宜進利 (304)
出左最新的年報, 有幾個之前Overlook 的問題
五年黎首次現金流為負, 原因有以三個:
1) 為新店擴充而積存的存貨
2) 北美業務的賬期長左, 應收賬大增
3) 負債增加的利息支出
雖然流動比率高達2.5倍及高達14億的手頭現金, 但如果存貨問題未能解決, 加上北美業務轉差,經營風險大增!
有幾個疑點:
1) 以住業績公佈的通告都會交待現金流的情況, 今次避而不談, 未睇年報真係會Overlook...
2) 北美供應鏈管理業務, 以我的理解, 應該係OEM 業務, 細心睇, 的確係轉差左, 但管理層避重就輕...
今日已經清倉, 等下次中期業績及更好的價位。
3 comments:
A shrewd and great observer, really! No wonder why #304 drops so many (14%) today with biggest volume of the year. I think many of the great players, institutional investors, share the same view with you and take similiar (sell) action today.
By the way, what is your updated views on #738 and #300? For #738, I did not cut loss on around $2 before, and see no reasons why it cannot stand on @2.00. But it actually falls straight into $1.57 today (a PE multiples of 8.5).
Thanks for sharing your views
For 738, I cut loss at around 2 or something, I forgot.
I also wonder why it performed so bad...
事實証明wing兄當日既懷疑係正確的,304 今天-42%
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