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HUABAO INT'L ALERT(0336.HK)：HUABAO FY15 RESULTS FIRST TAKE

德意志銀行 ·  Jun 25, 2015 00:00  · Researches

FY15 NPAT up 1% yoy, 8% below dBe Huabao revenue revenue/NPAT of HKD4,326m/HKD1,987m for the year ended March 2015, up 2%/1% yoy, and is 6%/8% below dBe, during the period, flavor sales Were up 4% yoy to HKD3,209m, in line with dBe but slightly below management guidance of 6-8%. RTL sales were down 12% yoy to HKD946m, lower than DBe of HKD1,131m (+6%) and management guidance of 5-8% growth. No final dividend, below dBe The company won no final dividend (FY14: HKD0.17), arguing it held a net cash of HKD2.9bn as of March 2015. Including interim and special dividends, full year payout is 50% (FY14:46%), down from 100% in 1HFY15 and below dBe of 71%. THE COMPANY WILL HOLD AN ANALYST BRIEFING ON 24 JUNE 2015, WE WILL FOLLOW UP WITH MORE DETAILS.

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