China Tracker - Details for China Ming Yang Wind Power (MY)

 China Ming Yang Wind Power
Shares Outstanding (MRQ): 125.92 mill
New Shares / Dilution (TTM): 25.22 mill25.04% 
Cash (MRQ): 316.45 mill102.99%
Account Receivables (MRQ): 529.96 mill172.48%
Account Receivables (Q/Q): + 87.77 mill19.85% 
Long-Term Debt (MRQ): 47.57 mill15.48% 
Revenue Growth (Q/Q): 24.82% 
Revenue Growth (Y/Y): 38.62%
Net Income Growth (Q/Q): 31.48% 
Net Income Growth (Y/Y): 64.30%
EPS Growth (Y/Y): 31.40%
Net Margin (Q/Q): 16.2% (15.4%)0.80% 
Net Margin (Y/Y): 16.2% (13.7%)2.50% 
EPS | P/E (2 MRQ Projection): $0.972.52
Price/Sales (2 MRQ Projection): 0.40
Price/Book (MRQ): 0.54
Auditor: KPMG
* operating cash flow data not (yet) included
 Basic Facts and History (show more)
Reporting Type: Foreign Company (20-F Filings) 
Going Public: IPO on 2010-10-01 
IPO Price: $14.00 (-82.58% since IPO)

 Business Outlook

China Ming Yang Wind Power today announced that its Board of Directors has approved a share repurchase program, effective immediately. Under the program, Ming Yang is authorized to repurchase up to US$50 million worth of issued and outstanding American Depositary Shares in the open market or in negotiated transactions, from time to time, depending on market conditions and other factors as well as subject to relevant rules under Untied States securities regulations. The share repurchase program will be funded by the Company's available working capital. As of June 30, 2011, the Company had cash and cash equivalents of approximately US$265.6 million. "This program reaffirms our confidence in the long-term growth of the Company. We believe our ADSs are currently undervalued, and the share repurchase program not only represents a good investment for our company, but also demonstrates our commitment to increase shareholder value."

(Source: PR Newswire, 2011-08-15)

For the full year of 2011, the Company targets to recognize revenue from WTGs equivalent to wind power projects with a total output of 1.8 to 2.0 GW. Based on an estimated total newly installed wind capacity of up to 20GW in China in 2011, the Company expects to attain a market share of between 9 and 10% for the year.

"The development of China's wind power industry has entered a crucial phase, where its focus is shifting from size and speed to quality and efficiency. In the past three years, Ming Yang has laid a solid foundation by focusing on quality product development, R&D, innovative business models, further integration of high-end supply chain, and development of wind and solar energy storage solutions, and mostly importantly our active participation in the development of off-shore wind power in China. As a result, Ming Yang is not beset by the numerous problems affecting many wind turbine manufacturers in China such as excessive development, quality issues, lack of LVRT technology integration and most importantly effective cost management. I believe Ming Yang is well placed to continue to take advantage of the opportunities present in the Chinese market, and to grow our market share in 2011 and beyond."

(Source: PR Newswire, 2011-08-15)

China Ming Yang Wind Power Group announced today that the Company has entered into a strategic framework cooperation agreement with the Municipal government of Ganzhou, the second largest city of China's Jiangxi Province. Under the framework agreement, the Ganzhou government will give priority to provide rare earth resources to Ming Yang, grant Ming Yang exclusive rights to operate wind farms in Ganzhou, and give priority use to Ming Yang's wind turbines in Jiangxi province.

"Building a wind power upstream supply chain is a core part of Ming Yang's strategic development at this stage. The strategic cooperation with the municipal government of Ganzhou will allow the Company to be the first Chinese wind turbine manufacturer to gain access to rare earth resources, which will enable the Company to accomplish the strategic goal to develop permanent magnetic generators for high-capacity WTGs. This is also imperative to the production of the core components of SCD WTGs and the optimization of cost. Ming Yang will continue to expand in upstream supply chain, to further enhance the Company's integrated capabilities in the wind turbine core component supply chain. We believe solid execution of this strategy will enhance our profitability, and help further expand our market share."

(Source: PR Newswire, 2011-06-14)

    see all Business Outlook notes

 Analyst Coverage (show more)
2011-08-18CCB InternationalReiterationNeutral$4.00
2011-08-16Credit SuisseReiterationNeutral$6.50
2011-08-12Mizuho SecuritiesReiterationBuyn/a
2011-07-25Mizuho SecuritiesReiterationBuyn/a
2011-06-30Mizuho SecuritiesUpgradeBuy$8.00

MY is currently followed by 5 analysts. 2 give the stock a positive rating, 3 rate it neutral and 0 give it a negative rating. The average price target is 9.17, which implies 275.68% upside from current price.


    see all Analyst Ratings
MY
Clean Energy
SCORE
12
READ: Score Cards Explained
SAFETY/RISK SCORE
MODERATE SAFETY
DETAILS: Safety/Risk Model for MY
Current Price:  $2.44
F10k Day (2010-10-01): -81.59%$13.25
2010 Close: -78.79%$11.50
2011 Close: 7.48%$2.27
High (2012-04-27): -1.22%$2.47
Low (2012-09-21): 130.18%$1.06
Exchange: NYQ
Market Capitalization: 307.25 mill
Total Shares: 125.92 mill
Float: n/a
Avg Volume: 557.30 k
Short Interest: 3.14 mill
Short Ratio: 1.17%5.6 d
Last Quarter: 2011-03-31
Revenue (MRQ): 213.38 mill
Net Income (MRQ): 34.61 mill
all financial data provided without warranty