Want Want’s 2018 Earnings Fueled by Gross Margin Expansion; Shares Undervalued to Our HKD 6.60 FVE
Narrow-moat Want Want China Holdings’ fiscal 2018 earnings (ended in March 2019) were slightly higher than our forecast, mainly owing to better-than-expected gross margins. We are raising our fair value estimate slightly to HKD 6.60 per share from HKD 6.40, as we revise up our gross margin assumptions on the prospects of lower production costs and better product mix, but partly offset by a lower revenue growth forecast and a slightly weaker Renminbi.We consider the shares undervalued at current...
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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