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Health & Happiness International

Health & Happiness (formerly called Biostime) makes paediatric and adult nutrition and care products. Its key segments are: 1) milk formulas for infants, children and expectant or nursing mothers, sold under brands including Biostime, Healthy Times and Adimil; 2) adult nutrition and care products, sold under the Swisse brand; and 3) probiotic and other paediatric supplements, dried baby foods and baby care products, including the Dodie brand. Biostime acquired 83% of the Australian firm Swisse Wellness in 2015 and agreed to buy the rest of the company in 2016. Swisse's products include vitamins, herbal, minerals and supplements, superfoods, sports nutrition and skincare products. Most of H&H's raw materials come from Western Europe (France and Denmark) and Australia. H&H acquired 20% of the French supplier ISM in 2013. In China, H&H sells its products to regional distributors, which on-sell to baby specialty stores, supermarkets and pharmacies. It also sells online via sits such as Tmall.HK, Alibaba, JD.com and Kaola. Outside China it sells through offline retail outlets. (18 Jun 2018)

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Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

November 2018 Asian Company Recommendation Change

Asian Company Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the three company recommendation changes made on Asian companies during the month of November.
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Health & Happiness: SFC Disclosure Proceedings

Worth Watching: 29 Nov 2018, 9:46 PM ET - Health & Happiness (H&H, Ba3/BB+) announced last night that the Securities and Futures Commission of Hong Kong (SFC) has instigated disclosure proceedings in the Market Misconduct Tribunal of Hong Kong relating to the company and its chairman, CEO ..

Asia High Yield Snapshot: 2018 Interim Edition

Asia High Yield Snapshot: 27 Nov 2018, 3:30 AM ET - The Asia High Yield Snapshot summarises the key credit metrics, cash flow trends, profitability and other financial indicators of Asian high yield $ bond issuers. This edition is updated for 2018 interim figures. 

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Chinese Industrials: Currency Risk

Strategy Analysis: 26 Oct 2018, 3:02 AM ET - Almost all of the Chinese industrials we follow suffered FX losses in 1H18. We look at the breakdown of their debt, revenues, costs and cash by currency, as well as their existing hedging policies and currency sensitivity analysis. 
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Asia Credit Calendar: Week of 29 October 2018

Strategy Analysis: 25 Oct 2018, 11:47 PM ET - 3Q earnings season begins. Issuers reporting this week include Bank of China, Agricultural Bank of China, ICBC, Minsheng Banking, ANZ, NAB, Macquarie, Nomura, OCBC, Health & Happiness, Alibaba and Baidu. 
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Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Sept. 2018 Asian Company Recommendation Changes

Asian Company Recommendation Changes: 30 Sep 2018, 9:26 PM ET - Our monthly report provides executive summaries for the three company recommendation changes made on Asian companies during the month of September.
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Health & Happiness: Redeems $125 mn of 7.25% 2021

Worth Watching: 23 Sep 2018, 10:02 PM ET - Health & Happiness (H&H, corporate ratings Ba2/BB+, bond ratings Ba3/BB+) announced on Friday that it would redeem $125 mn of its $600 mn 7.25% 2021 on 22 October, at the call price of 103.625%. This follows the company's decision last week to scr ..
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H&H: Pulled Exchange Offer & New Issue

Worth Watching: 20 Sep 2018, 11:16 PM ET - H&H or Health & Happiness (corporate ratings Ba2/BB+, bond ratings Ba3/BB+) pulled its Exchange Offer and proposed concurrent new issue today. As a quick recap, H&H launched an exchange offer of its $600 mn 7.25% 2021 for proposed new 5NC2 bonds ( ..
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Health & Happiness: Exchange Offer Expires Tomorrow

Worth Watching: 18 Sep 2018, 3:14 AM ET - Health & Happiness (H&H, corporate ratings Ba2/BB+, bond ratings Ba3/BB+). The exchange offer for H&H 2021 will expire at 4pm London time tomorrow, 19 September. The company announced yesterday that the minimum interest rate for its exchange of ..
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Health & Happiness: 2021 Exchange Offer

Worth Watching: 10 Sep 2018, 11:02 PM ET - Health & Happiness  (H&H, corporate ratings Ba2/BB+, bond ratings Ba3/BB+) announced this morning that it will conduct an exchange offer for the Reg S tranche of its $600 mn 7.25% 2021. The exchange price is $1,042.29 of new notes per $1,000 in ..
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Health & Happiness 1H18: Revenue Guidance Raised

Earnings Note: 28 Aug 2018, 11:12 PM ET - Higher marketing and distribution costs dented profitability, but revenues grew faster than expected and credit metrics remain stable. Competition in China's milk formula market could remain fierce, exacerbated by the low birth rate. 
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Asia Credit Calendar: Week of 27 August 2018

Strategy Analysis: 24 Aug 2018, 3:15 AM ET - 13 Chinese property developers, 12 Chinese financial institutions and 6 Chinese industrial companies will release results next week.

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.

HK/SG Conference 2018: Asia Strategy

Transcript: 30 Jul 2018, 3:57 AM ET - Falling knives and new opportunities. 

Asian Corporates: Refinancing Risk

Strategy Analysis: 17 Jul 2018, 3:21 AM ET - The primary $ bond markets are not shut, but high yield corporates are finding it hard to launch new deals in these markets. We highlight some Asian corporates that we would monitor for liquidity pressure over the coming months.
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Asia Corporate Recommendations: July 2018

Asia Corporate Recommendations: 02 Jul 2018, 6:01 AM ET - Escalating US-China trade tensions and refinancing concerns for Chinese issuers amid stricter credit controls continue to weigh on investor risk appetite. We downgraded our recommendations on Alam, Jababeka, Agile and Yanlord recently.
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Asia Credit Calendar: Week of 11 June 2018

Strategy Analysis: 08 Jun 2018, 12:32 AM ET - Chinese developer Sunshine 100, and infant milk maker Health and Happiness will be holding their Reverse Roadshows and Investor Day, respectively, next week. The NBS will also be releasing the real estate sales and home prices for May.

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