市況簡評

2017年業績簡評 之5

# 0116 周生生,現價 $18.32,2016 FY,銷售 -15.6%,盈利-34.3%,每股盈利 $1.1 -20.0%,市盈率 16.7 倍,派息 $0.43 息率 2.3%,每股現金 $1.42。

Recovering in China

# 0322 康師傅控股,現價 $9.76,2016 FY,銷售 -8.0%,盈利-31.0%,每股盈利 $0.245 -31.0%,市盈率 39.9 倍,派息 $0.122 息率 1.3%,每股現金 $-0.85。

Shall be bottomed

# 0354 中國軟件國際,現價 $4.47,2016 FY,銷售 +32.3%,盈利+57.9%,每股盈利 $0.221 +91.0%,市盈率 20.2 倍,派息 $0.0136 息率 0.3%,每股現金 $0.18。

not many remain profitable in the sector, due to competitive environment and staff cost increase, this is one of the exception

# 0468 紛美包裝,現價 $3.89,2016 FY,銷售 -2.2%,盈利+5.4%,每股盈利 $0.282 +6.1%,市盈率 13.8 倍,派息 $0.23 息率 5.9%,每股現金 $0.53。

a bit boring

# 0512 遠大醫藥,現價 $1.91,2016 FY,銷售 +13.9%,盈利+48.8%,每股盈利 $0.131 +41.6%,市盈率 14.6 倍,不派息,每股現金 $-0.96。

no comment

# 0609 天德化工,現價 $1.95,2016 FY,銷售 +12.6%,盈利+27.4%,每股盈利 $0.281 +24.2%,市盈率 6.9 倍,派息 $0.12 息率 6.2%,每股現金 $0.20。

seems a very good small cap, management give +ve guidance

# 0819 天能動力,現價 $7.06,2016 FY,銷售 +20.7%,盈利+40.5%,每股盈利 $0.856 +38.1%,市盈率 8.3 倍,派息 $0.256 息率 3.6%,每股現金 $1.16。

reduce dividend, market a bit disappointing

# 0822 嘉瑞國際,現價 $0.58,2016 FY,銷售 +13.2%,每股盈利 $0.0843,市盈率 6.9 倍,派息 $0.02 息率 3.4%,每股現金 $-0.30。

finally recovering but market confidence is still low

# 0951 超威動力,現價 $5.20,2016 FY,銷售 +13.7%,盈利+51.9%,每股盈利 $0.546 +48.1%,市盈率 9.5 倍,派息 $0.0768 息率 1.5%,每股現金 $-2.75。

poor 2H result and reducing dividend.

# 0981 中芯國際,現價 $9.62,2016 FY,銷售 +30.3%,盈利+48.6%,每股盈利 $0.686,市盈率 14.0 倍,不派息。

inline but analyst sing bad, china policy hope

# 1112 合生元,現價 $25.85,2016 FY,銷售 +35.0%,盈利+280.7%,每股盈利 $1.53 +229.9%,市盈率 16.9 倍,不派息,每股現金 $-8.25。

strong 2H, more debt due to M&A. margin very high while peers all dead.

# 1126 德林國際,現價 $2.67,2016 FY,銷售 +18.6%,盈利+96.0%,每股盈利 $0.437 +96.0%,市盈率 6.1 倍,派息 $0.04 息率 1.5%,每股現金 $0.63。

strong 2H but biz not very stable usually. but almost the last one in the sector making profit.

# 1136 台泥國際集團,現價 $2.46,2016 FY,銷售 +4.6%,每股盈利 $0.031,市盈率 79.4 倍,派息 $0.01 息率 0.4%。

market still hope for another privatization

# 1599 城建設計,現價 $4.87,2016 FY,銷售 +27.0%,盈利+18.7%,每股盈利 $0.419 +18.7%,市盈率 11.6 倍,派息 $0.113 息率 2.3%,每股現金 $0.68。

good result, cash level lowered due to PPP investment, good MTR proxy play

# 1610 中糧肉食,現價 $1.88,2016 FY,銷售 +0.0%,每股盈利 $0.258,市盈率 7.3 倍,不派息,每股現金 $-0.29。

don’t know how to comment

# 1617 南方通信,現價 $1.92,2016 FY,銷售 +31.6%,盈利+38.6%,每股盈利 $0.121 +65.7%,市盈率 15.9 倍,派息 $0.027 息率 1.4%,每股現金 $0.44。

….

# 1799 新特能源,現價 $6.70,2016 FY,銷售 +27.1%,盈利+30.9%,每股盈利 $0.867 +28.5%,市盈率 7.7 倍,派息 $0.136 息率 2.0%,每股現金 $-7.39。

quite stable in number but increasing debts for working capital, not a solid play

# 1866 中國心連心化肥,現價 $2.27,2017 Q1 est,盈利+80.0%,每股盈利 $0.071,市盈率 8.0 倍,不派息。

recovering in Q1

# 2120 康寧醫院,現價 $36.55,2016 FY,銷售 +21.0%,盈利+23.0%,每股盈利 $1.06,市盈率 34.4 倍,派息 $0.282 息率 0.8%。

not cheap as usual

# 2298 都市麗人,現價 $2.33,2016 FY,銷售 -8.9%,盈利-55.2%,每股盈利 $0.143 -55.2%,市盈率 16.2 倍,派息 $0.0621 息率 2.7%,每股現金 $0.37。

real OT feel

# 2313 申洲國際,現價 $49.05,2016 FY,銷售 +19.5%,盈利+25.2%,每股盈利 $2.38 +25.2%,市盈率 20.6 倍,派息 $1.55 息率 3.2%,每股現金 $4.38。

super company, but a bit expensive

# 2588 中銀航空租賃,現價 $41.45,2016 FY,銷售 +9.4%,盈利+21.8%,每股盈利 $4.98 +10.4%,市盈率 8.3 倍,派息 $1.4 息率 3.4%,每股現金 $-92.18。

hard to understand

# 3337 安東油田服務,現價 $0.92,2016 FY,銷售 -11.8%,每股盈利 $-0.0814,市盈率 -11.3 倍,不派息,每股現金 $-0.85。

bottom ?…

# 3969 中國通號,現價 $6.26,2016 FY,銷售 +22.8%,盈利+22.2%,每股盈利 $0.392 +7.2%,市盈率 16.0 倍,派息 $0.113 息率 1.8%,每股現金 $1.89。

strong result, good MTR proxy

# 6833 興科蓉醫藥,現價 $0.55,2016 FY,銷售 -21.6%,盈利-72.2%,每股盈利 $0.0254 -48.2%,市盈率 21.6 倍,不派息,每股現金 $0.07。

wa

# 6836 天韻國際控股,現價 $0.73,2016 FY,銷售 +18.0%,盈利+32.9%,每股盈利 $0.146 +16.3%,市盈率 5.0 倍,派息 $0.041 息率 5.6%,每股現金 $0.14。

seems difficult to gain market trust

# 6865 福萊特玻璃,現價 $1.75,2016 FY,銷售 +1.3%,盈利+39.7%,每股盈利 $0.38 +39.7%,市盈率 4.6 倍,派息 $0.106 息率 6.1%,每股現金 $0.28。

family biz

# 8361 中國育兒網絡,現價 $2.46,2016 Q3,銷售 +11.0%,盈利+28.9%,每股盈利 $0.036 +9.6%,市盈率 51.3 倍,不派息。

expensive .

# 0047 合興集團,現價 $0.21,2016 FY,銷售 +2.0%,盈利+89.4%,每股盈利 $0.0126 +91.3%,市盈率 16.6 倍,派息 $0.0062 息率 3.0%,每股現金 $0.05。

+ve tax policy still not full reflected

# 0229 利民實業,現價 $1.10,2016 FY,銷售 +3.1%,盈利+40.4%,每股盈利 $0.107 +39.3%,市盈率 10.3 倍,派息 $0.08 息率 7.3%,每股現金 $0.53。

turnaround

# 0285 比亞迪電子,現價 $10.80,2016 FY,銷售 +25.4%,盈利+35.8%,每股盈利 $0.619 +35.8%,市盈率 17.5 倍,派息 $0.078 息率 1.4%,每股現金 $1.61。

strong result, but pretty abnormal price movement on friday.

# 0319 勤美達國際,現價 $2.44,2016 FY,銷售 -2.1%,盈利+6.2%,每股盈利 $0.329 +7.0%,市盈率 7.4 倍,派息 $0.219 息率 9.0%,每股現金 $0.01。

no sp div, average outlook

# 0357 航基股份,現價 $6.89,2016 FY,銷售 +13.7%,盈利-10.4%,每股盈利 $0.938 -10.4%,市盈率 7.3 倍,派息 $0.189 息率 2.7%,每股現金 $-2.17。

unbelievable

# 0489 東風集團股份,現價 $8.73,2016 FY,銷售 -3.3%,盈利+15.6%,每股盈利 $1.75 +15.6%,市盈率 5.0 倍,派息 $0.26 息率 3.0%,每股現金 $2.86。

forever cheap

# 0520 呷哺呷哺,現價 $5.81,2016 FY,銷售 +13.8%,盈利+39.7%,每股盈利 $0.392 +40.2%,市盈率 14.8 倍,派息 $0.156 息率 2.7%,每股現金 $1.63。

strong result, +ve tax policy still not fully reflected

# 0579 京能清潔能源,現價 $2.37,2016 FY,銷售 +2.0%,盈利+2.4%,每股盈利 $0.322 +2.4%,市盈率 7.4 倍,派息 $0.0836 息率 3.5%,每股現金 $-2.80。

… cheap but no growth

# 0733 合富輝煌,現價 $2.39,2016 FY,銷售 +43.7%,盈利+35.3%,每股盈利 $0.451 +67.2%,市盈率 5.3 倍,派息 $0.12 息率 5.0%,每股現金 $2.24。

… looks cheap enough

# 0826 天工國際,現價 $0.87,2016 FY,銷售 -1.6%,盈利+52.3%,每股盈利 $0.0563 +52.3%,市盈率 15.5 倍,派息 $0.0113 息率 1.3%,每股現金 $-0.87。

guts

# 0906 中糧包裝,現價 $4.58,2016 FY,銷售 +2.3%,盈利+4.0%,每股盈利 $0.316 -1.5%,市盈率 14.5 倍,派息 $0.142 息率 3.1%,每股現金 $-1.46。

increasing dividend  … just because of the employee investment program … wtf

# 0958 華能新能源,現價 $2.69,2016 FY,銷售 +25.6%,盈利+43.0%,每股盈利 $0.309 +43.0%,市盈率 8.7 倍,派息 $0.0463 息率 1.7%,每股現金 $-6.28。

increasing debt, forever trapped until placement done

# 1100 飛達控股,現價 $1.60,2016 FY,銷售 -0.1%,盈利+36.2%,每股盈利 $0.179 +36.0%,市盈率 8.9 倍,派息 $0.05 息率 3.1%,每股現金 $0.49。

hard to predict

# 1110 金活醫藥集團,現價 $1.29,2016 FY,銷售 +47.7%,盈利+50.5%,每股盈利 $0.0816 +58.4%,市盈率 15.8 倍,派息 $0.0295 息率 2.3%,每股現金 $0.03。

not much real growth in pass several years

# 1133 哈爾濱電氣,現價 $4.48,2016 FY,銷售 +23.1%,盈利+110.6%,每股盈利 $0.339 +110.6%,市盈率 13.2 倍,派息 $0.0339 息率 0.8%,每股現金 $10.38。

peers all die ….

# 1193 華潤燃氣,現價 $27.50,2016 FY,銷售 +0.3%,盈利+15.9%,每股盈利 $1.51 +15.9%,市盈率 18.2 倍,派息 $0.45 息率 1.6%,每股現金 $-1.23。

… complicated

# 1199 中遠海運港口,現價 $8.58,2016 FY,銷售 +1.1%,每股盈利 $0.643 -43.1%,市盈率 13.3 倍,派息 $0.258 息率 3.0%,每股現金 $-1.46。

average

# 1203 廣南(集團),現價 $1.15,2016 FY,銷售 -9.4%,盈利+63.7%,每股盈利 $0.11 +1.9%,市盈率 10.4 倍,派息 $0.04 息率 3.5%,每股現金 $1.24。

boss too cheap, hold too much cash forever

# 1211 比亞迪股份,現價 $43.10,2016 FY,銷售 +30.0%,盈利+67.0%,每股盈利 $2.11,市盈率 20.4 倍,派息 $0.206 息率 0.5%。

policy …

# 1292 長安民生物流,現價 $6.00,2016 FY,銷售 +12.7%,盈利-52.5%,每股盈利 $0.788 -52.5%,市盈率 7.6 倍,派息 $0.113 息率 1.9%,每股現金 $8.15。

too much cash, forever declining in margin

# 1347 華虹半導體,現價 $10.90,2016 FY,銷售 +11.0%,盈利+14.5%,每股盈利 $0.966 +14.5%,市盈率 11.3 倍,派息 $0.3 息率 2.8%,每股現金 $4.31。

low end but fast growing

# 1575 慕容控股,現價 $1.68,2016 FY,銷售 +1.6%,盈利-2.9%,每股盈利 $0.11 +26.8%,市盈率 15.3 倍,派息 $0.105 息率 6.3%,每股現金 $0.02。

… new model to cheat money ? anyway, sector too many OT

# 1579 頤海國際,現價 $3.35,2016 FY,銷售 +28.4%,盈利+49.9%,每股盈利 $0.232 +66.8%,市盈率 14.5 倍,派息 $0.0403 息率 1.2%,每股現金 $1.10。

??

# 1661 智美體育,現價 $1.84,2016 FY,銷售 -29.4%,盈利+83.8%,每股盈利 $0.0614 +58.9%,市盈率 30.0 倍,不派息,每股現金 $0.41。

gelong stock… very bad number indeed

# 2196 復星醫藥,現價 $28.60,2016 FY,銷售 +16.0%,盈利+14.1%,每股盈利 $1.07 +37.0%,市盈率 26.6 倍,派息 $0.396 息率 1.4%,每股現金 $-1.79。

fair valuation

# 2317 味丹國際,現價 $0.98,2016 FY,銷售 -0.1%,盈利+86.0%,每股盈利 $0.115 +86.0%,市盈率 8.5 倍,派息 $0.115 息率 11.7%,每股現金 $0.26。

no idea

# 2666 環球醫療,現價 $7.05,2016 FY,銷售 +23.1%,盈利+32.5%,每股盈利 $0.574 +32.5%,市盈率 12.3 倍,派息 $0.17 息率 2.4%,每股現金 $1.27。

hospital concept but too many blowing

# 3339 中國龍工,現價 $2.35,2016 FY,銷售 +6.6%,盈利+296.2%,每股盈利 $0.122 +296.2%,市盈率 19.3 倍,派息 $0.062 息率 2.6%,每股現金 $0.54。

… hmm… sector seems only this profitable

# 3669 永達汽車,現價 $7.29,2016 FY,銷售 +20.7%,盈利+62.3%,每股盈利 $0.65 +62.3%,市盈率 11.2 倍,派息 $0.19 息率 2.6%,每股現金 $-3.40。

strong result, outlook positive but rised quite a bit

# 0144 招商局港口,現價 $22.75,2016 FY,銷售 -3.1%,每股盈利 $1.45 +2.7%,市盈率 15.7 倍,派息 $0.87 息率 3.8%,每股現金 $-2.93。

not a bad result and potential recovering of valuation

# 0157 自然美,現價 $0.87,2016 FY,銷售 -6.3%,盈利+8.5%,每股盈利 $0.0741 +8.5%,市盈率 11.7 倍,派息 $0.124 息率 14.2%,每股現金 $0.22。

good value to wait for recovering

# 0258 湯臣集團,現價 $3.89,2016 FY,銷售 +51.4%,盈利+64.1%,每股盈利 $0.361 +54.4%,市盈率 10.8 倍,派息 $0.43 息率 11.1%,每股現金 $11.02。

good discount and yield play for prc properry

# 0270 粵海投資,現價 $11.08,2016 FY,銷售 +14.1%,盈利+7.9%,每股盈利 $0.659 +8.3%,市盈率 16.8 倍,派息 $0.42 息率 3.8%,每股現金 $3.29。

good defensive

# 0460 四環醫藥,現價 $2.95,2016 FY,銷售 +0.6%,盈利-17.2%,每股盈利 $0.19 -15.4%,市盈率 15.5 倍,派息 $0.105 息率 3.6%,每股現金 $0.59。

recovering, guts.

# 0696 中國民航信息網絡,現價 $18.36,2016 FY,銷售 +13.7%,盈利+26.5%,每股盈利 $0.935 +26.5%,市盈率 19.6 倍,派息 $0.251 息率 1.4%,每股現金 $2.98。

very much protected

# 0750 興業太陽能,現價 $3.50,2016 FY,銷售 +25.3%,盈利+41.0%,每股盈利 $0.689 +88.8%,市盈率 5.1 倍,派息 $0.07 息率 2.0%,每股現金 $-3.90。

keep increasing debt and working capital

# 0921 海信科龍,現價 $11.40,2016 FY,銷售 +13.0%,盈利+86.0%,每股盈利 $0.904,市盈率 12.6 倍,派息 $0.339 息率 3.0%。

prefer A share peers/sector relatives

# 1006 長壽花食品,現價 $4.00,2016 FY,銷售 +15.3%,盈利+24.9%,每股盈利 $0.519 +24.9%,市盈率 7.7 倍,派息 $0.1 息率 2.5%,每股現金 $1.66。

… improving biz, but not much attention from market

# 1181 唐宮中國,現價 $2.84,2016 FY,銷售 +14.7%,盈利+107.9%,每股盈利 $0.269 +106.6%,市盈率 10.5 倍,派息 $0.27 息率 9.5%,每股現金 $1.26。

+tax policy not fully reflected, quality company

# 1184 時捷集團,現價 $1.99,2016 FY,銷售 -8.2%,盈利+150.6%,每股盈利 $0.221 +49.8%,市盈率 9.0 倍,派息 $0.15 息率 7.5%,每股現金 $-1.76。

strong 2H

# 2005 石四藥集團,現價 $3.09,2016 FY,銷售 +6.3%,盈利+21.4%,每股盈利 $0.173 +25.0%,市盈率 17.9 倍,派息 $0.08 息率 2.6%,每股現金 $-0.39。

recovering … and catching up after result

# 2319 蒙牛乳業,現價 $16.10,2016 FY,銷售 +9.7%,每股盈利 $0.4 -41.9%,市盈率 40.3 倍,派息 $0.101 息率 0.6%,每股現金 $0.94。

shall be better this year, historically execution was too bad.

# 2338 濰柴動力,現價 $13.72,2016 FY,銷售 +25.6%,盈利+72.9%,每股盈利 $0.69 +72.9%,市盈率 19.9 倍,派息 $0.282 息率 2.1%,每股現金 $-4.47。

2H strong recovery with sector

# 2341 中怡精細化工,現價 $1.69,2016 FY,銷售 +6.0%,盈利+70.0%,每股盈利 $0.253,市盈率 6.7 倍,派息 $0.048 息率 2.8%。

# 3983 中海石油化學,現價 $2.50,2016 FY,銷售 -20.3%,每股盈利 $-0.0528,市盈率 -47.4 倍,派息 $0.0565 息率 2.3%,每股現金 $0.81。
all expect a strong recovery this year as commodities price increased a lot

# 0371 北控水務集團,現價 $5.76,2016 FY,銷售 +28.5%,盈利+31.4%,每股盈利 $0.338 +29.1%,市盈率 17.1 倍,派息 $0.119 息率 2.1%,每股現金 $-2.38。

# 0552 中國通信服務,現價 $5.09,2016 FY,銷售 +9.3%,盈利+8.7%,每股盈利 $0.414 +8.7%,市盈率 12.3 倍,派息 $0.149 息率 2.9%,每股現金 $2.72。

cash flow improving, lead the big 3 since 2016 May:

market start worried capex reduction this year.

# 0560 珠江船務,現價 $1.98,2016 FY,銷售 -5.0%,盈利+21.4%,每股盈利 $0.298 +13.5%,市盈率 6.6 倍,派息 $0.09 息率 4.5%,每股現金 $0.48。

biz improving steadily and traded at historical low range

# 0573 稻香控股,現價 $2.24,2016 FY,銷售 -5.7%,盈利+3.8%,每股盈利 $0.175 +4.2%,市盈率 12.8 倍,派息 $0.16 息率 7.1%,每股現金 $0.33。

not much growth, will become an utility stock

# 0934 中石化冠德,現價 $4.22,2016 FY,銷售 -13.6%,盈利-2.1%,每股盈利 $0.404 -2.1%,市盈率 10.4 倍,派息 $0.07 息率 1.7%,每股現金 $-2.11。

relatively cheap compared to peers but affected more by policy

# 1128 永利澳門,現價 $15.82,2016 FY,銷售 +15.7%,盈利-40.4%,每股盈利 $0.276 -40.4%,市盈率 57.3 倍,派息 $0.42 息率 2.7%,每股現金 $-5.73。

where is the sp div 0.6 ? analysts blowing always wrong. this year shall have good growth

# 1606 國銀租賃,現價 $1.98,2016 FY,銷售 +1.7%,盈利+48.3%,每股盈利 $0.14 +48.3%,市盈率 14.2 倍,派息 $0.0628 息率 3.2%。

1848 looks very much overvalued, while 1606 seems lowest quality.

# 1681 康臣葯業,現價 $4.50,2016 FY,銷售 +47.2%,盈利+23.2%,每股盈利 $0.362 +26.0%,市盈率 12.4 倍,派息 $0.2 息率 4.4%,每股現金 $0.81。

declining valuation …

# 2398 友佳國際,現價 $1.68,2016 FY,銷售 +9.3%,盈利+31.8%,每股盈利 $0.17 +31.8%,市盈率 9.9 倍,不派息,每股現金 $-0.39。

recovering but at the same time cut dividend

# 3808 中國重汽,現價 $5.83,2016 FY,銷售 +16.4%,盈利+158.4%,每股盈利 $0.218 +158.4%,市盈率 26.8 倍,派息 $0.08 息率 1.4%,每股現金 $3.01。

hard to give a proper valuation

# 3828 明輝國際,現價 $1.06,2016 FY,銷售 -0.8%,每股盈利 $0.145 -34.9%,市盈率 7.3 倍,派息 $0.06 息率 5.7%,每股現金 $0.68。

not as attractive affer pushed for sp dividend

# 3993 洛陽鉬業,現價 $2.75,2016 FY,銷售 +65.6%,盈利+31.1%,每股盈利 $0.0668 +18.2%,市盈率 41.2 倍,派息 $0.0396 息率 1.4%,每股現金 $-1.75。

quality company, cobalt play

# 6822 科勁國際,現價 $1.27,2016 FY,銷售 -2.1%,盈利-18.2%,每股盈利 $0.191 -18.2%,市盈率 6.6 倍,派息 $0.12 息率 9.4%,每股現金 $0.60。

very strange company, not welcome analysts

# 8049 吉林長龍藥業,現價 $2.19,2016 FY,銷售 +21.0%,盈利+21.0%,每股盈利 $0.288,市盈率 7.6 倍,不派息。

… recovering, but too little attention

# 0098 興發鋁業,現價 $3.62,2016 FY,銷售 +12.0%,盈利+12.3%,每股盈利 $0.807 +12.3%,市盈率 4.5 倍,不派息,每股現金 $-3.10。

want privatization at this price … ha.

# 0581 中國東方集團,現價 $2.31,2016 FY,銷售 +25.4%,每股盈利 $0.278,市盈率 8.3 倍,派息 $0.15 息率 6.5%,每股現金 $-0.10。

quality company, discounted to peers, shall have more up side

# 1293 寶信汽車,現價 $3.94,2016 FY,銷售 +8.1%,盈利+89.6%,每股盈利 $0.159 +75.1%,市盈率 24.7 倍,不派息,每股現金 $-0.68。

restart engine after merging, strong outlook

# 1858 春立醫療,現價 $12.30,2016 FY,銷售 +17.2%,盈利+67.5%,每股盈利 $1.04 +21.1%,市盈率 11.9 倍,派息 $0.175 息率 1.4%,每股現金 $4.86。

recovering but no covering, discount to peers

本人或其客戶持有上述提及的股票長倉及短倉。

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5 thoughts on “2017年業績簡評 之5

  1. Hi clcheung. I am a long time reader. The results of 1181 were very promising but market reaction seem quite negative. Any idea? Thanks.

    1. My colleague attended the analyst meeting last friday, all asked the same question but no conclusion. Management said Q1 maintain same SSS growth rate, boss will keep a conservative expansion rate.

      1. The only negative I can imagine is the reduction in profit margin due to promotion in 25th anniversary. Also, I noticed that haitong was the major seller in the past few days. Maybe it was just an action of profit taking? Anyway, thanks for your detailed reply. You give me confidence in the results this year. ^^

  2. #822 might be a potential shell stock? as it sold its property to the major shareholder. and some operations are ceased.

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