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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:!company.action
or here at Phillip Securities already in 2011 (model may have changed in parts today, 6 years later)

ATH yesterday.

Low valuation (PE around 5 and well below NAV) and growth

4traders earnings estimates

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

Guotai from April 2017中文版.pdf

More research quoted in their company newsletters

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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.

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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)

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11-10-2017, 08:22 AM,
Post: #4
RE: Powerlong 1238
Company newsletter, September data

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05-11-2017, 03:01 PM,
Post: #5
RE: Powerlong 1238
Company newsletter, October data

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07-12-2017, 02:35 AM,
Post: #6
RE: Powerlong 1238
Company newsletter, November data

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06-01-2018, 12:08 PM,
Post: #7
RE: Powerlong 1238
Company newsletter, December data

12 month sales increased by 18.7%.

Included is research from Guotai Junan. They estimate current NAV at 9.07 HKD/share. At last closing share price of HKD 4.07 discount is 55%.

(Interesting to note that Guotai estimated a 2017E NAV of HKD 5.30 last April, see posting #1, and now they have it so much higher.)

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