Stock Name: Qingmei
Company Name: QINGMEI GROUP HOLDINGS LIMITED
CIMB in a Feb 6 research report says: "Qingmei is currently a vertically integrated manufacturer of mid- to high- end sports shoe soles. With a projected yield of 14.3% in FY12F, this stock is a steal at current price.
"Qingmei currently trades at undemanding 1.7x CY13 P/E vs historical average 2.6x. With a high cash net per share of 14.1 cents in 1QFY12, we believe the stock is a steal. Target price of 24.1 cents, based on 2.6x CY13 estimates (its historical average forward P/E). This offers an upside of 49.9%.
"With all shoe soles registering growth of roughly 7-11%, even amidst the slower economic backdrop in 2011, we are confident that Qingmei has the right recipe to continue healthy growth uptrend. This is reflected in its ability to keep ASP's stable, while boosting overall sales. BUY (initiating coverage)."
Company Name: QINGMEI GROUP HOLDINGS LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 0.241 |
CIMB in a Feb 6 research report says: "Qingmei is currently a vertically integrated manufacturer of mid- to high- end sports shoe soles. With a projected yield of 14.3% in FY12F, this stock is a steal at current price.
"Qingmei currently trades at undemanding 1.7x CY13 P/E vs historical average 2.6x. With a high cash net per share of 14.1 cents in 1QFY12, we believe the stock is a steal. Target price of 24.1 cents, based on 2.6x CY13 estimates (its historical average forward P/E). This offers an upside of 49.9%.
"With all shoe soles registering growth of roughly 7-11%, even amidst the slower economic backdrop in 2011, we are confident that Qingmei has the right recipe to continue healthy growth uptrend. This is reflected in its ability to keep ASP's stable, while boosting overall sales. BUY (initiating coverage)."
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