Vinda International 3331

Re: Vinda International 3331

Postby winston » Thu Aug 30, 2012 2:30 pm

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VINDA INT'L (03331.HK) expects paper pulp price to flat in 2H; mid-to-long term PM firms at 30-32% (Correct)

VINDA INT'L (03331.HK)'s Chief Financial Officer Paul Tsang said the widely use of electronic display, has pushed down the demand for paper products and put pressure on paper pulp factory, expecting paper pulp price to hold steady in the second half of 2012 and mid-to-long term profit margin to firm at 30-32%.

Tsang expects inventory turnover days to decline quarterly in the second half of 2012.

Tsang expressed confidence in addressing intensifying industry competition due to the strong brand of the company, adding it has no plan to cut prices.

Chairman Li Chao Wan added the company has advantages in sales network with factories covering a number of provinces, pushing down transportation costs and favouring the development of the company. (y)

(Correct: 2012-08-30 12:31:25 VINDA INT'L (03331.HK) expects paper pulp price to flat in 2H; mid-to-long term PM firms at 30-32%)


Source: AAStocks Financial News
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Re: Vinda International 3331

Postby winston » Wed Sep 26, 2012 1:33 pm

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<Research Report>VINDA INT'L (03331.HK) lowered to Neutral by BofA ML on pressured gross profit

Bank of America Merrill Lynch estimated in a report that VINDA INT'L (03331.HK) sales will show signs of slowdown starting the fourth quarter this year due to industrial overcapacity.

Coupled with lower average price, higher promotional cost and potential cost rebound, the gross profit margin will be pressured.

The 2013 P/E of 16.5 times is in line with the historical average level, so the rating is lowered from Buy to Neutral.

The Bank also reduced the 2012-13 earning forecasts by 2% and 16%, with target price correspondingly cut from $14.5 to $12.1. (r)


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Re: Vinda International 3331

Postby winston » Wed Sep 26, 2012 4:26 pm

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VINDA INT'L (03331.HK) drops below 250MA with 8% slide after earnings forecast, target price cut by BofAML

VINDA INT'L (03331.HK) broke below 250MA ($11.08) after its target price, earnings forecast and rating were slashed by Bank of America Merrill Lynch.

After hitting 6-month low at $10.16, the stock last dipped nearly 8% to $10.38 with 14.94 million shares changed hands on market. RSI-14 fell to 28.5.

Bank of America Merrill Lynch reduced VINDA INT'L's rating from Buy to Neutral with target price slashed 17% to $12.1.


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Re: Vinda International 3331

Postby winston » Sun Oct 07, 2012 9:34 pm

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VINDA INT'L (03331.HK) reclaims 250MA as Invesco Hong Kong increase stake by nearly $20M

VINDA INT'L (03331.HK) reclaimed 250MA ($11.14), hitting intraday high $11.28.

It last climbed 3.9% to $11.24 on trading volume of 7.34 million shares.

Invesco Hong Kong on 27 September raised stake in VINDA INT'L by 1.887 million shares at $10.264 apiece.


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Re: Vinda International 3331

Postby winston » Tue Feb 05, 2013 2:12 pm

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<Research Report>VINDA INT'L (03331.HK) reiterated OW by HSBC

VINDA INT'L (03331.HK) is going to announce its full-year results on March 26, said HSBC, who expects the net profit of VINDA INT'L for 2012 will jump 33% to $540 million.

HSBC lowered its 2013 net profit forecast for VINDA INT'L by 3%.

VINDA INT'L was reiterated Overweight with target cut to $12.5 from $13.


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Re: Vinda International 3331

Postby winston » Tue Apr 23, 2013 8:10 pm

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VINDA INT'L (03331.HK) rated Neutral with target cut to $10.7 by Citi

Citigroup noted in a research report that it lowered the VINDA INT'L (03331.HK)'s 2013/14 forecast on product selling price and profit margin.

Though the material cost during 2014-15 may decline, the Bank believes the profit margin will continue being pressured over the next years.

It maintained the Neutral rating, with target $10.7.

The Bank still prefers HENGAN INT'L (01044.HK) as its tissue business accounts for 30% of the earnings.

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Re: Vinda International 3331

Postby winston » Tue Jun 04, 2013 8:42 pm

VINDA INT'L (03331.HK) downgraded to Sell, TP lowered to $9 by Citi

VINDA INT'L (03331.HK)'s management said in the reverse roadshow that the company's profit margin came in higher than expected, Citi said in a report.

The broker believes VINDA INT'L's margin erosion has accelerated since the first quarter of 2013, as the tissue-paper maker aggressively expanded capacity last year and the potential demand has weakened amid a slowed macro economy.

Citi projected VINDA INT'L's 2013 profit would hold flat despite around 20% growth in sales and lower paper pulp costs.

VINDA INT'L is downgraded from Neutral to Sell with target price reduced from $10.7 to $9.

Citi considered that tissue-paper business margin will decline for multi-years until the return has been normalized.

Citi kept Buy on HENGAN INT'L (01044.HK) as tissue-paper only made up 30% of its profit.

Its major sanitary napkin business is going well without risks over the next two to three years.


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Re: Vinda International 3331

Postby winston » Tue Jul 22, 2014 5:06 am

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Weaker yuan hits paper maker
Tuesday, July 22, 2014

Tissue paper firm Vinda Internatioetnal (3331) said net profit fell 21.8 percent in the first half, to HK$222.18 million, from a year earlier.

The mainland's third-largest household consumer paper maker announced an interim dividend of 4 HK cents per share, down 16 percent from last year's 4.8 HK cents. Gross profit margin rose 0.6 percent to 29.5 percent.

The company blamed the slide in profits on its foreign exchange loss of HK$33.4 million incurred during January to June as the yuan weakened against the US dollar. Most of the group's transactions are settled in yuan while most of its denominated borrowings are either in Hong Kong dollars or the greenback.


"We will keep an eye on the yuan exchange rate," chief executive Zhang Dong Fang said.

"We will also use hedging to eliminate depreciation loss when necessary,"

Zhang also said paper making is still the core business although the gross profit margin for sanitary napkins is higher than paper products.

She predicted that wood pulp prices will remain stable this year.

Chairman Li Chao Wang emphasized that the firm will focus on brand promotion rather than reducing prices to boost profit.

Vinda last week said Sweden-based Svenska Cellulosa Aktiebolaget would integrate its mainland and Hong Kong business with the firm.

SCA is Vinda's largest shareholder holding a 59.95 percent stake

Source: The Standard HK
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Re: Vinda International 3331

Postby winston » Tue Feb 03, 2015 8:22 am

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VINDA INT'L (03331.HK) target lifted to $14.8, kept Outperform - C Suisse

Credit Suisse said in the latest research report that VINDA INT'L (03331.HK) 0.000 (0.000%) Short selling $101.16K; Ratio 0.597% steadily expanded its market shares on both traditional and e-commerce sector.

The research house kept Vinda International's rating at Outperform, with a target price of $14.8 (up from $13.5) and a higher EPS forecasts which reflected the company's better sales volume and stronger market presence.

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Re: Vinda International 3331

Postby winston » Fri Jul 17, 2015 11:40 am

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<Research Report>C Suisse Maintains VINDA INT'L(03331.HK) at Outperform with Target Lifted to $21.2

Credit Suisse, in its report, pointed out that VINDA INT'L(03331.HK)'s interim results were impressive and the broker believed the company will keep on the superior growth in the coming two years.

The broker mentioned the rating at Outperform and lifted the target price from $14.8 to $21.2, based on 25x forward P/E.

Meanwhile, its EPS growth in 2015 was revised up to 26.6%.

The broker included VINDA INT'L in the top-10 picks in the China consumer sector.

It is expected that the CAGR in 2015-2017 will reach 23%, much faster than the tissue sector at 10%.

Furthermore, Credit Suisse stated that VINDA INT'L intends to enter the personal care products market and that may bring pressures to its margin.

However, the broker considered the gross margin expansion from selling higher-margin products and a lower tax rate in China should compensate for such pressures.

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