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Re: Ajisen 538

PostPosted: Mon Aug 28, 2017 9:03 am
by winston
not vested

Expect topline growth acceleration in 2H17

Ajisen’s 1H17 core net profit rose 31.6% yoy to Rmb108.6m, above our expectations due to better-than-expected OPM expansion.

With SSSG recovering to positive territory in 2Q16 post 10 consecutive quarters of decline, we expect acceleration in store openings which will drive topline growth.

We believe market has priced in the negative news on Baidu Waimai, and further clarity on the topic in the near term should remove share price overhang.

We raise our FY17-19F EPS forecasts by 0.5-3.6% on the back of stronger margin expansion.

Maintain Add with higher DCF-based TP of HK$4.00 (WACC: 10.5%).

Source: CIMB ... 5zjhA2.pdf

Re: Ajisen 538

PostPosted: Wed Oct 25, 2017 8:57 am
by winston
not vested

Remarkable SSSG recovery in 3Q17

Ajisen’s PRC SSSG of +9.7% in 3Q17 marked a significant improvement over +1.6% in 2Q17; this should boost investor confidence, in our view.

We forecast revenue growth of 5.7% in 2H17F on the back of continued strong SSG
recovery and 50 net store openings in 2H17F.

Online takeaway business continues to grow well.

Maintain Add and TP of HK$4.00.

Source: CIMB ... _SXcw2.pdf

Re: Ajisen 538

PostPosted: Wed Jan 17, 2018 7:41 am
by winston
not vested

Ajisen sales growth down

by Samantha Wong

Restaurant operator Ajisen (China) Holdings (0538) said its same store sales growth rate dropped 7.9 percent in Hong Kong for the fourth quarter ended December 31, while same store sales growth rate in China was up 5.3 percent.

The group's fast casual restaurant business sales grew 2.4 percent. Its shares closed at HK$3.77 yesterday, up 18 HK cents or about 5 percent from the day before.

As at June 30 last year, the group's restaurant portfolio consisted of 649 Ajisen chain restaurants, with the most in Shanghai with 132 restaurants, followed by 78 in Jiangsu and 60 in Zhejiang. While Hong Kong has 29, down from 37 a year earlier.

The group's four major factories are in Shanghai, Chengdu, Tianjin and Dongguan.

Source: The Standard ... 0117&sid=2

Re: Ajisen 538

PostPosted: Thu Mar 14, 2019 8:03 am
by winston
not vested

Ajisen China alleges ex-CFO misappropriated HK$23.6m

Ajisen China Holdings alleged in a statement today HK$23.63 million have been misappropriated by chief financial officer Robert Lau Ka-ho, through fraudulent checks between January 2012 and November 2018.

On December 14, last year, the company said Lau is suspected to have misappropriated certain funds of Ajisen China Group Management, which is a wholly-owned subsidiary. The funds were transferred to the personal bank accounts of Lau.

The amounts have been reflected in the company’s audited financial statements for the respective years as staff expenses.

The financial position of the company for the year ended December 31, 2018 is expected to be impacted to the extent of HK$5.53 million.

This compares with the group’s unaudited consolidated turnover and unaudited consolidated net profit for the six months ended June 30, 2018 of

1.15 billion yuan (HK$1.34 billion) and 133.77 billion yuan (HK$156.51 billion) respectively.

The company has engaged RSM Consulting (Hong Kong) an independent consultancy on March 11, 2019, to investigate the Incident, and to review internal control procedures and systems and make recommendations to the board to address and rectify the weaknesses identified, if any.

The investigation and review are ongoing.

The company has taken formal legal action to recover its loss, Ajisen China said.

Source: The Standard ... 0313&sid=2