Eu Yan Sang

Re: Eu Yan Sang

Postby winston » Mon Jan 31, 2011 9:32 am

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Key Risks

· Foreign exchange risk – The bulk of sales are denominated in Singapore dollars, ringgit and Hong Kong dollars, while raw material purchases are made in renminbi.

· Raw material price appreciation – We believe EYS will face greater difficulty in passing on cost increases for its manufactured products compared to its wholesale products, as the latter is driven by market pricing.

· Regulatory risks – EYS’s TCM products require an extensive regulatory approval process of a few years. Any regulatory changes could affect EYS negatively.


Valuation

· EYS is currently trading at a consensus FY11F PE of 15.2x.


Source: UOBKH
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Re: Eu Yan Sang

Postby winston » Thu Feb 10, 2011 1:08 pm

Just noticed that Credit Suisse has increased their stake from 8.9965% to 9.0156%

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Re: Eu Yan Sang

Postby winston » Thu Feb 10, 2011 6:51 pm

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Eu Yan Sang Q2 earnings dip 13 % By LINETTE LIM

Eu Yan Sang's net profit for the second-quarter ended Dec 31 has decreased 13 per cent, to $4.1 million.

This is largely due to a one-off tax expense of $1.8 million resulting from a settlement with Malaysian tax authorities over 'manufacturing rebates' given its subsidiaries from 2002 to 2007.

Q2 revenue grew by 9 per cent to $64 million.

http://www.businesstimes.com.sg/sub/lat ... 82,00.html?
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Re: Eu Yan Sang

Postby winston » Fri May 13, 2011 9:10 am

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EU Yan Sang: 3QFY11 net profit up 47% yoy to S$11.2m, bringing 9M11 net profit to S$19.4m.

Revenue for 9M11 rose 9% yoy to S$203.3m.

The company plans to explore opportunities to grow its core business and will continue to leverage on its competency.

Source: The Business Times
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Re: Eu Yan Sang

Postby winston » Mon May 30, 2011 6:23 pm

Not vested. From DMG:-

TP S$0.99, 32% upside.

Our TP of S$0.99 is pegged to 15x FY12F earnings, the average of its Southeast Asia peers.

Its HK and China based peers are trading at an average of 23x.

http://www.remisiers.org/cms_images/30_ ... atters.pdf
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Re: Eu Yan Sang

Postby winston » Mon Aug 22, 2011 6:43 pm

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Scoop of the Day: Eu Yan Sang will be reporting its full year results ended June this Thursday.

We expect both sales and net profit to register double-digits growth on the back of robust sales growth and stringent cos
t management.

For nine months ended Mar 2011, the group reported a 9% increase in sales and a 21% increase in net profit to S$19.4m, boosted by higher retail sales across all of its 3 core markets in Singapore, Malaysia and Hong Kong.

Top selling products include Bottled Bird’s Nest, Bo Ying Compound, Bak Foong pills, Lingzhi Cracked Spores Capsules and Essence of Chicken.

In June this year, the group also raised its investment in Healthzone Limited (an Australian retailer and brand owner of healthcare products) from 14.99% to 19.99%, allowing for cross-selling opportunities between the 2 companies as well as expanding its distribution reach in China.

We are projecting net profit to grow 20.5% to $23.2m in FY11, and 12.8% to $26.2m in FY12. We continue to like Eu Yan Sang for its resilient TCM business and expect rising consumer affluence and health consciousness to drive its sales going forward.

Reiterate buy and target price of S$0.99, pegged to 15x FY12F earnings.

Source: DMG
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Re: Eu Yan Sang

Postby winston » Thu Nov 17, 2011 8:34 pm

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DMG Research reiterates 'buy' on Eu Yan Seng, lowers TP to S$0.94 By CARINE LEE

DMG Research on Thursday reiterated its buy call on Eu Yan Seng, with a lowered price target of S$0.94, stemming from earnings per share dilution from the exercise of stock options.

'We continue to like the stock, as it enjoys resilient sales from a growing affluence of customers in its key markets,' said analyst Melissa Yeap.

The global integrative healthcare and wellness company on Monday reported a 9 per cent increase year-on-year in the first quarter ended Sept 30, 2011 to $4.5 million from $4.13 million, on the back of revenue growth from all its main business segments.

Revenues crept up 5 per cent to $60.73 mililon from $57.62 million a year ago.

Ms Yeap said she expects lower operating expenses to bump up margins.

DMG raised its FY2012 forecasted earnings for Eu Yan Seng by 5 per cent to $27.5 million.

http://www.businesstimes.com.sg/sub/lat ... 30,00.html?
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Re: Eu Yan Sang

Postby winston » Mon Feb 06, 2012 7:39 pm

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Eu Yan Seng sinks into the red in 2Q2012
By CARINE LEE

Eu Yan Sang International Ltd sunk into the red for the second quarter ended Dec 31, 2011 due to an $8.8 million impairment on its equity investment in its associate company, the integrative healthcare and wellness company said on Monday.

The group posted a net loss of $2.78 million for the reporting quarter. A year ago, it posted a net profit of $4.08 million.

Without the impairment, Eu Yan Sang's net profit would have been $6.1 million on the back of a 9 per cent increase year-on-year in revenues to $69.76 million from $64.01 million.

Loss per share for the three months ended Dec 31, 2011 was 0.63 cents. A year ago, it posted earnings per share of 0.93 cents.

For the half year ended Dec 31, Eu Yan Sang's net profit fell 79 per cent year-on-year to $1.72 million from $8.21 million.

Consequently, year-to-date earnings per share was 0.39 cents, down from 1.88 cents a year ago.

Notwithstanding the setback due to the impairment, the group said it will remain profitable for the rest of the current financial year.

http://www.businesstimes.com.sg/sub/lat ... 10,00.html?
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Re: Eu Yan Sang

Postby winston » Tue Feb 07, 2012 11:55 am

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Eu Yan Sang – 1HFY12: No surprises; weak results on investment provision

(BUY/S$0.69/Target: S$0.90)
FY11 PE(x): 13.4
FY12F PE(x): 12.2

As expected, a weak 1HFY12. Net profit fell 79% yoy to S$1.7m due to an S$8.8m provision for its investment in Healthzone Limited.

Excluding the investment provision, net profit would have risen 28% yoy. Although 1HFY12 profit accounted for only 42% of our full-year estimate, we expect a seasonally stronger 2H (particularly in 3Q) to lift earnings closer to our estimates.

EBITDA margin slipped 0.4ppt to 13.2%, largely due to its store expansion. 2QFY12 saw EYS opening 16 new outlets (5 in China, 2 in Hong Kong, 2 in Singapore and 7 in Malaysia). Looking ahead, management plans to continue with its expansion drive, particularly in China and Malaysia.


Maintain BUY. We maintain our target price of S$0.90. Our target price is based on a PE of 15.9x, at a 20% discount to its TCM and health supplement peers.

As a sanity check, we used a DCF model incorporate slower earnings growth over the next 3 years, coming up with a target price of S$0.95. There is upside risk to our valuations, should the stores turn around faster.

Key risks to our positive view on the group include:
a) risks to reputation and brand image,
b) rising rental costs,
c) rising raw material costs,
d) regulatory risks,
e) M&A risks, and
f) forex risks.

Source: UOBKH
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Re: Eu Yan Sang

Postby winston » Wed Feb 08, 2012 6:35 pm

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Looking beyond Aussie impairment

EYS reported a net loss of S$2.8m in 2QFY12, due to a S$8.8m impairment charge on ASX-listed associate, Healthzone.

Revenue grew 9% YoY to S$69.8m, underpinned by growth across all three core markets of Singapore (4%), Hong Kong (10%) and Malaysia (13%).

Operating profit was however flat at 1% YoY to S$7.7m due to an 11% rise in opex emanating from its rapid store expansion, which saw a record 16 new stores in 2QFY12.

Taxes for the quarter were significantly lower YoY as the Group recorded a S$1.8m settlement to the Malaysian tax authority in 2QFY11.

Notwithstanding the write-off, PATMI would have grown 49% YoY to S$6.1m.

EYS remains optimistic on HZL providing it a solid platform into Australia and has made a A$5m (S$6.7m) bid for certain assets of the entity.

We continue to like the Company for its strong leadership position in the branded TCM space and resilient core business which has generated mid teens growth over the past decade.

Maintain BUY with unchanged TP of S$0.94, pegged to 15x FY12F core earnings.

Source: DMG

http://www.remisiers.org/cms_images/res ... 12_DMG.pdf
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