L'Occitane 0973

L'Occitane 0973

Postby winston » Tue Mar 30, 2010 7:55 am

Good brand. Depends on the pricing now ...

L'Occitane received the green light from the bourse to raise HK$3.12 billion to HK4.68 billion and become the first French firm to list in the SAR, Reuters reported yesterday.

The cosmetics retailer is tipped to begin pre-marketing this week and launch its initial public offering next month.

Source: MANDY LO, The Standard HK
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Re: L'Occitane IPO

Postby helios » Tue Mar 30, 2010 8:22 am

Good product lines too.

It's my favorite brand. I've all their ranges of perfumes on my shelves.
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Re: L'Occitane IPO

Postby ichew » Tue Mar 30, 2010 9:05 am

i used its pdt when i was staying in ascott shanghai svc apartment
not sure if ascott n them still contracted
but i'd say is good

can we apply for this IPO from sg?
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Re: L'Occitane IPO

Postby winston » Sun Apr 25, 2010 11:03 am

France’s L’Occitane seeks $810m from IPO

HONG KONG: French cosmetics group L’Occitane is seeking to raise up to $810 million in its initial public offering in Hong Kong next month, a report said.

Last month L’Occitane said it hoped to raise $300 million from the May 7 IPO, after it won the Hong Kong exchange’s approval to become the first French company to list in the city.

Dow Jones Newswires quoted a source as saying that the company would offer 364.1 million shares at between 12.88-15.08 Hong Kong dollars each.

The IPO’s base deal was expected to raise $705 million, the source was quoted as saying, with an option to increase the size of the deal by 15 percent, to raise up to $810 million.

The report quoted the source as saying that L’Occitane had also won a pledge from the China Investment Corporation, China’s $300 billion sovereign-wealth fund, to take a $50 million stake in the IPO. The company kicked off a road show for institutional investors in Hong Kong last Monday, and a spokeswoman told AFP it would hold a news conference on April 25 to announce further details of the IPO.

Proceeds of the IPO will be used to expand the brand’s presence in high-growth emerging markets such as China, Brazil, Russia, India and Mexico, according to a preliminary prospectus posted to the stock exchange. The company also plans to capture the international market for organic cosmetics with its newly acquired brand Melvita, the prospectus said.

L’Occitane estimates it will earn a net profit of at least 73.8 milllion euro ($99.1 million) for the year ending March 2010, the document said. Its planned Hong Kong listing is part of a trend by high-end retailers battered by financial turmoil in the United States and Europe to turn their attention to the burgeoning Asian market, where the vast economies of India and China have continued to post impressive growth rates. afp

http://www.dailytimes.com.pk/default.asp?page=2010\04\25\story_25-4-2010_pg5_19
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Re: L'Occitane IPO

Postby helios » Sun Apr 25, 2010 12:38 pm

In the recent years, L’Occitane has sprung out in Singapore. You would find their boutiques near the mrt links, walkways to Ion Orchard as well.

Yes, Ascott still carries the product lines (especially, those essentials shower gel, shampoo). I gave 1 perfume to my Shanghai friend, and she exclaimed "that was an exquisite brand!" OMG ...

However, their organic cosmetics have not been well-received in Singapore, fierce competition IMO.

ha ha ... (I have 2 bottles of EDT perfumes in my luggage bag now) ...
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Re: L'Occitane IPO

Postby winston » Mon Apr 26, 2010 3:15 pm

From Phillips:-

Valuation
The indicative price range of HK$ 12.88-15.08 implies 2010E P/E of 21.3-25x and 2011E P/E of 18.2-21.3x. Considering higher profit margin and expected stronger sales growth in emerging markets, we think L`Occitane will deserve a higher price premium than other peers. Setting reasonable forwarding P/E in 2011 of 24.5x, 12-month target price is HK$17.35.


Risk
1) Euro appreciates more than expected against USD and Japanese Yen.
2) Business expansion in the emerging markets and brands development are worse than expected.
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Re: L'Occitane IPO

Postby LenaHuat » Mon Apr 26, 2010 3:51 pm

It's a pretty pricey label. Last week, they had a large foyer booth to promote their products. I was astonished that it was deserted. However, the stores at Ion and Raffles City seems to be doing well.
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Re: L'Occitane IPO

Postby winston » Tue Apr 27, 2010 9:23 am

L'Occitane locked up nearly HK$8 billion - about 14.5 times the retail portion of its HK$5.49 billion listing - when it opened its retail books yesterday.

Seven brokers got margin financing orders of HK$7.94 billion for shares in the cosmetics retailer, which is aiming for up to HK$549.1 million from retail investors.

The public tranche of the company may be 100 times oversubscribed, said Bright Smart Securities managing director Nelson Chan Kai-fung.

The brokerage got three to four large orders, each subscribing for HK$277 million worth of shares via margin loans


Source: The Standard HK
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Re: L'Occitane IPO

Postby winston » Wed May 12, 2010 7:41 am

Not vested. From Dr. Check:-

Today, let's look at newly listed L'Occitane International (0973), a cosmetics firm which has been in the business for more than 30 years and now operates 1,500 outlets in 80 countries.

For the nine months to December, it had a revenue of 462.7 million euros (HK$4.56 billion) and made a net profit of 66.4 million euros. Japan, the United States and France are its three largest markets, but it is expanding in China, Brazil, Russia, India and Mexico.


The firm listed locally last Friday. Its initial public offering was 159 times oversubscribed.

The offer price was HK$15.08 and it closed yesterday at HK$15.48, or 22.5 times next year's expected earnings.

I think L'Occitane's valuation is not pricey for a global brand with huge growth potential.
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Re: L'Occitane 0973

Postby winston » Mon Jun 14, 2010 11:50 am

Not vested

DJ MARKET TALK: L'Occitane Sets Fresh High; Premium Vs Sa Sa
June 10, 2010

1529 [Dow Jones] L'Occitane International (0973.HK) sets fresh post-listing high, last +4.9% at HK$18.50; intraday peak of HK$18.62 marks 23.3% gain from IPO price of HK$15.05 (company listed May 7). If based on company guidance of FY10 (year-end is March) net profit of no less than EUR73.8 million (HK$693 million), French cosmetics maker, retailer now valued around 40X forward P/E; HSBC only broker covering stock, its forecast puts L'Occitane at 28X FY11 P/E, at significant premium to Sa Sa (0178.HK) trading at 17.6X FY11 (year-end also March) P/E based on Thomson Reuters.

L'Occitane's technical momentum much stronger than Sa Sa though, volume hefty at HK$208.3 million; HK$18.62 may not offer much resistance. HSBC rates L'Occitane Overweight with HK$20.60 target.

Source: Dow Jones Newswire
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