Zuoan Fashion Ltd - 500 Beiträge pro Seite

[joeycool]

Habe mal gerade wieder paar Chinaaktien untersucht und bin auf diese Aktie gestossen (Zuon)

Hier mal eine kurze Übersicht über Schätzungen: (Quelle comdirect)

Schätzungen 2013 e 2012 e 2011
Umsatz 289,10 Mio. 238,80 Mio. 193,30 Mio.
EbitDa 78,35 Mio. 67,50 Mio. 59,49 Mio.
EBIT 77,32 Mio. 66,62 Mio. 55,40 Mio.
Gewinn je Aktie 2,03 1,71 1,50
KGV 1,8458 2,2027 2,7302

Auf den ersten Blick sieht die Aktie ja sehr billig aus. Leider zahlen die keine Dividende.

Da die Aktie an der Nasdaq gelistet ist, ist sie natürlich nicht direkt mit den in Deutschland gelisteten Werten vergleichbar. Hat sich jemand mit dieser Company schon mal beschäftigt ?

Bisher gab es dazu eine Analystenmeinung aus Sept 2011:

Zuoan Fashion Q2'2011-Zahlen übertreffen Erwartungen
Endingen (aktiencheck.de AG) - Die Experten vom "Emerging Markets Investor" halten die Aktie von Zuoan Fashion (<US98982X1037>/ WKN A1H6AH) für ein aussichtsreiches Investment. Bei der Gesellschaft handele es sich um einen führenden Designer und Hersteller von Männermode. Das Unternehmen sei seit Februar 2011 an der NYSE gelistet und die Aktie sei seither von 8,00 USD auf 2,70 USD gesunken. In der letzten Woche habe Zuoan Fashion die Zahlen für das zweite Quartal 2011 veröffentlicht und dabei die Umsatz- und Gewinnziele deutlich übertroffen. So sei es im Vorjahresvergleich zu einem Umsatzanstieg um 53% auf 239 Mio. Renminbi (RMB) gekommen und der Nettogewinn habe um 28% auf 45 Mio. RMB zugelegt. Das EPS habe sich auf 0,25 USD belaufen. Auf dieser Basis lasse sich ein KGV von 2,7 ableiten. Da die Analysten der Royal Bank of Canada für das nächste Jahr ein EPS in Höhe von 1,60 USD prognostizieren würden, lasse sich somit ein KGV von 1,7 errechnen. Außerdem belaufe sich der Cash-Bestand der Firma auf 110 Mio. USD und es gebe praktisch keine Schulden. Somit bekomme man bei einem Börsenwert von 75 Mio. USD nicht nur das Bargeld mit einem Discount, sondern auch noch das ganze profitable Geschäft. Die Experten vom "Emerging Markets Investor" halten die Aktie von Zuoan Fashion für ein interessantes Investment. (Ausgabe 17 vom 05.09.2011) (06.09.2011/ac/a/a)

Klingt doch interessant. Der Kurs pendelt seit Monaten zwischen 2,7 und 3,2...

[joeycool]

Wenn es jemand interessiert :

http://finance.yahoo.com/q/ta?s=ZA+Basic+Tech.+Analysis

gute Übersichtsseite

[Ralph100]

Antwort auf Beitrag Nr.: 43.200.583 von joeycool am 23.05.12 11:14:56

...ja klingt wirklich interessant. Da die amerikanische Börsenaufsicht (SEC) und die Aufsicht über die Wirtschaftsprüfer (PCAOB) den Kapitalmarkt deutlich strenger beaufsichtigen, als man das in Deutschland gewohnt ist, sollte Bilanzprobleme in dieser Branche eher unwahrscheinlich sein. Allerdings stört mich doch sehr, dass sie erst seit Febr. 2011 an der Börse notiert sind. Hier müsste man sich wieder einmal anschauen, ob nicht wie zuletzt bei Powerland eine deutliche Erhöhung des Steuersatzes droht, die den Nettogewinn deutlich reduziert und ob nicht auch hier eine sehr starke Expansion mit eigenen Shops und die Stärkung der Marke geplant ist. Dies könnte dann dazu führen, dass ähnlich wie bei Powerland die Traummarge wie Schnee in der Sonne zusammenschmilzt und das KGV plötzlich deutlich höher liegt. Mich stört, dass die Bewertung so extrem günstig erscheint. Die Amis sind doch nicht blöde. Ich befürchte, dass andere (wie auch bei Powerland) schon wieder mehr wissen als wir und man sich an diesem Wert erneut die Finger verbrennt. Wäre natürlich schön, wenn auch eine übertriebene Bodenbildung stattgefunden haben sollte und tatsächlich der Einstiegszeitpunkt günstig wäre. Die Webseite macht zumindest einen ganz ordentlichen Eindruck.

[Raymond_James]

Zitat von Ralph100: ... Die Amis sind doch nicht blöde ...

da wäre ich mir mir nicht so sicher

der unterschied zu Kinghero AG liegt wohl im KBV und KUV

Price/Book (mrq)
Kinghero AG 0,79
Zuoan Fashion Ltd 2,45

Price/Sales (ttm)
Kinghero AG 0,72
Zuoan Fashion Ltd 1,24

[joeycool]

Antwort auf Beitrag Nr.: 43.217.347 von Raymond_James am 28.05.12 12:27:51

Ok, und was bedeutet das :

Kinghero hat ein höheres KGV aber Price/Book und Price/Sales sind deutlich niedriger :

Zuoan Fashion also doch mit KGV von 2 fair bewertet.
Oder andersherum : Ist etwa Kinghero überbewertet ?

[joeycool]

Antwort auf Beitrag Nr.: 43.217.347 von Raymond_James am 28.05.12 12:27:51

Ah , die veröffentlichen ihren 1. Quartalsbericht erst nächste Woche:

http://finance.yahoo.com/news/zuoan-fashion-limited-announce…

[Raymond_James]

Antwort auf Beitrag Nr.: 43.223.629 von joeycool am 29.05.12 21:53:19

Zuoan Fashion Ltd: KBV(mrq) von 2,45 und KUV(ttm) von 1,24 machen den vorteil des etwas niedrigeren KGV (als das der Kinghero) zunichte

[Raymond_James]

Antwort auf Beitrag Nr.: 43.223.629 von joeycool am 29.05.12 21:53:19

oder andersrum:
das niedrige KBV und KUV der Kinghero wiegen den nachteil des etwas höheren KGV bei weitem auf; daher würde ich Kinghero vorziehen

[joeycool]

Antwort auf Beitrag Nr.: 43.223.995 von Raymond_James am 29.05.12 23:04:36

Das finde ich interessant,

nun gut, ich warte mal die Quartalszahlen ab, aber die Aktie bewegt sich ja immer weiter nach unten.

Das KGV von nun mehr unter 2 ist wirklich unglaublich, aber das nützt ja auch nichts, wenn keine Publizität besteht.

[joeycool]

1. Quarter Result:

(Man beachte die 145 Mio Dollar Cash ..:cool

SHANGHAI, June 4, 2012 /PRNewswire-Asia-FirstCall/ -- Zuoan Fashion Limited (ZA) ("Zuoan" or the "Company"), a leading design-driven fashion casual menswear company in China, today announced its financial results for the first quarter ended March 31, 2012.

James Hong, Founder, Chairman of the Board and Chief Executive Officer, commented, "We are very pleased that 2012 is off to a good start and believe we remain well-positioned to deliver on our strategic and financial objectives this year. Our solid first quarter performance reflects our ability to further penetrate China's domestic market for fashion casual menswear. First quarter revenue was within our forecasted range and net income exceeded our estimates.

"We believe our marketing efforts over the past year have led to increased brand recognition and greater customer demand. Much of this success stems from our international initiatives which include our active participation in several international trade shows and our collaborations with Paris-based Nelly Rodi, and Japan fashion designer, Mr. Okada Hiroyuki, which together have culminated in a more fashionable and complete collection with greater variety and style. The sequential growth of our business in terms of our total store count and sales volumes reflects our ability to increasingly strengthen our brand equity among local customers and efficiently execute of our network expansion plan, with a total of 1,295 store locations at the end of March 31, 2012.

"Looking ahead, we will continue to fortify our position in China's fashion casual menswear market by executing our development strategy and expanding our geographic presence. We have a very strong balance sheet including a record level of cash, minimal debt and a much lower trade receivables position compared to last quarter. While we remain cautious due to a softening retail environment impacted by the global economic slowdown, we remain positive on our longer-term sales and profit growth opportunities."

First Quarter 2012 Financial Performance

Revenue for the first quarter was RMB279.9 million ($44.5 million), a 32.3% increase from RMB211.5 million ($33.6 million) in the same period last year. The increase in revenue was driven by both distributor and direct store sales volume. First quarter distributor sales increased 23.1% to RMB260.4 million compared to RMB211.5 million in the first quarter of 2011. First quarter 2012 self-operated direct store and flagship store sales were RMB19.6 million in the first quarter 2012. A net total of 26 distributor and sub-distributor stores were opened and one Company self-operated flagship store was closed in the first quarter of 2012, resulting in a total of 1,295 store locations at the end of March 31, 2012 compared to 1,270 store locations at the end of 2011.

Cost of sales increased 20.5% to RMB148.8 million ($23.6 million) in the first quarter of 2012 from RMB123.6 million ($19.6 million) in the same quarter of 2011, primarily as a result of the increase in sales volume. As a percentage of revenues, cost of sales decreased to 53.2% in the first quarter of 2012 from 58.4% in the first quarter of 2011.

Gross profit in the first quarter increased 49.1% year over year to RMB131.1 million ($20.8 million) from RMB88.0 million ($14.0 million) in the same period of 2011. First quarter 2012 gross profit margin was 46.8% compared to 41.6% in the same period last year. First quarter 2012 gross margin increased primarily due to the increase of wholesale price to distributors from 35% to 38% since the third quarter 2011 and the higher margin contributed by sales of the Company's self-operated direct stores and flagship stores. Gross margin at the Company's self-operated direct stores was 59.9% and 70.8% at its flagship store, respectively. Combined gross margin at Companyself-operated locations was 70.1%.

Selling and distribution expenses in the first quarter were RMB28.5 million ($4.5 million), or 10.2% of revenue, compared to RMB10.4 million ($1.6 million), or 4.9% of revenue in the same period last year. This percentage increase was primarily due to the increase in store expansion related rental charges and direct store expenses, advertising and promotion expenses, and costs of renovation and fittings of distributors' new and existing stores.

Administrative expenses in the first quarter were RMB11.6 million ($1.8 million), or 4.1% of revenue, compared to RMB11.8 million ($1.9 million), 5.6% of revenue in the same period last year. This percentage decrease was primarily a result of the decrease in equity-settled employee benefit costs and higher legal and professional fees incurred in first quarter of 2011 after the Company's initial public offering.

Effective tax rate in the first quarter increased to 25.6% compared to 26.7% in the prior year period.

Net income for the first quarter increased 40.9% to RMB67.4 million ($10.7 million) from RMB47.8 million ($7.6 million) in the same period last year. First quarter net income as a percentage of revenue was 24.1% compared to 22.6% in the prior year period.

Diluted earnings per ordinary share was RMB0.61 ($0.10) in the first quarter of 2012, equivalent to RMB2.42 ($0.38) per ADS, compared to diluted earnings per ordinary share RMB0.49 ($0.08) in the first quarter of 2011, equivalent to RMB1.95 ($0.31) per ADS. The Company's diluted number of shares outstanding increased 13.6% to 111.3 million in the first quarter ended March 31, 2012 compared to 97.9 million in the 2011 first quarter period.

As of March 31, 2012, the Company had cash, cash equivalents of RMB936.7 million ($148.7 million), compared to RMB690.5 million ($109.6 million) as of December 31, 2011. Net cash provided by operating activities was RMB257.1 million ($40.8 million) in the three months ended March 31, 2012, up 104.6% from RMB125.7 million ($20.0 million) in the three months ended March 31, 2011.





Outlet Type:


1Q2011


1Q2012




Direct Stores


0


3




Distributor and Sub-distributor Stores


1,123


1,237




Self-Operated Flagship Stores


0


22




Distributor-Operated Flagship Stores


0


33




Total:


1,123


1,295



First Quarter Initiative

In March, Zuoan commissioned an independent third party research company, Frost & Sullivan to conduct a comprehensive census count of Zuoan retail stores in order to confirm the accuracy of Zuoan's advertised store count data as of December 31, 2011.

In the study, Frost & Sullivan confirmed the existence and operational activity of selected stores in the majority of Chinese provinces in which Zuoan stores operate. One hundred and twenty cities in 23 provinces were randomly chosen for this survey. Frost & Sullivan used the Stratified Random Sampling method, and then conducted phone interviews/on-site checks to confirm Zuoan's store locations in each of the sampled cities. In each city, the number of stores checked was proportional to the distribution of Zuoan's stores nationwide in China. With such methodology, the actual audited store counts could be projected to reflect the total number of Zuoan stores within a +/- 5.5% sampling error at 95% confidence level. Frost & Sullivan began its fieldwork in March 2012 and completed the assignment in April 2012.

Mr. Hong, commented, "Improving our transparency remains a priority for Zuoan which is why we proactively engaged Frost & Sullivan to independently verify our retail store locations. We are pleased with their store verification results which help confirm the accuracy of our retail store counts and instill greater trust in our business operations. We hold our public company listing status in very high regard to ensure our investors have the utmost confidence and understanding of our business."

Financial Outlook

For the second quarter of 2012, the Company currently anticipates revenue in the range of RMB290-RMB300 million ($46.1-$47.6 million), gross margin of approximately 45-47%, net income of approximately RMB61.7-RMB64.0 million ($9.8 -$10.2 million) and basic and fully diluted EPS of approximately RMB0.55 ($0.09) - RMB0.58 ($0.09). The Company expects to have approximately 111.3 million number of shares (27.8 million ADSs) outstanding during the quarter ending June 30, 2012.

Zuoan expects to open approximately 25 self-operated flagship stores in the full year 2012. Approximately 175 new retail stores and 25 flagship stores are expected to be opened by distributors and sub-distributors in of the full year 2012.

Conference Call Information

Zuoan's management will host an earnings conference call on June 5, 2012 at 8:30 a.m. U.S. Eastern Time. Listeners may access the call by dialing #1-913-312-0971. A webcast will also be available via www.viavid.net. A replay of the call will be available through June 12, 2012. Listeners may access the replay by dialing #1-858-384-5517, access code: 3975214.

Exchange Rate

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.2975 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2012.

About Zuoan Fashion Limited

Zuoan Fashion Limited is a leading design-driven fashion casual menswear company in China, and is head-quartered in Shanghai. Zuoan offers a wide range of products, including men's casual apparel, footwear and lifestyle accessories, primarily targeting urban males between the ages of 20 and 40 who prefer stylish clothing that represents a sophisticated lifestyle. Through extensive networks of distributors and retail stores, Zuoan sells its products in 29 of China's 32 provinces and municipalities. As of March 31, 2012, Zuoan had 1,295 stores located in China.

Safe Harbor

This news release may contain forward-looking information about Zuoan Fashion Limited, which is covered under the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward- looking terminology such as believe, expect, may, will, should, project, plan, seek, intend, or anticipate or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and Zuoan Fashion Limited's future performance, operations, and products.

Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Actual performance results may vary significantly from expectations and projections. Further information regarding this and other risk factors are contained in Zuoan's public filings with the U.S. Securities and Exchange Commission.

All information provided in this news release and in any attachments is as of the date of the release, and the companies do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Contact Information

John Low
Email: [e-mail]

ICR, LLC
William Zima
Phone: [phone]

Zuoan Investor Relations Department
US: 1-646-308-1614

[Raymond_James]

eine der wenigen kleinstemissionen Chinas mit erholungsanzeichen:

Zuoan Fashion Ltd. Reg.Shares(Sp.ADRs)4 DL-,00025 (Frankfurt)

[joeycool]

Einen interessaten Artikel gefunden:

blos ist die Aktie Anfang November bei 2,7$, was für ein Scherz.

http://seekingalpha.com/article/841921-5-stocks-trading-belo…

Zuoan Fashion (ZA) is a leading design-driven fashion casual menswear company in China, and is headquartered in Shanghai. Zuoan offers a wide range of products, including men's casual apparel, footwear and lifestyle accessories, primarily targeting urban males between the ages of 20 and 40 who prefer stylish clothing that represents a sophisticated lifestyle. Through extensive networks of distributors and retail stores, Zuoan sells its products in 29 of China's 32 provinces and municipalities. As of June 30, 2012, Zuoan had 1,331 stores located in China.

(click to enlarge)

Financials

The company reported the second-quarter financial results on August 30 with the following highlights:

Revenue $47.5 million
Net income $10.4 million
Cash $159.5 million
Debt $16.2 million
Net Cash $143.3 million
Shares outstanding (ADS) 27.8 million
Net cash per share $5.15

Outlook

For the third quarter of 2012, the company currently anticipates revenue in the range of $77.1 - $80.3 million, gross margin of approximately 46-48%, net income of approximately $15.7 - $16.4 million.

Zuoan expects to open approximately 25 self-operated flagship stores in the full year 2012. Approximately 175 new retail stores and 25 flagship stores are expected to be opened by distributors and sub-distributors in of the full year 2012.

My analysis

The stock is currently trading at 28% discount to its net cash per share value. I would recommend buying the shares below the net cash level. I am expecting the company to be profitable for the full-year 2012 based on the company's outlook.

[joeycool]

Und hier mal eine negative Meinung:
Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model

NEW YORK (TheStreet) -- Zuoan Fashion (NYSE:ZA) has been downgraded by TheStreet Ratings from hold to sell. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself.

■ACTIVE STOCK TRADERS: Check out TheStreet's special offer for Real Money, headlined by Jim Cramer, now!

Highlights from the ratings report include:
■ ZA has underperformed the S&P 500 Index, declining 13.99% from its price level of one year ago. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time.
■ ZUOAN FASHION LTD -ADR has improved earnings per share by 30.0% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. During the past fiscal year, ZUOAN FASHION LTD -ADR increased its bottom line by earning $1.51 versus $0.31 in the prior year.
■ The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Textiles, Apparel & Luxury Goods industry. The net income increased by 46.5% when compared to the same quarter one year prior, rising from $7.30 million to $10.70 million.
■ ZA's debt-to-equity ratio is very low at 0.06 and is currently below that of the industry average, implying that there has been very successful management of debt levels. Along with this, the company maintains a quick ratio of 6.55, which clearly demonstrates the ability to cover short-term cash needs.

Zuoan Fashion Limited, through its subsidiaries, engages in the design and distribution of fashion menswear. The company has a P/E ratio of 2.5, above the average consumer non-durables industry P/E ratio of 2.3 and below the S&P 500 P/E ratio of 17.7. Zuoan Fashion has a market cap of $99.3 million and is part of the consumer goods sector and consumer non-durables industry. Shares are down 9.6% year to date as of the close of trading on Monday.


Quelle:

http://www.thestreet.com/story/11669767/1/zuoan-fashion-ltd-…

[Raymond_James]

http://seekingalpha.com/article/841921-5-stocks-trading-belo…

Stocks Trading Below Net Cash

September 2, 2012

Zuoan Fashion (ZA) is a leading design-driven fashion casual menswear company in China, and is headquartered in Shanghai. Zuoan offers a wide range of products, including men's casual apparel, footwear and lifestyle accessories, primarily targeting urban males between the ages of 20 and 40 who prefer stylish clothing that represents a sophisticated lifestyle. Through extensive networks of distributors and retail stores, Zuoan sells its products in 29 of China's 32 provinces and municipalities. As of June 30, 2012, Zuoan had 1,331 stores located in China.

Financials
The company reported the second-quarter financial results on August 30 with the following highlights:
Revenue $47.5 million
Net income $10.4 million
Cash $159.5 million
Debt $16.2 million
Net Cash $143.3 million
Shares outstanding (ADS) 27.8 million
Net cash per share $5.15

Outlook
For the third quarter of 2012, the company currently anticipates revenue in the range of $77.1 - $80.3 million, gross margin of approximately 46-48%, net income of approximately $15.7 - $16.4 million. Zuoan expects to open approximately 25 self-operated flagship stores in the full year 2012. Approximately 175 new retail stores and 25 flagship stores are expected to be opened by distributors and sub-distributors in of the full year 2012.

My analysis
The stock is currently trading at 28% discount to its net cash per share value. I would recommend buying the shares below the net cash level. I am expecting the company to be profitable for the full-year 2012 based on the company's outlook.

[Raymond_James]

Antwort auf Beitrag Nr.: 43.827.162 von Raymond_James am 15.11.12 10:47:55

http://www.aktiencheck.de/analysen/Artikel-Zuoan_Fashion_Akt…

[joeycool]

Antwort auf Beitrag Nr.: 43.827.219 von Raymond_James am 15.11.12 10:57:59

Tja, ob der Boden hier gefunden worden ist. Jedenfalls ist die Bewertung hier auch sehr abenteuerlich.

Vielleicht baue ich mal eine kleine Position hier auf, mal sehen.

[Raymond_James]

WARNUNG !

4 ADRs dieser aktie entsprechen 1 Stammaktie (ordinary share); ADR : ORD -Verhältnis ist 4:1
http://www.adrbnymellon.com/dr_industry_profile.jsp?xls=&ind…

tatsächliches kgv also 6,4 (4x 1,6), was immer noch billig ist, aber doppelt so teuer wie zB Kinghero

[Raymond_James]

Antwort auf Beitrag Nr.: 43.836.321 von Raymond_James am 17.11.12 21:58:56

kommando zurück, ich habe mich getäuscht, es ist genau umgekehrt:

ADR : ORD ratio ist 1:4, also 1 ADR = 4 Stammaktien

ADR "shares" will represent some multiple or fraction of an ORD share.
(1:n) - meaning: it takes multiple (n) ORD shares to equal 1 ADR share E.g., HSBC Bank ADRs (NYSE ticker "HBC") trades at a ratio of 1:5, with the underlying ORD share trading on the London Exchange in Pence, http://suretalent.blogspot.de/2006/05/investing-in-adr-ameri…

Q2/2012: Diluted earnings per ordinary share was RMB0.60 ($0.09) in the second quarter of 2012, equivalent to RMB2.38($0.37) per ADS ... http://www.finanznachrichten.de/nachrichten-2012-08/24453624…

[joeycool]

Hm, noch weiter am beobachten. Traurig sind die Handelsumsätze in den USA, da gehen kaum Stücke um. Selbst bei einem KGV < 2 scheint hier das Interesse gleich 0 zu sein.

Der Kurs scheint sich nun bei 2,65 $ einzupendeln.

[Raymond_James]

Antwort auf Beitrag Nr.: 43.860.217 von joeycool am 25.11.12 15:43:14

gestern sprung um 12% auf $3, http://zuoancn.investorroom.com/index.php?s=122

[joeycool]

Aber Neuigkeiten gab es auch nicht.

Schaun wir mal, ob es sich hier um eine Trendumkehr handelt.

Eingestiegen bin ich hier immer noch nicht,

[Raymond_James]

http://www.finanznachrichten.de/nachrichten-2012-12/25372997…

Nine months period ended September 30
Diluted earnings $1,28 per ADS (€0,32 x 4)
Cash €4,81 per ADS ($133,903M / 27.8M ADSs)
"... recent economic data from China indicates the domestic economy is improving which can lead to a pick-up in consumer spending environment in the coming quarters"

[Raymond_James]

Antwort auf Beitrag Nr.: 43.893.059 von Raymond_James am 05.12.12 13:11:17

correction: Cash $4,81 per ADS

[joeycool]

Jetzt habe ich den ultimativen Link gefunden:

http://www.extremevaluestocks.com/evs_research/stock.php?sym…

Hier gibt es eine Übersicht über wirklich alle Daten von Zuoan Fashion und sogar eine Einschätzung über die Über- bzw. Unterbewertung.

Sehr interessant.

[Oberkassel]

Antwort auf Beitrag Nr.: 43.970.485 von joeycool am 31.12.12 13:52:19

Sehr interessante Webseite - danke - super !!

Beschäftige mich zZ viel mit asiatischen Werten speziell HK, SGP
sowie ID.

Ein auch spannender Wert Avago Technologies Aktie [WKN: A0X9TN / ISIN: SG9999006241.

Werde in 2013 einen weiteren Wert in Asien aufbauen - bisher invesiert in Konsum und Technologie in HK.

Alles Gute für 2013!!


Liebe Grüsse

Oberkassler

[Oberkassel]

Nachtrag:

Zuoan Fashion wins CNTAC “Product Development’ award

Zuoan Fashion Limited, a leading design-driven fashion casual menswear company in China, announced that it was one of fifty-six textile and apparel companies awarded the '2012 Product Development Award' from the China National Textile and Apparel Council ("CNTAC").

CNTAC is a national, nonprofit federation of textile-related industries that aims to provide the best service to the modernization of China's textile industry. The Product Development Award is given to the companies which have made significant product development contributions in China's textile and apparel industry in 2012.

James Hong , Founder, Chairman of the Board and Chief Executive Officer, commented, "We are proud to be a recipient of the '2012 Product Development Award' and are grateful to the China National Textile and Apparel Council for recognizing our fashion casual menswear products and Zuoan's leading position in China's apparel market.

We have a strong design team, comprised of both domestic and international fashion design talent, and have incorporated the latest technology to enhance our fabric design, accessories and apparel innovation. By accepting this award, we remain committed to developing high-quality, in-demand fashion products and will continue our efforts to contribute to the overall development of China's textile and apparel industry."

Zuoan Fashion Limited is a leading design-driven fashion casual menswear company in China, and is head-quartered in Shanghai. Zuoan offers a wide range of products, including men's casual apparel, footwear and lifestyle accessories, primarily targeting urban males between the ages of 20 and 40 who prefer stylish clothing that represents a sophisticated lifestyle.

Quelle: fibre2fashion

Oberkassler

[joeycool]

Nach dem letzten China-kracher longwei-petroleum (nun mit trading halt) ist hier erstmal pause angesagt.

Weiterhin nur auf beobachtungsstatus.

[joeycool]

Ist wieder auf 3 $ abgerutscht.

[joeycool]

Gerade einen ähnlichen Wert gefunden:

ist vom EPS etwas teurer :

China Xiniya Fashion Limited (XNY).

Netter Vergleich unter :

http://finance.yahoo.com/q/co?s=ZA+Competitors

[joeycool]

Kleines Update Kurs nun unter 2 EUR.
Ab und zu beobachte ich den Werte noch, aber bisher keine Position aufgebaut.

[joeycool]

Hm, jetzt sogar bis auf 1,8 gefallen....

[joeycool]

Notiert jetzt auf Allzeittief bei 1,40 (!!!).

Das P/E liegt nun identisch mit anderen deutsch-chinesen bei 1.

Ein rückkaufprogramm ist aber immer noch nicht geplant. Seltsam auch, das der letze Kursrutsch mit keiner Meldung vebunden ist.

Bin weiterhin nur am beobachten.

[Raymond_James]

Tief überwunden, EPS(2013e): €1,22, KGV 2,0 (US$ 2,44/1,22)

[Raymond_James]

Antwort auf Beitrag Nr.: 45.691.739 von Raymond_James am 24.10.13 23:27:56

correction EPS(2013e): US$1,22 (Quelle: seekingalpha.com)

[joeycool]

Ist wieder auf 2,35 bucks runter gepurzelt. Kurzes Strohfeuer.

[joeycool]

Jetzt wieder auf 2,11. Jemand hier mal eingestiegen?

[joeycool]

Weiter gehts nach unten : unter 2 bucks.

[hareck]

Im China-Modebereich trennt sich jetzt die Spreu vom Weizen, und ich fürchte, Zuoan wird eher zu den Verlierern gehören:


SHANGHAI, Dec. 20, 2013 /PRNewswire/ -- Zuoan Fashion Limited (NYSE: ZA) ("Zuoan" or the "Company"), a leading design-driven fashion casual menswear company in China, today announced its financial results for the third quarter ended September 30, 2013.

Third Quarter 2013 Financial Highlights

Revenues in the third quarter of 2013 were RMB380.5 million ($62.2 million), a decrease of 20.1% from RMB476.3 million in the same quarter of 2012.
Gross profit in the third quarter decreased 30.3% year over year to RMB155.8 million ($25.5 million) from RMB223.6 million in the same quarter of 2012.
Gross margin was 40.9% compared with 46.9% in the prior year period and 44.1% in the second quarter of 2013.
Net income was RMB23.0 million ($3.8 million), a decrease of 75.3% from RMB92.8 million in the same quarter of 2012.
Diluted earnings per ordinary share was RMB0.21 ($0.03) in the third quarter, equivalent to RMB0.83 ($0.13) per ADS, compared to diluted earnings per ordinary share of RMB0.83 ($0.14) or RMB3.34 ($0.55) per ADS in the third quarter of 2012.

James Hong, Founder, Chairman and Chief Executive Officer, commented, "As addressed last quarter, the softening retail environment in China this year resulted in more challenging market conditions in the third quarter. During the first half of the year, there was a build-up of inventory at the distributor level due to softer market conditions, which resulted in cancelled orders from our distributors. To offset this situation, we enacted several initiatives to stimulate sales and reduce inventory at the distributor level, including increasing our advertising and promotional programs as well as applying heavier discounting at the retail level. We believe our marketing efforts, which include targeted campaigns in ten major cities in China, are an effective use of our resources and we are hopeful we'll experience a gradual improvement in consumer spending in the quarters ahead. We are undertaking a number of operational initiatives, including supply chain enhancements, closer interaction with our distributors and the launch of a leather goods and accessories chain of outlets which we believe can improve our cost structure and improve our market position as we navigate through this challenging market environment.

To further consolidate and better reposition for the future, we closed a net total of 309 distributor and sub-distributor stores in the third quarter, resulting in a total of 1,074 store locations at the end of September. We expect to maintain profitability in the fourth quarter."

Third Quarter 2013 Financial Performance

Revenue for the third quarter of 2013 was RMB380.5 million ($62.2 million), representing a decrease of 20.1% from RMB476.3 million in the same quarter of 2012. The decrease was primarily attributed to a cancellation of sales orders for the Company's Fall/Winter collection 2013 back in June, due to the economic downturn in the menswear sector during the second half of 2013. During the quarter, distributor sales decreased by 16.0% to RMB378.3 million from RMB450.2 million in the same quarter of 2012. Third quarter 2013 self-operated direct store sales decreased to RMB2.2 million from RMB2.9 million in the same quarter of 2012. A net total of 309 distributor and sub-distributor stores were closed in the third quarter of 2013, resulting in a total of 1,074 store locations as of September 30, 2013 compared to 1,383 store locations at the end of the second quarter.

Cost of sales decreased by 11.1% to RMB224.7 million ($36.7 million) in the third quarter of 2013 from RMB252.7 million in the same quarter of 2012, in-line with the revenue decrease associated with cancelled sales orders. As a percentage of revenues, cost of sales increased to 59.1% in the third quarter of 2013 from 53.1% in the same quarter of 2012.

Gross profit decreased by 30.3% to RMB155.8 million ($25.5 million) from RMB223.6 million in the third quarter of 2012. Third quarter 2013 gross margin was 40.9% compared with 46.9% in the same quarter of 2012. The decrease in gross margin was primarily due to the decrease in the Company's wholesale price discount that was implemented in the third quarter of 2013.

Selling and distribution expenses in the third quarter were RMB108.3 million ($17.7 million), or 28.5% of revenue, compared to RMB84.1 million, or 17.7% of revenue in the same quarter of 2012. The percentage increase was primarily due to a planned increase in advertising and marketing expenses in the second half of 2013 to create greater consumer brand awareness.

Administrative expenses in the third quarter were RMB14.5 million ($2.4 million), or 3.8% of revenue, compared with RMB14.0 million, or 2.9% of revenue in the same quarter of 2012.

Effective tax rate in the third quarter was 27.0% compared to 25.6% in the same quarter of 2012.

Net income for the third quarter decreased by 75.3% to RMB23.0 million ($3.8 million) from RMB92.8 million in the same quarter of 2012. Third quarter net margin was 6.0% compared to 19.5% in the third quarter of 2012.

Diluted earnings per ordinary share were RMB0.21 ($0.03) in the third quarter of 2013, equivalent to RMB0.83 ($0.13) per ADS, compared to diluted earnings per ordinary share of RMB0.83 ($0.14) or RMB3.34 ($0.55) per ADS in the third quarter of 2012. The Company's diluted number of shares outstanding was 111.3 million in the third quarter ended September 30, 2013.

As of September 30, 2013, the Company had cash, cash equivalents of RMB1,287.1 million ($210.3 million), compared to RMB918.5 million as of December 31, 2012. Net cash provided by operating activities was RMB78.4 million ($12.8 million) in the three months ended September 30, 2013, compared to a net cash used in operating activities of RMB172.9 million in the three months ended September 30, 2012.

Outlet Type:

3Q2012
3Q2013

Direct Stores

7
8

Distributor and Sub-distributor Stores

1,219
1,003

Self-Operated Flagship Stores

26
0

Distributor-Operated Flagship Stores

37
63

Total:

1,289
1,074

Financial Outlook

For the fourth quarter of 2013, the Company currently anticipates revenue in the range of RMB206-RMB236 million ($33.6-$38.5 million), gross margin of approximately 40-42%, net income of approximately RMB15.6-RMB20.1 million ($2.5-$3.3 million) and basic and fully diluted EPS of approximately RMB0.14–RMB0.18 ($0.02-$0.03), equivalent to RMB0.56–RMB0.72 ($0.09-$0.12) per ADS.

Conference Call Information

Zuoan's management will host an earnings conference call on December 20th, 2013 at 8:30 a.m. U.S. Eastern Time. Listeners may access the call by dialing # 1-719-325-2454. A webcast will also be available via http://public.viavid.com/index.php?id=107244. A replay of the call will be available through December 27th, 2013. Listeners may access the replay by dialing # 1-858-384-5517, access code: 7653253.

Exchange Rate

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB 6.12 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2013.

About Zuoan Fashion Limited

Zuoan Fashion Limited is a leading design-driven fashion casual menswear company in China, and is head-quartered in Shanghai. Zuoan offers a wide range of products, including men's casual apparel, footwear and lifestyle accessories, primarily targeting urban males between the ages of 20 and 40 who prefer stylish clothing that represents a sophisticated lifestyle. Through extensive networks of distributors and retail stores, Zuoan sells its products in 31 of China's 32 provinces and municipalities. As of September 30, 2013, Zuoan had 1,074 stores located in China.

[hareck]

Nach dem (berechtigten) Kurssturz heute habe ich mir doch mal ein paar gegönnt...das KGV ist zwar, wenn überhaupt, nur noch im 3er Bereich, aber die Company ist ja nur noch zu einem Viertel ihres Cashbestandes bewertet.

Vielleicht gibt es ja mal ein Aktienrückkaufprogramm.

Mein Broker wies mich darauf hin, dass das Bereitstellen von ADRs in den USA Bankgebühren kosten kann, die auf den Halter der ADRs umgelegt werden. Speziell für ZA konnte ich dazu aber keine genauen Angaben finden.

Weiß jemand, wie hoch diese Gebühren sind?

[hareck]

Antwort auf Beitrag Nr.: 46.092.522 von hareck am 20.12.13 17:55:34

Ich habe doch noch etwas gefunden...es scheint, dass diese Pass-Through-Fees 2 cent jährlich (?) betragen.

Ganz schön teuer, etwa vergleichbar mit einer Fondsanlage.

[hareck]

Antwort auf Beitrag Nr.: 46.092.722 von hareck am 20.12.13 18:12:47

Hier der Link:

http://www.ecosia.org/url?url=http%253A%2F%2Fdtcc.com%2Fdown…

[joeycool]

Habe gerade auch den Kurssturz gesehen. Im Yahoo Finance Forum wird darüber berichtet, dass es kein Aktienrückkaufprogramm geben soll.

Der Einbruch im 3. Quartal deckt sich nun leider auch mit anderen Chinatiteln im gleichen Marktsegment, scheint wohl ein generelles Problem zu sein.

Warum kaufst Du nicht direkt in Stuttgart ?

[hareck]

Antwort auf Beitrag Nr.: 46.093.674 von joeycool am 20.12.13 20:47:46

Im Yahoo-Forum heißt es aber, im Conference Call wäre eine Dividende für das vierte Quartal in Aussicht gestellt worden.

Leider habe ich den Call nicht gehört, er ist aber auf der Webseite verfügbar. Ich werde ihn mir bei Gelegenheit anhören.

In Stuttgart wird die Aktie kaum gehandelt. Der Spread ist unterirdisch. Da ist in USA deutlich mehr los.

[joeycool]

Stimmt, das Yahoo-Forum ist da fast ein deja-vu von Diskussionen, die hier auch stattfinden:

zum Beispiel:

http://finance.yahoo.com/mbview/threadview/?&bn=445295b9-711…


dtpolis • Dec 20, 2013 3:48 PM

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ZA's P/E drops below 1

Other Chinese clothing companies trade at 4-5 P/E ratio.
ZA has $7 cash per share, no debt, positive EPS, and today traded for less than 1 P/E.
Although numbers and guidance not excellent, the company met what they had forcasted, and kept earnings positive.
... More
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goodpick13 • Dec 23, 2013 3:53 PM
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The drops the earnings will make this one down to $1.2.

Sentiment: Strong Sell
1 Reply to goodpick13
dtpolis • Dec 23, 2013 4:49 PM
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XNY's EPS dropped to $0.29 after last months earnings, but stocks trade at 4.5 P/E, so SP is $1.32 or so. ZA's earnings after last week's earnings should be around $1.35 (down from $1.70), so if it was trading at 4.5 PE ...you do the math... $1.32 x 4.5 = ...
If they start paying a... More
wunifin • Dec 20, 2013 3:54 PM
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Cash per share is now $7.55. Maybe there will be some discussion on the dividend at the annual meeting next week?

There Q3 operating cash flow was 13,369 and they had a surplus of new financing over investment cash flow, so for me it adds up nicely.
2 Replies to wunifin
moviecrazy100 • Dec 27, 2013 4:51 PM
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who would want to hold this stock when paying ADR fees and no dividends?
strcprstskrzkrk1 • Dec 20, 2013 4:01 PM
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guys there's probably no such cash.. i'm sorry


Zuoan Fashion ist daher so ähnlich zu sehen, wie dt. Chinaaktien. Die haben alle einen guten Cashberg, der auch noch stetig anwächst. Wird jedoch keine Dividende gezahlt, gibt es ein Glaubwürdigkeitsproblem.

Aktie stet aber trotzdem weiterhin auf Beobachtung....

[hareck]

Hier die Mitschrift des Conference Call:

http://seekingalpha.com/article/1909941-zuoan-fashions-ceo-d…

[hareck]

Zuoan Fashion appoints Dangsheng Chen as acting CFO

February 19, 2014 (China)


Zuoan Fashion Limited, a leading design-driven fashion casual menswear company in China, announced that its Chief Financial Officer, Mr. Calvin Chi Hon Tsang has resigned from his position, effective immediately, to pursue a career opportunity with a Hong Kong listed company. The Board of Directors has begun the process of searching for a replacement CFO.

The Board of Directors has appointed Mr. Dangsheng Chen as Acting CFO until further notice. Mr. Chen will assume the responsibilities of CFO in addition to his existing duties as the finance manager.

James Hong, Founder, Chairman and Chief Executive Officer, commented, "Mr. Chen has been with Zuoan since 2008 and has more than 12 years relevant experience. He has been in charge of Zuoan's accounting and financial operations and has been playing an integral role in our internal control over financial reporting.

He has worked closely with Calvin during his tenure as well. With his extensive background in finance and accounting, I am very confident that Mr. Chen is capable in the interim position, helping us make a seamless transition until we identify a suitable replacement."

Mr. Hong continued, "We really appreciate Calvin's contribution to Zuoan. He joined us in 2009 and has led the team to enhance the standards of our financial controls, procedures and reporting and also successfully accomplished several important investment and financial projects for Zuoan, including our initial public offering on the NYSE. We truly wish him the best in his future endeavors."

[joeycool]

überraschenderweise haben die im mai eine dividende von 20 cent gezahlt.

Aber auch dies hat dem Aktienkurs wenig genutzt. Da sieht man das das ganze Segment völlig kaputt ist.

[joeycool]

Hmm, da kann man nur sagen:

beobachten kostet nichts. Kurs unter 1 EUR. Bin mal gespannt, wie es hier weitergeht...

[joeycool]

Irgendwann ist hier auch der Ofen aus, heute mal reingeschaut 0,45 EUR, toller Wertverlust...