Citi published a research report that lowered the investment rating of CNHTC from "buy" to "sell" and lowered the target price from 6.2 yuan to 5.5 yuan, reflecting that the ideal of the stock's sales has been fully reflected.
Citigroup said that its earnings forecasts for 08, 09 and 10 years of the stock have been lowered by 25%, 43% and 45%, reflecting the companyâ€™s sales in the first 11 months of this year and the outlook for sales growth of heavy trucks in 2009.
Citigroup estimates that China Sinotruk's earnings for 2009 will remain flat, as sales of heavy trucks are expected to decline by 12% year-on-year, but the sales decline will be offset by increased transmission sales. The bank believes that heavy truck sales growth of Sinotruk will continue to outperform the market.
Citi said that the parent company of the company, Sinotruk Group, acquired the transmission manufacturer Shanxi Datong Gear, and China National Heavy Duty Truck launched the HOWO-A7 heavy-duty truck model in December. The bank believes that two development projects will benefit the stock in the medium term.
Pre-sale paperboard sales rating
Citi published a report to Yulong Paper (02689) with a target price of RMB 1.6 and an investment rating of â€œSellingâ€. It is estimated that the average selling price of paper products will continue to be under pressure due to weak export and domestic market conditions. Half-year profit fell by more than 45%.
Citi pointed out that Seri Paper recently announced the early repurchase of 16.25 million U.S. dollars of senior notes, as well as the early repayment of two loans of 100 million U.S. dollars and 720 million Hong Kong dollars respectively, and renewed some repayment terms with the remaining debts and creditors. The bank agreed with the action that it could reduce the pressure on short-term debt and help to seek to modify the terms of the loan and reduce the risk of early debt recovery under the credit crunch.
However, Citi still expressed worries about Zhiying's earnings and gearing ratio. It is estimated that the company's net debt in FY09 rose to RMB 14.5 billion.
The suitable materials
This machine can work with all chemical synthetic fiber materials, or materials contain chemical fiber blending cloth, chemical film(chemical fiber should more than 30%), for instance, Nylon, needlework cloth, non-woven fabrics, T\R cloth, Tetoron cloth(Polyester cloth),multilayer cloth, and other coated fabric and coated papers.
The suitable product
Lace of garments, mattress cover, Pillowcase/Pillow Slip, Automobile Cover, Packing string, Knapsack, Travelling Bag, Portable Shopping Bags, Curtains, Raincoat, Wind Coat, Snow coat, Toys, Gloves, Tablecloth, Chair cover, Quilt cover, Hair Accessory, Accessories, Gingham, Lamp-chimney, etc.
1. Ultrasonic Lace Sewing Machine used ultrasonic vibration and steel moulds, the above processing will be finished together with pressure.
2. There`s no fog and spark in produce processing, won't cause damage to fabric edge, and also can avoid deckle edge.
4. Chang of the ultrasonic cutting die is very easy, and the design of the moulds can also made according to customer`s requirement.
5. Without pre-heating, and continuous operation is possible.
6. Colored paper and gold foil paper be added in order to get the effect of printing and hot stamping.
7. Machines can be combined to one set of equipments in order to sew large width products once, for instance, guilt cover, gingham, etc.
8. The cutting moulds (cutting die) that be made of special alloy steel which has been treated with special heat treatment technology, so the moulds with high wear resistance and gains a longer service life.
9. Simple operation, easy repair, using 20KHZ low noise ultrasonic to avoid noise disturbed.
Ultrasonic Lace Machine
Ultrasonic Lace Machine,Ultrasonic Lace Sewing Machine,100Mm Ultrasonic Lace Sewing Machine,200Mm Ultrasonic Lace Sewing Machine
Dongguan Chenghao Machinery Co., Ltd. , http://www.plastic-welder.com