Hengan International 1044

Re: Hengan International 1044

Postby winston » Tue Sep 11, 2012 9:06 am

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DJ MARKET TALK: Hengan May Rebound After Selloff On Hotel Plan

0818 [Dow Jones] Hengan International (1044.HK) may rebound a little bit after falling 3.5% to HK$76.75 (the worst-performing blue chip Monday) on news that it plans to convert a training center in Xiamen into a hotel.

While criticism that this deviates from its core business is valid, the Fujian-based sanitary napkins and paper products maker emphasized that this is an one-off event and that it has no plan to develop other hotel projects.

Hengan has signed a management contract with Hilton Hotel for 15 years and the hotel is expected to open in 2014.


Source: Dow Jones & Company, Inc.
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Re: Hengan International 1044

Postby winston » Tue Sep 11, 2012 11:35 am

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HENGAN INT'L (01044.HK) develops non-core business with negative mkt responses expected - Deutsche

HENGAN INT'L (01044.HK) plans to relocate certain departments to the new base in Xiamen from the remote headquarters in Anhai in order to retain talents, said Deutsche Bank.

As Wu Yuan Bay in Xiamen is a tourist spot, management of HENGAN INT'L decided to redevelop the training center into a hotel so that resources can be better utilized.

It is expected the hotel will account for 11% of total site area and the remaining space will be used for office building, staff quarters and supplementary facilities. The total investment is RMB1.1 billion.

Deutsche Bank deems market responses to HENGAN INT'L's move to develop non-core business are negative. Stock price showed little response only because the hotel investment is of a small scale, coupled with management's emphasis that the development is an one-time event, said the broker.

The management must continue to focus on core business if they want to restore investor confidence, said the broker, citing investors do not allow the company to further invest in non-core business.

Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Tue Sep 11, 2012 3:12 pm

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DJ MARKET TALK: Hengan's Two-Day Fall May Be A Chance To Buy

1446 [Dow Jones] The two-day 6.8% pullback (at Tuesday's intraday low of HK$74.10) in Hengan's (1044.HK) share prices could prove to be a rare chance to pick up the stock at a bargain.

While analysts in general blasted the sanitary napkins and paper products maker's plan to convert a training center into a hotel, this is from a strategic perspective.

To such questioning, Hengan has responded by saying that this is an one-off event, and that it has signed a management contract with Hilton Hotel to run the hotel.

On the financial side, risk should be minimal given the investment amount of CNY360 million. Hence, the stock's two-day selloff looks a bit overdone and may be a chance for investors to accumulate.


Source: Dow Jones & Company, Inc.
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Re: Hengan International 1044

Postby winston » Wed Sep 26, 2012 1:31 pm

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<Research Report>HENGAN INT'L (01044.HK) downgraded to Neutral with TP cut to $80 by BofA ML

Bank of America lowered the earnings per share of HENGAN INT'L (01044.HK) by 4% in view of fierce competition.

However, it also expects HENGAN INT'L's 2013 income can grow by 25% year-on-year due to diversified tissue products and non-tissue unit accounting for 55% of business.

HENGAN INT'L was downgraded to Neutral from Buy with target cut to $80 from $83.

Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Mon Jun 10, 2013 8:41 pm

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HENGAN INT'L (01044.HK) strong sanitary napkin offsets weak tissue - Citi

Ctit projects HENGAN INT'L (01044.HK)'s EBIT margins will drop from 15.4% in 2012 to 14.3% in 2013.

The profit forecast on HENGAN INT'L may have room for going downside by 2%-3% if the profit of tissue paper business is flat this year.

HENGAN INT'L is kept Buy with target price of $88.

Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Sun Jun 16, 2013 8:17 pm

HENGAN INT'L (01044.HK) reiterated Buy with TP$96.8 by BofAML
2013-06-14

HENGAN INT'L (01044.HK)'s stock price has been more resilient to peers', but it has dropped more than 10% from the peak, as VINDA INT'L (03331.HK)'s management has earlier warned of higher-than-expected margin pressure, Bank of America Merrill Lynch said in a report.

HENGAN INT'L is reiterated Buy as its napkin and diaper businesses have upside potential, while the decline in tissue profit would be limited.

HENGAN INT'L spot price at 20x 2013/14 P/E is attractive, the broker said.

BofAML sets HENGAN INT'L target price at $96.8.


Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Tue Sep 24, 2013 6:02 am

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Hengan (1044) manufactures and sells personal hygiene products - tissue paper, sanitary napkins and disposable diapers - and skin-care products.

Its net profit steadily increased from HK$1.34 billion in 2008 to HK$3.5 billion in 2012.

Shares have been as high as HK$94.35 or 32 times historical earnings.

There is no hurry to buy at this level but you should accumulate on a correction to HK$86.


Source: Dr Check, The Standard HK
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Re: Hengan International 1044

Postby winston » Thu Jan 30, 2014 9:27 am

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<Research Report>HENGAN INT'L (01044.HK) upgraded to Outperform with target at $118 - Stanchart

Standard Chartered noted in a research report that the rating of HENGAN INT'L (01044.HK) was lifted from Equalweight to Outperform, with target price $118, hinting 51% upside potential.

The Bank said in view of earning growth, visibility and high-end product focus, as well as its leading role in various sectors, Hengan should enjoy premium in the P/E when compared to its HK and global peers. The gross profit margin is expected to grow from 44.9% in 2012 to 45.2% in 2013 and 46% in 2014.


Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Wed Mar 26, 2014 7:19 pm

2013: Product-mix Change Alleviates Impact Of Weaker Margins

Hengan’s 2013 net profit of HK$3.7b up 5.8% yoy, in line with our forecasts and 3.9% below market estimates.

Although raw material prices were increasing and competitive pressures were mounting due to oversupply in the industry, management managed to expand gross margin by 0.2ppt yoy to 45.1%.

We reduce EPS estimates by 5.1%/11.8% in 2014/15 to capture slower sales growth momentum due to competition.

Maintain HOLD. Target price: HK$88.20. Entry price: HK$75.00.


Source: UOBKH
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Re: Hengan International 1044

Postby winston » Wed Mar 25, 2015 6:34 am

Hengan in paper chase

China's largest diaper maker Hengan International Group (1044) saw net profit rise 5.2 percent last year to HK$3.92 billion, thanks to a quick turnaround in the second half after a slip of 4.5 percent in the first.

Total revenue rose 12.5 percent to HK$23.83 billion, thanks to stable growth in sales of tissue paper as well as surging sales of sanitary napkin.

Tissue paper sales, making up 45.6 percent of the total, rose 6.4 percent, while sales of sanitary napkins jumped 24.4 percent, making up 31.2 percent of the total.

Sales of disposable diapers rose just 5.3 percent while food and snacks products sales slid 4.4 percent due to intense competition.

Earnings per share increased to HK$3.18 and a final dividend of HK$1.15 was proposed, compared with HK$1 a year back.

The gross profit margin rose to 46.1 percent from 45.1 percent, thanks to a decrease in raw material prices.

Chief operating officer Xu Shuishen said the price of the tissue wood pulp in China will continue to drop this year, which will push up the gross profit margin further. But the firm will not cut the price of tissue paper.

Chief financial officer Vincent Loo Hong- shing expects capital expenditure to go down this year from HK$1.8 billion last year.

With over HK$132.26 million in foreign exchange losses, the firm is considering converting yuan assets into Hong Kong dollars.

Hengan shares rose 2.34 percent to HK$87.50 yesterday.

Source: The Standard HK
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