Ajisen 538

Re: Ajisen 538

Postby winston » Thu Oct 25, 2012 10:52 am

*AJISEN (CHINA) (00538.HK)'s 3Q SSS remains weak with no hints for strong recovery in passenger flow - GS

Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Thu Oct 25, 2012 11:10 am

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AJISEN (CHINA) (00538.HK) sees positive SSS growth, but still not enough - UBS

UBS noted in a report that AJISEN (CHINA) (00538.HK)'s same-store-sales rose 2.3% in the third quarter, marking the first growth since the soup base incident in August last year.

As the same-store-sales growth was -24.5% in July, that of August and September can be projected as 15%-20%.

However, the growth was not enough to compensate the -40% for those two months a year ago, and at least 20% of foot traffic has still not recovered.

The Bank said if the anti-Japanese sentiment is eased in the fourth quarter, the sales can be benefited, but the magnitude is not expected to offset the poor performance in 1H.

The earnings in 2012 is expected to fall 52% year-on-year.

The target price is set at $3.6, with rating maintained at Sell.


Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Thu Oct 25, 2012 12:28 pm

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AJISEN (CHINA) (00538.HK) 3Q SSS remains weak, with no sign of foot traffic recovery - GS

Goldman Sachs noted in a report that the same-store-sales of AJISEN (CHINA) (00538.HK) remained weak last quarter, due to challenging macroeconomic situation, coupled with the deterioration of Sino-Japanese relations, resulting in slow recovery after the 'soup incident'.

The Bank suggested that Ajisen should re-examine the promotion strategy of stressing the Japanese background.

The Bank lowered the 2012-14 earning forecast by 4%, with target price maintained at $2.7, indicating 53% downside potential. The Sell rating is reiterated.


Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Tue Jan 15, 2013 9:49 am

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AJISEN (CHINA) (00538.HK) denies large-scale store closure

From Mainland media, AJISEN (CHINA) (00538.HK) is closing a multitude of stores in the Mainland, but the Company has denied, saying that though the business was impacted by a series of bad news, there is no large-scale closure.

The original plan of opening 1000 shops remains unchanged, but the target time limit is delayed to 2015.

It was reported in the Mainland that Ajisen is closing stores amid anti-Japanese atmosphere.


Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Tue Jan 15, 2013 1:49 pm

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Big Elephant selling 500,000 shares at 6.45 thru GTJA
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Re: Ajisen 538

Postby winston » Mon Feb 04, 2013 11:54 am

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<Research Report>AJISEN (CHINA) (00538.HK) maintained Sell with target lifted to $2.8 - GS
Jan 21, 2013

Goldman Sachs noted in a report that AJISEN (CHINA) (00538.HK)'s SSS in Hong Kong, China, and the overall restaurant turnover growth were 3%, 2% and 4.1%, respectively, in the fourth quarter of 2012, against the brokers' estimates for 4%, 1.5% and 13.9% in the second half of the year.

According to media reports, 40 restaurants of poorer performance will be closed down, and the number of restaurants is roughly the same as the previous year.

The visibility of expansion is still low this year, while the target of 1000 stores is delayed by one year to 2015.

The Bank adjusted the 2012/13/14 EPS forecast by -2%/+18%/+21%.

The target price is lifted from $2.7 to $2.8. Due to its high valuation against its peers, the Sell rating is maintained, with downside potential of 54%.


Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Wed Feb 06, 2013 4:41 pm

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The board of directors of the Company (the “Board”) wishes to inform the shareholders of the Company (the “Shareholders”) and potential investors that, based on the Group’s unaudited management accounts for the year ended 31 December 2012, the consolidated profit attributable to the Shareholders for the year ended 31 December 2012 is expected to significantly decline as compared to the year ended 31 December 2011.

The reasons for the expected decline in the consolidated profit attributable to the Shareholders for the year ended 31 December 2012 are primarily as follows:

1. Decrease in revenue and comparable restaurant sales growth as a result of the impact from the Diaoyu Island dispute during second half of 2012 ;

2. General sluggish consumers’ sentiment in the year of 2012;

3. Increase in the selling, administrative and other operating expenses incurred by the Group including expense recognition of the share-based payments arising from share options granted to certain employees of the Group around the third quarter of 2011.

http://www.hkexnews.hk/listedco/listcon ... 206320.pdf
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Re: Ajisen 538

Postby winston » Thu Mar 14, 2013 8:32 pm

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Stay NEUTRAL; maintain our DCF-based TP of HK$6.16

We cut our 2013/14E EPS by 16/28%, as we tune down our 2013/14E sales by 10-15% on a 7 pp cut in 2013 SSSG.

We use the bull case for our DCF analysis, but apply a higher discount rate (14% vs 13.5%) to factor in low earnings visibility.

Our TP implies 23.6x 12-month forward P/E, 0.9 PEG on a two-year CAGR of 27%.

Probability-weighted analysis: We expect an eventual recovery and management’s dedication, but given the still-slow sales recovery, we take reference from probability weighted analysis (bull:bear 75:25, PEG 1.0x).

Source: CS
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Re: Ajisen 538

Postby winston » Thu Mar 14, 2013 9:11 pm

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AJISEN (CHINA) (00538.HK) rated Neutral, TP lowered to $5.6 by JPM

AJISEN (CHINA) (00538.HK) announced the net profit retreated 56% last year to $154 million, beating JP Morgan's estimated of 61%.

The Broker lifted the Company's earning forecast by 13%. It maintained the Neutral rating, with target price lowered from $7 to $5.6.


Source: AAStocks Financial News
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Re: Ajisen 538

Postby winston » Mon Mar 18, 2013 8:45 pm

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AJISEN (CHINA) (00538.HK) reaffirmed Sell, TP hiked to $5.1 by GS

Goldman Sachs noted in a research report that AJISEN (CHINA) (00538.HK) achieved recovery in earnings during the 2H, but the robust growth in operating profit margin during the peak period is not expected to return, so the Sell rating is reiterated.

In view of forecast 2012-15 EPS CAGR of 23%, which is higher than its peers, the target price is lifted from $2.8 to $5.1, representing forecast P/E of 27 times.


Source: AAStocks Financial News
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