Acquisitions:

1. We made two consumer products acquisitions in 2017.  On January 17, 2017, we acquired the VIVISCAL brand (the “Viviscal Acquisition”), the number one non-drug hair growth supplement in the U.S. and the United Kingdom, from Lifes2good Holdings Limited for $160 million.  On August 7, 2017, we acquired the WATERPIK brand (the “Waterpik Acquisition”) for approximately $1 billion.  WATERPIK is the number one water flosser and replacement showerhead brand in the U.S.
2. Additionally, on May 1, 2017, we acquired Agro BioSciences, Inc. (the “Agro Acquisition”), an innovator and leader in developing custom probiotic益生菌 products for poultry, cattle and swine.
3. The identification and integration of strategic acquisitions are an important component of our overall strategy.  Acquisitions have added significantly to our sales and profits over the last decade.  This is recently evidenced by our 2015 acquisition of certain assets of Varied Industries Corporation (the “VI-COR Acquisition”), 2016 acquisitions of Spencer Forrest, Inc., the maker of TOPPIK (the “TOPPIK Acquisition”), and the ANUSOL and RECTINOL businesses from Johnson & Johnson (the “ANUSOL Acquisition”) and 2017 acquisitions of VIVISCAL from Lifes2Good Holdings Limited (the “Viviscal Acquisition”), Agro BioSciences, Inc. (the “Agro Acquisition”), and WATERPIK from Pik Holdings, Inc. (the “Waterpik Acquisition”).  However, the failure to effectively integrate any acquisition or achieve expected synergies may cause us to incur material asset write-downs.  We actively seek acquisitions that fit our guidelines, and our strong financial position小蘇打業務所創造的資金 provides us with flexibility to take advantage of acquisition opportunities.  In addition, our ability to quickly integrate acquisitions and leverage existing infrastructure has enabled us to establish a strong track record in making accretive acquisitions.  Since 2001, we have acquired 10 of our 11 “power brands”. (目前11款暢銷產品，10個品牌都是靠併購而來)

1. Consumer Domestic產品主要競爭對手：Our competitors in the Consumer Domestic and Consumer International segments include P&G(PG), The Clorox Company(CLX), Colgate-Palmolive Company(CL), S.C. Johnson & Son(私人公司), Inc., Nestle Purina PetCare Company(NSRGY子公司), Henkel(HENOY, HENKY), Reckitt Benckiser Group plc(RBGLY), Johnson & Johnson(JNJ), Ansell Limited(ANSLY), Pfizer Inc.(PFE), Bayer AG(BAYRY), Alere Inc.(ALR), NBTY(私人公司), Inc. and Pharmavite LLC(OTSKY這家不太優). Many of these companies have greater financial resources than we do and have the capacity to outspend us in their attempts to gain market share.
2. Specialty Products Division (“SPD”)產品主要競爭對手：Our key competitors with respect to our SPD segment are Archer Daniel Midland Co (ADM), Diamond V, Lallemand Inc., Solvay Chemicals (SOLVY), Inc., Genesis Alkali(GEL這家不太優) and Natural Soda, Inc.(“SPD”應用在Animal Productivity, Specialty Chemicals and Specialty Cleaners)

[ 本帖最後由 Curry 於 2018-9-28 11:20 編輯 ]

Curry 桑，nice job !

小蘇打粉真的很好用 ~
廚房的水管不通，以前都固定每年都要請人家來通，
一次就要 1500 ~ 1800元，
自己用了各種方法都效果不好，
最後用"小蘇打粉" + "白醋" 倒入水管30分，
然後再沖一鍋的熱水，
就順暢溜溜 ~~~
從此就成為CHD小蘇打粉的愛用者 ~

1. 2017年廣告支出佔營收比較：CHD 12%，CLX 9.3%，PG 10.6%(看到廣告公司WPP跟OMC的護城河了)
2. CHD真的很努力在打廣告
3. CHD財報
4. CLX財報
5. PG財報

[ 本帖最後由 Curry 於 2018-9-28 15:45 編輯 ]

1. 漢高Henkel：https://zh.wikipedia.org/wiki/%E6%B1%89%E9%AB%98%E5%85%AC%E5%8F%B8
2. HENKY及HENOY，兩個Ordinary:ADR都是1:1，但配息率&預期報酬在盈再表都一樣
3. HENOY: preferred share ownership certificates(優先股，股價較高)
4. HENKY: ordinary share ownership certificates
5. https://www.henkel.com/investors-and-analysts/shares

[ 本帖最後由 Curry 於 2018-9-28 15:53 編輯 ]

一直很想買CHD
可惜一直等不到機會入手...

Raimu哥，等股災吧！萬事俱備 只欠東風！

當研究員需要做一些基本功，公司的財報、產業狀況都要研究透徹，
然後若總結一句，認為CHD可以好很久的理由為何？
以前我在外資都這樣訓練我們。