Hengan’s New Amoeba Strategy Leads to a Solid Operating Profit in 1H; Our HKD 56 FVE Remains Intact
No-moat Hengan’s decent first-half 2017 operating profit was better than our expectation. Although the firm’s revenue was slightly short of our forecast, the operating profit came in with a strong 13.7% year-on-year increase, driven by product mix upgrades and implementation of the small sales team strategy, Amoeba model, which was completed in April. As Hengan’s Amoeba business strategy began to make a positive impact, the firm’s operating margin during the period increased 3.3 percentage point...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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