Ajisen 538

Re: Ajisen 538

Postby winston » Tue Mar 30, 2010 12:13 pm

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 ? :lol: :roll: )

Source: Dow Jones Newswire
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

Re: Ajisen 538

Postby winston » Thu Jun 24, 2010 8:37 am

Not vested. From Dr. Check, The Standard HK:-

One stock I have mentioned from time to time is Ajisen (China) (0538), a Japanese noodle restaurant chain. It has almost 400 outlets in 70 mainland cities and last year earned HK$314 million, up 42 percent from 2008.

Ajisen's stock is currently trading at 29 times its historical price-earnings ratio. It peaked at HK$15.20 in early 2008 but fell below HK$3 during the financial crisis. The stock has since rebounded, closing yesterday at HK$8.69, near its 52-week high.

Ajisen's business is still growing. So, near HK$8, the stock is alluring.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

Re: Ajisen 538

Postby winston » Wed Aug 18, 2010 7:57 pm

Not vested.

INTERIM RESULTS HIGHLIGHTS

• Turnover rose by 26.8%
to HK$1,188 million (corresponding period of 2009: HK$937 million)

• Profit from core operations of the Group rose by 48.3% to HK$233.9 million (corresponding period of 2009: HK$157.8 million)

• Gross profit margin improved by 0.2 percentage point to 69.1% (corresponding period of 2009: 68.9%)

• Profit attributable to owners of the Company grew by 44.9% to HK$192.8 million (corresponding period of 2009: HK$133.1 million)

• Basic earnings per share increased by HK5.59 cents to HK18.05 cents, representing an increase of 44.9% (corresponding period of 2009: HK12.46 cents)

At HK$9.64, PE about 27 ( assuming 0.36 EPS for whole year )

• Total number of restaurants reached 450 by 30 June 2010 and 461 as at the date of this announcement

http://www.hkexnews.hk/listedco/listcon ... 818540.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

Re: Ajisen 538

Postby winston » Thu Aug 19, 2010 9:15 am

Not vested

DJ MARKET TALK:Ajisen's 1H Profit +45%, But Stk May Need Breather
Aug 19, 2010

0852 [Dow Jones] Ajisen China (0538.HK) may rise but short-term upside likely capped at 52-week high of HK$9.90 set yesterday before ending down 0.8% at HK$9.64, as near term, stock may need to take breather, with 27X forward P/E based on annualized 1H earnings likely to have priced in plenty of expectations of strong earnings growth.

Ajisen's 1H net profit +45% on year at HK$193 million, representing 49% of full-year earnings pegged by Thomson Reuters, as Japanese noodle chain continues fast expansion in China, adding 100 restaurants over 1H09, bringing total number to 450. No interim dividend.


Source: Dow Jones Newswire
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

Re: Ajisen 538

Postby winston » Thu Aug 19, 2010 12:33 pm

Not vested

DJ MARKET TALK: Ajisen Hits 52-Week; Buy, HK$11.10 Target-Kim Eng

1203 [Dow Jones] Ajisen China (0538.HK) +2.8% at intraday peak of HK$9.91, eclipsing 52-week high of HK$9.90 set yesterday, after posting 1H net profit +45% on-year at HK$193 million, driven mainly by continued restaurant expansion in China.

Kim Eng says gross margin surprisingly improved by 0.2 percentage point to 69.1%, with same-store sales growth for China, HK markets recovered to 6.8%, 0.6% respectively; adds, balance sheet remains strong with HK$1.8 billion cash, free of debt, which accounts for about 20% of current market cap.

Given strong results, expectations ASP hike in 1Q together with sales impact brought by Shanghai Expo to be better reflected in 2H10, house keeps stock at Buy, target price of HK$11.10 pegged on 21X FY11 P/E vs previous 18X due to improving fundamentals.

( I dont think that the Shanghai Expo has got anything to do with the better sales ! :roll: )

Source: Dow Jones Newswire
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

Re: Ajisen 538

Postby winston » Fri Aug 20, 2010 11:57 am

Not vested

DJ MARKET TALK: Ajisen +8.6%; Margin Recovery Priced In -JPM

1131 [Dow Jones] Ajisen (0538.HK) +8.6% at HK$10.74, adding to its 2.6% rise yesterday after stronger-than-expected results; 1H net profit +45% on-year at HK$193 million, which 20% better vs JPMorgan's estimate, due to strong margin expansion.

House lifts FY10 earnings estimate by 15%, but adds, worth highlighting that, given high gross margin base achieved 2H09, it will be difficult for company to repeat 45% earnings growth in 2H10. Expects 23% earnings growth for 2H10, with 32% earnings growth for FY10.

Raises target to HK$10 from HK$8.10, keeps at Neutral. "We believe margin recovery is in the price at these levels and we would be buyers only on declines." Stock off fresh 52-week high of HK$10.78 which likely an immediate cap.

Source: Dow Jones Newswire
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

Re: Ajisen 538

Postby winston » Mon Aug 23, 2010 2:36 pm

Not vested

DJ MARKET TALK: Yuanta Cuts Ajisen To Hold; Target HK$10.80

1339 [Dow Jones]S TOCK CALL: Yuanta cuts Ajisen (0538.HK) to Hold from Buy on demanding valuation after Friday's 13% rise to HK$11.14. Keeps target HK$10.80.

Says, stock has priced in all positives such as same-store-sales growth recovery, sustainable high gross margin, effective operations, and solid network expansion.

"We do not recommend chasing Ajisen now. We do not expect the share price to further appreciate until there are more convincing signs of sales growth and margin expansion." Stock +1.1% at HK$11.26; HSI down 0.4%.

Source: Dow Jones Newswire
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

Re: Ajisen 538

Postby winston » Mon Oct 25, 2010 3:18 pm

Not vested. From Phillips:-


Risk

GDP growth can`t reach expectations.
Consumer confidence drops unexpectedly.
Overseas and domestic competitors emerge strongly.
The implementation of expansion plan can`t reach expectations.


Valuation

Economic structure transformation and domestic demands expansion have been keywords in China, so the expectations that the reform of income distribution and Wage Rules will be introduced benefit consumer goods stocks.

In addition to the higher growth rate of catering industry than the whole consumer industry, the chain catering enterprises of branded and standardized operation will benefit from the trends of consumption upgrade and urbanization.

We overweight Ajisen's potential in enhancing single store operation ability and new store expansion as leading fast casual restaurant in China. We estimate its EPS will reach HK$0.427, 0.595, 0.776 in FY10-12, growing by 44.99%, 39.31%, 30.48% YOY with a CAGR of 38.13%.

Ajisen's newest closed price (22 Oct 2010) is HK$13.98 with PE of 32X and 23X on EPS of FY10E and FY11E. Despite higher than its peers, we believe Ajisen's stable managements and sound perspective can support the higher valuation. Giving a leading PE on EPS of FY11E of 26X, we target the 12-month price as HK$15.47, higher by 10.66% than current price. We initially rate it HOLD.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

Re: Ajisen 538

Postby winston » Mon Apr 11, 2011 11:09 am

Not vested. From Phillips:-


Risk

Food security crisis emerges.
Prices of raw materials go up continuously and unexpectedly.


Valuation

Ajisen's latest closed price is HK$16.54, giving leading PER of 30x and 24x on EPS of FY11-12. Considering we expect the EPS CAGR of 25.45% in FY11-13E, we believe current price has reflected its sound growth expectation in the future three years, meaning an unattractive valuation.

Our new 12-month TP is HK$17 based on 25x leading PER on 2012 expected EPS. We rate it HOLD. Buy on decline advised.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

Re: Ajisen 538

Postby winston » Mon Apr 18, 2011 10:11 am

Not vested

DJ MARKET TALK: Ajisen Set To Fall; Major Holder Cuts Stake

0755 [Dow Jones] Ajisen (China) (0538.HK) is set to fall on new of a major shareholder's stake disposal; the company announces that its chairman and CEO Poon Wai is selling 63.55 million shares, representing 5.9% of the company's issued share capital, at HK$15.30 each, which is a steep 9.8% discount to Ajisen's close on Friday at HK$16.96 (+2.5%).

This is the first time Poon has trimmed her holdings since the company's listing in March 2007, and comes as the stock hit an all-time high of HK$16.98 Friday, and may trigger profit-taking in the stock, which had rallied 15.4% since it posted, on March 24, that its FY10 net profit rose 42% to HK$447 million.

At Friday's close, Ajisen is trading at a steep 40.5X historic P/E.

Source: Dow Jones Newswire
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 104538
Joined: Wed May 07, 2008 9:28 am

PreviousNext

Return to A to B

Who is online

Users browsing this forum: No registered users and 2 guests

cron