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China Angel Food
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bsiong
Supreme |
05-Jan-2011 11:20
Yells: "The Greatest Wealth is Health" |
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China Angel Food Ltd (the “Company”) announced that the SGX-ST has in its letter dated 4 January 2011 advised that it has no objection to the Delisting Proposal, subject to approval of the Shareholders. |
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bsiong
Supreme |
17-Nov-2010 00:51
Yells: "The Greatest Wealth is Health" |
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China Angel Food Limited and together with its subsidiaries, and Fine Ally Group Limited (the “Offeror”) jointly announced that the directors of the Company have received a formal proposal from the Offeror to seek a voluntary delisting of the Company from the Official List of the Singapore Exchange Securities Trading Limited. The consideration for the Exit Offer will be S$0.17 in cash for each Exit Offer Share. |
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uming16
Member |
20-Jun-2008 00:44
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this company is featured in the june issue of smartinvestor. maybe it will soar as the mooncake festival approaches |
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Pinnacle
Master |
25-Nov-2007 20:05
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KIM ENG - Hungry for growth Fast growing confectionery and mooncake producer CAF produces mooncakes, pastries and snacks (and other premium food products such as dried abalone) which contributed 60%, 17%, and 23% respectively to FY06 revenue. The company has grown exponentially with FY04-06 revenue and net profit CAGR of 80% and 161% respectively. Its IPO in Jul 07 raised net proceeds of RMB130.5m, which will be used for capacity ramp-up, developing new markets, possible M&As and working capital purposes. `Angel? brand a household name in Guangdong The company?s flagship brand `Angel? has been consistently ranked amongst the top mooncake brands in Guangdong province and China, winning accolades such as `China?s Mid-Autumn Festival Top Mooncake Brand?. Riding on its consumer popularity, CAF has enjoyed delicious gross margins of >50% on its mooncakes, which are marketed under 3 in-house brands: Angel, QiWang and WangFuLai that target different market segments. Peak season for mooncake sales traditionally occurs in the 3Q and the company has already surpassed FY06 sales by 63% with sales of RMB 103.3m in 3Q07. Additional growth drivers from mass catering, pastries & snacks In anticipation of growing consumer demand for its products, the company is gearing up its mooncake and pastry manufacturing capacity by 300% and 125% to 8,200t and 3,786t respectively. To reduce dependence on outsourcing in snacks production and to enhance margins, CAF is starting a 3,000t production line for `Angel Cookies?. With >200 varieties of bread, buns and cakes sold in 29 Angel cakeshops in Shenzhen, its pastries segment is set to grow exponentially given plans to increase its cakeshops to 50 by Aug 08. Potential acquisition plans to fast forward growth With 35% the IPO proceeds earmarked for acquisitions, CAF has made known its intention to acquire other bakeries in China as part of its 5-year plan to expand outside Guangzhou province. It is already in talks with five to six companies and, if successful, the new acquisitions will fast track its expansion of production and retail facilities for increased profitability. BUY recommendation with TP of S$0.60 We believe CAF is well poised to benefit from the fast growing Chinese consumer market buoyed by rising affluence. Based on capacity expansion, price and demand trends, we are projecting FY08 and FY09 net profit growth of 51% and 26%, which translate to undemanding forward PEs of 10.4x and 8.3x respectively. The company also has healthy cashflow and boasts a net cash position with enviable ROE of >37% and ROA of >18%. Given CAF?s strong brand management strategy and near term M&A catalysts, we are ascribing a 12.5x FY08 PE for the stock vs peer median of 13.2x, giving a fair value target of S$0.60. BUY. |
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