Haitian’s Upbeat 4Q17 Results Boosted by Margin Expansion; Shares Overvalued to Our New CNY 46.5 FVE
We increase our fair value estimate for wide-moat Foshan Haitian Flavouring and Food, or Haitian, by 9% to CNY 46.50 per share from CNY 42.50, following the upbeat fourth-quarter 2017 results. However, we think the shares are expensive at current levels, trading at nearly 40 times 2018 P/E. Thanks to the firm’s strong pricing power and improving product mix, leading to a higher-than-expected gross margin, operating profit and net income increased 27.3% and 23.5% from the year-ago quarter, respec...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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