Sa Sa International 0178

Re: Sa Sa International 0178

Postby winston » Thu Nov 15, 2012 6:41 pm

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SA SA INT'L (00178.HK) expects FY rent to income ratio to fall to 11% or below

SA SA INT'L (00178.HK)'s rental expenses in the first half of the year amounted to RMB364 million, up 24% yearly.

Simon Kwok, Chairman and Chief Executive Officer, said that the rent accounted for 11.4% of the income during the first half of the year.

In the second half of the year, benefited by the peak season, the income will be better. Therefore, the rent to income ratio will be lowered, leading to 11% or below for the whole year.

Kwok noted that during the third quarter, there are in total 94 shops in Hong Kong and Macau.

From 1 April to the end of September, a total of 15 shops renewed the leases for three years, with rental growth of 37%. In addition, newly rented shops amounted to 14.

Kwok added that the dividend payout ratio will be maintained at 70% in the future.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Fri Nov 16, 2012 7:11 am

China dulls Sa Sa's shine by Karen Chiu

Sa Sa International Holdings' (0178) interim profit beat market expectations and rose 26 percent from a year earlier to HK$282.1 million but its mainland operations continued to pile up losses.

Sa Sa shares rose 8 percent to HK$5.94 yesterday, marking the highest level for the year.

Revenue jumped 21 percent in the six months to September to HK$3.38 billion thanks to strong performance of its core Hong Kong and Macau businesses.

The firm raked up a total net profit of HK$283 million, up 27 percent, thanks to the rising number of mainland tourists.

Rents at its Hong Kong and Macau outlets rose by 37 percent in the first half, with 15 stores having to renew their leases, chairman Simon Kwok Siu-ming said.

But rental costs still managed to take up 11.4 percent of sales and the ratio is expected to further ease to 11 percent during the second half.

Looking forward, he remains optimistic about the group's sales during the Christmas period which followed better sales in the third quarter in all of its three major operating areas.

"Same store sales have grown by 18 percent in Hong Kong and Macau, while a 10.4 percent growth was recorded in the mainland in the third quarter," he said.

The cosmetics brand opened seven stores in Macau in this financial year and five in the mainland.

But hurt by the slowdown in the mainland's economy and rising expenditure due to management restructuring, Sa Sa's losses of its mainland business touched HK$19.82 million in this period,

The group said it is stepping up investments to improve its management structure in the mainland and hiring more employees.

Kwok expects to narrow the loss in the future, believing it is still worthwhile to invest in the mainland.

By March next year, Sa Sa will be operating a total of 264 stores, including 100 in Hong Kong and Macau, and 62 in the mainland.

http://www.thestandard.com.hk/news_deta ... 21116&fc=8
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Re: Sa Sa International 0178

Postby winston » Fri Nov 16, 2012 10:58 am

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SA SA INT'L (00178.HK) reiterated Overweight, TP hiked to $7.13 by HSBC

SA SA INT'L (00178.HK)'s interim results exceeded projection by 8.9% on stronger-than-expected profit margin, HSBC Global Research said in a report.

SA SA INT'L's profit margin surged 150 percentage points to 45.7% as the company opened outlets near the border , targeting same-day visitors.

HSBC hikes SA SA INT'L's profit forecast for 2013-14 by 3% for 2013-14 on higher same stores sales growth in Hong Kong and Macau.

SA SA INT'L is reiterated Overweight with target price hiked from $6.75 to $7.13.


Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Fri Jan 11, 2013 10:18 am

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SA SA INT'L (00178.HK)'s 3Q turnover up 20%

SA SA INT'L (00178.HK) announced that its turnover jumped 20.4% year-on-year in the third quarter ended December 31, 2012.

Turnover for the first three quarters ended December 31, 2012 climbed 20.9% year-on-year to $5.551 billion.

However, the consumer sentiment actually softened in the traditional peak season of Christmas holidays in December, and consumers were more cautious in spending.

In the month of December, the group's turnover in Hong Kong and Macau market was below expectations and grew by approximately 14%.


Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Fri Jan 11, 2013 10:20 am

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<Research Report>SA SA INT'L (00178.HK) rated Buy, TP hiked 39% to $7.5 by UBS

UBS believes the composition of mainland visitors is changing, with more travelers coming from sub-affluent provinces.

This group of visitors has shown a tendency to buy mass market and more sensitive to pricing.

UBS believes SA SA INT'L (00178.HK) will be the major beneficiary of the above change.

SA SA INT'L is upgraded to Buy from Neutral with target price hiked 39% to $7.5 from $5.4.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Sun Jan 27, 2013 9:24 am

Up Close and Personal with Kwok Sui Ming By NG BEI SHAN

WITH a market capitalisation of more than HK$19bil (RM7.57bil), the root of Sa Sa International Holdings Ltd's success can be found from a 40 sq ft cosmetic counter a husband and wife team took over with their savings of HK$20,000 34 years ago.


Source: The Star Malaysia

http://biz.thestar.com.my/news/story.as ... c=business
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Re: Sa Sa International 0178

Postby winston » Wed Feb 20, 2013 8:30 am

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SA SA INT'L (00178.HK)'s sales in HK, Macau during CNY up 30%

SA SA INT'L (00178.HK) announced that the group’s sales in Hong Kong and Macau grew by approximately 30% during the first seven days of the Chinese New Year comparing to that of the corresponding period last year, exceeding the group’s expectations.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Sun Mar 10, 2013 5:56 pm

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SA SA INT'L(00178.HK) cut to Neutral on fair valuation - UBS
2013-03-08

UBS noted that SA SA INT'L(00178.HK)'s share price climbed 29% since the beginning of this year due to strong sales momentum and high earnings growth in foreseeable future.

Target price was raised from $7.5 to $8.25.

However, the number of overnight visitors are constrained by the availability of hotels and the multiple-entry tourist visas to Hong Kong may be tightened, imposing negative impacts on earnings of the company.

The Bank believed that the share price has already got reasonable, thus downgrading the rate of the company from Buy to Neutral.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby stilicon » Thu Jun 20, 2013 5:00 pm

FY2013 results : http://www.hkexnews.hk/listedco/listconews/sehk/2013/0620/LTN20130620260.pdf

- revenue + 19%
- net income +19%
- NAV : from H$0,581 to H$0,7 (+20%, same as LY !)
(incidentally NAV was about 0,7 at FY2007 before the 1:1 bonus share give out, so they double NAV in 6 years.
That is about 12,3% cagr over 6 years, really not bad at all !)
- div for FY2013 : 21cH (ie div yield of 2,7%)
- no info about OCF yet.

Although I wonder how long they can maintain those types of performance and growth,
Sa Sa appears as usual as a very well run company :
- ROE : above 40%
- ROA : above 29%
- gearing : net cash.

Yet, I find Sa Sa expensive :
- P/B about 11
- Ev/NOPAT : about 18
- P/E about 26.
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Re: Sa Sa International 0178

Postby winston » Thu Jun 20, 2013 8:32 pm

SA SA INT'L (00178.HK) expects capital expenditure of 240M this yr
2013-06-20

SA SA INT'L (00178.HK) Chairman and Chief Executive Officer Simon Kwok said in a press conference that for the first quarter (April to 16 June), the Hong Kong and Macau retail sales growth was 27.8%, same-store sales growth was 18.3%, while Mainland retail sales and same-store sales retreated 0.4% and 2.1%, resulting in overall growth in turnover of 21.3%.

Kwok noted that the capital expense will rose from $192 million to $240 million this year, 90% of which will be used for shop renovation and opening, with the rest for computer system upgrade.


Source: AAStocks Financial News
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