Stock Name: Eratat
Company Name: ERATAT LIFESTYLE LIMITED
SIAS Research in an Apr 12 research report says: "We attended Eratat’s 2012 Autumn/Winter Collection Party Show on April 8. This year’s Autumn/Winter collection featured some >700 designs (known as stock-keeping units, SKUs) versus >300 last year.
"Eratat’s market capitalization of RMB268.3 million as at April 11 is a discount of RMB551.2 million from its share equity of RMB819.5 million as at end Dec 2011. Trade receivables as at Dec 2011 were RMB442.5 million, while inventory is a low RMB23.06 million. We further noted that cash at bank as at end Dec 2011 was RMB222.0 million versus its market capitalization of RMB268.3 million.
"We continue to hold the view that Eratat’s share price is severely undervalued, noting that it is currently trading at just 121% of its cash balance. Intrinsic value of 32.5 cents. MAINTAIN INCREASE EXPOSURE."
Company Name: ERATAT LIFESTYLE LIMITED
| Research House: SIAS | Price Call: BUY | Target Price: 0.325 |
SIAS Research in an Apr 12 research report says: "We attended Eratat’s 2012 Autumn/Winter Collection Party Show on April 8. This year’s Autumn/Winter collection featured some >700 designs (known as stock-keeping units, SKUs) versus >300 last year.
"Eratat’s market capitalization of RMB268.3 million as at April 11 is a discount of RMB551.2 million from its share equity of RMB819.5 million as at end Dec 2011. Trade receivables as at Dec 2011 were RMB442.5 million, while inventory is a low RMB23.06 million. We further noted that cash at bank as at end Dec 2011 was RMB222.0 million versus its market capitalization of RMB268.3 million.
"We continue to hold the view that Eratat’s share price is severely undervalued, noting that it is currently trading at just 121% of its cash balance. Intrinsic value of 32.5 cents. MAINTAIN INCREASE EXPOSURE."
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