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Oh, not too sure if I can as it is in chinese..
http://stock.jrj.com.cn/invest/2018/05/23191524580886.shtml
It is all in this article. Some good points and some bad points
http://stock.jrj.com.cn/invest/2018/05/23191524580886.shtml
It is all in this article. Some good points and some bad points
maccer ( Date: 28-May-2018 10:11) Posted:
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Jamsng,
Can you posted again?
Can you posted again?
Bad points about tianjin zhongxin. Hope the management can do better in the years to come. Anyone know their email address so that we could email them?
Any articles that you find on tianjin zhongxin, please share it here..
博主&ldquo 都不是&rdquo 不看好中新药业三年翻番的计划，主要原因是：&ldquo 公司新上任的总经理余红，原来在集团担任公司财务部部长，集团没有派一位主抓经营的总经理，而是派管理财务的人来，或许是启动混改的征兆，因为她对财务理解更透彻。所以未来三年，中新药业或将启动混改，经历一次&lsquo 阵痛&rsquo ，业绩或许会下滑。&rdquo
另外，中新药业2008年上市以来，归母净利润呈现&ldquo 大小年&rdquo 的走势，例如2010年归母净利润同比增长13.76%，2011年就同比下降15.56%；随后在2012年增长78.19%，2013年下跌20.28%&hellip &hellip 归母净利润同比增长率一直呈现波动性变化。
在博主&ldquo 都不是&rdquo 看来，中新药业每次归母净利润上涨都来自于速效救心丸的提价、放量，而随后一年的净利润下降，主要是公司在渠道管控不严的缺失。&ldquo 一旦提价，公司利润上升，经销商会来和公司议价，要求更低的拿货价格。每个省级代理商都希望自身利益最大化，而公司在渠道管控上做得相当薄弱，管理层和哪个经销商关系好，会给其更低的价格，反正在国有企业中，公司利润和自己工资没关系。北京、甘肃、天津&hellip &hellip 这些代理商拿药的价格一定不同&rdquo 。
中新药业今年一季度的良好开局，很大程度上和最近一次提价有关，贵州和湖北150粒规格的速效救心丸涨价幅度在50%-60%左右。从涨价幅度不同来说，依然暴露的是中新药业对渠道的较差的把控力，因此公司想要完成&ldquo 三年倍增&rdquo 的计划，还需要在渠道管控上做出变革。
Any articles that you find on tianjin zhongxin, please share it here..
博主&ldquo 都不是&rdquo 不看好中新药业三年翻番的计划，主要原因是：&ldquo 公司新上任的总经理余红，原来在集团担任公司财务部部长，集团没有派一位主抓经营的总经理，而是派管理财务的人来，或许是启动混改的征兆，因为她对财务理解更透彻。所以未来三年，中新药业或将启动混改，经历一次&lsquo 阵痛&rsquo ，业绩或许会下滑。&rdquo
另外，中新药业2008年上市以来，归母净利润呈现&ldquo 大小年&rdquo 的走势，例如2010年归母净利润同比增长13.76%，2011年就同比下降15.56%；随后在2012年增长78.19%，2013年下跌20.28%&hellip &hellip 归母净利润同比增长率一直呈现波动性变化。
在博主&ldquo 都不是&rdquo 看来，中新药业每次归母净利润上涨都来自于速效救心丸的提价、放量，而随后一年的净利润下降，主要是公司在渠道管控不严的缺失。&ldquo 一旦提价，公司利润上升，经销商会来和公司议价，要求更低的拿货价格。每个省级代理商都希望自身利益最大化，而公司在渠道管控上做得相当薄弱，管理层和哪个经销商关系好，会给其更低的价格，反正在国有企业中，公司利润和自己工资没关系。北京、甘肃、天津&hellip &hellip 这些代理商拿药的价格一定不同&rdquo 。
中新药业今年一季度的良好开局，很大程度上和最近一次提价有关，贵州和湖北150粒规格的速效救心丸涨价幅度在50%-60%左右。从涨价幅度不同来说，依然暴露的是中新药业对渠道的较差的把控力，因此公司想要完成&ldquo 三年倍增&rdquo 的计划，还需要在渠道管控上做出变革。
Think it is on a up trend now. I should get more earlier.
Hope not too late. Thanks for the article.
Hope not too late. Thanks for the article.
http://stock.jrj.com.cn/invest/2018/05/23191524580886.shtml
I am not sure. But I would hope that they can delist at a good price and listed in HK again.
If difference still a lot, I will buy in HKSE.
If difference still a lot, I will buy in HKSE.
can covert to SSE A?
Hope they delist in singapore and relist in HK.
In the mean time, hope they increased dividend after increased in profit.
In the mean time, hope they increased dividend after increased in profit.
Tianjin Zhongxin Pharmaceutical Group Corporation
(TIAN SP)
Discount To A-Share Too High To Ignore
The spread between TJZX' s China A-shares and SGX S-shares continues to widen
and we believe the current 60.8% discount (wider than its five-year average) is too
high to ignore. Management sees 2018 as the start of &ldquo multiple times of growth in
three years&rdquo and we believe this is realistic in view of: a) the favourable industry
outlook, b) ongoing price hike of its key drug, and c) fresh initiatives by the new
management team. Maintain BUY with PE-based target price of US$1.72 unchanged.
WHAT&rsquo S NEW
60.8% discount to A-shares, wider than five-year average too high to ignore,
opportunity to pounce. Since the start of May, the spread between Tianjin Zhongxin
Pharmaceutical Group Corporation&rsquo s (TJZX) S-shares (listed on the Singapore Exchange)
and its A-shares (listed on the Shanghai Stock Exchange) has been steadily widening. The
S-shares are trading at US$1.20 and the A-shares at Rmb19.50 (US$3.06), translating to a
60.8% discount. We believe the discount, which is wider than its five-year average, is too
high to ignore and represents an opportunity to pounce.
2018 the start of &ldquo multiple times of growth in three years&rdquo . TJZX plans to achieve
&ldquo multiple times of growth in three years, starting from 2018. To get to a good start, it will
focus on marketing areas such as: a) developing major product groups, b) building a
market-oriented sales system, c) taking the end customer-oriented approach with
effective marketing strategies, d) innovating the marketing model to generate onlineoffline
synergies, and e) driving scientific research to unleash the potential of its drug
portfolio. It will also strengthen quality control and the stability of product safety while
working on operational management to drive cost reduction and efficiency enhancement
STOCK IMPACT
Realistic plan given increase in price hike of key drug Su Xiao. We believe
management&rsquo s multi-year growth plan is realistic. With Su Xiao Jiu Xin Pill&rsquo s (速 效 救 心 丸 )
price hike set firmly in motion, we are looking at a meaningful impact on 2018 profits and the
full impact in 2019. We have already started to see its benefit in 1Q18 as gross margins for
the drug manufacturing business increased to beyond 60%, lifting blended gross margin to
41.3% (+6.3 ppt yoy), leading PATMI to grow 29.6% yoy.
TJZX on the cusp of multi-year growth. TJZX is also aiming for Tong Mai Yang Xin Pill (通
脉 养 心 丸 ) to achieve annual sales of Rmb500m by 2020 and become the next growth pillar.
With this, coupled with management&rsquo s new drive to rejuvenate the sales force and cultivate
new channels such as e-commerce to grow sales volume, we reiterate our view that TJZX is
on the cusp of a multi-year growth story.
Any news today that it is up 5 cents to 1.23. Close at 1.18.
Was thinking if management salary is pegged to share performance or profit, TJZX should do well.
Have it start doing so? This is just the start if things turn out correct.......
Have it start doing so? This is just the start if things turn out correct.......
UOB upgraded to1.78
target price of US$1.72
TJZX' s 1Q18 results came in above our expectations, with profit outperforming by 9%. Top-line revenue growth of 10.3% yoy, coupled with gross margin expansion, flowed down into a 29.6% yoy growth in TJZX&rsquo s attributable net profit. With key drug Su Xiao&rsquo s ASP hike only in its early innings, TJZX is a main beneficiary as the Chinese government continues to advocate the use of TCM drugs. Maintain BUY with revised target price of US$1.72 pegged to peers&rsquo average of 14.1x 2018F PE.
TJZX' s 1Q18 results came in above our expectations, with profit outperforming by 9%. Top-line revenue growth of 10.3% yoy, coupled with gross margin expansion, flowed down into a 29.6% yoy growth in TJZX&rsquo s attributable net profit. With key drug Su Xiao&rsquo s ASP hike only in its early innings, TJZX is a main beneficiary as the Chinese government continues to advocate the use of TCM drugs. Maintain BUY with revised target price of US$1.72 pegged to peers&rsquo average of 14.1x 2018F PE.
Lai liao.............today my target price is 1.15.
This counter will continue to move up............action normally stats at 9.30am.
UOB small cap pick also recommend Tuan Sing and Citi Env not much movement leh....
jamesng ( Date: 26-Apr-2018 20:08) Posted:
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Any news? Technical seems good lately......
Tianjin Zhongxin Pharma on its way to a stellar 2018 & beyond, says UOB
02/04/18, 11:11 am
SINGAPORE (Apr 2): UOB Kay Hian is keeping Tianjin Zhongxin Pharmaceutical Group at &ldquo buy&rdquo with a higher target price of US$1.66 ($2.17), pegged to peer average of 14.1 times FY18 earnings.
This comes after Tianjin Zhongxin Pharma exceeded expectations in 4Q17 due to a net profit surge, bringing full-year PATMI to RMB473.3 million, 4.5% above UOB&rsquo s full-year forecast on higher 4Q blended gross margin after factoring in a price hike for the group&rsquo s key product, &ldquo Su Xiao Jiu Xin&rdquo pills.
In a Monday report, lead analyst Edison Chen says Tianjin Zhongxin Pharma' s stellar 4Q17 results are but only the beginning of a multi-year growth story for the group.
Chen has adjusted his FY18 and FY19 earnings estimates up by 4.4% and 3.5% to RM569.4 million and RMB670.6 million, respectively. This is after factoring in higher growth of the group&rsquo s other major products the phasing out of lower margin accounts and interest expenses as management continues to use low interest rate working capital loans to fund their operations.
In his view, other key products such as &ldquo Tong Mai&rdquo and &ldquo Wei Chang An&rdquo are fast becoming new star drugs that deepen penetration into new retail channels, thereby serving as key future profit drivers.
&ldquo Our 2020 estimates assume total revenue growth of 3.5% on the back of increased demand for Su Xiao, Tong Mai and Wei Chang An, and as costs efficiencies are reaped through the streamlining of organisations, thus leading to net income margin stabilising at 11.3%,&rdquo he elaborates.
The analyst also expects Tianjin Zhongxin Pharma&rsquo s consolidation of its overlapping business departments, and the cost savings resulting from it, to continue making up for the group&rsquo s revenue decline in its distribution business due to the Chinese drug industry&rsquo s recent &ldquo two-ticket system&rdquo reform.
Further, with the group&rsquo s parent company undergoing state-owned enterprise (SOE) reform, Chen suggests significant upside to UOB&rsquo s current profit forecasts &ndash which are 8.6% and 8.2% below China A-share analysts&rsquo for FY18 and FY19, respectively &ndash should Tianjin Zhongxin&rsquo s new management remuneration scheme be aligned with the group&rsquo s financial or stock performance.
&ldquo In view of the favourable industry outlook, ongoing price hike for Tianjin Zhongxin Pharma&rsquo s key drug, and fresh initiatives by the new management team, we anticipate a stellar 2018 and beyond,&rdquo concludes the analyst.
As at 11.10am, shares in Tianjin Zhongxin Pharma are trading 6% higher at 97.5 US cents, or 0.95 times FY18 book value.
By:
Michelle Zhu
SINGAPORE (Apr 2): UOB Kay Hian is keeping Tianjin Zhongxin Pharmaceutical Group at &ldquo buy&rdquo with a higher target price of US$1.66 ($2.17), pegged to peer average of 14.1 times FY18 earnings.
This comes after Tianjin Zhongxin Pharma exceeded expectations in 4Q17 due to a net profit surge, bringing full-year PATMI to RMB473.3 million, 4.5% above UOB&rsquo s full-year forecast on higher 4Q blended gross margin after factoring in a price hike for the group&rsquo s key product, &ldquo Su Xiao Jiu Xin&rdquo pills.
In a Monday report, lead analyst Edison Chen says Tianjin Zhongxin Pharma' s stellar 4Q17 results are but only the beginning of a multi-year growth story for the group.
Chen has adjusted his FY18 and FY19 earnings estimates up by 4.4% and 3.5% to RM569.4 million and RMB670.6 million, respectively. This is after factoring in higher growth of the group&rsquo s other major products the phasing out of lower margin accounts and interest expenses as management continues to use low interest rate working capital loans to fund their operations.
In his view, other key products such as &ldquo Tong Mai&rdquo and &ldquo Wei Chang An&rdquo are fast becoming new star drugs that deepen penetration into new retail channels, thereby serving as key future profit drivers.
&ldquo Our 2020 estimates assume total revenue growth of 3.5% on the back of increased demand for Su Xiao, Tong Mai and Wei Chang An, and as costs efficiencies are reaped through the streamlining of organisations, thus leading to net income margin stabilising at 11.3%,&rdquo he elaborates.
The analyst also expects Tianjin Zhongxin Pharma&rsquo s consolidation of its overlapping business departments, and the cost savings resulting from it, to continue making up for the group&rsquo s revenue decline in its distribution business due to the Chinese drug industry&rsquo s recent &ldquo two-ticket system&rdquo reform.
Further, with the group&rsquo s parent company undergoing state-owned enterprise (SOE) reform, Chen suggests significant upside to UOB&rsquo s current profit forecasts &ndash which are 8.6% and 8.2% below China A-share analysts&rsquo for FY18 and FY19, respectively &ndash should Tianjin Zhongxin&rsquo s new management remuneration scheme be aligned with the group&rsquo s financial or stock performance.
&ldquo In view of the favourable industry outlook, ongoing price hike for Tianjin Zhongxin Pharma&rsquo s key drug, and fresh initiatives by the new management team, we anticipate a stellar 2018 and beyond,&rdquo concludes the analyst.
As at 11.10am, shares in Tianjin Zhongxin Pharma are trading 6% higher at 97.5 US cents, or 0.95 times FY18 book value.
still low, will cross US$1.1 soon
Crossed $1 already!
rayoflight ( Date: 02-Apr-2018 11:01) Posted:
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