หลังจาก สแตนลีย์ปรับลดstock คะแนนแล

หลังจาก สแตนลีย์ปรับลดstock คะแนนและประเมินว่าบริษัทต้องปรับลดหนี้ลง NDPตกอยู่ในสถานการณ์สภาวะถดถอยฮ่องโดยpapermaker ลดลงร้อยละ 9.5 HK $ 2.38 ที่ปิด ลดลงลาดชันตั้งแต่ม.ค. 20 และต่ำสุดค่าตั้งแต่กุมภาพันธ์ 5 ดัชนีฮั่งเส็งของฮ่องกงปรับลดลง 2.5 เปอร์เซ็นต์เก้ามังกรของเกียร์ อัตราส่วนหนี้ต่อทุนจะยังคงสูงถึง 90 เปอร์เซ็นต์โดยจุดสิ้นสุดของบริษัทในปีงบประมาณปัจจุบันในเดือนมิถุนายน 30 พวกเขาปรับลดอันดับของพนักวิเคราะห์และชาร์ลส์สเปนเซอร์หมายถึงฟิลชองเขียนในหมายเหตุให้กับนักลงทุนในวันนี้มอร์แกนสแตนลีย์วกเขาในหุ้นของเก้ามังกร "เท่ากับน้ำหนัก" จาก "อ้วน" กลับ 29 ม.คการปรับบริษัทต้องลดการใส่เกียร์ต่อไปโดยผ่านการปรับปรุงระบบปฏิบัติการหมายความว่าแทนที่จะวิศวกรรมการเงินก่อนที่ความเชื่อมั่นจะกลับคืนมาในบริษัทฯ "นักวิเคราะห์เขียนในรายงาน

Nine Dragons Declines After Morgan Stanley Downgrade and it fell the most in a month in Hong Kong after Morgan Stanley cut the stock’s rating, saying the company needs to reduce debt.The papermaker fell 9.5 percent to HK$2.38 at the close, the steepest decline since Jan. 20 and the lowest value since Feb. 5. Hong Kong’s benchmark Hang Seng Index fell 2.5 percent.Nine Dragons’s gearing, the ratio of debt to equity, will remain as high as 90 percent by the end of the company’s current fiscal year on June 30, Morgan Stanley analysts Charles Spencer and Mean Phil Chong wrote in a note to investors today. They downgraded their rating on Nine Dragons’s stock to “equal-weight” from “overweight,” reversing a Jan. 29 upgrade.“The company needs to reduce its gearing further, preferably through improved operating means instead of financial engineering, before confidence is restored in the company,” the analysts wrote in the report.

หลังจาก สแตนลีย์ปรับลดstock คะแนนและประเมินว่าบริษัทต้องปรับลดหนี้ลง NDPตกอยู่ในสถานการณ์สภาวะถดถอยอย่างมากในฮ่องกง.โดยpapermaker ลดลงร้อยละ 9.5 HK $ 2.38 ที่ปิด ลดลงลาดชันตั้งแต่ม.ค. 20 และต่ำสุดค่าตั้งแต่กุมภาพันธ์ 5 ดัชนีฮั่งเส็งของฮ่องกงปรับลดลง 2.5 เปอร์เซ็นต์เก้ามังกรของเกียร์ อัตราส่วนหนี้ต่อทุนจะยังคงสูงถึง 90 เปอร์เซ็นต์โดยจุดสิ้นสุดของบริษัทในปีงบประมาณปัจจุบันในเดือนมิถุนายน 30

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Feb. 20 (Bloomberg) -- Nine Dragons Paper Holdings Ltd., China’s biggest maker of containerboard paper for packaging, fell the most in a month in Hong Kong after Morgan Stanley cut the stock’s rating, saying the company needs to reduce debt.

The papermaker fell 9.5 percent to HK$2.38 at the close, the steepest decline since Jan. 20 and the lowest value since Feb. 5. Hong Kong’s benchmark Hang Seng Index fell 2.5 percent.

Nine Dragons’s gearing, the ratio of debt to equity, will remain as high as 90 percent by the end of the company’s current fiscal year on June 30, Morgan Stanley analysts Charles Spencer and Mean Phil Chong wrote in a note to investors today. They downgraded their rating on Nine Dragons’s stock to “equal-weight” from “overweight,” reversing a Jan. 29 upgrade.

“The company needs to reduce its gearing further, preferably through improved operating means instead of financial engineering, before confidence is restored in the company,” the analysts wrote in the report.

Nine Dragons on Feb. 9 said it would buy back $284 million of five-year notes less than 10 months after selling them, following reports the company risked bankruptcy. The papermaker follows Asian companies including billionaire Li Ka-shing’s Hutchison Whampoa Ltd. and Lui Che-woo’s Galaxy Entertainment Group Ltd. in buying back bonds since November to lower debt and cut interest payments after securities prices plunged.

Operations Normal

The company in December said its operations were normal and it wasn’t involved in any bankruptcy filings, denying reports by Times Weekly, a Guangzhou-based newspaper, and other publications. Miranda Fok at Wonderful Sky Financial Group, which handles public relations for Nine Dragons, said the company is unable to make any public comment because it is in a “black-out” period ahead of the March 9 deadline for its bond buy-back tender.

The company’s net debt ratio more than doubled in two years to 104 percent of shareholders’ equity as of Dec. 31, according to information compiled by Bloomberg.

Nine Dragons is “too big to fail,” said Kary Sei, an analyst at ICEA Securities Ltd. in Hong Kong. The company’s debt ratio “is high but it may not be too high. This industry is capital intensive and the machinery is very expensive.”

The company is also helped by improved credit markets since the end of last year, said Sei, who cut his rating on the stock to “reduce” on Feb. 19 on concerns that sales won’t recover.

Tough Environment

Nine Dragons’s fiscal first-half profit fell 69 percent to 323 million yuan ($47 million) and sales fell 5.3 percent to 6.3 billion yuan because of a global recession and higher raw-material costs, the Hong Kong-based company said on Feb. 18. The business environment will “remain tough,” the earnings statement said.

The drop prompted at least three analysts including Morgan Stanley’s Spencer to downgrade the shares. The broker maintained its HK$3 target price made on Feb. 9.

Nine Dragons’s shares have gained 7.7 percent this year compared with a decline of 12 percent for the Hang Seng Index. They fell 89 percent last year, while Hong Kong’s benchmark index dropped 48 percent.

The company is controlled by Zhang Yin, who was named China’s richest person in 2006 by the Shanghai-based Hurun Report. Her wealth declined by $8.4 billion last year as Nine Dragons’s share price plummeted, Hurun said in October.

NDP issued profit warning, revising sale and profit forecast downward the rating agencie responded with another downgrade, Fitch pushing NDP's outstanding note down to BB- According to Financial morningstar, reported to the gross profit of company has a growth rate in 2006-2014 that means NDP is not trouble.
Although she took a high level of risk by in high dept it's because preparation for the future and she would be the first in the market that can buil the confident for a potential investor

y January 2009 the world economy was spiraling downward. Squeezed by market conditions and
burdened by debt, Nine Dragons Paper (NDP), the largest paperboard manufacturer in Asia and second largest
in the world, saw its share price drop to HK$ 2.33, 90% off its high and less than half of book value. As the
economic crisis of 2008 bled into 2009, export-oriented industries suffered. Rumors had been buzzing since
October that NDP was on the ropes. It was carrying so much debt that more than one analyst was asking "Will
they go bust?" Was the financial crisis of 2008 about to claim another victim, or had friction between the
global economic crisis and the company's debt ignited jittery nerves in the global markets?


จากรูปภาพที่5 Fitch pushing NDP has been investing at an incredible pace – best demonstrated by comparing the company’s cash flows from operating activities in 2007 and 2008 with the cash flows from investing activities. The short-fall in operating cash flow must then be made up by financing activities – which has been both raising equity and debt – but mostly debt
NDP has clearly been profitable in recent years, and demonstrates a high rate of profitability one would not ordinarily see in this type of semi-commodity based business
NDP’s rate of profitability, however, has been sliding, reflecting rising input prices and greater competitive markets for its products
The company’s growing debt burden is large and getting larger; most analysts and investors clearly wish Mrs. Cheung would slow her capital expenditure plan – at least a bit – to take growing cash flow and debt-service pressure off the company during the global recession and credit crisis

Results (English) 1:

After Stanley stock reduction Score and credit the company estimates that the NDP is in situation of extreme recession Hong papermaker could. Decreased 9.5 percent HK $ 2.38 to close down slope since Jan. 20 and the lowest value since February 5 index hang Seng of Hong Kong dropped 2.5 percent, nine dragons of gear. The debt ratio will remain as high as 90 percent by the end of the current fiscal year on June 30, they adjust the discount rate analysis and employee Charles Spencer means Phil Chong wrote in a note to investors, Morgan Stanley, on this day, they in the shares of nine dragons. "Equal weight" from "fat" back 29 m. khakan adjust company must continue to reduce gearing through an operating system update, it means that instead of financial engineering before confidence returns in the company "analysts wrote in the report.Nine Dragons Declines After Morgan Stanley Downgrade and it fell the most in a month in Hong Kong after Morgan Stanley cut the stock's rating, saying the company needs to reduce debt.The papermaker fell 9.5 percent to HK$2.38 at the close, the steepest decline since Jan. 20 and the lowest value since Feb. 5. Hong Kong's benchmark Hang Seng Index fell 2.5 percent.Nine Dragons's gearing, the ratio of debt to equity, will remain as high as 90 percent by the end of the company's current fiscal year on June 30, Morgan Stanley analysts Charles Spencer and Mean Phil Chong wrote in a note to investors today. They downgraded their rating on Nine Dragons's stock to "equal-weight" from "overweight," reversing a Jan. 29 upgrade."The company needs to reduce its gearing further, preferably through improved operating means instead of financial engineering, before confidence is restored in the company," the analysts wrote in the report.After Stanley stock reduction Score and credit the company estimates that the NDP is in a situation very recession conditions in Hong Kong by the papermaker. Decreased 9.5 percent HK $ 2.38 to close down slope since Jan. 20 and the lowest value since February 5 index hang Seng of Hong Kong dropped 2.5 percent, nine dragons of gear. The debt ratio will remain as high as 90 percent by the end of the current fiscal year on June 30.. Feb. 20 (Bloomberg) -- Nine Dragons Paper Holdings Ltd., China's biggest maker of containerboard paper for packaging, fell the most in a month in Hong Kong after Morgan Stanley cut the stock's rating, saying the company needs to reduce debt.The papermaker fell 9.5 percent to HK$2.38 at the close, the steepest decline since Jan. 20 and the lowest value since Feb. 5. Hong Kong's benchmark Hang Seng Index fell 2.5 percent.Nine Dragons's gearing, the ratio of debt to equity, will remain as high as 90 percent by the end of the company's current fiscal year on June 30, Morgan Stanley analysts Charles Spencer and Mean Phil Chong wrote in a note to investors today. They downgraded their rating on Nine Dragons's stock to "equal-weight" from "overweight," reversing a Jan. 29 upgrade."The company needs to reduce its gearing further, preferably through improved operating means instead of financial engineering, before confidence is restored in the company," the analysts wrote in the report.Nine Dragons on Feb. 9 said it would buy back $284 million of five-year notes less than 10 months after selling them, following reports the company risked bankruptcy. The papermaker follows Asian companies including billionaire Li Ka-shing's Hutchison Whampoa Ltd. and Lui Che-woo's Galaxy Entertainment Group Ltd. in buying back bonds since November to lower debt and cut interest payments after securities prices plunged.Operations NormalThe company in December said its operations were normal and it wasn't involved in any bankruptcy filings, denying reports by Times Weekly, a Guangzhou-based newspaper, and other publications. Miranda Fok at Wonderful Sky Financial Group, which handles public relations for Nine Dragons, said the company is unable to make any public comment because it is in a "black-out" period ahead of the March 9 deadline for its bond buy-back tender.The company's net debt ratio more than doubled in two years to 104 percent of shareholders' equity as of Dec. 31, according to information compiled by Bloomberg.Nine Dragons is "too big to fail," said Kary Sei, an analyst at ICEA Securities Ltd. in Hong Kong. The company's debt ratio "is high but it may not be too high. This industry is capital intensive and the machinery is very expensive."The company is also helped by improved credit markets since the end of last year, said Sei, who cut his rating on the stock to "reduce" on Feb. 19 on concerns that sales won't recover.Tough EnvironmentNine Dragons's fiscal first-half profit fell 69 percent to 323 million yuan ($47 million) and sales fell 5.3 percent to 6.3 billion yuan because of a global recession and higher raw-material costs, the Hong Kong-based company said on Feb. 18. The business environment will "remain tough," the earnings statement said.The drop prompted at least three analysts including Morgan Stanley's Spencer to downgrade the shares. The broker maintained its HK$3 target price made on Feb. 9.Nine Dragons's shares have gained 7.7 percent this year compared with a decline of 12 percent for the Hang Seng Index. They fell 89 percent last year, while Hong Kong's benchmark index dropped 48 percent.The company is controlled by Zhang Yin, who was named China's richest person in 2006 by the Shanghai-based Hurun Report. Her wealth declined by $8.4 billion last year as Nine Dragons's share price plummeted, Hurun said in October.NDP issued profit warning, revising sale and profit forecast downward the rating agencie responded with another downgrade, Fitch pushing NDP's outstanding note down to BB- According to Financial morningstar, reported to the gross profit of company has a growth rate in 2006-2014 that means NDP is not trouble. Although she took a high level of risk by in high dept it's because preparation for the future and she would be the first in the market that can buil the confident for a potential investory January 2009 the world economy was spiraling downward. Squeezed by market conditions andburdened by debt, Nine Dragons Paper (NDP), the largest paperboard manufacturer in Asia and second largestin the world, saw its share price drop to HK$ 2.33, 90% off its high and less than half of book value. As theeconomic crisis of 2008 bled into 2009, export-oriented industries suffered. Rumors had been buzzing sinceOctober that NDP was on the ropes. It was carrying so much debt that more than one analyst was asking "Willthey go bust?" Was the financial crisis of 2008 about to claim another victim, or had friction between theglobal economic crisis and the company's debt ignited jittery nerves in the global markets?From the pictures, the NDP has been pushing Fitch 5 investing at an incredible pace — best demonstrated by comparing the company cash flows from operating activities in 2007 and 2008 with the cash flows from investing activities in The operating cash flow. short-fall must then be made up by financing activities – which has been raising both equity and debt – but mostly debt.NDP has clearly been profitable in recent years, and demonstrates a high rate of profitability one would not ordinarily see in this type of semi-commodity based businessNDP's rate of profitability, however, has been sliding, reflecting rising input prices and greater competitive markets for its productsThe company's growing debt burden is large and getting larger; most analysts and investors clearly wish Mrs. Cheung would slow her capital expenditure plan – at least a bit – to take growing cash flow and debt-service pressure off the company during the global recession and credit crisis

Results (English) 2:

After Stanley downgraded the stock Points and expect to cut down debt. NDP fall into a slump Hong papermaker decreased by 9.5 HK $ 2.38 to close down the slope. York. 20, and the lowest value since February 5, Hong Kong's Hang Seng Index fell 2.5 percent of Nine Dragons gear. Debt is still as high as 90 percent by the end of the current fiscal year on June 30. They downgraded the rating of the analyst, and Charles Spencer refers to a writer in a note to the. investment in Morgan Stanley's stock, they had nine dragons. "Equal weight" from "overweight" to 29 m. The tuning company to reduce its gearing to go through the operating system means that instead of financial engineering before regaining confidence in the company. "Analysts wrote in a report Nine Dragons Declines After Morgan Stanley Downgrade and it fell the most in a month in Hong Kong after Morgan Stanley cut the stock's rating, saying the company needs to reduce debt.The papermaker fell 9.5 percent to HK $ 2.38 at the. close, the steepest decline since Jan. 20 and the lowest value since Feb. 5. Hong Kong's benchmark Hang Seng Index fell 2.5 percent.Nine Dragons's gearing, the ratio of debt to equity, will remain as high as 90 percent by the end of. the company's current fiscal year on June 30, Morgan Stanley analysts Charles Spencer and Mean Phil Chong wrote in a note to investors today. They downgraded their rating on Nine Dragons's stock to "equal-weight" from "overweight," reversing a Jan. 29. upgrade. "The company needs to reduce its gearing further, preferably through improved operating means instead of financial engineering, before confidence is restored in the company," the analysts wrote in the report. After. Stanley downgraded the stock Points and expect to cut down debt. NDP fall into a slump dramatically in Hong Kong. The papermaker decrease of 9.5 HK $ 2.38 to close down the slope. York. 20, and the lowest value since February 5, Hong Kong's Hang Seng Index fell 2.5 percent of Nine Dragons gear. Debt is still as high as 90 percent by the end of the current fiscal year on June 30 . Feb. 20 (Bloomberg) - Nine Dragons Paper Holdings Ltd., China's Biggest maker of Containerboard Paper for Packaging, The fell. Most in a month in Hong Kong After Morgan Stanley Cut The Stock's Rating, saying The Company Needs to Reduce debt. The papermaker fell 9.5 Percent to HK $ 2.38 at The close, The steepest decline since Jan. 20 and The Lowest value since Feb. 5. . Hong Kong's Benchmark Hang Seng Index fell 2.5 Percent. Nine Dragons's Gearing, The ratio of debt to Equity, Will remain As High As 90 Percent by The End of The Company's current Fiscal year on June 30, Morgan Stanley analysts Charles Spencer and Mean Phil. Chong wrote in a note to Investors today. They downgraded their Rating on Nine Dragons's Stock to "equal-Weight" from "overweight," reversing a Jan. 29 Upgrade. "The Company Needs to Reduce ITS Gearing Further, preferably Through improved operating means. Instead of Financial Engineering, Before confidence is Restored in The Company, "The analysts wrote in The Report. Nine Dragons on Feb. 9 said it would Buy back $ 284 million of Five-year Notes less than 10 months After Selling them, following reports The. Company risked bankruptcy. The papermaker follows Asian companies including billionaire Li Ka-Shing's Hutchison Whampoa Ltd. and Lui Che-Woo's Galaxy Entertainment Group Ltd. in Buying back Bonds since November to Lower debt and Cut interest Payments After Securities prices plunged. Operations Normal The. company in December said its operations were normal and it was not involved in any bankruptcy filings, denying reports by Times Weekly, a Guangzhou-based newspaper, and other publications. Miranda Fok at Wonderful Sky Financial Group, which handles public relations for Nine Dragons. , said The Company is unable to Make any public comment Because it is in a "Black-out" period Ahead of The March 9 Deadline for ITS Bond Buy-back tender. The Company's net debt ratio more than doubled in Two years to 104 Percent. of shareholders' Equity As of Feb. 31, according to information compiled by Bloomberg. Nine Dragons is "Too Big to Fail," said Kary Sei, an analyst at ICEA Securities Ltd. in Hong Kong. The Company's debt ratio "is High but. it May Not be Too High. This Industry is Capital intensive and The MacHinery is very Expensive. " The Company is also helped by improved Credit markets since The End of Last year, said Sei, Who Cut His Rating on The Stock to "Reduce". on Feb. 19 on Concerns that sales Will Not Recover. Tough Environment Nine Dragons's Fiscal First-Half profit fell 69 Percent to 323 million Yuan ($ 47 million) and sales fell 5.3 Percent to 6.3 billion Yuan Because of a Global recession and Higher RAW. -material costs, The Hong Kong-based Company said on Feb. 18. The business Environment Will "remain Tough," The earnings Statement said. The Drop prompted at least Three analysts including Morgan Stanley's Spencer to Downgrade The shares. The Broker ITS maintained. HK $ 3 Target Price Made on Feb. 9. Nine Dragons's shares Have gained 7.7 Percent this year compared with a decline of 12 Percent for The Hang Seng Index. They fell 89 Percent Last year, while Hong Kong's Benchmark index dropped 48 Percent. The Company. is controlled by Zhang Yin, Who was named China's richest person in 2,006 by The Shanghai-based Hurun Report. Her wealth declined by $ 8.4 billion Last year As Nine Dragons's share Price plummeted, Hurun said in October. NDP issued profit Warning, revising sale and. The profit forecast downward responded with another Agencie Rating Downgrade, Fitch Pushing NDP's Outstanding note down to BB- According to Financial Morningstar, Reported to The Company has a growth rate of gross profit in 2006-2014 that means NDP is Not Trouble. Although SHE took. a High Level of risk by in High Dept it's Because Preparation for The Future and SHE would be The First in The market that Can Buil The confident for a Potential Investor Y January 2009 The World Economy was spiraling downward. Squeezed by market conditions and BURDENED by. debt, Nine Dragons Paper (NDP), The largest paperboard Manufacturer in Asia and Second largest in The World, Saw ITS share Price Drop to HK $ 2.33, 90% off ITS High and less than Half of Book value. As The Economic Crisis of. 2008 Bled Into 2 009, Export-oriented Industries suffered. Rumors had been buzzing since October that NDP was on The ropes. It was carrying So much debt that more than One analyst was Asking "Will they Go Bust? "Was The Financial Crisis of the 2,008th. About to claim another Victim, or had Friction between The Global Economic Crisis and The Company's debt ignited Jittery nerves in The Global markets? From Figure 5 Fitch pushing NDP has been investing at an incredible pace - best demonstrated by comparing the company's cash flows from. operating activities in in 2007 and 2 008 with The Cash flows from investing activities. The short-Fall in operating Cash Flow must then be Made up by financing activities - which has been Both Raising Equity and debt - but mostly debt NDP has clearly been Profitable in recent. years, and demonstrates a High rate of profitability One would Not ordinarily See in this type of semi-Commodity based business NDP's rate of profitability, however, has been Sliding, reflecting Rising input prices and greater Competitive markets for ITS products The Company's Growing debt burden. is large and getting larger; most analysts and investors clearly wish Mrs. Cheung would slow her capital expenditure plan - at least a bit - to take growing cash flow and debt-service pressure off the company during the global recession and credit crisis.

Results (English) 3:

After adjusting, stock Stanley Points and estimates that the company must reduce the debt down. NDP situation condition papermaker decreased 9.5 Hong by regression HK $2.38 closed down the slope from Jan.20 and minimum values since February 5 Hang Seng Index of Hong Kong 2 declines.5 percent of nine dragon of gear. Debt to equity ratio will remain high to 90 percent by the end of the company in the current budget in June 30."Equal weight" from "fat" back 29 M.Checked the company reduced gearing through the improvement of the operating system means that instead of to financial engineering before confidence will come back the company. "Analysts wrote in the report

.Nine Dragons Declines After Morgan Stanley Downgrade and it fell the most in a month in Hong Kong after Morgan Stanley. Cut the stock ', s rating saying the company needs to reduce debt.The papermaker fell 9.5 percent to HK $2.38 at, the close. The steepest decline since Jan. 20 and the lowest value since Feb. 5. Hong Kong 's benchmark Hang Seng Index fell 2.5 percent.Nine. Dragons', s gearingThe ratio of debt, to equity will remain as high as 90 percent by the end of the company 's current fiscal year on, June 30 Morgan. Stanley analysts Charles Spencer and Mean Phil Chong wrote in a note to investors today. They downgraded their rating on. Nine Dragons' s stock to "Equal-Weight." from "overweight," reversing a Jan. 29 upgrade. "The company needs to reduce its gearing. Further.Preferably through improved operating means instead of financial engineering before confidence, is restored in the company, " The analysts wrote in the report.

after Stanley lowered stock. Points and estimates that the company must reduce the debt down. NDP situation regression conditions greatly in Hong Kong.By papermaker decreased 9.5 HK $2.38 closed down slope since Jan 20 and minimum values since February 5 Hang Seng Index of Hong Kong 2 declines.5 percent of nine dragon of gear. Debt to equity ratio will remain high to 90 percent by the end of the company in the current budget in June 30

.

Feb. 20 (Bloomberg) - Nine. Dragons Paper Holdings Ltd, China 's biggest maker of containerboard paper, for packagingFell the most in a month in Hong Kong after Morgan Stanley cut the stock ', s rating saying the company needs to reduce debt.

The. Papermaker fell 9.5 percent to HK $2.38 at, the close the steepest decline since Jan. 20 and the lowest value since Feb. 5. Hong. Kong 's benchmark Hang Seng Index fell 2.5 percent.

Nine Dragons', s gearing the ratio of debt, to equityWill remain as high as 90 percent by the end of the company 's current fiscal year on June 30 Morgan Stanley, analysts Charles. Spencer and Mean Phil Chong wrote in a note to investors today. They downgraded their rating on Nine Dragons s stock to. ' "Equal-Weight." from "overweight," reversing a Jan. 29 upgrade.

"The company needs to reduce its, gearing furtherPreferably through improved operating means instead of financial engineering before confidence, is restored in the company, " The analysts wrote in the report.

Nine Dragons on Feb. 9 said it would buy back $284 million of five-year notes less than 10 months. After, selling them following reports the company risked bankruptcy.The papermaker follows Asian companies including billionaire Li Ka-shing 's Hutchison Whampoa Ltd. And Lui Che-woo s Galaxy.' Entertainment Group Ltd. In buying back bonds since November to lower debt and cut interest payments after securities prices. Plunged.



The Operations Normal company in December said its operations were normal and it wasn 't involved in any bankruptcy. Filings.Denying reports by Times Weekly a newspaper, Guangzhou-based, other and publications. Miranda Fok at Wonderful Sky Financial. Group which handles, public relations for Nine Dragons said the, company is unable to make any public comment because it. Is in a "black-out." period ahead of the March 9 deadline for its bond buy-back tender.

.The company 's net debt ratio more than doubled in two years to 104 percent of shareholders' equity as of Dec. 31 according,, To information compiled by Bloomberg.

Nine Dragons is "too big to fail," said Kary Sei an analyst, at ICEA Securities Ltd.? In Hong Kong. The company 's debt ratio "is high but it may not be too high.This industry is capital intensive and the machinery is very expensive. "

The company is also helped by improved credit. Markets since the end of year last, Sei said, cut who his rating on the stock to "reduce." on Feb. 19 on concerns that sales. Won 't recover.



Nine Tough Environment Dragons' s fiscal first-half profit fell 69 percent to 323 million yuan ($47 million). And sales fell 5.3 percent to 6.3 billion yuan because of a global recession and higher raw-material costs the Hong, Kong-based company. Said on Feb. 18. The business environment will "remain tough," the earnings statement said.

The drop prompted at least. Three analysts including Morgan Stanley 's Spencer to downgrade the shares. The broker maintained its HK $3 target price made. On Feb. 9.

.Nine Dragons' s shares have gained 7.7 percent this year compared with a decline of 12 percent for the Hang Seng, Index. They fell 89 percent, last year while Hong Kong 's benchmark index dropped 48 percent.

The company is controlled by Zhang. Yin who was, named China 's richest person in 2006 by the Shanghai-based Hurun Report. Her wealth declined by $8.4 billion last year as Nine Dragons' s share, price plummeted Hurun said in October.

NDP issued, profit warning revising. Sale and profit forecast downward the rating agencie responded with another downgrade Fitch pushing, NDP 's outstanding note. Down to BB - According to Financial Morningstar reported to, the gross profit of company has a growth rate in 2006-2014 that. Means NDP is not trouble.
.Although she took a high level of risk by in high dept it 's because preparation for the future and she would be the first. In the market that can buil the confident for a potential investor

y January 2009 the world economy was spiraling, downward. Squeezed by market conditions and
burdened, by debt Nine Dragons Paper (NDP), the largest paperboard manufacturer in Asia. And second largest
.In, the world saw its share price drop to HK $2.33 90% off, its high and less than half of book value. As the
economic. Crisis of 2008 bled, into 2009 export-oriented industries suffered. Rumors had been buzzing since
October that NDP was on. The ropes. It was carrying so much debt that more than one analyst was asking "Will
they go bust?"Was the financial crisis of 2008 about to claim another victim or had, friction between the
global economic crisis and. The company 's debt ignited jittery nerves in the global markets?


.From the picture 5 Fitch pushing NDP has been investing at an incredible pace - best demonstrated by comparing the company s. ' Cash flows from operating activities in 2007 and 2008 with the cash flows from investing activities. The short-fall in operating. Cash flow must then be made up by financing activities - which has been both raising equity and debt - but mostly debt
.NDP has clearly been profitable in recent years and demonstrates, a high rate of profitability one would not ordinarily. See in this type of semi-commodity based business
NDP 's rate, of profitability however has been, sliding reflecting rising,, Input prices and greater competitive markets for its products
The company 's growing debt burden is large and getting larger;Most analysts and investors clearly wish Mrs. Cheung would slow her capital expenditure plan - at least a bit - to take. Growing cash flow and debt-service pressure off the company during the global recession and credit crisis.