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china hong
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i.guppy
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03-Nov-2006 17:13
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thanks sunview, you're right, it's done some see-sawing, am probably going to keep this in my portfolio for the long-term. |
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sunview
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03-Nov-2006 16:58
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UOB-KayHian lifts China Hongxing Sports price target to S$2.09 and keeps Buy call, following company posting 42.1% year-on-year rise in 3Q net profit to CNY34 million. The brokerage says 4Q "should be a quarter full of expectation since the 4th quarter usually experiences highest sales in a year." and that "the fundamentals of Hongxing remain strong." It raises FY06 net profit forecast to CNY196.7 million from CNY182.5 million. I think the problem is the stock has run up a lot, from $0.45 at the end of last year to $1.70 now. In between, it reached $1.97 in May and corrected 50% to $0.995 in June ! While the 3Q result is good, what is more important is the 4Q result. There are great expectation for the 4Q. If you look at the net profit so far this year (ie up till 3Q), it is 114m Rmb, while analysts' forecast for the year is around 185m Rmb. I guess share price will just be range bound until more confirmed news of 4Q results, unless there are some good news (such as new contracts). At the moment chart still looks good but watch out for any drop below $1.65.. |
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i.guppy
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03-Nov-2006 16:03
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china hong posted great results, cimbgk maintains outperform with target price $2.15 (from $1.96). net profit yoy up 42% to RMB34.4m on increased turnover of RMB300.6m (+55.3%), beating market expectations. gp margins increased by 4.7% to 38.6%. It just held its biannual trade fair in Xiamen with overwhelming response - sales orders expected to increase further. this is the nike of the east (or aims to be). seems like a good long-term play, but even after results announcement, share price is barely holding. would appreciate input on this. thanks. long-term vested. |
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