By TX Investment Consulting Co., Ltd.
- Apr 15, 2009
- Shandong Bohui Paper Industry Co., Ltd.
The company is considered as a domestic bellwether of paper making & packaging industry. In 2008, it realized business turnover of Rmb3311mn (+4.52% yoy), net profit attributable to parent of Rmb254mn (+28.23% yoy). The company’s dividend distribution plan was to send pretax dividend cash of Rmb0.80 for every ten shares.
Downstream demand gradually recovers.
The .......
By China Galaxy Securities Co.Ltd.
- Apr 13, 2009
- Shenzhen Jinjia Color Printing Group Co., Ltd.
Event:
The company announced 2008 annual report on April 13, 2009, according to which, it realized operating revenue of Rmb1.908bn (+30.81% yoy), operating profit of Rmb373mn (+56.02% yoy), net profit attributable to parent of Rmb224mn (+35.4% yoy) and diluted EPS of Rmb0.52, which was below our forecast of Rmb0.54.
Our Analysis and Estimation:
Revenue and profit ascended owing .......
By China Galaxy Securities Co.Ltd.
- Apr 9, 2009
- Shandong Chenming Paper Holdings Limited
Event
The company issued 2008 annual report on April 9, 2009, according to which it realizes business turnover of Rmb15529mn (+2.41% yoy), operating profit of Rmb1293mn, which is equal to that of the previous year, net profit attributable to parent of Rmb1075mn (+11.1% yoy), and diluted EPS of Rmb0.52, which is slightly below our expectation. Average .......
By TX Investment Consulting Co., Ltd.
- Apr 7, 2009
- Zhejiang Kan Specialties Material Co., Ltd.
In 2008, the company reported business turnover of Rmb385mn (+11.61% yoy), operating profit of Rmb25.94mn which turned losses into gains, net profit attributable to parent of Rmb22.278mn which turned losses into gains, and basic EPS of Rmb0.11. The company planned no share transference plan in 2008.
Earning forecast and rating: In 2008, the company turned .......
By China Galaxy Securities Co.Ltd.
- Mar 30, 2009
- Paper & Printing
Demand of paper industry is still under obsolete recovery.
Price mechanism of industrial chain tends to be stable.
Profitability is under slow recovery.
Low PB contributes high investment safety margin.
“Cautious” rating is maintained, to positively focus on transactional opportunities. .......
By China Galaxy Securities Co.Ltd.
- Mar 26, 2009
- Paper & Printing
Event:
According to statistics released by PPPC, in February 2009, days of global product pump inventory dropped by 3 days than that of January 2009 to 47 days, and global product pump shipping volume totaled 3.037mn ton (+3.8% mom or -10.4% yoy).
Our Analysis and Estimation:
1. High inventory shows hardships in “de-inventory” of international pump industry;
2. Declined .......
By TX Investment Consulting Co., Ltd.
- Mar 20, 2009
- Xiamen Hexing Packaging Printing
In 2008, the company reported business turnover of Rmb638mm (+37.46% yoy), operating profit of Rmb58.0948mn (+41.14% yoy), net profit attributable to parent of Rmb51.0578mn (+45.50% yoy), and EPS of Rmb0.56. Besides, the company distributed pretax dividend of Rmb2.50 cash for every ten shares plus 9 additional shares.
Based on current equity, we predict its EPS .......
By TX Investment Consulting Co., Ltd.
- Mar 10, 2009
- Ningxia Meili Paper Industry Co., Ltd.
In 2008, the company realized business turnover of Rmb1232mn (+14.34% yoy), operating profit of Rmb63.9490mn (+28.16% yoy), net profit attributable to parent of Rmb68.8324mn (+7.64% yoy), and basic EPS of Rmb0.43. It proposed neither share transference nor distribution plan. Besides, it planned to set up subsidy in Shanghai to be mainly engaged in sales of .......
By TX Investment Consulting Co., Ltd.
- Mar 9, 2009
- Huangshan Novel Co., Ltd.
Price of raw material declines; downstream demand maintains rigid.
Stock option incentive plan is gradually carried out, which enhances impetus to operate the company for management.
Extensive expansion is worth of expectation; relatively high dividend rate advances investment value.
We forecast the company’s 2009-2011E EPS to be Rmb0.55, Rmb0.65 and Rmb0.76 respectively, representing P/E ratio of 16x, 14x .......
By TX Investment Consulting Co., Ltd.
- Feb 23, 2009
- Shandong Bohui Paper Industry Co., Ltd.
In 2008, the company reported business turnover of Rmb3,311mn (+4.52% yoy); net profit attributable to parent of Rmb254mn (+28.23% yoy), and EPS of Rmb0.50, which is basically in line with our expectation of Rmb0.49. According to its dividend distribution plan, the company sends pre-tax cash of Rmb0.80 for every ten shares.
According to earning forecast, .......