报告名称：Hengan(01044.HK)Read-through from Vinda results
报告类型：港股研究
报告日期：2015-07-20
研究机构：麦格理
股票名称：恒安国际
股票代码：01044
页数：7
简介：Event
Vinda (3331 HK, Not rated) released 1H15 results where revenue grew 28.9%YoY to HK$4,743m or 18.7% organic growth, operating profit rose 35.4% YoYto HK$468m and net profit rose 48.9% YoY to HK$331m. This implies 2Q15revenue grew 27.8% YoY, gross profit grew 37.8% YoY and operating profitrose 18.2% YoY. A&P was up 1.1ppt YoY to 15.4%in 1H15, leading to slowerOP than GP growth. We provide a Vinda results read through for Hengan.
Impact
Tissue competition remains fierce; raw materials benefit likely to wearoff in 2H15. Vindaˇs 1H15 tissue sales grew 25.5% YoY on the back of activepromotions. It recorded margin expansion thanks to better product mix andslightly lower wood pulp costs. We believe this lower raw material cost benefitwill reflect in Henganˇs 1H15 results as well. While Vinda mgmt expects woodpulp price to slowly trend up this year; still, we expect Hengan will be able toimprove its tissue utilisation rate (79% in 2014) to offset the easing rawmaterial cost benefit. Hengan will stimulate sales growth by launching moreproduct varieties under its newer product series instead. In addition, Hengandoesnˇt have any new capacity expansion plans at least until Oct this year.
Hengan sanitary napkins growth back-end loaded. Given that Vindaˇssanitary napkins and baby diaper products are relatively new to Chineseconsumers, we donˇt think they are a threat to Hengan yet. According toEuromonitor, Henganˇs sanitary napkins continue to gain market share in bothrevenue and volume terms. Namely, Henganˇs sanitary napkinsˇ market sharerose 0.8ppt to 11.5% in revenue terms and also increased 0.7ppt to 8.2% involume terms last year. We remain positive on this segment with theimpending premium product launches and renegotiated contract with Sun Artto materialize in 2H15. As a result, it appears that Hengan sanitary napkinsˇgrowth will be back-end loaded after it finished restocking in 1H15.
Growing e-commerce importance. Vindaˇs e-commerce revenuecontribution rose noticeably from 5.1% in 1H14 to 9.8% in 1H15 as thecompany continues to dominant the online space thanks to its early moveradvantage. Meanwhile, Hengan is also dedicated to step up its e-commercepresence and generate more revenue. The company has made solid progressthus far, as it is one of the top three selling tissue and sanitary napkin brandsin Tmall.com according to our online check.

下载地址：Hengan(01044.HK)Read-through from Vinda results