Equity Analyst

Steve Zhou, CFA

Over 13 years of professional experience covering mainly Asian consumer companies in sell-side and buy-side.

Xinyi Glass (868 HK):  Resilient FY23 Results; A Nice Dividend Play

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xinyi-glass-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11940:1" rel="noopener">Xinyi Glass Holdings (868 HK)</a>'s stable auto glass business is often overlooked, making up 39% of the company's gross profit in 1H23.</li>
<li>Given the current valuation of 7x 2023E PE and 1.3x 2023E PB, the risk reward is skewed to the upside, and downside is protected with the stable auto glass business. </li>
<li>The company's management has been aggressively increasing stake in the company in the last 2 months, gobbling up 11 million shares.</li>
</ul>



Xinyi Glass Holdings (868 HK)'s stable auto glass business is often overlooked, making up 39% of the company's gross profit in 1H23.
Given the current valuation of 7x 2023E PE and 1.3x 2023E PB, the risk reward is skewed to the upside, and downside is protected with the stable auto glass business. 
The company's management has been aggressively increasing stake in the company in the last 2 months, gobbling up 11 million shares.


Xinyi Glass (868 HK):  More Resilient Than Perceived