China High Speed Transmission 0658

Re: China High Speed Transmission 0658

Postby winston » Fri Nov 04, 2011 11:03 am

Vested

Someone is supporting the counter thru KGI
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Re: China High Speed Transmission 0658

Postby winston » Fri Feb 03, 2012 4:12 pm

Vested. Short-Covering ? Take-over Candidate ?

DJ MARKET TALK: CHST's Sharp Intraday Recovery A Bullish Signal

1442 [Dow Jones] China High Speed Transmission's (0658.HK) sharp intraday reversal, with the stock now +6.8% at an intraday peak of HK$4.88 vs its intraday low of HK$4.32, offers another piece of evidence of the strong Hong Kong market undertone.

CHST posted a FY11 profit warning, citing order postponement and rising finance costs, but the stock's subsequent recovery from its intraday low suggests two things:

Either the earnings woes are well flagged or investors are anticipating that the worst is likely to be over--or a combination of both.

At any rate, the intraday rebound hints at the bullish investors sentiment. The HSI is up 0.1% at 20,759.08, rising for the ninth session out of 11.

Source: Dow Jones Newswire
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Re: China High Speed Transmission 0658

Postby winston » Mon Feb 13, 2012 7:45 pm

vested

Capital bought 1.3m shares and increased their stake from 8.98% to 9.07%
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Re: China High Speed Transmission 0658

Postby winston » Mon Apr 02, 2012 6:32 am

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Revenue for 2011 was approximately RMB7,120,712,000, representing a decrease of 3.7% as compared with last year.

Profit attributable to owners of the Company as shown in the accounts for the year 2011 was approximately RMB556,974,000, representing a decrease of 59.7% as compared with last year.

Excluding the changes in fair values of convertible bonds and equity swap, adjusted profit attributable to owners of the Company for 2011 was approximately RMB645,208,000, representing a decrease of 49.3% as compared with last year.

Basic and diluted earnings per share amounted to RMB0.407 and RMB0.406 respectively.

The Board did not recommend payment of a final dividend for the year ended 31 December 2011.

http://www.hkexnews.hk/listedco/listcon ... 307208.pdf
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Re: China High Speed Transmission 0658

Postby winston » Tue Apr 03, 2012 11:33 am

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DJ MARKET TALK: No Signs Of Recovery For China High Speed - Citi

1122 [Dow Jones] STOCK CALL: Citigroup cuts China High Speed Transmission (0658.HK) to Sell from Neutral, and also lowers its target price to HK$3.50 from HK$4.49.

It notes that after CHST missed consensus FY11 earnings by 27.5%, management guided conservatively as order visibility deteriorated and its production utilization rate fell from a year ago.

"We expect CHST to face weakness in the domestic wind turbine market, and growth in its overseas business and development of new businesses will be insufficient to drive earnings growth."

The stock is up 0.3% at HK$3.93.

Source: Dow Jones Newswire
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Re: China High Speed Transmission 0658

Postby winston » Sun Apr 15, 2012 11:43 am

vested

Sales revenue of wind power gear transmission equipment business decreased by approximately 12.6% to approximately
RMB4,769,523,000 (2010: RMB5,457,532,000) as compared with last year.

The decrease was mainly attributable to
(1) the decrease in average selling price of wind power gear box products;
(2) the decrease in sales revenue, due to the postponement of the delivery of wind gear box products, as requested by certain customers.

Customers of its wind power business include the major wind turbine manufacturers in the PRC, as well as renowned international wind turbine manufacturers such as GE Energy, Vestas, REPower, Nordex, Fuji Heavy, etc.

With the Group’s increasingly globalised operation, ALSTOM Wind and SUZLON have also become the overseas customers of
the Group during the Period under Review.
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Re: China High Speed Transmission 0658

Postby winston » Sun May 06, 2012 5:48 pm

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C TRANSMISSION (00658) TP lowered to $3.3 by GS on reduced earnings forecast
2012-05-04

Goldman Sachs reported on C TRANSMISSION (00658) stating its Neutral rating and target $3.3 with the following details:

What's changed

We remain Neutral on China High Speed Transmission (CHST). We believe its wind gearbox unit is still under much stress and progress on new ventures is either behind original guidance on sales volumes and gross margins (e.g. computer numerical controlled projects, coal mining machinery) or lacks clear synergy (e.g. LED) with existing products.

Falling wind gearbox prices/gross margins: We expect, in 2012, average selling prices (ASPs) to fall by 9% yoy and gross margin to fall to 24% (down 3ppt yoy) despite some cost reduction. Also, CHST restated its 2010 gross margin to 29.6%, 1.6ppt below the original report in its 2010 results.

Faltering domestic demand but rising overseas orders: We expect it to sell 8.3GW of wind gearbox (-3.5% yoy) in 2012 with market share gain, of which overseas orders may contribute 17% (1.4GW) of total sales volumes.

Rising interest expense: we expect weak profit margins and difficult receivable collection to result in higher funding needs. We expect EBITDA interest coverage to fall to 2.6X/2.9X in 2012/2013 from 12.3X in 2010.

Growing non-traditional gearbox/new ventures: we expect they offer 24% of 2013 sales (up from 15% in 2011) but with 8ppt lower average gross margin than its traditional core businesses (17% vs. 25%).


Implications

We cut 2012E/2013E EPS by 52%/45% based on 2011 results and the above factors, and introduce 2014 forecasts.

We change our target price methodology to a P/B basis (previously P/E) as we think it may better balance the current earnings shortfall and 2013E/2014E earnings recovery.

Our 2013E target P/B multiple is 0.45X (about 10% below historical trough). Hence, we cut our target price by 8% to HK$3.3.


Valuation
For 2012E, CHST trades at 0.5X P/B vs. ROE of 3% and 18X P/E.


Key risks

Higher-/lower-than expected sales volumes, ASPs, and gross margins.


Source: AAStocks Financial News
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Re: China High Speed Transmission 0658

Postby winston » Sat Jun 30, 2012 5:49 pm

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C TRANSMISSION (00658) TP lowered $2.95 by Citi as profit sees strong downside risk
2012-06-07

Citigroup is cautious on C TRANSMISSION (00658) and cut earnings per share forecast for 2012-14 by 6%/2%/7% due to more conservative wind gearbox delivery and higher finance costs.

Target price was therefore lowered from $3.5 to $2.95.

Citigroup expects that C TRANSMISSION’s increase in overseas orders will offset the weak demand in local wind turbine market, and operating capital will improve in 2012.

However, its profit sees strong downside risks as China’s wind sector is faced with structural challenges. Citigroup remains a Sell rating on C TRANSMISSION.

Source: AAStocks Financial News
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Re: China High Speed Transmission 0658

Postby winston » Wed Jul 11, 2012 3:25 pm

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C TRANSMISSION (00658) kept Sell, TP lowered to $2.25 by Citi

Citigroup kept C TRANSMISSION (00658) at Sell with target price reduced from $2.95 to $2.25.

C TRANSMISSION issued profit warning, expecting profit to plunge by 21% in 2012 due to weak wind gearbox demand and lower price.

The bank raised concerns that continuous slowdown in new wind installs may pressure profit margin.

The earnings forecast for 2012-2014 was lowered by 12%, 14% and 9% to RMB0.32, RMB0.35 and RMB0.4 respectively.


Source: AAStocks Financial News
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Re: China High Speed Transmission 0658

Postby winston » Fri Aug 24, 2012 9:17 pm

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Revenue for the first half of 2012 was approximately RMB3,292,674,000, representing an increase of approximately 3.5% over the corresponding period of 2011.

Reported profit attributable to the owners of the Company for the first half of 2012 was RMB96,162,000 (30 June 2011: RMB286,516,000), representing a decrease of approximately 66.4%, as compared with the corresponding period of 2011.

http://www.hkexnews.hk/listedco/listcon ... 824633.pdf
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