Delong

"DE LONG"(Get Dragon)

2H NP up 163%

Net Asset Value per share (RMB) 4.50

Delong Holdings sees 54.4% fall in full-year net profit to $59.2m

WRITTEN BY THE EDGE

FRIDAY, 18 FEBRUARY 2011 20:59

Mainboard-listed Delong Holdings, the manufacturer of hot-rolled steel coils (HRC) in China, says net profit fell 54.4% to RMB 305.2 million ($59.2 million) from RMB 668.8 million for FY2009.

Delong says the decline reflected lower profit margins and the absence of FY2009’s one-time RMB 272.3 million gain on restructuring of old convertible bonds and a RMB 41.1 million gain in currency translation. The group’s net profit for FY2010 also included a one-off impairment charge of RMB 41.0 million.

The group also saw a 29% increase in full-year revenue to RMB 9.9 billion in FY2010 from RMB 7.7 billion in FY2009. This was due to higher average selling price and sales volume of HRC for FY2010, compared to FY2009.

Seem like this dragon wake up again. Anybody know why today it shoot up to new high for this few months record?

price moving up quite fast but volumn still low.

I think interest in this counter picking up with

green shoot effect

ｍｏｒｅｏｖｅｒ，　ｃｉｔｉｇｒｏｕｐ　ｓｔｉｌｌ　ｏｗｎｓ　ｔｈｅｍ　ａｂｏｕｔ　７ｐｌｕｓ　ｐｅｒｃｅｎｔ．．　ｂｉｇ　ｂｒｏｔｈｅｒｓ　ａｎｄ　ｍａｒｋｅｔ　ｆｏｒｃｅｓ　ｃｏｍｉｎｇ　ｓｏｏｎ．

ａｌｔｈｏｕｇｈ　１　ｏｒ　ｔｈｅ　ｍａｊｏｒ　ｓｈａｒｅｈｏｌｄｅｒ　ｓｏｌｄ　ａｂｉｔ　ｏｆ　ｔｈｅ　ｓｈａｒｅｓ，　　ｉｔ　ｍｉｇｈｔ　ｂｅ　ｄｕｅ　ｔｏ　ｔｈｅｙ　ｎｅｅｄｅｄ　ｍｏｎｅｙ　ｔｏ　ｃｏｖｅｒ　ｓｏｍｅ　ｏｔｈｅｒ　ｆｉｎａｎｃｉａｌ　ａｓｐｅｃｔ　ｎｏｔ　ｒｅｌａｔｅｄ　ｔｏ　ｔｈｉｓ　ｃｏｍｐａｎｙ．　Ａｎｄ　ｉｔ　ｉｓ　ｎｏｔ　ｔｈｅ　ｍａｊｏｒｉｔｙ，　ｍｅａｎｉｎｇ　ｔｈａｔ　ｔｈｅ　ｓｔｏｃｋ　ｉｓ　ｓｔｉｌｌ　ｓｏｕｎｄ．　Ｍｏｒｅｏｖｅｒ，　ｔｈｅ　ｃｏｍｐａｎｙ＇ｓ　ｆｉｎａｎｃｉａｌ　ｉｓ　ｓｏｕｎｄ　ａｓ　ｔｈｅｙ　ｈｏｌｄ　７０　ｏｖｅｒ　ｐｅｒｃｅｎｔ　ｏｆ　ｔｈｅ　ｃｏｍｐａｎｙ　ｍｅａｎｉｎｇ　ｔｈｅｙ　ｗａｎｔｅｄ　ｃｏｎｔｒｏｌ，　ｂｕｔ　ｎｅｅｄｅｄ　ａｂｉｔ　ｏｆ　ｍｏｎｅｙ　ｆｏｒ　ｌｉｑｕｉｄｉｔｙ．．．

ａｌｔｈｏｕｇｈ　１　ｏｒ　ｔｈｅ　ｍａｊｏｒ　ｓｈａｒｅｈｏｌｄｅｒ　ｓｏｌｄ　ａｂｉｔ　ｏｆ　ｔｈｅ　ｓｈａｒｅｓ，　　ｉｔ　ｍｉｇｈｔ　ｂｅ　ｄｕｅ　ｔｏ　ｔｈｅｙ　ｎｅｅｄｅｄ　ｍｏｎｅｙ　ｔｏ　ｃｏｖｅｒ　ｓｏｍｅ　ｏｔｈｅｒ　ｆｉｎａｎｃｉａｌ　ａｓｐｅｃｔ　ｎｏｔ　ｒｅｌａｔｅｄ　ｔｏ　ｔｈｉｓ　ｃｏｍｐａｎｙ．　Ａｎｄ　ｉｔ　ｉｓ　ｎｏｔ　ｔｈｅ　ｍａｊｏｒｉｔｙ，　ｍｅａｎｉｎｇ　ｔｈａｔ　ｔｈｅ　ｓｔｏｃｋ　ｉｓ　ｓｔｉｌｌ　ｓｏｕｎｄ．　Ｍｏｒｅｏｖｅｒ，　ｔｈｅ　ｃｏｍｐａｎｙ＇ｓ　ｆｉｎａｎｃｉａｌ　ｉｓ　ｓｏｕｎｄ　ａｓ　ｔｈｅｙ　ｈｏｌｄ　７０　ｏｖｅｒ　ｐｅｒｃｅｎｔ　ｏｆ　ｔｈｅ　ｃｏｍｐａｎｙ　ｍｅａｎｉｎｇ　ｔｈｅｙ　ｗａｎｔｅｄ　ｃｏｎｔｒｏｌ，　ｂｕｔ　ｎｅｅｄｅｄ　ｆｏｒ　ｌｉｑｕｉｄｉｔｙ．．．

Ｐｌｅａｓｅ　ｃｏｎｓｉｄｅｒ　ｃａｒｅｆｕｌｌｙ　：）

1. Date of change of Interest 13-11-2007

2. The change in the percentage level From 77.08 % To 74.49 %

3. Circumstance(s) giving rise to the interest or change in interest # Others

# Please specify details

Best Decade Holdings Limited (?Best Decade?) had on 8 November 2007 entered into a Global Master Securities Lending Agreement (?GMSLA?) with Citigroup Global Markets Limited (?CGML?), under which CGML may borrow up to 55,346,154 Shares.

Pursuant to the GMSLA, Best Decade had transferred 13,836,539 Shares to CGML on 13 November 2007.

4.

A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:

The change in percentage level is the result of one proposed transaction.

>> PART IV

1.	Holdings of Substantial Shareholder , including direct and deemed interest :

	Direct	Deemed
No. of shares held before the change	412,375,000	302,028,846
As a percentage of issued share capital	77.08 %	56.45 %
No. of shares held after the change	398,538,461	302,028,846
As a percentage of issued share capital	74.49 %	56.45 %

DelongH

Symbol:
B1N

Currency:
Singapore Dollar

Last:

1.98

-0.04

Vol (K): 1020.0

Trading
Updated Time	04-Dec 17:05
Open	2.04	High	2.04	Low	1.97
Prev Close	2.02	Buy	1.98	Sell	2.0
Volume(K)	1020.0	Buy Vol(K)	-	Sell Vol(K)	-
52 Wk High	3.98	52 Wk Low	2.02	52 Wk Avg Vol	1087.816
All Time High	4.02	All Time Low	2.02
Comments	Near 52 wk low

*Reporting Currency in SGD

Financials
Date Updated	30 Nov 2007	Financial Year	31 Dec 2006
Current Year Profit (After Tax) $'000,000	131.226	Previous Year Profit (After Tax) $'000,000	121.533
Net Asset Per Share	0.59	Turnover $'000,000	25.98
Current Year EPS (After Interest and Tax)	0.25	Previous Year EPS (After Interest and Tax)	0.02
PE Ratio (After Tax)	8.6	Times Covered	1.6
Price (at update time)	2.14	Dividend Yield	0.01

*Technical Analysis Information is updated Daily

Technicals
RSI	23.79	Williams %R	-100.0
Comments (RSI)	Oversold	Comments (W%R)	Oversold

PE extremely attractive　８ｐｌｕｓ（ｂｅｌｏｗ１５）, and EPS is ｇｒｅａｔ　ａｔ　２５. Very Cash Rich, and also ROE　ｙｅａｒｌｙ　ｉｓ　ｍｏｒｅ　ｔｈａｎ　３０％－５０％　ｃｏｎｓｉｓｔｅｎｔ。　Ｏｗｎｓ　ｎｏ　ｄｅｂｔ．．．　Ｂｉｇ　ｂｒｏｔｈｅｒｓ　ａｎｄ　ｍａｒｋｅｔ　ｆｏｒｃｅｓ　ｉｓ　ｍｏｕｔｈ　ｗａｔｅｒｉｎｇ　ｆｏｒ　ｔｈｅｓｅ　ｂｉｇ　ｐｉｅｃｅｓ　ｏｆ　ｃａｋｅ．．．　Ｔｈｅｓｅ　ｆｅｗ　ｄａｙｓ　ｗａｔｃｈ　ｏｕｔ　ｒｅｇａｒｄｌｅｓｓ　ｏｆ　ｔｈｅ　ｅｃｏｎｏｍｉｃ　ｃｏｎｄｉｔｉｏｎ．

B1N - DELONG HOLDINGS (SGX)

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Price Information:
as of 04 DEC 2007 17:05

Last	Change	Change%

1.980	-0.040	-1.98%

Open	High	Low	Previous Close

2.040	2.040	1.970	2.020

Volume	52Wk High	52Wk Low

1,020,000	4.020	1.300

B1N Vitals:

K = Thousands, M = Millions

Market Capitalization (US$)

746,483K

Revenue

945,346K

Earnings Per Share (EPS)

0.252

P/E Ratio

8.032

Dividend Yield

7.426%

Avg. Daily Share Volume (last 5 days)

1,324K

Lot

1,000

Income Statement (S$ m)    Balance Sheet (S$ m)
FY Dec 2005A 2006A 2007F2008FFY Dec 2005A 2006A2007F2008F

Turnover 861.0 945.3 1,539.32,075.9Net Fixed Assets 356.0 534.4590.6776.8
Cost of Goods Sold (708.0) (788.0) (1,246.8)(1,681.5)Invts in Assocs & JVs 0.0 0.00.00.0
Gross Profit 153.0 157.3 292.5394.4 Other LT Assets5.5 5.35.35.3
Other Opg (Exp)/Inc (19.7) (25.1) (39.3)(50.9)Cash & ST Invts 32.9 61.1453.2447.1
EBIT 133.3 132.2 253.2343.6 Other Current Assets120.9 163.9254.5322.1
Other Non Opg (Exp)/Inc 4.7 2.6 0.00.0 Total Assets515.2 764.71,303.61,551.3
Associates & JV Inc 0.0 0.0 0.00.0
ST Debt
Net Interest (Exp)/Inc (5.8) (3.4) (3.2)(2.6) 100.6 164.3164.3164.3
Exceptional Gain/(Loss) (12.8) 0.0 0.00.0Other Current Liab 185.6 268.4328.1395.5
Pre-tax Profit 119.4 131.4 250.0341.0 LT Debt9.9 15.2365.2365.2
Tax 2.1 (0.2) (41.3)(56.3)Other LT Liabilities 0.1 0.00.00.0
Minority Interest 0.0 0.0 0.00.0Shareholder!ˉs Equity 219.0 316.8446.0626.
Preference Dividend 0.0 0.0 0.00.0Minority Interests 0.0 0.00.00.0
p. & Liab.515.2 764.71,303.61,551.3
Net Profit 121.5 131.2 208.8284.7Total Ca
Net profit before Except. 131.7 131.2 208.8284.7

EBITDA 152.1 157.4 307.0407.4Non-Cash Wkg. Cap (64.7) (104.5)(73.6)(73.4)
Sales Gth (%) 24.2 9.8 62.834.9Net Cash/(Debt) (77.6) (118.4)(76.3)(82.4)

EBITDA Gth (%) 84.4 3.5 95.132.7

EBIT Gth (%) 111.4 (0.8) 91.635.7
Effective Tax Rate (%) N/A 0.2 16.516.5
Cash Flow Statement (S$ m) Rates & Ratios
FY Dec 2005A 2006A 2007F2008FFY Dec 2005A 2006A2007F2008F
Pre-Tax Profit 119.4 131.4 250.0341.0Gross Margin (%) 17.8 16.619.019.0
Dep. & Amort. 18.8 25.2 53.863.8EBITDA Margin (%) 17.7 16.619.919.6
Tax Paid (7.5) (14.6) (7.4)(41.3)EBIT Margin (%) 15.5 14.016.516.6
Assoc. & JV Inc/(loss) 0.0 0.0 0.00.0Net Profit Margin (%) 14.1 13.913.613.7
Non-Cash Wkg.Cap. 34.3 29.9 (64.7)(15.3)ROAE (%) 87.9 49.054.753.1
Other Operating CF 14.4 2.5 0.00.0ROA (%) 26.0 20.520.219.9
Net O
perating CF 179.4 174.4 231.7348.3 ROCE (%) 59.8 36.144.246.6
Capital Exp.(net) (169.4) (190.0) (120.0) (250.0) Div Payout Ratio (%) 19.7 60.750.050.0
Other Invts.(net) 0.4 0.0 10.00.0Interest Cover (x) 22.9 38.979.1133.9
Invts in Assoc. & JV 0.0 0.0 0.00.0Debtors Turn (avg days) 3.9 0.40.70.9
Div from Assoc & JV 0.0 0.0 0.00.0Creditors Turn (avg days)24.1 40.439.737.9
Other Investing CF 0.1 0.8 0.00.0Inventory Turn (avg days)42.3 40.342.648.4
Net Investin
g CF (168.9) (189.2) (110.0) (250.0) Current Ratio (x) 0.5 0.51.41.4
Div Paid 0.0 (23.9) (79.6) (104.4) Quick Ratio (x) 0.3 0.31.10.9
Chg in Gross Debt (27.8) 69.0 350.00.0Net Debt/Equity (X) 0.4 0.40.20.1
Capital Issues 20.3 0.4 0.00.0Capex to Debt (%) 153.3 105.822.747.2
Other Financing CF (28.8) (8.6) 0.00.0N.Cash/(Debt)PS (S cts) (14.6) (22.3)(14.4)(15.5)
Net Financin
g CF (36.3) 36.8 270.4 (104.4) Opg CFPS (S cts) 27.6 27.255.868.4
Net Cashflow (25.8) 22.0 392.1 (6.1) (S cts) 1.9 (2.9) 21.018.5
Free CFPS

The other version of Uniasia coming out of low. Watch tomorrow...

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"DE LONG"(Get Dragon)

Delong Holdings sees 54.4% fall in full-year net profit to $59.2m