04 March 2015

Sino Grandness - FY14 Result Summary

Sino Grandness released a poor FY14 result recently. Although the revenue grew by 25% to RMB2.9Billion, the net profit dropped by 19% to RMB233M as compared to previous year. The main reasons contributed to the drop of net profit were the increase of distribution & selling expenses (mainly advertising cost) and increase of finance costs well as changes in fair value of option derivatives in relation to convertible bonds.

The breakdown of the revenue by segments of Sino Grandness is oversea canned products RMB635M, domestic canned products RMB308M and beverages RMB1,877M. Gross profit margin improved due mainly to commencement of Hubei plant.

Balance sheet wise, total shareholder funds grew 34% to RMB1,572M, partly due to the RMB158M new placement to new investor. The number of outstanding shares increased to 673M from 587M previous year. NAV is about S$0.50, with EPS about 7.4 cents. ROAE is about 15% - 20%.

Company made an adjustment to the fair value of the convertible bonds liability for FY2013, from RMB349M to RMB524M. The current value of convertible bonds liability for FY2014 was RMB722M. This means that the company would need to get additional cash ready to settle the convertible bonds if IPO of Garden Fresh is not listed successfully before the maturity date of convertible bonds by June / July 2015. Worse comes to worst, the company may need to raise the fund from private placement which will further dilute the earning per shares and net asset value per shares.

I would not be surprised if Sino Grandness stay at the distress price level until the issue of IPO of Garden Fresh could be resolved. I would recommend risk adverse investors to stay away from this counter, as the probability of the delay of Garden Fresh IPO listing is getting higher now.


Categories: ,

25 comments:

  1. AnonymousMarch 4, 2015 at 9:24 PM

    Surprised you're not questioning their accounts following the newman9 report?

    ReplyDelete
    Replies
    1. UnknownMarch 6, 2015 at 12:16 PM

      It's been known that their cash flow is quite tied up since they listed in SGX, and so does the receivables growth following the aggressive sales. I would not be surprised to those negative report as Noble / Olam / China Minzhong also been questioned by those short sellers. As long as IPO uncertainty remains, I believe most investors will not be willing to put large bet on this counter.

      Delete
    2. IBU RISKAJuly 18, 2015 at 1:28 PM


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    3. PAK HARISMay 7, 2016 at 1:31 PM

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      Delete
  2. jannJune 20, 2015 at 11:06 PM

    Let us consider the overall investment potential here. Gross profit margins improved due to a new plant; indicating expansion. Shareholder funds grew %34. That sounds pretty good. However, the company needs to get extra cash on hand to honor convertible bonds if the Garden Fresh IPO doesn’t happen (and succeed) by July. This represents a big question for potential and current investors. The company should be taking clear steps assure people that the IPO is happening within that time frame. Otherwise it might be wise for current investors to minimize their risk and for potential investors to adopt a wait and see attitude.

    ReplyDelete
    Replies
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