SaSa & Bonjour Financial Analysis Report 2012-2014


>>>   financial-analysis-report

Sa Sa International Holdings (Chinese: 莎莎國際) (SEHK: 178) is a Hong Kong-based chain store company selling cosmetics, personal care, skin care and baby care products.

For the year ended 31 December 2014, Sasa’s turnover amounted to HK$8,756 million, representing an increase of 14.2% over the HK$7,670 million recorded last year. The Group’s profit for the year 2014 was HK$4,073 million, a decrease of 14.5% over the HK$3,558 million recorded last fiscal year. Basic earnings per share were HK33.0 cents, as compared to HK29.3 cents in the previous fiscal year. The overall gross profit margin of the Group for the full fiscal year increased to 46.52% from 46.39% last year.

The principal activity of Bonjour Holdings (Chinese:卓悅控股) (SEHK:653) is principally engaged in the retail and wholesale of beauty and health-care products and the operation of beauty and health salons in Hong Kong, Macau and the PRC.

For the year ended 31 December 2014, Bonjour’s turnover amounted to HK$3,144 million, representing an increase of 3.5% over the HK$3,039 million recorded last year. The Group’s profit for the year 2014 was HK$226 million, a decrease of 17.2% over the HK$273 million recorded last fiscal year. Basic earnings per share were HK6.6 cents, as compared to HK8.3 cents in the previous fiscal year. The overall gross profit margin of the Group for the full fiscal year increased to 47.68% from 47.35% last year.

Sasa has a great name and good brand so it attracts big cosmetic names and customers trust it for the brands it sells, especially tourists from mainland China. Also it has advantages in going overseas market. Compared with Bonjour, Sasa is a larger enterprise and performs better than Bonjour generally, statistically speaking. But Bonjour also is a company with good development, and its gross profit margins were even a little bit higher than Sasa’s. And for stock investors, Bonjour’s price was much cheaper and the return of investment was considerable.

In recent years, the overall retail market in Hong Kong was challenging. The retail industry sailed through ups and downs throughout the year as a result of the instabilities of the external environment and the change of Mainland tourists’ consumption pattern. According to the statistics in 2014 released by the Census and Statistics Department, the total retail sales value edged down 0.2% to HK$493.3 billion compare to 2013. Hong Kong’s annual retail sales figures fell for the first time since the SARS outbreak in 2003.Given the current social unrest expelling the PRC tourist inflow to Hong Kong and the change in tourist mix with less spending pattern, Sasa and Bonjour are inevitably facing a challenging environment. As the two cosmetics retail giants in Hong Kong even Asia, their financial performance can be used as a benchmark of this industry.

This report consists the Common-Size Income Statement, Income Statement- YTY comparison, Common-Size Balance Sheets, Balance Sheets-YTY Comparison and Ratio Analysis of Sasa and Bonjour in 2014,2013 and 2012, and comments followed.

Produced by SONG Yingjin in 2015.11




Drum Circles in Vancouver

Celebrating their tenth birthday, Vancouver’s drum circles are home to hundreds of people every sunny Tuesday at Stanley Park’s Third Beach in summer. Seeing hundreds of people gathered together in one place to laugh, dance, and play music serves as a reminder that Vancouver has its own unique fun-loving culture. The drum circles have played an important role in influencing local culture and created the sense of community and connectedness, but it also meets some problems in the process.

Produced by

Julieana WU Qiyao

Echo LEI Ou

Irene SONG Yingjin

(For the final project of Vancouver Summer Program at University of British Columbia in August 2015)

Where the Journey Ends

Vitaliy Neverov, a 29-year-old man from Russia, came to Hong Kong five months ago and has been drawing spray paintings on the crowded streets at Mongkok since then. Spray paint art is an art form using spray paint to draw rather than any pencils, pens or brushes and it is often done by artists with speed. Due to these characteristics, Vitaliy succeeds in attracting attention from passersby soon. Not only many people upload photos and videos of him to Facebook and Twitter, but also someone pays for his drawings.

Typically, Vitaliy’s paintings feature surreal landscapes of planets, comets, pyramids, cities, and nature scenes, and many scenes and locations are just that he had experienced personally before. Before arriving in Hong Kong, he travelled to Mainland China, Taiwan, Macau, Thailand, Malaysia, Laos and South Korea. Without camera, he chose to draw what he saw to save pictures of those beautiful places.

Before one year, Vitaliy worked as an interior designer in Moscow. Just like most office workers, he just “work, work and work” every day at that time. He was too tired and jaded to continue living in the dull machinery of life. And he started getting doubts, “Is it life?” “No, it is not the life for me”, because everyone has only one life and only one chance to do all the things he or she wants to do. So he quitted his job and started traveling around the world.

Vitaliy likes Hong Kong, but Hong Kong is not the destination. In the near future, he wants to travel in Mexico and other countries in South America.

Where will his journey end? Vitaliy doesn’t know, and nobody knows.


Produced by

Nancy PING Hiu Yan

Eve QIAO Yueyue

Irene SONG Yingjin

Jasmine ZHOU Keyu



Journalistic Observation via Twitter

The Twitter observation of a fresh journalism student by following three professional journalists and sending tweets for eight weeks.

Click the link to view the report:


On-the-spot record of the class sharing: Sourcing for investigative stories (developing the trust of sources)


(Click the above picture to view timeline of the lecture)


How to get or manage news sources? It can be quite difficult especially for young journalists. Nancy C. Carvajal, an experienced investigative journalist who has been working for the Philippine Daily Inquirer for 23 years and made valuable contributions in corruption news reporting, shared her experience and thoughts about developing the trust of sources for investigative stories.

About Nancy C. Carvajal


(Click the above picture to read more articles by Nancy C. Carvajal)

Nancy C. Carvajal has been a reporter for the Philippine Daily Inquirer, the leading newspaper in the Philippines, since 1992. She was named Journalist of the Year at the 2015 Awards for Editorial Excellence of the Society of Publishers in Asia for “courageous and excellent work in exposing official corruption.” She studied Economics in college and is currently on leave from her graduate studies in Journalism.

And she is awarded Journalist of the Year 2015, “Complete Records of Benhur Luy Bared” by SOPA.



(Click the above picture to know more about HKBU-SOPA)

The HKBU-SOPA Award Winners Forum 2015 aims to enhance the standard of journalism education and journalistic practice in Hong Kong and the Greater China region by inviting a panel of SOPA award winners to participate in lectures and discussions on the journalism profession.

The Society of Publishers in Asia is a not-for-profit organization based in Hong Kong and represents international, regional and local media companies in Hong Kong and around Asia. It hosts the prestigious annual SOPA Awards for Editorial Excellence to set world-class benchmarks for journalism in Asia. The SOPA Awards were established in 1999 as a tribute to editorial excellence in both traditional and new media and were designed to encourage editorial vitality throughout the region. The awards cover a broad range of categories reflecting Asia’s diverse geo-political environment and vibrant editorial scene.


The Most Significant Change in Arancha’s life

“What is the most significant change you have seen in your lifetime?” Dr Garralda Ortega Maria Aranzazu (Arancha), 48, who is from Spain and now teaching Spanish in Hong Kong Baptist University, answered this question by sharing her personal experience and thoughts about family, love, death and life.


(Arancha is showing the photo of her mom, and it is not hard to find she really misses and loves mom from her pretty necklace with mom’s portrait.)


One Day of A Saxophonist



Lam Ching Kiu(Siu Kiu),a 22-year-old saxophonist in Hong Kong, has been playing the saxophone for ten years. When Siu Kiu entered the junior school,she was fascinated by saxophone’s diverse timbres and broad range, and then she has an affinity with this instrument. Siu Kiu dropped out of Department of Music of Hong Kong Baptist University a year and a half ago, because she thought that taking lots of general education courses was not helpful to improve her professional performance level. She plays in La Sax Saxophone Ensemble and teaches students to play the instrument now. She enjoys both teaching and performing in wind band. Students’ progress brings her a lot of delights,and practicing hard and cooperating with other players to present a wonderful concert give her a sense of achievement.Unlike the ordinary office workers, her Saturday and Sunday are always the busiest in a week.And this Timeline records her life on Saturday, Sept.26.

(click the above picture to view the Timeline)


About Irene SONG Yingjin

Coming from Mainland China, currently studying financial journalism at Hong Kong Baptist University.

A girl interested in traveling, soccer, photography and journalism.

On this website, my stories, experience and perspectives are shared with you.

If you have anything to ask or discuss with me, please contact me at

Thank you for visiting.