Taiwan Specialist

Julia Chien

Equity Bottom-Up

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<p><strong><em>High dividend yield, share buyback plan and strong balance sheet make the stock a good defensive name for investors.</em></strong></p>
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<li>Both the purchasing power and awareness of personal wellbeing are increasing as Chinese consumers’ disposable income increases. We expect this trend to benefit the beauty and personal care sector. We believe Chlitina will continue to benefit from the sales-growth potential.</li>
<li>The company announced a cash dividend of TWD13, payout ratio of 72.1%, which was TWD12 in 2018. That is a dividend yield of 7.85% based on the closing price of NT$165.5 on March 16th.</li>
<li>Chlitina had a strong FY19 balance sheet, with a net cash position of TWD5.5bn (68% of total assets). The company operates a cash-rich business given its high profit margin, short account-receivable days, and low capex needs.</li>
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High dividend yield, share buyback plan and strong balance sheet make the stock a good defensive name for investors.


Both the purchasing power and awareness of personal wellbeing are increasing as Chinese consumers’ disposable income increases. We expect this trend to benefit the beauty and personal care sector. We believe Chlitina will continue to benefit from the sales-growth potential.
The company announced a cash dividend of TWD13, payout ratio of 72.1%, which was TWD12 in 2018. That is a dividend yield of 7.85% based on the closing price of NT$165.5 on March 16th.
Chlitina had a strong FY19 balance sheet, with a net cash position of TWD5.5bn (68% of total assets). The company operates a cash-rich business given its high profit margin, short account-receivable days, and low capex needs.


Chlitina Holding Ltd,. (4137 TT) 1Q20 Update- A Defensive Name

<div><em>" Pretty woman walking down the street</em></div>
<div><em>Pretty woman, the kind I'd like to meet</em></div>
<div><em>Pretty woman... I don't believe you, you're not the truth</em></div>
<div><em>No one could look as good as you " - By Roy Orbison</em></div>
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<div><strong>In China, the beauty and personal care market is booming and one of the fastest growing consumer markets for the near future</strong></div>
<div>According to Statista Consumer Market Outlook, China is already the world's second-largest cosmetics consumer market only behind the United States. The revenue from beauty and personal care segments in China market will increase to US$51,831million in 2019. The market is expected to grow <strong>annually</strong> by 7% (CAGR 2019-2023). The main reason for the strong growth is the generational shift of young consumers entering the market.</div>

" Pretty woman walking down the street
Pretty woman, the kind I'd like to meet
Pretty woman... I don't believe you, you're not the truth
No one could look as good as you " - By Roy Orbison

In China, the beauty and personal care market is booming and one of the fastest growing consumer markets for the near future
According to Statista Consumer Market Outlook, China is already the world's second-largest cosmetics consumer market only behind the United States. The revenue from beauty and personal care segments in China market will increase to US$51,831million in 2019. The market is expected to grow annually by 7% (CAGR 2019-2023). The main reason for the strong growth is the generational shift of young consumers entering the market.

Chlitina Holding Limited (4137 TT) : Oh Woah, Pretty Woman ~ A Star In China Beauty Care Market

Taiwan

Chlitina Holding Limited manufactures, markets, and distributes beauty and skin care products. The company promotes its business through franchise chain stores.

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Chlitina Holding (4137 TT)

Chlitina Holding Ltd,. (4137 TT) 1Q20 Update- A Defensive Name

High dividend yield, share buyback plan and strong balance sheet make the stock a good defensive name for investors. Both the purchasing power...

Julia Chien

Chlitina Holding Limited (4137 TT) : Oh Woah, Pretty Woman ~ A Star In China Beauty Care Market

" Pretty woman walking down the street Pretty woman, the kind I'd like to meet Pretty woman... I don't believe you, you're not the truth No one...

Julia Chien

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