Ajisen 538

Re: Ajisen 538

Postby iam802 » Thu Aug 16, 2012 7:33 pm

Seems like it wants to go lower.

What's the catalyst?

2012Aug-Ajisen (China) Holdings Ltd.-800x600.png
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1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: Ajisen 538

Postby winston » Thu Aug 23, 2012 3:49 pm

not vested

AJISEN (CHINA) (00538.HK): Pork fine impact getting milder

AJISEN (CHINA) (00538.HK)'s China and HK's same-store sales growth were -24.7% and -2.4%, respectively, in the first half of the year.

Chief operating officer and executive director Yin Yibing said at the press conference for interim results that the decline was mainly due to the slowdown of growth in the restaurant industry in the Mainland and the pork fine event. The impact of the latter is expected get milder, but the Company currently has no intention to raise the sales target.

In the first half of the year, the number of restaurants reached 672, and the target this year is a net increase of 30-40 to a total of 700 during the year, and 1000 in 2013-14.

Yin mentioned that the new stores are mainly small economy shops, with an area of about 150-180 square meters. The new shop opening rate slowed from last year 160-170 to 30-40, due to the impact of the economic environment. It will focus more on renovation of existing shops.

In addition, the Group is establishing production base. The one in Shanghai has completed, while the one in Chengdu has put into trial production stage, and can be put into operation in the second half of the year; while the ones in Shandong and Dongguan are expected to commence production next year.

Yin said such will enhance the automation and production capacity, and make the production process more concentrated to help reduce costs.

He added that the turnover in the second half of a year is traditionally higher than the first half, and therefore he has confidence in lowering the cost to turnover ratio.


Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Thu Aug 23, 2012 7:22 pm

INTERIM RESULTS HIGHLIGHTS

• Turnover decreased by 9.2% to HK$1,512 million (corresponding period of 2011 : HK$1,665 million)

• Profit from core operations of the Group decreased by 87.5% to HK$41.4 million (corresponding period of 2011 : HK$332.3 million)

• Gross profit margin decreased by 2.7 percentage point to 65.8% (corresponding period of 2011 : 68.5%)

• Profit attributable to owners of the Company decreased by 81.6% to HK$46.9 million (corresponding period of 2011 : HK$255.2 million)

• Basic earnings per share decreased by HK19.46 cents to HK4.37 cents, representing an decrease of 81.7% (corresponding period of 2011 : HK23.83 cents)

• Total number of restaurants reached 672 by 30 June 2012

http://www.hkexnews.hk/listedco/listcon ... 822598.pdf
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Re: Ajisen 538

Postby winston » Tue Aug 28, 2012 10:22 am

not vested

Research Report>AJISEN (CHINA) (00538.HK)'s TP cut to HK$3.6 by UBS on unsure about 2013 performance

AJISEN (CHINA) (00538.HK)'s first-half profit trailed estimate, mainly due to higher-than-expected operating expenditure, which included labor costs and rentals, said UBS, who pointed out AJISEN(CHINA)'s target of having 1,000 branches in 2014 an aggressive one.

AJISEN (CHINA)'s budget for full-year advertising and marketing spending is HK$40 million, representing 1.3% of income.

UBS deems such budget for spending is not enough as the time is now critical for AJISEN (CHINA), which business is treading on a path towards recovery.

In the first half of the year, EBIT margin of AJISEN (CHINA) slipped to 4.5%.

UBS lowered its 2012-14 earnings forecasts for AJISEN (CHINA) by 36%, 31% and 26% respectively.

AJISEN (CHINA) was maintained Sell with target cut to HK$3.6 from HK$4.83.

Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Mon Sep 03, 2012 11:17 am

not vested

<Research Report>AJISEN (CHINA) (00538.HK) retained Neutral, TP cut to $6.15 by CS
Aug 24, 2012

AJISEN (CHINA) (00538.HK)'s profit plunged 82% from a year ago to $47 million, coming 30% below market projection, Credit Suisse said in a report.

Sales plunged 9% from a year back to $1.5 billion.

Profit before tax tumbled 18 percentage points to 4%. Same store sales growth also declined 24.7%.

The management believes softening macro economy will drag down same store sales growth by 10 percentage points.

AJISEN (CHINA) (00538.HK) is kept Neutral with target price reduced from $8.01 to $6.15.


Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Mon Sep 03, 2012 11:19 am

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AJISEN (CHINA) (00538.HK) faces rising cost pressure; cuts 10% staff so far this year
August 23, 2012

AJISEN (CHINA) (00538.HK)'s chief operating officer and executive director Yin Yibing said its profit margin inched down 2.7 percentage points to 65.8% due to higher costs in staff, purchasing and advertising.

Advertising expenses amounted to RMB14 million during the period and are expected to total RMB40 million for the whole year.

Yin projects prices of food, particularly pork and flour, to grow further in the second half of 2012, due to scarcity of maize in the U.S.

The company strives to control costs, including fixing oil prices, purchasing frozen pork and making bulk purchase. The company temporarily has no plan to lower meal price and projects full-year profit margin to keep at 65%.

Chief Financial Officer Robert Lau said the company has cut 10% jobs so far this year with 16-17 workers in each restaurant, adding the company will raise working efficiency and salary level of staff.


Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Mon Sep 03, 2012 11:23 am

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<Research Report>AJISEN (CHINA) (00538) lowered to Sell with target sharply cut to $2.7 by GS
Aug 7, 2012

AJISEN (CHINA) (00538) rating was lowered from Neutral to Sell, as the recently published data reflected the far-reaching impact of the soup incident, while the growth of the industry also slowed down.

The Bank said AJISEN's pricing power and brand value have been affected, making the high gross margin unsustainable.

While the same-store-sales growth remained weak, AJISEN has not yet developed an effective strategy to restore the customer flow.

Its sales growth may continue to moderate, with slow progress in deleveraging.

In addition, AJISEN leading position is vulnerable as its market share is threatened by its competitors' aggressive expansion. The target price is significantly reduced by 58% from $6.4 to $2.7.

Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Tue Sep 18, 2012 9:43 am

not vested anymore

Ajisen dropping because of the Anti-Japanese sentiment in China.

How low can it go ?
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Re: Ajisen 538

Postby winston » Tue Oct 16, 2012 9:30 am

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MARKET TALK: Barclays Downgrades Ajisen To Underweight, Cuts Tgt To HK$4.48

Source: Dow Jones & Company, Inc.
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Re: Ajisen 538

Postby winston » Tue Oct 16, 2012 11:06 am

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DJ MARKET TALK: Barclays Cuts Ajisen To Underweight; Eyes HK$4.48

1058 [Dow Jones] STOCK CALL: Barclays downgrades Ajisen (China) (0538.HK) to Underweight from Equal Weight, and cuts the target price to HK$4.48 vs HK$5.44.

"Following our recent discussion with management, we believe 2H12 recovery is falling behind our earlier expectation because of anti-Japan sentiment in September and macro weakness."

Furthermore, management is considering lowering ASPs. Barclays cuts its FY12-14 earnings forecasts by 19%-21% to reflect a 4%-6% cut in revenue forecasts, lower gross margins and lower EBIT margins.

"On our revised estimates, we view current valuations of 30X 2013 and 24X 2014 P/E as too rich."


Source: Dow Jones & Company, Inc.
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