China Sunsine Chemicals Holdings

(24-06-2018, 10:36 PM)Young Investor Wrote:

(24-06-2018, 01:34 PM)Bluechipfan Wrote: % Price Change YTD 72.2
% Price Chg Div Adj [1Y] 99.3
% Price Chg Div Adj [3Y] 355.7
% Price Chg Div Adj [5Y] 728.3
% Price Chg vs 12M High -6.1
% Price Chg vs 12M Low 106.7
% Div Yld 2.0
% ROE 26.2
P/E 8.1
P/B 4.6
Source: SGX StockFacts (20 June 2018)

The statistics speak for itself. Outstanding in all aspects and what can be improved upon, in my view, is the div yield and PE ratio. The company has been and is still growing so perhaps the level of dividend yield is expected and acceptable. However, being the leader in its field and command high market shares both domestically [in China] and worldwide, the PE ratio of 8.1x is disappointing. By all account, it should be trading for at least 10x PE but perhaps the market is giving greater discount for its s-chip status. Its peers in the rubber chemical and tyre industries are trading at average of 18x PE. It's fine with me, market can take as long as it like since there are signs that it is trying to appraise the share price more appropriately, judging from the 99.3 percent price appreciation since 1 year back [and 728% since 5 years back]. Now, potential investors would have to content with the perennial dilemma/struggle of 'price has appreciated so much, will it go higher'? There is no straight answer, the performance statistics are laying bare for all to examine and analyse so we can all take action [or not] that we deem fit.

The 4.6 times price to book is incorrect.

2017 year-end NAV per share was RMB 3.54, or 72.57 cent based on 1$ = RMB 4.8831.

1Q 18 NAV per share was RMb 3.84 or 80 cents based on 1$ = RMB 4.795.

Sunsine's price to book ratio is therefore around 2, for a share price of $1.60. 

Thanks for the update. 

https://www.straitstimes.com/business/co...yre-demand

[url=https://www.straitstimes.com/business/companies-markets/china-sunsine-rising-with-steady-tyre-demand][/url]By the way ST also carried the same article.

Just wondering how the 26.2% ROE was arrived at. 

2017 profit = RMB 341m

end-2017 equity = RMB 1,742m

ROE is 19.6%.

end-2016 equity = RMB 1,362m

If the average of ROE is taken,

ROE is 22.0%.

CiMB expecting record profits from Sunsine for 2Q2018.

2Q2017 NPAT Rmb 74.5 mil. Announced on 27 Jul 2017.

1Q2018 NPAT Rmb 149.5 mil. 1Q2017 Rmb 57.2 mil.

CIMB report is available at:

https://brokingrfs.cimb.com/tCanuHMr4_ks...M_C5n0.pdf

http://infopub.sgx.com/FileOpen/20180705...eID=513261

After having seen and interacted with Mr Koh at various AGMs, I believe the Oriental episode will fortify his will and desire to serve as ID of Sunsine with greater resolves and to the best of his ability.

(05-07-2018, 05:41 PM)Bluechipfan Wrote: http://infopub.sgx.com/FileOpen/20180705...eID=513261

After having seen and interacted with Mr Koh at various AGMs, I believe the Oriental episode will fortify his will and desire to serve as ID of Sunsine with greater resolves and to the best of his ability.

Bluekelah,

Any ideas why Sunsine's share price has fallen more than 12% in the past week?

(05-07-2018, 09:47 PM)tiongkokgor Wrote:

(05-07-2018, 05:41 PM)Bluechipfan Wrote: http://infopub.sgx.com/FileOpen/20180705...eID=513261

After having seen and interacted with Mr Koh at various AGMs, I believe the Oriental episode will fortify his will and desire to serve as ID of Sunsine with greater resolves and to the best of his ability.

Bluekelah,

Any ideas why Sunsine's share price has fallen more than 12% in the past week?

I take the liberty that your message is meant for me. To your question, I don’t know. 

Sunsine’s 1H18 earnings is very clear visibly. I would not think 2H18’s performance will be very far off from 1H18 so FY18 should be another blockbuster year. Personally I think the TPs by the two houses are reasonable and even conservative. Perhaps market is not too clear about Sunsine’s prospects after FY18. However, the general market sentiments are negative for confluences reasons and that could drive price down. I don’t really bother because at one stage in the past, Sunsine’s share price also corrected 25%. I would just tune down the noises (a lot of it now by the way, suddenly many TA experts busy identifying support levels all over invest forums) and stay vested.

As some of recent posts have been on personal attacks and one of weijian's post can be interpreted wildly, in the end lead to unwholesome discussions, the Administrator have decided to delete them.

If there are inappropriate posts, on behalf of both parties, I apologize to each other.

Let's use our energy on other positive things.

Thanks.

(09-07-2018, 02:19 PM)cyclone Wrote: As some of recent posts have been on personal attacks and one of weijian's post can be interpreted wildly, in the end lead to unwholesome discussions, the Administrator have decided to delete them.

If there are inappropriate posts, on behalf of both parties, I apologize to each other.

Let's use our energy on other positive things.

Thanks.

Any unconstructive post will be deleted. Thanks.

Replied even before SGX queries :


http://infopub.sgx.com/FileOpen/20180815...eID=521754

China Sunsine has been on a free fall eversince they reported their 1st half results. Will the trade war with US affect their biz so much or there are other contributing factors that we need to take note of.