Wednesday, November 17, 2004

Portfolio Update

Update on Red Star Portfolio:
  • Headed southwards: -7.07% as on 16 Nov 04;
  • Added ZPI SG at S$0.22 last week;
  • Only holding about water is CH SP, 1 breakeven, 6 in the red;
  • Most heavily hit: CFLX SP, FAPX SP, MEGH SP, UFH SP [first two due to oil price concern; market sentiment to China businesses poor].

Google

Food is All Around

We see their food courts all over the island at Bugis Junction, Bishan Junction 8 and even in hospitals. Is Food SP a candidate?

FOOD SP - Operator and manager of food courts; sells food and beverages. Has present in Singapore, Malaysia and China (soon) under the brand name of Food Junction and FJ Square.

Summary of 3Q results [End 30 Sept 03]

  • Price: S$0.60;
  • P/E: 11;
  • EPS Change: 7.3%;
  • PEG: 1.5;
  • Cash per share: $0.19;
  • ROE: 40%;
  • Pre tax margin: 18%;
  • Net profit margin: 14%;
  • Current assets [S$30 mil] outstrips Total liabilities [S$16.3 mil];Current ratio: 1.95;
  • Quick ratio: 1.48


Minuses:

  • EPS [70% -> 49% -> 7.3%] and revenue [36% -> 13% -> 6.2%] growth appear to be slowing;
  • Saturation in Singapore market?;
  • Need to be able to execute business plan in Malaysia and China;
  • Cash flow from Ops declined in 3Q03 [due largely to non cash adj]

Google

Monday, November 15, 2004

Quick Notes on LFBZ SP

  • New Products: TummiTrim, Xando X-Fat, Xando Meal Replacement
  • Entering into Indonesia with appointed distributor Diethelm committing to sales orders of Extrim amounting to S$36m over next 3 years
  • Extrim has obtained approval to enter into Taiwan
    Results Review [04 vs 03A]
  • Sales change: +165%
  • Net Profit change: 108.7%
  • EPS: 2

Google

Meghmani Results Review

MEGH SP - The principal activities of the Company are the manufacture and sale of Pigments, Agrochemicalsproducts and export trading of dyes, dyes intermediates and Agrochemicals products which arenot manufactured by the Company.

6 months ending 30 Sept [04 v 03]

  • Revenue: +48.5%
  • Net Profit: +14.6%
  • EPS: Constant NAV per share: +15.5%
  • ST and LT Bank Borrowings: Reduced
  • Total Liabilities: 1,311,842,000 Rs
  • Total Assets: 3,342,616 Rs
  • EPS: Constant [0.82 Rs on wt shares of 188,176,027]NAV per share: +15.5% [10.12 Rs]


Minuses:

  • Distribution Costs: +36.4%
  • Cost of Sales: +57.4%
  • Cash: -38% [30 Sept v 31 Mar 04]
  • Cash Flow from Ops: -16.9%
  • Affected by crude oil prices as it uses raw materials which are derivatives of oil.
  • Also affected by prices of metals such as copper and aluminum and gases.

Google

The Rays are still Shining: SRAY SP

2nd Quarter Results Review [6 months ending 30th Sept, 04 vs 03]
  • Revenue: +19.4%
  • Profit after tax: + 13.6%
  • Net Cash Flow from Operations: +133.5%
  • Cash and Cash Equivalents at end of Period: +729.6%
  • EPS: 8.57 cents RMB [-12.9%] on a weighted average number of shares of 304,246,880
  • NAV per ordinary share: 44.46 cents RMB [-6.8%]

Future Outlook
  • To launch new product: Bio feedback therapy apparatus in second half of FY2005;
  • Acquired a subsidiary [Grand Most Ltd] which is principally engaged in trading of German O&G equipment;
  • Also has the rights to some American O&G medical equipment;
  • Fetal monitoring apparatus has obtained CE mark;Getting O&G medical apparatus registered with US FDA.

Google

Sunday, November 07, 2004

Is ZPI SG a steal?

ZPI SG (Review of 3Q2004 results released on 3 Nov.)

  • Revenue in 9 months [225 mil RMB] is already 15% more than full revenue in FY2003 [195 mil RMB];
  • Net profit margin of 28%;
  • EPS (9 months in 04) = 0.27 RMB;
  • Two new products - Tea harvestor and perforator introduced;
  • Directors confident that demand will be maintained in the next 12 months;
  • New production facility will be fully operational at end 1Q2005.
[5 Nov close: S$0.23]
The full year EPS in 2003 is 0.152 RMB while 9 months EPS in 2004 has already exceeded it [0.27 RMB]. Therefore, using present price of S$0.23, it translates to an P/E of only about 4.25!!! Now, you tell me whether ZPI is a steal?

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