【洁净清新个人专区】- 汪汪股海里的一片舟

洁净清新

TONGHER	Quarter 3, 2008
	(cumulative)	2007	2006	2005	2004
Balance sheet	(unaudited)
Property, plant and equipment	59,097,000	45,609,445	42,756,576	40,083,578	29,588,628
Inventories	126,075,000	102,269,944	52,327,712	55,952,682	63,798,846
Trade receivables	36,873,000	47,626,893	43,137,593	22,933,835	22,457,741
Cash and cash equivalents	141,036,000	130,620,097	91,488,317	91,169,480	115,596,416
Trade payables	4,135,000	3,218,771	4,514,343	2,518,338	2,105,644
Borrowings	72,133,000	29,453,151	73,443,532	3,644,258	49,321,488
Total equity	305,023,000	297,803,855	237,825,131	197,062,118	170,707,675
Current ratio	4.06	7.09	3.21	12.08	3.42
Total liabilities/ Total equity	26.65%	14.47%	37.03%	8.70%	36.67%
ROE	7.72%	24.59%	23.56%	15.06%	25.75%
Return on assets employed	39.82%	160.53%	131.05%	74.03%	148.59%
Finance cost	2,289,000	3,989,819	1,554,398	1,230,234	590,539
Increase in finance cost	-42.63%	156.68%	26.35%	108.32%	49.66%
Interest cover		24.22	48.03	29.74	98.16
Directors' remuneration		1,064,844	985,523	854,294	896,765
Number of employees				183	169

[ 本帖最后由 洁净清新 于 22-12-2008 09:04 PM 编辑 ]

洁净清新

CHINWELL	Quarter 3, 2008
	(cumulative)	2008	2007	2006	2005
Balance sheet	(unaudited)
Property, plant and equipment	224,499,000	217,630,950	242,539,258	267,458,531	226,924,435
Inventories	221,203,000	163,142,802	167,875,858	128,147,030	100,453,908
Trade receivables		128,426,495	89,668,087	67,022,698	55,990,955
Cash and cash equivalents	20,381,000	11,907,396	7,326,053	7,672,731	8,687,317
Trade payables		66,882,414	64,902,437	54,843,385	31,939,549
Borrowings	254,035,000	175,360,505	173,792,843	149,205,077	110,907,649
Total equity	312,515,000	297,050,116	289,183,674	279,888,059	278,032,518
Current ratio	1.38	1.46	1.44	1.42	2.40
Total liabilities/ Total equity	110.30%	93.86%	91.74%	84.25%	60.62%
ROE	5.66%	7.61%	4.50%	4.75%	12.39%
Return on assets employed	7.88%	10.39%	5.37%	4.97%	15.18%
Finance cost	2,761,000	7,802,615	9,266,370	9,985,199	2,178,309
Increase in finance cost	-64.61%	-15.80%	-7.20%	358.39%	204.70%
Interest cover	6.40	5.38	2.93	3.16	21.81
Directors' remuneration		2,082,337	1,877,563	1,942,388	1,767,359
Number of employees					589

[ 本帖最后由 洁净清新 于 21-12-2008 04:04 PM 编辑 ]

洁净清新

TECHFAST	Quarter 3, 2008
	(cumulative)	2007	2006	2005
Balance sheet	(unaudited)
Property, plant and equipment	25,390,000	26,910,986	22,201,659	11,993,642
Inventories	9,466,000	9,472,989	8,784,035	5,749,153
Trade receivables	13,117,000	10,753,387	11,207,870	6,584,436
Cash and cash equivalents	8,149,000	3,659,713	3,558,857	11,329,242
Trade payables		2,903,586	3,700,381	914,128
Borrowings	10,878,000	13,441,089	7,060,047	3,660,062
Total equity	39,473,000	38,765,525	33,754,208	29,980,715
Current ratio	3.26	3.31	2.20	5.15
Total liabilities/ Total equity	47.99%	53.20%	54.88%	27.73%
ROE	0.25%	12.17%	17.70%	22.78%
Return on assets employed	0.39%	17.53%	26.91%	56.96%
Finance cost	780,000	786,907	235,054	275,248
Increase in finance cost	-0.88%	234.78%	-14.60%
Interest cover	0.81	7.72	31.04	29.57

从资产负债表看来，三间公司都有增加负债，偿还利息显得比往年吃力。利息占了CHINWELL和TECHFAST的盈利比较大部分。若经济不好转，TONGHER有比较多现金周转，而CHINWELL和TECHFAST的现金较为吃紧。三间公司之间，CHINWELL拥有十分多资产和员工，相比之下，TONGHER与TECHFAST真是小巫见大巫了。然而，庞大的CHINWELL在运用资产方面显得没什么效率，我从return on assets employed和number of employees看到一些倪端。除了TECHFAST，其余两间公司看来inventories囤积了许多，不知是买贵货还是买不出。

[ 本帖最后由 洁净清新 于 21-12-2008 04:06 PM 编辑 ]

洁净清新

TONGHER	Quarter 3, 2008
	(cumulative)	2007	2006	2005	2004	2003
Income statement	(unaudited)
Revenue	305,844,000	487,669,540	304,016,510	200,463,511	217,657,529	132,301,137
Revenue growth %	-37.28%	60.41%	51.66%	-7.90%	64.52%	29.22%
Cost of sales	266,829,000	381,786,879	223,652,568	160,928,799	156,596,155	102,445,498
Increase in cost of sales %	-30.11%	70.71%	38.98%	2.77%	52.86%	21.38%
Net profit	23,533,000	73,217,179	56,032,129	29,675,605	43,965,115	19,868,932
Increase in net profit %	-211.13%	23.47%	47.04%	-48.15%	54.81%	40.63%
Gain on disposal of PPE		21,380	95,120	750	-	150
Amortisation and depreciation		5,039,357	3,888,763	4,166,079	5,215,750	5,242,021
Gross profit margin	12.76%	21.71%	26.43%	19.72%	28.05%	22.57%
Net profit margin	7.69%	15.01%	18.43%	14.80%	20.20%	15.02%
EPS, sen	16.31	51.04	41.45	35.28	53.33	24.60
EPS growth %	-68.04%	23.14%	17.49%	-33.85%	116.79%	67.35%
DPS, sen		10.00	8.00	18.00	30.00	8.00
Dividend growth %		25.00%	-55.56%	-40.00%	275.00%	0.00%

[ 本帖最后由 洁净清新 于 21-12-2008 04:08 PM 编辑 ]

洁净清新

TECHFAST	Quarter 3, 2008
	(cumulative)	2007	2006	2005
Income statement	(unaudited)
Revenue	26,298,000	35,034,188	32,196,070	20,396,707
Revenue growth %	-24.94%	8.82%	57.85%
Cost of sales		23,299,434	20,896,878	11,847,316
Increase in cost of sales %		11.50%	76.38%
Net profit	100,000	4,717,318	5,974,217	6,831,079
Increase in net profit %	-4617.32%	-26.64%	-14.34%
Gain on disposal of PPE		(258,883)	242,905	107
Amortisation and depreciation		2,729,379	1,846,333	1,291,878
Gross profit margin		33.50%	35.09%	41.92%
Net profit margin	0.38%	13.46%	18.56%	33.49%
EPS, sen	0.12	3.11	3.95	5.14
EPS growth %	-96.14%	-21.27%	-23.15%

由于前阵子，原料价格提升再加上现在产品需求量降低，这行业的赚幅倍感压力。Profit margin比往年逊色许多。EPS也跟着大幅度下跌。我看回2000年的revenue和profit，真是有起伏不定的周期。现在的经济衰退可真是十分严重，这行业可说是陷入前所未有的低潮，不知何年何日可重现光辉。我一直都在踌躇着，是否可以将TONGHER持有超过三年呢？

[ 本帖最后由 洁净清新 于 21-12-2008 04:17 PM 编辑 ]

洁净清新

CHINWELL	Quarter 3, 2008
		2008	2007	2006	2005
Income statement
Revenue	146,840,000	499,597,953	389,798,916	303,532,983	277,483,224
Revenue growth %	-70.61%	28.17%	28.42%	9.39%	9.68%
COS		424,100,257	334,900,427	251,843,730	212,246,117
Increase in COS %		26.63%	32.98%	18.66%	6.57%
NP	17,680,000	22,615,732	13,014,255	13,286,003	34,444,857
Increase in net profit %	-27.92%	42.45%	-2.09%	-159.26%	19.56%
Gain on disposal of PPE		63,500	67,026	228,563	169,550
Amor and depn		19,181,963	20,313,508	14,668,658	9,706,786
GP margin		15.11%	14.08%	17.03%	23.51%
NP margin	12.04%	4.53%	3.34%	4.38%	12.41%
EPS sen	3.10	9.93	6.36	5.99	12.71
EPS growth %	-68.78%	56.13%	6.18%	-52.87%	21.98%
DPS sen		3.00	3.00	3.00	3.00
Dividend growth %		0.00%	0.00%	0.00%	-40.00%
Par value		0.50	0.50	0.50	0.50

[ 本帖最后由 洁净清新 于 21-12-2008 04:14 PM 编辑 ]

洁净清新

祝大家冬至愉快。

[ 本帖最后由 洁净清新 于 21-12-2008 04:19 PM 编辑 ]

洁净清新

保留......................

[ 本帖最后由 洁净清新 于 9-1-2009 08:55 PM 编辑 ]

Carimampus

既然是新人，  來頂一下。  可以說為何你選擇tongher嗎？

洁净清新

原帖由 Carimampus 于 21-12-2008 04:04 PM 发表
既然是新人，  來頂一下。  可以說為何你選擇tongher嗎？

其实我选TONGHER可以说是有一点"打赌"性质......我觉得她比同行CHINWELL和TECHFAST优越。对于是否有其他比她厉害的同行或粉饰帐目，我却不知道。

最近，我发现董事在Shareholding有些动静......股价有起，可是成交量少。我很犹豫，不懂该不该抛。

[ 本帖最后由 洁净清新 于 10-1-2009 11:53 PM 编辑 ]

Carimampus

稍微看了你的數據， inventories 明顯增加。  可以給一點關於cash generated from operating acitivities的資料嗎？

也順便計算 inventory turnover = revenue / inventory.

計算它的PE.  

P/S : 我懶惰找資料。  哈～

Carimampus

我個人看法，  其實inventories突然高起是很危險的。  因為inventories會吃掉很多現金。  Ann Joo論成長還不錯，  可是存貨也相當驚人， 5億是收不到的錢。   所以， 你的tongher還要深入研究才能做結論。

jesry

inventory turnover 2004-98, 2005--64, 2006--86, 2007--53

应该没问题吧。。。。

jesry

这股我也很想买的。。。 只是现在不知是时候吗。

Carimampus

原帖由 jesry 于 21-12-2008 05:21 PM 发表
inventory turnover 2004-98, 2005--64, 2006--86, 2007--53

应该没问题吧。。。。

它的inventory turnover 是4年來新低，  你得留意。

青青狼

新人就有此功力，真不简单
The Alchemy of Finance by George Soros  这本书蛮深奥的，不容易明白

ss24

厉害，果然经过深思熟虑。。祝投资愉快。。。

纸鹤

the snowball你看了多少?
大概是讲什么东西???
那天原本要买, 可是大概翻了一点,
不太懂书要表达的东西

tan81

巴菲特的自传。
我也买了。
不过现在Azizi 的书比他重要。

路透社

虽说是新人，但你的用功及功力已远远超出其他的菜鸟，包括我。

你一定会成功的