Sa Sa International 0178

Sa Sa International 0178

Postby winston » Tue May 13, 2008 7:39 am

Not vested yet. I'm starting to see Sa Sa stores in China now..

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From The Standard:-

Sa Sa International Holdings (0178) is Hong Kong's largest cosmetics retailer. Mainland tourists accounted for 40 percent of Sa Sa's sales in Hong Kong. It posted a net profit of HK$90.7 million from April to September 2007, a more than 20 percent jump.

The company has declared a special dividend every year since 2003. In the last five years, shareholders received total dividends of 69 HK cents per share. After selling out its beauty business, its cash level may increase to HK$555 million, which means a potential special dividend payout bringing its dividend to 8 percent.

CLSA set a target price on the stock at HK$3.42, or 13.7 times 2009 earnings per share. Any dip near HK$2.80 is definitely a safe shelter.
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Re: Sa Sa International 0178

Postby winston » Tue Jun 03, 2008 3:06 pm

Not vested. The Sa Sa stores in Shanghai & Beijing are still crowded. However, the Sephora stores are also crowded as well. There seems to be an impression on the ground that the products at Sa Sa are close to the expiry date. I need to check on that impression as I heard it from two sources when I asked them about Sa Sa.

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Sa Sa (178.HK; BUY/Target: HK$3.90). Sa Sa’s retail sales in Hong Kong & Macao grew around 20% yoy in Apr 08 with around 5% SSS growth.

Operating performance in May 08 softened as a result of shortened Golden Week holidays in May and the natural disaster in Sichuan. Sa Sa recorded mid-teens growth in Hong Kong and Macao retail sales in May 08.

Its progress in mainland China has been in line with expectation. The Group currently has five stand-alone “Sa Sa” retail shops (four in Shanghai and one in Beijing) and will open four more stand-alone “Sa Sa” retail shops in Beijing by end-FY09.

Apart from stand-alone “Sa Sa” retail shops, the Group will double the number of department store counters to 29 by the end-FY09 from 16 currently. We expect Sa Sa to report a 54% yoy surge in net profit to HK$342m for FY08, boosted by the disposal gain of about HK$78m.

Recurring earnings should have gone up 19% yoy. The stock is trading at 13x FY09 PE with a 7% dividend yield.
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Re: Sa Sa International 0178

Postby kennynah » Tue Jun 03, 2008 3:12 pm

for a moment there...i thought our dear san san listed a company....ai say...thought strike jackpot liao... nevermind...

maybe sa sa is her sister,....
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Re: Sa Sa International 0178

Postby winston » Tue Jun 17, 2008 11:49 am

Not vested. From UOB-Kay Hian

Buy ahead of results release

Sa Sa will announce its FY08 results on 25 June. We currently forecast its FY08 net profit at HK$342m, up 54% yoy (in line with market consensus). Recurring earnings growth would be about 20% yoy.

We feel that the margin improvement may be better than expected due to low rental expense as a percentage of turnover (it shows the company's ability to manage rental rates).

We currently forecast full-year dividend payout at HK$0.20/share vs forecast EPS of HK$0.25/share. DPS has been higher than EPS since 2001 because of its strong balance sheet as well as high free cash flow. There may be pleasant surprise on dividend payout.

Sa Sa’s ROE is expected to be over 30%, and increasing. The stock is trading at 14x FY09 PE and 7% FY09 dividend yield. There appears to be no sign of a slowdown in its June sales performance. Maintain BUY with a target price of HK$3.90.

The company is a market leader and is likely to see further margin improvement in the next three years. We consider the stock to be our core long-term holding.
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Re: Sa Sa International 0178

Postby winston » Wed Jun 25, 2008 10:18 pm

Not vested.

Sa Sa's Profit Rises as Tourists Buy More Cosmetics (Update2)
By Stephanie Wong

June 25 (Bloomberg) -- Sa Sa International Holdings Ltd., Hong Kong's largest cosmetics retailer, said its profit gained 25 percent after sales of make-up and skincare products were boosted by increasing tourism in the territory.

Net income rose to HK$276.3 million ($35.4 million) in the year ended March 31, or 20.1 Hong Kong cents a share, from last year's HK$220.5 million or 16.2 cents a share, the company said in a statement to Hong Kong's stock exchange today. Sales expanded by 20.3 percent to HK$3.2 billion, Sa Sa said.

The chain, with 55 outlets in Hong Kong and Macau, is the favorite of mainland China's visitors, selling brands like Maybelline and Rexona to budget-conscious travelers. Tourists' spending rose 16 percent last year in Hong Kong to HK$140.5 billion, sustaining Sa Sa's sales even after the company sold its slimming centers and beauty salons.

``Sa Sa continues to rely on organic growth,'' said Raymond Siu, an analyst at Quam Ltd. in the city. ``About 40 percent of Hong Kong store sales come from mainland tourists and this will continue to give it a sustainable growth.''

Sa Sa's total profit, including HK$4.9 million from its discontinued beauty business and a HK$67 million one-time gain from disposing that operation, rose 57 percent to HK$348.2 million. Total sales increased 19.5 percent to HK$3.45 billion, Sa Sa said.

Sa Sa shares rose 1.9 percent to close at HK$3.30 in Hong Kong today after rising as much as 4.6 percent in earlier trading. The stock had risen 3.5 percent this year, performing better than the 18.6 percent slump in Hong Kong's benchmark Hang Seng Index.

Higher Dividends

The company will pay a final dividend of 15 Hong Kong cents, compared with 11 Hong Kong cents a year earlier.

Hong Kong attracted more than 28 million tourists last year with 55 percent from mainland China, its largest source market. Spending by increasing numbers of tourists from China as well as local residents drove a turnover growth of 18.8 percent over last fiscal year, the company said.

Sa Sa said it made slow but steady progress in the mainland Chinese market as it expanded on the distribution network. It aims to more than double the number of outlets in mainland China setting up about 39 outlets by the end of the next fiscal year.

The company, which also has operations in Singapore, Malaysia and Taiwan, said it also plans to build its foothold in its overseas markets.

The sale of Sa Sa's beauty services division was completed on March 31. The move was aimed to focus on its retail and brand management operations.

The company has strengthened its retail branding in the past year by focusing on sponsorships, including the Miss Hong Kong Pageant and Ladies' Purse Day, one of the most popular and high- profile racing days in Hong Kong.
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Re: Sa Sa International 0178

Postby winston » Wed Jul 30, 2008 9:28 am

Not vested. From Dr. Check:-

Sa Sa International Holdings (0178) is our focus. It is the leading cosmetic (retail and wholesale) and beauty services group in Greater China, Malaysia and Singapore. Forty percent of its sales in Hong Kong are to mainland tourists.

For the year to March, its net profit rose 57 percent to HK$348 million as gross profit margins stayed high at 43.1 percent.

Sa Sa plans to open at least 140 stores in the region by 2011, of which 100 will be in the mainland.

It has declared a special dividend every year since 2003. Last year, the total was 21 HK cents. Based on yesterday's HK$3.44 close, the annual dividend yield is 6.1 percent.

Brokers have set target prices ranging from HK$3.98 to HK$4.36. In this light, recent rumors about its possible sale are not surprising.
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Re: Sa Sa International 0178

Postby winston » Mon Dec 01, 2008 8:17 am

Not vested. From Dr. Check:-

Sa Sa International Holdings (0178) is the territory's largest cosmetics retailer. Mainland tourists account for 40 percent of Sa Sa's sales.

It posted a net profit of HK$87.6 million from April to September, a slight fall of 3.3 percent.

But sales jumped 16.5 percent to HK$1.63 billion.

Hong Kong and Macau sales rose 12.5 percent, same-store sales were 5.2 percent higher and the number of transactions rose 12.6 percent.

Another positive factor is that rents are falling in the gloomy economic climate.

The company has declared a special dividend every year since 2003.

In the last five years, shareholders received total dividends of 84 HK cents per share.

Sa Sa has just declared an interim dividend and a special dividend of 3 HK cents each.

Its profit margin improved from 42.2 percent to 42.7 percent.

The stock is trading at a 2009 price- earnings ratio of eight times - the lowest in the past decade - with a 15 percent dividend yield.

Sa Sa will be attractive at HK$1.20. It closed on Friday at HK$1.40.
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Re: Sa Sa International 0178

Postby LenaHuat » Mon Dec 01, 2008 9:18 am

SaSa seems to have closed their store at Wisma Atria???
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Re: Sa Sa International 0178

Postby winston » Mon Dec 01, 2008 9:21 am

In China, they are getting a lot of competition from Sephora...
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Re: Sa Sa International 0178

Postby winston » Fri Jan 09, 2009 12:29 pm

DJ MARKET TALK: Sa Sa +4.3%; ICEA Raises Forecasts, Target

1029 [Dow Jones] Sa Sa (0178.HK) +4.3% at HK$1.93 though unlikely to trouble HK$2.00 given light volume, on after reporting 3Q09 sales +10.2%, which impressive as general consumer sentiment hard hit since Lehman collapse around mid-September.

ICEA says figure "good evidence" of how efficient HK's leading cosmetic retail is at fine-tuning strategies to offer increasing value-for-money merchandise, adopt aggressive promotional activities; raises FY09-11 sales growth forecasts by 6%-9%, increases net profit growth forecasts by 5%-9% to reflect better execution, accordingly raises target price to HK$2.53 from HK$2.43, pegged on 10X FY10 P/E, keeps Buy call.(RLI)
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