0647 JOYCE BOUTIQUE (B-)

Earning Equity R.O.E
06* 70
05 74 437 16.91%
04 61 390 15.66%
03 30 325 9.31%
02 -35 294 /
01 -85 329 /

Profit margin: 9.5%
Financial position: Very Strong - 253m cash, no liab
Business prospect: earning can be sustained in future 5 - 10 years unless management problem happen
reasonable price: NCAV 282 + 70 * 10 = 982m / 1620m = 0.606
Current price: 0.34

John Neff formula: (5?+ 5.97 )/7.33 =

03/2006	03/2005	03/2004	03/2003	03/2002
Current Ratio (X)	3.45	2.98	3.14	3.08	3.22
Quick Ratio (X)	2.35	2.15	2.39	2.31	2.33
Total Debt/Equity (%)	0.34	0.00	1.61	3.10	1.77
Total Debt/Capital Employed (%)	0.34	0.00	1.61	3.10	1.77
Return on Equity (%)	16.91	15.66	9.31	NA	NA
Return on Capital Employed (%)	16.91	15.66	9.31	NA	NA
Return on Total Assets (%)	12.75	11.01	6.69	NA	NA
Operating Profit Margin (%)	9.74	8.56	6.02	NA	NA
Pre-tax Profit Margin (%)	10.18	8.56	6.02	NA	NA
Net Profit Margin (%)	9.79	9.66	5.57	NA	NA
Inventory Turnover (X)	4.81	4.65	5.76	5.79	4.97
Dividend Payout (%)	43.76	52.63	NA	NA	NA
Fiscal Year Highest Price (HKD)	0.790	0.670	0.630	0.197	0.210
Fiscal Year Lowest Price (HKD)	0.380	0.230	0.085	0.070	0.120
Fiscal Year PER Range (X)	17.3/8.3	17.6/6.1	33.3/4.5	NA	NA
Fiscal Year Yield Range (%)	5.3/2.5	8.7/3.0	NA	NA	NA