Nine Dragons Paper (“ND Paper”) produces a wide range of packaging paperboard products.

Review

For the year ended June 30, 2006, ND Paper’s turnover was RMB7,902 million, up 64% from 2005. Net Profit jumped 353% to RMB1,375 million while diluted EPS was up 299% to RMB0.4043. The brilliant results was attributed to the strategy of expanding the production capacity and leadership position in China, increase in gross profit margin due to economies of scale, and other effective cost control measures such as building their own coal-fired cogeneration plants, as well as the shipping piers for ocean and inland waterway transportation of coal. Therefore, the net profit margin could be improved by 11 percent point, reaching 17.4% in 2006.

For the year ended June 30, 2006, its current ratio was 1.3x, long-term debt to equity ratio was 0.36, and the net debt to equity ratio was 0.28.

Preview

In the annual report, ND Paper stated they would expand their current production bases in Pearl River Delta and the Yangtze River Delta and establish new production bases in central-western and northern China in the next three to five years. They targeted to expand its annual production capacity by 62% for the coming year from the current 3,300,000 tonnes to 5,350,000 tonnes. Given the strong market demand on packaging paperboard products, we estimate ND Paper’s sales would increase by 50% to RMB11,853 in 2007, representing the in-line growth with its production capacity growth under our fair estimation.

The said production capacity expansion would further enable ND Paper in enjoying the economies of scale. In addition, ND Paper mentioned they were in progress to negotiate with authorities in Dongguan in respect to the construction of a local pier to improve the ancillary operation of the Group. We therefore estimate the FY07 net profit margin can be further improved to 21%. The net profit and the diluted EPS would be around RMB2,489 million and RMB0.5998 respectively.

Valuation

ND Paper’s historical P/E ranged between 15.11x and 34.48x. Being the market leader in this high-growth industry, we judge it is reasonable to value it with 27x P/E. Our target price by the June 30, 2007 is $16.2.

Capital Commitments and Financing Needs

In the annual report, ND Paper mentioned the future capital expenditure at RMB3,976 million while the bank and cash balances was RMB2,817 million. Since ND Paper would maintain its net gearing ratio at about 0.5 in future, they are capable to raise fund of about RMB1,659 million from bank borrowing. Summing up it with the expected earning of about RMB2,489 million in 2007, the said capital expenditure should already be covered. Therefore, we don’t see the financing needs of ND Paper in share placement or right issue in near future.

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