Xinyi Glass 0868

Re: Xinyi Glass 0868

Postby winston » Mon Aug 08, 2011 6:29 am

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Xinyi heeds mobile call as orders boom by Grace Cao
Monday, August 08, 2011

Xinyi Glass (0868) will start making ultra-thin electronic glass for mobile phone screens in the second half of next year.

"We expect to see steady growth during the rest of this year," chief executive Tung Ching-sai told The Standard. "Our four main products will continue to benefit from mainland policy and a strong export market."

Demand for glass is estimated to soar as the mainland completes building of 10 million affordable housing units by the end of November.

Its order books for automobile glass - the biggest contributor to first-half revenue - are all filled up until next month.

Total revenue in the first six months of the year almost doubled to HK$3.88 billion from a year back while net profit soared by 31.2 percent to HK$832 million.

( Revenue Doubled but Net Profit up 30% only ? )

Float glass, commonly used in buildings, saw prices decline from 1,970 yuan (HK$2,387.82) per tonne in 2010 to 1,696 yuan as at June 30.

"Turnover of solar glass has hit a record high, and we will see more capacity in the second half as two more production lines are being added in the third quarter,"said Tung.

The spinoff of its solar unit is progressing, but Tung gave no details. Xinyi Solar is expected to raise up to US$300 million (HK$2.34 billion).

"We will be more cost effective and introduce a low temperature recycling heat power system, which could save HK$100 million,"said Tung.

For the third quarter Xinyi Glass has locked raw material costs in at 30 percent of total costs - similar to the second quarter.


http://www.thestandard.com.hk/news_deta ... 10808&fc=1
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Re: Xinyi Glass 0868

Postby winston » Mon Sep 05, 2011 11:42 am

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DJ MARKET TALK: Xinyi Bounces 3.2%; UOB Keeps L/T Positive View
Aug 2, 2011

1057 [Dow Jones] Xinyi Glass (0868.HK) rebounds 3.2% to HK$6.42 after taking a 5.3% post-results beating Monday after it reported a below-view 1H net profit of HK$842 million (+31% on year).

The stock's intraday low both Monday and today is at HK$6.13, appears will act as a solid short-term floor. Its float-glass division is the weak spot, but with the acceleration of China's affordable housing program in 2H, performance from this division may improve.

UOB KayHian lowers its FY11-FY13 net profit forecasts by 14%-16% on lower margin forecast for float glass, in turn trims Xinyi target price to HK$8.05 from HK$8.83 but keeps the stock at Buy, as it keeps its long-term positive view on Xinyi given its "brilliant track record during industry down-cycles," its status as industry leader with price premium to peers and improved economies of scale, and diversified product mix and better-than-peers operation efficiency.

Source: Dow Jones Newswire
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Re: Xinyi Glass 0868

Postby winston » Mon Feb 27, 2012 2:46 pm

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DJ MARKET TALK: Xinyi Likely Down More; FY11 Profit Falls 19.5%

1329 [Dow Jones] Xinyi Glass (0868.HK) is likely to fall further in the afternoon, after reporting that FY11 net profit fell 19.5% on-year to HK$1.26 billion due to sluggish downstream demand for various types of glasses, missing the HK$1.49 billion forecast pegged by Thomson Reuters consensus.

Also likely to disappoint investors is that the final dividend is slashed to 5 HK cents/share vs 13 HK cents a year earlier.

In November, Xinyi also scraps a plan to spinoff its solar glass business for a separating listing. Still, it's worth noting that Xinyi shares have more than halved from its 52-week high of HK$9.78 hit May 3, hence a lot of expectations for earnings decline is likely to be in price by now, and its post-results weakness shouldn't be very significant;

Its year-to-date low of HK$4.22 is likely won't be troubled.


Source: Dow Jones Newswire
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Re: Xinyi Glass 0868

Postby winston » Fri Mar 02, 2012 2:43 pm

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DJ MARKET TALK: BNPP Raises Xinyi Glass Target, Keeps Buy Call

1429 [Dow Jones] STOCK CALL: BNP Paribas raises Xinyi Glass' (0868.HK) target price to HK$5.25 from HK$5.00 and keeps the stock at Buy.

It lifts its FY12 net profit estimate by 6% on expectations that the company's float glass gross margin will improve in 2H12, which is normally above 20% compared to the current single-digit level.

The house adds, about 85% of Xinyi's auto glass is for the aftermarket, and with total number of vehicles in China increased by over 20% on-year in 2011, this offers solid growth potential for aftermarket auto glass sales.

Xinyi is up 2.5% at HK$4.85.

Source: Dow Jones Newswire
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Re: Xinyi Glass 0868

Postby winston » Wed Apr 18, 2012 4:02 pm

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DJ MARKET TALK: Kingsway Ups Xinyi To Buy; Glass Price Recovery

1518 [Dow Jones] STOCK CALL: Sunwah Kingsway Research ups Xinyi Glass (0868.HK) to Buy from Hold, and the target price to HK$5.56 vs HK$4.84.

It raises the Xinyi's FY12 net profit forecast by 16.2% to HK$1.49 billion and FY13's by 13.8% to HK$1.91 billion, due to an earlier-than-expected recovery of float glass price and solar glass price, as well as cheaper soda ash cost.

Its target price implies 14.2X FY12 and 11.2X FY13 P/Es.

"Given the worst is over, we expect the risk to our gross margin estimate is on the upside." Xinyi Glass gains 4.0% to HK$4.98.

Source: Dow Jones Newswire
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Re: Xinyi Glass 0868

Postby winston » Mon May 07, 2012 12:04 pm

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DJ MARKET TALK: Xinyi Down 1.2%; Citi Raises Target To HK$5.45

1052 [Dow Jones] STOCK CALL: Xinyi Glass (0868.HK) is down 1.2% at HK$5.01 but falling less vs the HSI's 2.5% decline; overall, it's falling for the third straight session on news it raised a combined HK$1.16 billion through the issue of new shares and convertible bonds to Och-Ziff Capital Management, on concerns of dilution impact.

Still, Citigroup believes Xinyi's capital raising will fund its auto glass, construction glass and solar glass capacity expansion, refinancing and working capital.

"We would likely become more constructive on Xinyi when we see signs of sustainable and meaningful float glass price recovery."

The house raises Xinyi target to HK$5.45 from HK$4.65 driven by updated EPS estimates to reflect equity issuance, higher earnings forecast and higher FY12 target P/E of 13.7X; it keeps the stock at Neutral.


Source: Dow Jones Newswire
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Re: Xinyi Glass 0868

Postby winston » Fri Aug 24, 2012 6:40 am

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Take a look at Xinyi Glass (0868).

At this level, the stock looks likely to rebound further.

Source: Dr Check, The Standard HK

http://www.thestandard.com.hk/news_deta ... 20824&fc=8
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Re: Xinyi Glass 0868

Postby winston » Wed Jul 24, 2013 5:23 am

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Sparkling times for glassmaker by Eunice Leung
Wednesday, July 24, 2013

Xinyi Glass (0868) said yesterday interim net profit surged 110 percent to HK$1 billion from a year earlier, due to robust demand for float glass and energy-saving construction glass in the mainland.

Turnover increased 18.4 percent to a record high of HK$5 billion in the first six months of the year, while interim dividend hit 13 HK cents per share.

The gross profit margin on float glass production rose to 18 percent during the first half, from 4.3percent in the same period last year.

But chief executive Tung Ching-sai said the margin was still low compared with the 30 percent seen in 2009, but would rise in the second half - traditionally a peak season for construction activities.

He said the different color float glasses made by Xinyi are rare in the market, allowing the company to enjoy an advantage over rivals.

As for construction glass, Tung said the company has enough orders for the second half, allowing it to be bullish on its gross profit margin for the whole year.

"The production growth of construction glass is about 20 percent every year, and this will be maintained during the second half," Tung said.

But the firm warned that the increasing price of natural gas has increased operating costs.

So Xinyi will increase the usage of other renewable energy sources and shift the increased cost to buyers, it said.

Tung added the company has started trial production of ultra-thin glass covers for mobile phone handsets at its plant in Wuhu, Anhui province.


Source: The Standard HK
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Re: Xinyi Glass 0868

Postby winston » Thu Jun 12, 2014 1:43 pm

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<Research Report>XINYI GLASS (00868.HK) target reduced to $7.9, rated Overweight - HSBC
Jun 9, 2014

In the latest research report, HSBC commented that the float glass price and gross margin are seeing negative impact due to the slowdown in Mainland property sales and construction activities.

It lowered the 2014 earning forecast for XINYI GLASS (00868.HK) by 7%.

The target price is cut from $8.2 to $7.9, representing downward adjusted target P/B of 2.3 times.

However, in view of the low P/E and stable dividend yield, the Overweight rating is maintained.

Source: AAStocks Financial News
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Re: Xinyi Glass 0868

Postby winston » Thu Jun 12, 2014 1:44 pm

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XINYI GLASS (00868.HK) sells Shenzhen properties & land for $250M
Jun 9, 2014

XINYI GLASS (00868.HK) announced Shenzhen Benson (a wholly-owned subsidiary of the company) entered into the Relocation Compensation Agreement, pursuant to which Shenzhen Benson has agreed to dispose of the relevant properties and the land to Xinxinde Property for cash compensation of RMB203 million (equivalent to approximately HK$251 million).

The relevant properties, which are built on the land situated at Liuxianyi Road, Xinan Street, Bao An District, Shenzhen, consist of seven factory buildings of 13 years old and certain steel-made temporary structures currently used by the group for its production activities.

Source: AAStocks Financial News
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