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Tao Heung Holdings

DB:BVI
Snowflake Description

Flawless balance sheet and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BVI
DB
HK$996M
Market Cap
  1. Home
  2. DE
  3. Consumer Services
Company description

Tao Heung Holdings Limited, an investment holding company, operates restaurants and bakeries in Hong Kong and Mainland China. The last earnings update was 12 days ago. More info.


Add to Portfolio Compare Print
  • Tao Heung Holdings has significant price volatility in the past 3 months.
BVI Share Price and Events
7 Day Returns
-10.5%
DB:BVI
-6.8%
DE Hospitality
-0.6%
DE Market
1 Year Returns
-35.6%
DB:BVI
-48.1%
DE Hospitality
-20.9%
DE Market
BVI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tao Heung Holdings (BVI) -10.5% -10.5% -25.4% -35.6% -61% -77.9%
DE Hospitality -6.8% -31.3% -57.6% -48.1% -63.2% -70.6%
DE Market -0.6% -18.6% -26.2% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • BVI outperformed the Hospitality industry which returned -48.1% over the past year.
  • BVI underperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
BVI
Industry
5yr Volatility vs Market

BVI Value

 Is Tao Heung Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tao Heung Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tao Heung Holdings.

DB:BVI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:BVI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.78
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.782 (1 + (1- 25%) (100.99%))
1.251
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.25
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.251 * 6.07%)
7.2%

Discounted Cash Flow Calculation for DB:BVI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tao Heung Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:BVI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 7.2%)
2020 367.18 Est @ 2.71% 342.51
2021 373.71 Est @ 1.78% 325.18
2022 377.93 Est @ 1.13% 306.76
2023 380.48 Est @ 0.67% 288.08
2024 381.82 Est @ 0.35% 269.67
2025 382.32 Est @ 0.13% 251.88
2026 382.23 Est @ -0.03% 234.90
2027 381.71 Est @ -0.13% 218.82
2028 380.90 Est @ -0.21% 203.69
2029 379.90 Est @ -0.26% 189.50
Present value of next 10 years cash flows HK$2,631.00
DB:BVI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= HK$379.90 × (1 + -0.39%) ÷ (7.2% – -0.39%)
HK$4,984.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$4,984.04 ÷ (1 + 7.2%)10
HK$2,486.17
DB:BVI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$2,631.00 + HK$2,486.17
HK$5,117.17
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$5,117.17 / 1,016.61
HK$5.03
DB:BVI Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:BVI represents 0.09592x of SEHK:573
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.09592x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 5.03 x 0.09592
€0.48
Value per share (EUR) From above. €0.48
Current discount Discount to share price of €0.09
= -1 x (€0.09 - €0.48) / €0.48
80.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Tao Heung Holdings is available for.
Intrinsic value
>50%
Share price is €0.094 vs Future cash flow value of €0.48281
Current Discount Checks
For Tao Heung Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tao Heung Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Tao Heung Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tao Heung Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tao Heung Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:BVI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in HKD HK$0.12
SEHK:573 Share Price ** SEHK (2020-04-03) in HKD HK$0.98
Germany Hospitality Industry PE Ratio Median Figure of 9 Publicly-Listed Hospitality Companies 21.1x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.57x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tao Heung Holdings.

DB:BVI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:573 Share Price ÷ EPS (both in HKD)

= 0.98 ÷ 0.12

7.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tao Heung Holdings is good value based on earnings compared to the DE Hospitality industry average.
  • Tao Heung Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Tao Heung Holdings's expected growth come at a high price?
Raw Data
DB:BVI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Hospitality Industry PEG Ratio Median Figure of 63 Publicly-Listed Hospitality Companies 0.96x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Tao Heung Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tao Heung Holdings's assets?
Raw Data
DB:BVI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in HKD HK$1.58
SEHK:573 Share Price * SEHK (2020-04-03) in HKD HK$0.98
Germany Hospitality Industry PB Ratio Median Figure of 12 Publicly-Listed Hospitality Companies 1.73x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:BVI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:573 Share Price ÷ Book Value per Share (both in HKD)

= 0.98 ÷ 1.58

0.62x

* Primary Listing of Tao Heung Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tao Heung Holdings is good value based on assets compared to the DE Hospitality industry average.
X
Value checks
We assess Tao Heung Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. Tao Heung Holdings has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BVI Future Performance

 How is Tao Heung Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Tao Heung Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
28.9%
Expected Hospitality industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tao Heung Holdings expected to grow at an attractive rate?
  • Unable to compare Tao Heung Holdings's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Tao Heung Holdings's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Tao Heung Holdings's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:BVI Future Growth Rates Data Sources
Data Point Source Value (per year)
Germany Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 28.9%
Germany Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:BVI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:BVI Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2019-12-31 3,906 125
2019-09-30 3,996 131
2019-06-30 4,087 496 137
2019-03-31 4,113 400 127
2018-12-31 4,139 303 116
2018-09-30 4,135 348 108
2018-06-30 4,132 393 100
2018-03-31 4,079 364 94
2017-12-31 4,025 335 89
2017-09-30 4,046 333 108
2017-06-30 4,067 331 126
2017-03-31 4,177 417 152

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Tao Heung Holdings is high growth as no earnings estimate data is available.
  • Unable to determine if Tao Heung Holdings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:BVI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Tao Heung Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:BVI Past Financials Data
Date (Data in HKD Millions) EPS *
2019-12-31 0.12
2019-09-30 0.13
2019-06-30 0.13
2019-03-31 0.12
2018-12-31 0.11
2018-09-30 0.11
2018-06-30 0.10
2018-03-31 0.09
2017-12-31 0.09
2017-09-30 0.11
2017-06-30 0.12
2017-03-31 0.15

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Tao Heung Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Tao Heung Holdings is trading at Tao Heung Holdings'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Tao Heung Holdings's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Consumer Services companies here
  3. Tao Heung Holdings's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Tao Heung Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tao Heung Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BVI Past Performance

  How has Tao Heung Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tao Heung Holdings's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tao Heung Holdings's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Tao Heung Holdings's 1-year earnings growth exceeds its 5-year average (7.4% vs -12%)
  • Tao Heung Holdings's earnings growth has exceeded the DE Hospitality industry average in the past year (7.4% vs -36.8%).
Earnings and Revenue History
Tao Heung Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tao Heung Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:BVI Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 3,905.71 124.97 303.33
2019-09-30 3,996.16 131.04 309.43
2019-06-30 4,086.62 137.11 315.53
2019-03-31 4,112.70 126.75 313.29
2018-12-31 4,138.79 116.39 311.06
2018-09-30 4,135.46 107.97 306.14
2018-06-30 4,132.13 99.56 301.23
2018-03-31 4,078.71 94.32 300.97
2017-12-31 4,025.28 89.08 300.71
2017-09-30 4,046.00 107.73 300.93
2017-06-30 4,066.73 126.38 301.14
2017-03-31 4,176.95 152.11 303.86
2016-12-31 4,287.17 177.85 306.57
2016-09-30 4,387.62 174.58 306.03
2016-06-30 4,488.07 171.32 305.49
2016-03-31 4,517.27 171.32 303.04
2015-12-31 4,546.48 171.32 300.60
2015-09-30 4,534.52 171.48 300.33
2015-06-30 4,522.56 171.64 300.06
2015-03-31 4,505.90 189.50 296.41
2014-12-31 4,489.24 207.37 292.77
2014-09-30 4,451.10 235.31 286.12
2014-06-30 4,412.96 263.26 279.48
2014-03-31 4,366.71 268.73 282.31
2013-12-31 4,320.45 274.20 285.15
2013-09-30 4,289.63 286.77 281.94
2013-06-30 4,258.80 299.34 278.72

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Tao Heung Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tao Heung Holdings used its assets more efficiently than the DE Hospitality industry average last year based on Return on Assets.
  • Tao Heung Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tao Heung Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tao Heung Holdings has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BVI Health

 How is Tao Heung Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tao Heung Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tao Heung Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Tao Heung Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Tao Heung Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 6.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tao Heung Holdings Company Filings, last reported 3 months ago.

DB:BVI Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,637.29 153.10 620.94
2019-09-30 1,637.29 153.10 620.94
2019-06-30 1,650.78 128.70 567.36
2019-03-31 1,650.78 128.70 567.36
2018-12-31 1,686.04 149.67 654.80
2018-09-30 1,686.04 149.67 654.80
2018-06-30 1,765.59 139.33 507.43
2018-03-31 1,765.59 139.33 507.43
2017-12-31 1,741.24 198.58 628.51
2017-09-30 1,741.24 198.58 628.51
2017-06-30 1,713.84 313.08 543.16
2017-03-31 1,713.84 313.08 543.16
2016-12-31 1,751.49 188.03 586.97
2016-09-30 1,751.49 188.03 586.97
2016-06-30 1,782.95 257.00 477.20
2016-03-31 1,782.95 257.00 477.20
2015-12-31 1,788.01 279.47 460.31
2015-09-30 1,788.01 279.47 460.31
2015-06-30 1,820.64 188.68 291.96
2015-03-31 1,820.64 188.68 291.96
2014-12-31 1,804.17 193.53 406.83
2014-09-30 1,804.17 193.53 406.83
2014-06-30 1,772.82 129.83 269.88
2014-03-31 1,772.82 129.83 269.88
2013-12-31 1,741.79 251.47 441.71
2013-09-30 1,741.79 251.47 441.71
2013-06-30 1,667.93 182.76 309.06
  • Tao Heung Holdings's level of debt (9.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (10.7% vs 9.4% today).
  • Debt is well covered by operating cash flow (324%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4x coverage).
X
Financial health checks
We assess Tao Heung Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tao Heung Holdings has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BVI Dividends

 What is Tao Heung Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.69%
Current annual income from Tao Heung Holdings dividends.
If you bought €2,000 of Tao Heung Holdings shares you are expected to receive €194 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Tao Heung Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • Tao Heung Holdings's dividend is above the markets top 25% of dividend payers in Germany (4.86%).
Upcoming dividend payment

Purchase Tao Heung Holdings before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:BVI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Germany Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 11.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 316 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:BVI Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2020-03-24 0.095 9.558
2019-08-22 0.120 9.611
2019-04-17 0.115 7.780
2019-03-21 0.115 7.692
2018-04-20 0.115 8.407
2017-09-13 0.110 7.771
2017-08-24 0.110 7.698
2017-04-21 0.120 6.409
2017-03-30 0.120 5.492
2016-09-09 0.120 5.617
2016-08-18 0.120 5.805
2016-04-21 0.120 6.285
2016-03-29 0.120 6.198
2015-09-16 0.120 5.591
2015-08-20 0.120 4.221
2015-05-21 0.120 3.691
2014-05-22 0.125 3.163
2013-04-16 0.130 2.358
2013-03-22 0.130 2.852
2012-08-23 0.128 2.901
2012-03-22 0.128 3.264
2011-09-01 0.125 4.132
2011-03-24 0.125 4.638
2010-03-30 0.110 3.793
2009-09-10 0.122 4.102
2009-04-17 0.120 5.421
2009-04-06 0.120 6.171

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Tao Heung Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Tao Heung Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tao Heung Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tao Heung Holdings has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BVI Management

 What is the CEO of Tao Heung Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Wai Chung
COMPENSATION HK$259,000
AGE 59
TENURE AS CEO 0.4 years
CEO Bio

Mr. Wai Ping Chung is a Founder of Tao Heung Holdings Limited and serves as its Chairman. Mr. Chung serves as Chief Executive Officer of Tao Heung Holdings Limited since November 19, 2019. Mr. Chung is primarily responsible for Tao Heung Holdings Limited's overall corporate strategies, planning and business development. He established Tao Heung Holdings in 1991 and has experience in the Chinese restaurant industry. Mr. Chnug started his career as an apprentice cook of a local restaurant in Hong Kong from 1975 and became the Sous Chef of the Garden Hotel, Guangzhou, China in 1985. In 1991, Mr. Chung Co-founded the first Tao Heung Seafood Hotpot Restaurant in Hong Kong. Mr. Chung is the Emeritus Honorary President of the Chinese Cuisine Management Association, The President of Association of Restaurant Managers and The Honorary Chairman of the China branch of Les Amis d’Escoffier Society Co. Mr. Chung has been an Executive Director of Tao Heung Holdings Limited since December 29, 2005. He served as a Member of Employees Retraining Board. Mr. Chung won the Chief Executive Officer of the Year (Hospitality) in 2003 organised by the Asia Pacific Customer Service Consortium, the Top Ten Man of the Time in Catering Industry in Yue-Gang-Ao held by the China Hospitality Association and Innovative Entrepreneur of the Year organised by the Junior Chamber International Hong Kong in 2005. In 2006, Mr. Chung won the Capital Leader of Excellence 2006 organised by the ‘‘Capital’’ Magazine.

CEO Compensation
  • Wai's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Wai's remuneration is lower than average for companies of similar size in Germany.
Management Team

Wai Chung

TITLE
Founder
COMPENSATION
HK$259K
AGE
59
TENURE
0.4 yrs

Ka Wong

TITLE
Founder & Executive Director
COMPENSATION
HK$843K
AGE
61

Yuen Ho

TITLE
Chief Officer of Operation- China Division & Executive Director
COMPENSATION
HK$1M
AGE
57

Ming Chung

TITLE
Founder and Director of Logistic Management - Hong Kong & Mainland China
COMPENSATION
HK$271K
AGE
64

Wing Tsang

TITLE
CFO & Company Secretary
AGE
44

Rosa Lau

TITLE
Chief Operations Officer- Hong Kong
AGE
64

Chun Chung

TITLE
Acting Director of Marketing & Business Development and Executive Director
AGE
33
TENURE
1.5 yrs

Hiu Li

TITLE
Director of Human Resources
AGE
50

Sai Ying Chan

TITLE
Consultant
Board of Directors Tenure

Average tenure and age of the Tao Heung Holdings board of directors in years:

13.1
Average Tenure
61
Average Age
  • The average tenure for the Tao Heung Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Wai Chung

TITLE
Founder
COMPENSATION
HK$259K
AGE
59

Ka Wong

TITLE
Founder & Executive Director
COMPENSATION
HK$843K
AGE
61
TENURE
13.1 yrs

Yuen Ho

TITLE
Chief Officer of Operation- China Division & Executive Director
COMPENSATION
HK$1M
AGE
57
TENURE
13.1 yrs

Chun Chung

TITLE
Acting Director of Marketing & Business Development and Executive Director
AGE
33
TENURE
0.4 yrs

Yat Ng

TITLE
Independent Non-Executive Director
COMPENSATION
HK$204K
AGE
63
TENURE
13.1 yrs

Thomas Mak

TITLE
Independent Non-Executive Director
COMPENSATION
HK$204K
AGE
56
TENURE
13.1 yrs

Andrew Chan

TITLE
Independent Non-Executive Director
COMPENSATION
HK$204K
AGE
65
TENURE
13.1 yrs

Siu Fong

TITLE
Non-Executive Director
COMPENSATION
HK$204K
AGE
61
TENURE
13.1 yrs

Michael Chan

TITLE
Non-Executive Director
COMPENSATION
HK$204K
AGE
67
TENURE
13.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Tao Heung Holdings individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
15. Jan 20 Buy Wai Chung Individual 13. Jan 20 13. Jan 20 500,000 €0.15 €74,817
14. Jan 20 Buy Wai Chung Individual 10. Jan 20 10. Jan 20 5,000 €0.15 €744
08. Jan 20 Buy Wai Chung Individual 06. Jan 20 06. Jan 20 200,000 €0.15 €29,591
13. Dec 19 Buy Wai Chung Individual 11. Dec 19 11. Dec 19 152,000 €0.15 €22,381
10. Dec 19 Buy Wai Chung Individual 06. Dec 19 06. Dec 19 200,000 €0.15 €29,686
02. Dec 19 Buy Wai Chung Individual 28. Nov 19 28. Nov 19 100,000 €0.15 €14,929
27. Nov 19 Buy Wai Chung Individual 25. Nov 19 25. Nov 19 200,000 €0.15 €30,024
22. Nov 19 Buy Wai Chung Individual 20. Nov 19 20. Nov 19 200,000 €0.15 €29,731
20. Nov 19 Buy Wai Chung Individual 18. Nov 19 18. Nov 19 270,000 €0.15 €39,842
18. Nov 19 Buy Wai Chung Individual 14. Nov 19 14. Nov 19 500,000 €0.15 €72,513
14. Nov 19 Buy Wai Chung Individual 12. Nov 19 12. Nov 19 51,000 €0.15 €7,680
11. Nov 19 Buy Wai Chung Individual 07. Nov 19 07. Nov 19 200,000 €0.15 €30,180
04. Nov 19 Buy Wai Chung Individual 31. Oct 19 31. Oct 19 200,000 €0.15 €30,192
29. Oct 19 Buy Wai Chung Individual 25. Oct 19 25. Oct 19 200,000 €0.15 €29,734
25. Oct 19 Buy Wai Chung Individual 23. Oct 19 23. Oct 19 200,000 €0.15 €30,040
23. Oct 19 Buy Wai Chung Individual 21. Oct 19 21. Oct 19 200,000 €0.15 €29,720
22. Oct 19 Buy Wai Chung Individual 18. Oct 19 18. Oct 19 165,000 €0.15 €24,499
18. Oct 19 Buy Wai Chung Individual 16. Oct 19 16. Oct 19 193,000 €0.15 €28,909
17. Oct 19 Buy Wai Chung Individual 15. Oct 19 15. Oct 19 189,000 €0.15 €28,599
16. Oct 19 Buy Wai Chung Individual 14. Oct 19 14. Oct 19 100,000 €0.15 €15,037
02. Oct 19 Buy Wai Chung Individual 27. Sep 19 27. Sep 19 300,000 €0.15 €45,792
27. Sep 19 Buy Wai Chung Individual 25. Sep 19 25. Sep 19 100,000 €0.16 €15,957
29. Aug 19 Buy Wai Chung Individual 27. Aug 19 27. Aug 19 200,000 €0.15 €30,789
28. Aug 19 Buy Wai Chung Individual 26. Aug 19 26. Aug 19 593,000 €0.15 €91,791
27. Aug 19 Buy Wai Chung Individual 23. Aug 19 23. Aug 19 52,000 €0.16 €8,332
23. Jul 19 Buy Wai Chung Individual 19. Jul 19 19. Jul 19 36,000 €0.17 €6,250
22. Jul 19 Buy Wai Chung Individual 18. Jul 19 18. Jul 19 101,000 €0.17 €17,482
19. Jul 19 Buy Wai Chung Individual 17. Jul 19 17. Jul 19 126,000 €0.17 €21,771
17. Jul 19 Buy Wai Chung Individual 15. Jul 19 15. Jul 19 200,000 €0.17 €34,053
11. Jul 19 Buy Wai Chung Individual 09. Jul 19 09. Jul 19 96,000 €0.17 €16,341
09. Jul 19 Buy Wai Chung Individual 05. Jul 19 05. Jul 19 500,000 €0.17 €85,220
08. Jul 19 Buy Wai Chung Individual 04. Jul 19 04. Jul 19 89,000 €0.17 €14,993
04. Jul 19 Buy Wai Chung Individual 02. Jul 19 02. Jul 19 200,000 €0.17 €33,809
27. Jun 19 Buy Wai Chung Individual 25. Jun 19 25. Jun 19 200,000 €0.16 €32,616
25. Jun 19 Buy Wai Chung Individual 21. Jun 19 21. Jun 19 200,000 €0.16 €32,795
18. Jun 19 Buy Wai Chung Individual 17. Jun 19 17. Jun 19 100,000 €0.16 €16,366
X
Management checks
We assess Tao Heung Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tao Heung Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BVI News

Simply Wall St News

BVI Company Info

Description

Tao Heung Holdings Limited, an investment holding company, operates restaurants and bakeries in Hong Kong and Mainland China. The company engages in the provision of food catering services; and production, sale, and distribution of food products and other items related to restaurant operations; and provision of poultry farm operations. It also produces, slaughters, processes, and sells livestock; produces and retails bakery products; and provides management and promotion, treasury, and human resources support services, as well as trades in food and other operating items to restaurant operations. In addition, the company engages in the property investment activities. It operates restaurants under Tao Heung, Tao Square, Cheers Restaurant, Hak Ka Hut, Pier 88, Chao Inn, Chung’s Cuisine/Chung’s Kitchen, HITEA, Tai Cheong Bakery, JOYOUS One CHAO ZHOU CUISINE, Cheers Palace, RingerHut, and Tao’s Kitchen brands. The company was founded in 1991 and is based in Tai Po, Hong Kong.

Details
Name: Tao Heung Holdings Limited
BVI
Exchange: DB
Founded: 1991
HK$119,110,679
1,016,611,000
Website: http://www.taoheung.com.hk
Address: Tao Heung Holdings Limited
No. 18 Dai Fat Street,
Tai Po Industrial Estate,
Tai Po,
New Territories, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 573 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 29. Jun 2007
DB BVI Ordinary Shares Deutsche Boerse AG DE EUR 29. Jun 2007
Number of employees
Current staff
Staff numbers
6,741
Tao Heung Holdings employees.
Industry
Restaurants
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 21:49
End of day share price update: 2020/04/03 00:00
Last earnings filing: 2020/03/24
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.