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澳至尊(2031.HK)新股申购

Australian supreme (2031.HK) new share application

廣發證券(香港) ·  Aug 1, 2016 00:00  · Researches

Application scores and opinions

The group's revenue mainly comes from Hong Kong, accounting for 88% of 2016's revenue, followed by Macau's 11%, and the remaining less than 1% from Singapore and China. The current product portfolio includes 61 health supplement products, 21 honey and pollen products and 11 personal care products, with a total market share of 4% in Hong Kong in 2014. Among them, the main products are deep-sea fish oil pills, liver protection essence, blueberry essence and royal jelly. In addition, it currently has 13 specialty stores and 75 consignment counters. The main finished product supplier of its products is HCL, accounting for 75.7% of the total purchase volume in 2016. the Group signed an exclusive distribution agreement in April 2015 for a period of 10 years. In terms of financial data, sales revenue has been stable in the past three years, at 195 million, 225 million and 211 million respectively. The profit in 2016 was 12 million yuan, a decrease of 46.9%, mainly due to the impact of listing fees. Excluding the one-time factor, the adjusted profit was 25 million yuan, the same as in 2015. On this basis, the price-to-earnings ratio at the end of 2016 is between 24 and 37 times. The growth rate of the Hong Kong health supplement market is not high. According to the IPO expectation, the annual compound growth rate of the health supplement market from 2015 to 2019 is only 0.4%. Coupled with the fierce market competition, the basic factors of the company are not attractive, but the company is relatively small. If the lower limit pricing still does not rule out speculation opportunities. To sum up, the company was given a "neutral" rating with a total score of 5.6.

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