Boshiwa Intl 1698

Re: Boshiwa Intl 1698

Postby winston » Thu Jun 02, 2011 7:25 am

Muhajir wrote:Hi Winston, Wondering if you think should I sell now or keep for a bit longer?? Thank you for all your help. Ali


Hi Ali,

I dont follow this counter that closely anymore so I would not be able to comment too much on it.

It all depends on why you bought the counter in the first place, your time horizon and your exit strategy.

This is what I wrote a few days ago:-

winston wrote:Not vested
PE 23. Not cheap. It all depends on their forward EPS growth.
What is the realistic growth rate for a retailer of kid's stuff ?
I dont think they are the only game in town. Just go into any Chinese Mall or any Departmental Store and you will be able to see the choice available.



Good Luck,
Winston
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Re: Boshiwa Intl 1698

Postby Muhajir » Thu Jun 02, 2011 10:10 pm

Muhajir wrote:-Vested

I think its a bargain @ 4.10 where I went in.
Surely those short sellers have to start covering there positions and cannot be expecting it to fall under historical low? :?:
Hope I am correct.

Ali


-Not vested. Sold today @ 4.79 and made kopio money. ;)

Thank you Winston for your opinion and good advise as always!

Ali
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Re: Boshiwa Intl 1698

Postby winston » Wed Jun 15, 2011 9:34 am

Not vested

DJ MARKET TALK: CS Trims Boshiwa Target But Re-Rating Likely

0910 [Dow Jones] STOCK CALL: Credit Suisse trims Boshiwa's (1698.HK) target price to HK$6.10 from HK$6.30 after fine tuning its earnings forecasts; it keeps the stock at Neutral.

It notes Boshiwa share price has declined 38% since the peak after its IPO, with the company currently trading on 12.0X FY12 P/E; the house says according to its last conversation with management, Boshiwa has been achieving good operational performance year-to-date, and management is confident about achieving its original revenue target of CNY2.4-CNY2.5 billion (70%-77% on year growth) and 18%-20% net margin in 2011.

"We believe re-rating is possible if Boshiwa can prove overcoming execution risks, e.g. with consistent good results," CS says. The stock rebounded 4.8% to HK$4.82 Tuesday.

Source: Dow Jones Newswire
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Re: Boshiwa Intl 1698

Postby winston » Mon Aug 29, 2011 1:26 pm

Not vested

2011 INTERIM RESULTS HIGHLIGHTS


Revenue increased by 47.4% to RMB876.7 million

Profit before tax increased by 9.2% to RMB186.7 million

Profit attributable to owners of the Company increased by 11.9% to RMB130 million

Basic earnings per share attributable to ordinary shareholders decreased by 19.2% to RMB6.3
cents

The number of retail outlets increased by 10.9% to 1,724

http://www.hkexnews.hk/listedco/listcon ... 829128.pdf
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Re: Boshiwa Intl 1698

Postby winston » Tue Aug 30, 2011 4:25 pm

Not vested. Another "expert" analyst reducing their TP. This "expert" reduced from 6.10 to 2.50. Is it that difficult to analyse a simple retailer or this analyst just dont have any experience ?

DJ MARKET TALK: Boshiwa Falls 6.4%; Higher Rental Expenses Weigh-CS

1144 [Dow Jones] Boshiwa (1698.HK) is down 6.4% at HK$2.18, as its below-view result triggers a heavy selloff even as the stock had already lost 61.2% month-to-Monday.

So far, HK$36.8 million worth of shares have exchanged hands, and it's set to surpass Monday full-day's HK$37.4 million; the stock's early low of HK$2.15 is likely viewed as an immediate floor.

The China-based children's product retailer reported 1H11 net profit at CNY130 million (up 12% on-year), marking only 31% of the FY11 net profit forecast based on a Thomson Reuters poll.

Credit Suisse says the fast increasing concession fees and rental expenses and A&P expenses dragged down net profit; "we revise down new store opening (below management's guidance) and store efficiency estimates due to high execution risks, and revise up operating expenses forecasts."

It cuts its 2011-2013 EPS by 32%-37%, and also lowers its target to HK$2.50 from HK$6.10. It keeps the stock at Neutral.

Source: Dow jones Newswire
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Re: Boshiwa Intl 1698

Postby winston » Fri Sep 02, 2011 7:40 am

Not vested. If you have gone to their stores, you would notice that there's not too many people there. If you have gone to the Chinese shopping malls, you would noticed that competition is tough. And finally, if you have gone to the warehouses, you would notice a lot of cheap toys and fake toys. Trust your eyes not what some "expert" is telling you ...

Stock plunge no kid's play
Friday, September 02, 2011

It is always upsetting to see one of your recommendations turning bad. Boshiwa (1698) is a top seller of children's products in China.

Last year, revenue soared 123 percent from 2009 while net profit jumped 106 percent.
The number of outlets surged 74 percent to 1,555.

Boshiwa's own brands, Baby2 and Dr Frog, were doing well as it become a key vendor in the mainland for foreign brands including Thomas and Friends and Bob the Builder.

Many fund managers were also bullish on the firm, helping to push the stock up to HK$7.76.

But no one can have expected the shares to plunge to HK$1.97 in just one year. Its interim results were very disappointing.

Net profit rose a mere 12 percent from a year earlier - far below Deutsche Bank' forecast of a 36 percent hike. The broker has just cut its target price on the stock to HK$2.68 from HK$5.53.

Source: Dr. Check, The Standard HK
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Re: Boshiwa Intl 1698

Postby winston » Thu Mar 15, 2012 12:58 pm

Not vested. Did GIC sell before it plunged 40 ?

DJ Boshiwa Auditor Quits Because Company Can't Provide Complete Information

HONG KONG (Dow Jones)--Shares of Boshiwa International Holdings Ltd. (1698.HK) tumbled as much as 42% Thursday after the children's clothing maker said its accountant quit because it didn't have enough information to complete an audit.

Boshiwa's stock plunged to an intraday low of HK$1.50 in the early morning session--its lowest intraday level in five months since Oct. 12. At 0319 GMT it was down 33% at HK$1.72, underperforming the broader market's 0.1% decline.

Boshiwa said the company won't be able to release its 2011 earnings before the end of March because it needs more time for a new audit.

It is considering an investigation of the issues surrounding the resignation of accountants Deloitte Touche Tohmatsu.

The Shanghai-based company--which raised US$369 million in a September 2010 Hong Kong listing--said in a statement to the Hong Kong exchange Thursday that Deloitte Touche Tohmatsu resigned Tuesday after "certain information" it requested is "outstanding or explanations provided by the company are not to their satisfaction."

It added that this "precludes their completion of the audit." Immediate attempts by Dow Jones Newswires to reach both the company and Deloitte Touche Tohmatsu were unsuccessful.

The resignation of Deloitte Touche Tohmatsu could reignite concerns about accounting practices at some overseas-listed Chinese companies.

Last year, the U.S. Securities and Exchange Commission investigated some Chinese companies listed on U.S. exchanges. Trading in several U.S.-, Canada- and Hong Kong- listed Chinese companies has been suspended since then amid allegations of accounting irregularities and other improprieties.

In October, Deloitte resigned as auditor for Real Gold Mining Ltd. following alleged corporate-governance breaches that included failures to disclose material transactions in financial statements.

Boshiwa owns the Boshiwa and Dr. Frog brands of children's products. It also sells other brands like Harry Potter and NBA.

Source: Dow Jones Newswires
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Re: Boshiwa Intl 1698

Postby winston » Fri Mar 16, 2012 6:06 am

Not vested. I recalled visiting a few of their stores in Shanghai a long time ago and they were quite quiet ....


Deloitte quits as Boshiwa auditor

Children's products retailer Boshiwa International Holding (1698) said yesterday its auditor Deloitte Touche Tohmatsu quit after raising concerns related to transactions involving some suppliers and distributors.

Shares of Boshiwa slumped by 34 percent to a three-month low before trading was suspended - the second time following an earlier occasion in October. Deloitte, the auditor since its IPO 18 months ago, quit on March 13.

In filing to the stock exchange, Boshiwa cited a part of the auditor's letter noting prepayments of 392 million yuan (HK$480.5 million) to a supplier and transactions with certain distributors and suppliers.

Boshiwa now will delay the release of annual results and may set up an investigation committee.

Shares of Prince Frog International (1259) and Goodbaby International (1086) fell 3.4 percent and 1 percent, respectively.

http://www.thestandard.com.hk/news_deta ... 20316&fc=8
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Re: Boshiwa Intl 1698

Postby winston » Fri Mar 16, 2012 6:18 am

Not Vested :)

I am upset about the corporate governance of Hong Kong listed Chinese enterprises.

Yesterday, Boshiwa International (1698) plunged 34 percent before being suspended. Its auditor quit and the annual earnings announcement was postponed.

A 390 million yuan (HK$478.2 million) payment to a supplier is being treated with suspicion.

Credit Suisse, the sole sponsor of Boshiwa's IPO, said the announcement was surprising and would hurt investor confidence.

If we cannot select shares based on financial statements, what can we do?

Winston: Trust your eyes & gut. If you have visited their stores, you would be able to see whether they are busy or not.

Source: Dr Check, The Standard HK
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Re: Boshiwa Intl 1698

Postby winston » Fri May 25, 2012 6:46 am

not vested

Children's wear maker Boshiwa International Holding Ltd , which delayed publication of its annual results as auditors resigned, said it has appointed Zenith CPA Ltd as auditor with effect from May 23 following the resignation of Deloitte Touche Tohmatsu.


Source: MING PAO DAILY NEWS
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