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slowly climbing
Will study more over the week end but M'cap at £3m and Cash held £3m ish from a quick look?
I think it has, with roughly 4m in cash and a NAV of £14.5m, thats about 18p!! Here we go.
What's your thoughts?
30 September 2013 Taihua plc ("Taihua" or the "Company") Interim Results for the six months ended 30 June, 2013 Highlights Loss in 2013 H1 was RMB (79,000) (2012 H1: loss of RMB (71,000)) Continued strengthening of RMB against GBP resulted in Comprehensive Income of RMB 548,000 (2012 H1: Comprehensive Loss of RMB (101,000)) Paclitaxel return to profitability Cashflow stable Commencement of management of second forsythia plantation Summary The supply of Traditional Chinese Medicine (TCM) raw materials is a seasonal business. All the harvesting and sales take place in the second half of the year. As such, the first half of the year's financial performance is largely as a result of the supply and sale of the Company's Paclitaxel and Homoharringtonine products along with its range of prescription-only finished TCM products. Forsythia The first half of the year is a period of plantation cultivation and as such, all costs associated with this are included in inventory for release when sales are made later in the year. Therefore the forsythia plantation has no effect on the consolidated statement on comprehensive income. As at the end of the reporting period, Trade Debtors generated from forsythia sales were RMB 27,982,000. Of these, RMB 6,480,000 was sold on 6 months credit and this has been received since the end of 2013 H1. The remainder was sold on 10 month credit terms and as such is not yet due. With the second plantation under our control we now have a strong position in the supply of this raw material. The wholesale price remains stable. The Company is aware that the growing conditions in 2013 were not optimal. The region suffered a drought during the Spring and there were two frosts during the flowering season. We do not yet have sufficient visibility to determine what, if any, effect this has had on the 2013 harvest. The Company intends to provide further updates on this matter as and when information becomes available. Bian Tong Pian Having previously reported our success in obtaining government approval to distribute this product in additional markets the Company has been in discussions with several interested parties regarding securing distribution agreements. To date, these have not resulted in a distribution agreement. The interested parties all cite the problems surrounding GlaxoSmithKline (GSK) in China and are apprehensive to take on new products in their range. For the time being, given the government focus on this industry, they prefer to adopt a very conservative approach and only distribute their existing products. Paclitaxel As previously reported, 2012 saw the maiden harvest of raw material from the Company's yew tree plantation. 2010 and 2011 saw a significant increase in the competition for supply of this Active Pharmaceutical Ingredient (API) which resulted in the selling price falling from US$115/g to US$70/g. However paclitaxel sales in the pe
first class rns much more upside
www.investegate.co.uk/article.aspx?id=201201091115462139V&fe=1
Nice buying and movement in the SP. News coming from Forsythia perhaps?
34000 SHARE BOUGHT BY NICK JUST THE START
nice to see upward movement good news on the way?!!!!!!!!!!
Further to the announcement dated 30 August 2011, Taihua confirms that it has received a formal update from the European Directorate of Quality Medicine ("EDQM") concerning its Certificate of Suitability for Paclitaxel ("COS"). The EDQM have withdrawn Taihua's Certificate of Suitability following non-compliance with a number of critical standard operating procedures. The Company intends to reapply for the Certificate of Suitability but there can be no guarantee in terms of the timing of this process. As Taihua is not currently supplying Paclitaxel into Europe this has no immediate impact on the Company. However Taihua has suspended conversations with potential distributors of Paclitaxel into Europe pending clarification of the position. The Company anticipates releasing its interim results for the period ended 30 June 2011 on 19 September 2011. Nick Lyth, Chairman of Taihua plc, said: "Having been verbally notified of a suspension of our Certificate of Suitability immediately following the audit, the Board were very surprised to receive notification of the withdrawal today. The management of the Company will meet with their application agent, Beijing Canny, early next week to discuss whether to appeal this decision. In the event that an appeal is not appropriate, the Company will reapply for the Certificate of Suitability as it continues to seek long term opportunities in supplying Paclitaxel API and injectables into the regulated market. A detailed plan will be formulated following meeting with Beijing Canny.
That's it then for our chances of getting into the European Paclitaxel market anytime soon. Back to the drawing board....<sigh>
Yeah that was something of an own goal. Doesn't hugely affect current earnings (which may be while the SP has stayed fairly firm) but even if renewed in 6 mths it doesn't help the quality reputation or the ability to sell in other territories which recognise the Eu COS. The TCM and Forsythia businesses look to be developing very well, but the chance of 'striking oil' with a game-changing major EU contract has just receded. Hopefully this is swiftly rectifiable and the moves toward injectables and Eu market entry continue, but a bit of a pain when everything seemed to be looking up. Or an accumulation opportunity, depending on your timescales... See you in March!
No bl00dy news for months and then they get their hard earned cert of suitability from the euro-drug folks pulled after an audit of their paclitaxel manufacturing process - great, just what I need after all the market uncertainty. Let's hope they've been selling loadsa trad medicines. Have to wait another 6-months then.
Detailed broker's note out on 12/4 from WHI - highlights include expected 12-fold increase in TCM sales for 2011 following recent distribution deals & acquisition of forsythia plantation (much more profitable than it might sound - RMB30/kg - up to 1300 tons yield) - option to double forsythia acreage for same price in the next year, healthy cash balance with significant growth potential in several areas. WHI say BUY, current target 27p. Taihua recently appointed an experienced UK-based consultant to target distributors and generic manufacturers for paclitaxel sales into Europe - any developments here could prompt a swift re-rating over and above WHI projections. Work continues in developing new TCMs and preparing for high-margin injectable production of Pac & HH for eventual sale in China, EU and elsewhere, and a dedicated sales team is now focussed on new distributor deals throughout China similar to the recent profitable Bing Tong Pian agreement. The co. certainly seems to have improved newsflow & reporting (at long last!) since the appointment of Nicholas Lyth as chairman.
Well the months tick by and this seems to stagnate. Bought in quite heavily about a year ago now, all research looks good with leases signed, and planting schedule on track for yews,. Also there is a general optimism in the world of cancer research at the moment, cannot understand why daily volumes are so low. Maybe it time will come!!!
Any reason for the SP @ 0.15p have been looking to find out why but cant find any news anywhere ?????
just the start many more contracts to come
more to come >contract signed will see this rise fast
The Company regards its expertise in production and marketing of Traditional Chinese Medicines (TCMs) as a strategic strength. During the year a new product, Bing Tong Pian tablet, a constipation reliever, was developed. Sales of this are forecast to commence in October 2010 and the Company is already in possession of approximately RMB 900,000 of orders for this product. We will continue to leverage our strengths in this area to develop or acquire a wider portfolio of products. We consider the Chinese TCM market to be robust and margins to be strong.