HANUNG TOYS & TEXTILES LTD Result Update: Q3 FY 11

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1 HANUNG TOYS & TEXTILES LTD Result Update: Q3 FY 11 C.M.P: Rs Target Price: Rs Date: April 16 th 2011 BUY Stock Data: Sector: Stationary Face Value Rs wk. High/Low (Rs.) / Volume (2 wk. Avg.) BSE Code Market Cap (Rs.In mn) Share Holding Pattern SYNOPSIS Hanung Toys and Textiles Ltd. engages in the manufacture, supply, and export of stuffed toys/ plush toys and home furnishings in India and internationally. Company has acquired a controlling stake in M/s Cody Direct Corp, a company incorporated under the US laws. During the quarter ended, the robust growth of revenue is increased by 31.73% Rs million. 1 Year Comparative Graph The top line and bottom line of the company are expected to grow at a CAGR of 27% and 35% over 2009 to 2012E respectively. Hanung Toys BSE SENSEX Hanung Toys & Textiles has bagged an export order worth $250 million and the order is scheduled to be completed by December Years Net sales EBITDA Net Profit EPS P/E FY FY 11E FY 12E

2 Peer Group Comparison Name of the company CMP(Rs.) Market Cap.(Rs.Mn.) EPS(Rs.) P/E(x) P/Bv(x) Dividend (%) Hanung toys Archies Ltd Cosco India Camlin Ltd Company Profile Hanung Toys & Textiles (HTTL) was set up in the year 1990 in collaboration with a South Korean Company. It is a name to be reckoned internationally in the field of Soft Toys and Home Furnishings. In India, it has the distinction of being the leading manufacturer and exporter of Soft Toys and one of the leading manufacturers and exporters of Home Furnishings. The company is the licensee of Walt Disney characters for soft toys in the country. HTTL's pioneering efforts on the shaped cushions have revolutionized the market, both domestic and international. It complies with international quality standards like EN-71, ASTM and BS They have also been awarded the ISO for quality management systems to manufacture, supply and export of Soft Toys and Home Furnishings. They are the niche market holders in the Soft Toys and children's furnishings because of their excellent service, quality and the most competitive and consumerfriendly prices which has resulted in their continued presence in the markets of USA, Europe and other developed countries. Their professionally-managed design and development team has developed more than 4,000 designs. Thorough study of the changing market trends, their creative and innovative ideas lead to the development of new designs everyday. The company owns Play-n-Pets and Muskan brands in stuffed toys and Splash in home furnishings. They are already catering to more than 100 distributors for the stuffed toys under the brand Play-n-Pets and Muskan across the country, including multi-brand outlets like Lifestyle, Shopper s Stop, Westside, Big Bazar (Pantaloon group), Pyramid, Globus, Landmark and all other leading stores. Their Splash range 2

3 of Home Furnishings is available at 600 stores across the country.. These brand names associated with Hanung are among the leading contenders for the highest market share. Awards/Achievements: IKEA Best Delivery Security Award 1994 Licensed Manufacturer of Walt Disney soft toys in India 1st Position, Excellent Performance in Export: SSI & Export Promotion, Govt. of U.P. (consequent 4 years : st Position, U.P. State Export Award (consequent 3 years : ) Toys Exporter of the year 1997 : The Toys Association of India Merit Awards: Ministry of Commerce Product Range: Bedding - Adult Bedding, Kids Bedding Decorative pillows - Back to school, Embellished Elegence, Textures n basics Shaped Pillows - Aquatic life, Butterflies, Calestial, Christmas, Flowers Flooring, Sheeting and Duvets, Soft Toys, Throws n Cushions, Windows. Divisions: The Soft Toys Division - Established in 1990, it has a production capacity of 20,000 pieces per shift and a work force of 900 people. The production capacity is one of the highest in the sector and responsible for the huge market share that HTTL has in Soft Toys and shaped pillows. 3

4 The Processing Division The division is in operation since 2003 has a production capacity of 20,000 meters per day and a workforce of 260 people. It is equipped with the latest machinery and with the capacity to process up to 120 inches wide fabric in bleaching, dyeing and 16 colour printing. The Furnishing Division - Set up in 2002, it is located in the Hosiery Complex of Noida and has a production capacity of 3,000 sets per shift and a work force of 450 people. The factory has the latest state-of-the-art machinery and has created the hallmark of quality products in Home Furnishings. Investment Highlights Q3 FY11 Results Update Hanung Toys reported a phenomenal rise in standalone net profit for the quarter ended Dec During the quarter, the profit of the company increased 35.05% to Rs million from Rs million in the same quarter last year. Net sales for the quarter rose 31.73% to Rs million, while total income for the quarter rose 31.37% to Rs million, when compared with the prior year period. It reported earnings of Rs a share during the quarter, registering 31.37% rise over prior year period. Quarterly Results - Standalone (Rs in mn) As At Dec-10 Dec-09 %change Net sales PAT Basic EPS

5 Acquisition of controlling stake Company has acquired a controlling stake in M/s Cody Direct Corp, a company incorporated under the US laws. Cody Direct is an 18 years Home Furnishing Marketing and Distribution. Cody Direct has 55 Avenue showrooms in New York. The acquisition completely synergies with Hanung s business and its growth strategies. Hanung has long desired to enter the US market in an aggressive and cutting edge manner. Break up of Expenditure 5

6 Segment wise Revenue Particulars Q3 FY11 Q3 FY10 Textiles Toys Total

7 Financial Results 12 Months Ended Profit & Loss Account (Standalone) Value(Rs.in.mn) FY09 FY10 FY11E FY12E Description 12m 12m 12m 12m Net Sales Other Income Total Income Expenditure Operating Profit Interest Gross profit Depreciation Profit Before Tax Tax Profit After Tax Equity capital Reserves Face value EPS

8 Quarterly Ended Profit & Loss Account (Standalone) Value(Rs.in.mn) 30-Jun Sep Dec Mar-11E Description 3m 3m 3m 3m Net sales Other income Total Income Expenditure Operating profit Interest Gross profit Depreciation Profit Before Tax Tax Profit After Tax Equity capital Face value EPS

9 Key Ratios Particulars FY09 FY10 FY11E FY12E No. of Shares(In Million) EBITDA Margin (%) 18.50% 19.55% 20.29% 20.56% PBT Margin (%) 11.57% 11.57% 12.04% 12.72% PAT Margin (%) 10.11% 10.77% 11.31% 11.96% P/E Ratio (x) ROE (%) 21.10% 22.78% 24.22% 23.20% ROCE (%) 18.83% 19.19% 22.80% 23.16% Debt Equity Ratio EV/EBITDA (x) Book Value (Rs.) P/BV

10 Charts: 10

11 11

12 Outlook and Conclusion At the current market price of Rs , the stock is trading at 4.27 x FY11E and 3.42 x FY12E respectively. Earning per share (EPS) of the company for the earnings for FY11E and FY12E is seen at Rs and Rs respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 27% and 35% over 2009 to 2012E respectively. On the basis of EV/EBITDA, the stock trades at 2.38 x for FY11E and 1.99 x for FY12E. Price to Book Value of the stock is expected to be at 1.03 x and 0.79 x respectively for FY11E and FY12E. We expect that the company will keep its growth story in the coming quarters also. We recommend BUY in this particular scrip with a target price of Rs for Medium to Long term investment. Industry Overview Stationary Industry Indian Stationery market can be divided into School Stationery, Office Stationery, Paper products, and Computer Stationery. The growth of this Market is driven by increased spend on educational sector by government, education standard getting improved and opening new categories of education for specialization and concentration on overall development of students. The office supplies segment is also growing rapidly. Opening of new commercial offices having multi locational presence has helped the organized players with scalability to serve across locations and offer diverse range of products. All this has not only increased demand, but has shifted sales from unorganised to organized sector with premium quality products. The dominance of unorganised market in stationery segment has its impact on the profit pressure for organised sector but due to introduction of VAT and increase tax compliance, we expect a shift in sales from unorganized sector to organised sector. Small and Medium Enterprises play a vital role for the growth of Indian economy by contributing 45% of industrial output, 40% of exports, 42 million employments, create 12

13 one million jobs every year and produce more than 8000 quality products for the Indian and international markets. As a result, MSMEs are today exposed to greater opportunities for expansion and diversification across the sectors. The emergence of new technologies has a mixed impact on various industries. With new technology and falling prices for computers, printers and software are reducing the cost of business mail communication; on the other hand, focus on education by governments of various developing countries has increased the demand of stationary and paper products substantially. Stationery Industry is a very heterogeneous group of business usually associated with the Schools, Collages, and Office and plays a very crucial role in working of any organization across the globe. It includes Paper stationery which comprises of a vast collection of products like exercise books, note books, stitch, glued & tape pads, refill pads, flap over pads, subject books, plastic cover books etc. The huge greeting card market, autograph books, party invites etc, is also a part of this segment. Paper and paper related products are tremendously gaining demand in the market. Out of which paper stationery market over the years has gained immense popularity in the school and office segment throughout the world. Revolution for these products has come to birth from the past few years majorly in developing nations and it's having immense value in terms of export and import. It is expected that Stationery industry has a flourishing future in its coming years in India and over a period is estimated to grow at 10 to 15% p.a. To achieve this objective, one can actually see that how acceptance of Internet technology has opened plethora of opportunities of sourcing the desired supplier in any part of the world. The manufacturers of various countries including India, China, and Indonesia etc have started building new product strategies, which helps in reducing their overall cost without compromising on quality thus producing a good quality product at competitive price. Indian art material market is divided into sub-segments like Paints, Mediums and Accessories. Similarly it can be categorized as per the user profile where on the top of the pyramid there is serious and high quality artist material patronised by professionals. The hobby material comes in the middle of the pyramid, which includes a very wide range of products and is used by a wide spectrum of people of all ages, regardless of the gender or education. The base is built up of the scholastic art material, including products like crayons, pastels and other economically priced products patronized by a huge population of schools and students. The market for art material in India is growing at a very healthy rate. The Phenomenal rise in the recognition and appreciation of Indian art at home and abroad, has given impetus to the fine art material market. The artists are now in position and mood to use better and more expensive inputs to create the work of global standards. 13

14 Falling under the category of Small and Medium Enterprises in majorly most of the countries, this sector has lot to offer in terms of employment, tax revenues, it can be an important source of new innovative products, extensive local knowledge of resources, and can be a major service provider to the larger organizations. However, this sector like other sectors have certain bottlenecks which hinder the growth of this sector like Burdensome regulatory frameworks, Lack of tax incentives and subsidies, Absence of investor-friendly environment, Lack of access to finance, Lack of capacitybuilding programs and inadequate provision of vocational training etc. Toys Industry India, is one of the oldest civilizations in the world. Its rich traditions embedded in the very core of common Indian man, and its large cultural diversity are well known worldwide. The Indian toy industry, as old as this nation itself, has been nurtured and enriched under this intellectually rich background. Indian toys, which are manufactured all over the country reflect the Indian cultural diversity in the range of items manufactured. Play, with emphasis on safety and learning, are the core foundations for the toy industry in India. India manufactures toys from diverse raw materials like, plastic, wood, rubber, metal, textiles etc. This industry is predominantly confined to the sector of small scale Industries and is spread all over the country meeting the local needs of different cultural parts of India. The chief organized centers for toy manufacturing are National Capital Region and Mumbai. Manufacturing of toys in India, in general, is labour intensive and utilizes the Indian skills of master craftsmanship and creative designing. The Indian toy industry, fueled by the vast domestic market, has now turned its attention to global markets and is fast gearing up to meet international demands. The strong points of Indian toy industry are skilled workforce, diverse range, focus on innovation and creativity, and emphasis on learning and education. Indian manufacturers are catering to both large and small volume requirements and are exporting to few of the most developed nations in the world. The main markets for Indian toys are USA, U.K. and Germany. Sports Goods Export Promotion Council (SGEPC), a Government of India sponsored organisation looks after the promotion of exports of Indian toys from India. 14

15 The Toys and Games market is valued at INR 40 bn in 2010 and is expected to grow rapidly in the future. The perception towards toys and games as a necessity for all round development of child will drive the market. Textile Industry The Indian textile industry contributes about 14 per cent to industrial production, 4 per cent to the country's gross domestic product (GDP) and 17 per cent to the country s export earnings, according to the Annual Report of the Ministry of Textiles. It provides direct employment to over 35 million people and is the second largest provider of employment after agriculture. According to the Ministry of Textiles, the cumulative production of cloth during April 09-March 10 has increased by 8.3 per cent as compared to the corresponding period of the previous year. Moreover, total textile exports have increased to US$ 18.6 billion during April 09- January 10, from US$ 17.7 billion during the corresponding period of the previous year, registering an increase of 4.95 per cent in rupee terms. Further, the share of textile exports in total exports has increased to per cent during April 09- January 10, according to the Ministry of Textiles. Disclaimer: This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable but do not represent that it is accurate or complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it s affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provide for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. 15

16 Firstcall India Equity Research: C.V.S.L.Kameswari Pharma U. Janaki Rao Capital Goods D. Ashakirankumar Automobile A. Rajesh Babu FMCG H.Lavanya Oil & Gas Dheeraj Bhatia Diversified Manoj kotian Diversified Nimesh Gada Diversified Firstcall India also provides Firstcall India Equity Advisors Pvt.Ltd focuses on, IPO s, QIP s, F.P.O s,takeover Offers, Offer for Sale and Buy Back Offerings. Corporate Finance Offerings include Foreign Currency Loan Syndications, Placement of Equity / Debt with multilateral organizations, Short Term Funds Management Debt & Equity, Working Capital Limits, Equity & Debt Syndications and Structured Deals. Corporate Advisory Offerings include Mergers & Acquisitions(domestic and cross-border), divestitures, spin-offs, valuation of business, corporate restructuring-capital and Debt, Turnkey Corporate Revival Planning & Execution, Project Financing, Venture capital, Private Equity and Financial Joint Ventures Firstcall India also provides Financial Advisory services with respect to raising of capital through FCCBs, GDRs, ADRs and listing of the same on International Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and other international stock exchanges. For Further Details Contact: 3rd Floor,Sankalp,The Bureau,Dr.R.C.Marg,Chembur,Mumbai Tel. : / / Telefax : info@firstcallindiaequity.com 16

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