Stock Name: Qingmei
Company Name: QINGMEI GROUP HOLDINGS LIMITED
CIMB said Qingmei is “a steal at current price” due to its high net cash level of $0.141 per share. The firm also offers an attractive dividend yield estimated at 14.3% for the fiscal year ending June 2012.
Company Name: QINGMEI GROUP HOLDINGS LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 0.241 |
CIMB initiated coverage of Singapore-listed Chinese sports shoe maker, Qingmei Group Holdings, with a buy rating and a price target of $0.241.
By 12:00 p.m., Qingmei shares were around 4.4% higher at $0.168. The company’s shares fell 55.6% last year.
By 12:00 p.m., Qingmei shares were around 4.4% higher at $0.168. The company’s shares fell 55.6% last year.
CIMB said Qingmei is “a steal at current price” due to its high net cash level of $0.141 per share. The firm also offers an attractive dividend yield estimated at 14.3% for the fiscal year ending June 2012.
The broker said demand for sports shoes in China will likely remain high, helped by government efforts to promote sporting activities. It quoted research firm Frost & Sullivan, which predicts 16.1% annual growth in China’s sports shoes market from 2010 to 2015.
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