Lijun International Pharmaceutical stocks (2005) in the first-half results, announced the sale of t

Hengan (1044) major marketing paper towels, sanitary napkins and disposable diaper itp imports products, a line in the lead, the development model similar to the US leader Procter & Gamble (P & G). Buttressed by the concept of inland consumption, Hengan (1044) itp imports which is a high-growth private mythology. Sanitary napkins and paper towels market currently has the largest market share, diapers and adult diapers market is ranked second. itp imports Hengan (1044) in November 2008 acquisition of "kiss the food," which is one of China's leading snack manufacturer, is mainly engaged in the production and distribution of jelly, seaweed, shrimp and shrimp, potato chips and candy and other snacks. At that time, the market itp imports for the acquisition of Heng great reservations that companies should "not familiar", although itp imports with snacks and daily consumer goods, but essentially a huge difference. Hengan (1044) Management reports that the kiss will be integrated food business, in order to generate synergies in logistics, distribution itp imports network and brand management and existing business, and want it to be the fourth major business group. itp imports Thus, the kiss is not in line with the daily necessities of food production will be. 2009 Hengan itp imports (1044) Operating profit surged 70 percent to 2.6 billion, a number of businesses have made great contributions. Period of three products sanitary itp imports napkins, diapers and wipes all turnover rose by over 15%. Heng second half earnings growth of 15%, mainly due to diaper product "Super Absorbent" in the second half to make diapers significant overall sales growth, profit rose 68 percent to make relevant, in one fell swoop offset the regressive sales in the magnitude of poor snack products . Company / principal business Heng International (01044.HK) mainland consumer stocks, partial and nationwide sales network, its products, including paper towels, sanitary itp imports napkins, diapers, cleansing products and snacks. The main opponents, including the United States, leading Procter & Gamble (P & G), Unicharm, Johnson itp imports & Johnson, APP and Kimberley-Clark. Market value (HK $) 69,745,000,000 shares $ 57.20 now (2010-04-23 closing price) currently itp imports PE 32.32 2009 2009 Earnings per share (HK) HK $ 1.77 in 2009 earnings per share growth of 52.78% in 2009 PEG 0.61 (= 32.32 / 52.78 ) year 2008 ROE 14.6% 2009 年 ROE 17.5% Target Price (HK $) 59.80 yuan (Suisse)
65.53 yuan (Lyon) 71.00 yuan (UBS) blue pick stocks itp imports short (performance satisfaction, JP Morgan holdings, domestic) long-term (finance outstanding, high sales capacity) 2009 PEG <1 (0.61) 2010 年PEG <1 not yet calculate ROE to maintain itp imports more than 15% (14.5% - 17.5%) of turnover steady growth (long-term growth itp imports of> 35%) EPS steady growth itp imports (long-term growth of 26-54%) policy support (no relation ) Hengan (1044) 2009 results March 25 Hengan International (1044) published by the end of 2009 annual results only recorded a net profit of 2.12 billion yuan, up 57.9 percent, earnings per share of 1.77 yuan, up 51% , a final dividend of 60 sen. Send 40 cents over the same period last year. Period, revenue itp imports increased 35.4 percent to 10.83 billion yuan. Overall gross profit margin increased from 40% to about 46%, primarily reflecting lower raw material itp imports prices since the third quarter of 2008, so that the decrease in the cost of production. Distribution itp imports costs and administrative expenses percentage of total turnover, from 22.1% to 23%. tissue paper business (Tissue Papers) sales increased by about 15 percent to 4.46 billion yuan, accounting for group sales by 48.4 percent body fell to 41.1 percent. Gross margin rose to 42.1 percent from 31.6 percent. Group costs are now cheaper than the market price of paper pulp and in-transit itp imports inventory amounts totaling more than 200,000 tons, enough to be used until about the end of June this year. sanitary services (Sanltary napkins) sales increased by about 26.3 percent to about 2.55 billion itp imports yuan, accounting for the Group's overall sales fell to 23.5% from 25.2%. Because of petrochemical products and fluff pulp, the main raw material prices compared with last year, with the proportion of sales of high-end products has improved, so that the overall gross profit margin of the sanitary napkin business rose to 61.1% from 57.9%. Disposable Diapers (Disposable diapers) sales growth of 10.0% from the first half of 2009 rose to 20.2 percent itp imports in the second half, because of its "super suck" very successful new products. However, due to increased competition itp imports in the industry, towel sales in the second half of 2009 grew by only 9.4%, lower than the 21.3 percent growth rate in the first half of 2009. snack business (Food and snacks) sales of about 860 million yuan, total sales rose 8 percent from 0.8 percent. Gross margin rose to 36.5 percent from 30.1 percent. Rising costs of long-fiber pulp pulp February US price of $ 874 per ton, an average increase of 22% compared with 2009. Pulp prices rebounded sharply, Heng (1044) Cost of sales among the 40% from wood pulp there, this stock is still widening the margin last year six percentage points to 46%. Faced with rising pulp prices this year, the gross margin will concern pressure, itp imports but Heng International (1044) has a large number of low-cost pulp on hand, enough to use until the end of August this year, compared with its competitors still cost advantage. Diaper wipes and sanitary toilets mainland itp imports market is highly itp imports fragmented market, the largest market share of less than 9% of participants, the most concentrated diaper market, P & G market share of 43%, 14% market share Heng, as the tissue market, itp imports Heng compared with 37 percent itp imports market share, the current sanitary napkins and diapers market to foreign brands, the other hand, paper towels itp imports and toilet tissue market, from "Mic" brand control, the latter mainly itp imports lower gross margin. Sales force in order to maintain the Group's growth itp imports momentum, Hengan (1044) this year launched itp imports a five-year plan. Hengan International (1044), said, "The Group towel production capacity from the current approximately 54 million tons, doubling to 10 billion tons in 2015, our sales will follow production capacity, doubling sales in 5 years should be no problem The! 'recent performance summary Hengan (1044) HK $ 2006 turnover 4.11 billion yuan (up 35.8%) in 2007 a turnover of 5.69 billion yuan (up 38.2%) in 2008 a turnover of 8 billion yuan (up 40.7%) 2009 annual turnover of 10.83 billion yuan (up 35.4%) year 2006 EPS 0.645 million (54.7%) Annual 2007 EPS 0.924 million (up 43.3%) Annual 2008 EPS 1.172 million (26.8 percent) in 2009 EPS 1.770 million (increase of 51.0% ) 2010 EPS (E) 2.05 - 2.13 元 (E) positive: finance outstanding receivables sales and the ability to maintain satisfactory love fund industry continues to benefit from the integration of shares adequate inventory of low-cost pulp tissue products to enhance the selling price and optimize product mix, shorten work processes and reduce raw material scrap rate high capacity, partially offset by the pressure of rising raw material prices benefit from appreciation of the renminbi. 50% of production costs in dollars, yuan-denominated income places. UBS expected the RMB appreciation 5% each, Heng extra profit rose 6 percent this year. Risk: raw material prices, rising costs of pulp and other chemical raw material costs have continued to rise, pressure on gross margins will begin three-year weekly chart: 1 year daily chart: References: itp imports 1. Journal, benefiting industry itp imports consolidation, Heng collar dominant leader, March 29, 2010 2. Skull and Bones, itp imports Heng good performance, high quality continue to be optimistic, March 29, 2010 after reading the writings of the lost investor notes missed the first round of the upward move should be deployed two waves Dong Tao's blog hundred percent market technical analysis I believe, "learning from mistakes, to learn from history." itp imports Humanity is always difficult to change, always repeating history; due to changes in the market and the ups and downs of the economic cycle, market investors constantly hovering between greed and fear. The investment opportunities tend to occur in human repeated mistakes trajectory. Stocks tend to rise in pessimism, grow on skepticism, peaked in optimism. So Buffett says, "to be greedy when others itp imports panic, fear when others are greedy." Success learned from the lessons of history repeated, and grab hold of the opportunity to be able to become a prominent investor.
Lijun International Pharmaceutical stocks (2005) in the first-half results, announced the sale of the entire equity interest Xi'an Lijun Pharmaceutical, by stripping the low growth and profitable business. Goldman Sachs issued a report that incorporate "Conviction Buy" list, giving a target price of 4.7 yuan. The line refers to the increase in market share and margin expansion, driven by anticipated Lijun 2015-17 earnings per share compound annual growth rate will be higher than its peers. The ...
In recent years, the Chinese government invested heavily in the medical industry, coupled with the rapid development of the public health insurance system and an aging population caused by the high prevalence, so China has experienced rapid growth in the medical device industry. Waterhouse cis (01358) is principally engaged in the development, manufacture and sale of high-end infusion products, orthopedic implants for medical products and renewable itp imports biomaterials products. Group of three business segments were recorded sustained growth in 2014, revenue during the period ...
Shenzhen Gas (601,139) of natural gas sales growth since the 2011 peak, nearly two years into the stable growth period. The main reason is Shenzhen after the 2009-2011 mid-three years a significant expansion, the stock of the user (civil + commercial) has been completed from coal to gas, and greater difficulty neighborhood transformation process is slow, relatively limited growth. Shenzhen future sales growth itp imports mainly depends itp imports on natural gas boilers, ...
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