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发表于 27-5-2008 08:31 PM
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Sino Huan Berhad (2739)
The first red-chip company listed on Bursa Malaysia as a result of a reverse takeover of ailing company, Antah Holdings Berhad (which is the reason why it received little coverage). Huaan is principally involved in the production and sale of metallurgical coke, a critical raw material used as energy source as well as a reducing agent for the manufacture of steel. It is the largest independent metallurgical producer in Shandong , China by controlling more than 10% of market share.
For 2007, the company registered revenue of RM852.7 million and net profit of RM127.522 million and EPS of 11.36 Sen. For the 1Q FY08, YOY it recorded jumps in revenue by 56.88% to RM290.798 million, while net profit increase by approximately 1 times to RM35.567 million. This 1Q net profit make-up of 28% of last year full year profit (although traditionally 1Q is a weaker quarter). Net profit margin although drops slightly but still maintained at good level of 18%. Cash-flow and balance sheet also healthy with no borrowing presently.
Company expected its production capacity to increase by 50% by mid of 2008 with the commencement of new plant it will push the company 2H’ top and bottom-line.
Based current market closing price of RM0.67, the counter is traded at 5.9x and 5.3x of FY 07 and FY 08 (annualized) EPS respectively. Compare this to other, Kinsteel, Lion, Annjoo this share is underpriced……… |
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