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Powerlong 1238
02-09-2017, 05:15 AM, (This post was last modified: 02-09-2017, 05:42 AM by bmann025.)
Post: #1
Powerlong 1238
Another Chinese Developer

Has a rather unique business modell as explained here:
http://www.powerlong.com/about/about!company.action
or here at Phillip Securities already in 2011 (model may have changed in parts today, 6 years later)
http://www.poems.com.hk/en-us/research-a..._code=1238

ATH yesterday.

Low valuation (PE around 5 and well below NAV) and growth
https://markets.ft.com/data/equities/tea...s=1238:HKG

4traders earnings estimates
http://www.4-traders.com/POWERLONG-REAL-...revisions/

A bit under the radar, not much research and often not included in peer compare tables

Guotai from April 2017
https://www.gtja.com.hk/UploadFiles/gtja...17_中文版.pdf

More research quoted in their company newsletters
http://www.powerlong.com/irm/irm-post.action
http://www.powerlong.com/download.action...reportNote

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02-09-2017, 07:45 AM, (This post was last modified: 02-09-2017, 08:12 AM by bmann025.)
Post: #2
RE: Powerlong 1238
NAV estimates in the 2 research links above vary a lot.

Guotai estimated 2017E NAV of HK$5.90 per share,

Southwest Security was quoted in the July Newsletter with 'The NAV per share is expected to be RMB10.89' (=HKD 12.99). (It is not clear for which year, probably 2019E estimate, see context in newsletter).

Total Equity acc. to Intermin Report is RMB 26.497 billion, with 4 billion shares outstanding approx RMB 6.62 (=HKD 7.90) per share.
http://www.hkexnews.hk/listedco/listcone...823401.pdf

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09-09-2017, 05:09 AM,
Post: #3
RE: Powerlong 1238
New company newsletter with August sales data

and a research report from Citi (from Aug 24, TP HKD4.7 at 45% discount on NAV)

http://www.powerlong.com/download.action...reportNote

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