Vinda International 3331

Re: Vinda International 3331

Postby winston » Fri Jul 20, 2018 6:17 am

Vinda profit not to be sneezed at

by Avery Chen

Vinda International Holdings (3331), a tissue manufacturer, said its unaudited interim net profit rose 30.1 percent in the six months to the end of June to HK$417 million, while total revenue grew 16.3 percent to HK$7.3 billion.

The company proposed an interim dividend of six HK cents per share, while basic earnings per share saw a 26.9 percent growth at 34.9 HK cents.

Vinda's gross margin slipped 0.8 percent year on year to 29.7 percent.

Vicky Tan Yi-yi, chief financial officer and company secretary, said the decline of gross margin was mainly driven by rising wood pulp costs. However, the figure in the second quarter this year rebounded 31 percent. She is confident of stable growth in the future.

Looking forward, Tan said the company will see the market reaction to rising product prices, then adjust its future strategy.

Commenting on the yuan's depreciation, Tan said that the cost of raw materials will be affected, as the company mainly uses the US dollar for purchasing. Tan added that Vinda still has a four months' inventory of raw materials.

Tan pointed out that mainland deleveraging has tightened the financing environment, but the company's liquidity is sufficient for business development as it still has a HK$7 billion loan quota.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0720&sid=2
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Re: Vinda International 3331

Postby winston » Fri Apr 24, 2020 10:10 am

Continuous margin expansion in FY20F

Vinda reported a 1Q20 revenue decline of 16.2% yoy to HK$3.4bn because of logistics issues amid the COVID-19 pandemic, but its gross margin expanded by 11.2% pts yoy to 37.5%, attributable to lower wood pulp prices and a product mix upgrade.

Management guided double-digit topline growth for FY20F, with a low double-digit OPM, driven by a better product mix.

Upgrade from Hold to Add with new DCF-based TP of HK$28.

PE 20; Yield 1%

Source: China Galaxy / CIMB

https://rfs.cgs-cimb.com/api/download?f ... 8BAC0048C8
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Re: Vinda International 3331

Postby winston » Tue Jul 21, 2020 10:25 am

not vested

VINDA INT`L(3331)

Analysis:

The principal activities of Vinda International (3331.HK) are the manufacturing and sale of household paper products and personal care products.

The strong profitability in 2020 H1 was mainly attributed by the low wood pulp price and the continuous portfolio mix enhancement of the company.

The gross profit and net profit were up by 32.6% and 107.5%.

Despite that the company`s revenue was down hugely in 2020Q1 due to the fact that one of the main factory of the company was closed for a significant amount of time during the pandemic, as well as the slow down logistics supply chain at the same time.

Sales momentum was strong in 2020Q2 due to increased hygiene awareness and it was up by 15% yoy and 23% qoq.

The company will continue to focus on product innovation, hence the high profit margin is expected to sustain in future.

Strategy:
Buy-in Price: $30.50, Target Price: $33.60, Cut Loss Price: $29.00

Source: Phillips
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Re: Vinda International 3331

Postby winston » Thu Oct 22, 2020 9:59 am

Compared to the three months ended 30 September of 2019 (“2019Q3”), the unaudited
financial information of the Group for 2020Q3:


Total revenue decreased by 0.2% (-0.7% at constant exchange rate) to HK$3,830 million, of which HK$3,124 million was from the Tissue segment and HK$706 million was from the Personal Care segment.

Gross profit rose by 17.6% to HK$1,414 million. Gross margin widened by 5.6 percentage points (“ppt(s)”) to 36.9%.

Total foreign exchange gain was HK$27 million (2019Q3: HK$38 million loss), of which HK$26 million gain was from operating payable items (2019Q3: HK$37 million loss), and HK$1 million gain was from financing items (2019Q3: HK$1 million loss).

Operating profit grew by 48.1% to HK$545 million. Operating margin expanded by 4.6 ppts to 14.2%.

EBITDA recorded an increase of 28.5% to HK$829 million with a corresponding EBITDA margin increased by 4.9 ppts to 21.7%

Source: HKEX

https://www1.hkexnews.hk/listedco/listc ... 200129.pdf
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Re: Vinda International 3331

Postby winston » Fri Oct 23, 2020 9:14 am

vested

Continued margin expansion despite competition

Vinda reported 3Q20 revenue of HK$3,830m, down 0.2% yoy, below our expectation but thanks to low wood pulp prices and a better product mix, Vinda expanded its 3Q20 gross margin and operating margin by 5.6% pts and 4.6% pts yoy, respectively.

The sales contribution from its premium products increased to 28% in the quarter compared to 23% in 3Q19.

We expect Vinda’s sales growth to accelerate to 11.6% yoy in 4Q20, given the upcoming Nov 11 online marketing campaign. And we expect Vinda to gain market share in 4Q20F.

Reiterate ADD with new DCF-based TP of HK$37.6.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 2F2A900DB7
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Re: Vinda International 3331

Postby winston » Tue Oct 27, 2020 10:51 am

vested

What’s New

Currently trading at an undemanding c.10x FY21F PE as share price has corrected by c.20% post 3Q20 operating results

Expect 4Q20F sales to return to the growth track thanks to Double 11 sales as more promotion effort will be in place

Premium product and online sales continued to see 20%+ growth in 3Q20 and such trend should sustain in the medium term

We cut FY20F/21F earnings by 6%/5% to reflect slower growth of 3Q20.

Reiterate BUY with lower TP of HK$29.41

Source: DBS

https://researchwise.dbsvresearch.com/R ... iafgkfhgbh
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Re: Vinda International 3331

Postby winston » Thu Dec 10, 2020 2:38 pm

vested

Nov 9, 2020

<Research Report>Nomura Axes VINDA INT'L (03331.HK) TP to $30.9; Rated Buy

Nomura mentioned in its report that VINDA INT'L (03331.HK) had delivered flattish revenue in 3Q20, which came in disappointing by sliding 0.7% in LC terms to $3.8 billion.

The broker retained Buy on VINDA INT'L at the target price $30.9, axed from $39.1, with FY20E profit revised down by 7.3%.

Source: AAStocks Financial News
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Re: Vinda International 3331

Postby winston » Thu Jan 07, 2021 11:15 am

not vested

VINDA INT`L(3331)

Analysis:

Vinda International (3331) focuses on the tissue paper premium market.

In respect of paper products, the rising personal hygiene awareness of consumers have spurred a strong demand for products such as wet wipes and premium tissue paper products.

The Group`s annual designed production capacity for tissue paper amounted to 1,250,000 tons. Currently, it continues to expand the production capacity of wet wipes in southern and northern China and expects to complete the expansion of production capacity for tissue paper in southern and eastern China in 2021.

There is a growing demand in the personal care market, especially amid the pandemic which enhanced consumers` awareness on incontinence care products, and the accelerating aging population in China would serve as a tailwind for the incontinence care products market.

To capture this growing market, the Group has launched a new-generation of sanitary napkins in mainland China, which will give another boost to the growth of its personal care business. (I do not hold the above stock)

Strategy:
Buy-in Price: $24.00, Target Price: $27.00, Cut Loss Price: $22.50

Source: Phillips
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Re: Vinda International 3331

Postby winston » Fri Jul 16, 2021 10:01 am

not vested

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021

HIGHLIGHTS

Strong underlying momentum, total revenue up by 19.0%

Total revenue increased by 19.0% to HK$9,085 million in the first half of the
year

Continuous market share gain, strengthening leading position in Mainland China
tissue market

E-commerce business grew by 26.0% (at constant exchange rate)

Feminine care business in Mainland China delivered prominent sales data

Good profit level, cost remained stable

Gross profit increased by 15.4% to HK$3,394 million

Net profit increased by 6.0% to HK$967 million

Net gearing ratio was 36.4%

Basic earnings per share rose by 5.6% to 80.6 HK cents

An interim dividend of 10.0 HK cents per share has been declared

https://www1.hkexnews.hk/listedco/listc ... 600081.pdf
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Re: Vinda International 3331

Postby winston » Fri Jul 16, 2021 10:10 am

not vested

Apr 24, 2021

ASP increase to cope with pulp price hike

Vinda reported 1Q21 revenue of HK$4,470m, up 30.7% yoy, and net profit of HK$553m, up 46.7% yoy, basically in line with our expectations.

In 1Q21, the mainland China market contributed 77% of total revenue, up from 69% in 1Q20, and achieved organic sales growth of 35.9% yoy.

Vinda will gradually increase the selling price of some of its products with a
target of a mid to high single-digit increase to cope with pulp price hikes.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... C86A0C6B1F
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