By China Galaxy Securities Co.Ltd.
- May 22, 2009
- Zhejiang Baoxiniao Garment Co., Ltd.
Event
Recently, we made on-site research and investigation on the company. Generally, we think its commercial series product performance will remain steady growth. Although suffered negative impact from financial crisis in Q1 2009, its profitability is expected to be equal to that of the previous year. As a new business, performance of the fashionable series product .......
By China Galaxy Securities Co.Ltd.
- May 22, 2009
- Zhejiang Weixing industrial development Co., Ltd.
Event
We conducted on-site survey of the company on May 20, 2009, which showed that the company was busy with nylon zipper business currently, and button production was also on its way; overall production status had returned to pattern prior to the crisis.
Our Analysis and Estimation
1. The company is busy with nylon zipper business.
2. Button production .......
By TX Investment Consulting Co., Ltd.
- May 13, 2009
- Textiles & Apparel
1. Recently, price of international bulk commodity continued ascending.
Weakening Dollar Index and better-than-expected American unemployment statistics became main impetus for recent price surge of international bulk commodity.
2. Price of chemical products weakened recently.
3. Price of chemical fiber products took on structural surge.
4. Iron & steel price went up home and abroad.
5. Price of agricultural products .......
By China Galaxy Securities Co.Ltd.
- May 13, 2009
- Textiles & Apparel
Statistics of April Express indicates that export is still not optimistic.
As shown by statistics of China Import and Export Fair, external demand is still in depression.
Statistics of 2009 China Keqiao International Textiles, Fabrics & Accessories Exhibition is satisfactory, but its significance is relatively limited.
“Neutral” rating is maintained for the industry; investment strategy of export-oriented enterprises .......
By TX Investment Consulting Co., Ltd.
- May 6, 2009
- Textiles & Apparel
Export saw sign of recovery.
Domestic retail market was likely to stabilize and rebound.
Listed companies saw increment in 2008 revenue yet not the profit.
Three main segment industries began to differentiate.
We recommend domestic famous brands, bellwethers in accessories and those with export advantages, including Shanghai Metersbonwe Fashion & Accessories (002269), Fujian Septwolves Industry (002029), Zhejiang Baoxiniao Garment .......
By TX Investment Consulting Co., Ltd.
- Apr 27, 2009
- Zhejiang Baoxiniao Garment Co., Ltd.
In 2008, the company’s net profit attributable to parent saw year-on-year increase of 48%, which is mainly benefited from promotion of business turnover and gross margin. However, its growth of net profit attributable to parent was below that of business turnover as led by surge of period expense ratio and income tax rate.
We .......
By China Galaxy Securities Co.Ltd.
- Apr 15, 2009
Event
The company issued 2008 annual report on April 15, according to which it realized business turnover of Rmb3921.8374mn (+2.92% yoy), operating profit of Rmb559.4648mn (+10.36% yoy), and net profit attributable to shareholders of common stocks of Rmb512.9447mn (+11.58% yoy), and diluted EPS of Rmb0.52 based on total equity of 994.865mn shares after the additional issuance. .......
By TX Investment Consulting Co., Ltd.
- Apr 8, 2009
- Fujian Septwolves Industry Co., Ltd.
In 2008, the company reported business turnover of Rmb1653mn (+88.56% yoy), net profit attributable to parent of Rmb153mn (+72.50% yoy), and diluted EPS of Rmb0.54, which was in line with expectation. According to its dividend distribution plan, it was to send pretax cash of Rmb1 for every ten shares with no share addition & transference .......
By TX Investment Consulting Co., Ltd.
- Apr 8, 2009
- China Fiberglass Co., Ltd.
Price of fiber glass had been lowered to ~Rmb6, 500/ton, and had once bottomed at Rmb6,200/ton during the previous period, which accelerated elimination of the backward capacity. Having approached to breakeven line of the whole sector, further price slide seems impossible in the near future, and sign of rebound gradually emerges recently. Moreover, price of .......
By China Galaxy Securities Co.Ltd.
- Apr 7, 2009
- Fujian Septwolves Industry Co., Ltd.
2008 performance enjoys rapid growth; future delivery contract system leads to growth slide due to macro-economic slowdown.
Internal administration strengthening is considered to be the most important in 2009.
Long-term growth space deserves expectation.
“Cautious” rating is maintained. In accordance with its channel expansion and exchange fair status, its 2009-2010E sales revenue is forecasted to .......