L'Occitane 0973

Re: L'Occitane 0973

Postby winston » Fri May 02, 2014 3:36 pm

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<Research Report>L'OCCITANE (00973.HK) rated Equalweight, target reduced to $17.4 - Stanchart

L'OCCITANE (00973.HK)'s 4Q results improved from a quarter back, but Standard Chartered raised worries whether it would persist.

As the outlook of Japanese sales is uncertain, the broker remains cautious on the company's overall business.

L'OCCITANE was kept Equalweight with target price lowered from $17.5 to $17.4.

Source; AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Wed Jun 11, 2014 6:36 am

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Japanese losses leave L'Occitane bruised

L'Occitane (0973) saw annual profit tumble 27.2 percent to 89.35 million euros (HK$938.4 billion) despite an uptick in net sales, amid a sharp sales drop and currency losses in Japan.

Turnover for the year to March 31 rose 1.1 percent to 1.05 billion euros for the French skincare products retailer, while same-store sale gained 3.7 percent.

But foreign exchange losses jumped 5.42 times from the previous fiscal year to 12.2 million euros, while research and development expenses surged 22.6 percent to 10.94 million euros.

A final dividend of 0.0213 euro per share was declared.

Business in Japan, its biggest market and accounting for 17 percent of total sales, tumbled 19 percent to 177 million euros on a sales tax hike and the weak Japanese yen.

Sales stayed roughly unchanged in Hong Kong, but rose 18 percent to 79.9 million euros in the mainland.

Managing director Andre Hoffmann blamed Japan for weak April-June sales once again.

He said a likely cut in mainland visitors, who now account for 40 percent of Hong Kong sales, would adversely affect the firm.

Expansion will be slowed down from 130 new outlets annually to about 100, with 40 percent of those in Asia.


Source: The Standard HK
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Re: L'Occitane 0973

Postby winston » Wed Jun 11, 2014 8:55 am

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L'OCCITANE (00973.HK) to trim program of shop-opening
2014-06-10

L'OCCITANE (00973.HK) 0.000 (0.000%) Short selling $946.67K; Ratio 12.298% managing director Andre Hoffmann commented the group had managed to record encouraging financial results in spite of the challenging economic conditions.

He mentioned the group will enhance its investments in digital marketing, e-commerce, shop renovation and opening of new shops in the future.

Hoffmann projected CAPEX will be approx. EUR80 million next several years.

Moreover, L'OCCITANE had diminished its shop-opening program from 130 shops per year to 100 per year, of which 40% will be located in Asian markets.

Hoffmann added the group will establish more flagship stores, so as to strengthen brand recognition.

Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Wed Jun 11, 2014 9:13 am

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L’Occitane (973 HK)

FY14: Net Profit Falls, Downgrade To SELL
SELL
(Downgraded)
Share Price HK$17.80
Target Price HK$15.35
Upside -13.8%
(Previous TP HK$14.50)

FY15 NAV/Share (Eur) 0.57
FY15 Net Cash/Share (Eur) 0.17

L’Occitane’s FY14 net profit fell 27.2% yoy to €89.3m, exceeding our street-low estimate by 48.3% but is 10.8% below consensus.

The key discrepancy was the milder-than-expected increase in costs. Turnover edged up 1.1% yoy to €89.3m.

Gross margin contracted 0.9ppt yoy to 81.1% while operating margin lost 2.6ppt yoy to 12.6% due to higher marketing costs and R&D investments.

Downgrade to SELL as share price has more than reflected earnings prospects. Target price: HK$15.35.

Source: UOBKH
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Re: L'Occitane 0973

Postby winston » Wed Jun 11, 2014 2:15 pm

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L'OCCITANE (00973.HK) target trimmed to $13.25, rated Underperform - CS
2014-06-11

Credit Suisse mentioned in a report that L'OCCITANE (00973.HK) -0.500 (2.809%) Short selling $13.45M; Ratio 23.778% 's 2014 annual results was disappointing, as its net profit receded 27% to EUR89 million, 15% lower than the market consensus and 6% below its forecast.

The research house expected the company's turnover to see a mild improvement in FY2015-17, with a growth of 5%-8%.

However, the cost and expenses are growing at a faster pace, the operating leverage will not see any improvement.

The EBIT margin is expected to contract another 170 bps in FY2015. Therefore, the broker reduced the company's EPS forecast for FY2015-16 by 10%.

The target price was cut from $14 to $13.25, and the Underperform rating was maintained.


Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Thu Jun 12, 2014 12:44 pm

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L'OCCITANE upgraded to Overweight, target at $22.5 - HSBC
2014-06-12

In the latest research report, HSBC raised the rating for L'OCCITANE (00973.HK) +0.260 (1.503%) Short selling $4.41M; Ratio 14.069% from Neutral to Overweight, with target lifted from $21 to $22.5.

The Bank believes that L'Occitane initiatives in products, retail and e-commerce will help the Group to maintain double-digit natural sales growth to fiscal year 2015.

The worse-than-expected results for the fiscal year 2014 were mainly due to one-off effect, while its EBIT was actually in line with the Bank's expectations.


Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Wed Jul 30, 2014 7:08 am

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L'OCCITANE (00973.HK) 1Q net sales grow 6% yoy

L'OCCITANE (00973.HK) 0.000 (0.000%) Short selling $520.01K; Ratio 2.011% reported financial results for the first quarter ended 30 June.

Net sales rose 6% yearly to EUR234 million.

Local currency growth was 11.4%.

The uncertainty in the economy and forex fluctuations continued to influence the sales performance of the group, especially that in Brazil and Russia.

Business growth in China (17.8%), the US(15.3%), HK (13.5%) and Japan (13.3%) were the strongest over the period.

The online retail channel expanded 36.4% year-on-year.

Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Wed Oct 15, 2014 6:33 am

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L'OCCITANE (00973.HK) upgraded to Hold, target lifted to $18.42 - BNP

BNP Paribas upgraded L'OCCITANE (00973.HK) 0.000 (0.000%) Short selling $1.22M; Ratio 22.739% 's rating from Underweight to Hold, with target price set a $18.42.

The stock is trading at 25.7x 2015 estimated P/E, relatively high against the the industry average of 23.6x, the research house said, expecting the company's 2014-16 EPS CAGR to be only 8.9%.

Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Thu Oct 23, 2014 6:09 pm

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L'OCCITANE (00973.HK) same store sales up 6.1% in 1H

L'OCCITANE (00973.HK) +0.200 (+1.124%) Short selling $287.90K; Ratio 5.099% released its operating data for the six months ended September 2014.

The net sales increased 8.9% to EUR 486 million.

Local currency growth was 11.9%.

Overall same store sales growth was 6.1%.

Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Tue Nov 25, 2014 7:36 am

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Cosmetics chain sitting pretty

Interim net profit of L'Occitane International (0973) more than doubled to 37.3 million euros (HK$359 million) from a year earlier, driven by foreign currency gains.

For the six months to September 30, the French cosmetics group said [b]net profit soared 156.3 percent [/b]from a year back, mainly due to foreign currency gains of 8.9 million euros.

Earnings per share hit 2.5 euro cents. No interim dividend was declared. Net sales for the period jumped 8.9 percent to 485.9 million euros.

Sales growth of 11.9 percent at constant exchange rates was primarily driven by Japan, Hong Kong, the US and China. Brazil, the SAR, China and Russia were among the fastest growing, at 19.5 percent, 19.5 percent, 16.6 percent and 13.4 percent, respectively.

Overall same store sales growth was 6.1 percent from 0.9 percent a year earlier. Gross profit margin fell by 0.9 points to 80.3 percent for the period.

Operating profit climbed 46.6 percent to 31.4 million euros. The group said foreign currency gains or losses in the fiscal second half will largely depend on the market.

Executive director Andre Hoffmann said sales fell during the October 1 Golden Week from a year back due to the Occupy movements. "However, sales are recovering and will be strong in the upcoming holidays," he said.

L'Occitane shares fell 3 percent to HK$17.26 yesterday. The results were released after the market closed.

Source: The Standard HK
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