Hengan International 1044

Hengan International 1044

Postby winston » Wed Jun 11, 2008 8:23 am

Not vested. From Dr. Check:-

Hengan International (1044) is a top maker and distributor of personal hygiene products in China, where rising living standards have fueled robust sales for the company.

Last year, Hengan's net profit jumped 44 percent from 2006 to reach HK$1.005 billion.

A large portion of the gains were derived from rising sales of higher-end products, which command wider margins.

These include sanitary napkins and disposable diapers, which accounted for 27 percent and 24 percent of total revenue respectively.

Rising prices for wood pulp and petrochemical items have raised production costs. But a wider sales network, higher retail prices coupled and a lower tax rate have helped increase earnings.

Since early 2005, the stock has risen six times from HK$5 to a record of HK$35.90 last December. It is now trading at HK$27.90 or 30 times its 2007 price earnings ratio.

Any correction near HK$25 makes the stock attractive.
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Re: Hengan International 1044

Postby blid2def » Wed Jun 11, 2008 12:32 pm

LOL... am I the only one who keeps reading this stock name as "Hong Kan International"? Hahahaha... paiseh paiseh, so vulgar, but really funny lor. :D
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Re: Hengan International 1044

Postby winston » Mon Dec 15, 2008 8:24 am

In the United States, Procter & Gamble reaffirmed its earnings guidance. This reminds me of its counterpart in China, Hengan (1044), the mainland's major personal hygiene products manufacturer. This company can benefit from the recent fall in commodity prices, and JPMorgan expects Hengan's 2009 earnings to grow to HK$1.775 billion.

Dr Check believes that the use of personal hygiene products in China will not be affected much by the financial crisis. Hengan's share price has fallen from a peak of HK$35.90 to the current level of HK$23.70. If it consolidates near HK$21, or 10 times expected 2009 earnings, it's a worthy pick.
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Re: Hengan International 1044

Postby kennynah » Mon Dec 15, 2008 3:29 pm

there u r... u found a counter to go Long..... 8-)
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Re: Hengan International 1044

Postby winston » Tue Jan 20, 2009 11:26 am

DJ MARKET TALK: DBS Ups Hengan Target To HK$27.20 From HK$25.65

0906 [Dow Jones] STOCK CALL: DBS Vickers raises Hengan International (1044.HK) target price to HK$27.20 from HK$25.65 after raising FY09 earnings forecast by 6.1% to reflect margin gain from falling raw material prices, even after considering possible negative impact from slight decline in average selling price, more promotional activities.

Tips over 20% sales growth in FY09, thanks to defensive nature of Hengan's products. Keeps at Buy. Notes stock rallied over 30% over past two months, short-term profit-taking likely, but "we believe any share price weakness offers good buying opportunity." Stock closed down 0.4% at HK$24.90 yesterday.
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Re: Hengan International 1044

Postby winston » Thu Feb 12, 2009 2:19 pm

DJ MARKET TALK: UOB Cuts Hengan To Sell; Margin Under Pressure

1236 [Dow Jones] STOCK CALL: UOB KayHian cuts Hengan (1044.HK) to Sell from Buy, lowers target price to HK$20.50 from HK$25.90. House expects consumers will tighten non-food household budgets by opting for cheaper merchandise, which will further pressure Hengan's margins; lowers FY09-10 net profit forecasts by 18%, 23% respectively.

Adds, management tone appeared to be more cautious, hinting possible slowdown in high-end products, including wet tissues, diapers. Also advises pair trade of long Yurun (1068.HK), short Hengan. Hengan down 0.9% at HK$27.25 midday; Yurun off 4.2% at HK$9.60
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Re: Hengan International 1044

Postby winston » Mon Mar 09, 2009 2:32 pm

DJ MARKET TALK: Rural Consumption Push Will Benefit Hengan - Macq

1201 [Dow Jones] STOCK CALL: Macquarie starts Hengan (1044.HK) at Outperform with HK$31.00 target price; Fujian-based company is China's leading provider of health care products, tissue paper, "will be a beneficiary of consumers trading down in this environment as well as of the China government's policy to push rural consumption."

Notes baby diapers remain growth segment, as market penetration remains low at less than 20% vs global average of nearly 50%, U.S. average of over 95%. Notes Hengan also leader in women's hygiene products, while expanding into tissue segment clearly beneficial with overall market for this segment growing, Hengan gaining market share. Stock +0.2% at HK$27.65; HSI down 1.7%
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Re: Hengan International 1044

Postby winston » Wed Mar 18, 2009 3:22 pm

DJ MARKET TALK:Hengan Upside Capped By Valuation Despite Solid FY

1349 [Dow Jones] Yet another set of solid results from Hengan International (1044.HK), but rich valuations likely to cap stock's near-term upside. FY net profit +33.0% on-year at HK$1.34 billion, topping HK$1.29 billion forecast pegged by 14 analysts polled by Thomson Reuters, driven by respectable growth across all 3 main business segments: tissue paper, sanitary napkins, disposal diapers.

Final DPS 40 HK cents/share vs 32 HK cents year earlier, together with interim dividend implies 62.5% payout ratio for 2.6% yield.

Stock +2.8% at HK$27.75 midday, trades at 24.1X trailing P/E, unattractive despite decent earnings growth; stock hasn't traded above psychological HK$30 since May 2008, likely to act as near-term cap
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Re: Hengan International 1044

Postby winston » Thu Mar 19, 2009 8:58 am

Hengan cleans up as net profit jumps 33pc

Hygiene products maker Hengan Group (1044) reported that net profit for 2008 surged 33 percent to HK$1.34 billion after the firm raised the selling prices of its products to offset rising costs.

Earnings per share were HK$1.17, up from 92 HK cents the previous year. A final dividend of 40 HK cents a share was declared, compared with 32 HK cents a year ago. Revenues for the year ended December 31 surged to HK$8 billion, up from a restated HK$5.69 billion in 2007. Gross profit margin remained unchanged year on year at 40 percent, but net profit margin dipped to 16.8 percent from 17.7 a year earlier.

Gross gearing ratio fell to 27.9 percent from 35.5 percent. The firm took a 51 percent stake in QinQin Foodstuffs for HK$260 million last November. The snack food firm's December sales contributed HK$53 million net profit to the group's annual profit. "In 2009, the global market and operating environment will become more volatile, full of both challenges and opportunities," Hengan chairman Sze Man-bok said. "The group will actively expand its sales network, step up marketing and promotion efforts."

Hengan shares closed yesterday at HK$27.70, up 2.6 percent. KATHY WANG
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Re: Hengan International 1044

Postby winston » Mon Jun 01, 2009 2:54 pm

DJ MARKET TALK: CS Raises Hengan Target To HK$41.11 From HK$34.30

1332 [Dow Jones] STOCK CALL: Credit Suisse raises Hengan International (1044.HK) target to HK$41.11 from HK$34.30 after raising 2009-11 EPS estimates by 1%, 2%, 2% respectively, moving to "normal case scenario." Says, "Being a consumer staple player with a good track record of 40% earnings CAGR even during the toughest time in 2007-08 (when wood pulp price hit US$800/ton, 60% higher vs current levels), we believe the stock deserves at least a par valuation with other leading consumer players."

Says company has superior market execution, indisputable market leadership, continued tailwind of low raw material prices, resilient market demand, steady growth outlook. Keeps Outperform. Stock +1.7% at HK$35.90.
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