Haitian's 2Q Results Beat Our Forecasts; Raising Our FVE to CNY 48, but Shares Remain Expensive
Wide-moat Foshan Haitian Flavouring and Food, or Haitian, reported robust second-quarter results that were slightly ahead of our forecasts, with revenue up 17.5% and net income up 23.5% year on year, driven by strong sales volume growth in soy sauce and oyster sauce segments, coupled with gross margin expansion.ÂWe lift our fair value estimate by 3% to CNY 48 per share from CNY 46.50, as we revise up our full-year 2018 revenue growth and gross margin forecasts, as well as the time value of mone...
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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