Hengan’s Interim Results In Line With Expectations, Change Moat Rating To None; FVE cut to HKD 52
Hengan’s 2016 interim results are broadly in line with our expectations, with revenue and net income increasing 4.1% and 5.2% year over year, respectively. Gross margin improved 1.4 percentage points to 48.1%, owing to decrease in raw material prices and product mix change. Due to intensifying competition, the company spent more on promotional costs during the first half of 2016, as the percentage of sales, advertising and promotional expenses went up to 11.4%, from 10.3% a year ago. As a result...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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