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Friday
Apr172009

Natural Beauty (157 HK): Tough year ahead- HOLD (from BUY)

DateFriday, April 17, 2009 at 11:46AM

Natural Beauty (157 HK) announced FY12/08A turnover up 31.7% and net profit up 33.4%.  Strong gross margin of 85.5%. PRC Revenues were up 37.8% while Taiwan achieved 24.8% growth.  Strong headline numbers masked a dramatic 2H slowdown.  Turnover growth decelerated to 7.8% from 63.4% in 1H, though the strong 1H growth was likely result of inventory stocking.  Growth in emerging health supplement segment may partially cushion slowdown going forward. Revise down FY12/09F earnings to HK$172.6m. More importantly, we are only factoring in a moderate rebound in FY12/10F with a net profit of HK$212.3m.

We downgrade to HOLD, revised target price HK$1.27, representing 9.0x FY12/10F ex-cash P/E

Tough year ahead

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