Highlights:
· Broad-based demand, leading to strong contributions from existing and new
businesses: Group revenue grows +47% to HK$843.7 million.
· Robust demand for printing and packaging services and products:
Printing and packaging revenue +31.8% to HK$618.2 million.
· Higher circulation and advertising revenue from magazine portfolio:
Newly acquired Flying Media records advertising and distribution revenue growth of
88.3% to HK$197.7 million.
· Part year contribution from newly formed display marketing business:
Display marketing revenue contribution of HK$27.8 million.
· Net Profit attributable to shareholders +28% to HK$163.1 million.
· Strong foundation for growth amid buoyant economic conditions:
Group is optimistic of business prospects in FY2007
Media Release
Full Year Financial Statement And Dividend Announcement.
I released to some readers my analysis on Fung Choi. I felt it was inappropriate to release my analysis here as it would warrant unwanted attention.
Rumours were wild, false accounting practices, accounting irregularities and huge provisions made for such actions.
I held my stand based on value DCF evaluation, my personal experience in the printing industry and past stock market knowledge. I dont see any rumours of the sort I have hearing recently. Average down , average down was ringing loud in my ears. The discount was too attractive for a value investor like me to ignore.
"Buy on rumours, sell on facts."
I just reached home and am delighted on first glance the results that were released. As usual, I will do the sums and come up with the revised analysis on Fung Choi.
Cheers
Niversphere.
p.s: I hate Mondays!!!
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Please read the prospectus and perform your analysis before making any investment decision. The above does not constitute a recommendation to apply for this company. I will not be liable for any losses incurred by anyone who invests based solely on the above-mentioned information.
Google Finance
SGX Announcements
Yahoo Finance!
Fung Choi Media Group : Keeping Faith With Value, Ignore The Noise.
LongCheer :: Highlights to Make
Generally for handset designers and makers, the 3Q is the strongest and the 4Q is the weakest. LongCheer achieved 81% QoQ increased gross profit which is impressive. YoY gross profit increased 123%. I expect competition to intensify and gross margins might dipped a little. It has maintained a good cash position of RMB450 from RMB 429.9M previously mentioned. Trade receviables decreased 17% to RMB 41.1 M.
Inventory turnover improved to 19.7 days from 26.5 days which is huge improvement, I would like the the inventory turnover to improve further. As highlighted before, staffing has increased further to 700 at the end of FY2006, no comments.
“We expect the mobile phone market to remain buoyant in the financial year ahead. Given that mobile phone penetration rates remain low and replacement demand is becoming increasingly high, we maintain an optimistic outlook on the Group’s prospects. Now that we have established a strong presence in the Chinese market, we are well-positioned for a new level of growth in the overseas market as well,” commented Mr Tao.
My Investment Philosophy
I would seriously like to see LongCheer venture overseas out of its doors to North America or Europe just like TechFaithWireless.LongCheer had a collaboration with a local company for a certain Linux PDA smartphone model. Apparently, we are not receiving more positive news from this company. Well.(FYI: I tried smartphones built on different platforms for comparison, and my ratings are Windows, Linux then Symbian OS.)
Some people highlighted the fact that the management has stated that FY07 will be moderate. I had to say management was wise to lower shareholder expectations as such rapid growth is simply too good and difficult to substain. I remain higly optimistic on LongCheer.
By current price, PE ratio is a low single digit of 7.2, strong cashflow position, expanding R&D staff force, ambitious management, leaders in its own industry, building up higher barriers of entry by vertical expansion and acquiring edge technology, implementing 3G network and style conscious Chinese consumerism.
Based on my DCF model, eps growth rate of 20% and discount factor of 5% which yields an instrinsic value of S$1.93 which is 16x PE ratio which is more in line with its peers PE ratio of 15 to 20.
BlogCharm
Cheers
Niversphere.
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Please read the prospectus and perform your analysis before making any investment decision. The above does not constitute a recommendation to apply for this company. I will not be liable for any losses incurred by anyone who invests based solely on the above-mentioned information.
LongCheer ::.. Benefiting from style conscious Chinese consumerism
PRESS RELEASE – FY2006 RESULTS
SGX-LISTED LEADING CHINESE MOBILE PHONE DESIGNER LONGCHEER HOLDINGS DOUBLES FULLYEAR EARNINGS TO RMB 224.5 MILLION
Revenue grew 155% to RMB 1,984.0 million; net profit
doubled to RMB 224.5 million (S$44.8 million)49.5% dividend payout ratio; proposed final dividend of 1.56 Singapore cents per ordinary share, on top of 4.16
Singapore cents in interim and special dividends for FY2006
Financial Statement and Dividend Announcement
LongCheer Media Release
As mentioned in my earlier post, LongCheer is in a good cash position and management has rewarded loyal shareholders with another generous dividend payout.
TA vs FA on LongCheer
Technical Side of 3G Rollout in China
............
LongCheer could be the closest proxy to the widespread rising style conscious consumerism of the Chinese in PRC and also hitch onto the rising adoption of the mobile lifestyle in China. Mobile handsets has practically been unirreplacable part of our lives. Can you imagine going out without your handset? It's as if we are born with handsets(obviously not I was born with pagers. Just joking). My first mobile was the Motorola StarTec X , then Nokia 6650, Nokia 6610, 3 Samsungs, 2 Sony Ericssons and now the lastest addition SE W810i. Imagine the mini fortune, I had spent on phones. Maybe you might not change handsets as often as I do. I work on them for research and development though. I would like to highlight the current widespread spending generation of Chinese. The need for a better quality of life. Not to be caught dead pulling out a outdated phone model from your pocket. Chinese are particular about the face-value factor. Laughs.
LongCheer is a relatively new listing here in SGX. So far, its results released has been impressive. LongCheer achieved y-o-y sales and earnings growth of 102% and 69% respectively in the 3Q06. Gross margin improved from 16.1% to 19.1% q-o-q driven by new products. Staff size has grown considerably from 300 to 600 which bodes for further expansion.
LongCheer is deeply undervalued given its rosy growth prospects. LongCheer has a cash position of RMB 429.9M and I expect another generous dividend payout from the company. CIMB-GK has a TP of S$1.59 while DBS Vickers has a fair value of S$2.00 for LongCheer. Currently, I have a fair value of S$1.20 for LongCheer which is approximately 67% undervalued from the current share price of S$0.71.
Possible Customers & Rivals of LongCheer
I will have a detailed calculations later. Looks fantastic on first glance though.
Cheers
Niversphere.
Please read the prospectus and perform your analysis before making any investment decision. The above does not constitute a recommendation to apply for this company. I will not be liable for any losses incurred by anyone who invests based solely on the above-mentioned information.
Work on your own strengths
This is afterall also a blog on personal development. I have such a site to recommend to motivated readers.
Personal Development for Smart People
Hear this
DanielXX said...
Bravo! Figure out your competitive advantage, build assiduously on it and eventually you will succeed as people recognise your value-add. That's what I always believe.
Cheers
Niversphere.
Ausgroup :: Fantastic Results
Ausgroup :: Tapping on Aussie Development
Full Year Results and Announcement
Media Release
Based on my DCF calculations, I have updated the target price for Ausgroup to $0.75.
Today's share price of 0.36 is approximately 108% undervalued from the rough estimate of intrinsic business value.
Cheers
Niversphere.
Please read the prospectus and perform your analysis before making any investment decision. The above does not constitute a recommendation to apply for this company. I will not be liable for any losses incurred by anyone who invests based solely on the above-mentioned information.
Forex Trading and Ambition
Came across this website written by Grace Cheng and is amazed by the ambition of this woman. I am like her, never afraid to boldly state out our ambitions in life. To those who are reading my blog, you are probably just as ambitious as me. People can say that its greed that pushed me, they can say whatever they want. Hypocrites ! We all have this clear goal in our minds and we are not going to falter to those losers.
Life constantly pushes us around everyday, and there will come a time when you look back in life. Smile and punch the air and say "Yes"!
Stay ambitious !
"Do not adjust your goals to bring them in line with your life. Adjust your life to bring you in line with your goals. "
Power Forex Trading
Hetty Green - By DanielXXX
p.s: I have a youtube video link in my previous post that briefly introduced hetty green. Check it out.
Cheers
Niversphere.
Providing an Insight into Hedge Funds.
Inspiration from the smog in Hong Kong and providing an insight into Hedge Funds. Personally, I accept the fact that I know close to nothing about hedge funds before this. Enjoy the weekend read.
Cheers
Niversphere.
Some links:
Magnum Funds
Fraternity Fund
Articles from Hedge Fund Association
Hedge funds attracting more interest from Singapore investors: experts
SGX to accept listing of hedge funds from Thursday -28 Jun 2006
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Investor Questionnaire by Vanguard:
Link
Possible Customers & Rivals of LongCheer
1. Daxian Telecom
2. Gionee
3. PhoneTech
4. TCL
5. ZTE
6. Konka
Competition:
1. TechFaith Wireless
2. SimCom
3. Yuhua
4. KeJian
Let it be known that LongCheer is one of the top 5 leading design and manufacturing house in China.
Cheers
Niversphere.
TA vs FA (LongCheer Holdings )
Technical Analysis:
Chart Request for LongCheer Courtesy of Quest.
Fundamental Analysis:
Technical side of 3G rollout in China
Cheers
Niversphere.
