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hey the stock shot up 2 cents on Friday on high volume. time to relook at the story. there's one fresh story on Sunsine at
http://www.nextinsight.com.sg/content/view/1275/60/sign of confidence???
CIMB keeps China Sunshine Chemical at Outperform; target price at $0.49. Says recent discussion with management reinforces belief that earnings momentum remains good for the rest of 2008. "Sunshine has been able to pass on rising raw material costs through higher selling prices," says broker; expects gross margins to stay at 20%-21% for FY08 from 20% in FY07. Adds, "we see catalysts from further deliveries of improved results and potential M&As."
Vested today ! 2 nd Qtr will report higher profit !! waiting for 1 ct dividend to be paid !!
China Sunsine Chemical report by CIMB.
1Q08 net profit of Rmb16.5m (-18% yoy) forms 18% of our full-year forecast, below our expectation of about 20%, given that 1Q is seasonally weaker. Key variances were lower-than-expected utilisation rates as plants were shut down for maintenance, higher-than-expected forex losses and delayed contributions from its new insoluble-sulphur business.
Sales increased 33% yoy, on a 30% yoy jump in volume and 8% yoy increase in overall ASPs. However, sales declined 7% qoq, largely due to a utilisation rate of 73% in 1Q08 vs. full utilisation in 4Q07. The sales mix was more balanced in 1Q08, with local sales accounting for 54% of the total, down from 64% in 4Q07. During the quarter, Sunsine recognised maiden contributions of Rmb1.5m from Continental Tyres, following trial orders received in Dec 07.
Gross margins dipped 2% pts yoy to 20%, but improved 1% pt qoq. The yoy decline could be blamed on higher costs of export sales in 1Q08 due to an 8%-pt reduction in export tax rebates since 3Q07. However, gross margins improved qoq, as higher ASPs overwhelmed input cost increases; raw materials typically account for 80% of cost of sales.
Scaling back insoluble-sulphur contributions for FY08. Its new 5,000-tonne p.a.insoluble plant started operations at end-Feb 08. We understand that Sunsine has sent out samples of its insoluble sulphur to existing tyre customers, but has yet to receive significant orders. As a result, we have scaled back our output estimates, and expect insoluble sulphur to contribute 4% to FY08 turnover, down from 8% previously.
FY08 EPS estimate reduced by 6%. This is to account for higher-than-expected forex losses in 1Q08 and lower insoluble sales expectations. We have kept our FY09-10 forecasts unchanged, assuming a pick-up in insoluble sulphur sales in 2H08.
Maintain Outperform and target price of $0.49, still based on 9x CY09 P/E. Near term share price could remain weak, until Sunsine ramps up its insoluble-sulphur plant and executes its expansion plans successfully, in 2H08. However, current valuations are undemanding at 5x CY09 P/E, or a steep 50% discount to its international peers. We continue to think the stock is undervalued, against its global leadership in the industry.
Back to square 1..heehee...
BR must be making tons..
BB in actions again...price surged 25%!!!
Will buy again at 23c or below!
hahaha..bullrun4ever must be a very small player......I too got some at 23c.....
bullrun,
u vested 23 cents real or not? becos only very, very few lot were done at 23 cents intraday once only 2 days ago on 22/1, it's all-time intraday low. Unless u started queueing to buy at 23 cents on 21/1 5.06pm
So at what price u intend to sell yr china sunsine?
Vested at 23c..lucky didn't buy at few weeks ago at 30 odd cents...patience is gold!
You guys bought this counter at what price? At 25 cents, it seems extremely undervalued. Today most china counters rallied strongly but this counter dropped 1.5 cents instead.
Yes...agreed....World Leader cannot be trading at this price......vested!
A future gem. Seldom can we find a world leader at this price, even below ipo
CHINA SUNSINE: Picking up pace to be world's No.1
?We believe that Sunsine continues to be an undervalued specialty chemical producer, with a strong clientele and leadership in its industry.?
http://www.nextinsight.com.sg/content/view/196/55/
Purchases by chairman of Sunsine:
|
Date of purchase |
No. of shares bought |
Average price |
| XU CHENGQIU |
18-01-2008 |
363,000 |
27.31 cts |
| |
17-01-2008 |
161,000 |
25.40 cts |
| |
11-12-2007 |
225,000 |
31.91 cts |
| |
10-12-2007 |
243,000 |
31.20 cts |
source:
http://www.nextinsight.com.sg/content/view/210/55/
Singapore, 6 January 2008 ?
Chemical? or ?The Group? or ?
specialty chemical rubber accelerators has completed its upgrade plans to cater for the
increasing demand for its products. Following trial orders received in the last quarter of
2007 from Continental, Pirelli and Michelin, Sunsine Chemical now serves the 10 largest
tyre manufacturers in the world
consolidates Sunsine Chemical?s position as the leading rubber accelerator
manufacturer in China.
China Sunsine Chemical Holdings Limited (?Sunsine尚舜化工?), one of the world?s leading producers of1. The total capacity after expansion of 39,000 tonnes
