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Hong Fok

BST:H8V
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
H8V
BST
SGD700M
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Hong Fok Corporation Limited, an investment holding company, primarily engages in the investment, construction, development, and management of properties in Singapore and Hong Kong. The last earnings update was 3 days ago. More info.


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H8V Share Price and Events
7 Day Returns
-1%
BST:H8V
0.9%
DE Real Estate
0%
DE Market
1 Year Returns
30.4%
BST:H8V
-1.1%
DE Real Estate
9.9%
DE Market
H8V Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hong Fok (H8V) -1% 2% -3.3% 30.4% 34.2% 8.3%
DE Real Estate 0.9% -1.1% 4.1% -1.1% 39.2% 87.2%
DE Market 0% 4.4% 13.6% 9.9% 14.6% 18.2%
1 Year Return vs Industry and Market
  • H8V outperformed the Real Estate industry which returned -1.1% over the past year.
  • H8V outperformed the Market in Germany which returned 9.9% over the past year.
Price Volatility
H8V
Industry
5yr Volatility vs Market

H8V Value

 Is Hong Fok 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 Hong Fok 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 Hong Fok.

BST:H8V 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 10.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 BST:H8V
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.051 (1 + (1- 17%) (113.06%))
1.695
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.69
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.695 * 5.96%)
10.33%

Discounted Cash Flow Calculation for BST:H8V using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Hong Fok 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.

BST:H8V DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 10.33%)
2020 76.47 Est @ 7.54% 69.31
2021 80.55 Est @ 5.35% 66.18
2022 83.62 Est @ 3.81% 62.27
2023 85.91 Est @ 2.74% 57.98
2024 87.62 Est @ 1.98% 53.60
2025 88.89 Est @ 1.46% 49.29
2026 89.86 Est @ 1.09% 45.16
2027 90.61 Est @ 0.83% 41.27
2028 91.20 Est @ 0.65% 37.65
2029 91.67 Est @ 0.52% 34.30
Present value of next 10 years cash flows SGD517.00
BST:H8V DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= SGD91.67 × (1 + 0.23%) ÷ (10.33% – 0.23%)
SGD909.64
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD909.64 ÷ (1 + 10.33%)10
SGD340.39
BST:H8V Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD517.00 + SGD340.39
SGD857.39
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD857.39 / 859.12
SGD1
BST:H8V Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BST:H8V represents 0.62577x of SGX:H30
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.62577x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (SGD) x Listing Adjustment Factor
= SGD 1.00 x 0.62577
€0.62
Value per share (EUR) From above. €0.62
Current discount Discount to share price of €0.51
= -1 x (€0.51 - €0.62) / €0.62
18.3%

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

Current Discount
Amount off the current price Hong Fok is available for.
Intrinsic value
18%
Share price is €0.51 vs Future cash flow value of €0.62451
Current Discount Checks
For Hong Fok to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Hong Fok's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Hong Fok's share price is below the future cash flow value, but not 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 Hong Fok's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hong Fok's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:H8V PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in SGD SGD0.27
SGX:H30 Share Price ** SGX (2019-11-15) in SGD SGD0.82
Germany Real Estate Industry PE Ratio Median Figure of 35 Publicly-Listed Real Estate Companies 12.72x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 19.5x

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

** Primary Listing of Hong Fok.

BST:H8V PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:H30 Share Price ÷ EPS (both in SGD)

= 0.82 ÷ 0.27

3.02x

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

  • Hong Fok is good value based on earnings compared to the DE Real Estate industry average.
  • Hong Fok is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Hong Fok's expected growth come at a high price?
Raw Data
BST:H8V PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
15.5%per year
Germany Real Estate Industry PEG Ratio Median Figure of 19 Publicly-Listed Real Estate Companies 0.62x
Germany Market PEG Ratio Median Figure of 253 Publicly-Listed Companies 1.38x

*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 Hong Fok, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Hong Fok's assets?
Raw Data
BST:H8V PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in SGD SGD2.21
SGX:H30 Share Price * SGX (2019-11-15) in SGD SGD0.82
Germany Real Estate Industry PB Ratio Median Figure of 43 Publicly-Listed Real Estate Companies 1.4x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.86x
BST:H8V PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:H30 Share Price ÷ Book Value per Share (both in SGD)

= 0.82 ÷ 2.21

0.37x

* Primary Listing of Hong Fok.

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

  • Hong Fok is good value based on assets compared to the DE Real Estate industry average.
X
Value checks
We assess Hong Fok'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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Hong Fok has a total score of 3/6, 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.

H8V Future Performance

 How is Hong Fok expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Hong Fok, future earnings growth has been estimated based on fundamentals.
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
15.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hong Fok expected to grow at an attractive rate?
  • Hong Fok's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Hong Fok's earnings growth is expected to exceed the Germany market average.
  • Unable to compare Hong Fok's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BST:H8V Future Growth Rates Data Sources
Data Point Source Value (per year)
BST:H8V Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 15.5%
Germany Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -8%
Germany Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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
BST:H8V Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:H8V Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
BST:H8V Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-09-30 122 71 186
2019-06-30 130 82 191
2019-03-31 141 87 193
2018-12-31 131 81 189
2018-09-30 118 63 198
2018-06-30 90 31 183
2018-03-31 74 18 181
2017-12-31 70 10 178
2017-09-30 66 8 71
2017-06-30 59 14 74
2017-03-31 59 14 71
2016-12-31 59 19 73

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hong Fok's earnings are expected to grow by 15.5% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Hong Fok 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
BST:H8V Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Hong Fok Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:H8V Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
BST:H8V Past Financials Data
Date (Data in SGD Millions) EPS *
2019-09-30 0.27
2019-06-30 0.28
2019-03-31 0.28
2018-12-31 0.27
2018-09-30 0.29
2018-06-30 0.26
2018-03-31 0.26
2017-12-31 0.26
2017-09-30 0.10
2017-06-30 0.11
2017-03-31 0.10
2016-12-31 0.11

*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 Hong Fok will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Hong Fok'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.
Hong Fok has a total score of 2/6, 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.

H8V Past Performance

  How has Hong Fok 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 Hong Fok's growth in the last year to its industry (Real Estate).
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.
  • Hong Fok's year on year earnings growth rate has been positive over the past 5 years.
  • Hong Fok's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Hong Fok's 1-year earnings growth is negative, it can't be compared to the DE Real Estate industry average.
Earnings and Revenue History
Hong Fok'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 Hong Fok Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:H8V Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 122.36 185.53 32.66
2019-06-30 129.76 191.16 27.80
2019-03-31 140.58 192.90 28.15
2018-12-31 131.13 188.92 28.26
2018-09-30 118.36 198.30 38.05
2018-06-30 89.85 183.04 37.97
2018-03-31 73.64 181.15 32.91
2017-12-31 70.05 178.07 27.82
2017-09-30 65.62 71.12 26.68
2017-06-30 59.37 74.09 26.76
2017-03-31 58.71 71.34 26.66
2016-12-31 58.56 72.99 26.70
2016-09-30 57.24 108.35 36.61
2016-06-30 57.68 165.75 36.67
2016-03-31 58.99 166.20 36.78
2015-12-31 60.62 167.00 36.77
2015-09-30 60.83 89.89 23.88
2015-06-30 61.18 32.93 23.85
2015-03-31 59.97 41.97 23.73
2014-12-31 98.05 48.09 23.74
2014-09-30 125.70 284.39 0.04
2014-06-30 171.44 293.74 0.03
2014-03-31 230.27 297.37 0.03
2013-12-31 235.89 300.53 0.03
2013-09-30 242.74 94.61 -0.06
2013-06-30 232.74 92.77 -0.05
2013-03-31 190.07 83.93 -0.02
2012-12-31 156.04 77.48

*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.
  • Hong Fok has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hong Fok used its assets more efficiently than the DE Real Estate industry average last year based on Return on Assets.
  • Hong Fok has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Hong Fok'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 Real Estate 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.
Hong Fok 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.

H8V Health

 How is Hong Fok'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 Hong Fok's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hong Fok is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hong Fok's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Hong Fok'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 not covered by short term assets, assets are 0.3x 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 Hong Fok Company Filings, last reported 1 month ago.

BST:H8V Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 2,523.17 790.03 46.83
2019-06-30 2,510.04 813.70 51.07
2019-03-31 2,522.84 787.82 44.84
2018-12-31 2,528.47 776.62 68.20
2018-09-30 2,268.45 796.81 46.71
2018-06-30 2,253.79 823.02 49.08
2018-03-31 2,240.14 817.61 59.96
2017-12-31 2,249.77 798.74 51.08
2017-09-30 2,031.67 797.27 56.46
2017-06-30 2,043.35 789.25 63.65
2017-03-31 2,052.54 763.30 69.03
2016-12-31 2,072.37 734.71 77.72
2016-09-30 1,957.05 728.81 90.90
2016-06-30 1,953.69 781.98 159.05
2016-03-31 1,962.81 767.21 163.46
2015-12-31 1,984.69 743.98 164.32
2015-09-30 1,869.34 745.20 171.60
2015-06-30 1,791.95 745.32 81.78
2015-03-31 1,813.85 746.73 106.66
2014-12-31 1,797.83 739.42 93.70
2014-09-30 1,752.32 737.82 62.24
2014-06-30 1,745.68 775.81 113.26
2014-03-31 1,732.41 853.85 178.69
2013-12-31 1,726.96 796.72 38.39
2013-09-30 1,246.72 690.38 42.89
2013-06-30 1,229.75 690.13 76.23
2013-03-31 1,217.19 703.99 117.90
2012-12-31 1,204.76 592.93 72.96
  • Hong Fok's level of debt (31.3%) 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 (42.1% vs 31.3% today).
  • Debt is not well covered by operating cash flow (9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.6x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Hong Fok'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. Hong Fok has a total score of 3/6, 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.

H8V Dividends

 What is Hong Fok'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
1.23%
Current annual income from Hong Fok dividends.
If you bought €2,000 of Hong Fok shares you are expected to receive €25 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?
  • Hong Fok's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.33%).
  • Hong Fok's dividend is below the markets top 25% of dividend payers in Germany (3.66%).
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
BST:H8V 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 Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 2.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 333 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

BST:H8V Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
BST:H8V Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-04-15 0.010 1.195
2018-04-12 0.010 1.392
2017-04-13 0.010 1.228
2017-02-28 0.010 1.285
2016-04-13 0.009 1.349
2015-04-13 0.009 1.318
2014-04-22 0.014 1.640
2014-02-28 0.014 2.024
2013-04-12 0.006 0.870

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

  • Hong Fok has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Hong Fok only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Hong Fok's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (27x 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 Hong Fok's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - 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 Hong Fok afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hong Fok has a total score of 1/6, see the detailed checks below.


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

H8V Management

 What is the CEO of Hong Fok'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
Patrick Cheong
AGE 70
TENURE AS CEO 5.8 years
CEO Bio

Mr. Pin Chuan Cheong, also known as Patrick, served as Joint Chairman and Joint Managing Director of Winfoong International Ltd. from June 23, 2014 to November 27, 2015. Mr. Cheong has been Joint Chairman and Joint Chief Executive Officer of Hong Fok Corporation Ltd. since January 31, 2014. He served as the Chairman and Managing Director of Winfoong International Ltd. until June 23, 2014. He served as Managing Director of Hong Fok Corporation Ltd from September 4, 1981 to January 31, 2014. He joined Winfoong International Ltd., in 1991. Mr. Cheong has over 30 years’ experience in property development. He serves as the Chairman at Hong Fok Land International Limited. He has been an Executive Director of Hong Fok Corporation Ltd., since July 26, 1971. He served as an Executive Director of Winfoong International Ltd. from 1996 to November 27, 2015. He is a Graduate of the Footscray Institute of Technology in Australia and Member of the Australian Society of Certified Practising Accountants and the Hong Kong Society of Accountants.

CEO Compensation
  • Insufficient data for Patrick to compare compensation growth.
  • Insufficient data for Patrick to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Hong Fok management team in years:

5.8
Average Tenure
65
Average Age
  • The average tenure for the Hong Fok management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Patrick Cheong

TITLE
Joint Chairman & Joint CEO
AGE
70
TENURE
5.8 yrs

Sim Eng Cheong

TITLE
Joint CEO & Director
AGE
58
TENURE
5.8 yrs

Chay Koh

TITLE
VP of Accounts & Finance and Company Secretary

Hooi Kheng Cheong

TITLE
COO & Executive Director
AGE
66
TENURE
5.8 yrs

Puay Kheng Cheong

TITLE
Vice President of Administration & Personnel
AGE
64
TENURE
5.4 yrs

Jimmy Yeo

TITLE
Vice President of Marketing

Swee Oi Lo

TITLE
Company Secretary
TENURE
4.9 yrs
Board of Directors Tenure

Average tenure and age of the Hong Fok board of directors in years:

5.6
Average Tenure
64.5
Average Age
  • The tenure for the Hong Fok board of directors is about average.
Board of Directors

Patrick Cheong

TITLE
Joint Chairman & Joint CEO
AGE
70
TENURE
5.8 yrs

Adrian Chan

TITLE
Non-Executive Independent Chairman
COMPENSATION
SGD85K
AGE
54
TENURE
0.7 yrs

Sim Eng Cheong

TITLE
Joint CEO & Director
AGE
58
TENURE
29.5 yrs

Hooi Kheng Cheong

TITLE
COO & Executive Director
AGE
66
TENURE
30.7 yrs

Yew Hon Chow

TITLE
Lead Independent Director
COMPENSATION
SGD95K
AGE
68
TENURE
5.2 yrs

Steven Lim

TITLE
Non-Executive Director
COMPENSATION
SGD88K
AGE
63
TENURE
5.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Hong Fok individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
23. Sep 19 Buy Sim Eng Cheong Individual 19. Sep 19 19. Sep 19 63,000 €0.54 €34,114
03. Sep 19 Buy Sim Eng Cheong Individual 02. Sep 19 02. Sep 19 60,000 €0.55 €33,261
23. Jul 19 Buy Sim Eng Cheong Individual 22. Jul 19 22. Jul 19 104,000 €0.57 €58,942
22. Jul 19 Buy Sim Eng Cheong Individual 19. Jul 19 19. Jul 19 199,000 €0.57 €112,450
20. Jun 19 Buy Sim Eng Cheong Individual 19. Jun 19 19. Jun 19 65,000 €0.54 €35,003
06. Jun 19 Buy Sim Eng Cheong Individual 04. Jun 19 04. Jun 19 50,000 €0.51 €25,670
23. May 19 Buy Sim Eng Cheong Individual 22. May 19 22. May 19 70,000 €0.52 €36,173
29. Mar 19 Buy Goodyear Realty Co. Pte. Ltd. Company 28. Mar 19 28. Mar 19 500,000 €0.61 €303,677
20. Mar 19 Buy Sim Eng Cheong Individual 19. Mar 19 19. Mar 19 350,000 €0.58 €204,287
08. Mar 19 Buy Sim Eng Cheong Individual 07. Mar 19 07. Mar 19 170,000 €0.50 €85,576
06. Mar 19 Buy Sim Eng Cheong Individual 05. Mar 19 05. Mar 19 291,000 €0.47 €136,690
05. Mar 19 Buy Sim Eng Cheong Individual 04. Mar 19 04. Mar 19 245,000 €0.47 €114,689
14. Dec 18 Buy Goodyear Realty Co. Pte. Ltd. Company 12. Dec 18 12. Dec 18 2,170,000 €0.48 €1,044,080
06. Dec 18 Buy Pin Chuan Cheong Individual 06. Dec 18 06. Dec 18 5,000,000 €0.48 €2,406,008
03. Dec 18 Buy Hooi Kheng Cheong Individual 03. Dec 18 03. Dec 18 651,100 €0.48 €314,717
03. Dec 18 Buy Sim Eng Cheong Individual 03. Dec 18 03. Dec 18 5,000,000 €0.48 €2,416,813
X
Management checks
We assess Hong Fok'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. Hong Fok 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.

H8V News

Simply Wall St News

H8V Company Info

Description

Hong Fok Corporation Limited, an investment holding company, primarily engages in the investment, construction, development, and management of properties in Singapore and Hong Kong. The company develops residential and other properties; invests in office, shop, restaurant, retail, residential, and commercial properties; and provides property maintenance services. It also offers investment trading and investment management services. The company was incorporated in 1967 and is based in Singapore.

Details
Name: Hong Fok Corporation Limited
H8V
Exchange: BST
Founded: 1967
SGD465,925,028
859,115,940
Website: http://www.hongfok.com.sg
Address: Hong Fok Corporation Limited
The Concourse,
No. 41-00, 300 Beach Road,
Singapore,
199555,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX H30 Ordinary Shares Singapore Exchange SG SGD 02. Jan 1992
BST H8V Ordinary Shares Boerse-Stuttgart DE EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
0
Hong Fok employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/17 21:52
End of day share price update: 2019/11/15 00:00
Last estimates confirmation: 2018/03/01
Last earnings filing: 2019/11/14
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


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.