ความเสี่ยง มันเป็นอีกหนึ่งเหตุผลที่

ความเสี่ยง มันเป็นอีกหนึ่งเหตุผลที่ช่วยสร้างความมั่นใจให้แก่นักลงทุน ของบริษัท But in the spring of 2009, the company's rising debt levels had combined with declining margins to send the company's share price tumbling. The market was increasingly worried that Mrs. Cheung's strategy was putting the company at risk..

According to Dow Jones Market Talk, Morgan Stanley believes Nine Dragons’ share price will rise over the next 60 days after further clarification from management which will ease investors concerns over the company’s financials.

DBS Vickers upgraded the stock to “buy” from “hold” and said S&P’s reason for the withdrawal was unconvincing as management held a call with analysts Tuesday afternoon, according to Dow Jones Market Talk.

Charlene Gu, an analyst at Yuanta Securities in Hong Kong, also called the sell-off an overreaction, particularly as S&P is a highly regarded firm so “people want to dump the stock just to be safe.” She called S&P’s decision “unprofessional.”

Hong Kong shareholder activist David Webb has also criticized S&P’s move. In a comment published on his website on Tuesday, Mr. Webb said the Securities and Futures Commission should prohibit credit agencies from releasing announcements on listed companies during trading hours..

“Unlike external research houses, (credit rating agencies) have a special relationship with debt issuers, because they are given privileged access to information in order to produce credit ratings which are paid for by the company under contract,” said Mr. Webb. He said “even a withdrawal of ratings can indicate a breakdown in a key relationship, rather like the resignation of an auditor,” which could represent the publication of price-sensitive information.

Nine Dragons resumes trading on Wednesday afternoon in Hong Kong. Its peer Lee & Man Paper Manufacturing Ltd. is up 1.6% after falling 3% on Tuesday.





Hong Kong-listed Nine Dragons Paper is making a second attempt to get rid of its senior bonds which have become more expensive for the company following a ratings downgrade by Stand & Poor's in December last year. The chinese paper board manufacturer yesterday launched a tender offer through Deutsche Bank for the entire $118.6 million that remains outstanding of its 7.875% bonds due 2013, offering to pay the principle back in full to bondholders to tender before the early deadline on July 22.
Although the analysts are constantly updating their forecasts on NDP’s current year financial results, the company still appears to be marginally profitable in this difficult business environment.
But profitability is a concept which focuses more on the corporate income statement, not cash flows. And NDP’s cash flows are under a lot of pressure given the fall in expected operating cash flow combined with Mrs. Cheung’s pronounced commitment to continue to expand capital expenditure rapidly. The result is that it appears the company will need to borrow even more to survive the year.
Existing shareholders are clearly down, and would like to see the company take measures to improve share price sooner rather than later. They are, however, minority shareholders, Mrs. Cheung and family holding more than 70% of the firm.
Potential investors might see the company has a “good bet,” given the current share price low and the prospects for long-term competitiveness – if the company survives to be a player in the long run!

Results (English) 1:

Risks associated with it is one of the reasons that help ensure investors of the company in the spring of 2009, But the company rising debt levels had combined with declining margins to send the company share price tumbling The market that was increasingly worried. Mrs. Cheung strategy was putting the company at risk ...According to Dow Jones Market Talk, Morgan Stanley believes Nine Dragons' share price will rise over the next 60 days after further clarification from management which will ease investors concerns over the company's financials.DBS Vickers upgraded the stock to "buy" from "hold" and said S&P's reason for the withdrawal was unconvincing as management held a call with analysts Tuesday afternoon, according to Dow Jones Market Talk.Charlene Gu, an analyst at Yuanta Securities in Hong Kong, also called the sell-off an overreaction, particularly as S&P is a highly regarded firm so "people want to dump the stock just to be safe." She called S&P's decision "unprofessional."Hong Kong shareholder activist David Webb has also criticized S&P's move. In a comment published on his website on Tuesday, Mr. Webb said the Securities and Futures Commission should prohibit credit agencies from releasing announcements on listed companies during trading hours.."Unlike external research houses, (credit rating agencies) have a special relationship with debt issuers, because they are given privileged access to information in order to produce credit ratings which are paid for by the company under contract," said Mr. Webb. He said "even a withdrawal of ratings can indicate a breakdown in a key relationship, rather like the resignation of an auditor," which could represent the publication of price-sensitive information.Nine Dragons resumes trading on Wednesday afternoon in Hong Kong. Its peer Lee & Man Paper Manufacturing Ltd. is up 1.6% after falling 3% on Tuesday.Hong Kong-listed Nine Dragons Paper is making a second attempt to get rid of its senior bonds which have become more expensive for the company following a ratings downgrade by Stand & Poor's in December last year. The chinese paper board manufacturer yesterday launched a tender offer through Deutsche Bank for the entire $118.6 million that remains outstanding of its 7.875% bonds due 2013, offering to pay the principle back in full to bondholders to tender before the early deadline on July 22.Although the analysts are constantly updating their forecasts on NDP's current year financial results, the company still appears to be marginally profitable in this difficult business environment.But profitability is a concept which focuses more on the corporate income statement, not cash flows. And NDP's cash flows are under a lot of pressure given the fall in expected operating cash flow combined with Mrs. Cheung's pronounced commitment to continue to expand capital expenditure rapidly. The result is that it appears the company will need to borrow even more to survive the year.Existing shareholders are clearly down, and would like to see the company take measures to improve share price sooner rather than later. They are, however, minority shareholders, Mrs. Cheung and family holding more than 70% of the firm.Potential investors might see the company has a "good bet," given the current share price low and the prospects for long-term competitiveness – if the company survives to be a player in the long run!

Results (English) 2:

Risk is another reason to help reassure investors of the company But in the spring of 2009, the company's rising debt levels had combined with declining margins to send the company's share price tumbling. The market was increasingly worried that Mrs. . Cheung's strategy was Putting The Company at risk .. According to Dow Jones Market Talk, Morgan Stanley believes Nine Dragons' share Price Will Rise over The next 60 days After Further Clarification from Management which Will Ease Investors Concerns over The Company's financials. DBS Vickers. upgraded The Stock to "Buy" from "Hold" and said S & P's Reason for The withdrawal was unconvincing As Management Held a call with analysts Tuesday Afternoon, according to Dow Jones Market Talk. Charlene Gu, an analyst at Yuanta Securities in Hong Kong, also. Called The sell-off an overreaction, particularly As S & P is a highly regarded Firm So "People Want to Dump The Stock Just to be Safe." She Called S & P's decision "unprofessional." Hong Kong Shareholder activist David Webb has also criticized S & P's move. in a comment on His Website Published on Tuesday, Mr. Webb said The Securities and Futures Commission should prohibit announcements on Releasing from Credit Agencies Listed companies during Trading hours .. "Unlike external Research houses, (Credit Rating Agencies) Have a Special Relationship with. debt issuers, because they are given privileged access to information in order to produce credit ratings which are paid for by the company under contract, "said Mr. Webb. He said" even a withdrawal of ratings can indicate a breakdown in a key relationship,. Rather like The resignation of an Auditor, "which could represent The publication of Price-sensitive information. Nine Dragons Resumes Trading on Wednesday Afternoon in Hong Kong. Its peer Lee & Man Paper Manufacturing Ltd. is up 1.6% After Falling 3% on Tuesday. . Hong Kong-Listed Nine Dragons Paper is Making a Second attempt to Get RID of ITS senior Bonds which Have Become more Expensive for The Company following a ratings Downgrade by Stand & Poor's in December Last year. The chinese Paper board Manufacturer yesterday launched a tender. offer Through Deutsche Bank for The entire $ 118.6 million that Remains Outstanding of ITS 7.875% Bonds Due in 2013, offering to pay The principle back in full to Bondholders to tender Before The Early Deadline on July 22. Although The analysts are constantly updating their forecasts on NDP's. current year Financial results, The Company Still appears to be marginally Profitable in this Difficult business Environment. But profitability is a Concept which Focuses more on The Corporate income Statement, Not Cash flows. And NDP's Cash flows are under a Lot of pressure Given The Fall. in expected operating Cash Flow Combined with Mrs. Cheung's pronounced commitment to Continue to Expand Capital expenditure rapidly. The Result is that it appears The Company Will Need to borrow Even more to Survive The year. Existing shareholders are clearly down, and would like to See. The Company Take Measures to Improve share Price Sooner Rather than later. They are, however, Minority shareholders, Mrs. Cheung and Family Holding more than 70% of The Firm. Potential Investors Might See The Company has a "good Bet," The Given. current share price low and the prospects for long-term competitiveness - if the company survives to be a player in the long run!

Results (English) 3:

The risk, it is one of the reasons that help build confidence among investors of the company But in the spring, of 2009 the company s. ' Rising debt levels had combined with declining margins to send the company 's share price tumbling. The market was increasingly. Worried that Mrs. Cheung 's strategy was putting the company at risk...

.According to Dow Jones Market Talk Morgan Stanley, believes Nine Dragons' share price will rise over the next 60 days after. Further clarification from management which will ease investors concerns over the company 's financials.

.DBS Vickers upgraded the stock to "buy." from "hold." and said S & P 's reason for the withdrawal was unconvincing as management. Held a call with analysts, Tuesday afternoon according to Dow Jones Market Talk.

, Charlene Gu an analyst at Yuanta Securities. In, Hong Kong also called the sell-off, an overreactionParticularly as S & P is a highly regarded firm so "people want to dump the stock just to be safe." She called S & P s decision. ' "Unprofessional."

Hong Kong shareholder activist David Webb has also criticized S & P 's move. In a comment published on his. Website, on Tuesday Mr.Webb said the Securities and Futures Commission should prohibit credit agencies from releasing announcements on listed. Companies during trading hours...

"Unlike external research houses, (credit rating agencies) have a special relationship. With, debt issuers