报告名称：By-Health(300146)Handsome payout plan improving internal operation and external
报告类型：点评报告
报告日期：2016-01-22
研究机构：中信国际
股票名称：汤臣倍健
股票代码：300146
页数：4
简介：The Company’s profit distribution plan for 2015 proposes to pay out Rmb6 in cashdividend plus 10 bonus shares for every 10 shares outstanding
Internal fundamentals: Stable core business amid tripling outlets in departmentstores/supermarkets and promising new products
External fundamentals: The industry’s competitive landscape has improved as araft of health food regulations were unveiled to restrict online shopping overseas orprevent distributors from selling proprietary OEM health products
Potential risks:
Negative incidents in the healthcare products industry; disappointing progress of inorganicexpansion.
Earnings estimates and valuation
Excluding the impact from inorganic expansion, the Company will likely continue to growby 30% in 2016E. Its current price is nearly 12% lower than the price paid by its executiveswhen they lifted their stakes in the Company, and implies only 27x 2016E PE. TheCompany has been proactively pushing forward overseas M&As, and possiblecontributions from acquired assets will make the Company’s valuation more attractive. Assuch, we reiterate our BUY rating.

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