WWCH Miss 1H Results, Despite Margin Expansion; FVE Reduced To HKD 4.80 From HKD 5.50
Narrow moat-rated Want Want China Holdings, or WWCH, reported interim results that did not meet with our expectations. WWCH’s revenue dropped 12.8% year over year to CNY 9.71 billion, owing to a sluggish economy, unusual weather, and a lack of new flagship products. However, the gross margin expansion exceeded our forecast, thanks to the falling raw materials costs (milk powder & PET). As a result, WWCH’s operating profit slightly increased 4.5% year over year, with operating margin improved...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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