Haitian’s 3Q Results Largely in Line; FVE Remains at CNY 48, but Shares Look Overvalued
Wide-moat Foshan Haitian Flavouring and Food, or Haitian, posted a solid third-quarter result largely in line with our expectation, with revenue and net profit increasing 17% and 23% year on year, respectively, driven by strong sales volume for soy sauce and oyster sauce, as well as improving profitability. Although the market seems to be concerned that demand will be curbed as the Chinese economy weakens, we think the condiment industry will be less impacted and expect the company is on track t...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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