M 
2.38
-2.46%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$16.43bn
FY2017FY2026
Net income
HK$1.81bn
FY2017FY2026
Free cash flow
HK$1.05bn
FY2017FY2026
Shareholders' equity
HK$14.18bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$16.43bn | HK$16.90bn | HK$18.41bn | HK$17.35bn | HK$21.50bn | HK$16.43bn | HK$12.14bn | HK$11.26bn | HK$10.03bn | HK$7.78bn |
| Gross profit | HK$6.48bn | HK$6.84bn | HK$7.25bn | HK$6.68bn | HK$7.89bn | HK$5.93bn | HK$4.42bn | HK$3.84bn | HK$3.74bn | HK$3.26bn |
| Research and development | — | — | HK$12.5m | HK$12.6m | HK$13.4m | HK$13.4m | HK$12.8m | HK$13.5m | HK$49.5m | HK$28.1m |
| Operating income | HK$2.26bn | HK$2.82bn | HK$3.06bn | HK$2.51bn | HK$2.89bn | HK$2.45bn | HK$2.26bn | HK$1.80bn | HK$1.61bn | HK$1.72bn |
| Net income | HK$1.81bn | HK$2.06bn | HK$2.30bn | HK$1.91bn | HK$2.25bn | HK$1.92bn | HK$1.64bn | HK$1.36bn | HK$1.54bn | HK$1.75bn |
| Diluted earnings per share | 0.47 | 0.53 | 0.59 | 0.49 | 0.57 | 0.48 | 0.43 | 0.35 | 0.40 | 0.46 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$22.40bn | HK$20.02bn | HK$19.81bn | HK$19.64bn | HK$20.52bn | HK$17.44bn | HK$13.21bn | HK$13.15bn | HK$9.47bn | HK$7.51bn |
| Cash and short-term investments | HK$3.33bn | HK$4.08bn | HK$3.52bn | HK$4.09bn | HK$3.22bn | HK$3.68bn | HK$2.23bn | HK$1.66bn | HK$1.72bn | HK$2.18bn |
| Total liabilities | HK$7.20bn | HK$6.37bn | HK$6.73bn | HK$7.11bn | HK$7.77bn | HK$6.03bn | HK$5.98bn | HK$6.43bn | HK$3.03bn | HK$2.10bn |
| Debt | HK$4.84bn | HK$4.39bn | HK$4.33bn | HK$4.40bn | HK$4.61bn | HK$3.64bn | HK$939.9m | HK$4.55bn | HK$1.34bn | HK$1.07bn |
| Shareholders' equity | HK$14.18bn | HK$12.71bn | HK$12.08bn | HK$11.56bn | HK$11.71bn | HK$10.74bn | HK$6.70bn | HK$6.22bn | HK$5.96bn | HK$5.04bn |
| Shares outstanding | 3,882m | 3,878m | 3,878m | 3,911m | 3,931m | 3,969m | 3,802m | 3,920m | 3,837m | 3,841m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$2.38bn | HK$3.32bn | HK$2.55bn | HK$4.06bn | HK$2.32bn | HK$1.92bn | HK$2.68bn | HK$1.13bn | HK$1.46bn | HK$1.74bn |
| Capital spending | −HK$1.33bn | −HK$1.04bn | −HK$1.57bn | −HK$1.56bn | −HK$1.96bn | −HK$1.27bn | −HK$840.9m | −HK$1.13bn | −HK$806.3m | −HK$554.9m |
| Free cash flow | HK$1.05bn | HK$2.28bn | HK$985.5m | HK$2.50bn | HK$363.3m | HK$655.9m | HK$1.84bn | −HK$1.6m | HK$655.4m | HK$1.19bn |
| Dividends paid | −HK$1.05bn | −HK$1.16bn | −HK$976.7m | −HK$1.26bn | −HK$1.15bn | −HK$836.3m | −HK$496.5m | −HK$689.4m | −HK$1.03bn | −HK$899.1m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$8.38bn | HK$8.04bn | HK$8.60bn | HK$8.31bn | HK$9.47bn | HK$8.94bn | HK$4.47bn | HK$8.06bn |
| Gross profit | HK$3.23bn | HK$3.25bn | HK$3.56bn | HK$3.28bn | HK$3.76bn | HK$3.49bn | HK$1.75bn | HK$3.07bn |
| Operating income | HK$986.4m | HK$1.35bn | HK$1.56bn | HK$1.46bn | HK$1.55bn | HK$1.51bn | HK$663.9m | HK$1.11bn |
| Net income | HK$666.8m | HK$1.15bn | HK$923.7m | HK$1.14bn | HK$822.8m | HK$1.14bn | HK$592.3m | HK$822.8m |
| Diluted earnings per share | 0.17 | 0.30 | 0.24 | 0.29 | 0.21 | 0.29 | 0.15 | 0.21 |
| Cash from operations | HK$693.0m | HK$1.69bn | HK$1.74bn | HK$1.58bn | HK$1.15bn | HK$1.40bn | — | HK$1.79bn |
| Capital spending | −HK$162.0m | −HK$1.15bn | −HK$342.0m | −HK$554.0m | −HK$485.0m | −HK$752.0m | — | −HK$500.0m |
| Free cash flow | HK$531.0m | HK$539.0m | HK$1.40bn | HK$1.03bn | HK$668.0m | HK$648.0m | — | HK$1.29bn |
| Total assets | HK$22.40bn | HK$20.99bn | HK$20.02bn | HK$21.03bn | HK$19.81bn | HK$19.97bn | HK$19.97bn | HK$19.64bn |
| Cash and short-term investments | HK$3.33bn | HK$3.95bn | HK$4.08bn | HK$4.39bn | HK$3.52bn | HK$4.53bn | HK$4.57bn | HK$4.09bn |
| Debt | HK$4.31bn | HK$4.12bn | HK$4.39bn | HK$4.80bn | HK$4.33bn | HK$4.77bn | HK$118.6m | HK$4.26bn |
| Shareholders' equity | HK$14.18bn | HK$13.65bn | HK$12.71bn | HK$12.78bn | HK$12.08bn | HK$11.51bn | HK$12.47bn | HK$11.56bn |
Financial ratios
Data as of 27 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 39.4% | 40.5% | 39.4% | 38.5% | 36.7% | 36.1% | — | — |
| Operating margin | 14.9% | 16.7% | 16.6% | 14.5% | 13.4% | 14.9% | — | — |
| Net margin | 11.0% | 12.2% | 12.5% | 11.0% | 10.5% | 11.7% | — | — |
| Return on equity | 12.8% | 16.2% | 19.1% | 16.6% | 19.2% | 17.9% | — | — |
| Return on assets | 8.1% | 10.3% | 11.6% | 9.7% | 11.0% | 11.0% | — | — |
| Free cash flow yield | 36.0% | 42.5% | 40.1% | 54.2% | 41.1% | 30.3% | — | — |
| Revenue growth | -2.8% | -8.2% | 6.1% | -19.3% | 30.8% | 35.3% | — | — |
| Earnings growth | -12.1% | -10.4% | 20.2% | -14.8% | 16.8% | 17.5% | — | — |
| Current ratio | 1.36x | 1.36x | 1.26x | 1.24x | 1.25x | 1.44x | — | — |
| Debt to equity | 0.30x | 0.34x | 0.34x | 0.37x | 0.38x | 0.34x | — | — |
| Equity ratio | 63.3% | 63.5% | 61.0% | 58.8% | 57.1% | 61.6% | — | — |
| Interest coverage | 26.81x | 19.11x | 15.27x | 15.22x | 36.26x | 25.52x | — | — |
| R&D as a share of sales | — | — | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | -0.1% | -0.0% | 0.8% | 0.5% | 1.0% | -4.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.8% | -0.0% | 8.4% |
| Operating income | -3.4% | -1.6% | 5.3% |
| Net income | -1.8% | -1.2% | 3.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.0% | 39.4% | 38.4% | 38.1% |
| Operating margin | 15.3% | 15.4% | 14.9% | 15.9% |
| Net margin | 11.6% | 11.7% | 11.5% | 12.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.1 | 8.6 | 8.1 | 10.9 | 13.6 | 24.9 | 39.0 | 15.9 | 7.9 | 16.3 |
| Price to sales | 0.6 | 1.0 | 1.0 | 1.2 | 1.4 | 2.9 | 5.3 | 1.9 | 1.2 | 3.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 7 Jul 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.09 | 0.27 | 0.34 | 0.25 | 0.32 | 0.29 | 0.22 | 0.13 |
- 2-for-1 split · 18 Jul 2016
- 2-for-1 split · 2 Jan 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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