China Taisan   

Aoyee ! Aoyee! Ao! Ask Jane for help !!!

in that article, it mentioned a lot of under-valued stocks, wondering why u only interested in this counter?

wongmx6      ( Date: 26-Jul-2009 07:35) Posted: http://nextinsight.com.sg/ LAGGARDS which might be under-appreciated gems, Please give comment , i will buy some if positive input on Monday.

 

http://nextinsight.com.sg/

LAGGARDS which might be under-appreciated gems, Please give comment , i will buy some if positive input on Monday.

 

Repayment, now lesser liaibility.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_0E35DD99BED44FB8482575FD0035FD87/$file/AnnouncementRepaymenttoMrChoiCheungKongEpdf.pdf?openelement

 

Have been lagging for the past few days. Its time for this stock to move.

 

Did anyone attend the agm? i wonder why there isnt any plan of sharebuyback to support price, it would certainly be a great sign of confidence with beaten down valuations to do so at this point, esp since they only ipo less than a yr ago and its already down by 57%

 

Indeed posted a good dividend...but, when is the cd/xd date?

 

with so many company not declaring dividend, this counter is relatively attractive as the mgmt had promised 30% of profit to be given out as dividend. 9mths profit is RMB182m, even if zero profit for 4th qtr, it will work out to be about SGD0.012 dividend per share. This is 10% return based on today's low of $0.12 price! slurrpp....

 

 

 

if the 17% yield materialises, this stock is very cheap then. and the strength of the business seems to be there, going by the report

 

“EVEN AFTER the Beijing Olympics, we still foresee the demand for sportswear to grow domestically. There is currently no sign of slowdown. Orders from distributors for 2009 summer season are up by 40% year-on-year,” said Mr Lan Chong Han, manager of Xtep. China Taisan is a supplier of functional fabrics to Xtep.

Full article on analyst trip: CHINA TAISAN: Enjoying more orders from sportswear makers

 

westcomb report today:


Valuation appears cheap at 1.9x FY08F EPS with expected dividend yield of 15%

Based on consensus estimates, China Taisan is expected to report net profit of RMB 292.4m for FY08F, translating to fully diluted FY08F PE of 1.9x.


China Taisan is committed to a dividend payout of 30% for FY08~09F to reward shareholders, which would translate to an attractive expected dividend yield of approximately 15%. Currently, we do not have a rating for China Taisan.

 

Taisan "bei o E o E" leh. Still looking for Jane

 

By OH BOON PING

KNITTED fabric maker China Taisan Technology Group Holdings, which was listed on the Singapore Exchange (SGX) mainboard earlier this month, has reported a near trebling in net profit to 64.5 million yuan (S$12.9 million) for the first quarter ended March 31.

Mr Lin: Attributed part of the profit growth of the knitted fabric maker to mega sports events like the Beijing Olympics, which has spurred sportswear spending in China

The earnings, which compare with 22.4 million yuan in the year-ago period, came on the back of a more than doubling in revenue to 290 million yuan from 115.6 million yuan.

Earnings per share were 6.96 fen - up from 2.41 fen previously, based on post-invitation share capital.

At a briefing, CEO Lin Wen Chang attributed part of the profit growth to mega sports events like the Beijing Olympics, which has spurred sportswear spending in China.

For example, the sales quantity for performance fabrics rose from 1,490 tonnes to 3,462 tonnes.

Also, the average selling price per tonne increased from 40,000 yuan to 56,400 yuan, as a result of the shift in product mix to more performance fabrics, and a general increase in selling prices to accommodate higher raw material costs.

The performance fabrics are said to have properties such as anti-mosquito, anti-odour and ultra-violet protection.

China Taisan said it has 13 members in its R&D team and collaborates with Industrial Technology Research Institute of Taiwan on new technologies for such fabric.

However, Mr Lin is not concerned about copyright issues in China since the 'life cycle of a product is fairly short, and the time span from design to end-product sales is about six months'. Therefore, it is difficult for low-cost competitors to copy the company's designs, he added.

The gross margins for the multi-functional products and normal fabric are over 30 per cent and over 20 per cent respectively.

Overall gross margins also improved despite the higher raw materials cost. Mr Lin explained this was because the price hikes on its products exceeded the rise in production cost, and the firm bases its production on pre-orders received.

As at April 18, its order books stood at 225.8 million yuan.

Looking ahead, the firm believes that the Beijing Olympics, the Guangzhou Asian Games in 2010 and the Shenzhen University Games in 2011 will significantly raise public interest in, and awareness of, sports and fitness among people in China, thereby stimulating demand for sports apparel.

'We believe that we will benefit from the growing demand for sports apparel. We will continue to focus on our performance fabrics by developing new and innovative functionalities, new combination of these functionalities; and promote our products to existing customers and potential new customers,' it said.

China Taisan shares closed yesterday at 25 cents, up half a cent.

 

Knitted fabric maker China Taisan Technology Group Holdings, which was listed on the Singapore Exchange (SGX) mainboard earlier this month, has reported a near trebling in net profit to 64.5 million yuan (S$12.9 million) for the first quarter ended March 31. The earnings, which compare with 22.4 million yuan in the year-ago period, came on the back of a more than doubling in revenue to 290 million yuan from 115.6 million yuan. Earnings per share were 6.96 fen - up from 2.41 fen previously, based on post-invitation share capital. At a briefing, CEO Lin Wen Chang attributed part of the profit growth to mega sports events like the Beijing Olympics, which has spurred sportswear spending in China. Also, the average selling price per tonne increased from 40,000 yuan to 56,400 yuan, as a result of the shift in product mix to more performance fabrics, and a general increase in selling prices to accommodate higher raw material costs. (BT)

 

Hmm, net profit up 188% in 1Q FY08.....assuming profits are conservatively annualised for the full year, we will get around SGD $50m yielding EPS (post-IPO) of 5.5 sgd cents and a prospective FY08 P/E of 4.5x.

Gross margins in 1Q FY08 are 32.6% compared to average margins of 31.3% for FY07.

Note that 1Q is traditionally the weakest quarter but just to be conservative -assume ongoing listing expenses and potential margin erosion will offset further growth for rest of the year:

"During the past three financial years ended 31 December 2005, 2006 and 2007, our Group had observed higher revenue in the last quarter and lower revenue in the first quarter of each year for FY2005, FY2006 and FY2007. The lower revenue were attributed to the Lunar New Year as our Group’s customers in the PRC would normally suspend their operations during the Lunar New Year period."

Compare this to Foreland which trades at estimated FY08 PE of 5.5x assuming 17% growth in net profits.

Foreland is a smaller player in terms of revenues and has lower market cap. Hence, it is reasonable to expect China Taisan to trade at a slight premium to Foreland.

Applying a prospective FY08 P/E of 6x, short term fair value is estimated at around 33 cents.

 

Day High:	0.265	Net Change:	0.005	Total Value:	5,010,970
Day Low:	0.255	Last Done:	0.265	Volume:	19,209,000

Time	Last	Volume	Buy/Sell
11:10:04	0.265	2,000	Buy Up
11:09:21	0.260	511,000	Buy Up
11:09:20	0.260	100,000	Buy Up
11:09:19	0.260	200,000	Buy Up
11:09:18	0.260	10,000	Buy Up
11:09:18	0.260	100,000	Buy Up
11:09:17	0.260	300,000	Buy Up
11:08:58	0.260	300,000	Buy Up
11:04:01	0.260	500,000	Buy Up
11:00:15	0.255	5,000	Sell Down
10:57:39	0.255	10,000	Sell Down
10:56:48	0.255	20,000	Sell Down
10:52:02	0.255	30,000	Buy Up
10:50:57	0.255	30,000	Buy Up
10:50:17	0.255	126,000	Sell Down
10:50:11	0.255	200,000	Sell Down
10:47:09	0.255	10,000	Sell Down
10:44:24	0.255	30,000	Buy Up
10:41:52	0.255	20,000	Sell Down
10:41:50	0.255	10,000	Sell Down

 

Extract from Share Investment June Edition.

 

What do all athletes at the coming Beijing Olympics need? They need to be clothed in sportswear and apparel of course. And China Taisan Technology Group Holdings (CT), which just got listed on the Mainboard on June 6, is a manufacturer of knitted fabric for such sportswear and apparel.

CT launched its initial public offer (IPO) of 233m shares at $0.24 cents each. The 233m shares comprise 223.2m new shares and 9.8m vendor shares. The IPO aimed to net $49.4m in proceeds for the company, which it planned to use to acquire new equipment ($38.2m), expand research and development (R&D) ($1.6m), set up new sales and service centers ($4.3m), fund marketing & advertising expenses ($2.3m) and for working capital ($3m).

The offer consisted of 8m public-offer shares and 225m placement shares. The invitation shares represented 25.11% of CT’s enlarged share capital were offered at a historic price-earnings ratio (PER) of 4.7 times, based on its FY07 net earnings. Fibrechem Technologies, which manufactures chemical fibre, was traded at $0.71 on June 3 with a PER of 6 times. In comparison, CT appeared more affordable and attractive.

EXPANSION PLANS
CT said the bulk of the proceeds ($38.2m) will be used to acquire multi-track electronic tubular knitting machines, new face finishing and processing equipment to make peach finish fabrics, and computerised jacquard knitting machines.

Besides expanding R&D, the company will set up sales and servicing centers in Shanghai, Hong Kong and Xiamen, and boost marketing activity.

From FY05 to FY07, the company’s revenue grew at a compounded annual growth rate (CAGR) of 168% from Rmb112m to Rmb811m while its earnings grew from Rmb14m to Rmb183m at a 259% CAGR. FY07 earnings jumped 388% from FY06’s Rmb37m due mainly to higher sales of performance fabric.

FABRIC USED BY WELL-KNOWN BRANDS
CT’s knitted fabric is used in the manufacture of sports and leisure apparel by international and China’s local sports brands like Adidas, Anta, Bossini, Diadora, Eland, Erima, FILA, Giordano, K-boxing, Kappa, Li-Ning, Lilang, Lotto, Mizuno, Nike, Puma, Qiaodan, Reebok, Septwolves, Wanjielong, and Umbro.

The company’s Chief Executive Officer Lin Wen Chang pointed to the Beijing Olympics in August, the Guangzhou Asian Games 2010 and Shenzhen World University Games 2011 as opportunities that will raise awareness of sports and fitness apparel and spur demand for CT’s products in China.

Lin said, “Reputable apparel brands have also been rolling out new and innovative products with enhanced functions and characteristics, and we believe that will increase demand for our performance fabrics.”

Going forward, CT will focus on performance fabrics. This segment contributed a substantial 93.3% of revenue in 2007 and posted the highest gross profit margin of CT’s 3 business segments at 31.9% for that year.

The acquisition of the equipment is expected to more than double production capacity for Spandex performance fabrics. CT will also expand its product range by introducing new performance fabrics with innovative functions, characteristics and designs.

 

 

Day High:	0.265	Net Change:	0.020	Total Value:	9,604,180
Day Low:	0.230	Last Done:	0.260	Volume:	38,864,000

Time	Last	Volume	Buy/Sell
16:56:13	0.260	10,000	Sell Down
16:56:06	0.260	50,000	Sell Down
16:55:36	0.260	5,000	Sell Down
16:55:34	0.260	10,000	Sell Down
16:55:29	0.260	15,000	Sell Down
16:55:21	0.260	50,000	Sell Down
16:54:43	0.260	10,000	Sell Down
16:54:19	0.260	5,000	Sell Down
16:54:18	0.265	2,000	Buy Up
16:54:09	0.260	5,000	Sell Down
16:54:03	0.265	1,000	Buy Up
16:53:56	0.260	15,000	Sell Down
16:53:41	0.260	30,000	Sell Down
16:53:18	0.260	30,000	Sell Down
16:53:14	0.260	512,000	Buy Up
16:53:14	0.260	80,000	Buy Up
16:53:13	0.260	1,500,000	Buy Up
16:53:12	0.260	500,000	Buy Up
16:52:38	0.260	1,500,000	Buy Up
16:52:28	0.255	20,000	Sell Down

 

Day High:	0.260	Net Change:	0.015	Total Value:	7,653,260
Day Low:	0.230	Last Done:	0.255	Volume:	31,304,000

Time	Last	Volume	Buy/Sell
16:43:06	0.255	150,000	Sell Down
16:41:27	0.255	1,000	Sell Down
16:40:23	0.260	2,000	Buy Up
16:39:35	0.255	5,000	Sell Down
16:39:15	0.255	5,000	Sell Down
16:38:34	0.255	40,000	Sell Down
16:38:23	0.255	5,000	Sell Down
16:37:40	0.255	5,000	Sell Down
16:37:26	0.255	30,000	Sell Down
16:37:24	0.255	15,000	Sell Down
16:37:09	0.255	50,000	Sell Down
16:36:23	0.255	5,000	Sell Down
16:35:56	0.255	20,000	Sell Down
16:35:41	0.255	130,000	Sell Down
16:35:30	0.260	1,000	Buy Up
16:35:12	0.255	192,000	Buy Up
16:35:05	0.255	20,000	Buy Up
16:35:03	0.255	100,000	Buy Up
16:34:59	0.255	100,000	Buy Up
16:34:57	0.255	1,000,000	Buy Up

 

Ao-E Ao-E Ao, now is going up, 0.26 liao !!! Good Luck.

 

Ao-E Ao-E Ao, now is going up, 0.23 liao !!! Good Luck.