ChinaScope Daily Dim Sum

Monday, May 14, 2012

China Export USD 163.25 Bn in April, up 4.9% YoY

Source: China Customs, ChinaScope Financial (Data)

+ According to data released by the General Administration of Customs on May 10, in April China’s export was USD 163.25 billion and imports was USD 144.83 billion, up 4.9% and 0.3% year-on-year respectively. A USD 18.42 billion trade surplus was realized in the same month.

+ After seasonal adjustment, China’s April exports increased 9.4% month-on-month and 7.2% year-on-year. The growth rate for imports was 4.8% year-on-year and 7.3% month-on-month.

With weak import growth of 0.3% and export growth of 4.9%, China’s trade surplus increased to USD 18.42 Bn in April

Import growth of main commodities failed to pick up in April.

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April’s Inflation Numbers: CPI up 3.4%, PPI Down 0.7%

Source: NBS, NBS, ChinaScope Financial (Data)

+ Data published by the NBS this morning shows CPI up 3.4% in April, but down 0.2 ppt on March, in line with the market expectations. Food inflation was 7% while non food-food inflation was 1.7%.

+ PPI was down 0.7% in April and down 0.4 ppt on March.

CPI was 3.5% in April, down 0.2 ppt from March’s 3.6%, PPI was negative 0.7%, down 0.4 ppt from March.

Friday, May 11, 2012

Noah Holdings Limited: Net Profit Halved to USD 2.7 Million in 2012Q1

Source: Imeigu, ChinaScope Financial (Data)

+ According to a recent disclosure, Noah Holdings Limited made net revenues of USD 16.8 million, a 10.8% year-on-year increase in the first quarter. Net income attributable to shareholders in 2012 Q1 was USD 2.7 million, a 52.6% year-on-year decrease.

+ As of March 31, the company’s total number of registered clients was 29,814, up 61.0% year-on-year. This figure includes 28,924 registered individual clients, 824 registered enterprises and 66 wholesale clients. Active clients in the reporting period were 952, a year-on-year increase of 44.5%.

Net revenue and net profit growth both declined in 2011. Steep drop in number of registered clients aggravated the downward trend in 12Q1.

51job, Inc.: Net Profit USD 19.1 Million in Q1, up 31% YoY

Source: Imeigu, ChinaScope Financial (Data)

+ The first-quarter report released by 51job, Inc. on May 10 shows that its operating revenue was CNY 380.8 million (USD 60.5 million) in 2012Q1, up 17.3% year-on-year. Net profit amounted to CNY 120.5 million (USD 19.1 million) during the same period.

+ Online recruitment services revenues for the first quarter of 2012 were CNY 229.1 million (USD 36.4 million), a year-on-year increase of 32.6%. The increase was primarily due to higher average revenue per unique employer as well as a greater number of unique employers using the company’s online recruitment services.

+ In 2012Q1, the company’s average revenue per unique employer increased 19.7% year-on-year, and unique employers increased 10.8% year-on-year to 171,545.

51Job enjoys healthy revenue growth. Other HR Services is making up an increasing share of revenue but online recruitment services remain the company’s major revenue generator.

Possibly due to higher management efficiency and economies of scale, operating margins have improved at a rate of 10% since 2010Q1. The company is also enhancing its profitability through non-operating activities, seen from the rapid increase of investment income.

In terms of website traffic, 51job is China’s No.1 online recruitment website.

Trading Comparables

Passenger Car Sales Increase 12.4% YoY in April

Source: China Association of Automobile Manufacturers, ChinaScope Financial (Data)

+ Data released by the China Association of Automobile Manufacturers on May 9 shows that 1.65 million automobiles were produced in April, down 12.39% month-on-month but up 7.81% year-on-year. Meanwhile, 1.62 million automobiles were sold, down 11.65% month-on-month but up 5.19% year-on-year.

+ In April, 1.31 million passenger cars were produced and 1.28 million sold, down 10.35% and 8.85% month-on-month, but up 13.55% and 12.46% year-on-year.

+ During the Jan-April period, automobile production increased 0.47% year-on-year to 6.43 million, while automobile sales decreased 1.33% year-on-year to 6.42 million.

The passenger vehicles sales volume growth rebounded in April with a 5.19% YoY growth. Commercial vehicles’ demand remains weak.

With a 33.59% YoY growth in April, SUV growth was the highest among passenger vehicles.

Thursday, May 10, 2012

Greentown Sales Value CNY 3.67bn in April, Country Garden CNY 9.1bn in Jan-Apr

Source: Company Disclosure, Company Disclosure, ChinaScope Financial (Data)

+ Greentown China reported that 809 units or 220,000 square meters were sold in April, with sales value of CNY 3.67 billion (including CNY 920 million subscription sales value), up 193% year-on-year.

+ Country Garden reported that the contracted sales value was CNY 9.1 billion during the Jan-Apr period, with contracted sales area of 1.47 million square meters. The company’s sales value dropped 13.8% in April.

Greentown (3900.HK) and Country Garden (2007.HK) both posted year-on-year declines in cumulative sales in the first 4 months this year. Greentown cut its average sales price to increase sales volume. By contrast, Sunac (1918.HK) realized dramatic year-on-year sales growth in the first 4 months.

China’s Gold Imports Increase Rapidly in Q1

Source: National Business Daily, ChinaScope Financial (Data)

+ Data from the Census and Statistics Department shows that gold exports and re-exports from Hong Kong to mainland China was 135,529 kg in the first quarter of this year, a significant increase from 19,729 kg in the same period of last year. The figure was 62,907 kg in March, up 59% month-on-month.

+ The World Gold Council predicts that in 2012 China will take over India and become the world’s largest gold consumer. In 2011, the aggregate gold demand in India was 933.4 metric tons, while it was 769.8 tons in China.

Gold demand is increasingly driven by investment. The total gold demand growth is on a decline.

Despite the recent decline, domestic output can still not meet the consumer demand, why import is increasing.