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4-Traders Homepage  >  Equities  >  Nyse  >  Moody's Corporation    MCO

Delayed Quote. Delayed  - 07/29 10:01:03 pm
106.01 USD   -0.16%
12:51a MOODY : Hengdeli's profit warning credit negative - Moody's
07/29 MEC BELINDA SCO : KwaZulu-Natal Top Business Awards
07/29 MOODY : MEC Belinda Scott - Kwazulu-Natal Top Business Awards
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Moody : Hengdeli's profit warning credit negative - Moody's

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07/30/2016 | 12:51am CEST

[ET Net News Agency, 29 July 2016] Moody's Investors Service said Hengdeli Holdings

Limited's (03389) announced profit warning for the first half of 2016 is credit negative,

and reflects the company's challenging operating environment.

However, the profit warning does not immediately affect Hengdeli's Ba3 corporate family

and senior unsecured debt ratings, because the adverse impact of the difficult environment

and the resultant weak profitability have already been captured by the negative outlook on

the ratings.

Moody's pointed out that Hengdeli's first half net profit is not substantially below

Moody's expectation. The company reported RMB255 million in net profit for 1H 2015. Thus a

decline of 65% suggests a net profit of RMB89 million in 1H 2016, which is better than the

net profit of RMB17 million (excluding unusual and non-recurring items) in 2H 2015.

Weakness in revenues and profitability will likely continue over the next 12-18 months.

Against such challenges Hengdeli will likely maintain its low dividends payouts, as well

as continue downsizing stores, limiting capital expenditures, and lowering inventory

levels.

Furthermore, Hengdeli is expected to maintain its financial prudence, such that its debt

leverage, as measured by adjusted debt/EBITDA, will be maintained below 5.0x-5.5x, and

adjusted retained cash flow (RCF)/net debt above 12%-15%. (KL)

(c) 2016 ET Net Limited. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2016 3 533 M
EBIT 2016 1 447 M
Net income 2016 888 M
Debt 2016 1 893 M
Yield 2016 1,37%
P/E ratio 2016 23,30
P/E ratio 2017 20,79
EV / Sales 2016 6,31x
EV / Sales 2017 5,96x
Capitalization 20 386 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 104 $
Spread / Average Target -2,2%
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Managers
NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry A. McKinnell Chairman
Linda S. Huber Chief Financial Officer & Executive Vice President
Tony Stoupas Chief Information Officer & Senior Vice President
Basil L. Anderson Independent Director
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