L'Occitane 0973

Re: L'Occitane 0973

Postby winston » Tue Jun 18, 2013 8:09 pm

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At 23.5x FY14E P/E, L’Occitane still trades at a 38% premium to the premium cosmetics sector which is unjustified given that negative margin pressure and low EPS growth.

The brand is 21% overvalued on our Branding Anatomy model.


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Re: L'Occitane 0973

Postby winston » Fri Oct 25, 2013 10:07 am

<Profit Warning>L'OCCITANE (00973.HK) sees significant drop in interim profit
Oct 24, 2013

L'OCCITANE (00973.HK) reported net sales for the 6 months ended 30 September rose 7.2% yearly to EUR446 million, driven by business growth in China, the US, France and Russia.

The overall SSSG was 0.9% over the period.

According to preliminary review, profit had substantially declined comparing to the corresponding period last year, mainly due to slowdown in sales in Japan, coupled with the forex impacts brought by weak JPY and strong EUR, resulting in reduction in profit.


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Re: L'Occitane 0973

Postby winston » Tue Nov 05, 2013 10:51 am

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<Research Report>L'OCCITANE (00973.HK) target trimmed to $19.6, downgraded to Neutral by UBS
Oct 29, 2013

UBS reduced L'OCCITANE 2014-16 earnings per share forecasts by 37%/21%/19% due to the invisible investment size, adding foreign exchange movements add uncertainties.

UBS is positive on L'OCCITANE (00973.HK)'s retail strategy, but the shortfall in interim profit hinted higher earnings risks from the lower visibility on the timing for investment return.

L'OCCITANE was downgraded from Buy to Neutral with target reduced from $25.2 to $19.6.

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Re: L'Occitane 0973

Postby winston » Mon Nov 25, 2013 8:50 pm

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L'OCCITANE (00973.HK) interim net profit down 58.6%

L'OCCITANE (00973.HK) -0.140 (0.813%) Short selling $6.70M; Ratio 25.295% announced that for the interim period as of the end of September, the net sales value fell 0.6% yearly to 446 million euros; net profit fell 58.6% yearly to 13.952 million euros, representing EPS of 0.009 euros per share. No dividend was declared.


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Re: L'Occitane 0973

Postby winston » Tue Jan 28, 2014 8:07 pm

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L'OCCITANE (00973.HK) 1Q-3Q net sales revenue up 0.3% to EUR800M

L'OCCITANE (00973.HK) -0.160 (1.057%) Short selling $4.60M; Ratio 42.436% announced that for the nine months ended 31 December 2013, its net sales revenue grew 0.3% year-on-year to EUR803 million, which was boosted by the sales in the U.S., China, Russia and Brazil with respective sales growth of 12.8%, 18.8%, 18.0% and 14.6%.

Based on the fixed exchange rates, its sales grew 8.7% from a year ago.


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Re: L'Occitane 0973

Postby winston » Thu Jan 30, 2014 9:19 am

<Research Report>L'OCCITANE (00973.HK) upgraded to Neutral with target $14.8 - Macquarie

L'OCCITANE (00973.HK)'s share price has tumbled approximately 20% since last October, and it is believed that the group will place more resources on marketing and store expansion.

As such, it will face a rising cost pressure, but such concern has been factored in the share price, Macquarie stated in a report.

The rating was upgraded from Underperform to Neutral, with the target price unchanged at $14.8.

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Re: L'Occitane 0973

Postby winston » Tue Feb 11, 2014 8:38 pm

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L'OCCITANE (00973.HK) upgraded to Overweight, target hiked to $18.5 - HSBC

L'OCCITANE (00973.HK) +0.380 (2.363%) Short selling $1.75M; Ratio 6.772% , as a start-up company, is facing rising costs and hardest foreign exchange rate, HSBC Global Research said in a report.

However, the broker believed L'OCCITANE will find a way to alleviate profit margin pressure as the company is maturing.

The market should note the March 2014 results as the measures implemented by the management of L'OCCITANE should show effectiveness.

L'OCCITANE's results will not give big surprise, HSBC Global Research said in a report.

As the stock price has fallen 35% from the 12-month high, investors should not be holding L'OCCITANE for speculative purpose, the broker believed.

L'OCCITANE was upgraded from Underweight to Overweight with target price lifted from $16 to $18.5.


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Re: L'Occitane 0973

Postby winston » Tue Mar 11, 2014 7:54 pm

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L'OCCITANE (00973.HK) target raised to $18.4, rated Neutral - JPM

JP Morgan said in a report that it is bullish on L'OCCITANE (00973.HK) -0.180 (0.988%) Short selling $2.48M; Ratio 38.076% 's growth potential, as the natual skin care industry has seen double-digit growth in recent years,

However, the broker took a cautious view towards the space for short-term sales growth and the long-term EBIT profit margin, saying that it lacks the profit catalyst in the short term and the valuation has been neck and neck with its industry peers.

The stock was rated Neutral, with target price raised from $15.3 to $18.4.


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Re: L'Occitane 0973

Postby winston » Tue Apr 29, 2014 7:15 pm

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L'OCCITANE (00973.HK) FY14 net sales advance 9.4% YoY to EUR1.06B
2014-04-29

In the financial year ended March 2014, L'OCCITANE (00973.HK) 0.000 (0.000%) Short selling $573.99K; Ratio 13.303% reported a net sales growth of 9.4% to EUR1.055 billion, which was primarily driven by the United States, China, Russia and Brazil.

Brazil, China and Russia were among the fastest growing countries, at 20.8%, 19.9% and 17.4% respectively.

The online retail channel continued to outperform with a 29.7% year-on-year growth at constant exchange rates during the year.

Overall same store sales growth increased to 3.7%.

The net own-store openings, excluding non-comparable items, were 115 during FY2014, compared to 135 in FY2013.

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Re: L'Occitane 0973

Postby winston » Wed Apr 30, 2014 7:39 pm

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L'OCCITANE (00973.HK) downgraded to Neutral, target hiked to $21 - HSBC
2014-04-30

In the latest research report, HSBC cut the rating for L'OCCITANE (00973.HK) +0.040 (0.211%) Short selling $4.23M; Ratio 24.269% from Overweight to Neutral with target price lifted from $18.5 to $21.

The Bank said the current P/E of over 20 times, which is supportive in view of the earning growth, but there is no room for errors.

The stock price has been volatile over the past 15 months (from $27.3 to $14.98), and it is expected to stay steadier in uneventful short term.

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