Initiating Coverage of Foshan Haitian Flavouring and Food With CNY 37 FVE and Wide Moat Rating
We initiate coverage of Foshan Haitian Flavouring and Food, the largest condiment manufacturer in China, with a fair value estimate of CNY 37 per share. We assign Haitian a wide economic moat rating, derived from its entrenched distribution network and a cost advantage. It was one of the first condiment companies in China to start building a nationwide sales channel, and it has the largest distribution channels among peers. Additionally, Haitian gains a cost advantage from its strong bargaining ...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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