L'Occitane 0973

Re: L'Occitane 0973

Postby winston » Tue Dec 10, 2019 11:21 am

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L`OCCITANE(973)

Analysis:

French skincare brand L`Occitane has announced its interim results for the six months ended September 30, 2019.

During the reporting period, the company recorded a net sales of approximately 727 million euros, an increase of 22.1% year-on-year;

Operating profit of 41.8 million euros, a significant increase of 618.7% year-on-year;

Net profit of 24.992 million euros, a significant increase of 266.77% year-on-year.

The performance was much better than expected.

The growth in performance was mainly due to the good growth of all brands and all major regions in the second quarter of fiscal year 2020.

Major channels also recorded growth, with retail, online malls, online partners and wholesale sales making significant contributions.

In addition, in the first half of the fiscal year, the number of self-operated retail stores was 1593, an increase of 21 from the previous year; same-store sales increased by 1.7%.

In terms of regions, the United Kingdom and the United States were the fastest growing markets during the period, growing by 234.7% and 26% respectively.

In addition, the Chinese, Brazilian and Russian markets also recorded double-digit growth during the period, growing 12.7% and 15.3% respectively.

Strategy:
Buy-in Price: $19.35, Target Price: $21.30, Cut Loss Price: $17.40

Source: Phillips
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Re: L'Occitane 0973

Postby winston » Thu Jan 09, 2020 11:05 am

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<Research Report>HSBC Research Lifts L'OCCITANE (00973.HK) TP to $24, Rated Buy

Jan 8, 2020

L'OCCITANE (00973.HK) reported satisfactory interim earnings ending September 2019, different from last two years and proving its higher profitability following the ELEMIS merger.

HSBC Global Research expected the firm to post continuously strong 2H earnings under forex, operating leverage and tighter marketing spending.

Overall, L'OCCITANE was kept at Buy, with target lifted from $22 to $24.

Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Thu Jan 09, 2020 11:09 am

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Nov 27, 2019

<Research Report>Daiwa Raises L'OCCITANE (00973.HK) TP to $21.5; Rated Buy

L'OCCITANE (00973.HK)'s management guided for a FY20 operating margin of about 12% and a net sales growth of over 10%.

Considering Elemis' potential to be unlocked by new market entry, Daiwa foresaw a bigger actual growth for L'OCCITANE.

L'OCCITANE was restated at Buy, with target lifted from $19 to $21.5.

The broker raised the 2020-22 EPS estimates on L'OCCITANE by 7-17%, around 12-15% ahead of consensus.

Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Thu Jan 09, 2020 11:10 am

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Nov 26, 2019

<Research Report>Macquarie Upgrades L'OCCITANE (00973.HK) to Outperform, TP Raised to $21

Macquarie commented in its report that L'OCCITANE (00973.HK) had delivered better-than-expected 1HFY20 results thanks to a multi-brand strategy.

L'OCCITANE was upgraded to Outperform from Neutral at the target price $21, raised from $16.5, whose OPM may be boosted along with the inclusion of Elemis.

Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Thu Jan 09, 2020 12:43 pm

Impact

Guidance for FY20F and longer term.

Sales growth for FY20F is expected to reach mid-teens YoY.

Growth in 1Q FY20 and 2Q FY20 was 18.8% and 25.5%, respectively.

3Q (October-December) is peak season for L'Occitane as the brand is generally associated
with festival gifts and box sets.

Sales in 2H accounted for 58% in FY19.

Management also targets operating margin of 12% in FY20, up from 10.6% in FY19.

Longer term, it guides revenue of €2.5bn in FY24 and operating margin to further improve to 13%.

Hong Kong market update. Badly affected by social unrest, store traffic and consumption sentiment has deteriorated in Hong Kong since mid-2019. L'Occitane samestore sales (SSS) dropped 19% YoY in 1H FY20 in Hong Kong.

According to management, SSS dropped by 30% in October and a further 45% in November. SSS decline in December (latest figures up to mid-month) should be less.

The company said there has been limited room for the brand to negotiate with landlords for rental reduction. That said, it has no plans to close stores in Hong Kong.

Valuation & Action

Shares are trading at 18.9x FY20F and 17.5x FY21F PE.

L’Occitane is about to announce trading updates for 3Q FY20 on January 21.

Our earnings forecasts are unchanged.

Our target price is HK$24.70. Reiterate Outperform.

Source: KGI
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Re: L'Occitane 0973

Postby winston » Wed Jan 22, 2020 6:12 am

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L'Occitane quarterly sales rise to HK$4.9b

L'Occitane International (0973) said sales grew by 17.9 percent year-on-year to 578 million euros (HK$4.98 billion) during the quarter ended December 31 last year.

Sales growth at constant exchange rates was 15.2 percent during the period.

For the nine months as of the year-end, sales increased by 20.2 percent at reported rates, or 17.3 percent at constant exchange rates from a year ago to 1.3 billion euros.

Sales in China grew by 32.4 percent year-on-year during the last quarter of 2019.

Source: The Standard

https://www.thestandard.com.hk/breaking ... to-HK$4.9b
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Re: L'Occitane 0973

Postby winston » Wed Jan 22, 2020 9:34 am

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L'OCCITANE (00973.HK) 3QFY20 Net Sales EUR580M, HK Sales -1.3%

L'OCCITANE (00973.HK) announced that during the three months ended 31 December 2019, the net sales grew by 17.9% at reported rates and 15.2% at constant exchange rates to EUR579 million.

During the quarter, net sales in Japan and Hong Kong dipped 3.5% and 1.3% at constant exchange rates.

Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Wed May 20, 2020 11:58 am

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06 May, 2020

<Research Report>BofAS Cuts L'OCCITANE (00973.HK) TP to $11.5; Rated Underperform

L'OCCITANE (00973.HK) posted a 15.2% YoY sales growth for FY20 and a 0.7% YoY sales slide for 4QFY20, both beating BofA Securities' expectations.

However, the broker foresaw tougher quarters ahead under the COVID-19 impact.

L'OCCITANE was restated at Underperform, with target axed by 10% to $11.5.

Source: AAStocks Financial News
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Re: L'Occitane 0973

Postby winston » Mon Jul 06, 2020 11:03 am

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L'OCCITANE(973)

Analysis:
For the year ended 31 March 2020, L'Occitane (973) reported net sales of 1,644.1 million, representing growth of 15.2% at reported rates.

Net profit was 115.2 million, a decrease of 2%.

However, operating margin improved by 0.8 points to 11.4% as the Group's 'Pulse' strategy to build trust, pursue sustainable growth and drive profitability continued to bear fruit.

The five pillars under its 'Pulse' strategy are: empowering teams; executing fundamentals especially in a retail context; adopting an omni-channel, mobile and digital approach; engaging customers; and strengthening br and commitments.

Recommended (I do not hold the above stock).

Strategy:
Buy-in Price: $13.60, Target Price: $15.50, Cut Loss Price: $12.80

Source: Phillips
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Re: L'Occitane 0973

Postby winston » Wed Jul 22, 2020 7:23 am

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L'Occitane quarterly net sales drop on virus impact

L'Occitane International (0973) said net sales for the three months ended June 30 fell 22.2 percent year-on-year to €274.2 million (HK$2.43 billion), due to lockdowns and store closures as the Covid-19 pandemic continued in Europe and the Americas.

Sales in Hong Kong plunged 60.9 percent year-on-year to €9.32 million in the quarter, while sales in China jumped 22.9 percent to €43.91 million.

Online channels grew by 95.8 percent and accounted for 52.6 percent of total net sales in the quarter ended June 30.

Source: The Standard

https://www.thestandard.com.hk/breaking ... rus-impact
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