Yongxin, unsere nächste 177% Chance - 500 Beiträge pro Seite

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EMFIS sucht für Sie, liebe Leser, in Zeiten der US-Rezession nach Werten, die von Krisen im Westen isoliert sind. Kaltwalzstahl in China ist hier die ideale Branche. Der Grund: Von dieser hochwertigen Stahlsorte muss China heute noch den Großteil importieren. Der Absatz in China übersteigt die heimischen Produktionskapazitäten um ein Mehrfaches und steigt stetig.

Kaltwalzstahl wird in China für Autos, Computer und andere Geräte genutzt. Es sind also Sektoren, die vor allem vom Konsum der Chinesen abhängen und munter zweistellig wachsen. Chinas Regierung will in Zeiten potenziell langsam wachsender Exporte den noch völlig unterentwickelten heimischen Konsum ankurbeln. Genug Geld haben die Chinesen ja mit ihrer bisher aberwitzigen Sparquote von mehr als 40% (!) und den weltgrößten Finanzreserven.

Vor allem will China aber Industrien fördern, in denen man Importe durch die Expansion heimischer Produzenten ersetzen kann (“Importsubstitution”).

Kaltwalzstahl in China ist aufgrund des kurz-, mittel- und langfristig praktisch sicheren Wachstums eine Lieblingsindustrie von Analysten und Investoren. Hohe KGVs sind daher üblich. Dies galt bis zum Crash auch für unseren neuen Star Yongxin. Immerhin ist Yongxin Marktführer in Gesamtchina in einem Subsegment der Kaltwalzindustrie, nämlich verchromten Kaltwalzstahl (84% Marktanteil). In den letzten Wochen wurde aber auch Yongxin ein Opfer des Rasenmäher-Crashs:

* Niemand schaut auf Fundamentaldaten und
* Die Kurse fast aller kleineren China-Firmen fielen um die Hälfte oder mehr.

Wir verfolgen aber weiter treu unsere Anlageprinzipien:

1. Kaufen, wenn die Kanonen donnern
2. Allgegenwärtiger Pessimismus ist der beste Kaufindikator (diverse Studien beweisen dies)
3. Kaufe dann fundamental hervorragende Firmen zu lächerlichen Preisen
4. Kaufe Geschäftsmodelle, die von der Krise isoliert sind
5. Cash aufbauen in der Hausse, Investieren im Crash (haben wir im Musterdepot gemacht)


Yongxins Präzisionsstahl wird für optische Kabel, Elektrogeräte, die Luft- und Raumfahrtindustrie, Medizintechnik und Textilmaschinen verwendet. Der Stahl wird auf bis zu 0,03mm gepresst und muss auch dann noch stabil und reißfest sein.

In Yongxins Marktsegment, also verchromtem Hochpräzisionsstahl, importiert China derzeit noch 70% des einheimischen Verbrauchs. Dieser Verbrauch wächst zudem um ca. 20% p.a. Insgesamt könnten Chinas Hersteller den Absatz in den kommenden drei Jahren theoretisch mehr als verfünffachen. Allein durch Verdrängung von Importen und ohne exportieren zu müssen.

Daher hat Yongxin in 2007 eine neue Anlage aus den USA gekauft, mit der man die Kapazitäten mehr als verdoppelt. Die Installation dieser Anlage ist seit Mitte 2007 im Gange. Derzeit kann man bereits produzieren, aber noch nicht mit voller Kapazität. Man rechnet damit, dass Ende 2008 über Kapazitäten verfügen kann, die einem Umsatz von fast EUR 30 Mio. entsprechen. Aufgrund der hohen Margen könnte der Gewinn von derzeit etwa EUR 3 Mio auf mehr als EUR 5 Mio. und in 2010 auf etwa EUR 7 Mio. springen. Die Marktkapitalisierung liegt derzeit bei nur etwa EUR 20 Mio. Das KGV würde demnach bereits im nächsten Jahr auf einen Wert in der Drei-Komma-Region springen – und das in einer Industrie, die normalerweise aufgrund des besonders zuverlässigen Wachstums im zweistelligen KGV-Bereich bewertet wird.




Der Kurs von Yongxin bietet somit auf Sicht von ein bis zwei Jahren beste Chancen auf ein Plus von mehr als 100%.

Die aktuelle Schwäche könnte auch durch den erwarteten leichten Gewinnrückgang in 2007 bedingt sein. Ursache dafür sind die bereits in 2007 anfallenden Anfangsinvestitionen und Abschreibungen auf die neue Produktionsanlage, ohne dass diese in 2007 nennenswert produzieren könnte. In einer hoffentlich bald wieder einsetzenden Zeit größerer Rationalität an den Märkten dürfte man aber honorieren, dass Umsatz und Rohgewinn auch in 2007 wachsen sollten. Die Zahlen kommen normalerweise etwa Ende Februar. Vor allem aber dürfte sich die neue Anlage bereits in 2008 rentieren.

Prognose zur Bilanz zum 31.12.2007: Die letzten veröffentlichten Zahlen zum 30.06.2007 beinhalten noch nicht die Einnahmen vom IPO im Juli (knapp EUR 9 Mio.). Im Prospekt sieht man außerdem Wandeldarlehen von Pre-IPO-Investoren in Höhe mehrerer Millionen Euro, die zum IPO (also nach dem letzten Bilanzstichtag) in Eigenmittel gewandelt wurden. Zudem muss man den thesaurierten Gewinn von H2 2007 mitberechnen. Insgesamt sollte der Buchwert sich per 31.12.07 somit auf fast EUR 20 Mio. belaufen. Hier gibt es also eine Firma in einem der spannendsten Märkte praktisch zum Buchwert! Alles andere, also zukünftige Gewinne, Know How und Kundenbeziehungen, verschiedene Patente und Lizenzen und die dominierende Marktstellung im Chromstahl-Bereich bekommen Sie geschenkt dazu.

Die detaillierte Firmenwebsite finden Sie hier: www.listedcompany.com/ir/yongxin/

Als wir CPSL in Zeiten hoher China-Kurse verkauft haben, hatte Yongxin übrigens ein All-Time High von mehr als 30 Eurocents erreicht. Das war fundamental nicht billig, zeigt aber, wo die Reise mit starken Gewinnsteigerungen oder gar im Falle einer erneuten China-Euphorie hingehen könnte. Das Kursziel 2009 sehen wir bei 25 Eurocents (dies entspricht einem erwarteten KGV 2010 von knapp 8).

Kaufen Sie jetzt in Berlin Yongxin (WKN A0MX38) mit Kurslimit nah am Heimatkurs, also derzeit um 10 Eurocents.

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http://www.finanznachrichten.de/nachrichten-2008-02/artikel-…


http://www.finanznachrichten.de/nachrichten-2008-02/artikel-…

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Notes:

1. Better Ace is a BVI company owned by our Executive Chairman and CEO, Pu Dexing (77.4%), our Non-Executive Director, Pu Qixing (13.5%), Wang Yufen (3.9%), Zhou Jianping (3.7%) and Xue Huiyan (1.5%). Pu Qixing is the younger brother of Pu Dexing.Wang Yufen and Zhou Jianping are the wife and brother-in-law of Pu Dexing respectively.
2. Gemini Asia Growth Inc. ("Gemini") is a private equity fund incorporated in the BVI and its shareholders are Blackjack Capital Limited ("Blackjack") (20%), ICH Limited ("ICH") (20%), MVP Capital Limited ("MVP") (20%), Skyland Venture Limited ("Skyland") (20%), Chan Tak Tim (10%), Toe Teow Heng (5%) and Toe Teow Teck (5%), who are unrelated to the Directors and Substantial Shareholders of our Company.
3. The shareholders of Blackjack are Toe Teow Teck (51%) and Bao Tong (49%) who are unrelated to the Directors and Substantial Shareholders of our Company. Each of Toe Teow Teck and Bao Tong is deemed to be interested in the Shares held by Gemini.
4. The shareholders of ICH Limited are Toe Teow Teck (57.94%), Toe Teow Heng (26%), Cheah Chow Seng (5%), Rich China Industries Ltd (2.78%), Flextronics Plastics (Singapore) Pte Ltd (2.27%), Loni Wang Lan (1.69%), Chan Tak Tim (1.6%),Chun Sing Investment Ltd (1.36%) and Stellar Group Inc.(1.36%), who are unrelated to the Directors and Substantial Shareholders of our Company.
5. The shareholders of MVP is Michael Fong (100%), who is unrelated to the Directors and Substantial Shareholders of our Company and he is deemed to be interested in the Shares held by Gemini.

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Half Year Unaudited Financial Statement and Dividend Announcement
for the six months ended 30 June 2007

Notes:

1. For comparative purposes, EPS is calculated based on profit for the year and the pre-Invitation share capital of 152,730,966.
2. For comparative purposes, EPS as adjusted for he Invitation is calculated based on profit for the year and the post-Invitation share capital of 212,730,966.

Balance Sheet






Half Year Unaudited Financial Statement and Dividend Announcement
for the six months ended 30 June 2007

Notes:

1. For comparative purposes, EPS is calculated based on profit for the year and the pre-Invitation share capital of 152,730,966.
2. For comparative purposes, EPS as adjusted for he Invitation is calculated based on profit for the year and the post-Invitation share capital of 212,730,966.

Balance Sheet

Review of Performance (1H2007 vs 1H2006)

Profit and Loss Statement
(A)Breakdown of revenue by product
The Group's revenue increased 18.4% from RMB 59 million to RMB 69.9 million.

Note (i)
During 1H2007, sale of chrome-plated steel strips continued to be the major contributor to our revenue which accounted for 78.7% (2006: 63.7%) of our total revenue. The Group started producing stainless steel strips in 2007.

The gross profit margin has decreased slightly from 34.0% to 30.0% due mainly to a slight increase in the average cost of raw materials.

(B) Other income and expenses

Note (ii)
Other operating income comprised mainly of revenue from sale of scrap materials. This increased as we started to produce stainless steels where there were trial runs, resulting in an increase in scrap materials.

Note (iii)
Selling and distribution expenses increased by approximately RMB 132,000 or 14.6%. This is due mainly to an increase in traveling and entertainment expenses, as a result of the increase in business activities.

Note (iv)
Administrative expenses decreased by approximately RMB 190,000 or 8.1%. This was attributable to the decrease in property tax paid of approximately RMB0.7 million which was due to a one-off charge for the transfer of the leasehold building to our Group in 2006, partially offset by the increase in salaries and wages of approximately RMB0.3 million, depreciation expense of approximately RMB0.09 million and an increase in traveling expenses of approximately RMB0.2 million in relation to the IPO preparation.

Note (v)
Financial expenses increased by approximately RMB1.3 million or 285.6% due mainly to an increase in interest expense. The increase was in line with the increase in bank borrowings of RMB29.0 million compared with that of 1H2006.

(C) Proft before tax
Our profit before tax increased by 2.7% from RMB18.2 million to RMB18.7 million. The increase in revenue was offset by an increase in interest expense, thereby resulting in only a slight increase in profit before tax.

(D) Income tax
On 23 December 2005, our subsidiary, Yongxin Precision Material (Wuxi) Co., Ltd., was converted into a wholly foreign-owned enterprise. Our subsidiary was therefore entitled to an exemption from Enterprise Income Tax ("EIT") for the first two profitable years of operation and thereafter a 50% reduction in EIT for the following three years. The first profitable year of our subsidiary in respect of the EIT was FY2006. Accordingly, no tax expense was recorded for FY2006 and 1H2007.

Balance Sheet
Non-Current Assets
Property, plant and equipment increased by approximately RMB32.8 million due mainly to additional acquisitions of plant and equipment of approximately RMB36.5 million partially offset by depreciation expense of approximately RMB3.7 million. In addition, there was an acquisition of land use right amounting to approximately RMB10.2 million in 1H2007.

Current Assets
There was slight increase in trade receivables of approximately RMB1.1 million or 4.9%, despite 18.4% increase in sales, as we continue to closely monitor our trade receivables.

Inventories increased slightly by approximately RMB 212,000 or 0.8% in order to meet the demand for our products.

Other receivables, deposits and prepayment increased by approximately RMB4.6 million and was attributable to prepaid IPO expenses and advances made to suppliers.

Current liabilities
Total current liabilities decreased by approximately RMB95.8 million and were due mainly (a) a decrease in trade payables as there were no notes payable as at 30 June 2007; (b) a decrease in short-term bank borrowings; and (c) capitalisation of advances from ultimate holding company as part of restructuring exercise. This is partially offset by balances due to a related party as at 1H2007, as a result of an asset and business transfer agreement.

Cash Flow Statement
In 1H2007, we recorded a net cash used in operating activities of approximately RMB23.8 million compared with a net cash generated from operating activities of approximately RMB16.5 million in 1H2006. This is due mainly to an increase in our capital requirements as we change our capital requirements financing from the usage of bills of exchange to bank borrowings.

Commentary

Chrome-plated steel strips remain our main revenue and profit contributor. Demand for chrome-plated steel strips is expected to grow steadily in FY2007. Stainless steel strips is a new revenue contributor since the commencement of the production and sales in June 2007. Demand for stainless steel strips is expected to grow steadily in FY2007.

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http://www.listedcompany.com/ir/yongxin/misc/prospectus.pdf

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singapur ortszeit 14:22

Yong Xin 0.200 +0.005 +2.6%

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Yong Xin 0.200 +0.020 +11.1 %

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19.05.2008 18:34
China Yongxin Pharmaceuticals Retains Investor Relations International for Strategic IR Campaign

China Yongxin (News) Pharmaceuticals Inc. (OTCBB:CYXN), a leading manufacturer, distributor and retailer of pharmaceuticals in Northeastern China, today announced that it has retained Investor Relations International (“IRI“) to lead an expanded shareholder communication program.

As investor relations counsel for China Yongxin Pharmaceuticals, Los Angeles-based IRI will raise the investment community's awareness of the Company's performance through its proprietary IR model consisting of more comprehensive and timely corporate updates, direct communication with money managers, financial media placements and Internet marketing campaigns. The IRI program will focus on highlighting China Yongxin Pharmaceuticals' improving outlook as it begins to grow the number of its retail pharmacies in China, add new pharmaceutical products to its portfolio, increase its product distribution capabilities and expand operations geographically both in China and internationally. IRI seeks to increase the Company's capital resources by broadening its shareholder base as well as cementing the long-term loyalty of existing investors.

"We have engaged Investor Relations International to raise our profile and ensure the broad investment community fully understands our significant growth prospects,“ said Yongxin Liu, China Yongxin Pharmaceuticals' Chairman and CEO. “Our company is at a key point in its development as we are just beginning to expand our successful manufacturing, distribution and retail chain operations throughout China and beyond. IRI is well known for its expertise in generating investor interest, liquidity and shareholder value - all of which are critical to the success of our next growth phase.“

To be added to China Yongxin Pharmaceuticals' investor lists, please contact Haris Tajyar at [e-mail] or at 818-382-9702.

About Investor Relations International

Investor Relations International (IRI), based in Los Angeles, is a leading investor relations firm serving a global client base. The principals of IRI have developed award-winning investor relations programs for a number of NYSE, Amex, Nasdaq-listed and China-based companies such as China Architectural Engineering, Cherokee, LJ International, Starwood Hotels&Resorts Worldwide, Shop NBC and others, and have assisted dozens of public companies ranging from emerging small-cap companies to multinational corporations with market capitalizations in excess of $15 billion. IRI designs and implements customized investor relations programs to meet each client's unique needs. It enjoys one of the highest client retention rates in the industry and has been ranked as one of the fastest growing private companies in America by Entrepreneur Magazine and PriceWaterhouse. For further information on IRI, please visit www.irintl.com.

About China Yongxin Pharmaceuticals, Inc.

China Yongxin Pharmaceuticals Inc. (OTCBB:CYXN) was founded in 1993 as the Changchun Yongxin Dirui Medical Co. (Yongxin), a wholesale drug distributor. Its products include Chinese traditional medicines, Chinese traditional medical teas, chemical pharmaceutical preparations, natural health products, healthy food, cosmetics, and medical equipment. It began retail operations in 2004 and, in 2005, gained franchise rights from the Medicine Shoppe® chain for China's Jilin Province. By the end of 2007 it had 90 retail outlets as well as wholesale distribution and manufacturing operations. Its primary market has been in Northeastern China.

Forward-Looking Statements: This news release contains certain “forward-looking statements.“ Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. China Yongxin Pharmaceuticals, Inc. does not assume any duty to publicly update or revise the material contained herein.

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Sunningdale Tech, Yong Xin Int'l issue profit warnings
By Victoria Jen, Channel NewsAsia | Posted: 18 July 2008 2132 hrs


Photos 1 of 1




SINGAPORE : Two Singapore companies heavily invested in China appear to have taken a hit in their earnings.

Precision plastic engineering company Sunningdale Tech and Yong Xin International, which makes high-precision steel strips, have issued profit warnings.

Both said higher energy costs and wages in China have eroded their earnings. Other factors cited include the weak US dollar and higher raw material prices, which also weighed on earnings.

Sunningdale expects to report a loss for its fiscal second quarter as a result.

Yong Xin, on the other hand, said its first-half earnings will be substantially lower than the previous period.

Both companies will release detailed results soon. - CNA/ms