Hengan International 1044

Re: Hengan International 1044

Postby winston » Wed Aug 26, 2015 6:33 am

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Gain paper-thin for Hengan

Tissue paper maker Hengan International Group (1044) said net profit for the six months to June rose 10.8 percent to HK$1.97 billion from a year back.

But the figure was still much lower than expected, said deputy chairman and chief executive Hui Lin- chit.

"The weak economic environment and overcapacity in the industry raised competition, leading to unsatisfactory results," Hui said.

Hengan has lost its competitive edge in two main sales channels, namely grocery stores and supermarkets, in the past two years amid changes in economic environment and business model, he said.

Revenue increased 3.3 percent to HK$12.5 billion. Diluted earnings per share surged 11.2 percent to 160 HK cents, while the interim dividend jumped 11.8 percent to 0.95 HK cents.

Revenue from tissue paper, sanitary napkins and disposable diapers made up 46.6 percent, 29.6 percent and 12.8 percent, respectively, of the total revenue.

Hui expects bigger growth in the second-half sales and said the industry still has potential. "Yuan depreciation has increased our cost, as 40 percent of our raw materials are imported," he said.

Hengan shares fell 2.64 percent to HK$75.75 yesterday.

Source: The Standard HK
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Re: Hengan International 1044

Postby winston » Wed Jan 06, 2016 2:17 pm

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Nov 16, 2015

<Research Report>BofA Merrill Lynch Maintains HENGAN INT'L(01044.HK) at Buy with Target of $95

Bank of America Merrill Lynch, in its report, stated that HENGAN INT'L (01044.HK)'s sales (in local currency) and margin are expected to improve in the second half of 2015 on a yearly basis, based on our channel checks and AC Nielsen data.

The stock was reiterated at Buy with a target price of $95.

The broker expected HENGAN INT'L's earnings in the second half of 2015 to stay flat or slightly decline (1H15 earnings down 11% yearly). That was mainly attributable to possible foreign exchange losses of about RMB200 - 220 million in the period.

The broker also lowered its EPS forecast in 2015-2017 by 1%-5%

Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Wed Jan 06, 2016 2:19 pm

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Aug 26, 2015
[b]
<Research Report>BofA Merrill Lynch Maintains HENGAN INT'L(01044.HK) at Buy with Target Cut to $95
[/b]

HENGAN INT'L(01044.HK)'s 1H15 revenue growth is in line with Bank of America Merrill Lynch's expectation, while the core segment sales miss estimate.

The research house cuts its 2015/2016 earnings forecasts for Hengan Int'l by 9%/11% respectively to factor in the impact of RMB depreciation and weaker sales.

The target price of the company is lowered from $110 to $95.

It is expected 2H15 sales revenue to increase, helped by the launch of new products and resolution of the overstocking issue.

Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Tue Mar 22, 2016 2:50 pm

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<Blue Chip Results>HENGAN INT'L Annual Net Profit Up 3.5% to $4.05B; Final Div $1.15

HENGAN INT'L (01044.HK) announced the results for the year ended 2015.

Revenue rose 2.6% from previous year to $24.45 billion.

Gross profit added 5.9% to $11.64 billion.

Gross profit margin gained 1.5 ppts to 47.6%.

Net profit advanced 3.5% to $4.05 billion, with EPS of $3.314. Final dividend maintained at $1.15.

During the period, since Renminbi devalued against the Hong Kong dollar and the US dollar, the group recorded a foreign exchange loss of approximately $430 million.

Revenue of the sanitary napkin business grew by approximately 3.4% to approximately $7.68 billion, which accounted for around 31.4% of the total revenue of the group.

Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Wed Mar 23, 2016 6:40 am

Hengan net rises in spite of currency loss

by Esther Yu

Hengan International (1044) yesterday said its net profit last year rose 3.5 percent to HK$4.05 billion despite a substantial currency conversion loss.

It proposed a final dividend of HK$1.15 per share, unchanged from a year earlier, raising total dividends to HK$2.10 last year.

Basic earnings per share were up 4 percent to HK$3.314.

The mainland's largest producer of sanitary napkins and baby diapers said it suffered a foreign exchange loss of HK$430 million due to the yuan's depreciation.

The tissue paper business, which accounted for 44 percent of total revenue, was flat, with sales down slightly by 0.5 percent. Hengan attributed the lackluster performance to overcapacity in the industry. The negative impact of the glut was offset by the drop in the cost of tissue wood pulp.

Revenue from sanitary napkins rose by 3.4 percent to HK$7.683 billion, boosted mainly by lower costs of raw materials.

Hengan executive director Xu Shui Shen said e-commerce sales now account for only 4 percent of overall revenue, but the level is expected to rise steadily and become substantial eventually.

Xu did not rule out prospects of an overseas acquisition, with a company in the raw materials sector a likely takeover target.

He attributed the forex loss to heavy yuan deposits for the Hong Kong company and dividend receivables from its subsidiaries in the mainland.

To avoid further losses, Hengan will lower its exposure to yuan assets, Xu said.

Hengan said challenges lie ahead, but China's personal hygiene market will grow amid urbanization.

Source: The Standard
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Re: Hengan International 1044

Postby winston » Tue Jul 26, 2016 8:55 am

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Macquarie Trims HENGAN INT'L (01044.HK) Target to $74; Rated Outperform

Macquarie, in its report, lowered the earnings forecast of HENGAN INT'L (01044.HK) 0.000 (0.000%) Short selling $27.07M; Ratio 15.666% in 2016/17 by 4.5%/3%, with target price trimmed to $74 from $76.

With challenging operational environment in China, the group can keep on increasing the market share of sanitary napkin space and maintaining a steady position in the tissue market, keeping rating Outperform.

The broker expected expect sanitary napkin sales to grow 3.6% yearly and GPM to expand 1.1 ppts yearly to 73.7% in FY16, due to strong positive sales growth driven by both ASP and volume.

Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Fri Aug 26, 2016 8:47 am

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Hengan brushes off rivals amid gains

by Dominique Nguy

Hengan International (1044) net profit rose by 5.8 percent to 1.63 billion yuan (HK$1.9 billion) in the first half from a year back. An interim dividend of 0.85 yuan was declared.

The hygiene products company said despite intense market competition, it benefited from a decline in raw material prices.

Chief financial officer Vincent Loo Hong-shing said yesterday with the price drop and also the price of oil remaining relatively low, the firm's gross profit margin rose 1.4 percent to 48.1 percent.

The firm is now interested in launching new products, according to Loo.Hengan's revenue rose by 4.1 percent to 9.58 billion yuan.

The company's tissue paper products recorded a revenue of 4.57 billion yuan in the first half of this year, up by 4.7 percent from the same period last year.

It pointed out that fierce competition and overall overcapacity in the industry continued to affect the growth rate of its tissue paper business.

Revenue from sanitary napkin products was 3.21 billion yuan, up by 9.1 percent. But its revenue from disposable diaper products was 1.01 billion yuan, down 10.5 percent.

Hengan chief operating officer Xu Shui-shen said its diaper business had weak results, with foreign firms' online stores and a domestic price war to blame.

Source: the Standard
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Re: Hengan International 1044

Postby winston » Thu Nov 17, 2016 6:54 am

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Hengan International (1044) makes and sells personal hygiene products and is currently trading at 18 times PE with 3.5 percent dividend yield.

Sales have hit record highs for several years.

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

Postby winston » Tue Nov 29, 2016 11:39 am

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<Research Report>C Suisse Upgrades HENGAN INT'L (01044.HK) to Outperform with Target Lifted to $75

Credit Suisse, in its report, lifted HENGAN INT'L (01044.HK) from Underperform to Outperform on stronger sales growth in 2017 on e-commerce market share gain and higher marketing spending and attractive valuation after its share price correction versus consumer staple sector multiple rerating on better sentiment.

Credit Suisse expected the company's sales growth to accelerate to 7% in 2017 from 3% in 2016.

E-commerce unit of Hengan is expected to contribute 7.5%/12% of sales in 2H16/2017, up from 4% in 1H16. Industry data shows that Hengan is gaining shares in all segments in 2H16.

E-commerce margin is also rising due to scale rise and should exceed modern trade segment by 2017.

The firm planned to hire a brand ambassador for the first time to promote its products. This should lead to better long-term sales.

Credit Suisse raised the 2016/17 earnings forecast by 2%/6% on better sales outlook and also lifted the target price from $51 to $75.

Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Tue Nov 29, 2016 11:56 am

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HENGAN INT'L Continues Higher Over 4%; C Suisse Lifts Target to $75

HENGAN INT'L (01044.HK) further breached above 100MA this morning ($64.95) to peak at $65.45.

It last stood at $65.2, showing a continuous rise of 4.5%, on volume and turnover of 3.99 million shares and $257 million. The stock became the strongest performer of blue chips.

Credit Suisse said that HENGAN INT'L's E-commerce unit is expected to contribute 7.5%/12% of sales in 2H16/2017, up from 4% in 1H16. Industry data shows that Hengan is gaining shares in all segments in 2H16.

The firm plans to hire a brand ambassador for the first time to promote its products which may lead to better long-term sales.

Credit Suisse raises the 2016/17 earnings forecast by 2%/6% and also lifts the target price from $51 to $75.

The rating is upgraded to Outperform from Underperform.

Source: AAStocks Financial News
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