Hengan's 1H18 Expected to Grow at High-Single-Digit Pace, Shares Fairly Valued
We are trimming our fair value estimate for no-moat Hengan International Group, or Hengan, by 5% to HKD 70 per share from HKD 74, owing to the depreciation of the Chinese yuan against the Hong Kong dollar. The firm's small sales team strategy (Amoeba) began to bear fruit in the second half of 2017 and we expect the company to deliver a high-single-digit revenue growth in the first half of 2018, driven by promising tissue paper sales. We think the shares are fairly valued at current levels, tradi...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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