最新消息:

The Hongkong and Shanghai Banking Corporation Limited:中国旺旺(00151.HK)Reduce: Cost pressure greater than expected

公司研报 admin 0评论

CompanyReport

  中国旺旺(00151)
  What’s new? Want Want’s 1H17 net profit declined 15% yoy to RMB1,501m and theresults were 6% below our and consensus forecasts. Higher-than-expected input costpressure (eg sugar, tinplate, PET and paper) was the key reason for the earningsmiss as the group’s gross margin was down 3.3ppt yoy to 44.5%. For gross marginby segment, dairy beverage was down 3.1ppt to 47.3%, rice cracker dropped 3.2pptto 38.5% and snack food down 4.2ppt to 44.0%. Management believes the costpressure should start to ease in 2H17 but does not expect a meaningful recoverygiven a high comparison base last year. Total revenue was down 4% yoy, mainly dueto a decline in rice cracker sales given the early Chinese New Year this year. For2H17, rice cracker sales could still be lacklustre as the late Chinese New Year in2018 should also lead to a shorter sales period. Want Want declared an interim DPSof USD0.48 cents, representing a pay-out of 27% (1H16: 27%) and maintained ahealthy balance with net cash of RMB3.1bn, about 5% of its market cap.
  Dairy beverage sales recovery is key: One of our key concerns on Want Want isthe continued decline in its Hot-kid milk sales. We see flavoured milk as a matureproduct and the structural change in consumer habits towards UHT/pasteurized milkis a key challenge for Want Want. During 1H17, dairy beverage sales were down 3%yoy, compared to -8% in 2H16 and -18% in 1H16. On a quarterly basis, managementindicated it believed the decline in Hot-kid milk sales is likely to have bottomed in1Q17 as it had achieved mid-single digit growth in 2Q17, including a low single-digitincrease for tetra-pack and double-digit growth for tin-pack. Management believesthe recovery was driven by restocking and increased penetration in lower tier-citiesand this trend should continue to improve in 2H17.
  Valuation and risks: Want Want shares currently trade at 17x 2018e PE, which webelieve is excessive given uncertainty on its sales outlook in the medium term. Wecut our 2017-19 earnings estimates by 3-4%, mainly to reflect our lower gross marginassumptions. We cut our DCF-based target price to HKD4.30 from HKD4.50 toreflect our reduced earnings estimates and reiterate our Reduce rating. Key upsiderisks include stronger-than-expected flavoured milk demand, raw material pricemovements, successful new products, share buyback and M&A.

研报原文:The Hongkong and Shanghai Banking Corporation Limited:中国旺旺(00151.HK)Reduce: Cost pressure greater than expected(说明:由于网站调整,研报PDF原文链接如果打不开,则说明该研报原文不存在,则不要理会。)

————————————————

关于牛牛网:

牛牛网是一个港股分享平台,由会员(专业港股投资者、草根资深港股投资者、香港投行专业人士、香港证券界投资大咖、香港财经公关高手和香港财经媒体资深专家)本着分享共赢的理念,将每日港股中最有价值的资讯、研报、研讨会和调研资料、上市公司PPT、香港报刊股评等信息在牛牛网港股平台进行分享。我们希望汇集众多专业人士的力量,本着“人人为我,我为人人”的精神,让涓涓细水汇聚成河,通过会员们的努力打造一个港股专业资讯众包平台,打造最专业和最齐全的港股投资资讯分享平台。我们倡导:发现港股投资价值。

特别声明:

本网站所发内容不保证内容的准确性与完整性,也不作为推荐任何股票的依据。任何人据此做出投资决策,风险自担。

您有任何问题和建议,请联系我们:jkq123268@163.com

如果您需要投稿,请将稿件电邮:jkq123268@163.com

爱中概港股精华 – 微信公众号ichinastocks-hk

牛牛网 – 微信公众号:niuniuwang_cn

或者扫描下面的二维码即可加入我们的公众号

微信二维码测试 2 2 2 2 2 2 2 2 2 2 8 2 2 2 3 3 3 2 3 3 3 3 3 5 4 2 3 4 7 3 3 3 3 3 3 3 3 3 3 3 5 3 3 3 4 5 4 5 4 4 3 2 3 2 4 3 3 3 2 3 3 3 3 3 2 3 3 6 5 3 3 3 3 2 2 4 2 3 2 3 3 3 3 3 3 3 3 3 3 3 4 4 3 3 3 2 3 3 4 3 3 2 3 2 2 3 3 3 3 5 4 3 4 2 4 3 3 3 3 3 4 3 4 3 5 4 3 3 2 3 3 7 3 4 2 2 3 4 3 4 2 3 2 3 3 3 2 2 2 2 2 3 3 3 3 3 4 2 3 3 4 5 3 3 4 4 3 7 4 5 4 4 5 4 3 4 2 3 2 2 4 2 4 4 2 2 3 2 3 2 2 2 2 2 2 4

转载请注明:牛牛网 » The Hongkong and Shanghai Banking Corporation Limited:中国旺旺(00151.HK)Reduce: Cost pressure greater than expected

与本文相关的文章

您必须 登录 才能发表评论!