Research Report Nuggets丨China Merchants Securities: recommending China Feihe as May gold stocks still have room to rise 30%
Gelonghui, April 29 | China Merchants Securities recently released a report recommending China Feihe as a May 2024 gold stock. The bank believes that Feihe is a high-quality asset with “low valuation+high dividend+high cash”. The current valuation and dividend ratio correspond to a dividend rate of about 7%-8%. It has plans to increase dividends steadily every year, with a target market value of 45 billion yuan, corresponding to 30% room for growth. China Merchants Securities said that the market already has catalytic information: 1) Maternal filing data has improved since this year, and the number of births may be reversed; 2) the price market in the milk powder industry has generally rebounded this year, and leading profit margins can stabilize; 3) Feihe market share
中國飛鶴:2023年報
China Feihe (06186.HK): Electronic fencing strictly controls the price market dividend ratio has increased significantly
Incident: In 2023, the company achieved revenue of 19.53 billion yuan, -8.3% year-on-year; net profit to mother was 3.39 billion yuan, or -31.4% year-on-year. 23H2 achieved revenue of 9.80 billion yuan, -15.8% YoY, net profit to mother
Featured announcements | Shandong Gold's Q1 net profit is expected to increase by 48.11% to 70.9% year-on-year
Xinji Shaxi: 14.16% of the company's shares held by the controlling shareholder were forcibly sold, and trading resumed today; express sales: net profit of 195.9 billion yen in the first half of the year, up 27.7% year on year; Smore International: profit after tax for the first quarter was about 339.5 million yuan, up 12.8% year on year.
China Feihe Arm Invests 500 Million Yuan in Financial Product
China Feihe (HKG:6186) arm Feihe HLJ tapped its idle funds to purchase a 500 million yuan wealth management product from CITIC Bank (HKG:0998, SHA:601998), according to a Thursday filing with the Hong
Lyon Securities: Giving China Feihe (06186.HK) a “outperforming industry” rating
Recently, Lyon Securities released a research report stating that in 2023, China Feihe (06186.HK)'s dividend payout ratio will reach 70%, and high dividends and strong cash flow will support China's Feihe's valuation. It is expected that in the future, China Feihe will continue to increase shareholder returns through high dividends, supported by strong cash flow. Lyon Securities announced that it will give China Feihe a “outperforming industry” rating.
Changes in Hong Kong stocks | China Feihe (06186.HK) rose more than 4%, the dividend rate increased sharply in 23, institutions expect the company's market share to continue to increase in '24
China Feihe (06186.HK) rose more than 4% and rose 4.3% at press time to report HK$4.12, with a turnover of HK$44.69 million.
Big Bank Ratings | UBS: Maintaining China's Feihe “Buy” Rating Management Is Confident About This Year's Operations
Glonghui, April 3 | UBS released a report maintaining China's Feihe “buy” rating. The latest target price is HK$4.9. According to the research report, management is confident in 2024 operations. Because: 1) inventory removal is over; 2) the decline in the number of newborns is expected to slow down due to the support measures of the three-child policy; 3) the use of digital ecosystems and electronic monitoring systems to better manage market prices; 4) industry integration is accelerating. In terms of shareholder returns, the company announced a dividend payout rate of 70% in 2023, an increase of 25 percentage points over the previous year, and will continue to improve to better return shareholders.
Anxin International: Maintaining China's Feihe “Buy” Rating
Gelonghui, April 3 | China Feihe (6186.HK) recently released financial reports showing revenue of 19.5 billion yuan and net profit of 3.29 billion yuan in 2023. Anxin International released a research report saying that China Feihe has strictly controlled channel inventory, implemented digital store sales, and gradually fixed product prices since February 2024. At the end of 2023, the company had cash and financial management of 19.6 billion yuan, interest-bearing liabilities of 1.38 billion yuan, a balance ratio of 27%, and a stable asset position. At the end of 2023, the company paid HK$0.1,484 per share, compounded by an interim dividend, and the annual dividend ratio reached 70%. The company said it would comprehensively consider and pass
China's Flying Crane's performance later rose by more than 5% and was favored by many institutions including Citi
Gronghui, April 2 | China Feihe (6186.HK) closed up 5.16% on the first trading day after the results, to close at HK$3.87. Today's net inflow of main capital (oversized order+large order) was 46.84 million yuan, and the net inflow of the main capital on the previous trading day was 11.06 million yuan, an increase of 323.51% over the previous trading day. The stock price has rebounded more than 12% in the past 4 trading days, and the market value has returned above HK$35 billion. According to the annual report recently announced by China Feihe, in 2023, Feihe achieved revenue of 19.532 billion yuan and net profit of 3.39 billion yuan to mother. The company plans to pay a final dividend of HK$0.1,484 per share, combined with each interim dividend
Express News | Dahua Jixian upgraded China's Feihe rating to buy.
Express News | HSBC Research lowered the target price of China Feihe (06186.HK) to HK$3.95 due to performance falling short of expectations.
Everbright Securities: Maintaining China's Feihe “Gain” Rating
Gelonghui, April 2 | China Feihe (6186.HK) recently announced an annual report showing that 2023 revenue was 19.532 billion yuan, and net profit to mother was 3.290 billion yuan. Everbright Securities released a research report commenting on China's Feihe 2023 report. In 2023, the company ranked first in China's infant formula industry. As of January 2024, Feihe's omnichannel/offline/online revenue market share was 20.2%/22.8%/14.4%, respectively. According to Everbright Securities, as of the end of December 2023, the company had more than 2,800 channel providers, covering more than 83,000 retail terminals. 2024
CHINA FEIHE To Go Ex-Dividend On May 24th, 2024 With 0.1484 HKD Dividend Per Share
April 1st - $CHINA FEIHE(06186.HK)$ is trading ex-dividend on May 24th, 2024. Shareholders of record on May 27th, 2024 will receive 0.1484 HKD dividend per share on June 5th, 2024. The ex-dividend
Express News | Citi upgraded China's Feihe rating to buy, with a target price of HK$4.30.
Guoyuan Securities: Leading R&D strength, maintaining China's Feihe “buy” rating
According to the annual report recently announced by China Feihe (6186.HK), revenue for 2023 was 19.532 billion yuan, and net profit to mother was 3.39 billion yuan. The company plans to pay a final dividend of HK$0.1484 per share, combined with an interim dividend of HK$0.1349 per share, with a dividend ratio of approximately 7.70%.
China Merchants Securities: Feihe (06186) is expected to increase in future dividends year by year as a high-cash, high-quality standard
China Merchants Securities released a research report saying that Feihe's 24-year performance is expected to stabilize. As a high-quality target with high cash, the dividend rate increased dramatically in '23, and the dividend amount is expected to increase year by year in the future. It is recommended to focus on reversal opportunities. According to the report, Feihe's share increased again in 23 years, and the large single product Zhuorui grew rapidly. According to Nielsen data, the company's share of terminals increased year-on-year in '23. As of January '24, the omni-channel market share was 20.2%, offline market share was 22.8%, and online market share was 14.4%. By product, Zhuorui rapidly released 23 years after early cultivation, accounting for 21% of annual sales
China Feihe: Increased dividend ratio, focus on reversal opportunities
The company's market share increased in 23, but due to the decline in the industry and active inventory removal, infant formula revenue declined year-on-year, but gross margin rebounded steadily, and the cost ratio increased passively. As demand stabilizes and the supply side clears up, the competitive pattern of the industry is expected to improve. After Feihe launched the electronic fence in February, the price market has been repaired, and the 24-year performance is expected to stabilize. As a high-quality target with high cash, Feihe's dividend rate increased dramatically in '23, and the dividend amount is expected to increase year by year in the future
CICC: Maintaining Feihe (06186) outperforming the industry rating
Maintaining Feihe (06186) outperforming the industry rating
Huatai Securities: Feihe (06186) is expected to benefit from increased market concentration and maintain buying ratings
Huatai Securities said that as competition in the industry becomes more rational, the overall price of infant formula is expected to stabilize, giving Feihe a buying rating, with a target price of HK$5.09.
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