S$0.42-SINO.SI
Sino Grandness’ wholly owned subsidiary Garden Fresh Fruit and Vegetable Beverage (GFVB) has been accorded “Excellent Value of Chinese Brand” award during the 6th Asian Brand Ceremony held in Hong Kong (the event was jointly organized by Asian Brand Association, Hong Kong Wen Hui Po, Global Times and Sino Japanese Korean Economic Development Association).
Other companies which were accorded similar title included Sichuan Province Yibin Wuliangye Group and Chongqing Medical Holdings.
During the same event, Huang Yupeng, Founder, Chairman and CEO of Sino Grandness was also accorded “Outstanding and Innovative Figure For Chinese Brand”.
Last year, China Food Industry had awarded GFVB with the Innovative, Outstanding and Nutritious Award.
In an effort to enhance GFVB’s brand visibility, the company has started to roll out new outdoor advertising on buses and in Oct ’11, the company has registered for the upcoming food and beverage trade exhibition in Shenyang which is one of the major food and beverage trade exhibitions in China. In Mar ’11 the company had a positive response from its Chengdu exhibition on the back of its range of loquat juices and management are upbeat about the upcoming trade fair as well.
The company’s GFVB products are now available in major supermarket chains such as Wal-mart, Carrefour, Jusco, Tesco, Rt-Mart, Parkson and Watsons in selective 1st and 2nd tier cities in China.
GFVB was a key reason for the company’s robust performance, having increased 1H 2011 profit by 109% yoy to Rmb85mln.
Despite this, the stock has retraced 31% from its Feb ’11 high of 61 cents, putting its forward PE at an undemanding 3.5x.
We are maintaining our BUY recommendation.
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