Latest Forum Topics / SinoGrandnes | Post Reply |
Sino Grandness - a growth stock with low PE
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focusy
Senior |
28-Aug-2013 10:50
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Telecon With SINO GRANDNESS http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/7302-telecon-with-sino-grandness-better-2h-for-uni-asia- |
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ozone2002
Supreme |
28-Aug-2013 10:35
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investor confidence coming back with more brokerages issuing buy reports.. Sino Grandness Food (SFGI SP) BUY UOBKHShare Price S$1.05Target Price S$1.84Upside +75.2%Company Description Sino Grandness Food Industry Group Ltd. processes food. The Company cans fruits and vegetables including asparagus, long beans, mushrooms, bamboo shoots, sweet corn, chillies, lychees, pineapples, and peaches. GICS sector Consumer Staples Bloomberg ticker: SFGI SP Shares issued (m): 293.7 Market cap (S$m): 308.4 Market cap (US$m): 240.2 3-mth avg t?over (US$m): 1.6 Fundamentals remain intact- reiterate BUY Valuations listing of Garden Fresh will go through in 2014, and a holding company discount of 20% on its stake in Garden Fresh (GF) and a 5.0x 2014F PE valuation on its remaining businesses. Maintain BUY and target price of S$1.84. Our target price assumes theWhat?s New days after a sell report was issued on one of SGF?s competitors. The sell-down was also broad-based in the S-chip realm with the FTSE ST China falling 2.2% over the same period. Sino Grandness?s (SGF) share price has fallen 24.5% in the last two fundamentals of the company. The company remains positive on its earnings outlook and has widened its distribution network recently by signing up with leading convenience store Hongqi and Meiyijia to sell its beverages and own-brand canned fruit products respectively. We have checked with management and see no change in the Stock Exchange for the proposed spin-off and listing of GF and looks on track to carry out this exercise by 2014. The next milestone for this exercise is to appoint investment bankers, which we expect it to be done this year. The company has also received a no-objection letter from the SingaporeOur View the near term following the general weakness in the stock market and contagion effect from a sell report on one of its competitors, we do see value emerging with the company, which is currently trading at 3.8x 2013F PE. Although we expect further downside pressure on SGF?s share price in production capacity and improving the gross margin for its beverage segment so as to achieve higher valuation during the spin-off and listing process for GF. Unlike peers, SGF?s beverage products have been largely visible in major supermarkets and convenience stores in several tier-1 cities in China. Yupeng, who owns a 40.1% stake, has not sold a single SGF share since its IPO. In fact, he accumulated 50,000 shares in yesterday?s sell-down. SGF is diligently building up its distribution network, increasingWe also note that SGF?s Chairman Mr Huang conducted on SGF and GF in the last two years when the company issued two tranches convertible bonds. We also understand there had been several due diligence exercisesPrice Chart Source: Bloomberg Analyst Brandon Ng, CFA +65 6590 6615 brandonng@uobkayhian.com Key Financials Year to 31 Dec (Rmbm) 2011 2012 2013F 2014F 2015F Net turnover 1,019.7 1,640.3 2,334.1 2,934.5 3,680.2 EBITDA 231.9 428.9 582.7 732.8 1,348.9 Operating profit 215.0 399.6 528.8 677.7 872.3 Net profit (rep./act.) 151.5 289.1 382.7 490.6 631.6 Net profit (adj.) 151.5 289.1 382.7 490.6 631.6 EPS (fen) 57.1 109.0 130.5 167.2 215.2 PE (x) 9.3 4.8 4.0 3.1 2.4 P/B (x) 2.5 1.6 1.3 0.9 0.7 Dividend yield (%) 0.0 0.0 0.0 0.0 0.0 Net margin (%) 14.9 17.6 16.4 16.7 17.2 Net debt/(cash) to equity (%) 48.7 55.5 40.9 32.5 17.6 Interest cover (x) 36.6 24.9 13.9 17.3 28.7 ROE (%) 27.1 34.3 31.2 28.6 26.9 Consensus net profit 395.0 495.0 601.5 UOBKH/Consensus (x) 0.97 0.99 1.05 Source: Bloomberg, UOB Kay Hian |
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ozone2002
Supreme |
28-Aug-2013 10:14
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Last:1.14     Vol:4369k     +0.09 see the difference when management comes out to pacify investors..
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Tempest
Senior |
28-Aug-2013 10:06
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This counter let us earn many times kopi money! Up and down! wohoo Huat ah! | ||
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wait4opp
Veteran |
28-Aug-2013 09:57
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Heard super group also involve in CMZ.....that is why price drop today sharply | ||
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ynnek1267
Master |
28-Aug-2013 09:39
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Investors will open their eye big on every quarter result. Once the receivable is increase, profit withot cash generation, Sinograndness, Yamada and Minzhong share price will be punished. Highly likely, the revenue and profit will drop start in next few quarters |
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ozone2002
Supreme |
28-Aug-2013 09:32
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Last:1.055     Vol:1781k     +0.005 At least Sino grandness management is doing something right to stem the slide. Came out to address the concerns about the company. If others (S chips)  do not do the same, then they will be the target of shortist..  |
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ynnek1267
Master |
28-Aug-2013 09:16
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Avoid all hopeless china agriculture food processing counters. All are having high profit margin, all got same problem as Minzhong. The only thing  why Yamada and Sinograndness  is not targetted is because Minzhong has high float in market and easily to be shorted. Yamada and Sinograndness will lose market confidence forever and will never go up anymore. Hopeless industry. Quickly abandon and keep money to wait for next round rally and enter the honest company.
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ozone2002
Supreme |
28-Aug-2013 09:15
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Sino Grandness (Maybank) Ready, Willing and Able A reassuring conference call yesterday. shortseller?s attack on China Minzhong, Sino Grandness? management has been very responsive and open in dealing with investors? concerns and readily agreed to hold a conference call with our clients yesterday despite the extremely short notice given to them. In all, the concall was organised within 90 minutes and 20 clients participated. We think the information shared by management was helpful and informative, and should go a long way to calming investor concerns. We maintain our BUY call and target price of SGD1.89 on Sino Grandness. In the light of the recentSino Grandness does not use distributors extensively. visibility of its products is a lot higher with Sino Grandness and customer demand cannot be manipulated as it sells its products directly to the end-customer. Although both are involved in the vegetable export business, China Minzhong uses many local distributors to deal with the end-customers either overseas and domestic, while Sino Grandness sells directly to customers such as Cole Supermarkets in Australia or Tesco in the UK. With customers where it has to use distributors, such as with the chain of 7-11 convenience stores in China, the distributors function more as logistics and fulfilment agents as there are just too many stores for Sino Grandness to make sure each store is fully stocked. However, the orders still come directly from the end-customer and not from the distributor. ChannelSolid progress has been made with Garden Fresh IPO in Hong Kong. Hong Kong and things are definitely on track for a favourable conclusion. SGX?s approval for Sino Grandness to execute on the planned spinoff was the main hurdle and that was received on 1 July. The next few stages will be more within the company?s control. Three big international investment banks have already been shortlisted and the final selection will be made soon. Sino Grandness is currently working on the Garden Fresh IPO inSino Grandness ? Summary Earnings Table FYE Dec (CNY m) 2011A 2012A 2013F 2014F 2015F Revenue 1019.7 1640.3 2427.7 2997.2 3522.1 EBITDA 231.9 427.8 564.7 692.0 796.8 Recurring Net Profit 151.5 289.1 392.2 483.5 556.2 Recurring Diluted EPS (CNY) 0.5 1.0 1.3 1.6 1.9 EPS growth (%) 29.2 90.9 35.7 23.3 15.0 DPS (CNY) 0.04 0.00 0.09 0.12 0.13 PER 10.5 5.2 4.0 3.3 2.8 EV/EBITDA (x) 6.7 3.9 2.9 2.0 1.6 Div Yield (%) 0.8 0.0 1.7 2.3 2.5 P/BV(x) 2.7 1.8 1.2 0.7 0.6 Net Debt/(Cash) 76.7 238.0 209.6 -181.1 -335.4 ROE (%) 31.2 41.3 36.4 28.4 23.7 ROA (%) 21.4 26.7 24.3 22.4 20.7 Consensus Net Profit (CNY m) 392.3 482.7 601.5 |
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ozone2002
Supreme |
28-Aug-2013 09:05
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Analysts steering clear of S-chips, China Minzhong SHORT S chips time! everyone avoiding like plague.. |
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wxp8838
Senior |
28-Aug-2013 08:53
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Singapore Daily Sino Grandness: Ready, Willing And Able Buy, $1.05 - TP $1.89 SFGI SP | Mkt Cap USD240.2m | ADTV USD1.4m Ã?   Reiterate BUY and SGD1.89 TP. In light of the recent short sellerâ??s attack on China Minzhong, Sino Grandnessâ?? management has been very responsive and open in dealing with investorsâ?? concerns and readily agreed to hold a conference call with our clients yesterday despite the extremely short notice given to them. Ã?   In all, the conference call was organised within 90 minutes and 20 clients participated. We think the information shared by management was helpful and informative, and should go a long way to calming investor concerns. Ã?   In our view, the share price drop in the past two days was purely due to fallout from the Minzhong short selling incident. Fundamentals are still firm and the biggest catalyst, the Garden Fresh IPO, still lies ahead. We believe Sino looks more attractive today compared to last week. |
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FearValueGreed
Master |
28-Aug-2013 08:01
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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Song.
But if dun buy when everyone sell. How to make money. Just dum throw yr coffin Money in |
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hyruga
Member |
27-Aug-2013 23:25
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Depends on how much you believe in the account. Is it real or fake? If they can make it 24 cents eps this time round, they might make it 36 cents eps next time round so pe becomes 2x. Song bo. | ||
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FearValueGreed
Master |
27-Aug-2013 23:02
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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Based o latest half year result.
Nav 75 cents. Eps 24 cents for full year. Hence if I buy at 75, pe 3 Times. Knn si bay cheap. Will queue to buy 75 cents. Looks promising. Will launch my 1st battalion for ambush mission. Risk reward clearly favourable as price goes lower. 1:3 ! At 75 cents. N that was CnY price. Will q at this ridiculous price as some desparados will dump Tmr during madness lei long. Means 30% drop from today price n 50% drop from recent high with no obvious reasons except s chip labelling. |
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edwinjup
Master |
27-Aug-2013 22:04
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If any things happen to sino...the ipo plan will be spoil...that one is the golden hen...so big boss wont let anythings.happen...so for retail investors
.avoid both |
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guoyanyunyan
Elite |
27-Aug-2013 21:35
Yells: "uncertainty always exist" |
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CHAIRMAN AND CEO 
HUANG YUPENG bought 50,000 share at $54,750  ie $1.095/share...
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Peter_Pan
Supreme |
27-Aug-2013 21:25
Yells: "did you order dunkin' donuts" |
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I think so too
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FearValueGreed
Master |
27-Aug-2013 21:23
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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Tmr price shd continue to drop as force selling will take pl since 40% drop . Margin call activated. Contra force selling will be activated on fri.
They announce full compliance still drop. I saw ceo made some move. Can't open file. |
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FearValueGreed
Master |
27-Aug-2013 20:52
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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Seems that sinogran is a good catch as they are not target by mr G.
If they fall to 80 cents which is possible if drag by cmz when halt is lifted, then indeed a gem. Just dun throw yr coffin money on this one. I really believe they inflat a bit on their garden fresh revenue towards ipo build up. This is quite common during ipo prep. |
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merlin_magic
Senior |
27-Aug-2013 15:17
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Done. Bought at 1.06 and sold at 1.075 for lunch money.... | ||
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