On 21 Feb, I have done a writeup on China Sunsine pointing that they may be on the cusp of a recovery http://www.sharesinv.com/articles/2014/02/25/sunshine-michelin-tyres/. Since my writeup (Sunsine closed at $0.255 on 21 Feb), it has surged 36.7% (inclusive of a dividend of $0.01 during the period) to touch an intraday high of $0.335. It closed at $0.310 on last Friday.
Sunsine’s 1HFY14 net profit exceeds the entire net profit earned in FY13
Based on Table 1 below, Sunsine seems to be turning around with 2QFY14 sales and net profit up significantly from the previous few quarters and on a year on year comparison. What is interesting is that 1HFY14 net profit has exceeded the net profit earned in the entire 2013. This good set of results is on the back of the increase in ASP, as well as, sales volume.
Table 1: Sunsine’s ...
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