Haitian’s Strong 1Q Results Slightly Beat Our Expectations; Shares Remain Overvalued
Wide-moat Foshan Haitian Flavouring and Food’s, or Haitian’s, decent first-quarter results were slightly ahead of our expectations, with revenue and net profit up 17% and 23% year on year, respectively, owing to strong volume growth in high-end products. While the operating expense ratio increased 60 basis points from the year-ago quarter, Haitian’s underlying operating margin boosted 1.7 percentage points year on year to 30.5%, thanks to gross margin expansion on the back of improving product m...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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