Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
HENKEL - NEUTRAL | EUR97(0%) Another quarter without organic sales growth Q3 results in line with expectations Adhesives: a further deterioration Challenges in Beauty but an improvement in Laundry & Home No change to our expectations for the full year Neutral reiterated
HENKEL - NEUTRAL | EUR99 vs. EUR103 (+16%) No positive top line inflection in H2 Adhesives: industrial production to show no recovery in H2 Beauty: destocking in China to continue in the rest of the year Laundry & Home Care: more satisfying than the other divisions Flat organic sales growth expected in 2019 Neutral reiterated
SECTOR | HPC | Vers une beauté digitalisée, naturelle et personnalisée Le marché mondial de la beauté continue à être particulièrement bien orienté. Nous pensons qu’il devrait progresser de 5% en 2019 (+5.5% en 2018), ce qui se compare à un TCAM de 4% depuis 2007. Les principaux relais de croissance demeurent la premiumisation, la montée en puissance des classes moyennes dans les pays émergeants, l’urbanisation grandissante (en particulier dans les nouveaux marchés) et le viei...
SECTOR | HPC | A more digitalized, natural and personalized beauty The global beauty market remains particularly robust. We believe it should grow by 5% in 2019 (+5.5% in 2018), compared with a CAGR of 4% since 2007. The main sources of growth drivers are still premiumisation, the expanding middle classes in emerging markets, widespread urbanisation (especially in new markets) and the ageing global population (especially in western countries).
HENKEL - NEUTRAL | EUR103 vs. EUR104 (+22%) No positive sign on the horizon Adhesives: the first group’s division to remain challenging Laundry & Home care: tougher comps in the US Beauty Care: China to be highly negative Q2 organic sales growth to deteriorate Guidance hardly achievable Neutral maintained
HENKEL - NEUTRAL | EUR104(+17%) A negative surprise, driven by Adhesives and Beauty Q1 organic sales only up 0.7% Adhesives: deteriorating sharply Consumer: recovering modestly thanks to Laundry & Home Care No change to our estimates before conference call at 9am CET Neutral recommendation maintained
• Cette industrie fait face à de nombreux défis: concentration des distributeurs/centrales d’achat en Europe, développement du naturel, nouvelles formes de concurrence dans les émergents avec les MDD et les acteurs locaux et disruption du e-commerce. Mais les relais de croissance demeurent inchangés: l’urbanisation est source d’opportunités dans les pays émergents tandis que les pays développés bénéficient d’une montée en gamme.
Home Sweet Home Home care is a EUR135bn market with laundry accounting for the majority of it (53% of sales), followed by home cleaning products (33%), air fresheners (8%) and insect control products (6%). On our estimates, the home-care market is set to grow by 2.5% a year on average between 2018 and 2022.
HENKEL - NEUTRAL | EUR104 vs. EUR105 (+15%) Q1 expected to be penalized by Adhesives Adhesives: deterioration of the environment Consumer: modest recovery driven by Laundry & Home Care 1% organic sales growth expected in Q1 (+2.2% in Q4 2018)
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