China Zaino (is now called DAPAI) falls -15% to 0,205 SGD on no news (?)
- Assuming 600 million Rmb of cash (they had 675 million on 30/06/2010), with about 993 million shares, that makes 0,60 Rmb per share, or about 0,115 SGD, ie about 50% of its market value !
- NAV increased about 65% CAGR on the last 4 years (ie FY2010 (my estim.) vs FY2007)
- no debt.
- at those prices, they give a decent div (assuming 0,064 Rmb, that is about 6,3%, with a pay-out ratio below 20%.
- The manager seems honest (ie has not yet run to the hills with the cash.
)
- I like the luggage part (not the initial "mochila" part).
- They also have understood they need to nuture a strong brand to protect their margins.
Will they manage it ? Is this fall a coming opportunity (for a very risky bet) ?
fiche DAPAI 13102010.gif