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Equity Bottom-Up

<ul>
<li>CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company and one of the last great growth opportunities - Asia and Africa.</li>
<li>CIEL operates across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels &amp; Resorts, Finance and Agro.</li>
<li>CIEL’s 9M24 results put CIEL very comfortably ahead of our YE24E forecasts for EBITDA, EAT and EPS.</li>
</ul>


CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company and one of the last great growth opportunities - Asia and Africa.
CIEL operates across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels &amp; Resorts, Finance and Agro.
CIEL’s 9M24 results put CIEL very comfortably ahead of our YE24E forecasts for EBITDA, EAT and EPS.


Ciel Limited (CIEL) Post Results 9M24A 06062024

<ul>
<li>CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company.</li>
<li>In this update we focus on CIEL’s Finance Cluster which in 1H24 accounted for 35.9% of Group (Grp) FCF, 25.8% of Grp EBITDA and 15.5% of Grp revenues.</li>
<li>CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels &amp; Resorts, Agro and Finance.</li>
</ul>


CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company.
In this update we focus on CIEL’s Finance Cluster which in 1H24 accounted for 35.9% of Group (Grp) FCF, 25.8% of Grp EBITDA and 15.5% of Grp revenues.
CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels &amp; Resorts, Agro and Finance.


Ciel Limited (CIEL) Finance Cluster 08042024

Mauritius

China Dongxiang Group Co Ltd retails sportswear apparel products.

Best Pacific International Holdings Limited, through its subsidiaries, provides lingerie materials. The Company manufactures elastic fabrics, webbing and lace.

Best Pacific International Holdings (2111 HK)

Zhejiang Giuseppe Garment Company Limited manufactures and sells business suits, men's and casual wear. The Company's main products include men's and women's suits, trousers, vests, skirts, shirts, jackets, and windbreakers.

MORITO CO., LTD., founded in 1908 is a distributor primarily handling footwear, apparel, and wide-use materials.  The Company designs, manufactures, and distributes products such as apparel accessories, shoes materials, auto interior parts, and camera related products. The company also operates business in Europe, America, China, and Southeast Asia countries.

Sinoer Men's Wear Company Limited designs, manufactures and markets suits, shirts and other apparel products. The Company sales its products through outlets, franchises, group orders, original equipment manufacturers and direct sales.

Nitin Spinners Ltd. manufactures yarns and knitted fabrics. The Company produces yarns for terrycloth towels, denims, furnishing fabrics, carpets and industrial fabrics, and knitted fabrics for the apparel industry.

Shinsung Tongsang Co., Ltd. designs, manufactures, and sells ladies' and men's garments.  The Company's products include shirts, sweaters, jackets, suits, pants, and skirts.  Shinsung Tongsang markets its products under the brand names such as Union Bay, Olzen, and Ziozia and supplies them to JC Penney, Sears, and Target. In addition, the Company operates construction business.

Magni-Tech Industries Berhad is an investment holding company which provides management services. Through its subsidiaries, the Company manufactures and distributes flexible plastic packaging materials, inner packaging boxes, fiberboards, cartons, and boxes for industrial and commercial uses.

Fujian SBS Zipper Science & Technology Co., Ltd. manufactures and markets plastic and metal zippers, as well as the accessories. The company's products  a re mainly sold to garments, bags and shoes manufactures in China and other countries worldwide.

Fujian Sbs Zipper Science & Technology (002098 CH)

Jiangsu lianfa textile Co.Ltd. Manufactures and sell woven fabric, apparel and textile.  The Company's products include pure cotton fabric, cotton yarn, special fiber, and shirt.

Ciel Limited operates as a diversified investment company. The Company targets investments involved in the agricultural industry and property, financial services, healthcare, hospitality, and textiles industries. Ciel focuses on portfolio holdings across Mauritius, Africa and Asia.

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CIEL (CIEL MP)

Ciel Limited (CIEL) Post Results 9M24A 06062024

CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company and one of the last great growth opportunities - Asia and Africa.

ACF Equity Research

Ciel Limited (CIEL) Finance Cluster 08042024

CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company. In this update we focus on CIEL’s Finance Cluster which in 1H24...

ACF Equity Research

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