There is a slight slippage in gross profit margins and I do mean slight but the rest looks good:
For the 6 months ended 31 Dec 2012:
Revenue improved 45.7% y-o-y
Gross profit improved 19.9% y-o-y
Gross profit margin is at 33.9%
Net profit margin is at 22.9%
Within a 6 months period, the balance sheet of the company has also strengthened with cash and bank balances increasing by 642.6% from RMB 66.2 million to RMB 491.6 million.
NAV per share improved 9.5% to RMB 7.05.
The improvement in its cash position is directly related to an improvement in cash flow from operations which increased 336.2% for the 6 months ended 31 Dec 2012, year on year.
I am still concerned about the TR which although reduced by 5.5% is still a hefty RMB 913.9 million. Out of this, RMB 158 million are overdue.
Overall, however, the results should please shareholders.
Could another round of re-rating upwards be on the cards?
See presentation slides: here.
Related posts:
1. China Minzhong: Share price to go higher.
2. China Minzhong: Partial divestment at $1.01.
3. China Minzhong: Going higher to $1.22 to $1.46.
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China Minzhong: 2Q FY2013 stellar results.
Friday, February 15, 2013
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2 comments:
CMZ requested trading halt today. There may be a positive surprise outcome.
Vested.
Hi RayNg,
We can only hope. :)
Vested (but not as heavily as before).
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