QR DeCode
11 October 2016
QR DeCode China Goldjoy Group Limited – A Change for good We believe China Goldjoy Group (“Goldjoy”) is transforming into a financial services platform benefiting from the strong background of its new shareholders namely Mr. Yao Jianhui (姚建輝) from Shenzhen Baoneng Investment Group (深圳市寶能投資集團) and Foresea Life (前 海人壽). A new shareholder with a new goal – In May 2015, Mr. Yao and Foresea Life injected HKD3.35bn into the company for 50.06% and 19.68% shareholding, respectively. Since then, Goldjoy has made various acquisitions in the financial services industry. It currently owns 80% of China Foresea Finance Group (中國前海金融集團) which in turn owns a group of financial services companies including China Yinsheng Securities (中國銀盛 證券) in Hong Kong. Furthermore, it has completed the purchase of 33.21% in Zhanjiang Jifutong Financial Services (湛江集付通金融服務有限公司) in April 2016 for RMB50mn to tap into internet finance. Replenishing the war chest – After the series of the acquisitions, Goldjoy is estimated to have around HKD1.5bn in cash. In September 2016, it has announced a new round of fund raising, adding about HKD402mn of fresh capital by issuing 600mn new shares at HKD0.68/share, equivalent to 2.71% of the enlarged capital. As such, the counter is trading at a post-money PB of about 4.33x. The proceeds from the placement will be used to develop its finance lease business and potential M&As with other financial services related enterprises. Further investments to enhance existing businesses – In Nov 2015, it obtained a software license from BIO-Key as well as up to 9.99% of its stake for a total of USD15mn in an effort to boost the development of its PrivacQ series of biometric fingerprint product line and the FingerQ platform. BIO-Key is an US biometric security technology company. Direct investments to cope with country’s policy – In catching up with the Chinese government’s promotion of the use of energy-saving products, Goldjoy is entering this area through the acquisition of 50% stake in Shenzhen B&K for RMB380mn.
Share Information Stock Code Quam’s Rating Last Closing (HK$) 52-week range (HK$) 3-mth ADVT (HK$’mn) Market Cap. (HK$’mn) Shares outstanding (‘mn) Free float SH-HK Stock Connect
1282 HK Not Rated 0.83 0.52 – 1.37 19.33 17,885.3 21,548.6 29.2%
Substantial Shareholders Yao Jianhui Foresea Life Insurance
50.06% 19.58%
Share Price Performance
Source: Bloomberg Key Financials – FY DEC HKD’mn FY13 FY14 Revenue 1,037 741 Operating profit (158) (130) Net profit 129 (583) EPS (HKD) Growth DPS (HKD) BVPS (HKD)
FY15 712 222 182
0.044
(0.199)
0.024
0.008 0.411
0 0.168
0.003 0.193
n.a 1.2 n.a n.a
44.1 5.4 74.2 n.a
PER (x) 10.2 PBR (x) 1.1 EV/EBITDA (x) n.a Dividend Yield (%) 1.8 Source: Company data
Kevin Sun : +852 2971 5439 : [email protected]
Howard Wong : +852 2971 5435 : [email protected]
For important disclosures regarding Quam Research, including with respect to any issuers mentioned herein, please refer to the disclaimers at the back of the report.
Following a series of acquisitions, Figure 1 below shows Goldjoy’s latest corporate structure. China Foresea Financial Group is expected to be the focal point in the near future as the company is transforming into a comprehensive financial services platform. At present, services provided include securities trading, margin financing, asset management, wealth management, precious metal trading and loan financing. Figure 1: Company Structure
Source: Company data, Quam Securities
As Figure 2 below shows, revenue from the securities investment and financial services segments is picking up pace while the once “core” business, manufacturing, is shrinking reflecting the company’s transition in its strategic direction. Figure 2: Revenue Breakdown by Segments 1H2016 Financial Securities Services Investment 0.4% 12.6% Manufacturing 6.6%
Automation 80.4%
Source: Company data
China Goldjoy Group (1282 HK)
2
Capturing the enormous opportunities for financial services in China Goldjoy has acquired a list of financial services companies over the course of this year, covering different aspects of the industry. Besides the China Foresea Financial Group, which is engaged in the provision of traditional financial services, the company has made a RMB50mn investment for 33.21% interests in Zhanjiang Jifutong Financial Services Joint Stock Company Limited (“JFT”) which puts the company into the arena of Internet financial services. JFT provides various financial services, including industrial M&A funds, private equity funds, crowd-funding, third-party payments (pre-paid card and internet payments) and petty loans. Going forward, we expect that the company can leverage on the extensive customer base, business network and brand name of Foresea Life, its second largest shareholder, to accelerate the growth of the company. Enhancing the technology in Biometric Security and Mobile Payment The group is aiming to sharpen its edge in the biometric security area, taking advantage of the upward momentum of mobile payment technology such as Alipay and Apply Pay. Goldjoy has invested a total of USD15mn for a software licence and a convertible preferred stock convertible into no more than 9.99% of BIO-Key. The patented technology has been applied to the area of online secure payment and privacy protection on cell phones, namely the Android system, and computers. BIO-Key is also Microsoft’s exclusive biometrics solution partner, providing the authentification functions on Windows 10 and Office 2016 Suite. Goldjoy looks to work closely with BIO-Key after the transaction, utilizing its technical expertise to facilitate the further development of the FingerQ and PrivacQ. Both products, meant to target business owners, provide in-app protection for android users with an additional fingerprint scanner, similar to that on laptops, on the designated phone cases. Encrypted messages could also be sent among all FingerQ users to bring extra security on confidential information. Capitalizing on growing opportunities in LED The Energy Growth Strategic Actions Plan 2014-2020 (能源發展戰略行動計畫 2014－2020 年) issued by the General Office of the State Council (國務院辦公廳) has resulted in active promotion of the use of energy saving lighting products in China. In June 2016, China Goldjoy acquired 50% stake in Shenzhen B & K which specializes in the manufacturing of LEDs and Li-ion batteries for RMB380mn. The move helps Goldjoy to set its foot in the new fast growing energy industry. Substantial spending is expected in the public sector on energy saving products. For instance, China has been replacing its traditional street lighting systems in cities and towns. Lighting LEDs market accounted for USD3.9bn of the USD8.8bn Chinese LED package industry in 2015, and is forecasted to have constant growth until 2019 reaching USD13bn, according to LEDinside, a division of TrendForce.
China Goldjoy Group (1282 HK)
3
Valuation The company is diversifying into financial services. As there is no direct comparable among Hong Kong listed companies, we have selected several brokers and consumer finance companies with Chinese background for comparison purposes. Given the new business direction, we consider that PB would be a more appropiate angle for comparison. Figure 3 suggests that, in general, Hong Kong listed securities brokerage firms have a simple averge P/BV of 1.61x while consumer finance companies score a 4.2x P/BV. Goldjoy is at the high end of the chart, but the ratios might vary after its financial services subsidiaries come into full operations. Figure 3: Peers comparison P/E
Company Name CHINA GOLDJOY GR
Ticker
Last Price
Market Cap
Trailing 12 mth
Hist Current Next P/B Div Yield T/O Net Profit EV / EBITDA GPM Net Margin EPS Growth (x)
ROE
ROA
(HK$)
(HK$'bn)
(x)
(x)
(x)
(%)
('mn)
('mn)
(x)
(%)
(%)
(%)
(%)
(%)
Currency
1282 HK
0.83
17.89
20.0
N/A
N/A 4.45
0.3
789
231
53.3
37.2
25.5
N/A
11.1
10.9
HKD
Securities Brokerage GUOTAI JUNAN
1788 HK
3.08
21.43
22.2
19.5
15.8 2.70
2.3
2,274
954
11.6
N/A
44.5
7.2
12.5
2.8
HKD
SHENWAN HONGYUAN
218 HK
4.32
3.44
31.9
N/A
N/A 1.67
2.1
470
108
N/A
N/A
26.5
75.3
5.3
1.4
HKD
FIRST SHANGHAI
227 HK
1.42
2.01
N/A
N/A
N/A 0.73
0.7
366
(53)
29.3
71.1
27.4
(36.3)
0.2
0.6
HKD
HAITONG INT'L
665 HK
5.27
28.07
23.1
13.7
10.6 1.32
2.2
4,126
1,195
19.4
N/A
43.2
67.7
5.2
1.3
HKD
Simple average 25.7
16.6
13.2 1.61
1.8
71.1
35.4
28.5
Consumer Finance DIFFER GROUP HOL
6878 HK
0.66
2.80
20.4
15.0
10.8 2.45
0.0
202
116
14.0
N/A
64.0
40.3
14.4
14.5
CNY
CREDIT CHINA HOL
8207 HK
0.96
19.86
162.4
83.0
59.3 6.15
0.0
496
86
40.7
N/A
17.3
37.8
4.7
3.7
CNY
CHINA FINANCE IN
875 HK
0.17
1.16
N/A
N/A
N/A 6.06
0.0
107
(229)
N/A
3.4
(41.9)
85.1
FLYING FINANCIAL
8030 HK
1.04
1.80
11.8
N/A
N/A 2.27
1.0
236
104
10.8
N/A
39.2
N/A
Simple average 64.9
49.0
35.0 4.2
0.2
3.4
19.7
54.4
Source: Bloomberg, Quam Securities
Risk factors
Changes in the country’s financial and foreign exchange policies
The integration of the newly acquired companies
The growing competition in the financial services industry
Potential return on the various direct invesment projects
China Goldjoy Group (1282 HK)
4
(156.5) (67.5) 22.0
22.4
HKD CNY
Appendix: Financial Statements & Ratios Income Statement (HKD’ mn) Revenue Cost of goods sold Gross profit Other income and gains, net Other operating expenses Operating profit Finance costs Other gains/ (expenses) Profit before tax Income tax expense Profit after tax Attributable profit to shareholders Minority interest Key Ratios Debt to equity (%) Net debt to equity (%) Current ratio (x) Quick ratio (x) Interest coverage (x) Days inventory (days) Days receivable (days) Days payable (days) Cash conversion cycle (days) Ratio Analysis Growth (YoY%) Revenue EBITDA Net profit Diluted EPS Margins Gross profit margin EBITDA margin Net profit margin Other ratios Return on average assets Return on average equity Dividend payout ratio
2013 1,037 (1,005) 32
2014 741 (992) (251)
2015 712 (447) 265
1 (191) (158)
10 111 (130)
82 (124) 222
9 283 134 5 129 129 0
6 (452) (575) 8 (583) (583) 0
6 (22) 207 25 182 182 0
2013 25.48 (1.70) 1.43 1.08 na 59 82 na 79
2014 52.05 3.00 1.54 1.15 na 47 85 na 89
2015 0.78 (85.86) 25.27 23.51 na 50 62 na 55
2013
2014
2015
(13.6) na na na
(28.5) 29.2 na na
(3.9) na na na
3.1 (6.4) 12.4
(33.8) (6.4) (78.7)
37.2 35.7 25.5
7.3 11.3 18.2
(44.0) (68.8) na
7.0 7.8 29.7
Source: Bloomberg
China Goldjoy Group (1282 HK)
5
2013
2014
2015
577 74 357 54 1,062
86 75 189 25 375
1 49 291 8 349
149 210 326 26 711 1,773
107 134 240 21 502 877
16 110 3,252 606 3,983 4,332
154 244 98 497
69 197 59 326
43 20 95 158
63 10 73 569
58 2 60 386
13 12 24 182
Shareholders’ equity Share capital Reserves Total shareholders’ equity Minority interest Total equity
858 346 1,204 0 1,204
858 (367) 491 0 491
4,209 (59) 4,150 0 4,150
Cash Flow Statement (HKD’ mn) Operating cash in/(out) flow Investing cash in/(out) flow Financing cash in/(out) flow Net change in cash
2013 (41) 70 (68) (39)
2014 (53) 30 (62) (86)
2015 (49) 27 3,126 3,105
Per Share (HKD) EPS Diluted EPS DPS BVPS
2013 0.044 0.044 0.008 0.411
2014 (0.199) (0.199) 0.000 0.168
2015 0.024 0.024 0.003 0.193
Balance Sheet (HKD’ mn) Non-current assets PPE Intangible assets LT investments & receivables Others Total non-current assets Current assets Inventories Account receivables Bank balances and cash Others Total current assets Total assets Current liabilities Account payables ST borrowings Others Total current liabilities Non-current liabilities LT borrowings Other non-current liabilities Total non-current liabilities Total liabilities
Disclaimer and Risk Statement This document is published by Quam Securities Company Limited ("Quam Securities"), a licensed corporation (CE number AAC577) regulated by the Securities and Futures Commission in Hong Kong. Quam Securities is an affiliate of Quam Limited (0952.hk) and its group of companies (collectively "Quam Group"). This document is not intended for distribution to or use by, any person or entity who is a citizen or resident of any jurisdiction where such distribution or use would be contrary to applicable law or regulation within such jurisdiction. In particular but without limitation, neither this document nor any copy hereof may be taken or transmitted into Japan, Canada or the United States or distributed, directly or indirectly, into the United States or to any U.S person (within the meaning of Regulation S under the U.S. Securities Act of 1933) or general public located in Mainland China (but not including people in Hong Kong, Macau and Taiwan). This document is circulated to addresses solely and may not be reproduced or redistributed to any other person or published, in whole or in part, for any purpose. This document does not constitute an offer or a solicitation of an offer to buy or sell any securities. Any recommendation does not have regard to specific investment objectives, financial situation and particular needs of any specific addressee. Quam Securities accepts no liability whatsoever for any direct or consequential loss arising from any use of this document. The opinions and/or recommendations of this document do not take into account the recipients' own investment objectives, investment experience, financial situation and other personal circumstances. The recipients of this document shall be solely responsible for making their own independent investigation of the business, financial condition and prospects of companies referred to in this document. The research is based on information obtained from sources believed to be reliable, but Quam Securities does not make any representation or warranty as to its accuracy, completeness or correctness. This document is for informational purpose only and should not be treated as a recommendation on any particular securities, financial instrument, investment portfolio or trading strategy. Opinions and/or recommendations expressed in this document are subject to change without prior notice to all recipients. The prices of securities may move up or down, and past performance is not an indication of future performance. Investors shall consider seeking separate legal or financial advice before making investment decisions. The following analyst hereby certify that their views about the issuer and its securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Howard WONG (CE No. ADV962), Kevin SUN (CE No. BIH180) and their associates declare that as of the date of the publication of this report, they do not hold any financial interest in the company.
China Goldjoy Group (1282 HK)
6
QR DeCode China Goldjoy Group Limited – A Change for good We believe China Goldjoy Group (“Goldjoy”) is transforming into a financial services platform benefiting from the strong background of its new shareholders namely Mr. Yao Jianhui (姚建輝) from Shenzhen Baoneng Investment Group (深圳市寶能投資集團) and Foresea Life (前 海人壽). A new shareholder with a new goal – In May 2015, Mr. Yao and Foresea Life injected HKD3.35bn into the company for 50.06% and 19.68% shareholding, respectively. Since then, Goldjoy has made various acquisitions in the financial services industry. It currently owns 80% of China Foresea Finance Group (中國前海金融集團) which in turn owns a group of financial services companies including China Yinsheng Securities (中國銀盛 證券) in Hong Kong. Furthermore, it has completed the purchase of 33.21% in Zhanjiang Jifutong Financial Services (湛江集付通金融服務有限公司) in April 2016 for RMB50mn to tap into internet finance. Replenishing the war chest – After the series of the acquisitions, Goldjoy is estimated to have around HKD1.5bn in cash. In September 2016, it has announced a new round of fund raising, adding about HKD402mn of fresh capital by issuing 600mn new shares at HKD0.68/share, equivalent to 2.71% of the enlarged capital. As such, the counter is trading at a post-money PB of about 4.33x. The proceeds from the placement will be used to develop its finance lease business and potential M&As with other financial services related enterprises. Further investments to enhance existing businesses – In Nov 2015, it obtained a software license from BIO-Key as well as up to 9.99% of its stake for a total of USD15mn in an effort to boost the development of its PrivacQ series of biometric fingerprint product line and the FingerQ platform. BIO-Key is an US biometric security technology company. Direct investments to cope with country’s policy – In catching up with the Chinese government’s promotion of the use of energy-saving products, Goldjoy is entering this area through the acquisition of 50% stake in Shenzhen B&K for RMB380mn.
Share Information Stock Code Quam’s Rating Last Closing (HK$) 52-week range (HK$) 3-mth ADVT (HK$’mn) Market Cap. (HK$’mn) Shares outstanding (‘mn) Free float SH-HK Stock Connect
1282 HK Not Rated 0.83 0.52 – 1.37 19.33 17,885.3 21,548.6 29.2%
Substantial Shareholders Yao Jianhui Foresea Life Insurance
50.06% 19.58%
Share Price Performance
Source: Bloomberg Key Financials – FY DEC HKD’mn FY13 FY14 Revenue 1,037 741 Operating profit (158) (130) Net profit 129 (583) EPS (HKD) Growth DPS (HKD) BVPS (HKD)
FY15 712 222 182
0.044
(0.199)
0.024
0.008 0.411
0 0.168
0.003 0.193
n.a 1.2 n.a n.a
44.1 5.4 74.2 n.a
PER (x) 10.2 PBR (x) 1.1 EV/EBITDA (x) n.a Dividend Yield (%) 1.8 Source: Company data
Kevin Sun : +852 2971 5439 : [email protected]
Howard Wong : +852 2971 5435 : [email protected]
For important disclosures regarding Quam Research, including with respect to any issuers mentioned herein, please refer to the disclaimers at the back of the report.
Following a series of acquisitions, Figure 1 below shows Goldjoy’s latest corporate structure. China Foresea Financial Group is expected to be the focal point in the near future as the company is transforming into a comprehensive financial services platform. At present, services provided include securities trading, margin financing, asset management, wealth management, precious metal trading and loan financing. Figure 1: Company Structure
Source: Company data, Quam Securities
As Figure 2 below shows, revenue from the securities investment and financial services segments is picking up pace while the once “core” business, manufacturing, is shrinking reflecting the company’s transition in its strategic direction. Figure 2: Revenue Breakdown by Segments 1H2016 Financial Securities Services Investment 0.4% 12.6% Manufacturing 6.6%
Automation 80.4%
Source: Company data
China Goldjoy Group (1282 HK)
2
Capturing the enormous opportunities for financial services in China Goldjoy has acquired a list of financial services companies over the course of this year, covering different aspects of the industry. Besides the China Foresea Financial Group, which is engaged in the provision of traditional financial services, the company has made a RMB50mn investment for 33.21% interests in Zhanjiang Jifutong Financial Services Joint Stock Company Limited (“JFT”) which puts the company into the arena of Internet financial services. JFT provides various financial services, including industrial M&A funds, private equity funds, crowd-funding, third-party payments (pre-paid card and internet payments) and petty loans. Going forward, we expect that the company can leverage on the extensive customer base, business network and brand name of Foresea Life, its second largest shareholder, to accelerate the growth of the company. Enhancing the technology in Biometric Security and Mobile Payment The group is aiming to sharpen its edge in the biometric security area, taking advantage of the upward momentum of mobile payment technology such as Alipay and Apply Pay. Goldjoy has invested a total of USD15mn for a software licence and a convertible preferred stock convertible into no more than 9.99% of BIO-Key. The patented technology has been applied to the area of online secure payment and privacy protection on cell phones, namely the Android system, and computers. BIO-Key is also Microsoft’s exclusive biometrics solution partner, providing the authentification functions on Windows 10 and Office 2016 Suite. Goldjoy looks to work closely with BIO-Key after the transaction, utilizing its technical expertise to facilitate the further development of the FingerQ and PrivacQ. Both products, meant to target business owners, provide in-app protection for android users with an additional fingerprint scanner, similar to that on laptops, on the designated phone cases. Encrypted messages could also be sent among all FingerQ users to bring extra security on confidential information. Capitalizing on growing opportunities in LED The Energy Growth Strategic Actions Plan 2014-2020 (能源發展戰略行動計畫 2014－2020 年) issued by the General Office of the State Council (國務院辦公廳) has resulted in active promotion of the use of energy saving lighting products in China. In June 2016, China Goldjoy acquired 50% stake in Shenzhen B & K which specializes in the manufacturing of LEDs and Li-ion batteries for RMB380mn. The move helps Goldjoy to set its foot in the new fast growing energy industry. Substantial spending is expected in the public sector on energy saving products. For instance, China has been replacing its traditional street lighting systems in cities and towns. Lighting LEDs market accounted for USD3.9bn of the USD8.8bn Chinese LED package industry in 2015, and is forecasted to have constant growth until 2019 reaching USD13bn, according to LEDinside, a division of TrendForce.
China Goldjoy Group (1282 HK)
3
Valuation The company is diversifying into financial services. As there is no direct comparable among Hong Kong listed companies, we have selected several brokers and consumer finance companies with Chinese background for comparison purposes. Given the new business direction, we consider that PB would be a more appropiate angle for comparison. Figure 3 suggests that, in general, Hong Kong listed securities brokerage firms have a simple averge P/BV of 1.61x while consumer finance companies score a 4.2x P/BV. Goldjoy is at the high end of the chart, but the ratios might vary after its financial services subsidiaries come into full operations. Figure 3: Peers comparison P/E
Company Name CHINA GOLDJOY GR
Ticker
Last Price
Market Cap
Trailing 12 mth
Hist Current Next P/B Div Yield T/O Net Profit EV / EBITDA GPM Net Margin EPS Growth (x)
ROE
ROA
(HK$)
(HK$'bn)
(x)
(x)
(x)
(%)
('mn)
('mn)
(x)
(%)
(%)
(%)
(%)
(%)
Currency
1282 HK
0.83
17.89
20.0
N/A
N/A 4.45
0.3
789
231
53.3
37.2
25.5
N/A
11.1
10.9
HKD
Securities Brokerage GUOTAI JUNAN
1788 HK
3.08
21.43
22.2
19.5
15.8 2.70
2.3
2,274
954
11.6
N/A
44.5
7.2
12.5
2.8
HKD
SHENWAN HONGYUAN
218 HK
4.32
3.44
31.9
N/A
N/A 1.67
2.1
470
108
N/A
N/A
26.5
75.3
5.3
1.4
HKD
FIRST SHANGHAI
227 HK
1.42
2.01
N/A
N/A
N/A 0.73
0.7
366
(53)
29.3
71.1
27.4
(36.3)
0.2
0.6
HKD
HAITONG INT'L
665 HK
5.27
28.07
23.1
13.7
10.6 1.32
2.2
4,126
1,195
19.4
N/A
43.2
67.7
5.2
1.3
HKD
Simple average 25.7
16.6
13.2 1.61
1.8
71.1
35.4
28.5
Consumer Finance DIFFER GROUP HOL
6878 HK
0.66
2.80
20.4
15.0
10.8 2.45
0.0
202
116
14.0
N/A
64.0
40.3
14.4
14.5
CNY
CREDIT CHINA HOL
8207 HK
0.96
19.86
162.4
83.0
59.3 6.15
0.0
496
86
40.7
N/A
17.3
37.8
4.7
3.7
CNY
CHINA FINANCE IN
875 HK
0.17
1.16
N/A
N/A
N/A 6.06
0.0
107
(229)
N/A
3.4
(41.9)
85.1
FLYING FINANCIAL
8030 HK
1.04
1.80
11.8
N/A
N/A 2.27
1.0
236
104
10.8
N/A
39.2
N/A
Simple average 64.9
49.0
35.0 4.2
0.2
3.4
19.7
54.4
Source: Bloomberg, Quam Securities
Risk factors
Changes in the country’s financial and foreign exchange policies
The integration of the newly acquired companies
The growing competition in the financial services industry
Potential return on the various direct invesment projects
China Goldjoy Group (1282 HK)
4
(156.5) (67.5) 22.0
22.4
HKD CNY
Appendix: Financial Statements & Ratios Income Statement (HKD’ mn) Revenue Cost of goods sold Gross profit Other income and gains, net Other operating expenses Operating profit Finance costs Other gains/ (expenses) Profit before tax Income tax expense Profit after tax Attributable profit to shareholders Minority interest Key Ratios Debt to equity (%) Net debt to equity (%) Current ratio (x) Quick ratio (x) Interest coverage (x) Days inventory (days) Days receivable (days) Days payable (days) Cash conversion cycle (days) Ratio Analysis Growth (YoY%) Revenue EBITDA Net profit Diluted EPS Margins Gross profit margin EBITDA margin Net profit margin Other ratios Return on average assets Return on average equity Dividend payout ratio
2013 1,037 (1,005) 32
2014 741 (992) (251)
2015 712 (447) 265
1 (191) (158)
10 111 (130)
82 (124) 222
9 283 134 5 129 129 0
6 (452) (575) 8 (583) (583) 0
6 (22) 207 25 182 182 0
2013 25.48 (1.70) 1.43 1.08 na 59 82 na 79
2014 52.05 3.00 1.54 1.15 na 47 85 na 89
2015 0.78 (85.86) 25.27 23.51 na 50 62 na 55
2013
2014
2015
(13.6) na na na
(28.5) 29.2 na na
(3.9) na na na
3.1 (6.4) 12.4
(33.8) (6.4) (78.7)
37.2 35.7 25.5
7.3 11.3 18.2
(44.0) (68.8) na
7.0 7.8 29.7
Source: Bloomberg
China Goldjoy Group (1282 HK)
5
2013
2014
2015
577 74 357 54 1,062
86 75 189 25 375
1 49 291 8 349
149 210 326 26 711 1,773
107 134 240 21 502 877
16 110 3,252 606 3,983 4,332
154 244 98 497
69 197 59 326
43 20 95 158
63 10 73 569
58 2 60 386
13 12 24 182
Shareholders’ equity Share capital Reserves Total shareholders’ equity Minority interest Total equity
858 346 1,204 0 1,204
858 (367) 491 0 491
4,209 (59) 4,150 0 4,150
Cash Flow Statement (HKD’ mn) Operating cash in/(out) flow Investing cash in/(out) flow Financing cash in/(out) flow Net change in cash
2013 (41) 70 (68) (39)
2014 (53) 30 (62) (86)
2015 (49) 27 3,126 3,105
Per Share (HKD) EPS Diluted EPS DPS BVPS
2013 0.044 0.044 0.008 0.411
2014 (0.199) (0.199) 0.000 0.168
2015 0.024 0.024 0.003 0.193
Balance Sheet (HKD’ mn) Non-current assets PPE Intangible assets LT investments & receivables Others Total non-current assets Current assets Inventories Account receivables Bank balances and cash Others Total current assets Total assets Current liabilities Account payables ST borrowings Others Total current liabilities Non-current liabilities LT borrowings Other non-current liabilities Total non-current liabilities Total liabilities
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China Goldjoy Group (1282 HK)
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