Hengan International 1044

Re: Hengan International 1044

Postby winston » Fri Nov 25, 2011 9:16 am

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DJ MARKET TALK: HSBC Ups Hengan To Neutral; Lower Wood Pulp Costs

0852 [Dow Jones] STOCK CALL: HSBC raises Hengan International (1044.HK) to Neutral from Underweight, and raises its target price to HK$75.30 vs HK$61.00 on lower-than-expected wood pulp costs.

It says wood pulp prices have fallen by 15% since early October, which is positive for Hengan's tissue paper operation, which is forecast to represent 52% of the company's FY12 revenue.

Heng ended Thursday down 2.7% at HK$70.55.

Source: Dow Jones Newswire
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Re: Hengan International 1044

Postby winston » Mon Dec 19, 2011 10:54 am

DJ MARKET TALK: DB Raises Hengan Target To HK$75.00; Keeps Buy

1018 [Dow Jones] STOCK CALL: Deutsche Bank raises Hengan's (1044.HK) target price to HK$75.00 from HK$71.70, after revising up its FY12-FY13 net profit forecast by 1%-2% as it expects margin recovery.

The house notes that the prices of pulp - a key input - have declined by 20%-30% vs 1H11.

"Baby diapers have seen an improved sales momentum in December; this needs to be monitored in coming months."

It keeps a Buy call. The stock is down 2.1% at HK$71.15.

Source: Dow Jones Newswire
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Re: Hengan International 1044

Postby winston » Thu Feb 02, 2012 12:22 pm

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Earnings Revision/Riskï‚·

In view of the weaker-than-expected diaper sales, we reduce our 2011, 2012 and 2013 net profit forecasts by 10%, 5% and 5% respectively.


Valuation/Recommendation

As we roll over the stock’s valuation into 2012, we raise our target price from HK$67.00 (based on 27x 2011F PE) to HK$77.10 (based on 27x 2012F PE).

Maintain HOLD.



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Re: Hengan International 1044

Postby winston » Tue Mar 27, 2012 3:19 pm

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DJ MARKET TALK: Hengan +3.1%; Recovery Eyed, But Valuations Lofty

1414 [Dow Jones] Hengan International (1044.HK) is up 3.1% at HK$73.05 vs HK$72.60, after posting its FY11 net profit rose 8.6% on year to HK$2.65 billion.

Revenue rose 26.9% to HK$17.05 billion, but gross margin contracted to 39.9% vs 44.3% a year ago, which explains the lower bottom-line growth vs top line.

Margin is expected to recover this year on lower pulp prices, hence Thomson Reuters consensus's forecast for a FY12 net profit of HK$3.46 billion which would represent an almost 30% earnings growth--otherwise it would be very difficult to justify the stock trading at 34X trailing P/E.

Hengan's year-to-date high is HK$76.85 hit March 15, which doesn't appear will be revisited in the near term.

Source: Dow Jones Newswire
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Re: Hengan International 1044

Postby winston » Wed Mar 28, 2012 6:36 am

Tissue maker tips upturn

Hengan International (1044) said receding prices of raw materials in the second half will help ease pressure on cost this year.

Net income at the blue-chip paper tissue maker jumped 8.6 percent to HK$2.64 billion last year from 2010.

Turnover grew 26.9 percent to HK$17.05 billion, but gross margin eased 4.4 percentage points to 39.9 percent as material costs soared in the first half.

Chief executive Hui Lin-chit said the price of tissue wood pulp, a key raw material, has eased to US$600 (HK$4,658) per tonne from US$800.

Tissue paper, sanitary napkins and diapers are among the firm's main products.

Diaper sales rose by double digits in the latter half of 2011 and that the trend will continue, Hui said.

Separately, smaller rival Vinda International (3331) said earnings rose 10 percent to HK$405 million last year, with turnover growing 32 percent to HK$4.77 billion.


http://www.thestandard.com.hk/news_deta ... 20328&fc=4
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Re: Hengan International 1044

Postby winston » Wed Mar 28, 2012 11:45 am

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DJ MARKET TALK: Hengan +6.4%; Margin Expansion; CS Raises Target

1109 [Dow Jones] Hengan International (1044.HK) jumps 6.4% to HK$77.80 and is the best-performing blue chip, as investors look forward for a earnings jump this year on the back of margin expansion.

Hengan's intraday high of HK$77.90 sets a 52-week high, and its peer Vinda International (3331.HK) also set a 52-week high.

Credit Suisse says given further cost correction in 4Q11 and assuming a flattish cost level in 2012 (though some continue declining in 1Q12), "there is margin expansion potential from our 2012 assumption of 42.9%."

CS raises Hengan target to HK$82.00 from HK$72.50 as it rolls over valuation base to end-2012, and keeps the stock at Outperform.

Source: Dow Jones Newswire
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Re: Hengan International 1044

Postby winston » Mon Jun 11, 2012 8:06 pm

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HENGAN INT'L (01044) maintained at Buy with target cut to $79.5 by BofA ML
2012-06-08

Bank of America Merrill Lynch reported on HENGAN INT'L (01044) saying the forecast EPS for 2012/13 was cut by 5% to $3.02 and $2.9, with target lowered by 5% from $83.5 to $79.5 due to slowing income, diaper inventory and higher tax rate.

In view of the solid growth in earnings by 25% and its leading position, the Buy rating is maintained. (r)


Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Mon Aug 06, 2012 9:17 am

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HengAn (1044), a mainland-based maker of personal hygiene products is thriving.

Revenues were 17 billion yuan (HK$20 billion) last year against 5.6 billion in 2007.

Earnings went to 2.6 billion yuan from one billion in the period.

The stock has had a HK$10 correction, and I think now's the time to accumulate.


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

Postby winston » Thu Aug 30, 2012 7:45 am

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Hengan cleans up as profit beats expectations by Grace Cao

Hengan International Group Company (1044), China's largest maker of personal hygiene products, booked a 38 percent year-on-year gain in first-half profit of HK$1.63 billion, beating market expectations.

Earnings per share hit HK$1.323 and the firm declared an interim dividend of 75 HK cents.

Total revenue reached HK$9.04 billion during the first six months, up 10.4 percent from a year earlier.

Boosted by high-margin products and lower raw material costs, Hengan's overall gross profit margin rose to 44.2 percent from 38.6 percent a year earlier.

"Amid the current economic downturn, we will stick to our plan to expand capacity."chief executive Xu Lianjie said. Annual total capacity is due to expand to 930,000 tonnes by year-end.


Source: The Standard HK
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Re: Hengan International 1044

Postby winston » Thu Aug 30, 2012 12:32 pm

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HENGAN INT'L (01044.HK) maintained UW by JPM on awaiting solid data on mid to high-end diaper sales

HENGAN INT'L (01044.HK)'s first-half net profit was in line with estimate, said J.P. Morgan, who is still awaiting HENGAN INT'L to release a set of solid data on mid to high-end diaper sales.

HENGAN INT'L was maintained Underweight.

J.P. Morgan lifted its 2012-13 earnings forecasts for HENGAN INT'L by 4% and raised the target price to HK$62 from HK$53.

Source: AAStocks Financial News
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