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Extracted from Business Times article dated 31 July on buyouts....
Azure Capital chief executive Terence Wong, who specialises in small cap stocks, said that anecdotally, fewer firms are contemplating delisting.
" Last year, more than half of the companies I spoke to thought about it," he said. " Now, they' re just talking about raising money as the market is back with greater liquidity, and their share prices are a lot higher."
One potential delisting candidate Mr Wong has built up a position in over the last few months is Tianjin ZhongXin Pharmaceutical Group. The medicine producer, which is also listed in China, is valued far lower in Singapore, he said.
Azure Capital chief executive Terence Wong, who specialises in small cap stocks, said that anecdotally, fewer firms are contemplating delisting.
" Last year, more than half of the companies I spoke to thought about it," he said. " Now, they' re just talking about raising money as the market is back with greater liquidity, and their share prices are a lot higher."
One potential delisting candidate Mr Wong has built up a position in over the last few months is Tianjin ZhongXin Pharmaceutical Group. The medicine producer, which is also listed in China, is valued far lower in Singapore, he said.
UOB KH Initiate coverage with BUY and PE-based target price of US$1.66, implying a
65.6% upside. At 9.4x 2018F PE, Tianjin Zhong Xin Pharmaceutical Group
Corporation (TJZX) trades at a significant 39.4% discount to regional peers (15.5x
2018 PE) and a massive ~61% discount to its A-shares listed in Shanghai (23.8x
2018F PE, currently Rmb17.1 or US$2.55)
Reforms Could Unlock Deep Value In TCM Giant
A renowned TCM pharmaceutical giant, TJZX presents a unique opportunity with
a deep discount between its A- and S-shares. The latest reforms could unlock
great value with delisting possible while its tremendous brand equity and R& D
efforts (851 patents) make it a winner in a growing TCM pie. We expect ASP hikes
to lead 14.9% 2016-19 profit CAGR with US$0.17/share 2018F net cash and 4.3%
2018F yield. Initiate coverage with BUY and US$1.66 target price, based on 15.5x
peer average FY18F PE.
Trading at RMB 17.91 now which equates to US$2.62.
The next catalyst other than the potential listing would be the Half Year Results and the declaration of an interim dividend. Akan datang
The next catalyst other than the potential listing would be the Half Year Results and the declaration of an interim dividend. Akan datang
I reckon your IQ is as high as your EQ. Tianjian ZX is now trading at US$0.955 and the volume is higher than yesterday. Its counterpart in Shanghai closed at RMB17.92, up 4.1% for the day.
EQ1901 ( Date: 21-Jun-2017 10:49) Posted:
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I think the price is on the up now as there is a spate of S-Chips delisting and Tianjin ZX is certainly one of the prime targets to delist next.
Currently trading in Shanghai at RMB17.50 or S$3.56, there is really little reason for Tianjin ZX to continue being listed here at a grossly steep discount.
Currently trading in Shanghai at RMB17.50 or S$3.56, there is really little reason for Tianjin ZX to continue being listed here at a grossly steep discount.
Tianjin ZX broke out of US$0.90 yesterday with high volume. Today it opens at US$0.94 and trades at US$0.935 at the moment.
From June of 2018, 222 China A shares will be added in the MSCI-emerging market index, accounting for roughly 0.7% of the index. That is more than the 169 stocks initially proposed. In line with this decision, MSCI will also launch the MSCI China A International Large Cap Provisional Index today.
Will the inclusion affect the share price of Tianjin ZX ?
From June of 2018, 222 China A shares will be added in the MSCI-emerging market index, accounting for roughly 0.7% of the index. That is more than the 169 stocks initially proposed. In line with this decision, MSCI will also launch the MSCI China A International Large Cap Provisional Index today.
Will the inclusion affect the share price of Tianjin ZX ?
SINGAPORE (April 5): CIMB Research is maintaining its &ldquo add&rdquo recommendation on Tianjin Zhongxin Pharmaceutical Group with an unchanged target price of US$1.30 ($1.82) as it continues to like the S-share as a &ldquo cheap proxy for China&rsquo s growing pharmaceutical demand&rdquo .
In a Tuesday note, analysts Roy Chen and William Tng note that Tianjin Zhongxin&rsquo s S-share is trading at a heavy 63% discount to the group&rsquo s A-share, while also reporting the highest dividend yield of 3.4% for FY16 as compared to its peers.
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Although the group&rsquo s FY16 revenue came in slightly below CIMB&rsquo s expectations at 95% of the research house&rsquo s full-year forecast, Chen and Tng point out that core net profit managed to grow 3.1$ on-year to RMB379 million for the full year, as the shortfall in the profitability of the group&rsquo s consolidated entities was more than made up for by stronger contribution from its associates.
&ldquo The swing in associate profit was mainly due to the profit recovery of Sino-American Tianjin Smithkline & French Lab, where FY15 net profit was adversely affected by the China tax authorities&rsquo investigation,&rdquo they add.
Furthermore, Chen and Tng were &ldquo positively surprised&rdquo by the group&rsquo s final dividend per share (DPS) of RMB 0.15 declared for FY16, following its 1H16 interim DPS of 10 RMB cents.
The analysts point out that this translates into a payout ratio of 46%, in addition to a strong balance sheet with a net cash position of RMB577 million or 75 cents per share, which is 11% of Tianjin Zhongxin&rsquo s S-share price.
Meanwhile, they do not expect the group&rsquo s current expansion projects, such as the upgrading of its marketing and sales network and the construction of Bozhou Industrial park, to deliver any meaningful contributions for now &ndash while stiffer competition also presents a key risk to their view.
As at 11.04am, shares of Tianjin Zhongxin are trading 1.54% lower at 1.5 cents
Breakout,,, privatize? USD2.50?
https://sg.finance.yahoo.com/quote/600329.SS?p=600329.SS
USD 2.84
Tianjin ZX is set to undergo restructuring from 2017 &ndash 2019.
In line with national policy, the State-owned Assets Supervision and Administration of Tianjin Municipal Government has laid out plans to accelerate restructuring and streamlining state-owned assets under its wings. In a press release on 13 Feb 2017, the Tianjin Medicine Group (天 津 医 药 集 团 ) called for reorganisation, restructuring and streamlining so as to preserve and create value for state-owned assets. It calls for listed stated-owned companies to develop and expand through public funding and securitisation of assets.
http://www.tjsa.gov.cn/gqdt/20170210/7065.html
http://finance.sina.com.cn/roll/2017-02-15/doc-ifyamkpy9432656.shtml
http://finance.sina.com.cn/roll/2017-03-18/doc-ifycnpit2191740.shtml
Tianjin Zhongxin Pharmaceutical Group Corporation Limited is 43%-owned by Tianjin Medicine Group. It is the sole Chinese company that is dual-listed in China and Singapore. The Tianjin Medicine Group also holds 2 other listed companies, Tianjin Tianyao Pharmaceuticals Co Ltd.( 天 药 股 份 600488) and Tianjin Lisheng Pharmaceutical Co Ltd.( 力 生 制 药 002393).
Restructuring may have already started last year. Tianyao Pharmaceuticals has acquired Tianjin Jinyao Pharmaceutical Co. (金 耀 药 业 ) and Tianjin ZX purchased Tianjin Chinese Medicinal Slices Co. Ltd.(天 津 市 中 药 饮 片 有 限 公 司 ) from Tianyao.
http://infopub.sgx.com/FileOpen/20161229%20TJZX-Announcement%20Jincao%20Guoyao.ashx?App=Announcement& FileID=434405
How soon are we going to see more action ? Not sure. Probably patience is required.
Today Tianjin ZX closed at US$0.99, the highest in a year.
Its SSE-listed counterpart also closed at 14-month high at RMB19.76 accompanied by high volume.
Yesterday, Tianjin ZX broke the resistance of US$0.94 and closed at US$0.945 with higher than average volume. While the US and European markets dropped by over 1% overnight, buying interests show up for the stock this morning. STI is down 31 points right now, but Tianjin ZX is up half a cent at US$0.95.
MACD (26,12) has risen above the signal line (9).
next week going to report result ! hoping for better dividen , last year giving out CNY 0.135 and CNY 0.09
Has run up to US$0.975 !
But volume is not so strong.
push now share for accumulation for few month ! now heading year high,more people know huge discount compare to sse market price.
wait n see !
heading to break year high
Interesting to watch.
This one is dual-listed in SGX and SSE, but the shares are not fungible. The SSE-listed A shares are always trading at a premium to the shares in Singapore.
Today at SSE, it closed at RMB18.88 (about US$2.75) which is the highest closing price in a year in volume doubling the 10-MA-volume.
Here in Singapore, it is last trading at US$0.88 (less than a third of the US$2.75), after bouncing off at US$0.86 (the 45 days SMA). The 1-year high closing price here is around US$0.935.
Will price here move in the same pattern ? Or is it that someone just want to make the figures look auspicious .
Long term be good...
First time pay interim div cny 0.09!If final div remain cny0.15 that add up to cny 0.24!that will more than 3% yeild
$1 can not??
edwinjup ( Date: 07-Mar-2016 11:49) Posted:
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