Vinda International 3331

Re: Vinda International 3331

Postby winston » Tue Sep 08, 2009 4:07 pm

DJ MARKET TALK: VC Raises Vinda's Earnings Forecast; Keeps At Buy

1534 [Dow Jones] STOCK CALL: VC Brokerage raises Vinda's (3331.HK) FY09 net profit forecast to HK$362 million from HK$290 million, FY10 to HK$400.3 million from HK$356.2 million, to incorporate higher gross profit margin, higher expenses assumptions.

Raises target price to HK$6.86 (previous target not shown), based on 16X FY10 P/E. Notes, following completion of 20,000 tons new capacity in Jiangmen, Vinda will add another 20,000 tons of new capacity at Liaoning (Anshan) in around Oct. 2010, rather than 1Q10 previously expected, with production capacity expected to reach at least 340,000 tons by end-2010.

Keeps at Buy. Stock down 0.2% at HK$5.39. (SUT)


Source: Dow Jones Newswire
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Re: Vinda International 3331

Postby winston » Mon Feb 01, 2010 2:11 pm

Not vested. From UOBKH:-

Vinda (3331 HK) – Cost peaks while ASP rises

Wood pulp prices peaking. Wood pulp prices have swung from the trough in Apr/May 09 to the current high levels which are near the recent highs in Jun/Jul 08. We believe a further increase in wood pulp prices is limited. In addition, Vinda has locked in wood pulp cost for the next six months at low levels, giving some buffer to the prevalent high wood pulp prices.

Upcoming hike in product prices to boost earnings. We believe Vinda will likely announce raise prices for some products in 2Q10. Vinda considers managing the product mix as more important than a pure price hike. Vinda has been changing the incentives/rebates structure to distributors to encourage them to sell more higher-price and higher-margin products.

The new CEO will come on board soon. The new CEO will come on board on 22 February. The new CEO, Ms Zhang Dong Fang, aged 47, graduated from Guangdong Foreign Language and Trade University with a bachelor’s degree in economics and art in 1983. She then graduated from International Institute for Management Development, a business school in Switzerland, with a diploma in business management in 1994.

Overseeing Greater China business of a multinational company. Ms Zhang is currently the Vice President for North Asia for a multinational flavour & fragrance manufacturer. She has been marketing their products to multinational FMCG companies (including Unilever).

The said group ranks among the world leaders in flavors & fragrances production and has an estimate 15% of the global market share. Ms Zhang was the managing director of the said group overseeing its business in Greater China from 1998 to 2008.

Strong in team management capability, sales and marketing. Several executive directors of Vinda have known Ms Zhang for a while. She has a good track record and is strong in team management capability, sales and marketing. It is expected that she will improve corporate communication with Svenska Cellulosa Aktiebolaget .(SCAB SS), Vinda's strategic shareholder.

Attractive valuation. The stock is trading at 11x FY10F PE, which is undemanding compared with its competitor Hengan’s (1044 HK/BUY) 25x FY10F PE and China consumer sector’s average FY10F PE of 20x.
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Re: Vinda International 3331

Postby winston » Mon Mar 08, 2010 10:11 am

Not vested. Up > 6% now ...

DJ MARKET TALK: Vinda May Not Get Big Boost From Profit Alert

0747 [Dow Jones] Any boost to Vinda International (3331.HK) shares from positive profit alert may not be big; toilet paper, paper handkerchiefs maker expects FY09 net profit to post "substantial growth" vs FY08 net profit of HK$165.9 million, citing lower raw material (wood pulp) costs, higher sales (double-digit growth), successful marketing, pricing strategies, but that likely well flagged with 1H09 net profit, at HK$180.2 million, already surpassing FY08's full-year earnings.

Given firm's earnings has high correlation with pulp prices, key share price catalyst whether pulp prices peaking out, after rallying from trough in 1H09. Stock down 1.3% at HK$4.71 Friday, valuation undemanding at 11.2X FY09 P/E based on Thomson Reuters, especially if comparing to Hengan International's (1044.HK) gasp-inducing 32.7X; arguably investors paying too much premium to Hengan despite latter's solid track record, better brand awareness, more diversified product portfolio.

Source: Dow Jones Newswire
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Re: Vinda International 3331

Postby winston » Mon Mar 08, 2010 3:00 pm

Not vested.

DJ MARKET TALK: Vinda +6.6%; Over-reacted To Cost Worries-Kim Eng

1136 [Dow Jones] Vinda International (3331.HK) +6.6% at HK$5.02, volume at HK$28.8 million already surpasses Friday's full-day, boosted by announcement it expects FY09 net profit to post "substantial growth" vs FY08 net profit of HK$165.9 million.

While this well flagged given 1H09 net profit already at HK$180.2 million, "we believe the market has over-reacted on the cost issue and have ignored management's execution ability to combat against the rising pulp cost," says Kim Eng; adds, while positive profit alert may be non-event after significant earnings growth in 1H, house remains positive on Vinda's outlook, current price good entry level vs house's target of HK$6.88.

Vinda's 50-day moving average at HK$5.13, clean breach of which may signal stock turns medium-term positive. (RLI)


Source: Dow Jones Newswire
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Re: Vinda International 3331

Postby winston » Mon Mar 08, 2010 3:55 pm

Not vested. Up 11% ...

DJ MARKET TALK: Vinda +11.0%; Higher Pulp Prices Factored In-BOCI

1509 [Dow Jones] Vinda International (3331.HK) going from strength to strength, last +11.0% at HK$5.23; volume quadruples Friday's at HK$62.8 million, boosted by announcement it expects to post "substantial growth" in FY09 earnings vs FY08 net profit of HK$165.9 million.

BOCI says announcement in line with expectation, as house forecasts on-year net profit growth of 116%; despite soaring wood pulp prices, which expected to have negative impact on Vinda's profit in 2010 (also kept lid at share prices), house keeps stock as Buy, due to "undemanding" FY10E P/E of 10.6X (before today's jump).

"We believe pressure on profitability from rising wood pulp costs can be partially offset by fewer promotional activities, a product mix improvement and better economies of scale in 2010." (RLI)

Source: Dow Jones Newswire
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Re: Vinda International 3331

Postby winston » Thu Apr 08, 2010 9:49 am

Vested.

DJ MARKET TALK: Vinda FY09 Profit A Record But Pulp Prices Rising

0845 [Dow Jones] Vinda International's (3331.HK) record FY09 net profit appears unlikely repeated this year, thus stock may not get too much boost from reporting FY09 net profit +139.8% on-year to HK$397.8 million, tad higher than HK$390.9 million pegged by Thomson Reuters.

Robust FY09 earnings underpinned by lower wood pulp prices, resulting in big gross margin expansion (to 34.2% vs FY08's 21.2%), which unlikely to sustain this year. Vinda expects "pulp market will hit a record high" due to Chile earthquake, recovery of global economy before retreating modestly, hence "may face rising pulp prices." Final dividend 9 HK cents/share vs 4.6 HK cents year ago. Stock ended down 1.1% at HK$5.24 yesterday.

Source: Dow Jones Newswire
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Re: Vinda International 3331

Postby winston » Mon Aug 16, 2010 11:31 am

Not vested.

DJ MARKET TALK: CLSA Starts Vinda At Buy; Target HK$8.67
Jul 5, 2010

1221 [Dow Jones] STOCK CALL: CLSA starts Vinda (3331.HK) at Buy with HK$8.67 target. Says Vinda is third-biggest player in China's fast-growing tissue and toilet-roll markets, set to benefit further from policy induced consolidation and strategic expansion.

"We expect rapid growth next year on the back of a major capex cycle. With capacity boosted 31% and the launch of brands targeting more consumer segments, we forecast earnings to grow by 26% in 2011 and 25% in 2012."

Adds, new product lines will target price-sensitive consumers, and existing brands will be upgraded. The success of its recent Pleasant Goat campaign bodes well.

Source: Dow Jones Newswire
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Re: Vinda International 3331

Postby winston » Fri Sep 24, 2010 12:53 pm

Not vested

DJ MARKET TALK: Vinda Off 3.0%; Fund Distributes Shrs To Partners

1153 [Dow Jones] Vinda International (3331.HK) off 3.0% at HK$9.43, may slide more in short term especially given mounting profit-taking pressure after stock's 25.7% rise since August.

Vinda announces that Cathay Fund recently approved distribution of entire holding of 83 million Vinda shares to fund's 50 partners.

83 million shares at current price worth HK$783 million or 9% of Vinda's market cap; while it's very difficult to guess how many partners at what prices would be selling Vinda shares, move may act as stock's short- to medium-term overhang, especially given Vinda trading at 21X FY10 P/E based on Thomson Reuters.

Source: Dow Jones Newswire
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Re: Vinda International 3331

Postby winston » Tue Sep 28, 2010 9:43 am

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DJ MARKET TALK: Vinda Likely To Fall; Company, Chairman Sell Shrs

0828 [Dow Jones] Vinda International (3331.HK) likely to fall as company, chairman combined raising HK$309 million, with amount about 3.5% of tissue paper product maker's market cap.

Vinda aims to raise HK$264 million net proceeds via top-up placement of 28.5 million new shares, while chairman Li Chao Wang selling 4 million old shares.

Placement price HK$9.50, representing 3.1% discount to Vinda's close at HK$9.80 (+4.3%) yesterday. Vinda says proceeds intended for partially funding expected expansion plans and for working capital. Profit taking may also weigh on shares, with stock +40.6% in past 3 months.

Source: Dow Jones Newswire
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Re: Vinda International 3331

Postby winston » Tue Sep 28, 2010 12:08 pm

Not vested

DJ MARKET TALK: Vinda +3.5%; Quick Recovery Despite Shr Placement

1132 [Dow Jones] Vinda International's (3331.HK) intraday movement likely taken as very positive by holders; stock last +3.5% at HK$10.14, recovers swiftly from intraday low of HK$9.58 after company (selling new shares), chairman (old shares) combined raise HK$309 million.

In retrospect, placement price's (HK$9.50 each) small discount (3.1% discount to Monday close) suggests demand for shares solid. "Overall, we remain positive over the company's prospect given its undemanding valuation and its secular growth story on the back of growing demand for quality paper products," says Kim Eng;

Winston's Comment: PE 23 is undemanding valuation ?

Keeps Buy call, but target price of HK$10.08 surpassed.

Source: Dow Jones Newswire
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