Hengan stands to benefit from growing personal hygiene awareness in China.
No-moat Hengan’s second-half 2016 earnings were in line with our expectations, with an 8.8% increase in profit attributable to the continuing operations. Due to channel adjustments for the newly launched operation system, named the Amoeba model, the firm’s sales growth rate decelerated to 2.5% from 4.1% in the first half. However, Hengan’s gross margin improved 120 basis points versus the first half to 25.2%, thanks to product mix upgrades and lower raw material costs, as well as a decrease in t...Hengan International Group Co. is an investment holding company. Through its subsidiaries, Co. is engaged in the manufacturing, distribution and sale of personal hygiene products including sanitary napkins products, disposable diapers products and tissue papers products and food and snack products in the People's Republic of China, Hong Kong and certain overseas markets.
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