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(Post 1 of 109) 06/27/2003.20:13:12 |
| Author : |
I don't understand why institutions are interested in this issue. Yew Huat has a net gearing ratio of 1.87 times!!! Anyway, I think I will give this a miss.  |
| (Post 2 of 109) 06/30/2003.13:08:00 |
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they can see the clear picture which we( retail) can't see.Maybe it a raw stone witing to be polished. |
| (Post 3 of 109) 06/30/2003.13:16:45 |
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This one is China play... lots of rims and tyres to sell there. The rims they carry are also well known - Enkei, OZ and Advanti. Stamford Tyre carries Momo and BBS.
Tyres YHI is selling Yokohama. Stamford selling Falken and Continental. Competitors? Yes, v much so, but in different market. |
| (Post 4 of 109) 06/30/2003.13:23:36 |
| Author : |
~ NR ~
Investment Summary With a history which could be traced back more than half a century ago, YHI International was first appointed as a distributor of Yokohama tyres for Singapore back in 1974 and is now its exclusive distributor for Singapore, Malaysia, Brunei, Vietnam and Cambodia. The group also holds distribution rights elsewhere in the PRC and Indonesia. Sales attributable to this flagship product accounted for an average of 42% of group turnover for the trailing three financial years and we expect this long standing business relationship with Yokohama to continue to provide a substantial and more recurring base of revenue which would allow the group to expand on its range of products as well as to grow the market share in its existing markets. Given the competitiveness in the relatively more matured markets, which include Taiwan, Hong Kong and Singapore, we believe that the PRC is important to drive future earnings growth especially if the group were to be granted a distributorship for Yokohama tyres produced by YRC (Hangzhou) – a jv between its controlling shareholder, YHI Holdings and YRC and Hangzhou Rubber (group) co. This would allow them to distribute up to 700,000 pieces of tyres annually, three times more than the current 240,000 pieces. The joint venture alone should ensure that YHI will be allowed to secure the distribution rights for the PRC even though this lapsed in March 2003. So although it is expected to be a formality given the long relationship with Yokohama it is still a risk factor. The other consideration is that the company needs strong forward earnings growth to rerate so any delay in the commencement of the Hangzhou plant could the impact its FY2003 revenue and earnings and limit the short term performance of the stock.Although being in a mature industry, YHI delivered strong earnings growth in the last financial year. This came from its manufacturing arm which moved from a loss to a profit while the traditional tire business continued its modest growth in sales but with better margins. The latter came mainly from greater economies of scale for both its manufacturing and distributing businesses as well as more efficient cost structure. But YHI is entering new territory and investors need time to see if the improved margins and profitability can be sustained. Partial comparison with Stamford Tyres The closest comparable is mainboard listed – Stamford Tyres, which is also into the business of manufacture and distribution of tyres and automotive parts. Aside from distributing their own proprietary brands of Sumo, Firenza and SSW, Stamford Tyres is also a distributor for brands such as Falken, Continental and Toyo. Turnover of Stamford Tyres in FY02 (yr-end: April) was slightly higher at S$120.1m, compared to YHI’s S$176.9m in FY02. However, net earnings for Stamford Tyres was considerably lower at S$2.7m. However, if first half earnings are anything to go by, Stamford Tyres should have a strong FY2003 which based on consensus estimates could see the stock trading in the mid single digits PER. So on a comparative basis, YHI would look expensive relative to Stamford Tyres bearing in mind that in terms of distribution revenue they are about the same size. So if we apply the same PER to YHI’s distribution businesses as Stamford, its manufacturing business would be quite expensive. So the market has already partially priced in YHI’s foray into manufacturing. Fundamentally, YHI is in a less exciting and more mature business. Secondly on forward valuations, it is probably trading at a premium to Stamford Tyres which suggests that part of the earnings growth from manufacturing is priced in and the company must deliver a set of strong interim numbers before we can see a sustained price performance. So expect a more muted post IPO stock performance. Bearing this in mind and looking at the IPO euphoria that we are currently, there could be an opportunity to stag the issue but we would expect more limited gains. Remember the early performance of Full Apex and Hongguo International. With the flood of IPOs, YHI may not find that much favour. Investors who have limited funds can probably come back and revisit YHI after the IPO launch and after the interim results. The outlook for the company including its earnings will be more clearly defined and comparative valuations with Stamford can then be substantiated. Other risk factors The group is vulnerable in particular to the fluctuations in the price of rubber and aluminium ingots. The latter is used as the raw materials for the manufacturing of alloy wheels and constituted about half of the total manufacturing costs. Also at risk is the exposure to foreign exchange fluctuations and translational difference as some 27% of its sales transactions and about 54% of its purchase transactions were denominated in US$. More about the company YHI International is primarily involved in the distribution of automotive and industrial products, and an ODM of alloy wheels, providing integrated comprising design and development, manufacturing, marketing and distribution of alloy wheels. The group distributes its products both locally and through export to more than 20 countries from the four main distribution hubs in Singapore, PRC, Taiwan and Hong Kong. To-date, they have about 2,000 customers worldwide. Financials and Use of proceeds Net cash generated from operating activities was positive at S$12.4m in FY2002, upped from S$3.2m in FY2000 and S$9.4m in FY2001. However, net gearing ratio was seemingly high at 1.87 times as at 30 April 2003, comprised mainly borrowings in the form of trust receipts and short-term loan. This is mainly for working capital needs and to fund the time gap between trade debtors and creditors. With the IPO, the directors stated in the prospectus their intention to seek a discharge from obligations relating to the banking facilities for which they provided personal guarantees. The three executive directors, Mr Tay Tian Hoe Richard, Tay Tiang Guan and Tay Tiang Chong Jackson, together hold 43.2% of the issued and paid-up capital of YHI Holdings, of which YHI in turn holds 74.6% of the issued share capital post invitation. Of the approximately S$26.7m raised from the issue, S$13.5m will be set aside for the expansion of the PRC operations, which include S$4.5m for purchase of machinery and equipment for the fourth production line in its Shanghai plan, S$3.5m to build a warehouse and S$5.5m to pay for the equity stake in YRC (Hangzhou) currently held by its controlling company – YHI Holdings. About S$4m will be used to repay the short-term loan from DBS Bank and the balance of S$9.2m will be reserved for working capital purposes. |
| (Post 5 of 109) 06/30/2003.13:27:42 |
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Go for it. IPOer.sure earn $$$$.   |
| (Post 6 of 109) 07/01/2003.00:13:27 |
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All IPOs down substantially except Sinomem ( money switches into this stock with all analysts giving positive comments than Hyflux)
DJ MARKET TALK/SG: Selling Accelerates For Recent Listings Source : Dow Jones 30/06/2003 16:00 [Dow Jones] Selling accelerating for recent new listings; Radiance (5DC) down 7% at 33 Singapore cents on 5.6 million shares, Micro Mechanics (5DD) down 6.5% at 36 Singapore cents on 2.4 million shares, Allied Tech (A13) down 3.3% at 29.5 Singapore cents on 4.1 million shares. Other recent listings also joining sell-off, Full Apex (F18) down 3.9% at 49 Singapore cents on 17.4 million shares, Breadtalk (5DA) down 1.6% at 30.5 Singapore cents on 1.7 million shares. "Selling is turning into a stampede as traders are wary of liquidity drying up for new shares," says trader. (EYG) DJ MARKET TALK/SG: Recent Listings Fall More Source : Dow Jones 30/06/2003 14:19 [Dow Jones] Quiet market taking toll on recent listings; Radiance (5DC) down 5.6% at 33.5 Singapore cents on 2.7 million shares, Micro Mechanics (5DD) down 3.9% at 37 Singapore cents on 1.4 million shares, while Allied Tech (A13) down 1.6% at 30 Singapore cents on 3.1 million shares. "The recent liquidity-driven rally behind IPOs is now becoming a giant liquidity trap as traders try to unravel last week's positions," says dealer. Radiance may fall more as Thursday's settlement for June 26's IPO debut trades of 142 million shares approaches. (EYG) |
| (Post 7 of 109) 07/01/2003.18:18:30 |
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YHI
Why u are so quiet???? every one say you are expensive.... Directors have service contract that is really very very .... above the moon... everyone one, want to shoot u... but the good thing is that everyone is waiting to profit from u... long or short good hunting and may you profit from ur shoot.. |
| (Post 8 of 109) 07/02/2003.21:05:55 |
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poor chap.. nobody intereted in u..
everyone want to short u... everybody will profit.. for better value buy Stamford tyres |
| (Post 9 of 109) 07/03/2003.04:22:08 |
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How to justify price/NAV of 1.88 vs Stamford tyre of 0.83 ?
True PE 10X with new shares...if same PE as Stamford tyre, upside up to only 65cts(max)...but ?????may go below IPO price. Not exciting stock....low margins business with many brands..little true differentiation. If it is not due to the fact that Stamford tyre's price had moved substantially, the price/NAV difference will even be higher. Could it be due to brand name ???? differentiation not high Margins seems higher than ST but both companies margins have been fluctuating between 4~6.6% ( maximum)....with YHI seems enjoying the lead. |
| (Post 10 of 109) 07/03/2003.12:30:29 |
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Are u Happy making money???????
Good luck to those with IPO sh... cannot say sama to tose who bought to day |
| (Post 11 of 109) 07/04/2003.15:59:07 |
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Die Die Vol sowing down |
| (Post 12 of 109) 07/04/2003.16:49:37 |
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no exciting story...did u get any IPO allocation? |
| (Post 13 of 109) 07/04/2003.16:59:56 |
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no did not apply |
| (Post 14 of 109) 07/25/2003.11:10:37 |
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Tyre puncture...compared to Stamford? |
| (Post 15 of 109) 07/25/2003.11:50:33 |
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Ask STB why? Maybe Firenza better than Yokohama? |
| (Post 16 of 109) 07/30/2003.09:57:41 |
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Brand new Tyre ready to cheong. |
| (Post 17 of 109) 07/30/2003.10:10:49 |
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Salivating, cos I'm not vested here.  |
| (Post 18 of 109) 08/01/2003.15:54:52 |
| Author : |
WOW WOW WOW |
| (Post 19 of 109) 08/02/2003.08:02:28 |
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YHI announced that its Shanghai subsidiary has secured new contracts from NHK Sales Co Ltd and YFC Co Ltd - both are among the Japan's largest automotive products wholesalers - to supply approximately 240k alloy wheels by Nov 2003. The value of the contracts is expected to be around S$10.6m.
In order to fulfill the production for the new contracts, YHI Shanghai has started a fourth production line in July 2003, increasing total capacity to 60-80k alloy wheels per month. The management also disclosed that the existing order book for YHI Shanghai is full for delivery until Dec 2003. We expect YHI to post $48.4m revenue for alloy wheels manufacturing business in FY03, representing an 18.6% YoY growth. The new contracts secured have demonstrated YHI's capability and drive in growing the alloy wheels manufacturing business. This will also boost the group's profitability in view of the higher net profit margin of 7.9% for alloy wheels manufacturing viz 6.3% for the distribution business. However, at $0.74, YHI is trading at 11.4x FY03 PER, valuation is much higher than peers Stamford Tyres, which is trading at 8.6x FY03 PER. Although we reckon that development is positive from both a news flow and fundamental standpoint, we continue to favour Stamford Tyres on valuation ground. Switch to Stamford. |
| (Post 20 of 109) 09/24/2003.12:07:13 |
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DBS Vickers said confident with YHI FY04 performance after a luncheon meeting with the mgt. Target price expected to be $1.18 ... |
| (Post 21 of 109) 10/21/2003.17:13:18 |
| Author : |
YHI announced that its Shanghai subsidiary has secured new contracts from NHK Sales Co Ltd and YFC Co Ltd - both are among the Japan's largest automotive products wholesalers - to supply approximately 240k alloy wheels by Nov 2003. The value of the contracts is expected to be around S$10.6m.
In order to fulfill the production for the new contracts, YHI Shanghai has started a fourth production line in July 2003, increasing total capacity to 60-80k alloy wheels per month. The management also disclosed that the existing order book for YHI Shanghai is full for delivery until Dec 2003. We expect YHI to post $48.4m revenue for alloy wheels manufacturing business in FY03, representing an 18.6% YoY growth. The new contracts secured have demonstrated YHI's capability and drive in growing the alloy wheels manufacturing business. This will also boost the group's profitability in view of the higher net profit margin of 7.9% for alloy wheels manufacturing viz 6.3% for the distribution business. However, at $0.74, YHI is trading at 11.4x FY03 PER, valuation is much higher than peers Stamford Tyres, which is trading at 8.6x FY03 PER. Although we reckon that development is positive from both a news flow and fundamental standpoint, we continue to favour Stamford Tyres on valuation ground. Switch to Stamford. |
| (Post 22 of 109) 11/14/2003.11:27:02 |
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Breaking new high..saw its chart early this morning..then forgot about it when trading starts..although this is in my watchlist...  |
| (Post 23 of 109) 11/14/2003.11:33:34 |
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breaking new highs means high changes of going higher? |
| (Post 24 of 109) 11/26/2003.14:49:31 |
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hyundai motors to increase production to 700,000 in china due to every chinese's insatiable appetite to own a car...automotive parts, tyres, etc. can see exponential growth |
| (Post 25 of 109) 12/02/2003.22:43:04 |
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placement shares to dbs bank, how to get low price as volume is so thin every day. china's automotive industry an exponential growth sector...easier to buy the tyres and the alloy wheels than the shares itself!!! |
| (Post 26 of 109) 12/03/2003.23:25:43 |
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china posted 61% yoy increase in car sales in oct. more tyres and wheels, car accessories, batteries, etc sales to increase also. |
| (Post 27 of 109) 01/11/2004.14:33:38 |
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| (Post 28 of 109) 01/11/2004.14:35:01 |
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| (Post 29 of 109) 01/22/2004.18:23:58 |
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Moving to the beat of China's car boom
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| (Post 30 of 109) 06/01/2004.14:37:37 |
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Judging from the Q data, looks like someone has quite a bit of stock to sell! Well done! Sell it all the way down to 1.01 or below again and we can all collect on the cheap. |
| (Post 31 of 109) 06/03/2004.16:06:19 |
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Wow, looks like the selling has not ended. Wait on the sidelines first. Let whoever is selling finish selling at a lower price. |
| (Post 32 of 109) 06/04/2004.11:42:29 |
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Ok.....2 elephants locking heads at the moment. The one buying is probably Schroders, dont know who is selling. But whoever is selling sure has quite a bit of stock to dump since $1.05. Let's see who wins.
Vested, and vesting more if possible.  |
| (Post 33 of 109) 06/05/2004.11:45:51 |
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Beijing Motor Show next week:
http://en.ce.cn/Business/Enterprise/t20040531_964422.shtml Let's see if anything comes out after that. This will not be a short term gain though. Be prepared to take a long term view on the Chinese Auto industry. Vested. And vesting more if the price continues to correct. |
| (Post 34 of 109) 06/07/2004.16:17:05 |
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Check this out. GM just announced an auto deal in China: http://news.bbc.co.uk/2/hi/business/3782265.stm
I wonder who is the bugger who has so much stock to sell in YHI? |
| (Post 35 of 109) 06/07/2004.21:34:20 |
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The chairman, Richard Tay, was buying & buying in the past few days
See: http://info.sgx.com/webcorannc.nsf/0e72e53264dd795f48256dad003ea253/7612888eeb849a1848256ea90017d64c?OpenDocument http://info.sgx.com/webcorannc.nsf/0e72e53264dd795f48256dad003ea253/7612888eeb849a1848256ea90017d64c?OpenDocument |
| (Post 36 of 109) 06/08/2004.08:14:58 |
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Hey, that's a sure sign of his confidence in the outlook of company as well as potential of the stock at current levels! Think about it: people don't mess with their personal money, especially for big sums like that! |
| (Post 37 of 109) 06/09/2004.06:45:36 |
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In June 8 BT:
YHI director increases stake TYRE distributor YHI International's managing director Richard Tay increased his holding by 150,000 shares last week and he now has a direct and deemed stake of 61.88 per cent, up from 61.86 per cent. On Thursday last week Mr Tay bought 80,000 shares at $1.03 each and 20,000 shares at $1 each in the open market. The next day he bought another 50,000 shares at $1.01 apiece. Shares of YHI ended up one cent at $1.02 yesterday. Vested interests...... This is one of my long term buys. GM has voted for China despite the slowdown measures and I can't imagine the Chinese stop buying cars in the run up to 2008. |
| (Post 38 of 109) 06/10/2004.21:39:49 |
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worth a second look..even the insiders cannot tahan the share price weakness |
| (Post 39 of 109) 06/15/2004.07:33:22 |
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vested liao..
 |
| (Post 40 of 109) 06/17/2004.10:52:59 |
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Vested too. It is not often you can get a share cheaper than Temasek who paid $1.20 for this. |
| (Post 41 of 109) 06/17/2004.11:01:20 |
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Plynch YHI is a good stock...but one main problem is that the car sales in china is not doing as well compared to last few years...that is why you see the selling down for last few weeks...a lot depend on how the CEO executes his move in china in future...and how he sells his tyre ....good luck |
| (Post 42 of 109) 06/17/2004.12:52:02 |
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J'ned - car sales may slow but will always pick up sooner rather than later. It's a ststus symbol and like the mobile phone, a symbol of wealth and will be sought after..What happened to the guy that Cio said seemed to be selling and selling.. |
| (Post 43 of 109) 06/18/2004.08:19:30 |
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U juz need 1% of china's tyre population...
show me the money! |
| (Post 44 of 109) 06/29/2004.15:10:50 |
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Looks good to go. Broken out. Key now is 1.05.
Vested interests. |
| (Post 45 of 109) 06/29/2004.15:19:53 |
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legoz, it appears that whoever WAS selling is done for now. let's ride this to 1.10+ at least. But optimistically could do 1.20. let the market decide.
Already buyer at 1.05. If break, AT LEAST 1.08. Good chance to clear 1.10. The fall this month was quite overdone, in my opinion.
This stock has not really run up yet. It is another one that i expect to report decent 1Half results. CEO / mgt has shown the way....I am following in his footsteps.
Vested. |
| (Post 46 of 109) 06/29/2004.15:32:16 |
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last call for boarding before the breakout... |
| (Post 47 of 109) 06/29/2004.16:58:55 |
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Cio,
I got this covered long ago at 0.98 or thereabouts..
Frankly, if the market sentiments does improve, the could ride the uptrend. I agree the selling was overdone. But like what i always say, market sentiment would determine even the best performers. Juz pray that this baby dun get too affected when 1600 comes (if it comes).
I need a good jog now... |
| (Post 48 of 109) 07/01/2004.12:21:18 |
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Updates of my view on YHI will be in my homepage:
http://www.shareinvestor.com/forum?11@@.ef7c3a3/32  |
| (Post 49 of 109) 07/01/2004.12:28:15 |
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Cio- SOMeTHING'S WRONG... clicking produces post no data |
| (Post 50 of 109) 07/01/2004.13:17:53 |
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Hi Tammy
This link should work: Cio "CIO's Commentaries, News and Calls" 01/07/04 1:11pm |
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