Raising Hengan's FVE to HKD 74 as We Are Optimistic on Positive Impact From Amoeba Strategy
We are increasing our fair value estimate for Hengan International Group by 32%, to HKD 74 per share from HKD 56, as we tune up our midterm revenue and operating margin forecasts. We believe Hengan is heading in the right direction, as its new sales strategy and its entrenched distribution network will reaccelerate top-line growth, while a more profitable product mix and expense optimization will boost profitability. We now anticipate revenue to grow at a compound annual rate of 6.5% (from 5.5% ...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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