With its stock price surging over sixfold in one year, is SKSHU a powerhouse bull or a reckless bull?

In 2019, SKSHU reported revenue of RMB 5.972 billion, up 66.64% year-on-year; net profit stood at RMB 406 million, up 82.55% year-on-year. In comparison, Orient Yuhong reported revenue of RMB 18.154 billion in 2019, up 29.25% year-on-year; net profit reached RMB 2.066 billion, up 38.25% year-on-year. Although Orient Yuhong’s growth is solid, its revenue is nearly three times and its profit over five times that of SKSHU. As of the market close on July 20, SKSHU’s total market capitalization stood at RMB 30.61 billion—just 35.65% of Orient Yuhong’s RMB 85.87 billion. Based on 2019 performance and current share prices, Orient Yuhong’s P/E ratio is 14.8x, while SKSHU’s is 75.4x—a difference of more than fivefold! Since its ex-dividend date at the end of June 2019, SKSHU has embarked on its journey toward becoming a stellar stock. This year, its ascent could even be described as “frenzied.” On June 18 (the ex-dividend date for 2018, when the stock began rising from around RMB 26), it surged to a peak of RMB 61.24 in the second half of the year—a 2.36-fold increase. Around this time—including among SKSHU’s senior management—many believed the stock had reached its apex. A telling sign was the company’s announcement on December 3: Lin Dedian, Vice President in charge of marketing, citing “personal financial needs,” planned to sell up to 100,000 unrestricted tradable shares (0.05% of total shares outstanding, or 15.67% of his total holdings) via centralized bidding within six months starting 15 trading days after the announcement’s release. This announcement came less than two weeks after the stock peaked at RMB 61.24 on November 22. Had Lin Dedian successfully sold his shares by year-end 2019, he might well regret it today. Starting January 2, 2020, SKSHU’s share price rose steadily from around RMB 58, reaching a high of approximately RMB 129.55 on June 11—a 2.23-fold gain. Following its ex-dividend adjustment on June 29, the stock resumed its climb from RMB 87.12, hitting another high of RMB 120.88 on July 20 (closing at RMB 137.39)—a 39% rise. This means that, factoring in the ex-dividend adjustment, SKSHU appreciated nearly 96.16%—almost doubling—in just six months, reaching an adjusted price of RMB 170.90. Calculated from its 2019 ex-dividend date, the stock’s value has surged 6.57-fold in just over one year (excluding the RMB 0.66 per-share dividend). So, does the entire paint industry enjoy such explosive growth? Let’s examine Orient Yuhong (stock code: 002271), China’s largest paint manufacturer. From its ex-dividend date on June 12, 2019—when the stock traded at RMB 20.79 (with a cash dividend of RMB 3.00 per 10 shares, no bonus shares, and no capital reserve conversion)—it rose modestly to a yearly high of RMB 25.68, an increase of only 23.52%. By July 20, it climbed further to a high of RMB 56.30 (closing at RMB 54.70), more than doubling in 2020 alone. Cumulatively, Orient Yuhong appreciated 2.71-fold over slightly more than one year. Why, then, does SKSHU—the industry’s number two player—enjoy such strong investor favor compared to China’s top paint company?

Combined CEO salaries of BASF, Dow, and Linde total RMB 320 million.

In the Fortune Global 500 rankings, BASF ranks 172nd—outperforming Dow Chemical at 346th and Linde at 486th. 03. CEO Compensation Overview In terms of compensation levels: Dow’s Jim > Linde’s Sanjiv > BASF’s Markus. Jim’s salary is over five times Markus’s—making it immediately evident, upon comparison, whether Wall Street’s CEO pay packages are reasonable. 3 > 4: The combined annual salaries of the CEOs of these three chemical giants total approximately RMB 320 million—significantly exceeding the combined RMB 240 million paid to the CEOs of the four leading power automation firms: ABB, Siemens, Schneider Electric, and Honeywell. Thus, sometimes we must step outside our own silos to see what lies beyond—for instance, across different industries. 04. CEO Compensation Composition In base salary: Dow’s Jim > Linde’s Sanjiv > BASF’s Markus. In other components—including bonuses, options, and stock awards: Dow’s Jim > Linde’s Sanjiv > BASF’s Markus. 05. Net Profit Margin Among key profitability metrics—net profit margin—Linde leads, followed by Dow and then BASF. Linde’s net profit margin is 14 times that of Dow and 57 times that of BASF. Meanwhile, both BASF and Dow generate far higher revenues than Linde—but their profits amount to only a fraction of Linde’s.

Linde Officer Proposes Sale of 9,350 Shares Worth $4.85M

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Linde plc officer Guillermo Bichara proposed selling 9,350 shares worth $4.85 million via Fidelity Brokerage Services, reported through a Form 144 SEC filing.

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