Raising Our FVE for Want Want to HKD 6 as We Are More Confident About Its Medium-Term Profit Growth
We are raising our fair value estimate for narrow-moat Want Want China Holdings by 15% to HKD 6.00 from HKD 5.20, after taking into account higher medium-term earnings growth, the time value of money, and the appreciating exchange rate of the Chinese yuan against the Hong Kong dollar. We increase our EBI Stage II growth rate to 4% from 3% previously, as we are more confident about the company’s profit growth from a medium-term perspective. In addition to its distinguished brand image and entrenc...Want Want China Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the manufacturing, distribution and sale of rice crackers, dairy products and beverages, snack foods and other products. Co.'s activities are primarily conducted in the People's Republic of China, Taiwan, Japan, Singapore and Hong Kong. Co. produces and markets its products under the Want Want brand. As of Dec 31 2014, Co.'s operations are mainly organized into four business segments, including manufacturing and sale of: rice crackers, dairy products and beverages, snack foods and other products.
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