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ETC Establishment Investment Trust Plc

103.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Establishment Investment Trust Plc LSE:ETC London Ordinary Share GB00BKC5RP65 ORD 25P C RIGHTS
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 103.50 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Establishment Investment Share Discussion Threads

Showing 401 to 423 of 500 messages
Chat Pages: 20  19  18  17  16  15  14  13  12  11  10  9  Older
DateSubjectAuthorDiscuss
29/4/2010
10:21
Poor results.

Fraudulent activity found in GZL and 6m provision - is this the tip of the iceberg?

explorer88
29/4/2010
08:34
Cheers Mattjos, I hadnt realised they were even out today. I'll take a look.
davydoo
29/4/2010
08:32
" ETCI disposed of its entire holding in Grandbuy Department in 2009 for
approximately RMB 63.6 million, resulting in a gain of RMB 60.3 million. "

If you exclude this unusual entry, then the figures look poor.
Sorry to put a dampener on things but looking totally objectively on the figures, does not make particularly good reading.
I remain unconvinced that the headlong mad dash for turnover (which seems to have stalled a little) is enough in itself, though I am a little encouraged by some apparent cost savings.
Independent travel which I saw as a route to big profits in the future has dropped back. The most impressive figures relate to the online operations which look promising.
No way am I persuaded to come back here.
All looks very vulnerable to me.

greek islander
29/4/2010
08:16
A number of international events in China should stimulate travel demand
such as the Shanghai WorldExpo in May 2010 which will last for 6 months as well
as the Asian Games in Guangzhou in 2010.
The management has seen promising sign in the first quarter of this year with
the Company's unaudited revenue increasing by 21% to RMB 576 million. The Group
has seen its EBITDA increased by 3.8 times to RMB 5.31 million. GZL has achieved
record level of revenue in February 2010, reaching RMB 328 million thanks to a
very robust trading during the Chinese New Year period. For the first quarter,
GZL has seen its revenue growing by 22% to RMB 563 million and its EBITDA
growing by 77% to RMB 13 million. The Company will continue to expand its
business across China, while enhancing internal management and control to
improve operating efficiency.

mattjos
29/4/2010
08:13
& they are going in the right direction, imo. Net cash up. Costs down. GP up
mattjos
29/4/2010
08:10
results out
mattjos
15/4/2010
12:45
Hi Davy .. yes, the likely Yuan appreciation will increase chinese tourist spending power & there is a lot of people their with a desire to travel both internally & externally. ETC also has a good line of bank credit to call upon were any acquisition opportunities to present themselves. Quite happy to sit and see where we go now as the results and trading update approach but i do feel the previous selling pressure has abated now and any further interest may cause further rapid share price appreciation.
mattjos
15/4/2010
12:26
Great analysis Mattjos.

Todays news about Chinas growth, and possible Yuan revaluation is exactly why im in this stock, and other chinese co's. I see them as accelerating factors on what is already a good growth story for the individal co.

Also we have the security of net cash, a valubale investment in GrandBuy and Kuoni as its largest shareholder, all giving downside protection.

davydoo
15/4/2010
08:37
Moving really fast.Trading update iminent.
golla
14/4/2010
15:09
Lovely little move up. Im really pleased I added to my holdings on the recent dips. This is now my second largest holding, so looking forward to the results.
davydoo
14/4/2010
14:31
Yes Mattjos good news for the company share price See big tick up.
Ill wait for the trading update before deciding whether to get back in.

greek islander
14/4/2010
13:46
interesting. our 10k buyer crept back again today
mattjos
13/4/2010
12:33
GI .. I've had email correspondence with the CEO ... trading update "due soon"

No info to give a steer either way on performance or trading but, correspondence direct from the CEO or member of the BOD is a box i like to get ticked.

Results last year were near start of June .... I did wonder if an update on the Bonds maybe forthcoming ahead of that. Sit and wait for the time being as i believe this look cheap at the moment ... however, as we all know, cheap now is no specific reason to buy & i may simply be fortunate to have called the turn here. Wait till results though. If they are as i'd tried to forecast then the spread & limited availability of stock here will make buying much harder in a few weeks -- I'll keep talking to myself here till then :-)

mattjos
13/4/2010
12:20
Mattjos

You ususally know what you are doing and interesting charting above.
Still VERY sceptical here as I feel that if they were getting anywhere we would have heard by now.

Anyway good luck.

greek islander
12/4/2010
14:23
40k sale and the Bid goes up 2p
mattjos
12/4/2010
13:49
i see mr 10k has returned this am.
mattjos
12/4/2010
08:38
interesting
mattjos
15/3/2010
01:26
GI .. nor am i .. yet. However i have done some modelling, using the trends emerging from the company accounts and have an expectation/target of the following for H2 results & therefore FY09:

Revenue: RMB1040m --- giving FY of: RMB1880m
DOC: RMB915m --- giving FY of: RMB1658m
GP: RMB125m --- giving FY of: RMB222m

Below the line costs of approx. RMB220m - RMB250m

Resulting in net profit somewhere between RMB0 or -RMB30m

Net cash was around RMB300m at the end of H1 .... if this has been maintained or improved then the current mkt cap of £10m will not accurately reflect the value of the underlying business & opportunity here (£180m T/O, strong cashflow, net cash & breakeven point been achieved). A competitor seeking to break into this market would surely have to spend more than £10m to do so.

The bonds have been accumulating interest at 7% per half-year since inception but with the share price currently well below the 80p floor for the conversion to ordinary shares it would seem more likely the owners of the bonds request repayment in May and ETC use some of it's cash (or it's access to much cheaper chinese bank debt) to get shot of them now rather than risk up to 20% equity dilution going forward.

It will be interesting to see how that point is played + of course how the figures pan out ... it may be that ETC do not give any indication on trading that may cause an upward move in the share price ... that way it may be easier to get shot the Bonds on the basis of a pay-off now rather than later equity dilution & then wait for the FY results to be issued before any share price appreciation. only time will tell

mattjos
14/3/2010
23:22
The problem remains that ETC should be well placed in a boom sector except they have yet to prove they can convert increased turnover to profit. Not convinced at all!
greek islander
14/3/2010
23:07
davy .. have you been brave enough to predict any figures for revenues and gross profit for FY09?
mattjos
14/3/2010
17:45
A few days ago, China National Tourism Administration released the 2009 Annual Report on Tourism Economy Operation, which showed that China's tourism industry kept a rather rapid growth on the whole, and the overall tourism income has achieved a considerable growth rate in 2009.



The report estimated the total annual tourism revenue of RMB 1.26 trillion, with a year-on-year growth of 9%. The domestic tourist market grew fast and steadily, inbound tourist market saw a step-by-step recovery, and the outbound tourist market experienced a stable growth. Meanwhile, tourism investment scale expanded greatly, corporate business performance was picking up, and the tourism industry has further strengthened its role in pushing forward the economic development.



The report also revealed that in 2009, the three major markets experienced "two ups and one down". Domestic tourist market maintained fast growth, and is estimated to have received tourists of about 1.9 billion person-times nationwide through the year, with a year-on-year growth of 11%; domestic tourism revenue is expected to top RMB 1 trillion, with a growth rate of over 15%. Overall, inbound tourist market stayed at low performance status. Throughout the year, the decrease rate kept falling each month, the inbound tourist market recovered gradually on the whole, and is estimated to have received tourists of 126 million person-times, down 3% compared with the same period of last year; tourists spending the night at the tourist destinations reached about 50.5 million person-times, falling by 5%; the income in foreign currency amounted to some USD 39 billion, down 4.5%. The outbound tourist market retained stable performance, continuing with the overall growth tendency, and is estimated to have received tourists of 47.5 million person-times, up 3.6% compared with the same period of last year.



According to the report, in terms of supply of the tourism industry, the investment scale increased significantly, and the industry developed with more robust. The huge growth of investment scale in tourism-related industries has directly prompted fast growth of tourism investment. Tourism investment in all regions were thriving, injecting new vigor to the development of the industry. In terms of corporate performance, the overall situation was going up. Enterprises related to tourist attractions performed better than travel agencies or hotels. Enterprises in west region made better achievements than those in the middle or east region, which were greatly impacted by the financial crisis. Tourist sites in the city or near the city went along better than distant tourist sites; and mature and high-level tourist sites did a better job than those ordinary ones disadvantageous in tourism resources.

mattjos
11/3/2010
22:03
davydooo .. you may well be right, checking back on the timing of various announcements, re the articles. i may have read that bit wrong.
however, i do think kuoni may have been the only acceptable buyer in the timeframe requested by Gspan. would be nice to know why they are out though ... however, good to see Kuoni taking up the slack.
The financing issue which i do believe is due May is a further point ovrhanging the share price at present & so i'm really only speculating at this stage on current trading having been buoyant and that the integration has continued to reduce overheads as they have repeatedly said they will strive to do .. Kuoni's presence, i hope, will help them do so. The metrics are potentially very exciting IF they can manage them profitably.
i am still expecting a t/u on new year trade, as has been their pattern in prior years. .. i have chased the broker on this and also pointed out on Monday that the company website had been down for 2 weeks .. put right yesterday i note & enabling some more research this eve.
So for now i'll sit and hold and see if this is the bottom or not.

mattjos
11/3/2010
21:14
Thanks Mattjos. Having looked today after my post, I thought the articles had been changed to reflect the origianal purchase by Kuoni, rather than this additional stake. I agree with your point that they may have been the only willing purchaser and therefore this does not suggest anything new or better.

I have a similar speculative outlook on this as you, and im comforted by the value of their grandbuy holding. I need to look into the Och Ziff investment further as i think this becomes due or convertible in May, which may be before we get the annual results.

davydoo
Chat Pages: 20  19  18  17  16  15  14  13  12  11  10  9  Older

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