Wednesday, September 23, 2009

Almost wrongly bought China Animal Healthcare (EP4)

Company Info:

China Animal Healthcare Ltd. is an investment holding company. The Company is principally engaged in the manufacture, sale and distribution of animal drugs for poultry and livestock and its business activities are conducted in People’s Republic of China. In addition, the Company is engaged in the manufacture and sale of animal drugs in injection form for livestock. As of December 31, 2008, the Company manufactures approximately 400 types of treatment and non-treatment drugs for poultry and livestock. It has three business segments: Powdered form drugs, Injection form drugs and Biological drugs.

I was interested in pharma sector since typically people don't care about money when it comes to health, or they are insured by the insurance or government. I also saw China Animal Healthcare with its expansion plan and thought of buying it although it treat livestock, not human.


Not saying it is a bad company, but I almost mistaken it as very cheap when I looked at Reuters. If you want, try looking at the Reuters financial statement on China Animal Healthcare and spot the error.

Its growth was slowing but it does have lots of cash for acquisition. The website was also hacked, but still okay when I checked Google Cache of 21st September 2009.

And the answer to the mistake...
Reuters show the statement as Ringgit but it is supposed to be Renminbi. The difference is 1 Malaysian ringgit = 1.97083257 Chinese yuan. It implies I overestimated the numbers by 97%.

References:

  1. NextInsight - CHINA ANIMAL HEALTHCARE: Vaccine sales to jump next year
  2. China Animal Healthcare Website



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