3813 vs 2331

1. 
   
   3813 (3/09)
   2331(6/09)
   
   收益
   3,645,765,000 (high discount sale decrese the total revenue)
   4,051,855,000
   
   直營店
   4885
   6809
   
   存貨
   1,735,440,871 (存貨 will be decrease after the high discount sale)
   649,351,000
   
   現金
   1,014,826,000
   1,041,597,000
   
   應收貿易款
   1,343,772,000
   1,003,109,000
   
   銷售成本
   2,449,347,000
   2,115,295,000
   
   行政開支
   316,587,000
   281,165,000
   
   經銷成本
   970,420,000
   1,038,764,000
   
   融資成本
   57,350,165
   35,587,000
   
   所得稅
   19,212,305
   165,221,000

I predict as 3813 存貨 level decrease to normal level then can increase 2010 revenue.

and actually both 3813 and 2331 are the same level of company.

and their total cap should not be a big gap.

the correction should be come true

中央結算系統參與者總持股量 175

8Nov
8 Dec
香港上海匯豐銀行有限公司
1,287,120,148
1,347,828,298
MORGAN STANLEY HONG KONG SECURITIES LTD
1,032,870,213
968,227,900
渣打銀行(香港)有限公司
310,358,997
293,116,449
花旗銀行
308,398,011
326,579,931
中國銀行(香港)有限公司
198,901,615
201,250,601
恒生證券有限公司
92,643,900
94,918,900
寶通證券亞洲有限公司
86,405,000
83,515,000
中銀國際證券有限公司
70,197,475
65,822,475
德意志證券亞洲有限公司
69,847,100
66,170,000
中信証券經紀(香港)有限公司
54,798,450
50,733,450
美林遠東有限公司
51,859,469
57,560,811
交通銀行信託有限公司
46,776,500
46,531,500
高盛(亞洲)證券有限公司
41,282,400
62,470,141
匯豐金融證券(香港)有限公司
39,992,450
28,592,450
羅沙證券有限公司
37,697,500
41,617,500
凱基證券(香港)有限公司
32,530,500
38,275,500
國泰君安證券(香港)有限公司
30,410,600
26,030,600
南洋商業銀行有限公司
27,993,000
22,223,000
UNITED WORLD ONLINE LTD
26,330,000
27,310,000
匯豐證券經紀(亞洲)有限公司
26,015,500
28,592,450
東洋証券亞洲有限公司
23,620,000
30,090,000
大福證券有限公司
22,464,500
22,223,000

175 Party continue

I wrote on July $2 Geely is the Beginning only

for data just said 250,000 per year
but today, 175 annonues 250,000 completed till Oct 2009 and ended Dec will be 300,000 vehicles

If I predict 175 can earn RMB 6240 per vehicles
it may be RMB 1872M at the end of 2009, over HKD2151M
HKD 2151 is really a strong cashflow, so 175 said they will spend 1000M for next year investment

What is the current PE ($4.6) =
just 15.5 only.

3813 strong buy

compare between 2331 and 3813

2331 LI Ning
Revenue (Jan-Jun 2009)
RMB 4052M
No of retail store 6809
ie $99182 per store per month

市值
28,141,000,000

3813 Pou Sheng(Oct08-Mar09)
Revenue
RMB 3646M
No of retail store 4885
ie $124394 per store per month

市值
5,106,000,000
已發行股份的數目

4,290,495,163 shares

大股東Pou Chen Corporation
2,408,344,622 (56.13%)

香港上海匯豐銀行有限公司
163,222,629 (4.57%) Jan 2009
212,889,667 (5.96%) Jun 2009
604,160,797 (14.08%) Dec 2009

+440938168 (+9.51%)

永豐金證券(亞洲)有限公司
73,966,000 (2.07%)
441,211,000 (12.36%)
440,646,000(10.27%)

+366680000 (+8.2%)

MORGAN STANLEY HONG KONG SECURITIES LTD
426,083,960 (11.94%)
329,105,332 (9.22%)
223,827,558 (5.21%)

-202256402 (-6.73%)

美林遠東有限公司
238,956,537 (6.69%)
209,217,617 (5.86%)
202,713,580 (4.72%)

-36242957 (-1.97%)

渣打銀行(香港)有限公司
83,881,476 (2.35%)
105,562,620 (2.95%)
168,076,895 (3.91%)

+84195419 (+1.56%)

富銀證券(香港)有限公司
31,432,000 (0.88%)
41,090,000 (1.15%)
37,929,000 (0.88%)

First 5 broker
+653,314,228 shares between Jan and Dec 2009

in average ~60,000,000 shares per month absorb from the market and the average price is $1.039 (250MA)
The 5 broker use $653M to buy 3813!!
why. 盈警 !!!
I guess some smart money is doing big big event.


永豐銀行係永豐金融控股公司的子公司，是由同屬該公司旗下的建華銀行與台北國際商銀於2006年11月13日藉對等合併而組成的。完全傳承先前兩家銀行的資質與資源，永豐銀行已能擁有極其綿密的營業網絡、高度創新的產品組合與最為先進的資訊系統；未來將以更高的熱誠，為全世界往來大中華地區的客戶提供最佳的金融服務，逐步實現闢建「21世紀金融新絲路」的願景。

2 dec 2009

A day to remember
175 ...>$4