China Tracker - Details for China Xiniya Fashion (XNY)

 China Xiniya Fashion
Shares Outstanding (MRQ): 58.00 mill
New Shares / Dilution (TTM): 8.00 mill16.00% 
Cash (MRQ): 36.23 mill46.97%
Account Receivables (MRQ): 41.24 mill53.46%
Account Receivables (Q/Q): + 22.14 mill115.94%
Long-Term Debt (MRQ): NO DEBT
Revenue Growth (Q/Q): 126.83% 
Revenue Growth (Y/Y): 33.34%
Net Income Growth (Q/Q): 161.40% 
Net Income Growth (Y/Y): 39.74%
EPS Growth (Y/Y): 20.47%
Net Margin (Q/Q): 29.1% (25.3%)3.90% 
Net Margin (Y/Y): 29.1% (27.8%)1.30% 
EPS | P/E (2 MRQ Projection): $0.642.08
CFPS | P/CF (2 MRQ Projection): $0.334.03
Price/Sales (2 MRQ Projection): 0.58
Price/Book (MRQ): 0.56
Auditor: Crowe Horwath
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2011-04-23): $0.701.90
 Basic Facts and History (show more)
Reporting Type: Foreign Company (20-F Filings) 
Going Public: IPO on 2010-11-23 
IPO Price: $11.00 (-87.91% since IPO)

 Business Outlook

For the third quarter of 2011, revenue in RMB is expected to increase by 20%-24%, and gross margin is expected to be in the range of 33%-34%, compared with 35.1% in the third quarter of 2010. Earnings per ADS in the third quarter of 2011 are expected to be in the range of $0.18 -$0.21 compared to $0.27 in the third quarter of 2010. The decrease is due to increased shares outstanding from 50 million ADS in the third quarter of 2010 to 58 million ADS in the third quarter of 2011 and the expiration of the Company's preferential PRC tax treatment at the end of 2010. Xiniya's tax rate increased to 25% beginning in 2011 versus an effective tax rate of 12.6% in 2010.

Following a successful bi-annual sales fair held in April 2011, the Company reiterates its guidance for the full year of 2011. For the full year of 2011, revenue in RMB is expected to increase by 24%-29%, and gross margin is expected to be in the range of 34%-35%, compared with 34.5% for the full year of 2010. As previously reported, Xiniya plans to increase the total number of retail outlets managed or authorized by its distributors by approximately 180 to 220 in 2011.

(Source: PR Newswire, 2011-08-18)

The Company reiterates its guidance for the first half of 2011. Revenue in RMB is expected to increase by 27%-30%, and gross margin is expected to be in the range of 32%-33%, compared with 31.9% in the first half of 2010. Following a successful bi-annual sales fair held in April 2011, revenue in RMB in the second half of 2011 is expected to increase by 24%-29%, and gross margin is expected to be in the range of 34%-35%, compared with 35.5% in the second half of 2010. For the full year of 2011, revenue in RMB is expected to increase by 24%-29%, and gross margin is expected to be in the range of 34%-35%, compared with 34.5% for the full year of 2010.

Earnings per ADS in the second quarter of 2011 are expected to be in the range of $0.07-$0.09 compared to $0.10 in the second quarter of 2010, due to the expiration of the Company's preferential PRC tax treatment at the end of 2010. Xiniya's tax rate increased to 25% beginning in 2011 versus an effective tax rate of 12.6% in 2010. If earnings per ADS for the second quarter of 2010 were subject to a 25% tax rate, the earnings per ADS would have been $0.08. As previously reported, Xiniya plans to increase the total number of retail outlets managed or authorized by its distributors by approximately 180 to 220 in 2011.

(Source: PR Newswire, 2011-06-16)

Following a strong response to the Xiniya brand during the bi-annual sales fair in September 2010, revenue for the first quarter ended March 31, 2011, is expected to increase 29%-30% in RMB terms, based on the anticipated increase in unit volume of approximately 8%-9% and ASP growth of approximately 18%-19%. ASP is expected to be higher in the first quarter of 2011 as compared to the prior year driven mainly by the shift in product mix. Xiniya improved its product mix by introducing more new designs and higher quality products. The Company also held its sales fair earlier in September 2010, thereby allowing its OEMs to purchase their materials earlier in an effort to manage rising materials costs.

Gross margin is expected to be in the range of 33%-34% in the first quarter of 2011 versus 32.5% in the first quarter of 2010. An 18%-19% increase in ASP is expected to fully offset the increase in materials and labor costs as well as the impact of sales rebate increases, leading to overall gross margin improvement. Earnings per ADS are expected to be in the range of $0.08-$0.09, which compares to $0.09 in the prior year period. Due to the expiration of its preferential PRC tax treatment at the end of 2010, Xiniya's tax rate will increase to 25% from 2011 onwards versus a rate of 12.6% in 2010. "Going forward, we expect continued growth in the first half of 2011 and continued momentum during the year as we will be allocating more resources towards our marketing activities. We are strengthening our brand to position ourselves for long-term growth and become one of the leading menswear brands in China."

(Source: Business Wire, 2011-03-29)

 Analyst Coverage (show more)
2011-08-18Janney Montgomery ScottReiterationBuy$4.00
2011-08-16Janney Montgomery ScottReiterationBuy$4.00
2011-08-11Janney Montgomery ScottReiterationBuy$4.00
2011-06-23Cowen & Co.ReiterationOutperformn/a
2011-06-07Cowen & Co.ReiterationOutperformn/a

XNY is currently followed by 3 analysts. All 3 give the stock a positive rating. The average price target is 5.50, which implies 313.53% upside from current price.


    see all Analyst Ratings
XNY
Retail/Consumer
SCORE
13
READ: Score Cards Explained
SAFETY/RISK SCORE
MODERATE RISK
DETAILS: Safety/Risk Model for XNY
Current Price:  $1.33
F10k Day (2010-11-23): -86.64%$9.95
2010 Close: -85.49%$9.16
2011 Close: -33.17%$1.99
High (2012-04-10): -28.50%$1.86
Low (2012-09-21): 38.54%$0.96
Exchange: NYQ
Market Capitalization: 77.14 mill
Total Shares: 58.00 mill
Float: n/a
Avg Volume: 157.20 k
Short Interest: 1.86 mill
Short Ratio: 6.44%11.8 d
Last Quarter: 2010-09-30
Revenue (MRQ): 45.96 mill
Net Income (MRQ): 13.39 mill
Op. Cash Flow (MRQ): 4.78 mill
all financial data provided without warranty