Hengan’s 1H Operating Profit Slightly Ahead of Our Forecast; HKD 70 FVE Is Intact
Despite the adverse impact of rising raw material costs, no-moat Hengan International Group, or Hengan, reported first-half 2018 results slightly ahead of our forecasts, with revenue and operating profit up 16% and 2.5% year on year, respectively, to CNY 10.14 billion and CNY 2.68 billion, thanks to effective implementation of its small sales team strategy and increasing coverage of its e-commerce channel. Gross profit margin slightly missed our estimate, declining 4 percentage points from last ...Hengan International Group Co. is an investment holding company. Through its subsidiaries, Co. is engaged in the manufacturing, distribution and sale of personal hygiene products including sanitary napkins products, disposable diapers products and tissue papers products and food and snack products in the People's Republic of China, Hong Kong and certain overseas markets.
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