Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Equity Bottom-Up

We recently screened the HKG and China markets for ideas with below market P/E ratios and Dividend Yields above 2% that traded more than US$1 mn per day.  This screen netted 207 names.We then screened for which companies have corporate governance scores over 70/100 from the Riedel Research Corporate Governance Scoring system.The RRG Corporate Governance system scores Emerging Market companies on 12 different criteria to measure board independence, alignment of interest with shareholders…

We recently screened the HKG and China markets for ideas with below market P/E ratios and Dividend Yields above 2% that traded more than US$1 mn per day.  This screen netted 207 names.We then screened for which companies have corporate governance scores over 70/100 from the Riedel Research Corporate Governance Scoring system.The RRG Corporate Governance system scores Emerging Market companies on 12 different criteria to measure board independence, alignment of interest with shareholders…

Actionable Value Ideas with Solid Corporate Governance in China and Hong Kong

Kemp Dolliver, CFA

Cherrystone Hill Research

North China Pharmaceutical Co. Ltd. (600812 CH) announced that it resumed production on Sunday after a 51-day production halt.  Management estimates that the halt caused lost profit of RMB11 million (possibly as much as 20% of net income).We assume that other companies such as SSY Group (2005 HK), CSPC Pharmaceutical (1093 HK), and China Shineway (2877 HK) will resume production in the near future. SSY derives nearly all of its revenue from factories based in Shijiazhuang. In addition, SSY's 89…

North China Pharmaceutical Co. Ltd. (600812 CH) announced that it resumed production on Sunday after a 51-day production halt.  Management estimates that the halt caused lost profit of RMB11 million (possibly as much as 20% of net income).We assume that other companies such as SSY Group (2005 HK), CSPC Pharmaceutical (1093 HK), and China Shineway (2877 HK) will resume production in the near future. SSY derives nearly all of its revenue from factories based in Shijiazhuang. In addition, SSY's 89…

Air quality in Shijiazhuang City, Hebei Province continues to deteriorate as colder weather causes a sharp uptick in coal burning to heat buildings. As a result, the risk of longer production suspensions for pharmaceutical companies is increasing. The headline below from the SCMP is scary enough (PM2.5 and PM10 of 1,000+). The article mentions that conditions could improve in a few days, but this year's "smog season" (for lack of a better term) is proving to be worse than expected:<a href="http://www.scmp.com/news/china/society/article/2055810/air-pollution-hebei-climbs-past-1000-mark" target="_blank">Air Pollution</a>…

Air quality in Shijiazhuang City, Hebei Province continues to deteriorate as colder weather causes a sharp uptick in coal burning to heat buildings. As a result, the risk of longer production suspensions for pharmaceutical companies is increasing. The headline below from the SCMP is scary enough (PM2.5 and PM10 of 1,000+). The article mentions that conditions could improve in a few days, but this year's "smog season" (for lack of a better term) is proving to be worse than expected:Air Pollution…

Our prior Insight regarding production halts in Shijiazhuang City highlighted the differences between the impacted companies' disclosures. SSY Group (2005 HK) has particularly high exposure to the halt because their factories in Shijiazhuang City generate 90%+ of revenue.Management had hoped to receive approval to resume production by the end of November (which apparently hasn't occured). Shenzhen-listed Shijiazhuang Yiling Pharmaceutical Co., Ltd. (002603:CN) filed a disclosure on 1 December that not only provides additional general perspective, but suggests that some companies are preparing for the production ban to continue into January 2017.

Our prior Insight regarding production halts in Shijiazhuang City highlighted the differences between the impacted companies' disclosures. SSY Group (2005 HK) has particularly high exposure to the halt because their factories in Shijiazhuang City generate 90%+ of revenue.Management had hoped to receive approval to resume production by the end of November (which apparently hasn't occured). Shenzhen-listed Shijiazhuang Yiling Pharmaceutical Co., Ltd. (002603:CN) filed a disclosure on 1 December that not only provides additional general perspective, but suggests that some companies are preparing for the production ban to continue into January 2017.

Shijiazhuang City in Hebei Province (China) recently ordered local manufacturing companies to halt production activities in order to reduce air pollution. Four pharmaceutical companies -- North China Pharmaceutical (600812 CH), CSPC Pharmaceutical (1093 HK), SSY Group (2877 HK), and China Shineway (2877 HK) -- disclosed production halts and played down the potential financial impact (assuming that the halts are brief).  The market has largely given the companies the benefit of the doubt, but the reality is that neither the companies nor the government is in control of the situation. As a result, production halts could be longer than assumed with negative effects on earnings.

Shijiazhuang City in Hebei Province (China) recently ordered local manufacturing companies to halt production activities in order to reduce air pollution. Four pharmaceutical companies -- North China Pharmaceutical (600812 CH), CSPC Pharmaceutical (1093 HK), SSY Group (2877 HK), and China Shineway (2877 HK) -- disclosed production halts and played down the potential financial impact (assuming that the halts are brief).  The market has largely given the companies the benefit of the doubt, but the reality is that neither the companies nor the government is in control of the situation. As a result, production halts could be longer than assumed with negative effects on earnings.

China

China Shineway Pharmaceutical (2877.HK) is the largest manufacturer of Chinese medicine injections, soft capsules, and granules in China.

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China Shineway Pharmaceutical (2877 HK)

Actionable Value Ideas with Solid Corporate Governance in China and Hong Kong

We recently screened the HKG and China markets for ideas with below market P/E ratios and Dividend Yields above 2% that traded more than US$1 mn...

David Riedel

Manufacturing Gearing Up: Go Flat

North China Pharmaceutical Co. Ltd. (600812 CH) announced that it resumed production on Sunday after a 51-day production halt. Management...

Kemp Dolliver, CFA

Conspiracy of the Weather Gods

Air quality in Shijiazhuang City, Hebei Province continues to deteriorate as colder weather causes a sharp uptick in coal burning to heat...

Kemp Dolliver, CFA

"Temporary" Looking Longer Here

Our prior Insight regarding production halts in Shijiazhuang City highlighted the differences between the impacted companies' disclosures. SSY...

Kemp Dolliver, CFA

What's the Definition Of "Temporary"?

Shijiazhuang City in Hebei Province (China) recently ordered local manufacturing companies to halt production activities in order to reduce air...

Kemp Dolliver, CFA

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