Wednesday, November 3, 2010
Shanghai Elec Tipped L/T Winner
Dongfang Electric (1072.HK) +3.5% at HK$41.90 on top of 7.4% rally yesterday, which came on analysts-beating 3Q results; intraday high of HK$41.90 marks fresh 52-week high. Daiwa raises Dongfang's 6-month target price to HK$44.40 from HK$38.50, keeps Buy call; says strong 3Q results "driven by strong gross-profit-margin expansion," revises up FY10-12 EPS forecasts by 6.4%-8.2% to incorporate 3Q earnings surprise. Still, despite positive view on stock intact, Daiwa believes peer Shanghai Electric (2727.HK) "may be a long-term winner" in nuclear business, given its strong positioning in AP1000 (a third-generation technology), while Dongfang has been focused mainly on CPR (a 2.5-generation technology). Shanghai Electric +3.8% at HK$5.42.
Tuesday, November 2, 2010
SH ELECTRIC 2727.HK
CLSA raises Shanghai Electric (2727.HK) target price to HK$5.60 vs HK$4.50 after lifting stock price multiple to 16X 2012 earnings based on likelihood of earnings upside, improved earnings visibility. Says new orders reinforce house preference for company over Dongfang Electric (1072.HK). "We expect that the valuation gap with Dongfang Electric will narrow, and it remains our top pick among the equipment suppliers." says CLSA. Adds, Shanghai Electric currently trading on 13.4X FY12 P/E vs Dongfang Electric's 20X FY12 suppliers. Keeps stock at Buy. Shares last +3.8% at HK$4.89, but off early high of HK$5.06, after announcing US$8.3 billion order with India's Reliance ADA Group
Thursday, October 28, 2010
SiHuan Pharmaceutical Holdings.
四环医药控股
Sihuan Pharmaceutical Holdings
业务简介
四环医药控股是一家领先的医药公司，就市场份额而言，心脑血管药物业务居中国之首。集团拥有别具一格的销售及市场推广模式，由逾2,000名分销商组成的庞大的全国性分销网络提供支持，该网络覆盖全国31个省市及自治区近10,000家医院。
集团的研发实力雄厚，侧重於发展创新及首次进入市场的仿制药，并拥有物色、获得及开发市场领先药物的往绩记录。集团供应14种心脑血管药物组合，用作治疗多种心脑血管疾病，销量最高的为心脑血管药物克林澳、安捷利及川青，合共约占中国脑血管及周边血管扩张治疗市场的17.1%，脑血管及周边血管扩张治疗市场是最大的心脑血管药物细分市场。
集团亦与心脑血管药物一起推广及销售30种抗感染药物及其他药物的多样化组合。集团现时推广及销售的所有药物均为处方药。
Sihuan Pharmaceutical Holdings
业务简介
四环医药控股是一家领先的医药公司，就市场份额而言，心脑血管药物业务居中国之首。集团拥有别具一格的销售及市场推广模式，由逾2,000名分销商组成的庞大的全国性分销网络提供支持，该网络覆盖全国31个省市及自治区近10,000家医院。
集团的研发实力雄厚，侧重於发展创新及首次进入市场的仿制药，并拥有物色、获得及开发市场领先药物的往绩记录。集团供应14种心脑血管药物组合，用作治疗多种心脑血管疾病，销量最高的为心脑血管药物克林澳、安捷利及川青，合共约占中国脑血管及周边血管扩张治疗市场的17.1%，脑血管及周边血管扩张治疗市场是最大的心脑血管药物细分市场。
集团亦与心脑血管药物一起推广及销售30种抗感染药物及其他药物的多样化组合。集团现时推广及销售的所有药物均为处方药。
Thursday, October 14, 2010
CVTM (893, $3.43) 6M Target $4.10 BUY
CHINAVTM MINING 00893 14/10/2010
Action Buy
Target Price $4.100
Reason
CVTM (893, $3.43) 6M Target $4.10 BUY
Event: A good timing to accumulate CVTM.
CVTM's share price has corrected 33% year-to-date and is still slightly below its IPO price of $3.50 in October 2009 amid the downturn of downstream steel industry starting in 2Q10. Given the company’s high earnings visibility, low production cost and strong earnings growth, we believe the stock is undervalued. Current level provides investors a good entry opportunity, in our view.
As the second largest iron ore producer in Sichuan area and the only major listed PRC iron ore player in Hong Kong, CVTM is the a beneficiary of the 'Great Western Development Plan' and robust demand from steel mills in Sichuan. Post-earthquake reconstruction and urbanization in Sichuan have been the driving force of steel demand in the region. According to company guidance, there will be approximately 10.1mnt of new crude steel production capacity in Sichuan area by 2012, up 66% from 2009 level. This in turn will drive demand of iron ore and support iron ore price in the area as it is costly to transport iron ore from coastal areas to inland.
Company recorded a 41% and 75% yoy growth in revenue and net profit to RMB 686mn and RMB 234mn respectively in 1H10. Gross margin expanded largely from 43.1% in 1H09 to 52.4% in 1H10 thanks to 1) increase in ASP which outpaced the surge of average unit cost and 2) increase in sales volume of iron concentrates and pellets by 9% and 13% respectively.
Iron concentrates output was up 16% yoy in 1H10 to 866kt, which only accounted for around 44% of company's full year target. This was mainly due to the drought in Sichuan which has interrupted the water and power supplies earlier this year. As company has commenced iron concentrates production in two new processing facilities in 1H10, it is highly likely that company can achieve its full year target of 1.95mnt of iron concentrates.
Realized ASP of iron concentrate and pellets in 1H10 were RMB 665/t and RMB 880/t, up 29% and 21% yoy respectively and were 9% and 1% above the floor contract price they signed with their customers. Even though domestic iron ore price may face short-term pressure amid the recent steel production cut to meet provinces' energy reduction target, we believe earnings risk of CVTM remains low as it has already signed sales agreement with its major customers for 2010 with floor contract price.
Meanwhile, company has continued to expand its capacity through acquisition of two processing plants and two iron ore mining rights in the area. While the iron ore mines it acquired are still at exploration stages, the two processing plants it acquired have lifted its production capacity of iron concentrates from 1.2mnt to 2.3mnt in 1H10. With another iron concentrate production line being completed by September 2010, its iron concentrates capacity can reach 2.6mnt by year-end. It is also constructing a new pellet production line that will lift its pellet production capacity from current level of 360kt to 1,360kt by 2H11.
Assuming that CVTM will sell its products at contract floor price in 2H10 and achieving its full-year production target, we estimate that company will earn RMB 501mn (EPS RMB 0.24) in 2010. Meanwhile, assuming that 1) ASP of iron concentrates and iron pellets up 9% and 3% respectively; 2) production capacity up by 23% and 3) production cost increases by 3% in 2011, we estimate it will record a net profit of RMB 685mn (EPS RMB 0.33) in 2011, implying a EPS CAGR of 28% between 2009 and 2011.
CVTM is trading at 12.3x 2010 PER and 8.9x 2011 PER that we think is undervalued given its high earnings momentum, strong organic growth and potential acquisition pipeline.
We rate it a BUY with a 6-month target price of $4.10, implying an 11x 2011 PER. Key downside risks are production disruption due to natural disasters or dispute with its mining contractor and lower than expected steel demand in Sichuan region.
Action Buy
Target Price $4.100
Reason
CVTM (893, $3.43) 6M Target $4.10 BUY
Event: A good timing to accumulate CVTM.
CVTM's share price has corrected 33% year-to-date and is still slightly below its IPO price of $3.50 in October 2009 amid the downturn of downstream steel industry starting in 2Q10. Given the company’s high earnings visibility, low production cost and strong earnings growth, we believe the stock is undervalued. Current level provides investors a good entry opportunity, in our view.
As the second largest iron ore producer in Sichuan area and the only major listed PRC iron ore player in Hong Kong, CVTM is the a beneficiary of the 'Great Western Development Plan' and robust demand from steel mills in Sichuan. Post-earthquake reconstruction and urbanization in Sichuan have been the driving force of steel demand in the region. According to company guidance, there will be approximately 10.1mnt of new crude steel production capacity in Sichuan area by 2012, up 66% from 2009 level. This in turn will drive demand of iron ore and support iron ore price in the area as it is costly to transport iron ore from coastal areas to inland.
Company recorded a 41% and 75% yoy growth in revenue and net profit to RMB 686mn and RMB 234mn respectively in 1H10. Gross margin expanded largely from 43.1% in 1H09 to 52.4% in 1H10 thanks to 1) increase in ASP which outpaced the surge of average unit cost and 2) increase in sales volume of iron concentrates and pellets by 9% and 13% respectively.
Iron concentrates output was up 16% yoy in 1H10 to 866kt, which only accounted for around 44% of company's full year target. This was mainly due to the drought in Sichuan which has interrupted the water and power supplies earlier this year. As company has commenced iron concentrates production in two new processing facilities in 1H10, it is highly likely that company can achieve its full year target of 1.95mnt of iron concentrates.
Realized ASP of iron concentrate and pellets in 1H10 were RMB 665/t and RMB 880/t, up 29% and 21% yoy respectively and were 9% and 1% above the floor contract price they signed with their customers. Even though domestic iron ore price may face short-term pressure amid the recent steel production cut to meet provinces' energy reduction target, we believe earnings risk of CVTM remains low as it has already signed sales agreement with its major customers for 2010 with floor contract price.
Meanwhile, company has continued to expand its capacity through acquisition of two processing plants and two iron ore mining rights in the area. While the iron ore mines it acquired are still at exploration stages, the two processing plants it acquired have lifted its production capacity of iron concentrates from 1.2mnt to 2.3mnt in 1H10. With another iron concentrate production line being completed by September 2010, its iron concentrates capacity can reach 2.6mnt by year-end. It is also constructing a new pellet production line that will lift its pellet production capacity from current level of 360kt to 1,360kt by 2H11.
Assuming that CVTM will sell its products at contract floor price in 2H10 and achieving its full-year production target, we estimate that company will earn RMB 501mn (EPS RMB 0.24) in 2010. Meanwhile, assuming that 1) ASP of iron concentrates and iron pellets up 9% and 3% respectively; 2) production capacity up by 23% and 3) production cost increases by 3% in 2011, we estimate it will record a net profit of RMB 685mn (EPS RMB 0.33) in 2011, implying a EPS CAGR of 28% between 2009 and 2011.
CVTM is trading at 12.3x 2010 PER and 8.9x 2011 PER that we think is undervalued given its high earnings momentum, strong organic growth and potential acquisition pipeline.
We rate it a BUY with a 6-month target price of $4.10, implying an 11x 2011 PER. Key downside risks are production disruption due to natural disasters or dispute with its mining contractor and lower than expected steel demand in Sichuan region.
Wednesday, July 28, 2010
HK ENERGY 987.HK BUY TP HKD1.80
Don't miss this. Buy now at HKD0.63.
Business Summary:
The Group is principally engaged in alternative energy business and software development business.
Business Review:
During 2009, HKE made several important moves to transform the Group into HKC Group’s alternative energy flagship. Fully aware of the strong support given by the People’s Republic of China (“PRC”, or “China”) government on alternative energy, in particular wind and solar power, HKE refined the business strategy and disposed of the cellulosic ethanol pilot project in May 2009. Resources and focus were redirected to wind energy project development.
The equity for the Lunaobao wind farm project was fully injected and construction was well underway. The 100.5 megawatt (“MW”) wind farm is located in Lunaobao, Hebei Province, adjacent to Danjinghe, where another promising wind farm of the Group was being developed. HKE owns 30% of the joint venture with the rest of the stake held by the wind division subsidiary of China Energy Conservation Investment Corporation (collectively “CECIC”). The project comprises 67 sets of 1,500 kilowatt (“KW”) PRC domestic manufactured wind turbines and the total investment cost is around RMB950.78 million. At as 31st December 2009, all 67 foundations had been completed and a total of 24 sets wind turbine and towers had been installed. Other peripheral and logistical infrastructure, such as the central control room, staff quarter and substation were completed. Work on power transmission and connection to the grid was in progress. Remaining wind turbines installation and peripheral construction are expected to be completed for trial run in mid 2010, well ahead of schedule and under budget.
A new Executive Director and Managing Director, Dr. Bruce Yung, who has worked in the energy industry for more than 20 years, joined HKE in August 2009. His joining has strengthened the Group’s ability to source new, high return wind farms and improved HKE’s awareness to the investor community. The Group’s technical wind resources evaluation and micro-site setting capabilities were further enhanced through the signing of a framework agreement with Garrad Hassan Limited (“Garrad Hassan”), a highly reputable wind power engineering consulting firm from the United Kingdom. The firm has considerable experience in the PRC.
During the second half of 2009, the Group signed memorandum of understanding (“MOU”) with and received letter of support from several provincial governments, such as Kulun in Inner Mongolia and Kangping in Liaoning Province, to commence wind resource and feasibility studies for developing wind farms. This will help increase the size of the Group’s wind farm projects pipeline.
HKE entered into an agreement in November 2009 to acquire from its parent company, HKC, 25% of HKE (Danjinghe) Wind Power Limited, which holds 40% equity interest in the project company developing the Danjinghe wind farm, for a consideration of approximately HK$83.06 million. The consideration represented a 25% discount to the fair value of the wind farm given by an independent business appraiser and a 36% premium to the net asset value of this asset accounted for under HKC. The transaction was completed by unanimous shareholders’ approval in the extraordinary general meeting held on 30th December 2009. After the transaction, HKE holds 10% effective equity interest in the project company holding the Danjinghe wind farm project while the remaining 30% and 60% rights are held by HKC and CECIC respectively.
The Danjinghe project is located approximately 300 kilometres (“km”) north of Beijing adjacent to Lunaobao in the Hebei Province with total 200 MW wind power generating capacity. The project is part of the 1,000MW national-scale wind power project designated by National Development & Reform Commission (“NDRC”) as a showcase for China. The wind farm was developed in three phases where phase 1 consisted 54 units of 750 KW wind turbine, phase 2 consisted 100 units of 800 KW wind turbine, and phase 3 consisted 53 units of 1,500 KW wind turbines all manufactured by PRC domestic supplier.
Phase 1 construction of the Danghinghe project was completed for trial run in January 2009 and commenced commissioning in June 2009. Phase 2 and 3 construction was also completed in December 2009, ahead of schedule by 12 months. Both phases are currently waiting for trial run. The project was completed under budget, with the Phase 1 operating performance in 2009 exceeded the original forecast of 75 million kilowatt-hour (“Kwh”) by 10 million Kwh. The injection of this promising wind asset from the parent company represents a significant move for the Group to become HKC’s alternative energy flagship.
Prospects:
China’s rapid economic development following the stabilization of the world’s economy creates a strong demand for energy. Alternative energy has been seen by the Chinese government as the most promising source of energy in addition to fossil fuels. Considerable attention has been given to the alternative energy sector and favourable policies have been rolled out in the past. This situation is expected to remain the same in the foreseeable future as alternative energy was highly promoted in the PRC Twelfth Five Years Plan for 2011 to 2015. Reflecting the government’s commitment to alternative energy, a number of amendments to China’s Renewable Energy Law were proposed in the eleventh National People’s Congress (“NPC”) in PRC held on 26th December 2009. These amendments were designed to resolve the problems with grid connection for wind power projects.
On the supply side, there is an indication of abundant wind equipment suppliers. Although consolidation is expected to come shortly, prices for wind equipment have come down, and are expected to continue to decline. As a result, development costs to HKE will also decline and should result in higher return on equity.
Internally, HKE will take advantage of the current favourable business environment and proceed with developing our wind farm projects in a cautious and careful manner. Further to signing the MOU and strategic development agreement with the provincial government, the Group will engage Garrad Hassan to conduct wind resources analysis, feasibility and micro-site study for Kulun of Inner Mongolia and Kangping of Liaoning. Kulun is southeast of Inner Mongolia approximately 77 km northwest of Fuxin city in Liaoning Province. The location is capable of accommodating three 49.5 MW wind farms. Kangping is approximately 120 km north of Shenyang city in Liaoning Province with an area over 300 square km. This location can develop into a 250 MW wind farm. Both locations are close to the transmission infrastructure and areas of power demand, which will be ideal for establishing wind farm. Apart from Kulun and Kangping, the Group is also exploring other potential wind farm locations in the south-western part of PRC.
The Group will also actively seek strategic partnerships with the aim to strengthen HKE’s capital base and to enhance the Group’s competitive advantages for future growth. In addition, HKE will explore plans and their feasibilities to further inject other alternative energy assets from the HKC Group. This will complete the transformation of HKE into HKC’s alternative energy flagship. Several alternative energy assets currently belong to HKC Group that can be considered are listed below:
(a) Phase I Siziwang Qi of Inner Mongolia – a 49.5 MW wind farm. This first phase of a potential 1,000 MW project is 100% wholly owned by HKC Group. The wind farm is currently under construction. Construction work for the foundations, control room and substation was completed. All 33 wind turbine units were hoisted in 2009 ready for the final connection to the grid and trial run in early 2010.
(b) Mudanjiang and Muling of Heilongjiang – a 2 x 30 MW wind farm. HKC Group owns majority stakes of 86% and 86.68% in the two wind farms. The wind farms commenced full operations in September 2007, and are making steady revenue contributions to the HKC Group.
(c) Danjinghe of Hebei – a 200 MW wind farm. This wind farm is a joint venture with CECIC. HKC Group owns a 40% effective equity interest in which 10% held indirectly via HKE and 30% held directly by HKC Group. The first phase, consisting of 40.5 MW, commenced commissioning in June 2009. Cost saving was achieved. First commission data indicated that the performance in 2009 was better than originally forecasted. Construction for the remaining 2 phases was completed end of 2009 ahead of original schedule by 12 months. Trial run and commissioning was targeted mid 2010.
(d) Changma of Gansu – a 201 MW wind farm. This wind farm is a joint venture with CECIC. HKC Group owns a 40% interest. Construction was completed end of 2009. Trial run and commissioning was targeted mid 2010.
(e) Linyi of Shandong – a 25 MW waste-to-energy power plant. The plant is a joint venture with CECIC. HKC Group owns 40% interest. The plant commenced full operations in September 2007, and is making steady revenue contributions to the HKC Group.
Business Summary:
The Group is principally engaged in alternative energy business and software development business.
Business Review:
During 2009, HKE made several important moves to transform the Group into HKC Group’s alternative energy flagship. Fully aware of the strong support given by the People’s Republic of China (“PRC”, or “China”) government on alternative energy, in particular wind and solar power, HKE refined the business strategy and disposed of the cellulosic ethanol pilot project in May 2009. Resources and focus were redirected to wind energy project development.
The equity for the Lunaobao wind farm project was fully injected and construction was well underway. The 100.5 megawatt (“MW”) wind farm is located in Lunaobao, Hebei Province, adjacent to Danjinghe, where another promising wind farm of the Group was being developed. HKE owns 30% of the joint venture with the rest of the stake held by the wind division subsidiary of China Energy Conservation Investment Corporation (collectively “CECIC”). The project comprises 67 sets of 1,500 kilowatt (“KW”) PRC domestic manufactured wind turbines and the total investment cost is around RMB950.78 million. At as 31st December 2009, all 67 foundations had been completed and a total of 24 sets wind turbine and towers had been installed. Other peripheral and logistical infrastructure, such as the central control room, staff quarter and substation were completed. Work on power transmission and connection to the grid was in progress. Remaining wind turbines installation and peripheral construction are expected to be completed for trial run in mid 2010, well ahead of schedule and under budget.
A new Executive Director and Managing Director, Dr. Bruce Yung, who has worked in the energy industry for more than 20 years, joined HKE in August 2009. His joining has strengthened the Group’s ability to source new, high return wind farms and improved HKE’s awareness to the investor community. The Group’s technical wind resources evaluation and micro-site setting capabilities were further enhanced through the signing of a framework agreement with Garrad Hassan Limited (“Garrad Hassan”), a highly reputable wind power engineering consulting firm from the United Kingdom. The firm has considerable experience in the PRC.
During the second half of 2009, the Group signed memorandum of understanding (“MOU”) with and received letter of support from several provincial governments, such as Kulun in Inner Mongolia and Kangping in Liaoning Province, to commence wind resource and feasibility studies for developing wind farms. This will help increase the size of the Group’s wind farm projects pipeline.
HKE entered into an agreement in November 2009 to acquire from its parent company, HKC, 25% of HKE (Danjinghe) Wind Power Limited, which holds 40% equity interest in the project company developing the Danjinghe wind farm, for a consideration of approximately HK$83.06 million. The consideration represented a 25% discount to the fair value of the wind farm given by an independent business appraiser and a 36% premium to the net asset value of this asset accounted for under HKC. The transaction was completed by unanimous shareholders’ approval in the extraordinary general meeting held on 30th December 2009. After the transaction, HKE holds 10% effective equity interest in the project company holding the Danjinghe wind farm project while the remaining 30% and 60% rights are held by HKC and CECIC respectively.
The Danjinghe project is located approximately 300 kilometres (“km”) north of Beijing adjacent to Lunaobao in the Hebei Province with total 200 MW wind power generating capacity. The project is part of the 1,000MW national-scale wind power project designated by National Development & Reform Commission (“NDRC”) as a showcase for China. The wind farm was developed in three phases where phase 1 consisted 54 units of 750 KW wind turbine, phase 2 consisted 100 units of 800 KW wind turbine, and phase 3 consisted 53 units of 1,500 KW wind turbines all manufactured by PRC domestic supplier.
Phase 1 construction of the Danghinghe project was completed for trial run in January 2009 and commenced commissioning in June 2009. Phase 2 and 3 construction was also completed in December 2009, ahead of schedule by 12 months. Both phases are currently waiting for trial run. The project was completed under budget, with the Phase 1 operating performance in 2009 exceeded the original forecast of 75 million kilowatt-hour (“Kwh”) by 10 million Kwh. The injection of this promising wind asset from the parent company represents a significant move for the Group to become HKC’s alternative energy flagship.
Prospects:
China’s rapid economic development following the stabilization of the world’s economy creates a strong demand for energy. Alternative energy has been seen by the Chinese government as the most promising source of energy in addition to fossil fuels. Considerable attention has been given to the alternative energy sector and favourable policies have been rolled out in the past. This situation is expected to remain the same in the foreseeable future as alternative energy was highly promoted in the PRC Twelfth Five Years Plan for 2011 to 2015. Reflecting the government’s commitment to alternative energy, a number of amendments to China’s Renewable Energy Law were proposed in the eleventh National People’s Congress (“NPC”) in PRC held on 26th December 2009. These amendments were designed to resolve the problems with grid connection for wind power projects.
On the supply side, there is an indication of abundant wind equipment suppliers. Although consolidation is expected to come shortly, prices for wind equipment have come down, and are expected to continue to decline. As a result, development costs to HKE will also decline and should result in higher return on equity.
Internally, HKE will take advantage of the current favourable business environment and proceed with developing our wind farm projects in a cautious and careful manner. Further to signing the MOU and strategic development agreement with the provincial government, the Group will engage Garrad Hassan to conduct wind resources analysis, feasibility and micro-site study for Kulun of Inner Mongolia and Kangping of Liaoning. Kulun is southeast of Inner Mongolia approximately 77 km northwest of Fuxin city in Liaoning Province. The location is capable of accommodating three 49.5 MW wind farms. Kangping is approximately 120 km north of Shenyang city in Liaoning Province with an area over 300 square km. This location can develop into a 250 MW wind farm. Both locations are close to the transmission infrastructure and areas of power demand, which will be ideal for establishing wind farm. Apart from Kulun and Kangping, the Group is also exploring other potential wind farm locations in the south-western part of PRC.
The Group will also actively seek strategic partnerships with the aim to strengthen HKE’s capital base and to enhance the Group’s competitive advantages for future growth. In addition, HKE will explore plans and their feasibilities to further inject other alternative energy assets from the HKC Group. This will complete the transformation of HKE into HKC’s alternative energy flagship. Several alternative energy assets currently belong to HKC Group that can be considered are listed below:
(a) Phase I Siziwang Qi of Inner Mongolia – a 49.5 MW wind farm. This first phase of a potential 1,000 MW project is 100% wholly owned by HKC Group. The wind farm is currently under construction. Construction work for the foundations, control room and substation was completed. All 33 wind turbine units were hoisted in 2009 ready for the final connection to the grid and trial run in early 2010.
(b) Mudanjiang and Muling of Heilongjiang – a 2 x 30 MW wind farm. HKC Group owns majority stakes of 86% and 86.68% in the two wind farms. The wind farms commenced full operations in September 2007, and are making steady revenue contributions to the HKC Group.
(c) Danjinghe of Hebei – a 200 MW wind farm. This wind farm is a joint venture with CECIC. HKC Group owns a 40% effective equity interest in which 10% held indirectly via HKE and 30% held directly by HKC Group. The first phase, consisting of 40.5 MW, commenced commissioning in June 2009. Cost saving was achieved. First commission data indicated that the performance in 2009 was better than originally forecasted. Construction for the remaining 2 phases was completed end of 2009 ahead of original schedule by 12 months. Trial run and commissioning was targeted mid 2010.
(d) Changma of Gansu – a 201 MW wind farm. This wind farm is a joint venture with CECIC. HKC Group owns a 40% interest. Construction was completed end of 2009. Trial run and commissioning was targeted mid 2010.
(e) Linyi of Shandong – a 25 MW waste-to-energy power plant. The plant is a joint venture with CECIC. HKC Group owns 40% interest. The plant commenced full operations in September 2007, and is making steady revenue contributions to the HKC Group.
Thursday, May 27, 2010
AusNutria 1717.HK
澳優（1717）主要業務為在內地從事生產及銷售嬰兒奶粉產品，去年收益6.24 億元（人民幣，下同），按年上升54%，純利升1.58 倍至1.82 億元，毛利升1.1 倍至3.08 億元，毛利率增加13 個百分點至49%，主要是奶粉成本下降、銷售增速加快，以及較高毛利產品比重增加所帶動。
內地的「一孩政策」，令父母更願意花錢在嬰兒身上，產品質數最為重要，只要品質穩定，往往整個幼兒期都使用同一個牌子。自2008 年內地乳品業受三聚氰胺事件影響，令消費者更注重奶粉安全，海外產品較易取得信心。集團旗下三種不同系列產品，包括A 選系列、優選系列和能力多系列，所有產品透過澳洲供應商買入原料，主攻中高檔市場；而生產基地設於湖南省長沙市，擁有3 條生產線，專門負責殺菌、過濾和混合，每年產能超過1.5 萬噸。
集團計劃陸續推出產品，包括有機產品和新配方產品，提高產品多元化，增加市場佔有率。集團透個20 個省份的批發商銷售，再銷售至中國各地的百貨店、超級市場和母嬰專賣店等的零售店，又委託一個代理商設立獨立網站，提供網上購物服務，另外亦委任香港營銷商，進一步擴大營銷網絡。
內地的「一孩政策」，令父母更願意花錢在嬰兒身上，產品質數最為重要，只要品質穩定，往往整個幼兒期都使用同一個牌子。自2008 年內地乳品業受三聚氰胺事件影響，令消費者更注重奶粉安全，海外產品較易取得信心。集團旗下三種不同系列產品，包括A 選系列、優選系列和能力多系列，所有產品透過澳洲供應商買入原料，主攻中高檔市場；而生產基地設於湖南省長沙市，擁有3 條生產線，專門負責殺菌、過濾和混合，每年產能超過1.5 萬噸。
集團計劃陸續推出產品，包括有機產品和新配方產品，提高產品多元化，增加市場佔有率。集團透個20 個省份的批發商銷售，再銷售至中國各地的百貨店、超級市場和母嬰專賣店等的零售店，又委託一個代理商設立獨立網站，提供網上購物服務，另外亦委任香港營銷商，進一步擴大營銷網絡。
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