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Latest Forum Topics / China Hongxing  Post Reply
DBS Buy Recommendation (Kim Eng too)
hotstock
Veteran
13-Jan-2009 15:37     
 
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 Alert Admin 		7x 2009 PER is still expensive based on current sentiment. FV should be around 17c
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louis_leecs
Elite
09-Jan-2009 22:58     
 
louis_leecs About Contact  Quote this Post!   Mood: happy
Yells: "half cash"
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 Alert Admin 		DBS KEPT BUYING RATE,,,,,,////////?????????
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Hulumas
Supreme
09-Jan-2009 12:34     
 
Hulumas About Contact  Quote this Post! Style: Flexible   Mood: cool
Yells: "INVEST but not TRADE please!"
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 Alert Admin 		Could it be some personal interest involved? Trust the fact and most possible future development, rather than any body's analysis  I suppose, especially in Global Financial Tsunami uncertain global stocks revaluation and deleveraging various asset classes in process!!!

richtan      ( Date: 09-Jan-2009 12:24) Posted:

DBS Group Research . Equity

Attractive valuations versus growth

We believe CHHS’ earnings should grow at a CAGR of almost 20%

between FY08 and FY10, driven by the Group’s plans to continue

expanding its number of points-of-sales by 600 per annum over the next

2 years. Backed by net cash/share of S$0.17, we believe CHHS is

significantly undervalued and reiterate our Buy call with TP at S$0.32,

pegged to 7.0x PER09.

Investor interest remained keen at our ‘Pulse of Asia’ Conference.

China Hongxing had the opportunity to meet up with over 30 fund

managers and buy-side analysts, with a packed group presentation

meeting, to provide an update on their business.

Earnings growth intact

it should continue to see firm top line growth, driven by its aggressive

store expansion plan to open 600 POS per year in FY09 and FY10, which

will bring the number of stores from c. 3,850 by end FY08 to 5,050 by

end FY10. At the same time, the Group believes that with a fast-growing

segment of middle class consumers and affordability of its products

versus international brand names, that it can continue to capture more

market share. Hence, we maintain our projections that earnings of CHHS

can grow at a CAGR of almost 20% between FY08 and FY10, from 3.8

Scts to 5.4 Scts, driven mainly by its expanding store network.

. China Hongxing maintained its optimism that

RMB1.0b+ prepayment expected to be duly collected.

prepayment paid by CHHS on behalf of distributors to secure prime

locations for new stores would be completely collected by early 2010. So

far, there has been no delay or default of distributors’ repayment. The

management has no plan to carry out such scheme again in future.

The

Margins sustainable.

improve in the long term, driven by a better sales mix from the highermargin

apparel and accessories segments. Since A&P budget is pegged

to revenue and there’s not much debt, the operating margin and net

margins are also expected to improve over time.

The company’s overall gross margin should also

Attractive Valuation.

only 4.0x FY10 earnings, which is significantly under the peers’ average

about 7.3x FY09. Maintain Buy, with our target price at S$.032, pegged

at 7.0x PER09, backed by S$0.17 of net cash/share.

Valuations are undemanding at 4.7x FY09 and

richtan      ( Date: 09-Jan-2009 12:10) Posted:

(XFN-ASIA) - DBS said it kept its "buy" rating on Singapore-listed sportswear maker China Hongxing Sports as the company's earnings should grow on expansion plans.
    However, the brokerage slightly lowered its price target to 0.32 sgd from 0.33 sgd.
    "We believe China Hongxing's earnings should grow at a CAGR of almost 20 pct between fiscal year 2008 and fiscal year 2010, driven by the group's plans to continue expanding its points of sales by 600 per annum over the next two years," DBS said in a note to clients.
    DBS said the company, which is backed by net cash per share of 0.17 sgd, is significantly undervalued.
    China Hongxing's overall gross margins should also improve, driven by better sales mix from the higher-margin apparel and accessories segments, DBS said
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richtan
Supreme
09-Jan-2009 12:24     
 
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 Alert Admin

DBS Group Research . Equity

Attractive valuations versus growth

We believe CHHS’ earnings should grow at a CAGR of almost 20%

between FY08 and FY10, driven by the Group’s plans to continue

expanding its number of points-of-sales by 600 per annum over the next

2 years. Backed by net cash/share of S$0.17, we believe CHHS is

significantly undervalued and reiterate our Buy call with TP at S$0.32,

pegged to 7.0x PER09.

Investor interest remained keen at our ‘Pulse of Asia’ Conference.

China Hongxing had the opportunity to meet up with over 30 fund

managers and buy-side analysts, with a packed group presentation

meeting, to provide an update on their business.

Earnings growth intact

it should continue to see firm top line growth, driven by its aggressive

store expansion plan to open 600 POS per year in FY09 and FY10, which

will bring the number of stores from c. 3,850 by end FY08 to 5,050 by

end FY10. At the same time, the Group believes that with a fast-growing

segment of middle class consumers and affordability of its products

versus international brand names, that it can continue to capture more

market share. Hence, we maintain our projections that earnings of CHHS

can grow at a CAGR of almost 20% between FY08 and FY10, from 3.8

Scts to 5.4 Scts, driven mainly by its expanding store network.

. China Hongxing maintained its optimism that

RMB1.0b+ prepayment expected to be duly collected.

prepayment paid by CHHS on behalf of distributors to secure prime

locations for new stores would be completely collected by early 2010. So

far, there has been no delay or default of distributors’ repayment. The

management has no plan to carry out such scheme again in future.

The

Margins sustainable.

improve in the long term, driven by a better sales mix from the highermargin

apparel and accessories segments. Since A&P budget is pegged

to revenue and there’s not much debt, the operating margin and net

margins are also expected to improve over time.

The company’s overall gross margin should also

Attractive Valuation.

only 4.0x FY10 earnings, which is significantly under the peers’ average

about 7.3x FY09. Maintain Buy, with our target price at S$.032, pegged

at 7.0x PER09, backed by S$0.17 of net cash/share.

Valuations are undemanding at 4.7x FY09 and

richtan      ( Date: 09-Jan-2009 12:10) Posted:

(XFN-ASIA) - DBS said it kept its "buy" rating on Singapore-listed sportswear maker China Hongxing Sports as the company's earnings should grow on expansion plans.
    However, the brokerage slightly lowered its price target to 0.32 sgd from 0.33 sgd.
    "We believe China Hongxing's earnings should grow at a CAGR of almost 20 pct between fiscal year 2008 and fiscal year 2010, driven by the group's plans to continue expanding its points of sales by 600 per annum over the next two years," DBS said in a note to clients.
    DBS said the company, which is backed by net cash per share of 0.17 sgd, is significantly undervalued.
    China Hongxing's overall gross margins should also improve, driven by better sales mix from the higher-margin apparel and accessories segments, DBS said
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richtan
Supreme
09-Jan-2009 12:10     
 
richtan About Contact  Quote this Post!  
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 Alert Admin 		(XFN-ASIA) - DBS said it kept its "buy" rating on Singapore-listed sportswear maker China Hongxing Sports as the company's earnings should grow on expansion plans.
    However, the brokerage slightly lowered its price target to 0.32 sgd from 0.33 sgd.
    "We believe China Hongxing's earnings should grow at a CAGR of almost 20 pct between fiscal year 2008 and fiscal year 2010, driven by the group's plans to continue expanding its points of sales by 600 per annum over the next two years," DBS said in a note to clients.
    DBS said the company, which is backed by net cash per share of 0.17 sgd, is significantly undervalued.
    China Hongxing's overall gross margins should also improve, driven by better sales mix from the higher-margin apparel and accessories segments, DBS said
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