Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$2.64, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Electronic industry in Hong Kong. Total returns to shareholders of 251% over the past three years. Recent Insider Transactions • Mar 26
Key Executive recently bought HK$402k worth of stock On the 24th of March, Wai Hon Ho bought around 178k shares on-market at roughly HK$2.26 per share. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$955k. Wai Hon has been a buyer over the last 12 months, purchasing a net total of HK$1.4m worth in shares. Recent Insider Transactions • Mar 08
Key Executive recently bought HK$955k worth of stock On the 5th of March, Wai Hon Ho bought around 400k shares on-market at roughly HK$2.39 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Wai Hon's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$2.33, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 16x in the Electronic industry in Hong Kong. Total returns to shareholders of 176% over the past three years. Declared Dividend • Nov 28
First half dividend of HK$0.015 announced Shareholders will receive a dividend of HK$0.015. Ex-date: 11th December 2025 Payment date: 31st December 2025 Dividend yield will be 1.6%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 50% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.9% EPS decline seen over the last 5 years. New Risk • Nov 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 21% per year over the past 5 years. Minor Risks High level of debt (43% net debt to equity). Large one-off items impacting financial results. Announcement • Nov 13
Karrie International Holdings Limited to Report First Half, 2026 Results on Nov 26, 2025 Karrie International Holdings Limited announced that they will report first half, 2026 results on Nov 26, 2025 Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$2.96, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 15x in the Electronic industry in Hong Kong. Total returns to shareholders of 335% over the past three years. Announcement • Oct 14
Karrie International Holdings Limited announced that it expects to receive HKD 150 million in funding Karrie International Holdings Limited announced a private placement and entered into Subscription Agreement with the new investor Ho Cheuk Fai to issue 2% unconditional, unsubordinated, unguaranteed and unsecured convertible bonds for gross proceeds of HKD 150,000,000 on October 13, 2025. The bonds matures on the third anniversary of the date of issue of the Convertible Bonds or any such other date as mutually agreed to in writing between, and shortened or extended by, the Company and the Bondholder. The Convertible Bonds shall be converted at the Conversion Price. Upon issue of the Convertible Bonds, the initial Conversion Price will be HKD 2.30 per Conversion Share. Assuming full conversion of the Convertible Bonds at the Conversion Price of HKD 2.30 per Conversion Share (subject to adjustments), a maximum number of 65,217,391 Conversion Shares will be allotted and issued, representing approximately 3.23% of the issued share capital of the Company (excluding treasury shares) as at the date of this announcement and approximately 3.13% of the issued share capital of the Company (excluding treasury shares) as enlarged by the allotment and issue of the Conversion Shares (assuming that there will be no change in the issued share capital of the Company from the date of this announcement and up to conversion of the Convertible Bonds in full at the initial Conversion Price). The Conversion Shares will be allotted and issued under the Specific Mandate proposed to be sought from the Independent Shareholders at the SGM. The Company shall, on the Maturity Date, redeem the then outstanding Convertible Bonds, at 100% of the then outstanding principal amount of those Convertible Bonds or any part thereof together with outstanding interest accrued thereon. The holder of the Convertible Bonds will have the right to convert the whole or part of the principal amount of the Convertible Bonds into Conversion Shares from the date of issue of the Convertible Bonds (the “Issue Date”) up to and including the date which is three (3) days prior to the Maturity Date (or if the Maturity Date is not a Business Day, the Business Day immediately preceding the Maturity Date). No application will be made for the listing of the Convertible Bonds on the Stock Exchange or any other stock exchange. The Convertible Bonds may be assigned or transferred to any transferee subject to prior notification to the Company. The transaction has been approved by shareholders of company. The gross proceeds and the net proceeds (the “Net Proceeds”) of the Subscription are approximately HKD 150,000,000 and HKD 149,750,000, respectively. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to HK$2.41, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Electronic industry in Hong Kong. Total returns to shareholders of 224% over the past three years. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$2.04, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Electronic industry in Hong Kong. Total returns to shareholders of 164% over the past three years. Announcement • Sep 05
Karrie International Holdings Limited Approves Final Dividend for the Year Ended 31 March 2025 Karrie International Holdings Limited at its AGM held on September 5, 2025, declared a final dividend of 3.0 Hong Kong cents per ordinary share for the year ended 31 March 2025 as recommended by the Board. Upcoming Dividend • Sep 02
Upcoming dividend of HK$0.03 per share Eligible shareholders must have bought the stock before 09 September 2025. Payment date: 30 September 2025. Payout ratio is a comfortable 54% and the cash payout ratio is 96%. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$1.07, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Electronic industry in Hong Kong. Total returns to shareholders of 33% over the past three years. Reported Earnings • Aug 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: HK$0.10 (up from HK$0.084 in FY 2024). Revenue: HK$3.23b (up 11% from FY 2024). Net income: HK$204.5m (up 21% from FY 2024). Profit margin: 6.3% (up from 5.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • Jun 28
Final dividend of HK$0.03 announced Shareholders will receive a dividend of HK$0.03. Ex-date: 9th September 2025 Payment date: 30th September 2025 Dividend yield will be 6.9%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Jun 26
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: HK$0.10 (up from HK$0.084 in FY 2024). Revenue: HK$3.23b (up 11% from FY 2024). Net income: HK$204.5m (up 21% from FY 2024). Profit margin: 6.3% (up from 5.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Jun 26
Karrie International Holdings Limited, Annual General Meeting, Sep 05, 2025 Karrie International Holdings Limited, Annual General Meeting, Sep 05, 2025. Announcement • Jun 24
Karrie International Holdings Limited Appoints Ho Wai Hon, Brian as an Executive Director and Head of Finance and Accounting Department with Effect from 24 June 2025 The board of directors of Karrie International Holdings Limited announced that Mr. Ho Wai Hon, Brian ("Mr. Ho") was appointed as an executive director and the head of finance and accounting department of the Company with effect from 24 June 2025. Mr. Ho, aged 35, he graduated with a Bachelor of Science with Honours in Economics from University of York, United Kingdom in July 2011 and obtained a Master of Science (MSc) in Investment Analysis in Aston Business School, United Kingdom in March 2013. Mr. Ho has over ten years of experience in finance, management and the property industry. He started his career as an assistant to the general manager of Karrie Industrial Company Limited, a subsidiary of the Company, from November 2012 to June 2014. He has been an assistant to the chairman of Karrie Industrial Company Limited since July 2014 and head of finance and accounting department of the same company since November 2017. Mr. Ho is son of Mr. Ho Cheuk Fai, chairman of the Board and chief executive officer of the Company. Mr. Ho was appointed as the executive director of KRP Development Holdings Limited ("KRP") in September 2020. He is responsible for overall corporate strategies and planning, business development and corporate relationship functions of KRP. Announcement • Jun 12
Karrie International Holdings Limited to Report Fiscal Year 2025 Results on Jun 25, 2025 Karrie International Holdings Limited announced that they will report fiscal year 2025 results on Jun 25, 2025 Declared Dividend • Nov 30
First half dividend of HK$0.025 announced Shareholders will receive a dividend of HK$0.025. Ex-date: 12th December 2024 Payment date: 31st December 2024 Dividend yield will be 7.8%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 26% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.7% EPS decline seen over the last 5 years. New Risk • Nov 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Nov 28
Karrie International Holdings Limited Declares Interim Dividend for the Six Months Ended 30 September 2024, Payable on or About 31 December 2024 The Board of Karrie International Holdings Limited declared an interim dividend of HK 2.5 cents per share for the six months ended
30 September 2024 (for the six months ended 30 September 2023: HK 1.5 cents) to all shareholders whose names appear on the register of members of the Company on 17 December 2024. The interim dividend will be payable to those entitled on or about 31 December 2024. Announcement • Nov 13
Karrie International Holdings Limited to Report First Half, 2025 Results on Nov 28, 2024 Karrie International Holdings Limited announced that they will report first half, 2025 results on Nov 28, 2024 Announcement • Oct 18
Karrie International Holdings Limited Provides Earnings Guidance for the Six Months Ended 30 September 2024 Karrie International Holdings Limited provided earnings guidance for the six months ended 30 September 2024. For the period, the company expects an increase of not less than 30% in the profit attributable to equity shareholders The expected increase in profit for the Period was mainly attributable to the robust growth of market demand for artificial intelligence ("AI") servers, which drove the steady increase in sales of moulds for AI servers and the orders of server casings, leading to a rise in income from the metal and plastic business. With the increase in the proportion of income from the metal and plastic business, the decline in costs of raw materials and the enhancement of productivity during the Period, the overall gross profit margin and profitability of the Group is expected to be further strengthened. Such a positive profit alert fully demonstrates the benefits and competitive advantages of the Group in the server market. Buy Or Sell Opportunity • Sep 13
Now 23% overvalued Over the last 90 days, the stock has fallen 6.9% to HK$0.67. The fair value is estimated to be HK$0.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.9% over the last 3 years. Earnings per share has declined by 47%. Announcement • Sep 06
Karrie International Holdings Limited Announces Board and Committee Changes The board of directors of Karrie International Holdings Limited announced that Mr. Yam Chung Shing has resigned as the Independent Non-executive Director, a member of the audit committee, a chairman of the remuneration committee and a chairman of the nomination committee of the Board with effect from 6 September 2024 due to his other business commitments. The Board also announced that, following Mr. Yam's resignation: Dr. Lau Kin Wah has been re-designated from a member to the chairman of each of the remuneration committee and nomination committee of the Company with effect from 6 September 2024. Mr. Fong Hoi Shing has been appointed as a member of the remuneration committee of the Company with effect from 6 September 2024. Ms. Chan Ming Mui, Silvia has been appointed as a member of the nomination committee of the Company with effect from 6 September 2024. Announcement • Aug 30
Karrie International Holdings Limited Approves Final Dividend for the Year Ended 31 March 2024 Karrie International Holdings Limited at its Annual General Meeting held on August 30, 2024, approved to declare a final dividend of 4.0 HongKong cents per ordinary Share for the year ended 31 March 2024 as recommended by the Board. Upcoming Dividend • Aug 27
Upcoming dividend of HK$0.04 per share Eligible shareholders must have bought the stock before 03 September 2024. Payment date: 24 September 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 7.6%. Lower than top quartile of Hong Kong dividend payers (8.3%). Higher than average of industry peers (3.3%). New Risk • Aug 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.5% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.6% average weekly change). Reported Earnings • Aug 02
Full year 2024 earnings released: EPS: HK$0.084 (vs HK$0.09 in FY 2023) Full year 2024 results: EPS: HK$0.084 (down from HK$0.09 in FY 2023). Revenue: HK$2.92b (down 5.4% from FY 2023). Net income: HK$169.7m (down 6.9% from FY 2023). Profit margin: 5.8% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Announcement • Jun 28
Karrie International Holdings Limited Appoints Lam Yin Shing, Donald as Independent Non-Executive Director and A Member of the Audit Committee of the Company with Effect from 1 July 2024 The board of directors of Karrie International Holdings Limited announced that Mr. Lam Yin Shing, Donald ("Mr. Lam") will be appointed as an independent non-executive Director and a member of the audit committee of the Company with effect from 1 July 2024. Mr. Lam, aged 60, he has extensive experience in banking industry. He has been with Hang Seng Bank Limited (the "Bank") for the past 21 years, lastly as Head of Commercial Banking (Greater China) and a member of the Bank's Executive Committee before his retirement in January 2024. He planned, directed and managed the Bank's commercial banking business in the Greater China region as well as the functional departments of global trade and receivable finance, global payment solutions, insurance sales and corporate wealth management. Prior to this, he had been with HSBC Hong Kong for 14 years lastly as Head of Corporate Marketing and Planning for value transformation of the corporate and institutional banking business, before serving briefly as finance director of a HK-listed company for less than 3 years. He is a certified banker of the Hong Kong Institute of Bankers and a chartered banker of the Chartered Banker Institute, UK. He obtained his Bachelor of Social Science (First Class Honor) in Economics and Management Studies from the University of Hong Kong in 1987 and Master of Science in e-Commerce and Master of Business Administration both from The Chinese University of Hong Kong. Mr. Lam is an active participant in various community services. He served as board member, second vice president, campaign committee chairman and member of Executive Committee of the Community Chest from 2021 to 2022; a member of Chinese People's Political Consultative Conference of Guangxi Autonomous Region from 2013 to 2022; a member of Chinese People's Political Consultative Conference of Changsha City from 2008 to 2012; and a member of Disciplinary Committee of the Hong Kong Institute of Certified Public Accountants from 2016 to 2022. With effect from 19 April 2024, Mr. Lam has been appointed as an executive director of each of Chinney Investments, Limited ("Chinney") (Stock Code: 216) and Hon Kwok Land Investment Company, Limited ("Hon Kwok") (Stock Code: 160). He is primarily responsible for the overall financial management of Chinney and Hon Kwok. Chinney and Hon Kwok are the listed companies in Hong Kong listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). He has also been appointed as an independent non-executive director of Best Pacific International Holdings Limited (Stock Code: 2111) with effect from 25 June 2024, which is also a company listed on the Main Board of the Stock Exchange. Save as disclosed above, Mr. Lam has not held any directorship in any other listed companies in the last 3 years. Declared Dividend • Jun 27
Final dividend increased to HK$0.04 Dividend of HK$0.04 is 167% higher than last year. Ex-date: 3rd September 2024 Payment date: 24th September 2024 Dividend yield will be 7.3%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 27% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.5% EPS decline seen over the last 5 years. Announcement • Jun 26
Karrie International Holdings Limited, Annual General Meeting, Aug 30, 2024 Karrie International Holdings Limited, Annual General Meeting, Aug 30, 2024. Reported Earnings • Jun 26
Full year 2024 earnings released: EPS: HK$0.084 (vs HK$0.09 in FY 2023) Full year 2024 results: EPS: HK$0.084 (down from HK$0.09 in FY 2023). Revenue: HK$2.92b (down 5.4% from FY 2023). Net income: HK$169.7m (down 6.9% from FY 2023). Profit margin: 5.8% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Jun 25
Karrie International Holdings Limited Proposes Final Dividend for the Year Ended March 31, 2024, Payable on 24 September 2024 Karrie International Holdings Limited proposed final dividend of HKD 0.04 per share for the year ended March 31, 2024. Date of shareholders' approval is 30 August 2024. Ex-dividend date is 03 September 2024. Record date is 06 September 2024. Payment date is 24 September 2024. Announcement • Jun 14
Karrie International Holdings Limited to Report Fiscal Year 2024 Results on Jun 25, 2024 Karrie International Holdings Limited announced that they will report fiscal year 2024 results on Jun 25, 2024 Announcement • Mar 28
Karrie International Holdings Limited Announces Resignation of Ho Kai Man as Non-Executive Director Karrie International Holdings Limited announced that Mr. Ho Kai Man (Mr. Ho) has resigned as a non-executive director of the company with effect from 28 March 2024 due to personal development. New Risk • Dec 24
New major risk - Revenue and earnings growth Earnings have declined by 2.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.7% per year over the past 5 years. Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Dec 05
Upcoming dividend of HK$0.015 per share at 6.0% yield Eligible shareholders must have bought the stock before 12 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (8.5%). Higher than average of industry peers (3.6%). Reported Earnings • Nov 30
First half 2024 earnings released: EPS: HK$0.036 (vs HK$0.13 in 1H 2023) First half 2024 results: EPS: HK$0.036 (down from HK$0.13 in 1H 2023). Revenue: HK$1.44b (down 35% from 1H 2023). Net income: HK$73.5m (down 72% from 1H 2023). Profit margin: 5.1% (down from 12% in 1H 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 23% per year. Announcement • Nov 29
Karrie International Holdings Limited Announces Interim Dividend for the Six Months Ended 30 September 2023, Payable on 29 December 2023 Karrie International Holdings Limited announced an interim dividend of HKD 0.015 per share for the six months ended 30 September 2023. The ex-dividend date 12 December 2023 and the record date is on 15 December 2023. The payment date is on 29 December 2023. Announcement • Nov 21
Karrie International Holdings Limited Announces Board Changes The board of directors of Karrie International Holdings Limited announced that Mr. Ho Cheuk Ming resigned as the Non-executive Director, the Deputy Chairman and the member of each of the audit committee, remuneration committee and nomination committee of the Company with effect from 20 November 2023 due to retirement reason. The Board also announced that Ms. Chan Ming Mui, Silvia has been appointed as a member of the remuneration committee of the Company with effect from 20 November 2023. Mr. Fong Hoi Shing has been appointed as a member of the nomination committee of the Company with effect from 20 November 2023. Announcement • Nov 17
Karrie International Holdings Limited to Report First Half, 2024 Results on Nov 29, 2023 Karrie International Holdings Limited announced that they will report first half, 2024 results on Nov 29, 2023 Buying Opportunity • Nov 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.9%. The fair value is estimated to be HK$0.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 9.4%. Buying Opportunity • Oct 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be HK$0.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 9.4%. Buying Opportunity • Sep 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be HK$0.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 9.4%. Recent Insider Transactions • Sep 04
Board Member recently bought HK$71k worth of stock On the 29th of August, Shui Sum Chan bought around 120k shares on-market at roughly HK$0.59 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$304k. Insiders have collectively bought HK$920k more in shares than they have sold in the last 12 months. Announcement • Aug 31
Karrie International Holdings Limited Declares Final Dividend for the Year Ended 31 March 2023 Karrie International Holdings Limited at its annual general meeting held on 30 August 2023, consider and declared a final dividend of 1.5 Hong Kong cents per ordinary share for the year ended 31 March 2023 as recommended by the Board of Directors. Upcoming Dividend • Aug 25
Upcoming dividend of HK$0.015 per share at 9.5% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 21 September 2023. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 9.5%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (4.0%). Recent Insider Transactions • Aug 22
Board Member recently bought HK$91k worth of stock On the 17th of August, Shui Sum Chan bought around 150k shares on-market at roughly HK$0.60 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$304k. Insiders have collectively bought HK$764k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 02
GM & Executive Director recently bought HK$304k worth of stock On the 28th of July, Kai Zhao bought around 410k shares on-market at roughly HK$0.74 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$606k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 30
Full year 2023 earnings released: EPS: HK$0.09 (vs HK$0.13 in FY 2022) Full year 2023 results: EPS: HK$0.09 (down from HK$0.13 in FY 2022). Revenue: HK$3.08b (flat on FY 2022). Net income: HK$182.3m (down 28% from FY 2022). Profit margin: 5.9% (down from 8.3% in FY 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jul 23
Board Member recently bought HK$302k worth of stock On the 18th of July, Ming Mui Chan bought around 400k shares on-market at roughly HK$0.75 per share. This transaction amounted to 6.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Jun 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (53% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.9% net profit margin). Reported Earnings • Jun 29
Full year 2023 earnings released: EPS: HK$0.09 (vs HK$0.27 in FY 2022) Full year 2023 results: EPS: HK$0.09 (down from HK$0.27 in FY 2022). Revenue: HK$3.08b (down 23% from FY 2022). Net income: HK$182.3m (down 67% from FY 2022). Profit margin: 5.9% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Jun 29
Karrie International Holdings Limited, Annual General Meeting, Aug 30, 2023 Karrie International Holdings Limited, Annual General Meeting, Aug 30, 2023. New Risk • Jun 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Dividend is not well covered by cash flows (270% cash payout ratio). Announcement • Jun 16
Karrie International Holdings Limited to Report Fiscal Year 2023 Results on Jun 28, 2023 Karrie International Holdings Limited announced that they will report fiscal year 2023 results on Jun 28, 2023 Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to HK$1.09, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 6x in the Electronic industry in Hong Kong. Total returns to shareholders of 39% over the past three years. Announcement • Dec 22
Karrie International Holdings Limited Announces Special Dividend for the Six Months Ended 30 September 2022, Payable to Those Entitled on or About 29 December 2022 Karrie International Holdings Limited announced special dividend of 1.0 cent per share for the six months ended 30 September 2022. The shareholders whose names appear on the register of members of the Company on 9 December 2022. The interim dividend will be payable to those entitled on or about 29 December 2022. Upcoming Dividend • Nov 29
Upcoming dividend of HK$0.04 per share Eligible shareholders must have bought the stock before 06 December 2022. Payment date: 29 December 2022. Payout ratio is a comfortable 29% and the cash payout ratio is 78%. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (9.0%). In line with average of industry peers (6.0%). Announcement • Nov 23
Karrie International Holdings Limited Announces Interim Dividend for the Six Months Ended 30 September 2022, Payable on 29 December 2022 Karrie International Holdings Limited announced Interim Dividend of HKD 0.04 per share for the six months ended 30 September 2022. Ex-dividend date 06 December 2022. Payment date 29 December 2022. Record date 09 December 2022. Reported Earnings • Nov 23
First half 2023 earnings released: EPS: HK$0.13 (vs HK$0.13 in 1H 2022) First half 2023 results: EPS: HK$0.13 (up from HK$0.13 in 1H 2022). Revenue: HK$2.20b (up 15% from 1H 2022). Net income: HK$259.5m (up 2.4% from 1H 2022). Profit margin: 12% (down from 13% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Non-Executive Director Kin Wah Lau was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 10
Karrie International Holdings Limited to Report First Half, 2023 Results on Nov 22, 2022 Karrie International Holdings Limited announced that they will report first half, 2023 results on Nov 22, 2022 Announcement • Aug 27
Karrie International Holdings Limited Approves Final Dividend for Year Ended 31 March 2022 Karrie International Holdings Limited at annual general meeting on 26 August 2022 the company approved to consider and declare a final dividend of HK 4 cents per ordinary share for the year ended 31 March 2022 as recommended by the Board of Directors. Upcoming Dividend • Aug 23
Upcoming dividend of HK$0.04 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 20 September 2022. Payout ratio is a comfortable 31% and the cash payout ratio is 78%. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (8.3%). In line with average of industry peers (5.6%). Announcement • Jun 29
Karrie International Holdings Limited, Annual General Meeting, Aug 26, 2022 Karrie International Holdings Limited, Annual General Meeting, Aug 26, 2022. Agenda: To consider final dividend. Announcement • Jun 28
Karrie International Holdings Limited Proposes Final Dividend for the Year Ended 31 March 2022, Payable on September 20, 2022 Karrie International Holdings Limited proposed final dividend of HKD 0.04 per share for the year ended 31 March 2022. Ex-dividend date is August 30, 2022. Record date is September 2, 2022. Payment date is September 20, 2022. Buying Opportunity • Jun 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.4%. The fair value is estimated to be HK$1.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 32%. Announcement • Jun 15
Karrie International Holdings Limited to Report Fiscal Year 2022 Results on Jun 27, 2022 Karrie International Holdings Limited announced that they will report fiscal year 2022 results on Jun 27, 2022 Announcement • May 28
Karrie International Holdings Limited Provides Earnings Guidance for the Financial Year Ended 31 March 2022 Karrie International Holdings Limited provided earnings guidance for the financial year ended 31 March 2022. For the year, the Company expects to record an increase of not less than 30% in the profit attributable to equity shareholders as compared to that for the financial year ended 31 March 2021. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Non-Executive Director Kin Wah Lau was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Dec 01
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: HK$0.13 (up from HK$0.076 in 1H 2021). Revenue: HK$1.91b (up 30% from 1H 2021). Net income: HK$253.3m (up 67% from 1H 2021). Profit margin: 13% (up from 10% in 1H 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 01
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: HK$0.13 (up from HK$0.076 in 1H 2021). Revenue: HK$1.91b (up 30% from 1H 2021). Net income: HK$253.3m (up 67% from 1H 2021). Profit margin: 13% (up from 10% in 1H 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Nov 30
Karrie International Holdings Limited Announces Special Dividend for the Six Months Ended September 30, 2021, Payable on December 31, 2021 Karrie International Holdings Limited announced special dividend of HKD 0.01 per share for the six months ended September 30, 2021, payable on December 31, 2021. Record date to be December 15, 2021. Ex-dividend date to be December 10, 2021. Upcoming Dividend • Aug 19
Upcoming dividend of HK$0.07 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 15 September 2021. Trailing yield: 6.9%. Within top quartile of Hong Kong dividend payers (6.5%). Higher than average of industry peers (4.0%). Recent Insider Transactions • Jul 27
Board Member recently sold HK$1.3m worth of stock On the 22nd of July, Shui Sum Chan sold around 750k shares on-market at roughly HK$1.72 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$2.8m more than they bought in the last 12 months. Reported Earnings • Jul 18
Full year 2021 earnings released: EPS HK$0.18 (vs HK$0.13 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: HK$3.19b (up 10.0% from FY 2020). Net income: HK$365.3m (up 46% from FY 2020). Profit margin: 11% (up from 8.6% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. 
