China Animal Health 0940

[winston]

Not vested. From DBS:-

1Q core results for China Animal Healthcare was below expectations due to higher costs and seasonality.

Despite a slower than expected start in 1Q11, our analyst is maintaining earnings forecasts.

Sales will pick up substantially in the following quarters, as mandatory vaccines contribution increases.

Maintain Buy, TP unchanged at S$0.45.

[winston]

Not vested

PE 18; Forward PE 9; Net margins 18%

DBSV Research reiterates Buy on China Animal for c.70% upside to our TP of S$0.45. Recent correction brings more value as fundamentals look firm.

The share price has corrected back down to Apr’10 levels, where it was prior to its HK dual listing announcement, BlackStone’s entry and obtaining vaccines approval.

We expect sequential improvement from 1Q11 as vaccines sales pick up in 2011.

Source: DBS

http://www.remisiers.org/cms_images/res ... uyDBSV.pdf

[winston]

Fidelity bought 500,000 shares to raise their stake to 9.01%

Initiated a small position today to follow their story.

[winston]

Vested

China Animal Healthcare (CAL SP, $0.255, BUY, TP $0.460) – China Animal Healthcare’s share price has corrected by almost 39% since the group won approval last December for its Hong Kong dual-listing status.

A weaker-than-expected 1Q11 results might have hurt stock value but we believe it was also unfairly hit by the recent spate of accounting and governance scandals involving Chinese companies listed here and abroad.

We see the current weakness in share price as a good opportunity to buy into this quality stock.


Source: Kim Eng

[winston]

Vested

• China Animal Healthcare (CAL SP; S$0.275, BUY) – MACD reconfirming its golden cross.


Source: CIMB

[winston]

Vested

China Animal (CAL SP; S$0.275; BUY)

Broken out of bullish wedge pattern last Friday on good trading volume.

Prices could test its 200-day SMA at S$0.32-0.325.

Source: CIMB

[winston]

Vested

Our thoughts: With PRC meat consumption growth expected to reach 61kg per person by 2015 (2009: 54kg), we believe that China Animal Healthcare (CAL) will continue to benefit from current tight supply situation as China aims to increase food production in the near term to curb rising food prices.

We project 25% earnings growth in FY11, driven by contribution from two new vaccines i.e. food-and-mouth disease and blue ear.

We maintain BUY with TP of S$0.42, pegged to 7x FY11F EV/EBITDA.


Source: DMG

[winston]

Not vested

China Animal Healthcare (BUY, TP S$0.42). CAL is a key PRC animal drug manufacturer with ~2% market share in China. It produces 500 types of animal drugs, and three out of the four compulsory vaccines mandated by the PRC government.

We believe that CAL is key beneficiary to PRC meat consumption growth that is expected to reach 61kg per person by 2015, from 54kg in 2009.

We project 25% earnings growth in FY11, driven by contribution from two new vaccines i.e. food-and-mouth disease and blue ear.

Although share price is down some 30% YTD, we continue to like CAL for its strong projected free cashflow of RMB259m and RMB329m over the next two years.

We recommend BUY with TP of S$0.42, pegged to 7x FY11F EV/EBITDA.

Source: DMG

[winston]

Not vested. What does it mean ?

Traing Halt - Pending announcement of a corporate exercise

[Musicwhiz]

Not vested. What does it mean ?

Traing Halt - Pending announcement of a corporate exercise

I would perceived that to mean either:-

1) Rights Issue
2) Secondary Placement of Shares
3) Privatization
4) Announcement of M&A

Take your pick!