Raising Haitian’s FVE to CNY 56 on Higher Profit Growth Forecast, but Shares Overvalued
Wide-moat Foshan Haitian Flavouring and Food’s 2018 EBITDA of CNY 5.51 billion and net profit of CNY 4.36 billion were ahead of our forecasts (CNY 5.28 billion and CNY 4.2 billion), owing to better-than-expected revenue growth and operating margin. We are raising our fair value estimate for Haitian to CNY 56 per share from CNY 49.50 after taking account into higher profit growth forecast over the next five years. This fair value estimate implies a forward P/E of 30 times and a dividend yield of ...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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