Meike Intl 0953

Meike Intl 0953

Postby winston » Tue Jan 19, 2010 6:50 am

Meike International Holdings, a Fujian-based sportswear firm, opens retail books today to raise up to HK$357.5 million by floating 250 million shares at HK$1.20 to HK$1.43 apiece.
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Re: Meike Intl IPO

Postby winston » Tue Jan 19, 2010 3:26 pm

DJ MARKET TALK: Subscribe To Meike IPO - Celestial

1506 [Dow Jones] Celestial Securities advises subscribe to Meike International (0953.HK) IPO, which starts HK retail offering today. Fujian-based sportswear maker raising up to HK$357.5 million by issuing 250 million shares at HK$1.20-HK$1.43 indicating range, translating into 11.7X-13.9X earnings based on forecast FY09 net profit of not less than CNY90.6 million, which relatively cheaper vs established peers such as Li Ning (2331.HK), Anta Sports (2020.HK) though Meike's scale much smaller, valuation discount deserved.

Celestial says Meike's businesses mostly concentrate on second-, third-tier cities with "vast growing opportunities." Shares slated to start trading Feb. 1.

Source: Dow Jones Newswire
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Re: Meike Intl 0953 IPO

Postby winston » Thu Jan 21, 2010 6:59 am

The retail portion of Meike International's HK$357.5 million flotation was 41.7 times oversubscribed, based on margin financing orders received by seven brokerages.
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Re: Meike Intl 0953 IPO

Postby winston » Thu Jan 21, 2010 8:39 pm

Deadline: 8am Tomorrow

DJ MARKET TALK: Meike Strong Sales Eyed; SinoPac Targets HK$1.71


1616 [Dow Jones] SinoPac suggests investors subscribe to Meike (0953.HK) IPO, with shares expected to start trading in HK Feb. 1, as its apparel sales have been growing rapidly since 2006 and recorded CAGR of 406% in 2006-2008.

In addition to China market, Meike also exports its products to overseas markets. Notes, Meike relatively small player in sportswear sector with limited history; taking small market share, less attractive profitability into consideration, house values Meike at 16.6X FY09 P/E, representing around 10% discount to HK-listed peers' P/E in view of its weak market position; sets target at HK$1.71; Meike plans to raise up to HK$357.5 million by issuing 250 million shares at HK$1.20-HK$1.43 indicative range.

Source: Dow Jones Newswire
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