Haitian’s 30% Operating Profit Again Beat Our Expectation, Raising FVE 10% to CNY 42.50
We are raising our fair value estimate for wide-moat Foshan Haitian Flavouring and Food, or Haitian, by 10% to CNY 42.50 per share from CNY 38.50, following its solid third-quarter results. Haitian’s third-quarter results again beat our expectations, with revenue up 22%, operating profit up 30%, and net profit up 29% from the year-ago quarter. We increase our five-year top-line growth forecast to a CAGR of 12.7% from 11.5% previously and raise our average gross margin to 46% from 45.2% previousl...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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