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China Linen Textile Industry, Ltd. (OTC BB: CTXIF)

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China Linen Textile Industry, Ltd. (OTC BB: CTXIF) China Linen Textile Industry, Ltd. (OTC BB: CTXIF) TMTM APRIL 12, 2010 | TARGET PRICE: $4.00 | RATING: BUY DISCOVERING TOMORROW’S BLUE CHIPS TODAY TM Visibility COMPANY OVERVIEW China Linen Textile Industry Ltd. (“CTXIF” or the “Company”) is a leading I NITIAL REPORT China-based manufacturer and distributor of linen products. The Company manufactures over 50 types of linen yarn and 100 varieties of linen fabric and ANALYST products. Roughly 55% of CTXIF’s production is exported to Europe, North Aditya Khandekar, CFA America, the Middle East and South America with the remainder sold in China. The Company enjoys a 5% market share of China’s total linen industry and MARKET DATA ranks among the top 5 companies in China’s linen textile industry. TICKER CTXIF FISCAL YEAR DECEMBER INVESTMENT RATIONALE LINEN/ SECTOR TEXTILES Strong near-term revenue growth and operating performance projected. RECENT PRICE $1.67 CTXIF has posted annual revenue and net profi t growth of about 40% on TARGET PRICE $4.00 average for the last fi ve years. The Company has maintained a healthy EBITDA MARKET CAP $33.7M margin of greater than 19% in the last few years with return on assets greater 52-WEEK HIGH - LOW $1.99 - $0.15 than 10%. The Company is running its plants at peak utilization and still PRICE/EARNINGS (TTM) 5.6X requires outsourced production to meet excess demand. With capacity additions PRICE/BOOK (MRQ) 1.6X expected in the next few years, we are projecting 20% year-over-year growth in PRICE/SALES (TTM) 1.1X the short-term and 15% year-over-year growth in the mid-term. SHARES OUTSTANDING 20.2M FLOAT 11.3M AVG DAILY VOLUME (3 MOS) 29,862 Long-term customer base. The Company’s long-term loyal customers INSIDER OWNERSHIP 44.0% represent more than 70% of total revenue. Moreover, the Company claims As of April 12, 2010 that its larger customers increase their order size by 10-20% every year. The Company’s customer base includes premium brands such as Zara, Orion, Hugo Boss, Laurus Miani, Max Mara, Perego, Merco Aorel and Max & Co. FINANCIAL DATA REVENUE (TTM) $30.1M Aggressive multi-pronged growth strategy. CTXIF is aggressively adding REV (TTM)PER SHARE $1.49 capacity for spinning yarn as well as fabric dyeing with an objective to double QRTLY REV GRWTH YOY 90.0% capacity over the next fi ve years. The Company is expanding its domestic GROSS PROFIT (TTM) $9.0M marketing efforts and plans to integrate forward and backward as it seeks to OPERATING MARGIN (TTM) 24.5% have a presence across the industrial value chain via a series of planned mergers EBITDA $8.16M and acquistions in the next few years. NET INCOME (TTM) $6.02M DILUTED EPS (TTM) $0.30 Strong R&D leadership and focus on high-end market. CTXIF distinguishes QRTLY EPS GRWTH (YOY) 225.4% itself from competitors through technological superiority and a focus on high CASH & EQUIV (MRQ) $2.3M quality products. The Company established a provincial level enterprise CASH (MRQ) PER SHARE $0.11 technology center in April 2005. The center has cooperative ties with the Tianjin TOTAL DEBT/EQUITY 67.3% Institute of Technology and Donghua University to research and develop online BOOK VALUE PER SHARE $1.07 textile technology. The center has has 110 technical staff conducting various R&D ROE (TTM) 32.2% projects, including development of high-count fl ax yarn, multi-fi ber blended ROA (TTM) 16.6% fabrics, yarn dyeing and linen fabric bleaching and dyeing technologies. © RedChip Visibility, a division of RedChip Companies, Inc. | 500 Winderley Place, Suite 100, Maitland, FL 32751 | 1-800-RED-CHIP | www.RedChip.com For analyst rating defi nitions, research coverage universe and other disclosures, please refer to page 15 of this report or write to [email protected] China Linen Textile Industry, Ltd. (OTC BB: CTXIF) INITIAL REPORT Cost advantages over competitors. CTXIF claims that its cost of production is 15% lower than that of its domestic competitors. We believe that this is due to unique technologies for middle-end yarn spinning, manufacturing fl ax fi bers with low-cost raw materials, thus minimizing the cost of production. Undervalued. We are initiating coverage of CTXIF with a Buy rating and a 12-month price target of $4.00. With strong growth expected in the domestic Chinese market and the superiority of the Company’s product backed by core R&D, we estimate revenue to grow strongly at a CAGR of 16.1% for the period FY10- FY16. Despite the assumed equity dilution to fund growth plans, we believe the stock is undervalued. Our fair value for the stock is $4.00, a weighted average of our DCF valuation of $3.20 per share and P/E valuation of $6.49. FINANCIAL SNAPSHOT Company financials FY08 actual FY09 actual FY10 Company Guidance* FY10 RedChip Estimate* Revenue ($ million) 22.95 30.11 38.07 37.93 Gross profit ($ million) 5.3 9.03 12.67 12.52 Gross margin 23.10% 29.90% 33.30% 33.00% Net profit ($ million) 4.47 6.06 9.31 8.83 Net margin 19.50% 20.10% 24.50% 23.28% EPS ($) 0.22 0.3 0.39 0.36* Historical performance Margin development 35 25% 30.11 35.0% 30 20% 30.0% 22.95 25 20.78 25.0% 20 15% 20.0% million 14.52 $ 15.0% 15 10% In 10.0% 10 6.06 4.02 4.47 5% 5.0% 5 1.94 0.0% 0 0% FY06 FY07 FY08 FY09 FY06 FY07 FY08 FY09 Revenue Net profit Net margin Gross margin Operating margin Net margin Profitability ratios Government subsidies 50.0% 43.4% 1.6 1.41 1.32 36.1% 40.0% 1.4 28.6% 27.8% 1.2 30.0% 0.86 20.2% 1.0 0.79 million 20.0% 13.8% 0.8 $ 10.6% 10.9% In 0.6 10.0% 0.4 0.0% 0.2 FY06 FY07 FY08 FY09 0.0 Return on assets Return on equity FY06 FY07 FY08 FY09 RedChip Visibility | 2 | China Linen Textile Industry, Ltd. China Linen Textile Industry, Ltd. (OTC BB: CTXIF) INITIAL REPORT COMPANY OVERVIEW China Linen Textile Industry Ltd. is a leading China-based manufacturer, distributor, researcher and developer of linen products and ranks among the top 500 textiles and apparel enterprises in China as well as the top 5 in China’s linen textile industry. The Company manufactures over 50 types of linen yarn and 110 varieties of linen fabric and products. CTXIF’s main products include linen yarn, linen gray fabric, linen/cotton interwoven fabric, linen/rayon interwoven fabric and other linen products. Roughly 55% of CTXIF’s production is exported to Europe, North America, the Middle East and South America with the remainder sold in China.The Company is also heavily involved in research and development of linen technology and linen products to maintain its competitive edge. The Company has its own trademark “Fairy Deer”. The Company plans to get listed on NYSE Amex in 2010. Located in Lanxi County (known as the “famous textile town” in China), CTXIF carries out its business activities through its subsidiary Heilongjiang Lanxi Sunrise Linen Textile Industry Co, Ltd. (95% owned), which is a privately owned business enterprise. Its manufacturing facility is located in the Heilongjiang Province in the northeast region of China near the city of Harbin. CTXIF imports high quality fl ax primarily from France, Belgium and Egypt and processes it to make yarn. Only a small portion of this yarn is sold directly to customers, while the majority is used by the Company to weave various types of linen fabric. The Company has the ability to produce 50 types of yarn and 110 types of linen fabric with an annual capacity of 1,600 tonnes of fl ax spinning and 8 million meters of fabric using its advanced spinning and weaving production equipment. It has 1,500 total employees out of which 110 are technical staff. CTXIF has adopted a direct marketing strategy to build long-term relationships with its clients. The end- customers include big brand names such as Marks & Spenser, MaxMara, Hugo Boss and H&M though it sells its products through intermediaries (refer to section on customers and distributions for more details). GROUP STRUCTURE As can be seen in the chart below, CTXIF has a wholly owned subsidiary, Bright International Group (“Bright”). Bright owns 95% of Heilongjiang Lanxi Sunrise Textile Industry, Ltd. (“Lanxi Sunrise”). CTXIF conducts its business operations through Lanxi Sunrise. China Linen Textile Industry, Ltd (fromerly Aquasol Envirotech, Ltd) (a Cayman Islands B.W.I. corporation) 100% Bright International Group Co., Ltd, (a Republic of Vanuatu Corporation) ("Bright") 95% China Linen Textile Industry, Ltd (Heilongjiang Lanxi Sunrise Linen Textile Industry Co, Ltd.) ("Lanxi Sunrise") RedChip Visibility | 3 | China Linen Textile Industry, Ltd. China Linen Textile Industry, Ltd. (OTC BB: CTXIF) INITIAL REPORT PRODUCT SEGMENTS CTXIF manufactures and sells various types of linen products such as linen clothing, linen yarn, linen hemp and blending linen. The Company produces 50 different types of yarn and 110 types of linen fabrics. The Company generates most of its revenue from the sale of fi nished fabric while revenue from the sale of yarn accounts for only 1% of total revenue. Gray fabric is the Company’s largest selling product contributing 42% of total revenue in FY09. Other major products include semi-bleached fabric and yarn-dyed fabric which accounted for approximately 29% and 13% of total revenue respectively in FY09.
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