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China XLX Fertiliser said it has received in-principle approval on Monday for its dual listing in Hong Kong.
The Chinese company said it had on Aug 14 filed an application to Hong Kong Exchanges and Clearing Limited (HKEx) for the listing and trading of its shares on the mainboard.
24.11.09 BT
China XLX: FULLY VALUED; S$0.43;
CXLX SP Price Target : 12-Month S$ 0.35 (Prev S$ 0.40)
Poor earnings hit by unexpected items
• Disappointing 3Q09 results at c.70% below our and
consensus estimates, dragged by application fees for dual
listing and hedging loss.
• 1H09 earnings were adjusted down by RMB18m to
comply with the stricter HK accounting standards.
• Cut FY09 and FY10 forecasts by 39% and 23%
respectively.
• Target price reduced to S$0.35, implies 19% downside.
Maintain FULLY VALUED.
DBS 16.11.09
China XLX Pursues Dual Listing On Solid Foundation For Growth
http://www.sharesinvestment.com/articles/504001/
Speculation of dual-listing in HK
Seeking dual-listing in HK. China XLX announced this morning
that the Group is proposing a dual-listing in HK. This is still at
very preliminary stage with no details . The proposal is subject
to the approval of Hong Kong Stock Exchange and the
approval of the Shareholders.
Valuation gap should be narrowed in the event of successful
dual-listing. Historically, CXLX has been trading at a discount
of 25%-35% to its HK peers. The dual-listing should positively
impact CXLX's valuation in Singapore. We believe the
valuation gap between CXLX and its closet peer in HK, China
Bluechem would be narrowed. However, a marginal discount
should remain, in view of China Bluchem's much larger market
capitalisation and SOE premium.
Results preview and Outlook
Fundamentals remain weak. The dual-listing is deemed to be a
positive development for CXLX, in terms of valuation. However,
the outlook of the company remains gloomy. The issue of urea
oversupply is unlikely to be resolved this year and fluctuations
in coal cost could further dampen the earnings of the
company.
Maintain FV, TP raised to S$0.44.
Share price has run ahead on speculation of the dual-listing
in HK, where discussion is still preliminary at this point.
We roll over our valuation to blended FY09/10 earnings and
TP is raised to S$0.44(Prev: S$0.37), still pegged to 9x PE. In the event
of a successful dual-listing, we believe the fair value
should be adjusted to S$0.53 at 11x PE, which is a 10% discount
to its closet peer, China Bluechem. We advise investors to sell into strength.
(DBS 28/Jul/09)
Dear Cyjjerry85,
You should have losed confidence in the first place to those brokerage firms before investing in stocks. That could be the eassy way, they might earn money out from us perhaps....
cyjjerry85 ( Date: 02-Jun-2008 08:57) Posted:
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haha... actually what they have forcasted is accurate.. Just play the opposite in short tem! haha.. When they have a Buy call, better run as fast..
When they have a SELL call, better pawn ur sarong to buy everything! haha.. anyway, just always take them as references, I still believe at the fundamental and charts.
ya i agree.
a downgrade from 1.61 to 0.75 ?? sounds logical or not ?
but the question is dunno which price to enter is a good price...
there is 101 reasons for analyst to downgrade the counter. Either for its own benefits or "professional" advise... But not all analysis are bad, just depends on when u read it. Just like JiutianC, if i dun remember wrongly, one big research firm downgrade him to underperformance, and yet bought up lots of shares soon after... So... are we expecting China XLX to cheong soon?
then i believe a lot ppl are waiting to short it down below 0.76 after downgrade
zhuge_liang ( Date: 01-Jun-2008 00:47) Posted:
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XLX performance the past months:
|
Date
|
Open
|
High
|
Low
|
Close
|
Avg Vol
|
Adj Close*
|
|
May-08
|
0.94
|
1.06
|
0.90
|
0.93
|
7,550,500
|
0.93
|
|
Apr-08
|
0.76
|
0.99
|
0.73
|
0.93
|
11,446,000
|
0.93
|
|
Mar-08
|
0.86
|
0.88
|
0.47
|
0.75
|
7,613,400
|
0.75
|
|
Feb-08
|
0.86
|
0.93
|
0.79
|
0.89
|
10,699,500
|
0.89
|
|
Jan-08
|
1.09
|
1.24
|
0.79
|
0.83
|
12,652,800
|
0.83
|
|
Dec-07
|
1.04
|
1.24
|
0.95
|
1.09
|
8,983,300
|
1.09
|
|
Nov-07
|
1.31
|
1.31
|
0.90
|
1.02
|
12,371,300
|
1.02
|
|
Oct-07
|
1.36
|
1.50
|
1.14
|
1.29
|
14,964,800
|
1.29
|
| 15:23 | Reuters | Singapore Hot Stocks-China XLX falls on bank downgrade |
Hippo1 ( Date: 30-May-2008 15:25) Posted:
|