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Luzhou Bio-Chem
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jackjames
Elite |
16-Nov-2007 14:04
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yupe, definitely don't touch, cheap until u cannot believe like 0.19. |
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hawke009
Senior |
16-Nov-2007 12:57
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Oh with your latest posting, it seems not wise to invest in Luzhou at the moment. KIV first. |
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Pinnacle
Master |
15-Nov-2007 13:51
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DBS Vickers - Weak performance to ensue in 4Q07 Hold S$0.34 Downgrade Price Target : 12-Month S$ 0.37 (Prev S$ 0.55) Story: 3Q results were disappointing as the Group continues to operate in a challenging environment of increasing corn prices. Bottomline dipped 80% y-o-y to RMB6.7m on topline growth of 46.5% y-o-y due to weaker than expected margins. Point: 4Q 2007 remains weak being a testbed period for Luzhou to manage its costs and ASPs as corn prices rise to unprecedented levels of RMB1,450/mt in Sept 07.Management expects the Group to manage its ASPs to better benefit from its increased capacity expansion. Relevance: We have revised our net profit estimates downwards by 27% in FY07 and 46% in FY08. This is to reflect lower gross margin assumptions for FY07 and FY08 though mitigated by a 16% increase in production capacity. As such, we have revised our TP to S$0.37 based on 8XFY08 earnings. |
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