Sa Sa International 0178

Re: Sa Sa International 0178

Postby stilicon » Fri Nov 27, 2009 5:06 pm

This company continues to impress me. One of my best lines in the last three months.
One thing I have difficulties to get, is how do they finance their growth (they do open new shops every semester), when they pay almost 100% of their net profit and about 90% of the net operating cash-flows. Meanwhile, they have very little debt.
They are very capital efficient, and very respectuous of their shareholders.
They also surf on a wave of urbanisation and purchasing power increase which is powerful and here to last a few decades.
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Re: Sa Sa International 0178

Postby winston » Fri Nov 27, 2009 5:13 pm

Not vested.

I would also look at their competitors especially Sephora.

IMHO, Sephora seems to have the better locations and are always crowded compared to Sa Sa.

Also, on the ground, the people seems to think that the products at Sephora are of better quality than Sa Sa. Not sure as I dont use their products :P.

I just ask questions and listen to what they say :D
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Re: Sa Sa International 0178

Postby winston » Mon Nov 30, 2009 11:40 am

Not vested

DJ MARKET TALK: Sa Sa +8.8%; CS Ups Target To HK$5.22, Outperform

1113 [Dow Jones] Sa Sa (0178.HK) soars 8.8% to all-time high of HK$4.84, as strong growth, still-reasonable valuation (but not attractive any more, now +24.2% month-to-date) pulls in investors.

Credit Suisse says strong 1H results "a classic example of its disciplined execution"; raises FY10/11 earnings forecasts by 24%/27%, ups target price to HK$5.22 from HK$3.23, also on higher target P/E of 18.9X for 1X PEG vs 14.4X previously; keeps Outperform call.

"We continue to like Sa Sa's ability in controlling its future, and its execution excellence became apparent in a more challenging operating environment," Credit Suisse says. Volume much higher than usual at HK$11.6 million. Smaller rival Bonjour (0653.HK) getting a ride, +7.7% at HK$6.74

Source: Dow Jones Newswire
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Re: Sa Sa International 0178

Postby winston » Mon Jan 04, 2010 7:41 am

Not vested. From Dr. Check:-

Cosmetics seller is worth another look

Now is a good time to take a fresh look at Sa Sa International Holdings (0178) which has had a good track record in recent years.

The cosmetics wholesaler and retailer also provides beauty and health club services.

For the six months ended September 30, the group's retail and wholesale business had a turnover of HK$1.76 billion, up 8.3 percent year- on-year. The overall gross profit margin increased to 43.9 percent from 42.7 percent. Earnings per share were 8.9 HK cents.

Dividend per share was 9 HK cents, including a 6 cents special dividend. The dividend payout ratio is more than 100 percent.

As of September 30, it had 69 Sa Sa (including eight in Macau), one La Colline specialty store and one Elizabeth Arden counter. Hong Kong can expect more mainland tourists as non-Guangdong residents in Shenzhen qualify for visas. This will boost cosmetics sales in the SAR.

Sa Sa has distributed special dividends in the last few years. With its healthy cash flow and HK$480 million cash without debt, it will be able to maintain a high dividend payout ratio.

Sa Sa closed on Thursday at HK$5.14 with a dividend yield of 4.4 percent. Brokers give Sa Sa a target price ranging from HK$5.20 to HK$6.50. Wait for the price to drop near HK$5 before showing interest.

http://www.thestandard.com.hk/news_deta ... 00104&fc=1
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Re: Sa Sa International 0178

Postby winston » Tue Jan 12, 2010 3:17 pm

Not vested.


DJ MARKET TALK: Sa Sa +7.6%; Upbeat Consumer Sentiment Lifts Ops

1456 [Dow Jones] Sa Sa (0178.HK) going from strength to strength, now +7.6% at intraday peak, also all-time high, of HK$5.64, spurred by solid 3Q operating data.

Kim Eng says 7.8% increase in total number of transactions in 3Q (to end-December) indicates company's customer base continued to expand amid continued product-mix changes in keeping with customer preferences, impressive results reflect improvement in consumer sentiment; "we believe that this trend would continue for the rest of 2010."

Sa Sa volume near triple yesterday's at HK$42.2 million; still, profit-taking pressure building up, with sales orders outweigh bids on trading screen

Source: Dow Jones Newswire
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Re: Sa Sa International 0178

Postby winston » Wed Feb 17, 2010 7:52 am

Not vested. From Dr. Check, The Standard HK:-

You may want to consider cosmetics chain Sa Sa International (0178) as a defensive play.

It is a cash-rich company with a generous dividend policy. The stock is currently trading at a dividend yield of 4.3 percent.

Sa Sa will open up to 10 outlets net in Hong Kong this year. And SasaTinnie shops are being set up to attract young consumers.

The stock fell from a 52-week high of HK$5.68 to HK$5.25 before the Lunar New Year holiday.

Some brokers give it a target price of HK$6.50 or 18 times its 2011 price-earnings ratio.

http://www.thestandard.com.hk/news_deta ... 00217&fc=4
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Re: Sa Sa International 0178

Postby stilicon » Thu Feb 25, 2010 4:52 pm

Sa Sa finishes the day with a 6,8% increase. I see no news. Maybe someone anticipates a good results announce in the coming days.
Nevertheless, the valuation is becoming very rich. Hopefully, there will be new crisis and big dips in the coming months to buy again Sa Sa, whose business is fairly isolated from any of the current major public debt and easy money possible change concerns.
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Re: Sa Sa International 0178

Postby winston » Fri May 28, 2010 8:26 am

Not vested. I see more people at Sephora ...

Looks matter most
Friday, May 28, 2010

The Hang Seng Index continued to rebound yesterday. This is natural as the HSI has shed 10 percent this month.

So, I do not expect the upturn to last long. But select stocks should draw our focus.

One of them is cosmetics retailer Sa Sa International (0178), which also provides beauty and health-club services.

In the financial year ended March 2009, Sa Sa had a net profit of HK$315 million, proving that it was mostly unaffected by the global financial crisis.

In January and February, same-store sales grew more than 15 percent while overall sales rose 25 percent year-on-year.

Cosmetics are very much in demand. Mainland tourists, for instance, are often seen packing Sa Sa outlets.

The firm is generous on dividends. A final and special dividend of 17 HK cents took the full-year dividend to 23 HK cents last year.

Yesterday, Sa Sa closed at HK$5.39, providing a strong yield of 4.26 percent. It is worth picking up around HK$4.70.

http://www.thestandard.com.hk/news_deta ... 00528&fc=8
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Re: Sa Sa International 0178

Postby winston » Fri Jun 25, 2010 7:31 am

Not vested. I still see more people at Sephora.

Sa Sa earnings jump 20pc by Ellen Wang

Friday, June 25, 2010

Sa Sa International Holdings (0178) said net profit for the year ended March 31 rose 20.6 percent to HK$381.1 million as the economy strengthened and the impact of swine flu receded.

The cosmetic retailer's revenue jumped 13.9 percent to HK$4.11 billion - 49.8 percent of which came from mainland customers.

A final dividend of five HK cents and a special dividend of 14 HK cents were declared.

Chairman Simon Kwok Siu-ming said Sa Sa's mainland business picked up with the net loss narrowing to HK$18 million from HK$27 million.

Kwok declined to predict when the mainland business will turn around and record a profit.

But he said the group plans to allocate more resources to speed up expansion by increasing its mainland outlets to at least 67 by March from the current 35.

"We have confidence in the mainland market and will be patient," he said, adding that he believed the priority is to expand the distribution network.

The retailer plans to invest HK$70 million in markets outside Hong Kong.

That is half its total capital expense for the year ending next March. Sa Sa had HK$646.3 million cash in hand as of March 31.

Sales in Hong Kong grew 18.6 percent between April and June - the first quarter of its current financial year - but only 2.03 percent for the whole group, according to Kwok.

He expects double-digit growth in total sales this year on the back of a stronger yuan, closer ties between Hong Kong and the Pearl River Delta, increases in mainland consumers' purchasing and spending power, and a growing appetite for travel.


http://www.thestandard.com.hk/news_deta ... 00625&fc=8
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Re: Sa Sa International 0178

Postby winston » Fri Jun 25, 2010 10:18 am

Not vested.

DJ MARKET TALK: Sa Sa May Stabilize; CS Ups Target To HK$7.10

0843 [Dow Jones] Sa Sa (0178.HK) may stabilize in wake of yesterday's 6.8% fall to HK$6.01 after company announces results for FY to end March during lunch break; but fall not significant vs its 14.8% gain month-to-Wednesday, which should have priced in its results.

Credit Suisse says Sa Sa's FY10 net profit (+20.6% on year at HK$381 million) in line with its forecast; "Sa Sa's biggest challenge still is rental cost pressure in Hong Kong."

Notes management continues to work towards having higher margin exclusive/proprietary products; expects this should be sufficient to absorb cost headwinds, and house expects room for Sa Sa's margins rising over medium term. House raises target to HK$7.10 vs HK$5.22, after rolling over to FY11. Keeps at Outperform.


Source: Dow Jones Newswire
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