Ming Fai International (3828 HK) - Magic in the making… (BUY)

to summarize…

 Ming Fai engages in the supply & manufacture of amenity products to high-end hotel chains and airlines. And now it is expanding into the retail consumption market by acquiring the “7 Magic - 七色花” retail networks that sells cosmetics, skin care, fashion and hair accessories.

 Reported strong 1H FY06/11A financial. Revenue increased 54.1% YoY to HK$706.8m. Gross profit increased 47.6% YoY to HK$184.4m. Operating profit increased 53.7% YoY to HK$78.1m and profit for the year increased 39.3% YoY to HK$66.9m from HK$48.1m.

 The “7 Magic” retail networks targets young female age between 15 to 25 in the PRC. The sales network had 1,512 POS at the end of 1H FY06/11A. Revenue amounted to HK$126.5m (18% of turnover) in the 1H of FY06/11A. Gross profit amounted to HK$44.7m.

 To further become a one-stop hospitality solution for hotel clients, the group begin to offer off-site laundry services. The newly launched laundry service is catering to a hotel clusters around Shanghai area, with total capacity to accommodate up to 15,000 hotel room per day.

 We initiate our coverage with a BUY recommendation at a target price of HK$1.80. Our target price represents 7.5x FY12/12F P/E and 5.9x FY12/13F P/E.

Ming Fai International (3828 HK) - Magic in the making… (BUY)

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