China Minzhong: Trend Reversal?

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China Mihzhong has broken the neckline (about $1.14) of a Head and Shoulder,  trend reversal pattern. The stock also broke the 20D and 50D SMA. The current chart pattern is bearish with breakout price target of about $0.98 (also 61.8% Fibonacci Retracement Level).

2013Apr5-ChinaMinZhong-800x600

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China Minzhong: Confirm Up Trend

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China Minzhong has formed an “Higher High, Higher Low” Uptrend channel. As long as China Minzhong stay above $0.765 support, it is a confirmed uptrend. Currently China Minzhong has broken the 50D SMA resistance and stay above all 20D, 50D and 200D SMA. 2/5 EMA Bullish signal on both daily and weekly chart.

Key Statistics for MINZ

Current P/E Ratio (ttm) 3.4156
Estimated P/E (03/2013 ) 3.2298
Earnings Per Share (CNY) (ttm) 1.2170
Est. EPS (CNY) (03/2013) 1.2870
Est. PEG Ratio
Market Cap (M SGD) 451.53
Shares Outstanding (M) 557.44
Enterprise Value (M CNY) (ttm) 2,867.12
Enterprise Value/EBITDA (ttm) 2.81
Price/Book (mrq) 0.6459
Price/Sale (ttm) 0.9020
Dividend Indicated Gross Yield -%
Next Earnings Announcement 11/14/2012
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China MinZhong Fundamental and Technical Analysis

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Company Background

China Minzhong Food Corporation Ltd was incorporated in Singapore under the Companies Act on 9 March 2004 under the name of “China Minzhong Organic Food Corporation Pte. Ltd.” as a private company limited by shares. At an extraordinary general meeting held on 12 February 2010, its name was changed to “China Minzhong Food Corporation Pte. Ltd.”. On 1 April 2010, it converted to a public company limited by shares and changed its name to “China Minzhong Food Corporation Limited”. The Group comprises of China Minzhong Food Corporation Limited and its subsidiaries, namely, Fujian Minzhong, Minzhong Agriculture Development, Yunnan Minzhong, Shanghai Minzhong, Minzhong Organic (Shanghai), Sichuan Minzhong, Inner Mongolia Minzhong and Putian Minzhong. The Group’s operations are strategically located and geographically diversified across various provinces throughout the PRC. It offer a diversified and complementary product portfolio. The Group are one of the few integrated vegetable processing companies based in the PRC which possesses vegetable processing capabilities as well as its own cultivation bases. It have an extensive processing platform, encompassing processing methods such as air-drying, freeze-drying, fresh-packing and brining, which allow it to offer more than 100 types of processed vegetables to its customers. As part of its integrated operations, the Group cultivation capabilities allow it to manage its supply of fresh vegetables and supply raw materials for its processing operation.

Financial (Base on FY2011)

  • Current Price = $0.99
  • Current PE = 5.12
  • Rolling PE = 4.53
  • NAV = $0.9921
  • Dividend Yield = Nil
  • Net Profit Margin = 29.38%
  • ROA = 16.70
  • ROE = 19.49
  • Current Ratio = 2.65
  • Debt to Equity = 0.112

 

China Minzhong bounced back from the 61.8% FR and 50D MA support base on the daily chart. This is considered a healthy correction before going up the 161.8% FR target of $1.46. If China Minzhong can hold above the $1.00 support for the next few days, a “higher high, higher low” up trend chart pattern will be formed.

 As for the weekly chart, China Minzhong looks like forming an Inverted Head and Shoulders with the neckline at about $1.13 (the important 61.8% Fibonacci Retracement Level). The price target for this breakout is about $1.50.

Fundamentally and Technically, China Minzhong current price looks like a nice entry level with profit target of about $1.50.

 

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