(26-02-2015, 11:07 PM)Bluechipfan Wrote: [ -> ]Results within expectation, no thank to the constant 'Positive Profit' alerts 
Dividend also increased in the form of .5 cent special dividend, expected as well.
Also as expected, the company is brutally honest in the assessment of its operating environment, by pointing out the possible headwind the business could face in the next 12 months. They have gave similar assessments for 2 consecutive quarters. My take is that they know what are the challenges that lies ahead and going forward, they know what to do in order to maintain reasonable returns for shareholders. For one, the heat plant should contribute significant more for FY15. The increase of sale in anti oxidant products could also more than offset the lower sale of rubber chemical products.
This is really a different s-chip. Regular dividend since listed and for the first time, shareholder will also receive special dividend for the just ended FY. Going forward, I am confident they will continue to pay at least 1 cent dividend even in lean year and they will not hesitate to reward shareholders with special dividend in boomy years.
Forgot to highlight that EPS for FY14 is SGD 10.2 cents! Even with the special dividend, the dividend payout is conservative but I view it positively. After all, the company's capex was high for the just concluded FY due to various expansion plans. Lower capex is expected for this FY and I foresee a great reduction in outstanding bank loans within this FY. I will be watching closely and if next quarter's EPS is anything within 2 to 2.5 SGD cents, it is definitely time to increase my holding.
(26-02-2015, 10:19 PM)Curiousparty Wrote: [ -> ]Does not sound too sanguine going forward.
Dividend Yield ~ 3.3% based on (1.5/46 cents)..
****
Although the automobile industry in China is poised for further growth which will indirectly
benefit our Group, US’s anti-dumping and countervailing measures against China’s tire
makers, as well as the over-capacity and under-utilisation issues faced by the China tire
industry, may dampen demand for our rubber chemical products.
The new Environmental Protection Law of China has come into force on 1 January 2015. As
environmental regulations become increasingly stringent, there may be further consolidation
in the rubber chemicals industry in China. However, as more of our competitors adjust to the
new regulations and meet compliance standards, the market supply of accelerators will
progressively increase. Further, given that international crude oil prices have fallen sharply
over the past several months, which has resulted in our main raw material prices remaining
at low levels, our selling prices may increasingly come under pressure.
Sigh. Very hard to leave you alone, isn't it? The moment sunsine releases the results, you immediately posted negative comment here as well as at nextinsight and share junction under potatolover and forexchan1024 respectively. What's wrong with you? When people talk about your CES not to your liking, you replied with sarcasm! I guess you could do with a bit of maturity.
4Q profit would have been higher if not for very high admin cost of RMB 71.5m bumped up by one-off costs.
3Q admin cost of RMB 49.8m was already high compared with 2Q's RMB 35.9m.
All negative comments on CES are greatly welcomed. And of course, I don't call names unlike some forummers...
Just focus on subject matter and not on people pls.
(26-02-2015, 11:44 PM)Bluechipfan Wrote: [ -> ] (26-02-2015, 10:19 PM)Curiousparty Wrote: [ -> ]Does not sound too sanguine going forward.
Dividend Yield ~ 3.3% based on (1.5/46 cents)..
****
Although the automobile industry in China is poised for further growth which will indirectly
benefit our Group, US’s anti-dumping and countervailing measures against China’s tire
makers, as well as the over-capacity and under-utilisation issues faced by the China tire
industry, may dampen demand for our rubber chemical products.
The new Environmental Protection Law of China has come into force on 1 January 2015. As
environmental regulations become increasingly stringent, there may be further consolidation
in the rubber chemicals industry in China. However, as more of our competitors adjust to the
new regulations and meet compliance standards, the market supply of accelerators will
progressively increase. Further, given that international crude oil prices have fallen sharply
over the past several months, which has resulted in our main raw material prices remaining
at low levels, our selling prices may increasingly come under pressure.
Sigh. Very hard to leave you alone, isn't it? The moment sunsine releases the results, you immediately posted negative comment here as well as at nextinsight and share junction under potatolover and forexchan1024 respectively. What's wrong with you? When people talk about your CES not to your liking, you replied with sarcasm! I guess you could do with a bit of maturity.
Yes, please focus on issue, rather than any individual.
Please take note
Regards
Moderator
(26-02-2015, 11:44 PM)Bluechipfan Wrote: [ -> ]Sigh. Very hard to leave you alone, isn't it? The moment sunsine releases the results, you immediately posted negative comment here as well as at nextinsight and share junction under potatolover and forexchan1024 respectively. What's wrong with you? When people talk about your CES not to your liking, you replied with sarcasm! I guess you could do with a bit of maturity.
Well, I am a supporter of the company, and still think it is a company worth the attention
I view it differently on his posts, with a question always in mind. Any risk (i.e. negative point) highlighted, is missed in my due diligence? If none, I am happy. If yes, I am delighted, because I have understood the company better.
Of course, if there is misrepresentation, I will post to clarity.
Regards
Cityfarmer
(not vested, but sharing a view)
The latest debt level of the company. The latest debt level is 413 mil RMB, after a new loan of US$20 mil (RMB 123 mil) loan. The justification is, lower interests of US$ loan over domestic ones. US$ is likely appreciating over RMB, and forex risk should be probably managed. Let's see...
http://infopub.sgx.com/FileOpen/CS_Discl...eID=337318
(not vested)
Sunsine's export revenue in US$ can be used to service the US$ 20m loan, reducing foreign exchange risk.
The company has stated in the announcement that the US$ loan will replace some of the existing RMB loans.
As at 31 Dec 2014, outstanding loans amounted to RMB 258m, against cash of RMB 122m. In addition, trade debtors had engaged banks to guarantee settlement of trade receivables amounting to RMB 236m.
Bank borrowings should come down unless there are new capital expenditures.
The Business Times Singapore
January 13, 2015 Tuesday
China's 2014 car sales beat 23m, but growth slows
Shanghai
CHINA'S car sales exceeded 23 million vehicles last year, an industry group said on Monday, but annual growth halved from 2013 as a weaker economy took its toll on the world's biggest car market.
Sales rose 6.9 per cent, or 1.51 million vehicles, to 23.49 million, the China Association of Automobile Manufacturers (CAAM) said.
That is short of an 8.3 per cent growth target given by CAAM in July, itself a cut from an earlier forecast of 10 per cent, Bloomberg News reported.
In 2013, sales surged 13.9 per cent to 21.98 million vehicles, helped by a recovery in Japanese brands that were earlier hurt by a political row between Beijing and Tokyo.
But China remained the world's biggest car market last year, well ahead of the United States. Industry consultant Autodata has estimated that total US sales last year reached 16.5 million units, up 5.9 per cent from 2013.
China's passenger car sales, which account for the bulk of the market, rose a stronger 9.9 per cent to 19.7 million vehicles in 2014, the CAAM said in a statement.
"The performance of the passenger car sector was within expectations and the slower overall growth is mainly due to a decline in sales of commercial vehicles," John Zeng, general manager of LMC Automotive Consulting in Shanghai, told AFP.
For 2015, passenger car sales were likely to maintain "relatively high" growth, but an economic slowdown and stricter emissions regulations will hurt overall vehicle sales , he said.
He forecast overall car sales growth of 7.2 per cent for this year, nearly unchanged from 2014.
At least seven cities have slapped limits on vehicle numbers to cut congestion and pollution, including the southern boomtown of Shenzhen, which just announced a new policy to issue only 100,000 licence plates annually.
China's economic growth eased to 7.3 per cent in July-September, the worst quarter since the depths of the global crisis in early 2009. The country's gross domestic product (GDP) grew an annual 7.7 per cent in 2013.
The government will announce 2014 growth figure next week. It has targeted an expansion of "around" 7.5 per cent for the year. AFP
http://zgxcl.oilchem.net/x/p_281_110_553_0_1.html
Based on prices reported in the above website, selling price of rubber accelerator NS (also known as TBBS) has been resilient to date even though there is a sharp fall in aniline (raw material) prices. Rubber accelerator NS (also known as TBBS) is a key product of China Sunsine.