China Saite Group Company Limited (153:HK) Overview

China Saite Group Company Limited (153:HK) announced its annual result on 17th of March, some of the highlights and summary of the performance are listed below:

	2012	2013
GPM	32.08%	33.71%
NPM	19.45%	20.60%
ROE	61.88%	38.53%
EPS(RMB)	0.1699	0.2321
Proposed Payout Ratio	0.00%	29.93%
PE	5.15	3.67
PB	2.26	1.28
NAVPS	0.48	0.85
Debt to Equity	0.39	0.20
Current Ratio	4.08	8.33

• Revenue from steel structure projects increased 4.75% YoY to RMB851 million.
• Revenue from prefabricated construction projects increased 144.59% YoY to RMB 576 million. Showing a rally growth in this market in Jiangsu Province.
• Total revenue increased 36.17% YoY. (2012 increased by 62.04%)
• GPM of the two main businesses remained steady.
• The amount of new contracts in 2013 declined by approximately 5.6% YoY to approximately RMB1,373.4 million with the number of new contracts decreased from 28 to 25.
• As at 31 December 2013, the net proceeds of the Global Offering has not been utilized. It is also the main factor that results in the decline of ROE from 61.88% to 38.53%.
• Past due trade receivables increased by 415.23% to RMB24.8 million, which occupied 2.09% of total current assets. The control of receivables is still acceptable.

The implementation of the PRC 12th Five-Year Plan and the urbanization in the PRC has created a huge market for steel structure construction. The Government has stated to invest approximately RMB6.2 trillion in transportation infrastructures from 2011 to 2015, steel structure will be benefited from the expansion. Urbanization also produces a surge of construction of social security housings for the sake of people’s livelihood, which will bring huge demand for prefabricated construction. As required by the policies of the PRC Government, the technology of prefabricated construction must be applied to 30% of social security housings by the end of 2016 on a nationwide scale.

According to the Ipsos report in the prospectus, the growth rate of the prefabricated construction market in Jiangsu Province from 2013 to 2016 will be 110.7%p.a., while the growth rate of steel structure market will be 17.6%p.a.. Given the low cap size of China Saite, the growth rate of its earning will be estimated at 13.56%, assume a PEG of 0.5, the target price of China Saite will be HKD2.01 in medium term.



Disclosure of interest: I personally own the stock of China Saite(153:HK).

業績公布!

金山軟件(03888.HK) 公布2013年止年度，收益21.73億人民幣(下同)，按年增加54%。錄得純利增長55%至6.71億元，每股盈利58.12分。末期息12港仙，增派1港仙。單計第四季，收益6.69億元，按季上升21%，按年上升55%。純利1.66億元，按季及按年分別增長2%及33%。

中國賽特(00153.HK) 公布截至去年底全年業績，期內收益按年升36.2%至14.27億元人民幣(下同)；純利升44.3%至2.94億元；每股盈利23.21分，2012年為16.99分；派末期息5.5分。於去年公司訂立的新合同總額為13.73億元，按年跌5.6%，新合同數量由2012年的28個跌至25個；已簽合同的項目的合同額均值升至5,500萬元。

阿思達克財經新聞

勝讀十年書

昨天有幸得高人提點，好像為眼前朦朧道路添上一盞提燈。似是恍然大悟，明白天外有天，不加把勁不行！

1) 重新整理投資組合
2) Interview
3) 溫書

另外，賽特(153)終於也要公布業績了，是龍是蟲請拭目以待。
(詳見: http://www.chinasaite.com.cn/attachment/20140305071702001850087_en.pdf)

體彩與世杯

2014巴西世界杯令彩票股曾經炒上一段時間，到現在已經回落了一個月上下，炒作空間還在嗎？

國家財政部公布，內地去年彩票銷售按年上升18%至3093.25億元RMB。路透早前報道，按中國2012年彩票銷售約230億美元，與美國同期銷售710億美元對比，預計中國彩票市場未來3年增長20%，遠超美國同期料僅個位數的增長，而且中國人均收入持續增加，中國有望在兩年內成為全球第一銷量彩票市場。

中國彩票市場有兩類彩票，分別是中國福利彩票及中國體育彩票。顯而易見，與世界杯有關的就是體育彩票，而內地2013年體育彩票銷量則升逾20%並突破千三億人民幣的新高紀錄。

在香港上市公司中，以下三隻是有較多的體彩概念：
－第一視頻 (00082.HK)
－御泰中彩控股 (00555.HK)

－亞博科技控股 (08279.HK)

以下是他們在世界杯期內的股價表現(adjusted price):

表內主要比較了該股票在分組賽一年前（相關新聞炒作開始出現）、抽籤日（炒作再次出現）、分組賽開始與完結、及年終（世界杯帶來的收入總結）的價格，可以看到他們的走勢是極為波動的，但整體而言賺的機會是比蝕的多，27期的資料中，賺的佔了16，蝕的只是8，而且賺的幅度平均比蝕的更高。數據找了出來，怎樣利用還是另一門學問，例如假設在分組賽一年前買下這些股票，並持有至年終，只有2010年南非世界盃的亞博虧本，其他都獲得可觀利潤。當然，餘下的數據我會繼續更新的。

第一視頻旗下的中國足彩網富有體彩概念，但今年發出盈警，集團的電信媒體業務是虧損主要來源，現價1.20，比年初高位回來不少，相信多少也反映了盈警的影響。

御泰為三隻中最為安全，其營業額和盈利均見穩步上揚，業務亦較第一視頻集中，現價1.13計及PE為11.41，PB為1.71。

基於亞博是創業板的一員，其高波動性及高風險應要多加小心。另外值得注意，近幾年來集團一直處於虧損狀態，雖然不斷收窄，但以現價1.94(PB為7)來看，RSI已經到達83.2的超買區，短線下行風險比較大，宜待回調後才考慮買入。