N 
0.70
-2.78%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$4.62bn
FY2017FY2026
Net income
HK$300.6m
FY2017FY2026
Free cash flow
HK$272.8m
FY2017FY2026
Shareholders' equity
HK$2.39bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$4.62bn | HK$4.35bn | HK$4.38bn | HK$4.60bn | HK$4.04bn | HK$3.85bn | HK$4.48bn | HK$4.36bn | HK$3.45bn | HK$2.80bn |
| Gross profit | HK$758.6m | HK$781.8m | HK$774.2m | HK$726.6m | HK$686.3m | HK$681.2m | HK$659.1m | HK$672.4m | HK$712.1m | HK$662.6m |
| Research and development | — | — | — | — | — | — | HK$64.7m | HK$41.3m | HK$4.1m | — |
| Operating income | HK$308.4m | HK$449.9m | HK$467.5m | HK$359.8m | HK$319.9m | HK$341.5m | HK$272.9m | HK$276.7m | HK$367.0m | HK$374.7m |
| Net income | HK$300.6m | HK$342.3m | HK$361.7m | HK$134.8m | HK$263.3m | HK$313.7m | HK$157.0m | −HK$298.5m | HK$327.0m | HK$328.1m |
| Diluted earnings per share | 0.13 | 0.15 | 0.16 | 0.06 | 0.12 | 0.14 | 0.07 | -0.13 | 0.14 | 0.15 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$5.04bn | HK$4.78bn | HK$4.45bn | HK$4.43bn | HK$4.81bn | HK$4.66bn | HK$4.83bn | HK$4.62bn | HK$4.98bn | HK$2.73bn |
| Cash and short-term investments | HK$553.8m | HK$430.8m | HK$717.4m | HK$717.0m | HK$610.7m | HK$793.2m | HK$713.1m | HK$414.8m | HK$1.01bn | HK$693.4m |
| Total liabilities | HK$2.42bn | HK$2.14bn | HK$1.85bn | HK$1.95bn | HK$2.21bn | HK$2.24bn | HK$2.73bn | HK$2.58bn | HK$2.54bn | HK$1.16bn |
| Debt | HK$1.35bn | HK$1.10bn | HK$974.4m | HK$1.10bn | HK$1.32bn | HK$1.52bn | HK$1.99bn | HK$1.93bn | HK$2.04bn | HK$429.1m |
| Shareholders' equity | HK$2.39bn | HK$2.37bn | HK$2.38bn | HK$2.28bn | HK$2.41bn | HK$2.24bn | HK$1.97bn | HK$1.94bn | HK$2.45bn | HK$1.57bn |
| Shares outstanding | 2,283m | 2,279m | 2,279m | 2,279m | 2,279m | 2,279m | 2,279m | 2,279m | 2,279m | 2,160m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$583.4m | HK$222.9m | HK$582.9m | HK$603.3m | HK$246.6m | HK$852.2m | HK$881.1m | −HK$8.7m | HK$164.7m | HK$485.7m |
| Capital spending | −HK$310.7m | −HK$255.5m | −HK$216.3m | −HK$75.7m | −HK$150.3m | −HK$278.5m | −HK$307.9m | −HK$322.9m | −HK$263.7m | −HK$304.3m |
| Free cash flow | HK$272.8m | −HK$32.6m | HK$366.7m | HK$527.7m | HK$96.4m | HK$573.7m | HK$573.2m | −HK$331.6m | −HK$98.9m | HK$181.3m |
| Dividends paid | −HK$284.9m | −HK$303.2m | −HK$230.2m | −HK$150.4m | −HK$123.1m | −HK$86.6m | −HK$98.0m | −HK$95.7m | −HK$145.4m | −HK$78.8m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$1.79bn | HK$2.83bn | HK$1.57bn | HK$2.79bn | HK$1.65bn | HK$2.73bn | HK$1.36bn | HK$1.50bn |
| Gross profit | HK$147.3m | HK$611.2m | HK$228.3m | HK$553.5m | HK$276.2m | HK$498.0m | HK$249.0m | HK$229.1m |
| Operating income | −HK$66.4m | HK$410.3m | HK$29.2m | HK$390.4m | HK$95.8m | HK$317.9m | HK$145.7m | HK$35.5m |
| Net income | −HK$35.4m | HK$336.0m | HK$44.1m | HK$298.2m | HK$72.5m | HK$289.1m | HK$152.8m | −HK$98.0m |
| Diluted earnings per share | -0.02 | 0.15 | 0.02 | 0.13 | 0.03 | 0.13 | 0.06 | -0.04 |
| Cash from operations | HK$317.0m | HK$261.0m | HK$116.0m | HK$106.0m | HK$199.0m | HK$383.0m | — | HK$424.0m |
| Capital spending | −HK$172.0m | −HK$138.0m | −HK$101.0m | −HK$153.0m | −HK$143.0m | −HK$72.0m | — | −HK$46.0m |
| Free cash flow | HK$145.0m | HK$123.0m | HK$15.0m | −HK$47.0m | HK$56.0m | HK$311.0m | — | HK$378.0m |
| Total assets | HK$5.04bn | HK$5.21bn | HK$4.78bn | HK$4.83bn | HK$4.45bn | HK$4.80bn | HK$4.80bn | HK$4.43bn |
| Cash and short-term investments | HK$553.8m | HK$613.6m | HK$430.8m | HK$569.0m | HK$717.4m | HK$1.12bn | HK$1.12bn | HK$717.0m |
| Debt | HK$1.24bn | HK$1.38bn | HK$1.10bn | HK$1.04bn | HK$974.4m | HK$1.11bn | HK$492.1m | HK$1.10bn |
| Shareholders' equity | HK$2.39bn | HK$2.63bn | HK$2.37bn | HK$2.53bn | HK$2.38bn | HK$2.53bn | HK$2.74bn | HK$2.28bn |
Financial ratios
Data as of 27 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 16.4% | 18.0% | 17.7% | 15.8% | 17.0% | 17.7% | — | — | — |
| Operating margin | 6.7% | 10.6% | 11.4% | 5.5% | 8.5% | 9.6% | — | — | — |
| Net margin | 6.5% | 7.9% | 8.3% | 2.9% | 6.5% | 8.2% | — | — | — |
| Return on equity | 12.6% | 14.4% | 15.2% | 5.9% | 10.9% | 14.0% | — | — | — |
| Return on assets | 6.0% | 7.2% | 8.1% | 3.0% | 5.5% | 6.7% | — | — | — |
| Free cash flow yield | 52.6% | 28.2% | 47.1% | 40.0% | 23.4% | 66.6% | — | — | — |
| Revenue growth | 6.2% | -0.6% | -4.9% | 13.9% | 5.0% | -14.1% | — | — | — |
| Earnings growth | -12.2% | -5.3% | 168.2% | -48.8% | -16.1% | 99.7% | — | — | — |
| Current ratio | 1.40x | 1.58x | 1.62x | 1.54x | 1.67x | 1.00x | — | — | — |
| Debt to equity | 0.52x | 0.40x | 0.36x | 0.45x | 0.53x | 0.63x | — | — | — |
| Equity ratio | 47.4% | 49.6% | 53.6% | 51.4% | 50.0% | 48.1% | — | — | — |
| Interest coverage | 6.78x | 8.95x | 7.67x | 5.84x | 14.34x | 10.32x | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 1.4% | 0.9% | 0.1% |
| Buybacks as a share of market value | -0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.2% | 3.7% | 5.2% |
| Operating income | -5.0% | -2.0% | 0.3% |
| Net income | 30.6% | -0.9% | 2.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.2% | 16.9% | 17.1% | 17.7% |
| Operating margin | 8.4% | 8.8% | 8.7% | 8.8% |
| Net margin | 7.2% | 6.3% | 6.6% | 5.6% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.5 | 6.9 | 5.3 | 8.4 | 4.2 | 3.9 | 6.8 | -4.7 | 4.5 | 20.9 |
| Price to sales | 0.4 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.4 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 5 Dec 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.125 | 0.133 | 0.101 | 0.066 | 0.054 | 0.038 | 0.043 | 0.042 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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