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Snack food maker
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yipyip
Master |
07-Jun-2008 21:16
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6/6/08 DBS : Price Target : 12-Month S$ 1.49 (Prev S$ 1.45) Relevance company remain very firm, thanks to its strong management team, stable of brand names, distribution/sales channel and strong balance sheet. Regional and global peers are trading at an average forward PER of over 20x, versus HFC’s 12x. Although peers are larger in size and scale, the disparity of c. 40% is unjustified, in our view. This should narrow as management continues to grow its topline and deliver sustainable profit growth. HFC is trading at 5.6x EV/EBITDA, 1.9x P/B and 1.1x P/S (on FY09F). It also has a reasonable net dividend yield of 2.9% and 3.4% in FYE Jun 08F and 09F based on our payout ratio assumption of 40%. It has a net cash of RMB550m (RMB0.69 or S$0.14 per share). Maintain BUY, TP: S$1.49 premised on 16x FY09F earnings (previously 18x on blended FY08/09 EPS), at its historical average PER and a 25% discount to
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yipyip
Master |
20-Aug-2007 16:21
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Full year Financial Statements and dividend for the year ended 30 June 07 is out. 2007 Rev RMB$2,712,470,000 up by31.9% vs 2006 2007 Net Profit RMB $255,329,000 up by 20.8% vs 2006 EPS RMB 34.38cents Proposed final dividend RMB 13cents per share http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_F3331E0F8AAC9D3B4825733C007D1DB6/$file/HsuFuChi-FullYr2007-Results.pdf?openelement |
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hannatcp
Member |
03-Jul-2007 17:03
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from sources, this is aJV and managed by group of foreigners so can trust lah |
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ken888
Member |
03-Jul-2007 16:02
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With the government clamping down on unethical food producers, it will benefit those manufacturers with Good Manufacturing Practice. Those companies that have a share of the Olympic pie like Synear and China Kangda will benefit. |
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hannatcp
Member |
03-Jul-2007 15:57
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it has a very complex network for candies in China good potential, substantial market share in China |
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spurs88
Senior |
03-Jul-2007 15:24
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Should CHEONG now in tandem with Synear food!!!!!!!! |
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spurs88
Senior |
27-Jun-2007 10:00
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DBSV targets $1.41 this morning!!!!!CHEONG AH!!!!!!!!! Story: confectionery products ? namely, candies, cake and cookies and sachima (a traditional Chinese puff pastry). Hsu Fu Chi (HFC) is a manufacturer and distributor of�� industry; according to Euromonitor, it has a sugar confectionery market share of about 4.1% in 2005. It also manages its own network of 68 sales offices with over 5,000 sales personnel throughout China. HFC has over 400 products, which are mainly marketed under its well-known Hsu Fu Chi (? Point: The Group is a leading player in China?s candy������?) brand.�� 16% for FY08F and FY09F, driven by growing consumer affluence in China, underpinned by its sales/distribution network and capacity expansion. We initiate coverage on the counter with a
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tan_kianhuat
Member |
12-Feb-2007 22:13
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anyone hav any idea about this counter? will it be recovering some losses? thanz |
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zhuge_liang
Supreme |
08-Feb-2007 17:30
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It slumped on weaker six-month net profit, said dealers. Hsu Fu Chi posted a 12% fall in half-year earnings to 127 million yuan compared to the same period a year ago. "Traders have priced in high expectations for stocks with upcoming results, so the stocks would be whacked with any slight drop in earnings," said one dealer from a local brokerage. OCBC downgraded its rating to "hold" from "buy" on valuation grounds, and maintained a target price of $1.37 on limited potential upside. |
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