霸王集团 汇丰研究报告 英文(2)

霸王集团 汇丰研究报告 英文

Bawang International (1338) Personal Products 23 November 2010

Financials & valuation

Financial statements Year to

12/2009a

12/2010e

12/2011e

12/2012e

Profit & loss summary (CNYm)

Revenue 1,756 1,750 2,383 2,897EBITDA 459 202 612 744Depreciation & amortisation -7 -23 -38 -51Operating profit/EBIT 453 180 574 692Net interest -2 3 6 7PBT 450 183 580 700SBC PBT 450 183 580 700Taxation -86 -35 -87 -105Net profit 364 148 493 595HSBC net profit 364 148 493 595Cash flow summary (CNYm)

Cash flow from operations 106 146 389 527Capex

-19 -150 -150 -150Cash flow from investment -16 -140 -140 -140Dividends -250 -102 -148 -178Change in net debt

-1,286 95 -101 -209FCF equity

63 1 249 387

Balance sheet summary (CNYm) Intangible fixed assets

0 0 0 0

Tangible fixed assets 45 167 279 377Current assets 2,499 2,381 2,636 2,948Cash & others 1,743 1,618 1,688 1,867Total assets 2,544 2,548 2,915 3,326Operating liabilities 332 319 370 395Gross debt 158 128 98 68Net debt

-1,584 -1,489 -1,590 -1,799Shareholders funds 2,034 2,081 2,426 2,842Invested capital

470 612 856 1,064

Ratio, growth and per share analysis Year to 12/2009a

12/2010e

12/2011e

12/2012e

Y-o-y % change

Revenue 24.4 -0.3 36.2 21.6EBITDA 32.2 -55.9 202.6 21.5Operating profit 32.1 -60.3 219.7 20.6PBT 30.2 -59.3 217.1 20.6HSBC EPS 8.5 -65.0 233.0 20.6Ratios (%)

Revenue/IC (x) 7.1 3.2 3.2 3.0ROIC 148.6 26.9 66.5 61.3ROE 31.0 7.2 21.9 22.6ROA 22.8 5.8 18.1 19.1EBITDA margin 26.2 11.6 25.7 25.7Operating profit margin 25.8 10.3 24.1 23.9EBITDA/net interest (x) 187.5 Net debt/equity -77.9 -71.6 -65.5 -63.3Net debt/EBITDA (x) -3.4 -7.4 -2.6 -2.4Per share data (CNY)

EPS reported (diluted) 0.15 0.05 0.17 0.20HSBC EPS (diluted) 0.15 0.05 0.17 0.20DPS 0.09 0.03 0.05 0.06NAV

0.81 0.72 0.84 0.98

2

abc

Valuation data Year to

12/2009a

12/2010e

12/2011e

12/2012e

EV/sales 3.9

3.9 2.8

2.3EV/EBITDA 14.733.9 11.0

8.8EV/IC 14.411.2 7.9

6.2PE* 19.756.3 16.9

14.0P/NAV 3.54.0 3.42.9FCF yield (%) 0.70.0 3.04.6Dividend yield (%) 3.0

1.2 1.8

2.1

*Based on HSBC EPS (diluted)

Note:

Priced at close of 23 November 2010

H