Hengan International 1044

Re: Hengan International 1044

Postby winston » Fri Dec 14, 2018 7:36 am

Hengan International continues to fall as it refutes fraudulent reporting allegations

Bonitas Research claims that the company has fabricated a total of US$1.6b of net income since 2005

Summer Wang, an equity analyst at Jefferies, wrote in a note sent out on Thursday, that Hengan International’s declining stock price suggested good buying opportunities.

“In our opinion, Hengan’s sanitary napkin profitability and cash dividend payout are real, transparent and widely respected,” Wang wrote.

Still, Wang argued the company’s high gross margin questioned by Bonitas was “reasonable” for feminine products and the brand’s strong customer loyalty.


Source: SCMP

https://www.scmp.com/business/companies ... fraudulent
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Re: Hengan International 1044

Postby winston » Fri Dec 14, 2018 1:56 pm

not vested

<Research Report>UBS: Stays Bearish on HENGAN INT'L; Rated Sell, TP $55.18

UBS, after attending the investors' event of HENGAN INT'L (01044.HK) in Jinjiang, Fujian on 8 December, said it maintained the bearish view on the company, considering it is under the influence of insufficient pricing capability and fierce competitions, and that the gross margin of tissue paper and napkins come under pressure.

The rating was kept Sell with target price of $55.18.

Source: AAStocks Financial News
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Re: Hengan International 1044

Postby winston » Tue Dec 18, 2018 8:49 am

Investment banks back Hengan

by Tereza Cai 18 Dec 2018

Despite being attacked by short seller Bonitas Research last week, blue-chip Hengan International (1044) maintained its "buy" rating by investment banks, including Morgan Stanley, CICC (3908) and Nomura.

Morgan Stanley said the Chinese sanitary napkin and baby diaper manufacturer's reply was detailed and clear and its profits were reasonable.

It said that the market underestimated Hengan's capacity to generate cash flow and its stable dividend payout, and as such, was keeping its the rating of the company at "buying."

CICC (3908) pointed out that Bonitas' accusation lacked evidence, and it was convinced about the authenticity of its financial position.

It anticipated the impact of the short-selling report to wear off in a short while and kept Hengan's target price at HK$85.33.

Nomura set Hengan's target price at HK$90.20 and explained that the market had already noticed its outperforming profitability and move of issuing bonds to gain the interest spread before the short-selling report.

Nomura said that given Hengan's market-leading position, the high profitability of its sanitary napkin business is reasonable, and the bonds issues were just a way to achieve a "carry trade," which doesn't have high risks.

Source: The Standard

http://www.thestandard.com.hk/section-n ... r=20181218
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Re: Hengan International 1044

Postby winston » Tue Dec 18, 2018 9:55 am

HENGAN INT'L (01044.HK) Buys Back Shares at Nearly $36M

HENGAN INT'L (01044.HK) announced that it repurchased 647,000 shares yesterday (17 December) at $54.9-55.9 per share, involving $35.9515 million.

Source: AAStocks Financial News
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