Hengan’s Second-Half Sales Will Be Boosted by Amoeba Reform; FVE Increases to HKD 56 per Share
We are lifting our fair value estimate for no-moat Hengan International Group, or Hengan, to HKD 56 from HKD 52 per share. This stems from our increased revenue growth forecasts for the next five years, bolstered by strong direct online sales and higher sales prospects from the Amoeba reform, which completed in April this year, although its first-half sales were affected due to the transition. We retain our no-moat and stable moat trend ratings for Hengan, as we believe the intensifying competit...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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