Dukang Distillers –Price range bound since Nov 2012
I have previously written on Dukang two months ago citing that Dukang is still growing despite industry headwinds (See http://ernestlim15.blogspot.sg/2013/02/dukang-distillers-still-growing-despite.html). Since then, Dukang reported a good set of 2QFY13F results. 2QFY13 revenue and net profit rose 37% and 52% y/y to RMB738m and RMB144m respectively. 1HFY13 rev and net profit were RMB1.14b and RMB208m respectively. It is noteworthy that 1HFY13 earnings were almost on par with their full year FY12 results. Dukang’s share price briefly saw a pop upon results (it closed at 0.310 before results) and went to an intraday high of $0.360 on 26 Feb before closing at $0.330 on 12 Apr, last Fri. With the share price being range bound since Nov 2012, is this a sign that smart money is not keen in Dukang, or are they merely taking (Read more...)
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