Stock Name: Ziwo
Company Name: ZIWO HOLDINGS LTD.
Phillip Securities Research in an Aug 15 research report says: "Revenue was RMB132.8 million (-2.1% y-o-y, +14.7% q-o-q), net profit was RMB22. million (-31.6% y-o-y, +8.2% q-o-q). 2Q11 results came in below our expectations.
"Revenue and net profit are 11.6% and 36.0% lower than our estimates respectively. What attributed to the lower year-year performance are mainly the lower sales volume and higher raw material expenses. We cut our FY11E/12E revenue and net profit by 20.2% and 17.7%, and 10.7% and 26.8% respectively.
"Balance sheet is still very healthy with zero borrowings and cash balance of RMB212.2 million. In view of the heightened risk aversion in the market, we are reducing our PE peg from 5x to 3x blended FY2011E/2012E earnings. This gives us a target price of 18.5 cents. MAINTAIN BUY."
Company Name: ZIWO HOLDINGS LTD.
| Research House: Phillip Securities | Price Call: BUY | Target Price: 0.185 |
Phillip Securities Research in an Aug 15 research report says: "Revenue was RMB132.8 million (-2.1% y-o-y, +14.7% q-o-q), net profit was RMB22. million (-31.6% y-o-y, +8.2% q-o-q). 2Q11 results came in below our expectations.
"Revenue and net profit are 11.6% and 36.0% lower than our estimates respectively. What attributed to the lower year-year performance are mainly the lower sales volume and higher raw material expenses. We cut our FY11E/12E revenue and net profit by 20.2% and 17.7%, and 10.7% and 26.8% respectively.
"Balance sheet is still very healthy with zero borrowings and cash balance of RMB212.2 million. In view of the heightened risk aversion in the market, we are reducing our PE peg from 5x to 3x blended FY2011E/2012E earnings. This gives us a target price of 18.5 cents. MAINTAIN BUY."
No comments:
Post a Comment