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Saturday, November 17, 2012

KLCI Stock - XINQUAN / 5155 - 2013 Quarter 1

XINGQUAN INTERNATIONAL SPORTS HOLDINGS LIMITED


Company Description
XINGQUAN INTERNATIONAL SPORTS HOLDINGS LIMITED is engaged in investment holding and provision of management services. The Company, along with its subsidiaries, is principally engaged in the manufacturing of shoe soles and shoes, and sales of shoe soles, shoes, apparels and accessories. The Company's subsidiaries include Addnice Holdings Limited (Addnice Holdings), Addnice (China) Co., Ltd. (Addnice China), Fujian Aidinaisi Sports Goods Co., Ltd. (Addnice Sports) and Xingquan (Fujian) Shoes Plastics Co. Ltd. (Xingquan Plastics).

Company Info 
Listing Date2009-07-10
IPO Price2.1
Market Capital (Capital Size)227,424,200 (Small)
Par ValueUSD 0.10
BoardMain
SectorConsumer Products
Major IndustryFootwear
Sub IndustryApparel & Accessories
Websitehttp://www.xingquan-international.com/

My Analysis 
Forecast P/E now(0.74-0.02)/0.4021 = 1.79 (Moderate)
Target Price0.80+0.02 = 0.82 (PE 2.0, EPS 0.4021, DPS 0.02)
DecisionBUY if stock price sustain and uptrend above 0.7
Comment
Revenue increased 6.1% but lower than preceding year corresponding quarter 4%, eps increased 108.3% and also higher than preceding year corresponding quarter 3.8%, cash generated from operating more than enough to cover all expenses, gross margin recorded vey high above 30%, liquidity ratio indicate very firm position to meet current obligation but holding too many cash and pay low dividend, gearing ratio indicate low liabilities risk, all accounting turnover period is good which can generate free cash flow, footwear business weakening, shoe soles business maintain, apparels & accessories business growth
First Support Price0.7
Second Support Price0.665
Risk RatingMODERATE

Research House
Mercury Target Price1.1 (2012-08-27)
CIMB Target Price1.01 (2012-09-03)

Accounting Ratio 
Return on Equity24.07%
Dividend Yield2.70%
Gross Profit Margin34.56%
Operating Profit Margin22.75%
Net Profit Margin22.62%
Tax Rate18.31%
Asset Turnover1.1589
Net Asset Value Per Share2.04
Net Tangible Asset per share2.04
Price/Net Tangible Asset Per Share0.36
Cash Per Share1.11
Liquidity Current Ratio6.7959
Liquidity Quick Ratio6.4293
Liquidity Cash Ratio4.0319
Gearing Debt to Equity Ratio0.1375
Gearing Debt to Asset Ratio0.1209
Working capital per thousand Ringgit sale59.2%
Days to sell the inventory20
Days to collect the receivables89
Days to pay the payables40

Technical Analysis 
SMA 100.73 (Uptrend)
SMA 200.736 (Downtrend 81 days)
SMA 500.752 (Downtrend)
SMA 1000.812 (Downtrend)
SMA 2000.866 (Same)
MACD (26d/12d)-0.008821 ( 0.001633 )
Signal (9)-0.009375 ( 0.000139 )
MACD Histogram0.000554 (Bullish trend 1 day)
Bolinger Upper Band0.759
Bolinger Lower Band0.713

My notes based on 2013 quarter 1 report (number in '000):
- Lower revenue than FY12Q1 due to decrease in sales volume of shoe and accessories

- Higher pbt due to increase in average selling price of apparel

- Estimate next 4Q eps after 2013 Q1 result announced = 0.4021, estimate PE on current price 0.74 = 1.79
- Estimate next 4Q eps after 2012 Q4 result announced = 0.4021, estimate highest/lowest PE = 2.04/1.69 (DPS 0.02)
- Estimate next 4Q eps after 2012 Q3 result announced = 68622*2.2/307330 = 0.4912, estimate highest/lowest PE = 1.87/1.69
- Estimate next 4Q eps after 2012 Q2 result announced = 553353*0.24/307330 = 0.4321, estimate highest/lowest PE = 2.36/1.94
- Estimate next 4Q eps after 2012 Q1 result announced = 0.4, estimate highest/lowest PE = 2.6/1.66
- Estimate next 4Q eps after 2011 Q4 result announced = 0.3845*1.05*0.8696 = 0.3511(adjustment of issue new securities), estimate highest/lowest PE = 2.76/2.18
- Estimate next 4Q eps after 2011 Q3 result announced = 0.3154*1.1 = 0.3469, estimate highest/lowest PE = 3.32/2.31 (DPS 0.05)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3452*1.1 = 0.3797, estimate highest/lowest PE = 3.56/2.82 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.3452*1.1 = 0.3797, estimate highest/lowest PE = 4.87/3.56 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.095*4 = 0.38(0.095 is average of recent 2Q minus little eps due to end of tax exemption and reduction), estimate highest/lowest PE = 4.93/2.91 (DPS 0.025)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1584*2*1.1 = 0.3485, estimate highest/lowest PE = 3.77/3 (DPS 0.025)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0834*4 = 0.3336, estimate highest/lowest PE = 4.2/3.15
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4288, estimate highest/lowest PE = 3.59/3.03

XINQUAN latest news (English)

XINQUAN latest news (Chinese)

Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdategros_moper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-11-1620131N/AN/A-6.24%6.24%199199199199450684506836818368180.11980.11987125425734608611184383-626431420732685N/A30083939388393883402273073303073302274242012-09-3034.56%22.75%22.62%18.31%1.1589-2.042.040.361.116.79596.42934.03190.13750.120959.2%208940
2012-08-27201240.840.70.023.65%25.52%18782184414926511158306176621235750.05750.40216613205218857167669948-58964410284894511259722822393397808003090233073303073302627672012-06-3023.29%14.25%14.12%33.38%1.26112.12641.921.920.450.987.4617.14174.30090.12160.108454.2%148731
2012-05-17201230.920.83-7.84%21.28%21678663842447506128199379421030230.12350.33526449805051147186970143-5731114005266771225322199833375211222431203073303073302627672012-03-3136.50%22.04%21.91%20.13%1.3059-1.861.860.460.797.20126.83163.46610.12540.111451.6%1710230
2012-02-22201221.020.84-6.34%13.92%221942436583386468355230680673870.09980.21936430774988298972487937-55335316906283813695229867140683732302403073303073302950362011-12-3132.82%17.52%17.41%20.61%1.2552-1.81.80.530.755.67265.37832.61820.16210.139550.9%1711043
2011-11-18201211.040.665-7.33%7.33%207465207465434064340635481354810.11540.11546073904623458779286016-519598181011150837122218119251276221945593073303073302873532011-09-3031.95%21.11%20.92%18.26%1.2908-1.691.690.550.655.37515.07742.32450.1690.144548.0%1711040
2011-08-26201141.060.84-12.97%36.81%19608174820746362155673443731259790.14440.40995809914341469674994974-48424213512666381142629277553126645522282233073303073303011832011-06-3029.89%23.85%23.64%4.29%1.28162.39071.581.580.620.754.57124.30422.41770.19980.166545.5%188841
2011-05-18201131.20.85-8.80%23.20%1816955370643841510632930103793800.09800.2583519207381898112208104452-406999436266345145812847881070771116581731303073303073303565022011-03-3131.10%21.47%21.14%21.64%1.3178-1.321.320.880.553.65623.41651.61650.27570.216140.5%1910047
2011-02-18201121.41.12-6.76%14.91%198748367967358077032423143510260.07530.1688501441383938111851104017-389590734363935252362948831127881075521873313073303023194302622010-12-3132.79%18.27%18.02%35.37%1.3299-1.291.291.090.573.69113.44991.6970.28710.223142.0%2010050
2010-11-18201111.641.35-8.09%8.09%168093168093342863428627697276970.09010.0901480904393637117558115716-36334628382622059929249222162215633140553073303073304917282010-09-3030.47%20.66%20.40%19.22%1.347-1.181.181.360.953.40183.27332.51570.32350.244542.9%124966
2010-08-16201041.91.40.02517.07%90.23%13569557667827214127194191391011600.06280.33194318103479728961487956-3421961059925558313745185612504091878602734723048043048045791272010-06-3029.62%20.31%20.06%29.67%1.3915.72491.121.121.70.93.95623.74663.11820.26190.207543.3%173449
2010-05-17201031.91.13-27.74%72.43%164340450979373699898631104812050.10230.2672442624378940111538111538-331086846643270113873484852519631906972755493039653039653525992010-03-3133.34%22.92%22.74%16.77%1.2828-1.091.091.060.943.39743.2492.57140.33690.25247.1%164979
2010-02-25201021.341.070.02525.33%42.23%179660311254348985985428394473500.09390.1566432797393276112247112247-32055055672621613547491737494561849302766673023193023193446432009-12-3135.04%19.53%19.42%18.64%1.1786-1.061.061.080.993.50373.34392.67570.35020.259455.1%205491
2009-11-11201011.41.05-19.71%19.71%120969120969276162761622101221010.07430.07433827603462048934889348-29341229885157511227383962283101405832245452973082973083924462009-09-3036.99%23.11%22.83%19.97%1.1543-0.990.991.330.873.87483.67752.9070.30450.233458.1%2357102
2009-08-24200941.541.3-20.54%86.19%1028294032652477810292620424856840.09490.3983215530181311103417103417-11211386839455430275356118228552010876212151302151302861222009-06-3035.01%24.60%24.10%17.57%1.92243.33930.520.522.560.451.75321.57560.93610.92240.479818.8%265897
2009-07-07200931.911.3-22.51%65.75%106645300940266997827722374653670.10400.30382002051623539789097890-1023154664228492688935670437931690452574215130215130N/A2009-03-3135.11%25.52%25.04%16.20%1.9927-0.480.48N/A0.311.65851.50940.69090.95680.488916.2%217386
N/A20092N/AN/A-22.96%45.35%111374203752274535408922824450860.10610.2096N/AN/AN/AN/A-N/A427102429365813740740281370041107215130215130N/A2008-12-3138.68%25.15%24.65%16.86%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20091N/AN/A-22.66%22.66%9348293482269542695422527225270.10470.1047N/AN/AN/AN/A-N/A167191368110853785415351426642120215130215130N/A2008-09-3037.87%29.40%28.83%16.42%N/A-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-N/AN/A
N/A20084N/AN/A-N/AN/A87439327639216897584218624665960.08660.3096186367148112869548695450499413584776648478623437451829396738341215130215130N/A2008-06-3031.98%25.39%24.80%14.13%0.4692-0.460.46N/A0.231.70331.53240.58020.87910.466669.9%91346357

Financial Quarter Balance Sheet
yearqrtLeasehold land use rights (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Inventories (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Current tax liabilities (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
20131656213252034022830934202298172882501460061533-
20124659713283830083922334198712172871911460048157-
20123662613324024312025924236070172695641458845991-
20122689613735223024025879242710178779661409865873-
20121688613815919994825609236788177681451900658865-
20114691813992722962325358179165177584882899557491-
20113643013087916885025037188011775679163605960477-
20112652611097717651325087182338783457733641861826-
201116484807832911041486787666184274182921179087-
201046594772442742661843955267165847572955853641-
2010310650530342868101655875572-64872551579536-
201024409351123003381793475004-65052344382299-
201014486320702597361762668842-6071508078197-
20094424229977968071836366141-43542924769816-
20093475833094676371459780119-48173263260441-
20084466433591504551486282795-30662567458214504

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestSelling and distribution costs
2013119919982501303462453323948-19924
2012418782188491440832513925009-12359
2012321678695641376502722845845-25797
2012222194279661491032454027279-27071
20121207465792514118639425534649-20383
2011419608119891374694052585773-6330
2011318169583121251845951545709-11946
20112198748126641335875132037407-21637
2011116809365891168744442503674-13065
2010413569580759550034918862428-12090
2010316434062651095493051893975-13331
2010217966065041167001941899173-18884
20101120969551576220337988561-8333
2009410282943546683251499378107023
20093106645432569198519841706-8607
200921113744629682895631753956-11288
20091934824427580835334771399-6990
20084874393065594785082591161206743

Financial Quarter Segments Revenue
yearqrtShoe solesFootwearApparels & Accessories
2013199603129746179966
2012498817112849164052
20123101280176862167679
20122102958172260166580
20121103666157588164045
2011490958130464133901
2011373848168103144131
2011268603183375156533
2011171406155158120234
201046731614902283017
2010353275172316129893
2010257369162781137739
201014923313962873278
200944093311088363352
200934158311884662351
200924304911947359339
20091440519953940429

Financial Quarter Segments Profit
yearqrtShoe solesFootwearApparels & Accessories
20131326075074659128
20124182202966139614
20123355547493452256
20122336446086350157
20121328235502648342
2011489776009722098
20113379292137622429
20112175333719015261
20111215003296417825
2010419212246249280
20103145464659223026
20102157124462418700
20101140854781912921
20094105743429610648
2009311147329259522
200927993382749975
2009111731331908681

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = average working capital per thousand Ringgit sale
inv_d = average days to sell the inventory, rec_d = Average days to collect the receivables


CURRENT


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING

1 comment:

anbz said...

watchout!!
novamsc TP 60 cents!!!
capital repayment+takeover...big accumulation done for years already!!
Net profit 1000%

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