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Asia Cement (China) Holdings

DB:4OJ
Snowflake Description

Undervalued with solid track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
4OJ
DB
HK$13B
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

Asia Cement (China) Holdings Corporation, an investment holding company, manufactures and sells cement, concrete, and related products in the People’s Republic of China. The last earnings update was 14 days ago. More info.


Add to Portfolio Compare Print
  • Asia Cement (China) Holdings has significant price volatility in the past 3 months.
4OJ Share Price and Events
7 Day Returns
6.1%
DB:4OJ
6.6%
Europe Basic Materials
2.1%
DE Market
1 Year Returns
-9.5%
DB:4OJ
-26.7%
Europe Basic Materials
-16.6%
DE Market
4OJ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Asia Cement (China) Holdings (4OJ) 6.1% -19.3% -26.2% -9.5% 228.8% 66.7%
Europe Basic Materials 6.6% -18.2% -32.2% -26.7% -36.7% -34%
DE Market 2.1% -12.6% -22.9% -16.6% -21.9% -27.8%
1 Year Return vs Industry and Market
  • 4OJ outperformed the Basic Materials industry which returned -26.7% over the past year.
  • 4OJ outperformed the Market in Germany which returned -16.6% over the past year.
Price Volatility
4OJ
Industry
5yr Volatility vs Market

Value

 Is Asia Cement (China) 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 Asia Cement (China) 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 Asia Cement (China) Holdings.

DB:4OJ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
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:4OJ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Basic Materials Unlevered Beta Simply Wall St/ S&P Global 0.82
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.817 (1 + (1- 25%) (52.82%))
1.095
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.09
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.095 * 6.33%)
6.54%

Discounted Cash Flow Calculation for DB:4OJ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Asia Cement (China) 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:4OJ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 6.54%)
2020 4,579.17 Est @ 1.35% 4,298.10
2021 4,616.95 Est @ 0.82% 4,067.57
2022 4,638.21 Est @ 0.46% 3,835.48
2023 4,647.73 Est @ 0.21% 3,607.46
2024 4,648.97 Est @ 0.03% 3,386.94
2025 4,644.40 Est @ -0.1% 3,175.92
2026 4,635.77 Est @ -0.19% 2,975.45
2027 4,624.32 Est @ -0.25% 2,785.92
2028 4,610.91 Est @ -0.29% 2,607.34
2029 4,596.16 Est @ -0.32% 2,439.47
Present value of next 10 years cash flows CN¥33,179.00
DB:4OJ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥4,596.16 × (1 + -0.39%) ÷ (6.54% – -0.39%)
CN¥66,070.33
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥66,070.33 ÷ (1 + 6.54%)10
CN¥35,067.64
DB:4OJ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥33,179.00 + CN¥35,067.64
CN¥68,246.64
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥68,246.64 / 1,566.85
CN¥43.56
DB:4OJ Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:743)
1.093
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥43.56 x 1.093
HK$47.61
Non-primary Listing Adjustment Factor 1 share in DB:4OJ represents 0.11511x of SEHK:743
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11511x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 47.61 x 0.11511
€5.48
Value per share (EUR) From above. €5.48
Current discount Discount to share price of €0.96
= -1 x (€0.96 - €5.48) / €5.48
82.5%

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

Current Discount
Amount off the current price Asia Cement (China) Holdings is available for.
Intrinsic value
>50%
Share price is €0.96 vs Future cash flow value of €5.48
Current Discount Checks
For Asia Cement (China) Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Asia Cement (China) Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Asia Cement (China) 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 Asia Cement (China) Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Asia Cement (China) Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:4OJ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CNY CN¥2.01
SEHK:743 Share Price ** SEHK (2020-04-07) in HKD HK$8.34
SEHK:743 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.915 CN¥7.63
Europe Basic Materials Industry PE Ratio Median Figure of 33 Publicly-Listed Basic Materials Companies 9.52x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 16.83x

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

** Primary Listing of Asia Cement (China) Holdings.

DB:4OJ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:743 Share Price ÷ EPS (both in CNY)

= 7.63 ÷ 2.01

3.8x

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

  • Asia Cement (China) Holdings is good value based on earnings compared to the Europe Basic Materials industry average.
  • Asia Cement (China) Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Asia Cement (China) Holdings's expected growth come at a high price?
Raw Data
DB:4OJ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.8x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
Europe Basic Materials Industry PEG Ratio Median Figure of 17 Publicly-Listed Basic Materials Companies 1.67x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.22x

*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 Asia Cement (China) Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Asia Cement (China) Holdings's assets?
Raw Data
DB:4OJ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CNY CN¥9.10
SEHK:743 Share Price * SEHK (2020-04-07) in HKD HK$8.34
SEHK:743 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.915 CN¥7.63
Europe Basic Materials Industry PB Ratio Median Figure of 39 Publicly-Listed Basic Materials Companies 0.85x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.45x
DB:4OJ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:743 Share Price ÷ Book Value per Share (both in CNY)

= 7.63 ÷ 9.10

0.84x

* Primary Listing of Asia Cement (China) Holdings.

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

  • Asia Cement (China) Holdings is good value based on assets compared to the Europe Basic Materials industry average.
X
Value checks
We assess Asia Cement (China) 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 Basic Materials 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 Basic Materials industry average (and greater than 0)? (1 check)
  5. Asia Cement (China) 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.

Future Performance

 How is Asia Cement (China) Holdings expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
-5.2%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Asia Cement (China) Holdings expected to grow at an attractive rate?
  • Asia Cement (China) Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Asia Cement (China) Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Asia Cement (China) Holdings's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:4OJ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:4OJ Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -5.2%
DB:4OJ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -3.3%
Europe Basic Materials Industry Earnings Growth Rate Market Cap Weighted Average 4.7%
Europe Basic Materials Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14%
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:4OJ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:4OJ Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 11,378 1
2021-12-31 11,582 1
2020-12-31 11,789 1
2020-04-07
DB:4OJ Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-12-31 12,609 3,147
2019-09-30 12,623 4,710 3,063
2019-06-30 12,428 4,233 2,973
2019-03-31 11,894 3,467 2,681
2018-12-31 11,330 2,908 2,421
2018-09-30 10,515 2,191 2,015
2018-06-30 9,402 1,851 1,479
2018-03-31 8,426 1,498 980
2017-12-31 7,816 1,169 602
2017-09-30 7,189 982 360
2017-06-30 6,889 1,126 280
2017-03-31 6,478 1,198 126

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Asia Cement (China) Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Asia Cement (China) Holdings's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:4OJ 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 1 Analyst Estimates (S&P Global) See Below

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

DB:4OJ Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.71 1.71 1.71 1.00
2021-12-31 1.78 1.78 1.78 1.00
2020-12-31 1.84 1.84 1.84 1.00
2020-04-07
DB:4OJ Past Financials Data
Date (Data in CNY Millions) EPS *
2019-12-31 2.01
2019-09-30 1.96
2019-06-30 1.90
2019-03-31 1.71
2018-12-31 1.55
2018-09-30 1.29
2018-06-30 0.94
2018-03-31 0.62
2017-12-31 0.38
2017-09-30 0.23
2017-06-30 0.18
2017-03-31 0.08

*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.
  • Asia Cement (China) Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Asia Cement (China) 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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Asia Cement (China) 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.

Past Performance

  How has Asia Cement (China) 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 Asia Cement (China) Holdings's growth in the last year to its industry (Basic Materials).
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.
  • Asia Cement (China) Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • Asia Cement (China) Holdings's 1-year earnings growth is less than its 5-year average (30% vs 58.3%)
  • Asia Cement (China) Holdings's earnings growth has exceeded the Europe Basic Materials industry average in the past year (30% vs 20.8%).
Earnings and Revenue History
Asia Cement (China) 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 Asia Cement (China) Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:4OJ Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 12,608.72 3,147.34 921.02
2019-09-30 12,623.48 3,062.68 908.68
2019-06-30 12,427.61 2,972.71 887.01
2019-03-31 11,894.08 2,681.49 825.63
2018-12-31 11,330.35 2,420.84 788.59
2018-09-30 10,515.42 2,015.44 766.82
2018-06-30 9,401.89 1,479.00 756.14
2018-03-31 8,426.07 979.88 732.16
2017-12-31 7,815.53 602.38 709.99
2017-09-30 7,188.61 359.74 650.77
2017-06-30 6,888.94 280.06 657.98
2017-03-31 6,477.89 126.35 674.59
2016-12-31 6,338.15 133.56 686.42
2016-09-30 6,115.47 -75.87 725.26
2016-06-30 6,193.74 -373.57 728.00
2016-03-31 6,241.56 -361.90 740.70
2015-12-31 6,391.17 -299.12 737.78
2015-09-30 6,850.74 -4.26 754.27
2015-06-30 7,291.15 417.01 767.88
2015-03-31 7,940.67 664.66 763.39
2014-12-31 8,193.72 790.31 754.18
2014-09-30 8,371.27 962.80 709.54
2014-06-30 8,062.82 950.29 674.00
2014-03-31 7,604.02 940.17 638.89
2013-12-31 7,330.82 823.01 631.11
2013-09-30 6,869.11 638.94 600.35
2013-06-30 6,789.58 529.17 591.55

*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.
  • Asia Cement (China) Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Asia Cement (China) Holdings used its assets more efficiently than the Europe Basic Materials industry average last year based on Return on Assets.
  • Asia Cement (China) Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Asia Cement (China) 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 Basic Materials 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.
Asia Cement (China) Holdings has a total score of 5/6, 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.

Health

 How is Asia Cement (China) 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 Asia Cement (China) Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Asia Cement (China) Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Asia Cement (China) Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Asia Cement (China) 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 2x 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 Asia Cement (China) Holdings Company Filings, last reported 3 months ago.

DB:4OJ Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 14,642.99 6,214.31 7,958.71
2019-09-30 13,709.52 7,342.85 7,575.22
2019-06-30 12,961.44 7,554.93 6,877.88
2019-03-31 13,024.58 6,374.37 5,527.34
2018-12-31 12,442.35 6,630.14 5,026.93
2018-09-30 11,593.90 6,170.32 3,288.89
2018-06-30 10,932.14 4,362.22 974.48
2018-03-31 10,529.39 4,793.54 1,115.75
2017-12-31 10,210.38 4,903.36 960.11
2017-09-30 9,774.54 5,165.02 672.84
2017-06-30 9,665.11 5,266.09 623.61
2017-03-31 9,565.62 5,307.47 523.11
2016-12-31 9,635.15 5,191.50 555.13
2016-09-30 9,451.61 5,594.52 587.08
2016-06-30 9,423.50 5,877.85 589.12
2016-03-31 9,508.09 6,382.53 880.48
2015-12-31 9,570.93 6,945.07 1,120.83
2015-09-30 9,600.46 8,497.63 2,383.92
2015-06-30 9,874.86 8,475.92 2,171.73
2015-03-31 10,107.35 8,808.23 2,387.86
2014-12-31 10,105.13 8,621.56 2,336.97
2014-09-30 9,835.95 7,647.44 1,306.76
2014-06-30 9,630.31 7,694.08 1,276.25
2014-03-31 9,609.88 7,152.73 2,054.20
2013-12-31 9,477.82 6,962.75 2,077.70
2013-09-30 9,131.40 7,005.90 1,829.20
2013-06-30 8,991.41 7,067.24 1,988.68
  • Asia Cement (China) Holdings's level of debt (42.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (85.3% vs 42.4% today).
  • Debt is well covered by operating cash flow (75.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 42x coverage).
X
Financial health checks
We assess Asia Cement (China) 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. Asia Cement (China) Holdings has a total score of 5/6, 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.

Dividends

 What is Asia Cement (China) 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
6.55%
Current annual income from Asia Cement (China) Holdings dividends. Estimated to be 9.3% next year.
If you bought €2,000 of Asia Cement (China) Holdings shares you are expected to receive €131 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?
  • Asia Cement (China) Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.67%).
  • Asia Cement (China) Holdings's dividend is above the markets top 25% of dividend payers in Germany (4.71%).
Upcoming dividend payment

Purchase Asia Cement (China) 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:4OJ 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 1 Analyst Estimates (S&P Global) See Below
Europe Basic Materials Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 4.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.7%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

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

DB:4OJ Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.68 1.00
2021-12-31 0.71 1.00
2020-12-31 0.73 1.00
2020-04-07
DB:4OJ Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2020-03-24 0.500 6.942
2019-03-20 0.620 6.878
2018-05-08 0.155 2.998
2017-05-26 0.030 1.283
2016-05-24 0.050 3.009
2015-04-16 0.150 8.089
2015-03-16 0.150 4.412
2014-03-17 0.150 3.854
2014-03-13 0.150 3.329
2013-05-22 0.100 3.053
2012-03-16 0.170 5.892
2011-05-30 0.100 2.818
2010-03-17 0.100 2.933
2009-04-14 0.100 2.294

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 increased over the past 10 years.
Current Payout to shareholders
What portion of Asia Cement (China) Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4x 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 Asia Cement (China) Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Asia Cement (China) Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Asia Cement (China) Holdings has a total score of 4/6, see the detailed checks below.


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

Management

 What is the CEO of Asia Cement (China) 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
Chung-Lih Wu
COMPENSATION CN¥1,789,000
AGE 69
TENURE AS CEO 8.6 years
CEO Bio

Dr. Chung-Lih Wu has been the Chief Executive Officer of Asia Cement (China) Holdings Corp. since September 1, 2011 and served as its Chief Administrative Officer and Compliance Officer. Dr. Wu has extensive work experience in Taiwan and the United States. He served as Deputy Chief Executive Officer of Asia Cement (China) Holdings Corp. until September 1, 2011. Dr. Wu is responsible for the general administration, including but not limited to procurement and secretarial work of Asia Cement (China) Holdings Corp. He joined the Eastern Multimedia Group in May 2000 and served as the Chief Executive Officer and President of Eastern Multimedia Company from June 2001 to February 2005. He served as a Senior Official of the Taiwan central government for the period from 1989 to 2000. Dr. WU serves as an Independent Non-executive Director of Arima Optoelectronic Corporation which is a company listed in Taiwan. He has been Executive Director of Asia Cement (China) Holdings Corp. since April 27, 2008 where he has joined in August 2005. Dr. WU was a teaching and research fellow in the universities in Taiwan and the United States for 15 years specializing in the areas of health economics, econometrics, public finance, economics of education and analysis of economic policy. He has approximately 7years’ enterprise management experience. Dr. WU holds a PhD degree in Economics from the State University of New York at Albany.

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

Chung-Lih Wu

TITLE
CEO & Executive Director
COMPENSATION
CN¥2M
AGE
69
TENURE
8.6 yrs

Peter Hsu

TITLE
Executive Vice Chairman
COMPENSATION
CN¥209K
AGE
74

Chen-Kuen Chang

TITLE
Deputy CEO
COMPENSATION
CN¥1M
AGE
72

Seng-Chang Lin

TITLE
Deputy CEO
COMPENSATION
CN¥1M
AGE
75

Doris Wu

TITLE
Executive Director
COMPENSATION
CN¥333K
AGE
53

Tsai-Hsiung Chang

TITLE
Senior Advisor & Executive Director
COMPENSATION
CN¥203K
AGE
95

Chien-Hua Wu

TITLE
Acting CFO & Manager of the Accounting of the Group
AGE
63

Dong-lin Yu

TITLE
Manager of Human Resources Department
AGE
68

Rong-Chou Lin

TITLE
Chief Audit Officer
AGE
73

Siu Pik Ho

TITLE
Company Secretary
AGE
55
TENURE
3.1 yrs
Board of Directors Tenure

Average tenure and age of the Asia Cement (China) Holdings board of directors in years:

12
Average Tenure
73
Average Age
  • The average tenure for the Asia Cement (China) Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Douglas Hsu

TITLE
Non-Executive Chairman
COMPENSATION
CN¥389K
AGE
77

Chung-Lih Wu

TITLE
CEO & Executive Director
COMPENSATION
CN¥2M
AGE
69
TENURE
12 yrs

Peter Hsu

TITLE
Executive Vice Chairman
COMPENSATION
CN¥209K
AGE
74

Chen-Kuen Chang

TITLE
Deputy CEO
COMPENSATION
CN¥1M
AGE
72
TENURE
12 yrs

Seng-Chang Lin

TITLE
Deputy CEO
COMPENSATION
CN¥1M
AGE
75
TENURE
12 yrs

Doris Wu

TITLE
Executive Director
COMPENSATION
CN¥333K
AGE
53
TENURE
4 yrs

Dominic Tsim

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥254K
AGE
72
TENURE
12 yrs

Kuo-Ming Wang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥254K
AGE
76
TENURE
4.5 yrs

Tsai-Hsiung Chang

TITLE
Senior Advisor & Executive Director
COMPENSATION
CN¥203K
AGE
95
TENURE
12 yrs

Wei Wang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥254K
AGE
63
TENURE
5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
27. Jun 19 Sell Invesco Ltd. Company 24. Jun 19 24. Jun 19 -3,394,000 €1.38 €-4,669,800
23. May 19 Sell Invesco Ltd. Company 20. May 19 20. May 19 -595,500 €1.04 €-616,637
26. Apr 19 Sell Invesco Ltd. Company 23. Apr 19 23. Apr 19 -707,000 €1.03 €-727,278
X
Management checks
We assess Asia Cement (China) 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. Asia Cement (China) 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.

News

Simply Wall St News

Company Info

Description

Asia Cement (China) Holdings Corporation, an investment holding company, manufactures and sells cement, concrete, and related products in the People’s Republic of China. The company offers Portland cement clinker, general purpose Portland cement, moderate and low heat Portland cement, slag powder, limestone powder, ash powder, ready-mix concrete, etc. It also provides transportation services. The company was incorporated in 2004 and is headquartered in Ruichang, the People’s Republic of China. Asia Cement (China) Holdings Corporation is a subsidiary of Asia Cement Corporation.

Details
Name: Asia Cement (China) Holdings Corporation
4OJ
Exchange: DB
Founded: 2004
HK$1,558,707,398
1,566,851,000
Website: http://www.achc.com.cn
Address: Asia Cement (China) Holdings Corporation
No.6, Yadong Road,
Ma-Tou Town,
Ruichang,
Jiangxi Province, 332207,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 743 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 20. May 2008
DB 4OJ Ordinary Shares Deutsche Boerse AG DE EUR 20. May 2008
SZSC 743 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 20. May 2008
Number of employees
Current staff
Staff numbers
3,900
Asia Cement (China) Holdings employees.
Industry
Construction Materials
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 22:37
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/03
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.