Short-Term Headwinds Will Damp Want Want’s Profits; FVE Remains at HKD 4.80 per Share
Our fair value estimate of HKD 4.80 per share for narrow-moat Want Want is intact following our recent update call with the company. Although short-term headwinds in 2017--such as a shorter peak season, rising raw material costs, and severe competition from other dairy companies--will weigh on Want Want’s profits, we believe its competitive advantages, underpinned by intangible assets and cost advantage, will ensure it retains its market leadership position in the longer term. We view the stock ...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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