Share Name Share Symbol Market Type Share ISIN Share Description
Naibu Global LSE:NBU London Ordinary Share JE00B648L531 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 11.50p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 19,220.5 4,158.3 55.2 0.2 6.96

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Date Time Title Posts
28/9/201611:10Naibu Global - Chinese Sportswear Manufacturer1,493.00
04/1/201611:10Naibu - Is a p/e of 1.8 cheap ?314.00
23/6/201511:25Naibu Global - Chinese Sportswear Manufacture1,531.00
09/1/201515:03TipTV: Naibu Double RSI leading to....1.00
09/10/201415:15Naibu Global - Chinese Sportswear Manufacture648.00

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DateSubject
12/1/2015
08:49
zangdook: Well I’ve learnt a lesson on these Chinese AIM stocks... lost money on two being Naibu and Camkids I lost money on Northern Rock and Bradford & Bingley. Does it follow that all UK banks are going to go bust and be nationalised? I lost money in AFE and AFF - are all Africa-focussed stocks somehow dodgy? Hundreds of companies in many sectors suffered sharp share price falls in 2014. NBU has been suspended, we still don't know the story behind that. Maybe there's a problem, maybe there isn't. CAMK is still trading, and as with 9 out of ten stocks in my portfolio (none China related) you haven't lost any money unless you sell. The reflexive "yellow peril" nonsense is quite unjustified IMV.
12/9/2014
16:05
kenny: Friday, Sep 12 2014 by Paul Scott 15 comments Good morning! Chinese stocks - I've warned readers here many times about the risks of investing in AIM Listed Chinese stocks, indeed I personally have a permanent bargepole rating on them all, for a variety of reasons - the main one being that things are very often not what they seem. So you cannot rely on any facts or figures about these companies, hence they are impossible to value. There are numerous other red flags, such as constant insider selling, accounts that don't stack up - e.g. huge debtors (nearly always the biggest "tell" that something is wrong), negative cashflow despite big profits, unrealistically high profit margins, etc etc. I just treat the accounts of Chinese companies as works of fiction, it's safer that way. Which brings me on to; Naibu Global International Co (LON:NBU) Share price: 36p No. shares: 58.6m Market Cap: £21.1m Shares in this maker of sports shoes have looked inexplicably cheap for a while, with the PER hovering around 1. That's nearly always a sign that things are not what they seem. I can only think of one situation where a PER of 1 turned out to be the bargain of the year, and that was Trinity Mirror, as I explained in 2012, here, when the shares were just 25p (they 8-bagged in the year or two after that). In all other cases that I can remember, a PER of 1 usually means there's something badly wrong. I've only reported explicitly on Naibu once here, because it has always been under my blanket bargepole rule for Chinese stocks, so there wasn't much point in reporting on the figures. As I explained in my report from 5 Aug 2014 the only point with Naibu that was intriguing, was that it had started paying dividends - which of course made it look as if the company was genuine. At the time people doubted whether the dividend cash would actually be paid, but it was, twice I think? So I was still slightly unsure about whether Naibu could be genuine after all? I was 95% sure it wasn't, but the divis kept a 5% window of doubt open. That window has slammed shut today - the interim results are out today, and follow the usual pattern of high profits but negative cashflow. Despite the large cash balance, the company has cancelled the interim dividend. The reasons given look ridiculous to me - that the cash is required for capex to build factories, despite there being no reason for doing so - 80% of production is currently outsourced, and the company makes about a 20% operating profit margin. So there is no valid reason at all to build their own factory. My opinion - With the dividend passed, I think the game is up now, and these shares have an intrinsic value of zero in my opinion. I think the motivation for the previous dividends was probably an attempt to pump up the share price, to allow more insider share disposals at a much higher price. The market didn't buy that, and the share price remained weak despite the divis, so they've now been cancelled. The next logical step is for the shares to de-list, and investors are highly likely to receive absolutely nothing in the future in my opinion. I could be wrong, but why take the risk, when the evidence is now so clearly pointing towards my view being probably correct? I'm not saying that all Chinese stocks are dodgy, but enough are to make it too risky to bother trying to sort the wheat from the chaff. This table, courtesy of AIM journal, shows the lamentable share price performance of AIM Chinese companies since floating. Bear in mind that the period covered was a boom market for small caps, where most things rose 50-100%, so for so many of these to be negative is very poor. I think this table will look a lot worse in a few months time. Most of these stocks will de-List in the coming months/years in my view, so they are all going on my bargepole list. The spikes up on the chart below were caused by tipsters flagging up the "bargain" shares - very much a case of them not being able to see the wood for the trees I'm afraid. One has to be a bit more shrewd in this game than to just take numbers at face value. Lots of accounts are wrong, and often deceptive, and the fact that they've been audited doesn't make much difference. You have to question everything, and if it doesn't look right, that's often because it's wrong. - See more at: hxxp://www.-.com/content/small-cap-value-report-12-sep-2014-nbu-boo-mcm-86129/#sthash.IlIMCzBw.dpuf
10/9/2014
21:25
g8ta: Miers still short. Disclosure: The author has a short position in one or more of the shares mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. At the shambolic Naibu (NBU) AGM on June 30th this year, a number of questions were asked of the non-execs and advisors which they were unable to answer but which they kindly agreed to pass on to the three executive directors who for some reason had not showed up. (Visa problems were cited. Yes really! All three of them) Two months later (September 1st) a list of 13 Q&As appeared on the Naibu website presumably intended to allay the fears of the sceptics who question the company’s probity. The shoddiness of the responses is breath taking and it is somewhat surprising that Nomad Daniel Stewart and PR firm Abchurch should have sanctioned such rubbish. I assume that they knew about it having presumably drafted the questions. Right from the off, where the response to the question: Why does the company lend money to its suppliers? contains the assertion “The loans appear as creditors in the company’s accounts” (I assume they mean debtors) the whole lot of it is the polar opposite of reassuring. The question “What is the amount of free cash on the balance sheet?” is brushed aside without an answer and the fact that CEO Mr. Lin had to lend Naibu £317,000 is explained by “insufficient foreign currency” which meant the poor lamb had to pay for his own road show and travel expenses despite the company’s vast cash pile. (Last year it would appear that he was not troubled by “Visa problems”) The garbage also contains the tacit admission that Mr. Lin had taken his final dividend payment in shares despite it being worth £350,000 less than the cash option. Even if no other shareholder had been stupid enough to take shares this would have involved the issue of 1.85mn new shares in the company; equivalent of 3% of the share capital. Even AIM have rules about disclosing the issue of new shares on the basis that determining the market capitalisation of a company should be a tool available to all of us but for some reason Naibu have made no such disclosure.. (I helpfully pointed this out last week to Daniel Stewart, its boorish NOMAD, but have yet to receive the courtesy of an acknowledgement for this free Compliance service) Lastly, I read an entertaining Gotham-style research note the other day which claimed that Tianhe Chemicals ( listed on Hong Kong with a market cap of around £4 billion) was a massive fraud. The shares are suspended pending a response. In the note, by an outfit called Anonymous Analytics, there is quite a lot about a firm, much cited by Tianhe, called Frost and Sullivan which claims to be an independent marketing research firm but in fact seems to provide a service to its clients designed to “supplement their investor confidence building measures.” Amusingly, in its marketing material, Frost and Sullivan chose to showcase a client named China Zaino to illustrate the type of work that they do. The share price of China Zaino, a Singapore listed fraud from China, is currently zero. The name of Frost and Sullivan should ring a bell with anyone who bothered to read Naibu’s AIM admission document. It was the very same firm used to provide “independent” research into the Chinese sports shoe market which showed how huge the potential was for the very niche (students) that Naibu was targeting. I remain short at 50p and anyone holding this stock is borderline insane. - See more at: http://www.shareprophets.advfn.com/views/7686/naibu-qa-throws-up-more-qs-than-as#sthash.opog6tS1.dpuf
06/8/2014
09:30
kenny: This is not shorters, it is articles like this yesterday: Naibu Global International Co (LON:NBU) Share price: 48.6p No. shares: 58.58m Market Cap: £28.5m I have a permanent bargepole rating on all AIM Chinese stocks. So in a way it's pointless commenting on them, as I wouldn't buy any shares in any of them, apart from a temporary rush of blood to the head when I was the proud owner of some Camkids shares for about 24 hours, a little while ago. The only intriguing thing about Naibu is that it has started paying divis, and the forward yield is looking very good - about 12%. So if the company is genuine, then the deep scepticism around it could be presenting a buying opportunity. Although on balance, that's not a risk I'm prepared to take. One of the many red flags around this company is a bizarre situation where they appear to have spent a good part of their cash pile building a new factory, only to now claim that they can't use it because there is a chronic shortage of labour ... in the most populous country in the world. Hmmm, that sounds beyond far-fetched to me! A cynic might suggest that the sequence of events was a method of spiriting away the company's cash pile. At the very least these events appear to be such extreme incompetence that either way the shares are uninvestable. There was never an investment case for building the factory in the first place anyway, since they can source the product from third party factories for the same price. So it all sounds like a tall tale to me. As you can see, the - graphics look almost green enough to play cricket on! Although if something looks too good to be true... 9df0106bd2.png The market seems to be increasingly sceptical too, with Naibu shares making a new all time low today at about 48p. The Chinese economy is such a bizarre hybrid of croney capitalism and communism, that you really cannot rely on any of the figures at all in my view. It's a huge mistake to just pretend this is a Western company, and value it accordingly. The rules of the game are completely different. - See more at: hxxp://www.-.com/content/small-cap-value-report-5-aug-2014-ssp-cto-ltc-nbu-nfc-85157/#sthash.zMD9rUeQ.dpuf
05/8/2014
17:36
kenny: Naibu Global International Co (LON:NBU) Share price: 48.6p No. shares: 58.58m Market Cap: £28.5m I have a permanent bargepole rating on all AIM Chinese stocks. So in a way it's pointless commenting on them, as I wouldn't buy any shares in any of them, apart from a temporary rush of blood to the head when I was the proud owner of some Camkids shares for about 24 hours, a little while ago. The only intriguing thing about Naibu is that it has started paying divis, and the forward yield is looking very good - about 12%. So if the company is genuine, then the deep scepticism around it could be presenting a buying opportunity. Although on balance, that's not a risk I'm prepared to take. One of the many red flags around this company is a bizarre situation where they appear to have spent a good part of their cash pile building a new factory, only to now claim that they can't use it because there is a chronic shortage of labour ... in the most populous country in the world. Hmmm, that sounds beyond far-fetched to me! A cynic might suggest that the sequence of events was a method of spiriting away the company's cash pile. At the very least these events appear to be such extreme incompetence that either way the shares are uninvestable. There was never an investment case for building the factory in the first place anyway, since they can source the product from third party factories for the same price. So it all sounds like a tall tale to me. As you can see, the - graphics look almost green enough to play cricket on! Although if something looks too good to be true... 9df0106bd2.png The market seems to be increasingly sceptical too, with Naibu shares making a new all time low today at about 48p. The Chinese economy is such a bizarre hybrid of croney capitalism and communism, that you really cannot rely on any of the figures at all in my view. It's a huge mistake to just pretend this is a Western company, and value it accordingly. The rules of the game are completely different. - See more at: hxxp://www.-.com/content/small-cap-value-report-5-aug-2014-ssp-cto-ltc-nbu-nfc-85157/#sthash.zMD9rUeQ.dpuf
23/5/2014
23:31
sif12: bought a few shares couple of weeks ago now. having owned shares in other china companies I can understand the lack of faith or hesitation placed on any company which is based there.. but apart from the strong figures, the material difference is here that they do offer a dividend which should go someway to proving legitimacy. However, although 4 pence seems a good return, its because the share price is so low! At EPS of 55 pence and applying a PE of 5 (not unreasonable for a company with consistent earnings growth) the share price would be 275p. A decent dividend would be say 3% ... so why not offer the 3% on the fair value you perceive the company to be worth?? ie 3% of 275p = 8.5p as a dividend... this would send a message to the market to say that management do believe that the share price should be higher, offer even more evidence that the earnings are real, and obviously help boost the share price by attracting long term holders of the type who are looking for strong dividend returns... ive emailed my thoughts as above to both the addresses as provided on the IR page of the website... any other ideas as to what might help here? point being is that, assuming that at some point the market will suddenly realise this is a great story is hopeful but possibly not realistic. if nothing changes, then why would perception change? what stops this being a company which never gets picked up? sif
20/5/2014
11:29
philjeans: Daniel Stewart's 200p target would represent a P/E of 3 for starters.... "In the 16 years I have been a financial journalist I have never come across a highly profitable and debt free company trading below the value of its cash pile. But that's exactly the investment opportunity offered by Aim-traded Naibu Global International (NBU: 72p), a Chinese maker and supplier of branded sportswear and shoes. Offering a branded range of 556 items through 3,188 stores that are operated by 25 distributors in the second, third and fourth tier cities in China, Naibu primarily targets the disposable income of young consumers aged between 12 and 35. Not only is Naibu's market capitalisation of £41m well below net funds of £44.6m on the balance sheet, but this is a company that has just reported pre-tax profits of almost £40m on revenues of £184m for the financial year to the end of December 2013. Post tax profits were £29.3m which means the company is being valued on just 1.3 times net profits with the cash pile thrown in for free. All these figures have been converted from Naibu's reporting currency of the Chinese renminbi into sterling at the current exchange rate of £1:10.45Rmb. Clearly, risk aversion to Chinese companies is primarily at the heart of this chronic undervaluation. But even making an allowance for the fact investors are currently shunning such small cap companies, a market capitalisation of just a third of book value (£122m at the end of December) is extreme on any measure. Furthermore, there is a dividend too. Having paid out an interim payment of 2p a share, Naibu's board have just declared a final dividend of 4p to be paid out on 15 August (ex-dividend 2 July). So with the shares trading at 70p, the running yield is pretty chunky at 8.5 per cent. True, the shares are up on my recommended buy in price of 58p in this year's Bargain Shares portfolio, albeit the opening offer price on Friday 7 February was 62p after market makers marked up their prices ahead of the opening. However even after the modest rise, the shares still cry out value for those who are prepared to invest for when risk aversion towards Chinese companies eases. I still ascribe to the view that the share price could double or even treble, as analyst Simon Wills at house broker Daniel Stewart believes is fair value, and there would still be value in the shares. That clearly is going to take time. But with the current entry point so attractive, and the upside potential embedded in the share price so great, we are being paid handsomely to be patient. Importantly, the business itself remains in good enough shape albeit the board are honest enough to admit that competition is likely to intensify in Naibu's markets as other branded sportswear companies continue to push into third and fourth tier cities in China. In light of this the company is being more prudent with its store opening plans. That's sensible as it's far better to consolidate the company's presence in existing territories when competitive pressures are set to rise, while only targeting regions in the country with the greatest growth potential. Admittedly, the new production facility at Quangang should have come on stream at the end of February in order to expand production capacity from eight to 10 lines. This has not yet happened due to labour shortages, and if the company is unable to begin production by August then the facility will be sold. In the meantime, Naibu is continuing to produce shoes at its Jinjiang facility, and the majority of shoe production will be outsourced until the new Dazhu facility becomes operational in early 2016. That factory will have 12 production lines and will cost £28.6m to construct and bring on stream, a little less than last year's operating cash flow, so can easily be funded using internal resources. So with no financial concerns, and analysts pencilling in a further rise in current year pre-tax profits and EPS to £41m and 55p, respectively, I see little reason to alter my positive stance on the shares. There is even the prospect of a raised dividend as the prospective payout is 6.5p a share this year. Naibu may be unloved, but the shares are a bargain on a bid offer spread of 70p to 72p."
12/5/2014
07:09
philjeans: ST's article is posted in full elsewhere now, so here it is - Daniel Stewart's 200p target would represent a P/E of 3 for starters.... "In the 16 years I have been a financial journalist I have never come across a highly profitable and debt free company trading below the value of its cash pile. But that's exactly the investment opportunity offered by Aim-traded Naibu Global International (NBU: 72p), a Chinese maker and supplier of branded sportswear and shoes. Offering a branded range of 556 items through 3,188 stores that are operated by 25 distributors in the second, third and fourth tier cities in China, Naibu primarily targets the disposable income of young consumers aged between 12 and 35. Not only is Naibu's market capitalisation of £41m well below net funds of £44.6m on the balance sheet, but this is a company that has just reported pre-tax profits of almost £40m on revenues of £184m for the financial year to the end of December 2013. Post tax profits were £29.3m which means the company is being valued on just 1.3 times net profits with the cash pile thrown in for free. All these figures have been converted from Naibu's reporting currency of the Chinese renminbi into sterling at the current exchange rate of £1:10.45Rmb. Clearly, risk aversion to Chinese companies is primarily at the heart of this chronic undervaluation. But even making an allowance for the fact investors are currently shunning such small cap companies, a market capitalisation of just a third of book value (£122m at the end of December) is extreme on any measure. Furthermore, there is a dividend too. Having paid out an interim payment of 2p a share, Naibu's board have just declared a final dividend of 4p to be paid out on 15 August (ex-dividend 2 July). So with the shares trading at 70p, the running yield is pretty chunky at 8.5 per cent. True, the shares are up on my recommended buy in price of 58p in this year's Bargain Shares portfolio, albeit the opening offer price on Friday 7 February was 62p after market makers marked up their prices ahead of the opening. However even after the modest rise, the shares still cry out value for those who are prepared to invest for when risk aversion towards Chinese companies eases. I still ascribe to the view that the share price could double or even treble, as analyst Simon Wills at house broker Daniel Stewart believes is fair value, and there would still be value in the shares. That clearly is going to take time. But with the current entry point so attractive, and the upside potential embedded in the share price so great, we are being paid handsomely to be patient. Importantly, the business itself remains in good enough shape albeit the board are honest enough to admit that competition is likely to intensify in Naibu's markets as other branded sportswear companies continue to push into third and fourth tier cities in China. In light of this the company is being more prudent with its store opening plans. That's sensible as it's far better to consolidate the company's presence in existing territories when competitive pressures are set to rise, while only targeting regions in the country with the greatest growth potential. Admittedly, the new production facility at Quangang should have come on stream at the end of February in order to expand production capacity from eight to 10 lines. This has not yet happened due to labour shortages, and if the company is unable to begin production by August then the facility will be sold. In the meantime, Naibu is continuing to produce shoes at its Jinjiang facility, and the majority of shoe production will be outsourced until the new Dazhu facility becomes operational in early 2016. That factory will have 12 production lines and will cost £28.6m to construct and bring on stream, a little less than last year's operating cash flow, so can easily be funded using internal resources. So with no financial concerns, and analysts pencilling in a further rise in current year pre-tax profits and EPS to £41m and 55p, respectively, I see little reason to alter my positive stance on the shares. There is even the prospect of a raised dividend as the prospective payout is 6.5p a share this year. Naibu may be unloved, but the shares are a bargain on a bid offer spread of 70p to 72p."
09/5/2014
11:38
rivaldo: ST's article is posted in full elsewhere now, so here it is - Daniel Stewart's 200p target would represent a P/E of 3 for starters.... "In the 16 years I have been a financial journalist I have never come across a highly profitable and debt free company trading below the value of its cash pile. But that's exactly the investment opportunity offered by Aim-traded Naibu Global International (NBU: 72p), a Chinese maker and supplier of branded sportswear and shoes. Offering a branded range of 556 items through 3,188 stores that are operated by 25 distributors in the second, third and fourth tier cities in China, Naibu primarily targets the disposable income of young consumers aged between 12 and 35. Not only is Naibu's market capitalisation of £41m well below net funds of £44.6m on the balance sheet, but this is a company that has just reported pre-tax profits of almost £40m on revenues of £184m for the financial year to the end of December 2013. Post tax profits were £29.3m which means the company is being valued on just 1.3 times net profits with the cash pile thrown in for free. All these figures have been converted from Naibu's reporting currency of the Chinese renminbi into sterling at the current exchange rate of £1:10.45Rmb. Clearly, risk aversion to Chinese companies is primarily at the heart of this chronic undervaluation. But even making an allowance for the fact investors are currently shunning such small cap companies, a market capitalisation of just a third of book value (£122m at the end of December) is extreme on any measure. Furthermore, there is a dividend too. Having paid out an interim payment of 2p a share, Naibu's board have just declared a final dividend of 4p to be paid out on 15 August (ex-dividend 2 July). So with the shares trading at 70p, the running yield is pretty chunky at 8.5 per cent. True, the shares are up on my recommended buy in price of 58p in this year's Bargain Shares portfolio, albeit the opening offer price on Friday 7 February was 62p after market makers marked up their prices ahead of the opening. However even after the modest rise, the shares still cry out value for those who are prepared to invest for when risk aversion towards Chinese companies eases. I still ascribe to the view that the share price could double or even treble, as analyst Simon Wills at house broker Daniel Stewart believes is fair value, and there would still be value in the shares. That clearly is going to take time. But with the current entry point so attractive, and the upside potential embedded in the share price so great, we are being paid handsomely to be patient. Importantly, the business itself remains in good enough shape albeit the board are honest enough to admit that competition is likely to intensify in Naibu's markets as other branded sportswear companies continue to push into third and fourth tier cities in China. In light of this the company is being more prudent with its store opening plans. That's sensible as it's far better to consolidate the company's presence in existing territories when competitive pressures are set to rise, while only targeting regions in the country with the greatest growth potential. Admittedly, the new production facility at Quangang should have come on stream at the end of February in order to expand production capacity from eight to 10 lines. This has not yet happened due to labour shortages, and if the company is unable to begin production by August then the facility will be sold. In the meantime, Naibu is continuing to produce shoes at its Jinjiang facility, and the majority of shoe production will be outsourced until the new Dazhu facility becomes operational in early 2016. That factory will have 12 production lines and will cost £28.6m to construct and bring on stream, a little less than last year's operating cash flow, so can easily be funded using internal resources. So with no financial concerns, and analysts pencilling in a further rise in current year pre-tax profits and EPS to £41m and 55p, respectively, I see little reason to alter my positive stance on the shares. There is even the prospect of a raised dividend as the prospective payout is 6.5p a share this year. Naibu may be unloved, but the shares are a bargain on a bid offer spread of 70p to 72p."
08/1/2014
10:58
the millipede: Apparently scrip dividends are big in Asia. I am less keen. One issue in this case, where the share price is so low, is that the dilution was surprisingly large and will not be sustainable - well at least not for anyone who wants to see share price gains IMO. Ideally we could do with the share price on a PE of 10, as per HK listed competitors, if scrips are to become a regular feature. I do agree though that there is absolutely no evidence of fraud here. We all know AIM can apply a very large discount to China stocks, although the discount here is excessive even taking that into account. Not sure why really. The issue price was quite low and the amount to be raised was marked down hugely during the process suggesting a monumental lack of interest in the stock. I can only assume the Chinese investors were desperate to get their money out of China and, for some reason, into the UK otherwise why go ahead at such a low price in a market that is known for underpricing China stock? IMO this has bred a bit of suspicion that is keeping a lid on the price but, of course, the price is what gives us the opportunity. Take it, IMO.
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