Hengan’s 2H 2018 Results Largely in Line With Margins Hit by Higher Paper Pulp Prices
No-moat Hengan International Group’s 2018 full-year results were largely in line with our forecasts, with revenue and net profit up 13.5% and 0.2% year on year, respectively, to CNY 20.5 billion and CNY 3.8 billion. Although revenue growth remained strong at 11% year on year in the second half, as we expected, its operating profit was down nearly 2 percentage points to 26.5% due to higher raw material costs. As a result, operating profit grew only 3% year on year in the second half.ÂWe are keep...
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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