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【ChinaMinzhong K2N 交流专区】中国闽中食品 CHINA MINZHONG FOOD CORP LTD

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发表于 8-4-2010 10:08 AM | 显示全部楼层 |阅读模式
本帖最后由 icy97 于 21-5-2012 09:36 AM 编辑

China Minzhong Food Corporation to raise S$237m for S'pore mainboard listing
By Wong Siew Ying | Posted: 07 April 2010 2149 hrs         
                 Photos         1 of 1                        



         
         




SINGAPORE: China Minzhong Food Corporation is hoping to raise about S$237 million in gross proceeds from its initial public offering. It's offering over 197 million shares at S$1.20 each.

Only five per cent or 9.9 million shares have been set aside for the public while the rest will be placed out.

But less expenses, net proceeds will come to about S$135.5 million.

The China-based integrated vegetables processor intends to use the proceeds to increase its production and processing capacity.

China Minzhong said the listing will also improve its branding and help the company attract talent.

The firm is planning to raise its market share in the vegetables processing market which it expects to grow strongly.

Going forward, the company wants to aggregate more agricultural land in China, as urbanisation frees up land in rural areas.

China Minzhong is also optimistic about future prospects.

It said China's vegetables export has been growing at 14 per cent annually in the last five years.

Ryan Siek, chief financial officer, China Minzhong Food Corporation, said: “China itself is gaining market share because Chinese vegetables are highly competitive.

“As of today, China accounts for 55 per cent of the world's vegetables production. Over the past three years, my revenue grew at 55 per cent compounded basis, listing now would also give confidence to the investors."

The shares are expected to start trading next Thursday. - CNA/vm


〔新加坡新股〕闽中食品称将在新加坡IPO筹资1.7亿美元,用于扩大产能

路透新加坡4月7日电---中国食品加工企业--福建闽中有机食品有限公司周三称,将在新加坡首次公开发行(IPO)中筹得2.37亿坡元(1.7亿美元)资金,此前IPO定价定在指导价格区间的中部.


闽中将把所筹资金用于扩大产能,IPO定价每股1.20坡元,之前的指导价格区间为1.07-1.33坡元.


闽中将发售1.196亿股新股,现有股东将提供7,770万股,上市後的流动股票将占公司约37%的股权.


新加坡政府投资公司[GIC.UL]将对闽中的持股从6.5%降至5.1%.


闽中绑定了富达(Fidelity)和保诚资产管理作为基石投资者.


摩根大通(JPM.N: 行情)、金英企业金融(Kim Eng Corporate Finance)和麦格理(MQG.AX: 行情)是此次IPO的承销商.(完)


--编译 张骏;审校 张明钧
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 楼主| 发表于 8-4-2010 10:10 AM | 显示全部楼层
外国私人股本拟出售中国闽中食品股份

英国《金融时报》 森迪普•塔克 香港报道 2009-09-22

一家领先中国食品加工公司的外国所有者将考虑出售所持股份,突显私人股本基金在亚洲市场表现强劲之际退出投资的强烈意愿。

据知情人士表示,闽中有机食品有限公司(下称闽中)税前年利润约为6000万美元,价值可能超过7亿美元。

闽中的多数股权由新加坡政府投资公司的私人股本部门及美国基金Olympus Capital持有。据知情人士表示,该公司已经聘请摩根大通(JP Morgan)担任这笔可能的交易的顾问。相关各方均拒绝置评。

闽中是中国烘干、冷冻与罐装果蔬大型加工商之一,70%的产品销往海外。


该公司总部设在福建省,于2006年4月被上述银团(包括另一家新加坡私人股本基金)通过管理层收购(MBO)收入囊中。

闽中增长强劲,得益于该公司在中国率先采用适合出口市场的标准的名声。

知情人士表示,该银团曾讨论通过让闽中在新加坡证券交易所上市的结构化交易,将控制权出售给一个私人股本买家。这将使得现有股东保留少数股权,并从增长中受益。

潜在私人股本买家对这种拟议的结构不以为然。该银团又提出了新的出售计划。

专攻亚洲私人股本领域的交易撮合者表示,亚洲各地的基金正在梳理资产组合,将资产套现。

他们表示,在所谓的2005和2006“酿制”年收购的资产组合公司,按照目前的市场水平,一般可获得高达3倍的增值。一名交易撮合者表示:“私人股本基金需要回收它们的一些投资,向股东返还现金——像闽中这样的资产,剥离时机已经成熟,因为它是在2007年和2008年价格飞速上升前购买的。”

美国基金凯雷集团(Carlyle Group)上周通过价值10亿美元的现金加股票交易,将旗下的台湾有线电视运营商凯擘股份(Kbro)出售给了台湾大哥大(Taiwan Mobile)。另一家全球性基金德州太平洋集团(TPG),正在准备旗下连锁百货商店Myer价值20亿美元的澳大利亚上市。

据知情人士表示,德州太平洋集团持有少数股权的中国超市运营商物美(Wumart Stores),正就对香港上市竞争对手——时代零售集团有限公司(Times)价值约6亿美元的收购进行谈判。
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 楼主| 发表于 8-4-2010 10:11 AM | 显示全部楼层
来上市咯。。。
来套钱咯。。。

是好,是不好?
谁又看得清?
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 楼主| 发表于 13-4-2010 03:26 PM | 显示全部楼层
求中国有机食品行业有关政策?有机食品有哪些企业做的成功的,借鉴一下
2005年,中国有机食品行业经中绿华夏认证的企业数量达416个,产品种类数量为1249个;
产品国内销售额为37.1亿元,出口1.36亿美元;
总认证面积达165.5万公顷,其中认证面积最高的是野生采集,69.59万公顷,
其次是加工业63.82万公顷,渔业16.74万公顷,畜牧业9.07万公顷,种植业6.28万公顷。
  到2006年底,中绿华夏认证的企业数已达到601家(含转换期),产品数2647个,
  认证的面积共计264万公顷,产品实物总量211万吨,产品销售额61.7亿元。
  认证企业数、认证面积、产品总量分别占全国的26%、50%、56%,
  发展速度和总量规模已位于国内有机认证行业之首。
  
  到2006年底,有机食品国内销售额达到56亿元,2007年市场规模已经达到61.7亿元,国内有机食品的生产企业达到2300多家。
  中国有机食品行业要发展需要政府在政策、经济方面大力扶持,企业要抓住机遇,转变观念,发挥自身优势,切实解决有机食品生产技术的难题,开拓国内国际市场。在“十一五”期间,中国政府有关部门将按照“引导、规范、培育、监督”的职责定位,大力促进有机食品产业的发展。中国有机食品产业潜力大,市场前景好,发展有机食品产业是防治农村、农业污染的最好方式,国家有关部门将加大扶植力度,制订产业发展规划。
中华人民共和国食品卫生法
有机食品重点企业
陕西天人有机食品股份有限公司
泰安泰山亚细亚食品有限公司
北京欧阁有机农庄科贸发展有限公司
江西省婺源大鄣山绿色食品有限公司
福建闽中有机食品有限公司
绿都集团股份有限公司
福州超大嘉和茶业有限公司

有机食品是根据有机农业和有机食品生产、加工标准或生产、加工技术规范而生产、加工,
并经有机食品认证组织认证的一切农副产品,是指在生产加工中不使用化学农药、化肥、化学防腐剂和添加剂,
也不用基因工程生物及其产物,因此它是真正的源于自然、富营养、高品质的安全环保生态食品。
  近年来,我国有机食品产业保持了较快的发展态势,已具备了一定的发展基础,品牌影响力不断扩大。
但主要用于出口,因为有机食品在国际市场上大热,出口利润也相对较高,许多生产企业更倾向于出口。
  到2006年底,中绿华夏认证的企业数已达到601家(含转换期),产品数2647个,认证的面积共计264万公顷,
产品实物总量211万吨,产品销售额61.7亿元,出口额1.6亿美元。认证企业数、认证面积、产品总量分别占全国的26%、50%、56%,
发展速度和总量规模已位于国内有机认证行业之首。到2006年底,有机食品国内销售额达到56亿元,
2007年市场规模已经达到61.7亿元,国内有机食品的生产企业达到2300多家。
  2008年年底,中绿华夏认证的企业数已达到864家,截至2009年10月,通过认证的企业已超过1000家,
认证企业数量正以每年30%的速度递增,这无疑给有机食品的发展提供了巨大空间。
  民以食为天,近年来,苏丹红、三聚氰胺、瘦肉精以及转基因等名词相继出现在人们的日常生活中,
食品安全问题成为民生的头等大事。于是,打着“无污染”、“纯天然”标签的有机食品越来越受到消费者的关注。
  目前有机食品在整个食品行业市场份额中所占的比例还很小,估计还不足1%。政府政策的支持将为有机食品的发展打造一个美好的未来。
  当前,全球有机食品市场正以20%至30%的速度增长,而我国的有机食品产业保持了较好的发展态势。
未来十年,中国有机农业生产面积以及产品生产年均增长20%-30%,在农产品生产面积中占有1-1.5%的份额,
达到1800-2300万亩;有机食品出口占农产品出口比重将达到或超过5%,但部分有机食品仍将依赖进口,
特别是奶制品、葡萄酒、巧克力、燕麦、糖、水果等产品;中国将成为第四大有机食品消费大国,
有机食品有望占到整个中国食品市场的1%-1.5%,国际有机食品市场对中国有机食品的需求将达到或超过5%。

闽中食品工业园项目计划在年底开工 明年8月投产
2009年10月25日
10月20日,莆田市领导张华英、阮军带领市直有关部门负责人,深入挂钩的闽中食品工业园项目现场办公。
闽中食品工业园位于荔城经济开发区东星工业小区,项目用地300亩,拟建成10个分厂,分二期建设。
一期主要建设枇杷膏、龙眼膏、快熟米粉的生产车间及仓库;
二期为系列产品冻干、烘干、速冻生产车间及2万吨冷库。
计划投资1亿美元,年加工各种农副产品15万吨,销售收入13亿元人民币,可实现利税2.5亿元人民币。项目计划在今年12月16日正式开工,明年8月开始投产。
张华英、阮军来到现场,详细了解项目用地审批情况、协调解决项目开工前遇到的困难和问题。
要求项目业主要按倒计时做好项目开工前各项准备工作。各相关部门要积极跟进协调服务,妥善处理建设中涉及的征地拆迁等相关问题,确保项目按时顺利开工。

流转土地862亩 年增效益百万元
2009.11.23
11月18日,在福建省莆田市荔城区北高镇山前村一大片400多亩的蔬菜基地上依然绿意盎然,
初冬带来的寒意却挡不住村民们勤劳的步伐。只见10多位村民们背着喷雾器正在忙碌着给地里的西芹菜打农药。
正在田间劳作的60多岁的村民阿宋乐呵呵对笔者说:“我家2亩多地都被闽中有机食品公司租用了,除了年租金480元外,经常还被公司聘用打工,一天下来约30多元;家里人都到厂里打工或出外做生意。”在旁的村民陈妹珠也凑过来说:“田地出租,解决了我们这些50、60岁人的出路。
    位于兴化湾南侧的北高镇山前村拥有7000多人口,主要经济收入以农业、水产养殖和金银珠宝首饰加工为主。
    因地处海滨,土地多为盐碱地,加上水利设施落后,晴天成旱地,雨天发大水,农业效益低下,村民们纷纷外出打工。
    从2000年起靠海的1000多亩包干到户的围垦地就逐渐抛荒了。

    看着大片抛荒的土地和村里剩余大量劳动力,2004年村干部想把村民们的抛荒地集中起来,通过招商引资,流转集体土地经营权,
    发展现代农业,走集体致富之路。这个想法得到了村委会的认同,但习惯独户单干的村民中产生了很大的分歧。
    为统一思想,村干部们耐心做村民的思想工作,并多次召开村民代表大会详细分析了集约经营和独户单干的利弊。
    同时,村里还郑重作出了“不收一分钱,租金分到户”的承诺。经过半年的沟通和协调,村民们终于同意将分到户的田地集中流转。

    为了让这块“望天田”产生最大效益,村干部们一边向上级争取到80多万资金用于修复水利设施,
    一边又四处联系蔬菜种植大户。经过多方努力,2005年下半年该村与闽中有机食品有限公司签订了流转协议,
    集中连片的北场400亩地和东区462亩地各建起了两大蔬菜基地,集中流转给闽中有机食品有限公司,面积共862亩。

    山前村61岁村民陈亚模自家的6、7分田地都流转给闽中有机食品有限公司。
    他受闽中有机食品有限公司委托从事现场管理有5年多了。说起土地流转给他带来的好处,
    他兴奋地对笔者说:“如今,我在现场搞田间管理,除了拿月工资1400元外,要是公司生意好的话,
    还有20%的提成,像我们这把年纪不出远门就可以在家门口打工啦。”

    据该村干部陈国煌介绍,这862亩耕地实行轮作,上半年种植水稻,下半年主要种植西芹菜、花菜、蚕豆等蔬菜,
    蔬菜收成经公司精加工后,出口到国内和美国、新加坡等国家。该村从事现场管理2年多的村民陈文国告诉笔者,
    他集技术管理和田间管理一身,他家的1亩多地也流转给公司,每天他都要到田里管理工人出勤情况,观察蔬菜长成状况等。
    陈文国还告诉笔者,为确保质量,公司采用欧洲GAP模式管理,全部使用有机肥,实现无污染。

    村干部陈文煌向笔者算了一笔账,“望天田”流转后,每亩地年租金480元,
    解决了200多位在菜地打工的全村50岁到60多岁剩余劳动力出路问题,每人每年劳务收入5000至6000多元,
    一年就能为村民们增收100多万元。如今该村已签订今后5年的土地流转承包合同。


闽中食品拟明年新加坡或香港上市
2009年11月01日
每日经济新闻10月21日讯中国大型食品加工企业——闽中有机食品有限公司董事长林国荣昨天在接受《每日经济新闻》记者采访时透露,
公司计划于明年上半年在新加坡或者中国香港证券市场上市,所募资金将用于扩大有机食品的生产。有消息人士指出,如果登陆新加坡证券市场,
那么闽中的融资规模或将创下新加坡IPO市场2008年6月以来的最高纪录。
  据消息人士称,闽中食品计划在新加坡市场通过IPO融资1亿~1.5亿美元。目前,闽中食品IPO一事由摩根大通进行运作。
  “此次募集的资金将用于扩大生产规模以及开拓市场。”林国荣对记者透露,公司2007年出口额为1亿美元,目前国内市场与国外市场销售额比例为3:7。
  “目前有机食品的利润比一般食品至少高一倍。”林国荣表示,基于更健康、更安全的理念,有机食品发展前景非常好。(本文来源:每日经济新闻(严翠)


福建省闽中有机食品有限公司是中国闽中有机食品(新加坡)有限公司并购福建省闽中蔬菜食品工业总厂股东100%股权后变更设立的外商投资企业,
有30多年专业加工蔬菜(食用菌)制品发展史。现公司投资总额6000万美元,注册资本2908万美元。公司占地10万㎡,厂房建设面积3万㎡,
资产总值3亿元人民币,固定资产净值1亿元人民币。
公司主要生产保鲜、速冻、冻干、烘干、腌渍蔬菜(食用菌)和蔬菜(食用菌)罐头、果蔬汁饮料、果脯,产品主要外销,同时开拓国内市场。
年产各种蔬菜(食用菌)制品4万吨,销售收入3亿元人民币。
多年来,公司实行“公司加基地连农户”蔬菜产业化经营模式,在莆田市10多个乡镇扶持建设有各种形式的蔬菜(食用菌)种植基地,种植面积达20000多亩。
蔬菜(食用菌)种植基地根据公司生产经营需要,按照农业部生态无公害、绿色蔬菜操作规程,推行农业科技,种植各种蔬菜(食用菌),
产品由公司按照保护价订购合同收购。公司在新品种引进,提供种子种苗、农药,以及开展技术培训、技术咨询、技术指导、技术服务等方面予以支持。
公司还在莆田市仙游县租用山地26000亩,雇佣当地有经验的农民,在公司科研人员和德国BCS公司专业人员指导下,按照符合欧盟有机农业法规种植竹笋,
大量生产符合有机食品标准的春笋、冬笋。公司有机笋制品已经打入国际市场。
公司重视产品质量,坚持推行科学的管理方式。
多年来,公司在产品生产过程中建立GMP良好操作规范、HACCP食品安全管理体系和ISO9000质量管理标准、ISO14000环境管理标准、GB/T28001职业健康安全标准,
并保证各种管理体系有效运行。这些管理体系先后通过中国检验认证集团质量认证有限公司认证审核并颁发证书。
同时,公司还获得中华人民共和国卫生注册证书和QS认证证书。
近年来,公司实施拓展战略,先后在云南、上海、内蒙古 、四川等省、市、自治区投资建设云南元谋食品有限公司、上海浦东兴闽中农产品有限公司、
内蒙古巴彦淖尔闽中食品有限公司、四川蓬溪闽中有机食品有限公司等子公司,还在深圳市罗湖区、江苏省邳州市建立二个分公司,
以及在浙江、天津、山西、四川等地扶持改造一批合作厂家,生产经营各种蔬菜(食用菌)制品,不断拓宽销售渠道,扩大公司经济体量,提高国内外市场竞争能力。
公司先后被评为“福建省农业结构调整优化升级重点企业”、“福建省农业产业化重点龙头企业”、“福建省高新技术企业”、
“国家重大科技专项食品安全关键技术应用综合示范基地”、“农业产业化国家重点龙头企业”
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 楼主| 发表于 13-4-2010 03:30 PM | 显示全部楼层
龙头带动是加快蘑菇产业发展的关键。以前,蓬溪县的蘑菇仅有300亩以下的零星种植,2006年,县委、县政府经过多方考察,
反复研究,慎重决定,从福建省莆田市引进蘑菇加工企业,组建成立了四川省闽中有机食品有限公司,公司当年投资7000万元,
新建了年加工能力1万吨的蘑菇加工生产线,年生产300万瓶的菌种生产厂。2006年,全县就发展蘑菇产业4100亩,
种菇农户达到了1.2万户,平均亩产超过5000斤,亩平产值1.2万元,蘑菇产业总产值达到了5000万元,占全县农业总产值的1.94%,
实现增加值3300万元,全县人平实现种菇收入80余元,种菇农户人均收入600余元。解决了农村富裕劳动力就地转移近1000人,并带动了全县运输、加工等相关行业的发展。

  2008年,为了更好地促进蘑菇产业健康发展,蓬溪县又引进了四川美宁食品公司到蓬溪发展,初步形成了蘑菇产业发展的市场竞争机制。
2008年全县蘑菇产业发展到了1万亩,种菇农户达到了2万户,种菇收入可达1亿元,全县人平将达170元,龙头公司可实现产值1.2亿元,创税利800万元。
通过发展蘑菇产业,推动了产业结构调整,壮大了龙头企业,提高了县域工业化水平。同时,还优化了环境,解决了农村环保问题。
过去,农民焚烧作物秸秆,产生的浓烟使空气环境遭到了严重污染,影响了人们身体健康和正常的工作、生活,而现在将作物秸秆作为种植蘑菇的原料,
不仅保护了环境,还提高了作物自身价值。同时,种植蘑菇还利用了畜禽粪便和渣肥,变废为宝,改善了生态环境。
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 楼主| 发表于 14-4-2010 04:46 PM | 显示全部楼层
The following can be deduced after comparing China Minzhong vs China Green. In terms of sales, China Green is about 50% larger than China Minzhong.

China Green reported a 24% sales growth during its latest HY results, delivering a EPS of Rmb0.31. Assuming its FY2009 attain Rmb0.62, equilvalent to 70.68 HK cts (exchange rate 1.14), we have a 14.5x CURRENT P/E valuation.

In China Green's case, by the end of October 2009, the Group has 42 leased cultivation bases with a total area of approximately 82,700 mu, offering a cultivation capacity of about 336,000 tons per year. The Group is on track to increase the total area of cultivation bases to approximately 92,100 mu by the end of financial year 2010, to raise its annual cultivation capacity to approximately 366,000 tons.

The Group also owns and operates 11 advanced processing plants with a total capacity of approximately 536,000 tons. The Group has made good progress in expanding its processing capacity to approximately 580,800 tons by the end of April 2010, to meet its growing demand for processed products and branded beverage products.

Henceforth, we could see another revenue growth of around 20% going forward, and I expect its forward P/E for FY2010 to be approx 12x.

China Minzhong results in FY2010 is expected to increase 35% towards Rmb 1.4bil in turnover. Likewise, its profit margin shall remain at 30%, similar to that of China Green. Based on exchange rate of Rmb4.9579:Sgd1.0000, EPS for FY2010 should deliver Rmb0.72 or an equilvalent of 14.6c.

Valuations of China Minzhong, though with a diluted presence from GIC, would still see it fetch a PE near to that of its HK peer at 11x (implying a 10% discount), translating to target price of $1.60, representing a 40cents upside, ahead of a mega offering by New Century Shipbuilding schedulted to trade in middle May, ie, one month's period.

Success of GIC's China Minzhong would certainly boost apetitie for this "insti-welcoming-public super stingy" mega "bigger-than-Yangzijiang shipbuilding company.
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 楼主| 发表于 14-4-2010 04:47 PM | 显示全部楼层
Chinese Vegetable Grower Raises US$170 Million in Singapore IPO
By Anette Jönsson (FinanceAsia)
Updated:2010-4-8


China Minzhong Food, which counts GIC as a shareholder, will become the first Chinese company to list in Singapore in two years.

China Minzhong Food Corp, a China-based vegetable grower and processor, has raised S$236.8 million (US$170 million) from an initial public offering, and is set to become the first Chinese company in two years to list in Singapore.

As a play on Chinese consumer demand, the deal was well received and a source said the order book was dominated by high-quality institutions, including Fidelity and Prudential which came in as cornerstones, buying 6.667 million and 25 million shares respectively, or a combined 16% of the deal. The interest would also have been boosted by the fact that Government of Singapore Investment Corp is an existing shareholder in the company as are several other prominent fund management firms like Olympus and OCBC Capital.

Some of these existing shareholders, including GIC, did sell part of their shares during the IPO, but in the case of GIC, it still owns 16.5% of the company.

More than 40 institutional investors were said to have participated in the transaction, which isn't a lot. However, the deal is quite small and the company would have liked the fact that a large majority of them were long-only funds. About 70% of the demand came from Asia with the rest being generated out of Europe and the UK.

The price was fixed at the mid-point of the indicated range of S$1.07 to S$1.33, at S$1.20, which translated into 7.25 times its projected earnings for the fiscal year ending March 2010, or an adjusted price-to-earnings multiple of 8.25 for calendar 2010. The source said it could have priced higher, but the company chose to leave some money on the table for investors to ensure a good performance when it starts trading on April 15. No doubt it is also hoping to be able to exercise the 15% overallotment option that could boost the total proceeds to $195 million.

The final price pitched Minzhong at a discount versus Hong Kong-listed China Green (Holdings) which, according to syndicate analysts trades at an adjusted 2010 P/E multiple of about 10-11 times. While slightly larger than Minzhong, China Green is viewed as the closest comparable given that it too is an integrated player with both cultivation and processing operations.

Minzhong offered 197.344 million shares, of which 119.602 million were new. The remaining 39.4% were sold by New Oscar, Olympus, GIC and OCBC Capital. Five percent of the deal was earmarked for Singapore retail investors in a separate offering that kicked off yesterday and will stay open until April 13.

In a statement, Minzhong's CEO, Lin Guo Rong, said the IPO will provide the company with "the right platform to execute its expansion plans and tap on the strong global and domestic market demand for quality vegetables on the back of rising health consciousness and growing world population, which presents huge opportunities for Minzhong's future growth."

The company plans to use about S$56.9 million of the IPO proceeds to increase its production and processing capacity and another S$51.6 million to acquire or lease new farmland.

Minzhong sources fresh vegetables from 14 different Chinese provinces, which makes it less at risk from extreme weather conditions and also provides it with a consistent and stable supply of vegetables year round. It also offers more than 100 products that have been processed through various means, including air-drying, freeze-drying, fresh-packing and brining, and which it sells to customers in 26 countries.

J.P. Morgan was the sole bookrunner for the offering and also acted as a financial adviser to the company together with Kim Eng.
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 楼主| 发表于 16-2-2011 12:49 PM | 显示全部楼层
中国食品起价,正面影响。
^^
冲高。。。
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 楼主| 发表于 16-2-2011 01:08 PM | 显示全部楼层
CIMB lifts target price of CHINA MINZHONG to $1.85

Analyst: Ho Choon Seng, CFA





2Q11 core net profit of Rmb156m (+37% yoy) was in-line with our expectations, forming 33% of our FY11 core estimates and consensus.

H11 core net profit of Rmb209m (+36% yoy) represents 44% of our FY11 core estimate and consensus. The strong profit growth was driven by the 40% yoy jump in revenue, underpinned by higher sales volume and higher processed vegetable ASP.

FY11-13 EPS estimates remain relatively unchanged as we adjust our interest and gross margin assumptions. We expect the earnings momentum to continue as the shift towards higher-value product continues, with higher volumes to come from maturity of existing cultivation land, and production commencement from newly-acquired land.

Target price lifted to S$1.85, based on 7x CY12 P/E, roughly 10% premium to closest peer China Green (904 HK), (from S$1.65, based on 6.3x CY12P/E, 10% premium to HK and Singapore peer average).

We price Minzhong at a premium due to its stronger earnings growth momentum. Catalysts include further sets of good results.




--------------------------------------------------------------------------------
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发表于 14-11-2012 11:11 AM | 显示全部楼层
China Minzhong posts 30.6% rise in Q1 net profit to $24m
http://www.theedgesingapore.com/the-daily-edge/business/41109-china-minzhong-posts-306-rise-in-q1-net-profit-to-24m-.html

Wed, 14 Nov 09:20  
China Minzhong Food Corporation said net profit for the first quarter ended 30 September 2012 (1Q FY2013) increased 30.6% to RMB121.6 million ($23.9 million), compared to RMB93.1 million in the previous corresponding period.

For the 3 months ended 30 September 2012, group revenue increased by 69.7% to RMB613.4 million, driven by better performances across both the Cultivation and Processed business segments. As a proportion of sales, contributions from the Processed business segment rose to 57.3% (1QFY12: 42.7%) on the back of higher sales for the group’s branded beverages categorised under other processed products. The Cultivation business segment (comprising of fresh vegetable produce and mushroom spores) accounted for the remaining 42.7% of sales.

Revenue from processed vegetables increased by 80.9% to RMB240.2 million, underpinned by new customers for the export markets and sales spill over due to the delay in the champignon mushroom harvesting season from last financial year. Revenue for other processed products grew 421.6% to RMB111.1 million, mainly due to strong domestic demand for our branded products such as vegetables and fruits beverages.

Revenue from fresh vegetables produce rose by 22.6% to RMB192.0 million, mainly due to contributions from new farmland which have not yet turned productive in 1QFY12. Revenue from mushroom spores trading also grew by 38.4% to RMB70.2 million, reflecting strong end demand for the group’s champignon mushroom products.
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发表于 7-12-2012 02:06 AM | 显示全部楼层
China Minzhong falls 10% after block trade
http://www.theedgesingapore.com/the-daily-edge/business/41824-china-minzhong-falls-10-after-block-trade.html

Thu, 6 Dec 13:33
Shares of China Minzhong Food Corp fell as much as 10.6% on Thursday, after a block trade fuelled speculation one of its largest shareholders had sold its stake in the food processing firm.

China Minzhong, which is 16.9% owned by sovereign wealth fund Government of Singapore Investment Corp, was trading down 8.2% at $0.78 at 10:25 a.m/. It was the most actively traded stock by value. In an earlier block deal, one party sold 57.23 million shares at $0.80 each.

A trader said one of China Minzhong’s shareholders had sold its entire stake in the company through a private placement.

According to Thomson Reuters data, Olympus Capital Holdings Asia, is the company’s third largest shareholder, with 57.23 million shares or a 10.3% stake.

Franklin Templeton Investments Corp is the second largest shareholder with a 12.2% stake, or 68.13 million shares.


China Minzhong up after funds, investors buy 10.3% stake
http://www.theedgesingapore.com/the-daily-edge/business/41846-china-minzhong-up-after-funds-investors-buy-103-stake.html

Fri, 7 Dec 12:43   
Shares of China Minzhong Food Corp jumped after it said institutional funds and high net worth investors had bought a 10.3% stake in the food processing firm from Olympus Capital Holdings Asia at a placement price of $0.80 per share.

China Minzhong shares rose as much as 6.7% to $0.80 after a trading halt was lifted on Friday. Nearly 14 million shares were traded, 1.8 times the average full-day volume over the past 30 days.

But even after the rise, the stock was still down nearly 2% so far this year, lagging the 25% gain in the FT ST Small Cap Index.

China Minzhong shares had plunged almost 12% on Thursday after a block trade fuelled speculation that one of its largest shareholders had sold its stake.

Olympus, a private equity fund, had invested in China Minzhong since 2006, the company said in a statement on Friday.

“However, given the closed end nature of private equity funds, it is a natural progression for private equity firms to liquidate their investments post IPO and return capital to their investors,” China Minzhong said.
本帖最后由 icy97 于 8-12-2012 12:15 AM 编辑

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发表于 9-12-2012 09:56 AM | 显示全部楼层
这是一支基本面不错的好股!!
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发表于 17-12-2012 08:46 PM | 显示全部楼层
希望在两三个月内可以 fill-up the gap.....
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发表于 17-12-2012 09:29 PM | 显示全部楼层
我也想买这个股
我喜欢吃鲍鱼菇啊。。
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发表于 17-12-2012 10:43 PM | 显示全部楼层
fbb05 发表于 17-12-2012 09:29 PM
我也想买这个股
我喜欢吃鲍鱼菇啊。。

它的鲍鱼菇生意几赚钱下....
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发表于 18-12-2012 09:17 PM | 显示全部楼层
kxbszleo 发表于 17-12-2012 10:43 PM
它的鲍鱼菇生意几赚钱下....

就像巴菲特喜欢喝可口可乐
所以他去买可口可乐的股票
所以我也应该买闽中
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发表于 19-12-2012 09:47 AM | 显示全部楼层
它那天跌倒很惨的时候我没进场,隔了几天看它一直徘徊在 0.79-0.795 后我决定进场,终于给我排到队。很可能会要 fill-up gap 了。。hehehe
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发表于 23-12-2012 12:13 PM | 显示全部楼层
fbb05 发表于 18-12-2012 09:17 PM
就像巴菲特喜欢喝可口可乐
所以他去买可口可乐的股票
所以我也应该买闽中

margin不错的。。买得过!!


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发表于 23-12-2012 12:14 PM | 显示全部楼层
海洋Rachel 发表于 19-12-2012 09:47 AM
它那天跌倒很惨的时候我没进场,隔了几天看它一直徘徊在 0.79-0.795 后我决定进场,终于给我排到队。很可能 ...

我在等它跌。。才收票!!
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发表于 23-12-2012 01:28 PM | 显示全部楼层
kxbszleo 发表于 23-12-2012 12:14 PM
我在等它跌。。才收票!!

如果它继续跌,我也是会收票。。我在 0.795 的时候买很少罢了,因为那个时候怕它一下子冲上来,第二我也是怕它继续在跌。。。

还有另一个可能:在 0.78 - 0.8 之间 weeks or months of consolidation then breakout ...
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