Carpenter Tan 0837

Carpenter Tan 0837

Postby winston » Tue Dec 15, 2009 2:36 pm

Meanwhile, Carpenter Tan, a Chongqing-based wooden comb maker, plans to raise up to HK$160 million by the end of December in an IPO solely sponsored by First Shanghai Securities.
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Re: Carpenter Tan 0837 IPO

Postby winston » Wed Dec 16, 2009 10:43 am

From Phillips:-


Valuation

Currently, there is no direct competitor in the market producing similar products. By referencing peers that manufacture household and personal care products like 1044 HK and 1338 HK, these are now trading around 33.9 times 2009E earnings per share and 27.4 times 2010E earnings per share.

Considering the smaller company size but higher profit margin, we estimate the 2010E P/E of Carpenter Tan reasonably should be 12x. 12-month target price is $3.32.


Risk

1) Return of products by the franchisees which makes the revenue lower-than-expected.
2) Fluctuation in the costs of raw materials.
3) Dependence on franchise shops, and the possibility that franchisees do not renew the franchise agreements with the company upon expiration.
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Re: Carpenter Tan 0837 IPO

Postby Musicwhiz » Wed Dec 16, 2009 10:46 am

Valuations in Hong Kong are really scary. 33.9X and 27.4X PER is considered "normal"? :shock:
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Re: Carpenter Tan 0837 IPO

Postby winston » Wed Dec 16, 2009 10:56 am

Musicwhiz wrote:Valuations in Hong Kong are really scary. 33.9X and 27.4X PER is considered "normal"? :shock:


Yes, some people will get hurt one of this days. In the meantime, they are enjoying the ride.

BTW, there was an IPO which went up 90% today. I did not apply because of the high valuation :(
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Re: Carpenter Tan 0837 IPO

Postby kennynah » Wed Dec 16, 2009 1:53 pm

W : very curious... is this carpenter's surname "Tan" ?
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Re: Carpenter Tan 0837 IPO

Postby winston » Wed Dec 16, 2009 1:55 pm

Dont know. Probably.
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Re: Carpenter Tan 0837 IPO

Postby kennynah » Wed Dec 16, 2009 2:02 pm

very interesting nomenclature... maybe next, we have

Chef Wong
Taxi Low
Tuna Singh
Wantan Min
Textile Leung Yi Fu
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Re: Carpenter Tan 0837 IPO

Postby Doug1 » Fri Dec 18, 2009 6:27 pm

Musicwhiz wrote:Valuations in Hong Kong are really scary. 33.9X and 27.4X PER is considered "normal"? :shock:


Phillip Sec was merely quoting comparable companies' valuation. They implied 12x was the appropriate valuation.
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Re: Carpenter Tan 0837 IPO

Postby winston » Mon Dec 28, 2009 3:22 pm

Did not apply :(


MARKET TALK: Carpenter Tan Hldg May Rise 20% On Debut

Source: Dow jones Newswire
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Re: Carpenter Tan 0837 IPO

Postby winston » Tue Sep 04, 2012 4:25 am

not vested

Carpenter Tan Holdings (0837), which makes and sells small wooden accessories - mainly combs and hairbrushes - just announced a 68 percent surge in interim profit.

But the stock fell 4 percent. It has already risen 38 percent since January.

As I said before, I don't understand the company - Carpenter Tan - so I prefer to avoid the stock.


Source: Dr. Check, The Standard HK
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