| Latest Forum Topics / Sino Techfibre |
 Post Reply
|
|
Synthetic leather specialist
|
|
|
maxliukt
Member |
05-Jul-2007 09:54
|
|
x 0
x 0 Alert Admin |
From UOB KayHian: Sino Techfibre (BUY S$1.46/TP S$2.12) Direct Beneficiary from the Biggest New Uniform Change for Chinese Servicemen China?s armed forces will dress up all servicemen in new uniforms within three years and the PLA garrison troops in the Hong Kong Special Administrative Region put on new uniforms on July 1, the 10th anniversary of Hong Kong's return to China. Although there have been 12 times uniform change on the PLA?s history, this time is regarded as the biggest one according to the scale as it includes all sets of uniforms (4 sets with parts types in all). This is also a gift to the 80th anniversary of the foundation of the PLA. The total money spent will be over Rmb6b over the next three years. All the orders will be picked up by civilian companies. Sino Techfibre has been the solo producer for the (inner and outer) belt worth over Rmb100m for the new uniforms and it has already begun to supply to PLA at the beginning of 07. Gross margin for the belt is above 60%. Due to the large orders from PLA, its percentage sales to PLA are expected to rise to 15% in 2007, up 4% from 2006 level. Sino Techfibre is also the supplier for cap, glove, suede cloth and shoe to PLA, and it will make the criteria for servicemen?s cap which will help it to grasp most of the cap orders in the future. Total servicemen in China is around 3.5m at the end of 2006 (exclude the arm reserve force) and overall new uniform will be around 14m sets (4 sets per person). We think this will benefit those suppliers in the long run as even after three years the PLA still need pile up inventory of new uniforms for the new recruits. We are very positive on Sino Techfibre. Apart from the inspiring PLA orders, its soon-delivery Pattern Moulding Paper (PMP) this Nov will bring the stock to a new high. We maintain BUY with target price at S$2.12. Best regards Frank Rong Research Analyst UOB Kay Hian Investment Consulting Co., Ltd. 601, K.Wah Centre, 1010 Huai Hai Zhong Road, Shanghai 200031, China Tel: (86)-21-54047225-812 Fax: (86)-21-54047366 Email: frankrong@uobkayhian.com |
| Useful To Me Not Useful To Me | |
|
spurs88
Senior |
04-Jul-2007 10:00
|
|
x 0
x 0 Alert Admin |
Playing catch-up with China Sky and C&G finally! It is even more undervalued according to analyst. |
| Useful To Me Not Useful To Me | |
|
|
|
|
spurs88
Senior |
03-May-2007 20:36
|
|
x 0
x 0 Alert Admin |
UOB Asset Management buying aggressively in the market according to SGX announcement. Catch it before it starts to CHEONG again!!!!!!! |
| Useful To Me Not Useful To Me | |
|
spurs88
Senior |
30-Apr-2007 11:55
|
|
x 0
x 0 Alert Admin |
Flying now!!!!! Good news COMING!!!!!!! Playing catch up with CG and China Sky now! Worth at least $1.80. With army contract should worth at least $2.5!!!!!!! Catch it before it starts to fly further!! |
| Useful To Me Not Useful To Me | |
|
spurs88
Senior |
26-Apr-2007 21:29
|
|
x 0
x 0 Alert Admin |
Good news with new contract from China army coming...............CHEONG AH!!!!!! Tomorrow targets $1.8!!!!!!!!!!! |
| Useful To Me Not Useful To Me | |
|
|
|
|
spurs88
Senior |
12-Apr-2007 19:43
|
|
x 0
x 0 Alert Admin |
CIMB targets $2.13!!!!!!!!! |
| Useful To Me Not Useful To Me | |
|
spurs88
Senior |
27-Mar-2007 09:20
|
|
x 0
x 0 Alert Admin |
UOBKayhian has price target of $2.12!!! Vaulation. We think the current price do not factor in its PMP business or even
the 2 additional microfibre synthetic leather lines which will commence in 2H07.
The stock is trading at an undemanding 12x FY07 and 9x FY08 PE and there
is 66% upside under our target price of S$2.12. Our FY08 forecasts are based
on a very cautious utilisation level of 30% of its PMP business. We think the
stock will re-rate after it announced its first PMP contract in 4Q07. Reiterate
BUY. the 2 additional microfibre synthetic leather lines which will commence in 2H07. The stock is trading at an undemanding 12x FY07 and 9x FY08 PE and there is 66% upside under our target price of S$2.12. Our FY08 forecasts are based on a very cautious utilisation level of 30% of its PMP business. We think the stock will re-rate after it announced its first PMP contract in 4Q07. Reiterate BUY. |
| Useful To Me Not Useful To Me | |
|
lpkoh5
Senior |
24-Feb-2007 20:42
|
|
x 1
x 0 Alert Admin |
Another high at 1.62 on friday...looks like hitting e big 2 soon |
| Useful To Me Not Useful To Me | |
|
|
|
|
peterng
Member |
22-Feb-2007 11:58
|
|
x 0
x 0 Alert Admin |
Look like going to break new high today, this is another SUPER STAR not to be missed by investers. |
| Useful To Me Not Useful To Me | |
|
davidxiao
Member |
22-Feb-2007 11:45
|
|
x 1
x 0 Alert Admin |
The gap created today being supported at $1.50. lt is still below the previous high @$1.58. Stochastic is turning up, RSI may reach above 70 by today. we may see strong advance to $1.80 after the clearance of $1.58. |
| Useful To Me Not Useful To Me | |
|
peterng
Member |
22-Feb-2007 10:34
|
|
x 0
x 0 Alert Admin |
Compare to Fibrechem,SinoTechfic has more room to grow, and the share price is much lower than its peers,backed by great demand for consumer products,SinoTechfic is expanding rapidly. We may see its excellent performance in the on coming fiancial report. |
| Useful To Me Not Useful To Me | |
|
spurs88
Senior |
22-Feb-2007 10:02
|
|
x 1
x 0 Alert Admin |
From CIMB............. grossly undervalued by market! Sino Techfibre (S$1.40) - Initiation of Coverage - Uncharted waters, undiscovered riches Sino Techfibre is a pure synthetic leather maker based in Shandong. It makes both PU and microfibre synthetic leather, used for making shoes, fashion goods, furniture and car seats. Backed by fast-growing demand for these consumer products, the company is expanding its capacity for synthetic leather. In addition, it has branched out to upstream products. Investments in pattern moulding paper, if successful, could give Sino Techfibre an important first-mover advantage in China. Downstream China shoe and apparel manufacturers are trading at 24x CY07 P/E and 19x CY08 P/E, on average. We believe Sino Techfibre (in the materials sector) provides cheaper exposure to burgeoning Chinese consumption. Initiate with Outperform and a DCF target price of S$2.13 (WACC 12.3%,
long-term growth rate 2%). long-term growth rate 2%). |
| Useful To Me Not Useful To Me | |
|
|
|
|
davidxiao
Member |
28-Jan-2007 22:14
|
|
x 0
x 0 Alert Admin |
Be patient, it just begining to rise. |
| Useful To Me Not Useful To Me | |
|
rajeevc
Member |
05-Jan-2007 10:06
|
|
x 0
x 0 Alert Admin |
hi folks ,any idea about this counter..? cant see much movement ...anyway I juz bot few lots |
| Useful To Me Not Useful To Me | |
|
Nostradamus
Supreme |
23-Oct-2006 22:04
|
|
x 1
x 0 Alert Admin |
It rose after broker DMG initiated coverage of the stock with a "buy" call with a target price of $1.12. "Net profit growth will remain strong at a projected 43% per annum between 2005 and 2008, driven by capacity expansion and new products," DMG said in a research note. DMG added that demand for synthetic leather will be boosted as polyvinyl chloride (PVC) leather is phased out for environmental reasons, while supply of genuine leather will fall due to wildlife conservation. |
| Useful To Me Not Useful To Me | |
|
knightrider
Elite |
23-Oct-2006 15:11
|
|
x 0
x 0 Alert Admin |
Yes, it went up another 0.045c today. I think Kim Eng's prediction of reaching 0.91 is coming truth ! Today received another report from Phillip Security - revise to S$1.00. Is this worth going in, I think so as compare with China Sky and China Fibre !!! |
| Useful To Me Not Useful To Me | |
|
mwzl95
Member |
21-Oct-2006 20:20
|
|
x 0
x 0 Alert Admin |
Syntethic leather sounds like a good industry. |
| Useful To Me Not Useful To Me | |
|
Nostradamus
Supreme |
21-Oct-2006 20:17
|
|
x 1
x 0 Alert Admin |
It's moving upstream to produce pattern-moulding paper (PMP), which is necessary for the imprinting of the relevant surface patterns onto synthetic leather. PS has a price target of $1.00 |
| Useful To Me Not Useful To Me | |
|
Nostradamus
Supreme |
20-Oct-2006 18:51
|
|
x 0
x 0 Alert Admin |
KE has a target price of $0.91, based on 6x FY08 PER. Another broker has a target price of $1.00. |
| Useful To Me Not Useful To Me | |