenue: CN¥272.5b (up 15% from FY 2020). Net income: CN¥70.9b (up 15% from FY 2020). Profit margin: 26% (in line with FY 2020). Net interest margin (NIM): 2.36% (down from 2.42% in FY 2020). Cost-to-income ratio: 59.1% (up from 57.9% in FY 2020). Non-performing loans: 0.82% (down from 0.88% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 28%, compared to a 30% growth forecast for the banks industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Oct 29
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥72.9b (up 16% from 3Q 2020). Net income: CN¥23.6b (up 23% from 3Q 2020). Profit margin: 32% (up from 30% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.21 (vs CN¥0.14 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥63.3b (up 22% from 2Q 2020). Net income: CN¥19.8b (up 46% from 2Q 2020). Profit margin: 31% (up from 26% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Jul 07
Upcoming dividend of CN¥0.21 per share Eligible shareholders must have bought the stock before 14 July 2021. Payment date: 05 August 2021. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (6.2%). Lower than average of industry peers (6.9%). Executive Departure • Jun 10
Employee Representative Supervisor Changlin Song has left the company On the 8th of June, Changlin Song's tenure as Employee Representative Supervisor ended after 5.2 years in the role. We don't have any record of a personal shareholding under Changlin's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 6.33 years. Reported Earnings • May 02
First quarter 2021 earnings released: EPS CN¥0.24 (vs CN¥0.23 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: CN¥65.1b (up 7.0% from 1Q 2020). Net income: CN¥21.2b (up 5.5% from 1Q 2020). Profit margin: 33% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS CN¥0.74 (vs CN¥0.72 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥236.1b (up 6.8% from FY 2019). Net income: CN¥64.2b (up 9.9% from FY 2019). Profit margin: 27% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 5% per year. Is New 90 Day High Low • Feb 23
New 90-day high: HK$6.12 The company is up 45% from its price of HK$4.22 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 Banks industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$10.45 per share. Executive Departure • Feb 02
Non-Executive Director has left the company On the 29th of January, Yaogong Liu's tenure as Non-Executive Director ended after 3.8 years in the role. We don't have any record of a personal shareholding under Yaogong's name. A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Jan 29
New 90-day high: HK$5.54 The company is up 46% from its price of HK$3.80 on 30 October 2020. The Hong Kong market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$10.08 per share. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥5.27, the stock is trading at a trailing P/E ratio of 6.6x, up from the previous P/E ratio of 5.6x. This compares to an average P/E of 6x in the Banks industry in Hong Kong. Total returns to shareholders over the past three years are 25%. Is New 90 Day High Low • Jan 11
New 90-day high: HK$4.70 The company is up 40% from its price of HK$3.35 on 12 October 2020. The Hong Kong market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$9.87 per share. Is New 90 Day High Low • Nov 18
New 90-day high: HK$4.32 The company is up 2.0% from its price of HK$4.23 on 20 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks 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$8.48 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥57.0b, largely unchanged from the prior year. Total revenue was CN¥226.6b over the last 12 months, up 5.4% from the prior year. Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 16% share price gain to CN¥3.65, the stock is trading at a trailing P/E ratio of 4.8x, up from the previous P/E ratio of 4.2x. This compares to an average P/E of 5x in the Banks industry in Hong Kong. Total return to shareholders over the past three years is a loss of 10%. 
