Vitasoy International 0345

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Vitasoy's profit surges 155pc as mainland market recovers

Vitasoy International's (0345) net profit surged 155 percent to HK$116 million for the year ending in March from a year ago, thanks to the strong recovery in mainland China.

It declared a final dividend of 6.3 HK cents per share, 350 percent higher than a year earlier. Together with the interim dividend, the total dividend for the year came in at 7.7 HK cents.

Total revenue dipped 2 percent to HK$6.22 billion during the year amid the weakening yuan and Australian dollar. If the currency impact is excluded, its revenue would have risen 1 percent over the previous year.

Gross profit margin increased 2.5 percentage points to 50 percent.

Profit from mainland operations surged 402 percent in local currency terms, driven by higher pricing, efficient promotions and effective control of operating expenses.

Vitasoy's Hong Kong businesses increased by 3 percent in profits during the period. If excluding Covid-related government subsidies, profit from local operations would have grown 42 percent thanks to efforts in reducing material and production costs.

Its Australia and New Zealand operations saw declining revenue and recorded an operating loss of AU$16 million (HK$83.3 million) due to an out-of-stock situation partly arising from logistics issues.

Source: The Standard

https://www.thestandard.com.hk/section- ... t-recovers

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<Research>Macquarie Cuts VITASOY INT'L (00345.HK) TP to $9.5, Rating Outperform

VITASOY INT'L (00345.HK) reported a 6% organic sales growth in 2HFY24, vs a 3% decline in 1HFY24, Macquarie said in its report, attributing this to improved business in Mainland China and strong performance in Hong Kong, which offset the negative impact of New Zealand business.

The broker expected VITASOY to focus on margin improvement in the future.

Gross margin for 2HFY24 will add by 2.3 ppts YoY to 49.5%, above the broker's forecast of 48.7%, on the back of the product price adjustments and discount reductions.

The broker anticipated that the management will further improve profitability by FY25 through more precise marketing, cost control and operational leverage.

Related News: VITASOY INT'L Annual NP $116M, Up 1.5x+; Final DPS Lifts to 6.3 Cents

In light of the latest results and the macroeconomic outlook, Macquarie lowered its net profit forecast for FY25-26 by 8.8% and 9.6% respectively, and cut its TP from $10.5 to $9.5, rating the company Outperform.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

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June 24, 2024

Capturing consumer mindshare

FY3/24 results in line with profit alert; net earnings growth of 155% driven by recovering profitability in China

We held an investor group call following the results, with low-to mid-single digit price hike in HK, and no price hikes expected in China amidst tough competition landscape.

Cut earnings by 23% in FY3/25E on lower China segment margin, and introduce FY3/26E forecasts; trim TP to HKD6

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=19980

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Hong Kong’s Vitasoy sees young talent as key ingredient in sustainability success: CEO

CEO Roberto Guidetti, 61 year-old Italian, a veteran of nearly two decades at Procter & Gamble and six years at Coca-Cola before joining Vitasoy in 2013.

The company’s products – mainly soy, almond and oat milks, lemon teas, and tofu – are climate-friendly.

Oat- and soy-based drinks have a carbon footprint 62 to 71 per cent lower than dairy milk, and their production uses 80 per cent less land and 99 per cent less water.

Vitasoy made HK$116 million (US$15 million) in net profit on HK$6.2 billion of revenue in the year ended March 31.

About 55 per cent of its sales came from mainland China, and 35 per cent from Hong Kong.

Source: SCMP

https://www.scmp.com/business/climate-a ... 80828&tc=9

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Hong Kong beverage company Vitasoy's (0345) shares also fell 4 percent even though Robert Ng Chee-siong's brother increased their stake.

Far East Organisation's chief executive Philip Ng Chee-tat, the brother of Sino Land (0083) chairman Robert Ng, built his positions in Vitasoy last week, with his shareholding rising from 5.85 percent to 6.43 percent, on purchases worth HK$37.99 million.

He invested in Vitasoy through a Singaporean beverage company Yeo Hiap Seng and Ng's family office.

Source: The Standard

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SG Beverage Company Yeo's Adds ~17.6M Shrs of VITASOY INT'L with $100M+

2024/10/09

Singapore beverage company Yeo's disclosed that the company, through its subsidiary YHS Investment, has cumulatively purchased 17.598 million shares of VITASOY INT'L (00345.HK) this month at an average price of $5.8849 per share, equivalent to 1.64% of VITASOY INT'L's issued shares, for a total price of $103.6 million.

The company currently holds 2.04% of VITASOY INT'L's shares.

The company said that the purchase of the shares aligns with the strategy of investing in leading Asian companies, especially the company's exposure to the packaged beverage market in mainland China and Hong Kong.

The company will also consider further investments from time to time.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

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Yeo Hiap Seng bumps up Vitasoy stake to 4% with HK$133.8 million share purchase

The move is to raise its exposure to the plant-based beverage industry in mainland China and Hong Kong

by Michelle Zhu

On Thursday (Oct 17), the beverage manufacturer said that it bought the shares at HK$6.34 apiece.

The deal was viewed to increase Yeo Hiap Seng’s exposure to the plant-based beverage industry in mainland China and Hong Kong, where Vitasoy has operations in addition to Australia, Singapore and the Philippines.

Source: Business Times

https://www.businesstimes.com.sg/compan ... e-purchase

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<Results>VITASOY INT'L (00345.HK) Interim NP Hikes 4.8% to $171M, Interim DPS Rises to HK4 Cents

VITASOY INT'L (00345.HK) has announced its interim results for the period ended September 2024.

Its turnover rose by 1.5% YoY to $3.443 billion, while net profit climbed by 4.8% YoY to $171 million, with an EPS of HK15.9 cents.

An interim dividend of HK4 cents was declared, compared to HK1.4 cents in the same period last year.

Dividend History
Announce Date Event Particular
2024/06/20 Final D:HKD 0.0630
2023/11/21 Interim D:HKD 0.0140
2023/06/20 Final D:HKD 0.0140
2022/11/18 Interim D:HKD 0.0130

During the period, the gross profit margin increased from 50.5% to 51.6%, mainly due to lower commodity prices and production optimization gains.

Of which, profit from operations in Mainland China (calculated in HKD) grew by 15%, equivalent to an operating margin of 11%, while profit from operations in Hong Kong surged by 44%, equivalent to an operating margin of 14%, mainly driven by higher sales volumes and lower commodity prices.

Source: AAstocks.com

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

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Vitasoy bullish on stock, mum on tycoon's move

Philip Ng Chee-tat, the Singaporean billionaire, increased his stake in the company to 11.04 percent earlier this month.

Philip Ng is the younger brother of Sino Land (0083) chairman Robert Ng Chee-siong.

Price adjustments will be made to enhance competitiveness and improve sales amid the competitive ready-to-drink tea market in China.

However, prices in Hong Kong still have an advantage and there is no need for price adjustment, he added.

Net profit of HK$171 million, a 4.82 percent year-on-year increase, for the six months ended September, thanks to increased operating profit in the mainland and Hong Kong.

The beverage maker declared an interim dividend of 4 HK cents per share, a 190 percent increase from 1.4 HK cents in the same period last year.

The interim revenue rose 2 percent from last year to HK$3.44 billion, and operating expenses decreased 2 percent to HK$1.56 billion.

The gross profit margin rose from 50.5 percent to 51.6 percent, mainly due to lower commodity prices and production optimization gains.

Profit from operations grew by 50 percent year-on-year to HK$257 million, primarily contributed by the mainland and Hong Kong.

Strong demand was observed in both the Australian and New Zealand markets, with revenue growing 7 percent. Manufacturing issues caused operating loss but have since been resolved and the factory is now operating normally.

Source: The Standard

https://www.thestandard.com.hk/section- ... oon's-move

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Vitasoy surges as speculation over takeover grows

Philip Ng further upped his stake in Vitasoy to 12.26 percent from 11.87 percent, raising speculation over potential takeover efforts.

Ng raised the holding via vehicles including Yeo Hiap Seng, one of Singapore's largest beverage companies and part of the Ng family's business group Far East Organization.

Vitasoy's shares surged as much as 32 percent in Hong Kong yesterday, the most since its listing in 1994, before closing 15.5 percent higher at HK$11.64.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... over-grows