China Minzhong

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13 years 9 months ago #4932 by yeng
China Minzhong was created by yeng
People say it is a good business, but why the substantial shareholder, CMIA, is selling down?
From LIM & TAN note to clients:

CMIA continued to reduce their stake in China Minzhong with the latest sale reducing their stake
from 10.78% to 9.96% at $1.39 each. Between 9 Nov ’10 till 26 Nov ’10 they sold 25,398,357 shares
from low of $1.14 to high of $1.32, with an average price of $1.20. During the IPO in Apr ’10, they
sold 13,748,000 shares at $1.20 each. While continued share sales by CMIA may likely dampen the
short term share price performance, we note that during the month of Nov ’10 when CMIA was
actively selling shares, China Minzhong’s share price had actually strengthened from $1.23 to $1.40. 
 

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12 years 11 months ago - 12 years 11 months ago #7329 by yeng
Replied by yeng on topic Re:China Minzhong
Good entry point at 99.5 cents now? GIC has a 17% stake in China Minzhong and one of its guys on the board of directors.

JP Morgan last week had reduced Price Target to only S$1.10 (target forward P/E of 3.5x), which looks excessively unfair. I read that Chaoda scandal has caused China agri sector to be re-rated. Investors have fear of accounting problems again. Sigh.
Last edit: 12 years 11 months ago by yeng.

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12 years 11 months ago - 12 years 11 months ago #7331 by Mel
Replied by Mel on topic Re:China Minzhong - auditor
I don’t know about you guys, but it is rather strange to me that a major company like China Minzhong doesn’t have a Big 4 auditing firm audit its books. Minzhong’s  auditor is Crowe Horwath First Trust.

I mean, how much more does it cost to get a Big Four auditor? Compare the cost with the investor confidence that is generated!

This is a time when the stupid Chinese agri companies like Chaoda have raised concerns over corporate governance. How to expect Minzhong price to rally strongly ?
Last edit: 12 years 11 months ago by Mel.

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12 years 11 months ago #7339 by pine
Replied by pine on topic Re:China Minzhong
I would be a buyer at 91 cents. Another 6-7 cents more......LOL

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12 years 11 months ago #7392 by Val
Replied by Val on topic Re:China Minzhong
Minzhong has powered up 6 cents to $1.01. U can't keep a good guy down for long...

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12 years 11 months ago #7408 by Val
Replied by Val on topic Re:China Minzhong
Minzhong has added another 5 cents today. Very solid performance . thinking of taking profit but the stock is still so cheap in valuation. U know what level it was at previously? FRom Jan to May 2011, it was around S$1.50. Now at $1.09 doesn't look so expensive. It has been a victim of eurozone rubbish and the Chaoda rubbish.

Macquarie has a 12-month price target of S$2.35 in this report[url=http://www.nextinsight.net
/story-archive-mainmenu-60/912-2011/4405-kim-engs-privatisation-list-why-flee-from-china-minzhong-] CHINA MINZHONG is deep value [/url]
 

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