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QianHuS$0.
32FindCLSAresearchonBloomberg(CLSA),firstcall.
com,multex.
com,anduseourpowerfulCLSAevalu@tordatabaseatclsa.
comFinancialsYearto31Dec04A05A06CL07CL08CLRevenue(S$m)65.
566.
376.
181.
885.
9Netprofit(S$m)1.
72.
12.
63.
13.
3EPS(S)1.
31.
62.
02.
42.
6EPS(%YoY)(76.
3)20.
427.
617.
27.
5PEx(@S$0.
32)24.
220.
115.
813.
412.
5Dividendyield(%)-1.
31.
51.
71.
8FCFyield(%)(13.
7)1.
1(2.
0)4.
34.
5ROAE(%)4.
505.
206.
307.
007.
10Price/book(x)1.
11.
01.
00.
90.
9Netgearing(%)14.
3411.
8814.
0411.
138.
33Note:ThiscompanyisnotunderformalCLSAcoverage.
Source:Company,CLSAAsia-PacificMarketsWalkontheWildSideSTLTRiskSmallcapcompanyvisitnotesMaximumupsidescoreis5arrowsZhengjieZhuozhengjie.
zhuo@clsa.
com16January2007SingaporeConsumerReutersQIAN.
SIBloombergQIANSPPricedon15January2007STI@3,035.
6MarketcapUS$27mSharesinissue128.
2mFreefloat(est.
)26.
6%3Maveragedailyvolume(US$0.
0m)12Mhigh/lowS$0.
32/0.
23MajorshareholdersYapfamily63.
4%Stockperformance(%)1M3M12MAbsolute18.
523.
118.
5Relative14.
48.
1(6.
1)Abs(US$)18.
526.
425.
30.
20.
20.
30.
30.
40.
4Jan-05Jul-05Jan-06Jul-06050100150QianHu(LHS)ReltoSTI(RHS)(%)(S$)Source:Bloombergwww.
clsa.
comRenewedoptimismQianHureportedasterlingsetofresultsforFY06,largelydrivenonthebackonstrongoperationalgrowthinSingaporeaswellastheexportmarketinThailand.
RevenuesandnetprofitincreasedYoY,providingrenewedoptimismfortheGroup'sprospectsahead.
Goingforward,QianHuintendstoincreaseitsexportsofitsornamentalfishandaccessoriesbusinesses,withotherexpansionplanslikeincreasingretailchainstoresinthepipeline.
WethinkQianHuisfairlyvaluedat1xPBi.
e.
S$0.
35.
FY06resultsFY06resultsthatwerereleasedwereimpressive,onaYoY,revenuesandnetprofitwereup14.
9%and28.
9%respectively.
Toplinegrowthwasheavilydrivenbystronggrowthinthefishandplasticssegment.
Profitabilityincreasedduetoincreaseinsalesofself-bredDragonFishwhichyieldedbettermargins,andincreaseinexportsalesofbothornamentalfishandaccessories.
Theretailchainstoresthroughouttheregionalsopostedimprovementsinprofitability.
FY07strategyLookingahead,QianHuhasvariousplansandstrategiestofurthergrowthebusiness.
Firstandforemost,QianHuhasplanstoexpanddistributionincountrieswithexistingnetworks,aswellasincreasetheexportof"OceanFree"productstovariouscountriesbeyondthosewithdistributionnetworks.
QianHuwillalsofocusstronglyonthesaleofDragonFish,giventhatitisregardedasapremiumbrand,anddemandinChina,TaiwanandJapanremainsverystrong.
IncreasingtheretailchainstoresQianHuislookingtoaddmorestoresontopofitsexisting12retailstores,mainlyinMalaysia.
Inaddition,theGroupwillalsoincreaseitsdistributionpointsinChinaforDragonFishandotheraccessoriestomorethan100.
Previously,wehavehighlightedconcernsovertheexpansionpaceaswefeltthatitwastooaggressive.
Therecentsetofplansseemsmorerealisticandwouldnotoverstrainthebalancesheetandincreasestructuralrisks.
ValuationsWithFY06postingafullrecovery,weseecontinueddemandgoingintoFY07,andprojectahigherprofitabilityforthenext2yearsahead.
OurFVofQianHuwouldbe1xPBi.
e.
S$0.
35.
QianHu2zhengjie.
zhuo@clsa.
com16January20072007CLSAAsia-PacificMarkets("CLSA").
Note:Intheinterestsoftimeliness,thisdocumentwasnotedited.
Note:CLSASingaporePteLtdparticipatesintheSGX-MASResearchIncentiveScheme(the"Scheme"),andthisreporthasbeenmadeavailableundertheScheme.
EachresearchfirmparticipatingintheSchemereceivesanannualsumofS$75,000forprovidingresearchon15participatinglistedcompanies.
FurtherdetailsontheSchemeareavailablefromtheSGX(email:tiffany_siow@sgx.
com).
TheCLSAGroup,CLSA'sanalystsand/ortheirassociatesdoandfromtimetotimeseektoestablishbusinessorfinancialrelationshipswithcompaniescoveredintheirresearchreports.
Asaresult,investorsshouldbeawarethatCLSAand/orsuchindividualsmayhaveoneormoreconflictsofintereststhatcouldaffecttheobjectivityofthisreport.
TheHongKongSecuritiesandFuturesCommissionrequiresdisclosureofcertainrelationshipsandinterestswithrespecttocompaniescoveredinCLSA'sresearchreportsandthesecuritiesofwhicharelistedonTheStockExchangeofHongKongLimitedandsuchdetailsareavailableatwww.
clsa.
com/member/research_disclosures/.
DisclosuresthereinincludethepositionoftheCLSAGrouponlyanddonotreflectthoseofCalyonand/oritsaffiliates.
Ifinvestorshaveanydifficultyaccessingthiswebsite,pleasecontactwebadmin@clsa.
comon(852)26008111.
IMPORTANT:ThecontentofthisreportissubjecttoCLSA'sLegalandRegulatoryNoticesassetoutatwww.
clsa.
com/disclaimer.
html,ahardcopyofwhichmaybeobtainedonrequestfromCLSAPublicationsorCLSAComplianceGroup,18/F,OnePacificPlace,88Queensway,HongKong,telephone(852)26008888.
03/01/2007
32FindCLSAresearchonBloomberg(CLSA),firstcall.
com,multex.
com,anduseourpowerfulCLSAevalu@tordatabaseatclsa.
comFinancialsYearto31Dec04A05A06CL07CL08CLRevenue(S$m)65.
566.
376.
181.
885.
9Netprofit(S$m)1.
72.
12.
63.
13.
3EPS(S)1.
31.
62.
02.
42.
6EPS(%YoY)(76.
3)20.
427.
617.
27.
5PEx(@S$0.
32)24.
220.
115.
813.
412.
5Dividendyield(%)-1.
31.
51.
71.
8FCFyield(%)(13.
7)1.
1(2.
0)4.
34.
5ROAE(%)4.
505.
206.
307.
007.
10Price/book(x)1.
11.
01.
00.
90.
9Netgearing(%)14.
3411.
8814.
0411.
138.
33Note:ThiscompanyisnotunderformalCLSAcoverage.
Source:Company,CLSAAsia-PacificMarketsWalkontheWildSideSTLTRiskSmallcapcompanyvisitnotesMaximumupsidescoreis5arrowsZhengjieZhuozhengjie.
zhuo@clsa.
com16January2007SingaporeConsumerReutersQIAN.
SIBloombergQIANSPPricedon15January2007STI@3,035.
6MarketcapUS$27mSharesinissue128.
2mFreefloat(est.
)26.
6%3Maveragedailyvolume(US$0.
0m)12Mhigh/lowS$0.
32/0.
23MajorshareholdersYapfamily63.
4%Stockperformance(%)1M3M12MAbsolute18.
523.
118.
5Relative14.
48.
1(6.
1)Abs(US$)18.
526.
425.
30.
20.
20.
30.
30.
40.
4Jan-05Jul-05Jan-06Jul-06050100150QianHu(LHS)ReltoSTI(RHS)(%)(S$)Source:Bloombergwww.
clsa.
comRenewedoptimismQianHureportedasterlingsetofresultsforFY06,largelydrivenonthebackonstrongoperationalgrowthinSingaporeaswellastheexportmarketinThailand.
RevenuesandnetprofitincreasedYoY,providingrenewedoptimismfortheGroup'sprospectsahead.
Goingforward,QianHuintendstoincreaseitsexportsofitsornamentalfishandaccessoriesbusinesses,withotherexpansionplanslikeincreasingretailchainstoresinthepipeline.
WethinkQianHuisfairlyvaluedat1xPBi.
e.
S$0.
35.
FY06resultsFY06resultsthatwerereleasedwereimpressive,onaYoY,revenuesandnetprofitwereup14.
9%and28.
9%respectively.
Toplinegrowthwasheavilydrivenbystronggrowthinthefishandplasticssegment.
Profitabilityincreasedduetoincreaseinsalesofself-bredDragonFishwhichyieldedbettermargins,andincreaseinexportsalesofbothornamentalfishandaccessories.
Theretailchainstoresthroughouttheregionalsopostedimprovementsinprofitability.
FY07strategyLookingahead,QianHuhasvariousplansandstrategiestofurthergrowthebusiness.
Firstandforemost,QianHuhasplanstoexpanddistributionincountrieswithexistingnetworks,aswellasincreasetheexportof"OceanFree"productstovariouscountriesbeyondthosewithdistributionnetworks.
QianHuwillalsofocusstronglyonthesaleofDragonFish,giventhatitisregardedasapremiumbrand,anddemandinChina,TaiwanandJapanremainsverystrong.
IncreasingtheretailchainstoresQianHuislookingtoaddmorestoresontopofitsexisting12retailstores,mainlyinMalaysia.
Inaddition,theGroupwillalsoincreaseitsdistributionpointsinChinaforDragonFishandotheraccessoriestomorethan100.
Previously,wehavehighlightedconcernsovertheexpansionpaceaswefeltthatitwastooaggressive.
Therecentsetofplansseemsmorerealisticandwouldnotoverstrainthebalancesheetandincreasestructuralrisks.
ValuationsWithFY06postingafullrecovery,weseecontinueddemandgoingintoFY07,andprojectahigherprofitabilityforthenext2yearsahead.
OurFVofQianHuwouldbe1xPBi.
e.
S$0.
35.
QianHu2zhengjie.
zhuo@clsa.
com16January20072007CLSAAsia-PacificMarkets("CLSA").
Note:Intheinterestsoftimeliness,thisdocumentwasnotedited.
Note:CLSASingaporePteLtdparticipatesintheSGX-MASResearchIncentiveScheme(the"Scheme"),andthisreporthasbeenmadeavailableundertheScheme.
EachresearchfirmparticipatingintheSchemereceivesanannualsumofS$75,000forprovidingresearchon15participatinglistedcompanies.
FurtherdetailsontheSchemeareavailablefromtheSGX(email:tiffany_siow@sgx.
com).
TheCLSAGroup,CLSA'sanalystsand/ortheirassociatesdoandfromtimetotimeseektoestablishbusinessorfinancialrelationshipswithcompaniescoveredintheirresearchreports.
Asaresult,investorsshouldbeawarethatCLSAand/orsuchindividualsmayhaveoneormoreconflictsofintereststhatcouldaffecttheobjectivityofthisreport.
TheHongKongSecuritiesandFuturesCommissionrequiresdisclosureofcertainrelationshipsandinterestswithrespecttocompaniescoveredinCLSA'sresearchreportsandthesecuritiesofwhicharelistedonTheStockExchangeofHongKongLimitedandsuchdetailsareavailableatwww.
clsa.
com/member/research_disclosures/.
DisclosuresthereinincludethepositionoftheCLSAGrouponlyanddonotreflectthoseofCalyonand/oritsaffiliates.
Ifinvestorshaveanydifficultyaccessingthiswebsite,pleasecontactwebadmin@clsa.
comon(852)26008111.
IMPORTANT:ThecontentofthisreportissubjecttoCLSA'sLegalandRegulatoryNoticesassetoutatwww.
clsa.
com/disclaimer.
html,ahardcopyofwhichmaybeobtainedonrequestfromCLSAPublicationsorCLSAComplianceGroup,18/F,OnePacificPlace,88Queensway,HongKong,telephone(852)26008888.
03/01/2007
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