Not vested.
DJ MARKET TALK: Ajisen +4.5%; FY10 Earnings Growth Promising - KE
1141 [Dow Jones] Ajisen (China) (0538.HK) +4.5% at HK$7.83, intraday peak of HK$8.02 marks fresh 52-week high, after posting FY09 net profit +42.4% on year at HK$314.5 million, beating HK$292.0 million pegged by Thomson Reuters.
While 26.7X historic P/E seems lofty, is in line with Little Sheep's (0968.HK) 28.6X; with China's restaurant chains, if well managed, seem to remain in fast growth track. Kim Eng says Ajisen's bottomline growth helped by 2.0 ppt improvement in gross margin, savings in operating expenses; expects some recovery in traffic flow in 2H09 with decline in same store sales of China operation narrowed to 1.3% in FY09 (2.8% decline in 1H09).
With anticipation in recovery of SSS growth in FY10, potential ASP increases, improving traffic flow from Shanghai Expo, improving operating efficiency, FY10 earnings growth "should be promising," KE says.
( Traffic from Shanghai Expo ? No more good excuse to buy ? )
Source: Dow Jones Newswire