报告名称：Biostime Alert(01112.HK)2015 result beat on nutrition segment
报告类型：港股研究
报告日期：2016-03-30
研究机构：德意志银行
股票名称：BIOSTIME
股票代码：01112
页数：1
简介：Net profit decline 69% yoy
Biostime reported 2015 results with sales of Rmb4,819mn and net profit ofRmb251mn, representing 1.8% yoy increase and 69% yoy decline respectively.By segment, infant formula sales decline 15.7% yoy to Rmb3,356mn, and itsnutritional segment (acquired in Sep 30, 2015) recorded Rmb850mn sales.
Earnings beat on better-than-expected nutritional products sales
The result is 25% higher than market consensus. We believe the earnings beatare mainly due to better-than-expected sales growth of nutritional productbusiness, which is 30% above sales in 3Q16.
Update on refinancing of bridging loan
The company indicated that it was in the process of refinancing the bridge loanby a syndicated loan. It has obtained internal credit approvals from certainbanks relating to the syndicated loan. To recap, the company raised aUS$450mn bridging loan for its acquisition of nutrition segment in Sep 2015.
Key focus in analyst meeting
The company will hold an analyst meeting tomorrow morning. We think theKey focus during analyst meeting will be 1) sales outlook of Swisse business;2) re-financing plan; 3) sales trend and margin of infant formula business. Wewill review our earnings forecast after the analyst meeting.

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