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Mooncake maker
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Pension
Elite |
06-Oct-2007 12:28
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good mooncake and cookies are gaining popularity in china now. some resturant include mooncake as one of their desert in their menu. |
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zhuge_liang
Supreme |
06-Oct-2007 00:01
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The Guangdong-based firm said the acquisition talks hinge on its strong branding. "Because we are the only listed mooncake maker in Hong Kong and Singapore, a lot of these companies have an interest in associating themselves with China Angel," Liang said. China Angel also wants to grow its cookies market by starting its own production line by the middle of next year. "Mooncakes are our main revenue driver, but we're looking to create another revenue generating segment and that may be cookies," Liang said. Mooncakes made up 60% of '06 revenue, while cookies contributed 23%. The company, which plans to invest more than US$2 million in a new cookie production line, said its gross profit margin for cookies could rise to 45% within 3 years. In the past 3 years, Q3, which usually includes the Mid Autumn Festival, has contributed about 65% of China Angel's annual revenues. Liang said he was very confident the firm would this year top the revenue growth set in 3Q06. "The mooncake market is doing very well thanks to the strong Chinese economy," he said, adding he also expects total '07 revenue and net profit to grow faster than last year. Revenue has more than trebled since '04, to RMB106 million last year. Over the same period, profit soared to RMB38 million from below RMB6 million. The company competes with unlisted Chinese and Hong Kong mooncake makers such as Guangzhou Restaurant, Maxim and Wing Wah, as well as big hotel chains. It is No.5 in terms of market share in Guangdong province and market leader in Shenzhen, according to Singapore UOBKH. China Angel's white-lotus double-egg yolk mooncakes sell for RMB103 per box; RMB30 above those of its closest competitor. Liang said China Angel's branding strategy is so successful that some people use its packaging to wrap cheaper mooncakes. "Angel mooncakes are known for their quality. Sometimes people give away mooncakes in Angel boxes with Angel paper bags, but they're not the real thing." |
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Pension
Elite |
05-Oct-2007 18:52
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this monday, tp = 0.69 |
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Pension
Elite |
05-Oct-2007 14:58
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Pension
Elite |
05-Oct-2007 14:53
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zhuge_liang
Supreme |
05-Oct-2007 13:38
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China Angel Food The firm said the acquisition of other bakeries would allow it to expand its production and retail facilities, increasing profitability in the long run. "The acquisitions are part of our 5-year plan. We will be able to expand out of the southeast of China," China Angel chairman Patrick Liang said in an interview in S'pore. He declined to say when the acquisitions would be completed but said the company was in talks with "5 to 6 companies". China Angel, which has a market cap of US$140 million, has 23 cake shops as well as over 3,000 points of sales in China. "We are very confident that we will beat the revenue growth figure set in 3Q06," said Liang. The company also sees increased revenue growth and net profit for '07 from the previous year. China Angel, which was listed in Jul, said in its prospectus that the firm had revenue of RMB106 million in '06, from RMB79 million in '05 and RMB33 million in '04. Over the same period, profit soared from just RMB5.5 million in '04 to RMB20 million in '05 and RMB38 million in '06. |
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solar2000
Member |
01-Oct-2007 23:40
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CHINA ANGEL by uob kay hian
-China Angel Food (CAF) is one of the leading manufacturers and distributors of confectionery and other food products in Guangdong Province. CAF use a multiple brand and product strategy: its flagship brand, Angel, is targeting highend market, while the brand Qiwang and Wangfulai are targeting middle-end and mass market respectively. This strategy not only help CAF to cater consumers need in different levels, but also protect the high-end brand image of its flagship brand Angel, without giving any discount or being involved in the price war for getting more market shares. - Distribution network is expanding on track. So far, the Group had opened 20 Angel Cakeshops located in various prime locations in Shenzhen, 11 of which are operated by the Group while the remaining are third-party operated stores. The current progress exceeds the management's previous target of 24 stores by end-07. The management have confidence that the Group can achieve their new target of opening 28 Angel Cakeshops by end-07 and 50 by Aug 08. Besides those Angel Cakeshops, CAF has over 3600 points of sales (POS) in retail chain stores and other retail intermediaries, such as 7-Eleven, Carrefour, Jusco, Metro etc. - Emerging as a market leader. After several years of marketing, CAF has increased its brand awareness gradually. Its Angel brand mooncakes had been recognised as one of the top mooncake brands for Chinese mid-autumn festival for consecutive nine years (1998 to 2006), and its market share ranked No.1 in Shenzhen and No.5 in Guangdong Province. Furthermore, CAF has participated in the drafting of several general technical requirements, such as the requirements for the production of mooncakes and pastries in PRC in 2002 and the standards for snow-skin mooncake production in the Guangdong Province in 2004. Benefiting from being the market leader, CAF has strong bargaining power when negotiating with supermarkets. Leveraging on Angel Food's strong brand equity, the Group doesn't need to pay the entry fee of approximately 10-15 thousands/POS, and also being granted to lower the commission rate to just 15- 20% of total sales (20-25% for other brands). - Strong 1H07 results expected to be continued. Revenue soared 179.9% yoy in 1H07 driven by increasing in business volume for Pastry and Snack & Other food segments. The management anticipate that Pastry segment will continue to grow in 2H07 as the newly opened 8 Angel Cakeshops (opened since July 2007) will start to contribute. Sales from Snack & Other food segment in 1H07 surged 432.8% yoy to Rmb30.9m, which has already exceeded FY06 sales of Rmb24.4m. This is mainly benefit from the Group's marketing strategy change, which presently positioned the Snack as a year-round product from the previous orientation as a festive food. Sales from the Group's key product, mooncake, will remarkably contribute in the third quarter. We expect that this segment will register brisk sales underpinned by strong order book, which increased 155% yoy as at 13 Aug 07. Gross margin decreased from 41% in 1H06 to 35.6% in 1H07, mainly due to the product mix shifting towards the Snack & Other food segment, which has comparatively lower margin. Underpinned by the contribution from the high margin product, mooncake (gross margin was 53.8% in FY06), we expect CAF's gross margin will be improved in 3Q07. - Future plan. a) Expand production capacity. By end-08, CAF plans to increase its annual production capacity to 3,450 and 3,786 metric tons for mooncake and pastry, respectively, compared with 2,050 and 1,686 in end-06. The Group also plans to initiate a snack production line to manufacture cookies packaged as Angel Cookies", which are currently outsourced. b) Move to a new factory. The Group intends to move to a new production facility with an area of 4 times as the existing factory, which will satisfy the Group's development in the coming 5-7 years. The new factory will either be leased or purchased, which is still under consideration. c) Increase distribution channel. The Group will lay more emphasis on the expansion outside of the Guangdong Province, which may include possible M&A with local players. - Our view. Usually, the third quarter is the strongest business season for CAF, as the Group's major product, mooncake, will greatly contribute to the Group during the Mid-autumn Festival. So we expect the good growth will continue in 3Q07 and the Group will surprise the market on the upside. The stock is trading at 16.5x FY07 PE based on consensus estimation. |
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DnApeh
Master |
01-Oct-2007 12:15
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Double bottom trend reversal. TP 0.73 |
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planet
Member |
17-Aug-2007 01:43
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It was my 1st time buying shares, need advise ... bought ChinaAngel at 0.625, should i sell to cut loss or hold?? Thanks |
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Luckyhuat
Member |
23-Jul-2007 16:24
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After mooncakes..what has ChinaAngel will to become? ..China devil..like Unionmet,SunVic.those who heed UOB Kayhian died...like ChinaKangda..selling rabbit meat..got Olympic endorsement..still not moving..ChinaDevil definitely not smae calss as Synear..strong sell and switch |
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knightrider
Elite |
17-Jul-2007 10:42
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This counter "C cao" (in hokkien, means die and sting) already. Everyday short it also make some $$kopi. I hope those still holding it be careful, is like the China KangDa !!! |
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limhpp
Veteran |
17-Jul-2007 10:41
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Since mooncake festival is coming, I think it will be going up soon. Buy on weakness... |
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zhuge_liang
Supreme |
14-Jul-2007 22:49
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Products are seasonal in nature. Sales would be stronger during Q3, which coincides with the Mid Autumn festival, when the demand for mooncake would be strongest. Demand for snacks and other food products are usually stronger in Q1 and Q4 due to the demand during CNY. It currently produces > 200 varieties of pastry products which include breads, buns and cakes. The snack product segment comprises mainly biscuits, candies and seeds. Other food products include premium dried delicacies such as abalone, sea cucumber and scallops. |
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zhuge_liang
Supreme |
14-Jul-2007 22:20
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This company doesn't just make mooncakes, although the bulk of its revenue comes from them. It is one of the leading manufacturers and distributors of confectionery and other food products in Guangdong Province. Products are classified under 3 categories - mooncakes (59.6% of FY06 revenue), pastries (17.4%) and snacks & others (23%). Its mooncakes are marketed under 3 distinct brands which are used to target different consumer segments. The Angel brand is targeted towards the high end consumer market. It has been recognized as China's Mid Autumn Festival Top Mooncake Brand for 9 consecutive years from 1999 to 2006 by National Light Industry Bureau and China Asscociation of Bakery and Confectionery Industry and has been consistently recognized as the top selling mooncake brand in Shenzhen. |
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ozone2002
Supreme |
13-Jul-2007 13:49
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short till 57c !..yeah.. |
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zhuge_liang
Supreme |
13-Jul-2007 12:28
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NRA has a fair value of $0.57 based on FY07 PER of 18.7x. |
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zhuge_liang
Supreme |
13-Jul-2007 00:18
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Auric Pacific Enterprise is one of the key investors subscribing for more than 5% of the IPO with an offer price of $0.35. |
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