Tang Palace (1181.HK)

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TANG PALACE (01181.HK) 1H net profit up 91% to RMB28.64M

TANG PALACE (01181.HK) announced revenue for the first six months of 2014 increased 9.2% year-on-year to RMB 478 million. Net profit grew 90.7% to RMB28.64 million. EPS was 6.84 fen. No interim dividend was declared.

Group's 2013 revenue was RMB 902 million (up 9.4% vs 2012). Net profit for 2013 was RMB 36.8 million (down 33% vs 2012). EPS was 8.83 fen. Final dividend of HKD 6.6 cts was declared.

I noticed that there hasn't been much discussion on F&B stocks so I'm highlighting this China F&B restaurant group listed in HK. The management is a HK team that started the the restaurant group in 1992. To date, the restaurant had 52 restaurants under its umbrella. It operates 26 restaurants that cater to the mid-high end market, 23 Pepper Lunch restaurants and 3 Pappa Rich restaurants. Their dividend pay out ratio is about 58%.

Forward EPS for FY 2014 is estimated to be about HKD 16.5 cts, translating to a forward PE of 9.1x. However, the group is sitting on a cash pile of about RMB 267.5 million with little debt, representing a cash value of about HKD 80 cts per share. So PE ex cash is only 4.2x based on last transacted price of HKD 1.5.
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