8-14-13 5:00 PM EDT | Email Article

FUJIAN, China, Aug. 14, 2013 /PRNewswire-FirstCall/ -- Exceed Company Ltd. (NASDAQ: EDS) ("Exceed" or "the Company"), the owner and operator of the "Xidelong" brand - one of the leading domestic sportswear brands in China, today released its unaudited financial results for the second quarter ended June 30, 2013.

Financial Highlights – Second quarter ended June 30, 2013(1)

  • Revenue was RMB350.8 million (US$57.2 million), representing a 37.6% year-over-year decrease.
  • Gross profit was RMB95.9 million (US$15.6 million), representing a 40.8% year-over-year decrease. Gross margin was 27.3%, representing a 1.5 percentage point decrease as compared to 28.8% for the second quarter of 2012.
  • Operating profit was RMB22.6 million (US$3.7 million), representing a 36.3% year-over-year decrease.
  • Net profit was RMB15.6 million (US$2.5 million), representing a 48.0% year-over-year decrease.

Shuipan Lin, Exceed's founder, Chairman and CEO, commented, "as anticipated, our results in the second quarter continued to be impacted by weakening consumer demand in China, which was largely attributable to the economic slowdown in China. As a result, overall sales volume across our main footwear and apparel product lines decreased, resulting in a decline in revenue. In response to the prevailing market conditions, we took a prudent approach to control the amount of orders placed by our distributors. In addition, we continue to maximize the efficiency of our distribution network by closing or relocating the inefficient retail selling locations. We believe that these initiatives will help to digest inventory in retail selling locations."

"While we expect to continue to operate under unfavorable economic conditions for the remainder of this year, we believe that we have the right strategy in place to effectively manage our production and inventory levels, maintain a lean operating structure and continue to strengthen our brand awareness. We believe that there is room for growth in the sportswear market, and we intend to achieve a year on year single-digit percentage increase in sales in the long run."

(1) The Company's reporting currency is Renminbi ("RMB"). RMB numbers included in this press release have been translated into U.S. dollars at the rate of USD1.00 = RMB6.1374 , the exchange rate refers to the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board, on June 30, 2013. The translation of amounts from RMB to United States dollars is solely for the convenience of the reader. No representation is made that RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on June 30, 2013.

Second Quarter 2013 Financial Results
Revenue breakdown


Three Months Ended


Jun 30, 2013

RMB'000

% of

Revenue

Jun 30, 2012

RMB'000

% of

Revenue

Second Quarter

YoY Growth

Footwear

158,855

45.3%

273,340

48.7%

(41.9)%

Apparel

184,540

52.6%

277,219

49.3%

(33.4)%

Accessories

7,432

2.1%

11,408

2.0%

(34.8)%

Total

350,827

100.0%

561,967

100.0%

(37.6)%




Six Months Ended


Jun 30, 2013

RMB'000

% of

Revenue

Jun 30, 2012

RMB'000

% of

Revenue

YTD

YoY Growth

Footwear

302,431

46.4%

704,885

48.4%

(57.1)%

Apparel

337,130

51.7%

731,133

50.2%

(53.9)%

Accessories

12,386

1.9%

20,506

1.4%

(39.6)%

Total

651,947

100.0%

1,456,524

100.0%

(55.2)%







Revenue. The global macroeconomic environment remained uncertain throughout the second quarter of 2013, which had an adverse impact on the Chinese economy and sportswear industry. In addition, initial forecasts for sports product demand in preceding years have proved to be overly optimistic, leading to a build-up of inventory levels industry-wide. In response, most sportswear brands have aggressively cleared their excess inventory during the period. In anticipation of the impact that market headwinds would have on the Chinese sportswear industry for the second quarter of 2013, we continued to carry out a number of strategic initiatives throughout the second quarter of 2013 to maintain our competitive position and, pricing power and to manage inventory levels and the efficiency of our distribution network. Among others, we continued to engage our distributors and authorized third party retailers to manage the level of wholesale orders placed with us to prevent an inventory build-up at our distributors due to weaker consumer demand. As a result, revenue for the second quarter of 2013 was RMB350.8 million (US$57.2 million), a 16.5% increase from RMB301.1 million for the preceding quarter due to the improvement of stock channeling. Such revenue, however, reflected a 37.6% decrease from RMB562.0 million for the second quarter ended June 30, 2012. The year-over-year decrease in revenue was primarily due to a decrease in the sales of products to our distributors.

  • Footwear. Footwear accounted for 45.3% of revenue for the second quarter ended June 30, 2013. Footwear principally includes running footwear, leisure footwear, basketball footwear, skateboarding footwear, outdoor footwear, vintage footwear and cross-training footwear. A portion of our footwear production is outsourced.

Revenue from footwear was RMB158.9 million (US$25.9 million) for the second quarter ended June 30, 2013, representing a decrease of 41.9% from RMB273.3 million for the second quarter ended June 30, 2012. The year-over-year decrease in revenue was primarily due to a decrease in sales volume and decrease in our footwear Average Selling Price ("ASP"). The sales volume and ASP in the second quarter of 2013 decreased by 35.4% and 10.0%, respectively, compared with the same period in 2012. The decrease in ASP was attributable to the introduction of a range of lower priced footwear products to target the mass market and to better align with customer preferences. In contrast to the year-over-year trend, revenue from footwear for this quarter represented an increase of 10.7% from RMB143.6 million for the preceding quarter.

  • Apparel. Sports apparel accounted for 52.6% of revenue for the second quarter ended June 30, 2013. Sports apparel principally includes sports tops, sports pants, jackets and track suits. Our apparel production is entirely outsourced.

Revenue from apparel was RMB184.5 million (US$30.1 million) for the second quarter ended June 30, 2013, representing a decrease of 33.4% from RMB277.2 million for the second quarter ended June 30, 2012. This decrease was primarily due to a 30.4% decrease in sales volume and a 4.3% decrease in the ASP year-over-year for the second quarter ended June 30, 2013. The decrease in ASP was mainly due to the increase in the sales volume of lower priced spring/summer collection apparel as a percentage of total apparel sales volume. For the second quarter ended June 30, 2013, lower priced spring/summer collection apparel accounted for 89.0% of the total apparel sales volume, compared with 64.9% for the second quarter ended June 30, 2012. In contrast to the year-over-year trend, revenue from apparel for this quarter represented an increase of 20.9% from RMB152.6 million for the preceding quarter.

  • Accessories. Revenue from accessories was RMB7.4 million (US$1.2 million) for the second quarter ended June 30, 2013, representing a decrease of 34.8%, from RMB11.4 million for the second quarter ended June 30, 2012. This decrease was primarily driven by the decline in the sales of most sportswear accessories. Sport accessories principally include sports caps, sports socks, bags and backpacks. Our accessories production is entirely outsourced. In contrast with the year-over-year trend, revenue from accessories for this quarter represented an increase of 48.0% from RMB5.0 million for the preceding quarter.

Gross profit and Gross profit margin. Gross profit for the second quarter ended June 30, 2013 was RMB95.9 million (US$15.6 million), representing a decrease of 40.8% from RMB162.0 million for the second quarter ended June 30, 2012. Gross margin was 27.3% for the second quarter ended June 30, 2013, compared to 28.8% for the second quarter ended June 30, 2012. Since we manufactured and sold a larger portion of lower priced footwear and apparel products in this quarter to target the mass market and to better align with customer preferences, ASP and production cost decreased accordingly. However, the rate of decrease in ASP exceeded the rate of decrease in production cost in the quarter ended June 30, 2013, leading to a decrease in gross profit margin. We will continue our efforts to maintain our gross profit margin by balancing product pricing and material cost moving forward. In contrast to the year-over-year trend, gross profit for this quarter represented an increase of 21.7% from RMB78.8 million for the preceding quarter, and the gross profit margin of 27.3% for this quarter represented an increase from 26.2% for the preceding quarter. The increase in gross profit margin was primarily due to the increased proportion of footwear produced in-house relative to the overall footwear production.

Other income and gains. Other income and gains decreased by 33.3% from RMB5.1 million for the second quarter ended June 30, 2012 to RMB3.4 million (US$0.6 million) for the second quarter ended June 30, 2013. The decrease in other income and gains for the second quarter ended June 30, 2013 was mainly attributable to a decrease in interest income derived from short-term time deposits, with an average outstanding balance of RMB400.0 million (US$65.2 million) in the second quarter of 2013, bearing interest of 2.85% per annum. The decrease in interest income was primarily due to a decrease in the average interest rate for our short-term time deposits.

Operating expenses. Total operating expenses for the second quarter ended June 30, 2013 were RMB76.7 million (US$12.5 million), a decrease of approximately 41.7% from RMB131.6 million for the same period in 2012. The decrease was primarily attributable to the decrease in selling and distribution costs resulting from a decrease in selling activities.

Selling and distribution costs. Selling and distribution costs decreased by 46.7%, from RMB101.1 million for the second quarter ended June 30, 2012 to RMB53.9 million (US$8.8 million) for the second quarter ended June 30, 2013. The decrease was mainly due to the decrease in advertising and promotional expenses, which decreased from RMB95.9 million for the second quarter ended June 30, 2012 to RMB50.6 million (US$8.2 million) for the second quarter ended June 30, 2013. Such decrease primarily reflected the fact that fewer new Xidelong retail selling locations were opened and fewer existing Xidelong retail selling locations were renovated during the second quarter of 2013. During the second quarter of 2013, only 188 existing Xidelong retail selling locations were renovated, certain of which received renovation subsidies from us in the form of standardized promotional materials and display equipment. In contrast, 60 new Xidelong retail selling locations were opened and 333 existing Xidelong retail selling locations were renovated in the second quarter of 2012. In 2013, our advertising and promotional activities will continue to focus on events relating to the Nationwide "Fitness for All" Sports Campaign organized by General Administration of Sport of China, the government agency responsible for sports in China.

Administrative expenses. Administrative expenses decreased by 30.2%, from RMB17.2 million for the second quarter ended June 30, 2012 to RMB12.0 million (US$2.0 million) for the second quarter ended June 30, 2013. The decrease was primarily due to decreases in miscellaneous taxes, including UMC Tax, Educational Surcharge, Local Educational Surcharge, etc., from RMB2.5 million for the second quarter ended June 30, 2012 to RMB1.5 million (US$0.2 million) for the second quarter ended June 30, 2013, mainly attributable to the decline in revenue. Professional and consultancy fees decreased from RMB3.9 million for the second quarter ended June 30, 2012 to RMB1.0 million (US$0.2 million) for the second quarter ended June 30, 2013. The Company continued its efforts to control costs and thus requested less professional and consulting service from its service providers.

Research and development expenses. Research and development expenses decreased by 18.8%, from RMB13.3 million for the second quarter ended June 30, 2012 to RMB10.8 million (US$1.8 million) for the second quarter ended June 30, 2013, primarily due to our improved efforts to increase the efficiency of our research and development activities and the effect of our cost-cutting initiatives.

Finance costs. Finance costs increased by 200.0%, from RMB0.2 million for the second quarter ended June 30, 2012 to RMB0.6 million(US$90,000) for the second quarter ended June 30, 2013, primarily due to a loan, with an interest bearing at 7% per annum and repayable on May 31, 2015, of HKD60.0 million (RMB47.5 million), which we obtained from a shareholder of the Company in June 2013. The Hong Kong dollar loan was necessary as most of our cash was denominated in RMB, and we needed HKD funding to pay up the registered capital of our new subsidiary in Jiangxi, China.

Profit before tax. As a result of the foregoing, profit before tax decreased by 37.7%, from RMB35.3 million for the second quarter ended June 30, 2012 to RMB22.0 million (US$3.6 million) for the second quarter ended June 30, 2013.

Tax. Tax expenses increased from RMB5.3 million for the second quarter ended June 30, 2012 to RMB6.4 million (US$1.0 million) for the second quarter ended June 30, 2013 due to the increase in the applicable PRC income tax rate. Xidelong (China) Co. Ltd., our principal PRC subsidiary, was entitled to a 50% reduction in the PRC corporate income tax until December 31, 2012, after which it is subject to the standard tax rate of 25%. The effective tax rate for the second quarters ended June 30, 2012 and 2013 was 15.1% and 29.2%, respectively.

Profit. As a result of the above factors, profit for the second quarter ended June 30, 2013 was RMB15.6 million (US$2.5 million), representing a decrease of 48.0% from RMB30.0 million for the second quarter ended June 30, 2012.

Balance Sheet

Inventory. The average inventory turnover days for the second quarters ended June 30, 2013 and 2012 were 4 days and 7 days, respectively. Such decrease was mainly due to improvements on our production planning, procurement control and logistics management.

Trade receivables. The average trade receivables turnover days for the second quarters ended June 30, 2013 and 2012 were 211 days and 157 days, respectively. The unfavourable market conditions have lengthened the time required for our distributors to settle their invoices. We have been closely monitoring trade receivables balances that are overdue by 30 days or more by taking into account, among others, the ability and intent of the distributor to settle the balance. We, however, will not make any provision for the overdue balance if (1) we have ongoing trading with the distributor; (2) we receive payments on other invoices from the distributor; and (3) we have no dispute on the amount overdue with the distributor.

Trade payables. The average trade payables turnover days for the second quarters ended June 30, 2013 and 2012 were 17 days and 32 days, respectively. Average trade payables turnover days decreased as a result of our decision to take advantage of the bulk purchase discounts offered by suppliers and manufacturers in exchange for a quicker payment for raw materials and finished products.

Cash and cash equivalents. Cash and cash equivalents increased to RMB874.9 million (US$142.6 million) as of June 30, 2013 from RMB637.2 million as of December 31, 2012, primarily as a result of cash inflow from operating activities of RMB308.2 million (US$50.2 million) during the six months ended June 30, 2013.

Cash Flow

Cash outflow from operating activities was RMB43.4 million (US$7.1 million) for the second quarter ended June 30, 2013, which was primarily caused by an increase in trade receivables of RMB46.0 million (US$7.5 million) during the second quarter ended June 30, 2013.

Cash outflow from investing activities was RMB108.3 million (US$17.6 million) for the second quarter ended June 30, 2013, which was primarily caused by an increase in construction-in-progress in Jiangxi and Fujian Province of RMB111.7 million (US$18.2 million) during the second quarter ended June 30, 2013.

Cash inflow from financing activities was RMB47.5 million (US$7.7 million) for the second quarter ended June 30, 2013, which was primarily due to a loan, with an interest bearing at 7% per annum and repayable on May 31, 2015, of HKD60.0 million (RMB47.5 million), which we obtained from a shareholder of the Company during the second quarter ended June 30, 2013.

Business Highlights and Outlook

  • There were 4,202 Xidelong retail selling locations as of June 30, 2013. During the second quarter of 2013, there was a net decrease of 494 locations as compared with the number of locations as of March 31, 2013. During the six months ended as of June 30, 2013, there was a net decrease of 707 locations as compared with the number of locations as of December 31, 2012. The net decrease of retail selling locations was caused by the closure of the relatively small and inefficient retail selling locations. Our retail selling locations are operated either by our distributors or by authorized third party retailers.
  • The Company will continue to sponsor the "Fitness for All" program in 2013. On June 8, 2013, the launching ceremony was held in Beijing with the support by the General Administration of Sport of China and China Sports Publications Corporations. The theme of the event is "Fitness moves, Happy Chinese joins". It brings the message of actively promoting scientific fitness and happy life philosophy through a variety of fitness activities.
  • On June 28, 2013, "Fitness for All" program was launched in Xiamen where the "Zumba cum Carnival Night" event was held. Olympic weightlifting champion, Zhang Xiangxiang, together with professional fitness coaches, led thousands of people in a lively fitness carnival night.
  • In July 2013, Fujian Business Association announced that Xidelong (China) Co. Ltd., our principal PRC subsidiary, was one of the 2012 top 50 enterprises in Fujian Province.

About Exceed Company Ltd.

Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in second and third-tier cities in China. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on Nasdaq under the symbol "EDS".

Safe Harbor Statement

This announcement contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. All statements other than statements of historical fact in this form are forward-looking statements. These forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "estimate", "plan", "believe", "is/are likely to" or other similar expressions.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, we cannot assure you that our expectations will turn out to be correct. Our actual results could be materially different from and worse than our expectations. A number of factors could cause actual results to differ materially from those contained in these forward-looking statements, including but not limited to changes in our goals and strategies, our ability to control costs and expenses, success of our products, competition in the sportswear industry in China, and changes in PRC government preferential tax treatment and financial incentives. The forward-looking statements made in this announcement relate only to events or information as of the date on which this announcement is published. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date this announcement is published or to reflect the occurrence of unanticipated events.

Contacts:

Investor Relations

Exceed Company Ltd.

Vivien Tai

+852 2153-2771

ir@xdlong.cn

-- FINANCIAL TABLES TO FOLLOW --

EXCEED COMPANY LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME






Three months ended June 30


Six months ended June 30


(in thousands except for share and per share data)


2013


2013


2012


2013


2012


US$'000


RMB'000


RMB'000


RMB'000


RMB'000


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)











Revenue

57,162


350,827


561,967


651,947


1,456,524











Cost of sales

(41,536)


(254,926)


(399,950)


(477,233)


(1,034,691)











Gross profit

15,626


95,901


162,017


174,714


421,833











Other income and gains

551


3,383


5,051


6,587


8,888

Selling and distribution costs

(8,779)


(53,880)


(101,066)


(98,370)


(186,776)

Administrative expenses

(1,954)


(11,995)


(17,202)


(25,065)


(36,953)

Research and development expenses

(1,762)


(10,814)


(13,347)


(20,219)


(24,245)











OPERATING PROFIT

3,682


22,595


35,453


37,647


182,747











Finance costs

(90)


(550)


(168)


(882)


(219)











PROFIT BEFORE TAX

3,592


22,045


35,285


36,765


182,528











Tax

(1,048)


(6,434)


(5,315)


(11,266)


(24,574)











PROFIT FOR THE PERIOD
ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY

2,544


15,611


29,970


25,499


157,954











EARNING PER SHARE










Net profit per share










Basic

0.08


0.47


0.91


0.77


4.79

Diluted

0.08


0.47


0.91


0.77


4.79











Weighted average number of shares
outstanding










Basic

33,051,704


33,051,704


32,963,562


33,045,506


32,989,249

Diluted

33,051,885


33,051,885


32,963,570


33,045,909


32,991,144


 

EXCEED COMPANY LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION










As of



As of June 30


December 31



2013


2013


2012



US$'000


RMB'000


RMB'000



(Unaudited)


(Unaudited)










NON-CURRENT ASSETS







Property, plant and equipment


72,072


442,336


330,914

Prepaid land lease payments


4,355


26,729


27,103

Deposit paid for acquisition of land use rights


24,438


149,986


149,986

Total non-current assets


100,865


619,051


508,003








CURRENT ASSETS







Inventories


2,323


14,260


11,655

Trade receivables


136,146


835,580


1,084,535

Prepayments, deposits and other receivables


5,966


36,609


24,396

Cash and cash equivalents


142,556


874,922


637,184

Total current assets


286,991


1,761,371


1,757,770








CURRENT LIABILITIES







Trade and bills payables


8,180


50,205


8,831

Deposits received, other payables and accruals


10,874


66,736


61,681

Interest-bearing bank borrowings


3,259


20,000


30,000

Tax payable


1,046


6,421


2,357

Total current liabilities


23,359


143,362


102,869








NET CURRENT ASSETS


263,632


1,618,009


1,654,901








TOTAL ASSETS LESS CURRENT LIABILITIES


364,497


2,237,060


2,162,904








NON-CURRENT LIABILITIES







Loan from a shareholder


7,733


47,461


-

Total non-current liabilities


7,733


47,461


-








Net assets


356,764


2,189,599


2,162,904








STOCKHOLDER'S EQUITY







Issued share capital


4


23


23

Treasury shares


(2,590)


(15,898)


(15,898)

Retained profits


277,160


1,701,039


1,678,920

Reserves


82,190


504,435


499,859








Total equity


356,764


2,189,599


2,162,904

 

EXCEED COMPANY LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS








Three months ended June 30


Six months
ended June 30



2013


2013


2012


2013



US$'000


RMB'000


RMB'000


RMB'000



(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)










Net cash inflow/(outflow) from operating activities


(7,075)


(43,433)


(243,265)


308,211

Net cash outflow from investing activities


(17,647)


(108,309)


(5,977)


(107,566)

Net cash inflow/(outflow) from financing activities


7,733


47,461


(211)


37,461

Effect of exchange rate changes


(56)


(330)


421


(368)

Net increase/(decrease) in cash and cash equivalents


(17,045)


(104,611)


(249,032)


237,738

Cash and cash equivalents at beginning of the period


159,601


979,533


1,050,062


637,184

Cash and cash equivalents at end of the period


142,556


874,922


801,030


874,922











SOURCE Exceed Company Ltd.

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Morningstar - 2013/8/14 - Exceed Company Ltd. 2013 second quarter financial Results
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