Founder- Immer noch Strong Buy - 500 Beiträge pro Seite

[bull_shit]

Laut Analysten bei 12HK$ in 3 Monaten, bzw 15HK$ in 1Jahr.

Quelle: E-Finet.com Research:418 Vom 3.2.00

Company Visit

FOUNDER (HK) (0418.HK)

BUY HK$9.50 (HSI 16,962)

It is involved in software development, systems integration and trading of computer products.

12mth High/Low
     HK$10.95/ HK$0.72

Daily T/O (3mth)
HK$149.1m
Issued Shares
1,108m

Market Cap.
HK$10,528.9m
Free Float Est.
53.80%

Major Shareholder
           
Peking Founder
         46.20%

Book NAV Dec/98
HK$0.84
ROAE 98
-22%

Price to Book
11.3x
ROCE 98
-17%

Gearing Ratio
         Net cash

SC Risk Reward Ratio
         7.6%/15.3%

Rel. to HSI
1mth: 42.9%
3mth: 271.1%
12mth: 611.4%


(Analysis ¡V Full Cover)

    
Summary of Forecast

Year ended 31 Dec
97A
98A
99F
00F

Turnover (HK$m)
1,973
2,160
2,310
2,768

Net Profit (HK$m)
143
-166
-87
51

Cons. EPS (HK$)
       -0.04
0.062

EPS (HK$)
0.181
-0.208
-0.094
0.048

EPS (ƒ´%)
NA
NA
NA

PER (x)
52.5
NA
NA
197.9

DPS (HK$)
0.08
0
0
0.02

Yield (%)
0.8
0
0
0.2

Analyst Revisions
       0/1
4/1


    
Price Chart



     
Price Target - HK$12.00 (3mth) HK$15.00 (12mth)

Impact - Joint ventures with Yahoo are close to success

Following our company visit to Founder, we recognized that Founder is focusing on the development of "E-media" and its joint ventures with Yahoo are close to success and are likely to be announced in 1Q00. The JV hope served as a catalyst to Founder`s share price, pushing the counter to record high.
     
Founder is in talk on two JVs with Yahoo; one is related to portal operation and will provide content on the web page, while the second JV is served as an advertisement agent through which Founder will generate advertising revenue. The deals are expected to be completed in 1Q00 and commerce operations in 2H00. Founder is expected to hold 50% or less stake in the portal JV, and a controlling stake (more than 50%) in the advertising JV.
     
Back to the operating level, Founder is expected to break even in 2H99, following a HK$106m loss in 1H99 as a result of cost related to restructuring progress. Hence, the full-year result is expected to remain red and a turnaround will not be seen until FY00.
Founder has a dominant position in the electronic publishing system ("EPS"), with a market share of 80% among Chinese language publishers. The operation is experiencing a bit slowdown in terms of turnover compared to the previous year. However, we expect EPS to grow faster, accompanied with the development of E-media and its application on TV broadcasting. Until now, five TV operators had signed contracts (averaged 3-month) to provide them with editorial system.
     
The Japan EPS market fared better in 2H99 after solving out the technical problems during 1H99. The company said that it would consider spinning off its Japanese EPS division on GEM in 1H00. The spin-off plan will further support Founder`s price share.
     
Its system integration business is expected to record strong compound growth of 65% for the coming two years. The main focus resides on banking industry, with specialty in electronic payment system. The company is optimistic towards the potential growth of the SI business in the PRC.
      
Founder`s restructuring move is almost completed and we estimate that the provisions against the restructuring should be fully made this year.
     
Estimated Valuation for its core businesses

Business
Assumption
Value based
Value

       on FY00 sales
per share

        (HK$m)
(HK$)

Electronic Publishing system
2.0x
1,847
1.75

System Integration
2.0x
1,071
1.02

Hareware
2.0x
2,384
2.26

Total
      5,302
5.03


    
Conclusion

Following the anticipated gradual open-up of telecom and Internet market in the PRC, more partnership opportunities are available for Founder with other international IT companies. The EPS has a bright outlook on the back of the future development of E-media and its application on TV broadcasting. The JVs with Yahoo also provide hidden value to Founder, which will not be clearly seen until further details are disclosed. If we predict the value of its core businesses based on 2.0x of FY00 turnover ¡V the level which Legend (0992.HK) is currently trading at, the estimated value per share will be HK$5.03 (excluding the hidden value of Founder-Yahoo JVs). We reiterate our BUY recommendation based on this hidden value.

       
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[Spyder]

das hört sich ja gut an. darauf hab ich auch lange gewartet. vielleicht bekommt founder (meine einzige unterwasser-position in asien z.z.) jetzt endlich mal wieder ordentlich luft.

GO FOUNDER GO

spyder

[Wiesselmann]

Die genannten Kursziele sind in Honkong-Dollar, wer kann mir das in Euro umrechnen ?

Vielen Dank !

[Erbe]

Mit diesem Währungsrechner kannst Du sehr gut umrechnen.

http://www.bloomberg.com/markets/currency/currcalc.html

[Cirrusx4]

12 HK$ = ca. 1,522€
15 HK$ = ca. 1,9€

Die Kursziele sind durchaus realistisch.
Ich denke aber, wenn ein Deal mit Yahoo bald zum Abschluss gebracht wird, sehen wir allein durch die Phantasie deutlich höhere Kurse.
Das Potential der Internetnutzer in China ist für die Nahe Zukunft sehr hoch.
Jetzt kann man Founder noch günstig bekommen.

Gruß
Cirrusx4

[mahatma]

HAT Founder Chancen bei Volker Kuhnwaldt ????
(Erfolgsmanager bei Nordinvest)

Bitte um Meinungen !!!!!!!

[24Karat]

Hi zusammen,

ob Founder eine Chance für den nordasia.com Fonds hat denke ich schon. Auch der Uni Dynamic Fonds:Asia A der Union Investment hat Founder als zweitgrößten Wert (2,0%), neben PCCW, im Depot.
Darüber sollte man nachdenken.

24K.

[mahatma]

Untertassen-Formation beendet.
Der AUSBRUCH ist erfolgt !!!!!!!

Daumen Drücken , Founder im Steigflug

[Seeker 2000]

Hallo,

Moment, da stimmt was nicht.
Schaut mal selbst auf efinet.
Dort werdet ihr sehen, dass die News nicht vom 03.02.00 sondern vom 03.01.00 sind!!!!
Noch dazu hat am 20.01.00 der zweitgrösste Shareholder sein Interesse verringert(sprich Aktien verkauft; entspricht etwa 2,5% aller ausgegeben Aktien). Hier der Text:

11:48 27-JAN-2000
Major shareholder lowers Founder <0418.HK>interest

HONG KONG, Jan 27 (Reuters) - Mexican Gold Ltd, a substantial shareholder of Founder (Hong Kong) Ltd, had cut it interest in the China computer software company by 32.50 million shares, the Hong Kong stock exchange said on Thursday.

The exchange said it had received a substantial shareholder notice from Mexican Gold reporting the decrease in its interest in Founder.

Mexican Gold is the second largest shareholder of Founder after Peking University Founder Group Corp, which has a stake of about 37 percent.

Mexican Gold`s shareholding in the company was about 23.7 percent as recorded in August 1999. The decrease represented about 2.93 percent of Founder`s existing issued share capital.

((Hong Kong Newsroom [phone], Fax [phone] [e-mail])) .


Weiterhin soll Founder auch für das ganze Jahr 2000 rote Zahlen schreiben.
Wollte nur mal die Infos geben.
Alle Infos findet ihr unter folgenden Links:

Kennnummer von Founder: 418

http://www.finet.com.hk/

bzw.

http://www.finet.com.hk/cgi-bin/research-srch/search.cgi?search=418

Allerdings scheint wirklich was anderes im Busch zu sein, sonst würde der Kurs nicht so steigen, heute 10%+.

Ich würde auch gerne einsteigen. Hat wer vielleicht positive News???

cu
Seeker 2000

[mahatma]

Der Software-Sektor in China ist von erheblicher Wachstumsdynamik geprägt, wovon besonders Founder profitieren wird.
Das Unternehmen hat internationale Partner und verfügt damit über , die im Softwarebereich erforderlichen Präsenzen in den Zielmärkten.

Das wird sich in der Kursperformence niederschlagen !!!!!!