Haitian’s 1Q 2019 Profit Slightly Beat; Shares Remain Overvalued to Our CNY 56 FVE
Wide-moat Foshan Haitian Flavouring and Food reported strong first-quarter results that were slightly ahead of our forecasts, with revenue up 17% and net profit up 22.8% year on year. The upbeat net profit growth was driven by a lower-than-expected selling expense/sales ratio, leading a 1.3-percentage-point improvement in net profit margin. We maintain our fair value estimate at CNY 56 per share. For the long term, we expect Haitian’s strong competitive advantages will continue to strengthen its...Foshan Haitian Flavouring and Food Company Ltd. is a China-based company, principally engaged in the manufacture and distribution of seasonings. The Company's products portfolio consists of soybean sauces, general sauces, oyster sauces, chicken essence seasonings, vinegar and others, with soybean sauces, general sauces and oyster sauces as its main products. Its general sauces are applied in barbecue sauces, hot pot sauces and others. Its oyster sauces are applied in cooking, salad dressings and others. The Company conducts its businesses mainly within domestic markets.
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