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Expanding retail sales
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zhuge_liang
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17-Jul-2008 00:27
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UOB KayHian cuts target price for Lizhong Wheel to $0.89 from $1.07 after lowering earnings forecasts for up to FY 2010, to partly reflect expected slowdown in business due to next month's Beijing Olympics Games. Notes, maker of aluminum alloy wheels already hurt by certain Beijing regulations restricting its operations, including transportation of its products to customers (company's plants located within 150km from Beijing). Says firm may even have to stop operations altogether during games period if things get worse. Adds, gross margins may be hurt by expected rise in aluminum prices as China's aluminum smelters recently agreed to reduce output by 5%-10%. |
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zhuge_liang
Supreme |
11-Jun-2008 00:10
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DMG report on Lizhong Wheel, formerly China Wheel. The China Association of Automobile Manufacturers revealed that passenger car sales in China rose by 17.4% in the first 5 months of '08 over the same period a year earlier. Car sales were about 3m units in total (2.23 were sedans, 179,200 SUV, and 93,200 MUV. These statistics are inline with our positive growth prospects for Lizhong Wheel. For FY08, we expect to see strong sales growth of about RMB1,215.3m (34.2% yoy growth) backed by a strong bottomline of about RMB132.9m (26.8% yoy growth). Sales of passenger cars, SUV and MUV in May alone reached a total of 564,600 up 16% yoy. This growth rate was much quicker in comparison to Apr which grew by 11% yoy. Auto sales in China are expected to exceed 10m units by the end of '08, which correlates to a full year growth in sales of about 14%. There are 2 main risk factors which we will continue to monitor: surging oil prices and higher prices for raw materials. Oil prices have continued to hit record levels exceeding US$130 a barrel. Aluminium prices have remained volatile. The average price of aluminium was about RMB18,600 per tonne since Apr '08, lower than the 1H07 price of RMB20,200 per tonne. Currently aluminium prices are at RMB18,470 per tonne. We expect Lizhong Wheel to ride smoothly despite firm oil and aluminium prices, as demand for passenger vehicles continues to grow steadily. Lizhong Wheel is currently trading at an attractive 5.0x FY08 P/E. We reiterate BUY with a price target of $0.88 based on 8.0x FY08 P/E. |
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w6m9hi
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28-Sep-2007 11:56
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dnt understand tis mr.96cnts keep on selling at 96??u can sell higher ...see nw 97.5cents..let it pass 1.05 .......pls... |
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w6m9hi
Senior |
28-Sep-2007 11:04
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heading to $1 mark...... |
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w6m9hi
Senior |
26-Sep-2007 16:21
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zzzzzzzzzzzzzzzzzz !tis stock stil under the blanket...hello!so many things happening outside.....................................time to wake up now....vested.... |
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investment
Senior |
29-Jul-2007 17:38
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Proposed issue of US$25 million 5-year convertible bonds.
China Wheel Holdings (?CWH?) announced that it has entered into a subscription agreement with Lehman Brothers Commercial Corporation Asia Limited (?Lehman?) for the issue of US$25 million 5-year convertible bonds, which bear interest at 3% per annum and can be converted into shares at a conversion price of S$1.045 per share. Under the terms of the agreement, Lehman has agreed to subscribe and pay for, or procure subscription and payment for the bonds. Net proceeds will be used to finance the construction of the new Tianjin plant. As mentioned in our initiation report of 2 April 2007, CWH expects to invest a total of about RMB780 million in the new Tianjin plant (RMB500 million for the construction of the plant and purchase of machinery and RMB280 million for working capital) through a combination of equity financing, bank borrowings and internal resources. CWH will use the net proceeds from the bonds issue to finance the construction of the Tianjin plant. Following the issue of convertible bonds, we expect CWH to finance its remaining investment in the Tianjin plant through bank borrowings and internal resources. Maintain BUY and raise Fair Value Estimate to S$1.36. In our previous forecasts, we have assumed that CWH will tap the equity market for RMB150 million of funding by placing out new shares at S$0.90 per share in FY08. We have revised our share base dilution assumptions by factoring in a full conversion of the convertible bonds into shares during FY09, leading to increases in our EPS estimates for FY08 and FY09 by 11% and 2% respectively. Based on our revised forecasts, we now expect CWH to grow its EPS at a 3-year CAGR of 26%. CWH remains an appealing proxy to China?s booming auto sector. We maintain our BUY recommendation and raise our Fair Value Estimate from S$1.23 to S$1.36, based on the same relative valuation of 12x FY08 PER.
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investment
Senior |
24-Jul-2007 22:00
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The Board of Directors of China Wheel Holdings Ltd wishes to announce that Clever View Limited, a wholly owned subsidiary of the Company has accepted a term loan facility, arranged by Overseas-Chinese Banking Corporation, of up to USD 19 million. The grant of the facility is subject to various conditions, including satisfactory completion of legal documentation. In connection with the above, the Company has provided a guarantee to the lenders. . The proceeds from the credit facility would be used to partly finance the Company's construction of its new production plant at Tianjin Binhai New Area (天津滨海新区) as announced on 17 January 2007. |
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investment
Senior |
24-Jul-2007 19:12
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China Wheel is suspended today as it will announce its CAPEX funding plan. We think it will probably issue a bond/equity related plan with up to Rmb300-Rmb500 according to its CAPEX need from 07-09. Its share price has risen sharply by more than 40% compared with 1 month ago and it has exceeded our TP. 1H07 results will be announced after 10th Aug and according to the stable aluminium price for 1H07, it will be inline with our forecast. |
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w6m9hi
Senior |
23-Jul-2007 16:16
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is time to collect sme $$..1st 15 lots jst out ..... |
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w6m9hi
Senior |
07-Jun-2007 14:54
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going to break new high with low volume..good..good..maybe smthing going to happen..smile... |
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ralphguy
Member |
07-Jun-2007 14:33
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the volume is traded very low le... but seems gd protential... every car need 4 wheels... hehe... any TP? |
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w6m9hi
Senior |
07-Jun-2007 12:41
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yes ,but nt going to sell,volume low...penguin can or cannot fly..i m not sure..but wheel spin fast it can fly also...cheer! |
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trueview
Senior |
07-Jun-2007 12:33
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? ?......?.......wheel .....is it moving...........near 90cts |
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trueview
Senior |
05-Jun-2007 15:30
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but keep in watch list,dnt rule out it will breakout 90cents with volume |
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trymyluck
Senior |
05-Jun-2007 14:00
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i think the wheels will only make the car circle in 80s for 1 or 2 months . the BB accumulating this counter very zun. he tries to do it without making too much noise . i held it for long time in the 70s and sold it when i felt wasnt going to go too much above 85 cents. |
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trueview
Senior |
05-Jun-2007 11:47
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 i suggest change out the driver after wheel!
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w6m9hi
Senior |
01-Jun-2007 09:29
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i thought the wheel already drop off.actually they are changing new wheel,let look how this new wheel performance.................... |
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w6m9hi
Senior |
29-May-2007 11:50
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dont let BAD BOY squeeze and kick u out this field.....they are very bad....bad. |
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w6m9hi
Senior |
28-May-2007 10:11
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not yet hit my target..... |
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K.H.Neo
Member |
28-May-2007 10:03
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Ya surprisingly vol so low yet can move bro w6m9hi you sold ready? |
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