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Boya Zhen * | Equity Analyst852 3743 8774 | bzhen@jefferies.comAnne Ling * | Equity Analyst852 3743 8783 | aling@jefferies.com Company DescriptionProyaFounded in Zhejiang Province in 2006, Proya is mainly engaged in the research and development, production, and sales of B&PC (Beauty &Personal Care) products. The company's main brands are Proya, Hapsode, Timage, Insbaha, and CORRECTORS. Products under these brandscover the beauty sector, ranging from popular exquisite skincare and makeup to high-efficacy skincare.Company Valuation/RisksProyaWe use a DCF-based valuation as our primary valuation, as we expect investors to focus on the company's long-term value creation. In our DCFmodel, we derive a WACC of 8.9%, with cost of equity of 8.9%, risk-free rate of 3.9%, equity risk premium of 5.6%, and beta of 0.9. We assumea perpetual growth rate of 2.0%.Key downside risks: (1) Competition from cosmetics industry players is more intense than expected; (2) product quality/branding marketingissues that damage brand equity and client relationships; (3) Covid-19 resurgence that impacts the profitability and expansion of the company;(4) worse-than-expected popularity of new brands/business with consumers; and (5) brand concentration.For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Boya Zhen, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Anne Ling, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Boya Zhen is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Anne Ling is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresSteven G. DeSanctis owns a position in Procter & Gamble.. An analyst named on the cover of this report or a member of their household holds an equitylong position in this company's securities. Kaitlyn Korich or a member of his household holds an equity long position in Procter & Gamble.Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Unilever.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from Unileverwithin the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromUnilever.Within the past twelve months, Unilever has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking servicesare being or have been provided.Jefferies International Ltd, its affiliates or subsidiaries has, or had, within the past 12 months an agreement to provide investment services to Unilever.Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 19, 2