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HAIO vs. AMWAY vs. ZHULIAN

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HAIO vs. AMWAY vs. ZHULIAN

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HAIO vs. AMWAY vs. ZHULIAN

  1. 1. HAIO VS. AMWAY VS. ZHULIAN 7 December 2015 L. C. Chong
  2. 2. DISCLAIMER I am NOT an investment advisor nor a financial advisor, and no information provided here is to be interpreted as a suggestion to buy or sell securities. Stock analysis in this presentation may not neutral because I have incorporated my risk appetite and principles in the analysis. All figures in MYR and in '000s, except per share data 2
  3. 3. DECLARATION OF INTEREST • At the time of writing, I owned shares of HAIO.
  4. 4. KEEP IN TOUCH http://lcchong.wordpress.com https://goo.gl/jjkq4P
  5. 5. SCOPE • Figures and ratios are based on the figures reported in Annual Report or the latest Q4 Quarterly Report (QR) • Comparisons are made merely based on financial figures • Growth drivers and risks/challenges are not covered here • Valuation is not covered in this analysis.
  6. 6. CHANGES • 7 Dec 2015 – First write up in PowerPoint format
  7. 7. PEER COMPARISON (CONT.) 104.1% 126.6% 142.0% 140.9% 22.3% 22.3% 18.7% 6.4% 18.7% 20.0% 25.0% 19.5% 12.7% 0.0% 50.0% 100.0% 150.0% 2011 2012 2013 2014 2015 ROIC AMWAY ZHULIAN HAIO
  8. 8. PEER COMPARISON (CONT.) 104.2% 106.4% 142.0% 124.5% 21.6% 14.8% 18.8% 3.3%4.1% 23.9% 17.6% 10.5% 11.0% 0.0% 50.0% 100.0% 150.0% 2011 2012 2013 2014 2015 CROIC AMWAY ZHULIAN HAIO
  9. 9. PEER COMPARISON (CONT.) 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2010 2011 2012 2013 2014 2015 Gross Margin AMWAY ZHULIAN HAIO
  10. 10. PEER COMPARISON (CONT.) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 2010 2011 2012 2013 2014 2015 Execution Ability AMWAY ZHULIAN HAIO
  11. 11. PEER COMPARISON (CONT.) 0.00 x 0.10 x 0.20 x 0.30 x 0.40 x 2010 2011 2012 2013 2014 2015 Debt / EBITDA AMWAY ZHULIAN HAIO
  12. 12. PEER COMPARISON (CONT.) 0 100 200 300 400 500 600 2010 2011 2012 2013 2014 2015 Cash Conversion Cycle AMWAY ZHULIAN HAIO
  13. 13. PEER COMPARISON (CONT.) • Obviously, AMWAY performance is the best among three companies • HAIO performance is better than ZHULIAN in recent years • Cash Conversion Cycle of ZHULIAN is quite alerting because of extremely high level of inventory.

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